This is an older blog post, you will find one on more recent data here
These interactive presentations contain the latest oil & gas production data from all 24,411 horizontal wells in the Eagle Ford region, that have started producing from 2008 onward, through February 2020.
February oil production fell by 1% m-o-m, to just over 1.3 million bo/d. Although natural gas production fell by a similar amount to 6.5 Bcf/d, it has held up better over the years, due to lower decline rates (toggle “product” to gas to see this).
Supply Projection dashboard
As of last week, the horizontal rig count in this basin has fallen to just 26, down from 94 in February last year, according to the Baker Hughes rig count. If (hypothetically) such a level of drilling and completion would be sustained, oil production in this basin would fall over time to just 0.7 million bo/d, or about half the current output. You can see this in our publicly available Supply projection dashboard, if you only select this basin:
This does not consider the extra shut-ins or that completion activity is even lower and therefore the near-term drop will be far larger.
On average, well performance has not improved in the last 3 years as you’ll find in the bottom chart of the “Well quality” tab. Only selecting the oil wells (possible in our subscription services) shows a similar result:
As you can see, newer wells recover just shy of 190 thousand barrels of oil in the first 3 years on production, on average. This is probably more than 2/3rds of their oil EUR. Declines are steeper than in the other 2 major tight oil basins (Bakken & Permian) and in February 75% of all these horizontal oil wells (16.500) were below a production rate of 50 bo/d.
The top 10 operators in the basin are displayed in the final tab. EOG, the clear number 1, was good for 20% of total oil production in the basin.
The ‘Advanced Insights’ presentation is displayed below:
This “Ultimate recovery” overview reveals the relationship between production rates and cumulative production. Wells are grouped and averaged by the year in which production started.
Early next week we will have a new post on Pennsylvania, which released March production data a few days ago (already available in our subscription services).
Production and completion data is subject to revisions, especially for the last few months.
For this presentation, I used data gathered from the following sources:
- Texas RRC. Production data is provided on lease level. Individual well production data is estimated from a range of data sources, including regular well tests, and pending lease reports.
The presentations above have many interactive features:
- You can click through the blocks on the top to see the slides.
- Each slide has filters that can be set, e.g. to select individual or groups of operators. You can first click “all” to deselect all items. You have to click the “apply” button at the bottom to enforce the changes. After that, click anywhere on the presentation.
- Tooltips are shown by just hovering the mouse over parts of the presentation.
- You can move the map around, and zoom in/out.
- By clicking on the legend you can highlight the related data.
- Note that filters have to be set for each tab separately.
- The operator who currently owns the well is designated by “operator (current)”. The operator who operated a well in a past month is designated by “operator (actual)”. This distinction is useful when the ownership of a well changed over time.
- If you have any questions on how to use the interactivity, or how to analyze specific questions, please don’t hesitate to ask.