The Q1 2025 issue of Mercer Capital’s Exploration and Production Newsletter focuses on the Eagle Ford. Despite a notable rig count decline, Eagle Ford production generally remained about flat over the twelve months ended March 2025. Modestly declining commodity prices combined with the formation’s falling rig count pushed the region’s benchmark groups’ stock prices into single-digit declines over the review period. Although M&A activity in the Eagle Ford remained minimal, with only two material transactions over the last twelve months, the Eagle Ford remains the most fragmented of the major unconventional plays and provides substantial opportunities to build via acquisition.