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THIS TEXAS OIL FIELD IS A BIG WINNER

10/28/13 at 09:48 AM

We have a winner. Texas' Eagle Ford Shale beat North Dakota's Bakken Shale in the race to top one million barrels of oil production per day. This is according to new data from the EIA which estimates that the Eagle Ford Shale hit one million barrels per day in August, while the Bakken's production surged to 910,000 barrels per day.

Many energy producers have turned to the Eagle Ford to grow oil production over the past few years. The play has been a real savior to natural gas producer Chesapeake Energy (NYSE: CHK  ) . The nation's number two natural gas producer has used the play to increase its output of more profitable oil and natural gas liquids. Since 2011 Chesapeake Energy has grown this liquids-rich production in the Eagle Ford by 44% annually. Looking ahead, Chesapeake sees more than 3,400 future drilling locations meaning production growth out of this Texas oil field isn't about to slow down anytime soon.

 

http://www.fool.com/investing/general/2013/10/25/this-texas-oil-field-is-a-big-winner.aspx

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