Eagle Ford Regional Drilling at 274 Rigs – Sept 28, 2012

Eagle Ford Oil Rig Count Holds Near Record with 227 Rigs Running
Matador Resources Eagle Ford Shale Map

Matador Resources Eagle Ford Shale Map | Click to Enlarge

Eagle Ford Shale drilling fell five units over the past week to settle at 274 running in the region and the oil rig count held near its record at 227 rigs active. During the week, Matador Resources released well production results from its Eagle Ford wells to date. The company’s average well has a perforated well length of 5,090 ft, was completed with 18 frac stages, and produced 1,103 boe/d initially (859 b/d and 1.5 mmcfd). Read more in the article Well Results from Matador Resources Eagle Ford Operations.

Natural gas saw a significant jump as contracts rolled into October. Gas was trading at just over $3.30/mmbtu on Friday afternoon. That’s more than a 10% increase from last week at this time.

Eagle Ford Oil & Gas Rigs – New Oil Rig Count Record 217

The number of natural gas rigs running fell to 43 this week. That’s another new low for everyone keeping count. Rigs are moving to oily targets for the foreseeable future, but if natural gas prices continue a rise that could very well change. The oil count held near its record with 227 rigs working the region. Just one less than last week.

One water well is being drilled in Bastrop County, while Karnes, Leon, and McMullen counties all have disposal wells being drilled, respectively.

Henry Hub futures were trading at ~$3.30 on Friday afternoon. That’s a $0.40 increase from last week. Spot prices rose considerably, but not quite as much trading at ~$3.00 to end the week.

WTI was trading at ~$92/bbl Friday afternoon. That’s the lowest point in the past two months. With elections and international turmoil, I don’t believe many people have conviction about the oil market. Eagle Ford crude priced at $101/bbl on the 27th of September. Light crude and condensate in the area traded at $88.50 and $87.50, respectively.

There are 252 horizontal rigs running in the region. The four counties leading development are Karnes with 39 rigs, La Salle with 37, Dimmit with 29, and McMullen with 28. Webb (26), Gonzales (22), DeWitt (18), Atascosa (15), and Frio (10) round out the top Eagle Ford counties.

News items this week included:

Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates or sign up for alerts – Email Subscribe Link]

Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 27 27
Chesapeake 27 27
EOG Resources 19 20
Marathon Oil (Hilcorp) 19 19
ConocoPhillips 14 14
Lewis Petroleum 10 11
Anadarko 10 10
Murphy Oil 9 10
Talisman Energy (Statoil) 9 9
Pioneer Natural 9 9
Plains Exploration 9 9
Shell 8 8
Halcon Resources 6 6
Rosetta Resources 6 6
SM Energy 6 6
Hunt Oil 4 5
Swift Energy 4 4
Cabot Oil & Gas 4 4
Carrizo Oil & Gas 4 4
Denali Oil & Gas 3 3
All Others 72 63
Total 279 274

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.

Eagle Ford Shale Drilling by County

Texas County Prior Week Current Week Texas County Prior Week Current Week
KARNES 41 39 GRIMES 2 3
LA SALLE 34 37 WILSON 3 3
DIMMIT 32 29 ROBERTSON 2 2
MCMULLEN 31 28 ZAVALA 3 2
WEBB 24 26 AUSTIN 1 1
GONZALES 20 22 BASTROP 1 1
DEWITT 20 18 BEE 1 1
ATASCOSA 15 15 BURLESON 0 1
FRIO 11 10 COLORADO 1 1
MADISON 7 9 DUVAL 0 1
LEON 6 6 LEE 1 1
LIVE OAK 9 6 Washington 2 1
LAVACA 5 5 GOLIAD 0 0
BRAZOS 4 3 MAVERICK 0 0
FAYETTE 3 3 MILAM 0 0
The following two tabs change content below.
R.T. Dukes

R.T. Dukes

Managing Editor at EagleFordShale.com
R.T. is the managing editor of EagleFordShale.com. In prior roles, he advised major oil companies on strategy, the macro business environment, and opportunity screening. 2503 Robinhood, Houston, TX, 77005, U.S.A. | Telephone: 832.429.4790

Add a Comment

MENU