In South Texas—Land of the Eagle Ford and Austin Chalk—high-quality, undrilled inventory is about as scarce as a hare with horns. M&A competition for prime assets here is rubber band tight as producers look outside the Permian for diversity, cost efficiencies, and proximity to Gulf Coast export facilities. With steady production of 1.1 MMBPD and benches both above and below the formation, the Eagle Ford is hardly yesterday’s news. The underlying Pearsall Shale is touted as the next big South Texas oil play. But finding the assets that cross off a producer’s wish list is a whole other ball game.  

Reese Energy Consulting today is following the latest news from the Eagle Ford where ConocoPhillips and EOG Resources might hold court here as top producers but other major players like Crescent Energy and Devon Energy are merrily, merrily making hay as well.

Two asset packages in the Eagle Ford have recently come to market offering diversity and refrac opportunities. The first comes from ExxonMobil looking to fetch $1 billion for its South Texas assets that include 168,000 net acres (37% minerals) in four operated and two non-op fields, and royalty assets. According to Hart Energy, operated production averaged 18 MBOED (86% liquids) in 3Q 2025 and royalty production averaged 12 MBOED (66% liquids).

The second package follows SM Energy’s acquisition of Civitas. Details of assets it’s now exploring for sale in the Eagle Ford and Austin Chalk are vague and might not include its undeveloped drilling inventory—continuing the scarcity of a hare with horns. For the time being anyway. SM operates 155,000 net acres in South Texas and produced 86.4 MBOED and 203 MMCFD in natural gas in 3Q 2025. The company’s drilling program currently focuses on the Austin Chalk.