It’s well known that production in South Texas’ Eagle Ford Shale is booming, and here’s another reminder: Oil production in the shale jumped 58 percent in May compared to the same month a year ago.
The nine fields that make up most of the Eagle Ford yielded 581,923 barrels of crude a day, up from 368,770 barrels in May 2012, according to preliminary data released by the Texas Railroad Commission and reported by Bloomberg News.
Also, oil production in February was revised upward, to 574,032 barrels a day from the preliminary figure of 530,689 barrels, the commission said.
Production totals typically increase in subsequent months as the state receives revised, corrected or late reports.
Growing production out of Eagle Ford is helping fuel a renaissance in Texas crude. The state produced 2.45 million barrels a day in April, the highest monthly level since April 1985, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released May production data for the state.
EOG Resources Inc. is the largest leaseholder in the Eagle Ford Shale, with 639,000 net acres. Chesapeake Energy Corp. is next with 485,000, according to data compiled by Bloomberg.
Plains Marketing LP’s posted price for Eagle Ford light oil was $104.50 a barrel June 18, compared with the settlement prices of $108.04 for West Texas Intermediate and $108.70 for Brent.
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