As with all plays, low commodity prices in 2015 prompted change in the Eagle Ford Shale. E&Ps reduced rig counts and capital spending, and ceased activity in all but the core areas of the play. The reversal of prices in late 2016 prompted operators to put rigs back to work, thereby arresting declining production and setting the stage for growth in 2017 and 2018. Turning to the future, Stratas projects robust activity and relatively stable production.

While the Eagle Ford boasts some of the best economics in North America, large swaths of the play are now densely drilled, a feature often associated with mature plays. To be sure, the Eagle Ford is aging, and aging well at that. Even after years of aggressive drilling, the play has a large inventory of high-quality drilling locations. Stratas estimates a majority of Eagle Ford wells will enjoy breakeven economics below $50 per barrel West Texas Intermediate.

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