Chesapeake Energy Corp. (CHK:US) and other producers increased production in October by 76 percent from a year earlier in South Texas’s Eagle Ford shale formation.
The nine geographic fields that make up the majority of the play yielded 323,098 barrels of crude a day, according to preliminary data released yesterday from the Texas Railroad Commission, which oversees oil and gas drilling. Output was 183,261 barrels a day in October 2011.
The production totals typically increase as the state receives revised, corrected or late reports. August production has been increased twice, to 380,299 barrels a day from the initial estimate of 322,544 two months ago.
September output was amended to 349,862 barrels a day from the initial 324,084.
EOG Resources Inc. (EOG:US) is the largest leaseholder in the play, with 644,000 net acres. Chesapeake is next with 475,000, according to data compiled by Bloomberg.
Growing production out of Eagle Ford is helping fuel a renaissance in Texas crude. The state produced 2.05 million barrels a day in September, the highest monthly level since March 1988, according to the U.S. Energy Department.
Plains Marketing LP’s posted price for Eagle Ford oil today was $98.75 a barrel, between yesterday’s settlement prices of $87.20 for West Texas Intermediate and $107.64 for Brent.
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