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The Daley Note 11/11/2020

The Daley Note 11/11/2020

  • EOG Strikes Gold in Dorado Gas Discovery: EOG Resources (EOG) announced last week the Dorado gas discovery in South Texas, a potential boost for future Eagle Ford drilling that could lift volumes on several gas gathering systems in the basin. EOG said Dorado is a 21 Tcf net natural gas resource located primarily in the prolific dry gas window in Webb County, TX. Since 2019, the Houston-based E&P has drilled 17 wells in the Dorado play. EOG said returns on its Dorado wells compete with its top oil prospects, and that Dorado provides an additional 1,250 net locations in the Eagle Ford Shale. The EOG discovery, if it fulfills expectations, could provide upside for midstream companies in the dry gas portion of the basin. CVX, EOG, EPD, SM, CVX, EPD, ET.
  • Rig Activity Rises by 10 in Latest Week: Among midstream companies, Targa Resources (TRGP) is up 6.1 rigs across its Permian midstream systems. MPLX is down 3.1 rigs on its G&P systems in the Marcellus-Utica and Bakken. Energy Transfer is up 3.4 rigs on its Permian and ArkLaTex systems.
  • Quarterly Updates Available: GEL, TCP, and WES.
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