The Buda Limestone formation, one of Texas’s oldest oil and gas producing zones located beneath the Eagle Ford shale play, has nearly exhausted its undiscovered resources after nearly a century of production. A new assessment by the U.S. Geological Survey found that the formation has just 12 million barrels of oil and 184 billion cubic feet of gas left to discover.

Since production began around 1930, the Buda Limestone has produced 204 million barrels of oil and 287 billion cubic feet of gas. The remaining technically recoverable resources are a fraction of what the formation has yielded over its lifetime, according to the USGS.

USGS Director Ned Mamula said in a statement that the assessment points to resources that industry has not yet discovered. ‘In this case, the Buda Limestone has little remaining undiscovered oil or gas, indicating a need for new resources,’ he said, as reported by OilPrice.com.

While the Buda Limestone nears depletion, the Eagle Ford Group above it continues to show steady production. Oil and gas production at Eagle Ford rose by 2.2% on a barrels of oil equivalent basis for the twelve-month period ending March 2026, compared to the same period the previous year, according to valuation firm Mercer Capital. The basin’s production remained within a relatively narrow range, varying between 2.36 and 2.46 million barrels of oil equivalent per day.

J. David Smith, Senior Vice President at Mercer Capital, told OilPrice.com that the Eagle Ford exhibited modest production growth over the past year, broadly in line with other major basins. ‘This stability reflects the basin’s maturity, with limited variability in production despite declining rig counts and continued capital discipline among operators,’ Smith said.

Crude oil production at the Eagle Ford remains at approximately 1.1 million barrels per day, while natural gas output is growing. The basin benefits from premium access to U.S. Gulf Coast markets, with favorable wellhead pricing dynamics relative to other plays. EOG Resources’ Dorado gas play, a major driver of natural gas production in the Eagle Ford, is expected to reach 1 Bcf/d in 2026, up 33% year over year.

The Eagle Ford has also become a hotspot for mergers and acquisitions. Stone Ridge recently purchased Eagle Ford assets from Baytex Energy for $2.3 billion, demonstrating that the basin’s M&A wave has not slowed. The basin is evolving into a hybrid play, combining stable oil production with advantaged gas growth and continued deal activity.

For Texas, the depletion of the Buda Limestone underscores the state’s long history of oil and gas production and the ongoing need for new resource discovery. While the Permian Basin continues to drive Texas production to record levels, the Eagle Ford remains a critical contributor to the state’s energy output, with operators increasingly focusing on the gas-rich portions of the play and pursuing strategic acquisitions to maintain production levels.