Key facts
- The Buda Limestone formation in Texas, active since the 1930s, has limited remaining oil and gas resources.
- USGS estimates technically recoverable resources in Buda Limestone at 184 billion cubic feet of gas and 12 million barrels of oil.
- The formation has already produced 204 million barrels of oil and 287 billion cubic feet of gas.
- Operators are increasingly relying on the overlying Eagle Ford shale for future production.
- Eagle Ford production saw a 2.2% increase in barrels of oil equivalent in the year ending March 2026.
- Recent M&A activity in the Eagle Ford includes Stone Ridge's $2.3 billion acquisition of assets from Baytex Energy.
The Buda Limestone formation, a significant oil and gas producing area in Texas for nearly a century, is nearing the exhaustion of its remaining resources, according to a recent analysis by the U.S. Geological Survey (USGS). The formation, which began production around 1930, has limited undiscovered oil and gas, with estimates of remaining technically recoverable resources at 184 billion cubic feet of gas and 12 million barrels of oil.
Since production commenced, the Buda Limestone has yielded 204 million barrels of oil and 287 billion cubic feet of gas. In contrast, the overlying Eagle Ford Group is considered the primary source for undiscovered oil and gas in the region. Operators are now increasingly focusing on the Eagle Ford and other U.S. shale formations to bolster production.
Production in the Eagle Ford shale play has shown resilience, with a 2.2% increase in barrels of oil equivalent (boe) for the twelve-month period ending March 2026 compared to the previous year. Crude oil output has remained stable at approximately 1.1 million barrels per day, while natural gas production is on the rise, partly due to favorable pricing dynamics near the U.S. Gulf Coast. Major players like EOG Resources are concentrating on the gas component of the Eagle Ford, particularly with its Dorado gas play expected to reach 1 billion cubic feet per day in 2026.
The Eagle Ford has also become a hub for mergers and acquisitions, with Stone Ridge recently acquiring proved developed producing assets from Baytex Energy for $2.3 billion. This activity signals an evolution of the play into a hybrid model combining stable oil production with growing gas output and ongoing M&A.