One of Texas’ Oldest Oil Plays Is Running Dry

Tsvetana Paraskova

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Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,…

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• A new USGS assessment finds the Buda Limestone, the formation underneath Eagle Ford, has just 12 million barrels of oil and 184 billion cubic feet of gas left to discover, after nearly a century of production.
• Eagle Ford output itself rose 2.2% on a boe basis for the year through March 2026, holding in a tight 2.36 million to 2.46 million boepd range, according to Mercer Capital.
• EOG’s Dorado gas play is on track to hit 1 Bcf/d in 2026, up 33% year over year, while Stone Ridge’s $2.3 billion purchase of Baytex’s Eagle Ford assets shows the basin’s M&A wave hasn’t slowed.

The Eagle Ford shale play has shown remarkably consistent crude oil production and rising natural gas output in recent years. A formation beneath the Eagle Ford has been producing for nearly a century, but now it has its remaining resources nearly exhausted.

The Buda Limestone formation, which lies beneath the Eagle Ford Group, has limited remaining oil and gas resources, the latest analysis by the U.S. Geological Survey (USGC) showed this week.

Technically recoverable resources at Buda Limestone are estimated at 184 billion cubic feet of gas and 12 million barrels of oil. These are just a fraction of what the formation has produced since around 1930, when oil and gas output in the formation began.

The Eagle Ford Group, which lies above the Buda, is the primary source for the undiscovered oil and gas at the formation, according to the USGC.

Since production began around 1930, the Buda Limestone has produced 204 million barrels of oil, or the equivalent of 10 days of U.S. consumption at the 2025 rate, and 287 billion cubic feet of gas, which is equal to three days of the current consumption for the United States.

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“The U.S. economy and our way of life depend on energy, and USGS oil and gas assessments point to resources that industry hasn’t discovered yet,” USGS Director Ned Mamula said in a statement.

“In this case, the Buda Limestone has little remaining undiscovered oil or gas, indicating a need for new resources,” the official added.

With Buda left with little technically recoverable resource, operators are betting on the Eagle Ford and the other shale formations in the U.S. to boost production.

Oil and gas production at Eagle Ford rose by 2.2% on a barrels of oil equivalent (boe) basis for the twelve-month period ending March 2026, compared to the same period of the previous year, valuation and advisory firm Mercer Capital said earlier this year.

The basin’s growth was closely aligned with the other major U.S. shale basins, including the Permian, Haynesville, and Appalachia.

Eagle Ford’s production remained within a relatively narrow range in the 12 months to March, varying between 2.36 and 2.46 million barrels of oil equivalent per day (boepd).

“The Eagle Ford exhibited modest production growth over the past year, broadly in line with other major basins, as output remained within a relatively narrow range,” said J. David Smith, Senior Vice President at Mercer Capital.

“This stability reflects the basin’s maturity, with limited variability in production despite declining rig counts and continued capital discipline among operators.”

Oil production at the Eagle Ford remains relatively stable while natural gas output is growing, with major players including EOG Resources focusing on the gas portion in the shale play.

Crude oil production has remained at about 1.1 million barrels per day (bpd), while natural gas production is rising, due to Eagle Ford’s premium access to the U.S. Gulf Coast markets. Due to the proximity to the Gulf Coast, the Eagle Ford gas enjoys favorable wellhead pricing dynamics relative to other plays, according to an analysis by Energy Advisors.

The Dorado gas play, led by EOG, is a major driver of natural gas production in the Eagle Ford, with production expected to reach 1 Bcf/d in 2026, up by 33% on the year, and with low breakevens.

The Eagle Ford has also become a hotspot for mergers and acquisitions, particularly for proved developed producing (PDP) assets. In recent months, Stone Ridge bought Eagle Ford assets from Baytex Energy for $2.3 billion.

“The Eagle Ford is evolving into a hybrid play—combining stable oil production with advantaged gas growth and continued M&A activity,” Energy Advisors noted.

By Tsvetana Paraskova for Oilprice.com

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