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FOR IMMEDIATE RELEASE

-October 31, 2016-

Fracking Brings Efficiency and Growth to Eagle Ford Shale


Since 2008, Eagle Ford oil production has grown over 267,000 percent, while natural gas production increased over 270,000 percent during the same period
 
Exports of liquefied natural gas and crude oil – sourced from the Eagle Ford – have brought billions of dollars in new investment to Texas

Karnes City, Tex. – After a brief stop in West Texas earlier this month, presidential candidate Fracking traveled to the Eagle Ford Shale to discuss the economic benefits of the American energy boom.

“South Texas has played a vital role ushering in America’s energy renaissance, but it’s also helping our allies and trading partners meet their own energy demands,” said Fracking. “Thanks in no small part to abundant oil and gas resources in the Eagle Ford Shale, we now have the ability to help power the world, securing Texas’ role as a major player in the global energy market.”

Over the past eight years, technological advancements have allowed production from the Eagle Ford to skyrocket. Since 2008, crude oil production grew from about just 350 barrels per day to more than 940,000 barrels per day in the first half of this year. Additionally, natural gas production in the Eagle Ford has grown from just two million cubic feet per day to more than 5.4 billion cubic feet per day, according to the Texas Railroad Commission.

As a recent report from the U.S. Energy Information Administration (EIA) shows, onshore production costs have declined dramatically. In the Eagle Ford, the cost of an average well dropped by more than $1.1 million between 2014 and 2015. Meanwhile, the capital cost per barrel of oil in the Eagle Ford fell by about 50 percent between 2011 and 2014, making it one of the most resilient areas of production in the United States.

The low cost of production and close proximity to the Gulf of Mexico has also made South Texas a key player in the growing liquefied natural gas (LNG) export market, delivering additional economic benefits. For example, the Texas LNG project in the Port of Brownsville, which will source natural gas from the Eagle Ford, is estimated provide $1 billion in direct investments to South Texas. Oil exporters, too, recognize the advantages of the region, as NuStar Energy just invested over $100 million to acquire a Corpus Christy export terminal in anticipation of increased output from the Eagle Ford.

“Since 2009, the unemployment rate in Karnes County has been cut in half, thanks in large part to development in the Eagle Ford Shale. In DeWitt County, unemployment is down 28 percent from its peak during the Great Recession,” Fracking added. “The recent market downturn has certainly created challenges that even the Eagle Ford region couldn’t avoid, but it’s important to recognize the progress we have made. With the ability to export oil and gas, I fully expect South Texas to be a focal point of our energy security for decades to come.”

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