The Eagle Ford Shale drilling rig count fell 7 rigs over Thanksgiving week to a total of 257 running. We’re still running at a higher rate than any time before last weeks 264 number. Approximately 210-215 rigs are targeting the Eagle Ford formation. Even with the dramatic drop in stock prices over the past week, oil prices have held relatively strong (WTI futures at $96 per barrel). That bodes well for the Eagle Ford. Strong oil prices will help shield South Texas from any broader economic downfall.
Natural gas prices rebounded a bit, but we expect continued weakness as gas will likely be injected into storage through the middle of December. The natural gas rig count held flat at 101. Oil rigs accounted for the entire drop this week with a loss of 7 bringing us to a total of 155.
One rig continues to drill a Webb County disposal well. Webb (41) still leads the region, while La Salle (34) , Karnes (30), DeWitt (20), Dimmit (20), and Gonzales (20) counties together account for two-thirds of Eagle Ford drilling. Chesapeake Energy (31) and EOG Resources (26) are 10 rigs are more ahead of the third most active driller, ConocoPhillips (16).
News highlighted throughout the play this past week included:
- The Eagle Ford Boast Billions in Benefits – Stresses Infrastructure
- Unemployment is Falling in San Antonio
- Eagle Ford Crude is Pushing Out African Imports
- Bee County Will Add 14 or More RV Parks in 2011
Stay tuned each week for an update on the South Texas rig count. Better yet, Subscribe by Email or by RSS.
Drilling Rig Count by Operator
|Operator Name||Prior Week||Current Week|
|Pioneer Natural Res.||13||12|
What is the Rig Count?
The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by SmithBits and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.
Drilling Rigs by County
|Texas County||Prior Week||Current Week||Texas County||Prior Week||Current Week|
Kenneth E. DuBose
Latest posts by Kenneth E. DuBose (see all)
- H2S Gas Found in Higher Concentrations – McMullen Co. Wells - Dec 29, 2014
- RRC Adopts New Pipeline Permit Rule - Dec 26, 2014
- SPE-GCS Shale Study Group to Be Formed in 2015 - Dec 24, 2014