Faded Texas Oil Field Offers Austerity Lesson for U.S. Shale
- Eagle Ford profited for first time in ‘19 by throttling output
- Shale oil production set to slow down ‘massively’: IHS analyst
A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.
Photographer: Eddie Seal/BloombergThis article is for subscribers only.
At EOG Resources Inc.’s Francisco lease in the heart of the Eagle Ford Shale in South Texas, a half dozen cows laze in the shade of a tree next to black oil-storage tanks. A small flare burns atop a steel pylon, like a memorial to the boom days gone by.
There are six wells on the parcel of land -- three drilled in 2013 and three from 2016 -- and together they churn out just 130 barrels of crude daily, worth about $7,150 at current prices, according to data from ShaleProfile Analytics. Output is down more than 95% from peak levels, the data show.