Retail Workers Are Hard To Find In The Eagle Ford - Dallas Fed

The latest beige book from the Dallas Federal Reserve notes that finding retail workers in the Eagle Ford is becoming more difficult. The economist also highlighted rising commercial lending & real estate development.

If you are looking for qualified workers, consider a listing on our Eagle Ford Jobs Board. Over 20,000 job seekers search here each month!

The Federal Reserve Bank expects energy activity to increase in the second half of the year. Activity levels in South Texas and West Texas are expected to remain high as Gulf of Mexico activity increases.

There is difficulty finding workers across the state:

"Difficulty finding qualified workers became more widespread, with scattered reports among accounting, finance, single-family construction, auto sales, and primary metals manufacturing firms, as well as from retailers in the Eagle Ford Shale area."

Moderate growth in loan demand:

"Financial institutions experienced moderate growth in loan demand. Commercial real estate and transactions lending increased solidly, especially in oil and gas areas around the Eagle Ford Shale and West Texas."

Little change in energy, but growth expected:

"Energy activity was little changed at high levels. Global demand held steady, although there was some weakness from Mexico and Canada. Respondents expect improvement in energy activity in the second half of the year, due in part to anticipated increases in rig activity and production from the Gulf of Mexico."

Read the full beige book at

Enterprise Products Expands ECHO Crude Storage - Eagle Ford Receipt Point

Enterprise Product Partners announced the acquisition of a 37-acre tract next door to the company's Enterprise Crude Houston (ECHO) oil terminal and plans to expand storage capacity to 6 million barrels. The expansion will be completed just in time to begin  receiving crude from Enterprise's 350,000 b/d Eagle Ford pipeline set for full completion in Q1 2013. The first phase of Enterprise's Eagle Ford pipeline is set to be completed in the second quarter of 2012 and the line will be fully operational by the first quarter of 2013. The expanded receipt point will also be able to receive crude from the Seaway system that is being reversed to bring crude from Cushing to the Gulf Coast and the Cameron Highway System that delivers oil from the Gulf of Mexico.

New CME Crude Contract Delivery Point

There is also potential for the storage and receipt point to become the delivery point of a new Chicago Mercantile Exchange (CME) crude oil contract. The traditional contract priced in Cushing Oklahoma, West Texas Intermediate (WTI), has come under scrutiny as differentials expanded to $10-15 less than comparable Brent crude oil prices. The new CME contract will provide an alternate trading point that is better aligned with Gulf Coast prices.

For reference, the 6 million barrels of storage at ECHO will be a little less than 10% of total storage capacity estimated in Cushing, OK.

Read the full press release at

Exxon - Rosneft Trade Artic Oil for Eagle Ford Interest?

ExxonMobil agrees to enter a partnership with the Russian oil & gas giant Rosneft in the Artic and Black Sea in exchange for a development carry and the potential to participate in Exxon's tight oil assets in Texas. Is it the Eagle Ford? Exxon has been tight lipped when it comes to the Eagle Ford and this might be the first indication that the company has a material position in the play. XTO was leasing in South Texas when the company was acquired by Exxon in 2010. XTO had built a significant producing position through the acquisition of Dominino Resource's South Texas properties not long before it was acquired itself. The assets were largely producing and acreage was held by production. That luxury is likely the reason we have not seen Exxon add as many rigs in South Texas as other operators. I'll update this post as more details emerge.

The agreement, signed by Rosneft President Eduard Khudainatov and ExxonMobil Development Company President Neil Duffin in the presence of Russian Prime Minister Vladimir Putin, includes approximately US $3.2 billion to be spent funding exploration of East Prinovozemelskiy Blocks 1, 2 and 3 in the Kara Sea and the Tuapse License Block in the Black Sea, which are among the most promising and least explored offshore areas globally, with high potential for liquids and gas.

In the course of these projects, the companies will use global best practices to develop state-of-the-art safety and environmental protection systems.

The agreement also provides Rosneft with an opportunity to gain equity interest in a number of ExxonMobil’s exploration opportunities in North America, including deep-water Gulf of Mexico and tight oil fields in Texas (USA), as well as additional opportunities in other countries. The companies have also agreed to conduct a joint study of developing tight oil resources in Western Siberia.