Eagle Ford Regional Rig Count at 267 – Nov 30, 2012

35% of Chesapeake's wells came online at more than 1,000 boe/d in Q3
Chesapeake Eagle Ford Rig Map

Chesapeake Rig Map | Click to Enlarge

Eagle Ford Shale drilling dropped one rig to settle at 267 units running in the region. La Salle County was the biggest mover during the week. Five rigs moved in to make it the most active county in the play with 41 rigs.

During the week, we highlighted Chesapeake’s improving wells. In the third quarter of 2012, the company brought 124 wells to production, with 115 of those reaching peak production rates greater than 500 boe/d. The company had 43 wells produce more than 1,000 boe/d. In the first quarter of 2012, only 8 of 60 wells produced more than 1,000 boe/d. That’s a significant improvement in just six months. The better news is Chesapeake won’t be alone. Companies will continue to improve well and completion designs.

Eagle Ford Oil & Gas Rigs

The natural gas rig count fell two rigs to 53. Natural gas prices reached a 2012 high last week, but fell to less than $3.60 on Friday. Natural gas storage numbers surprised the market on Thursday. An injection was reported when most expected withdrawal season to continue. Heating season is here, so injections are uncommon. Prices responded by falling almost $0.30.

The oil rig count gained one rig to reach 214 running in the area. WTI crude futures were almost unchanged for the fifth week in a row. Oil was trading at just over $88 per barrel on Friday. Eagle Ford crude priced at $100.50/bbl on the 30th of November. Light crude and condensate in the area traded at $85.50 and $84.50, respectively.

There are 254 horizontal rigs running in the region. La Salle County leads development with 41 rigs running. Karnes with 35 rigs, McMullen (28), Gonzales (23), Webb (23), Dimmit (21),  DeWitt (20), Live Oak (12), Fayette (9) and Lavaca (8) round out the top Eagle Ford counties.

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Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 32 31
Chesapeake 23 23
EOG Resources 19 20
Marathon Oil (Hilcorp) 18 18
ConocoPhillips 11 11
Lewis Petroleum 11 11
Murphy Oil 11 11
Anadarko 10 10
Pioneer Natural 10 9
Talisman Energy (Statoil) 9 9
Halcon Resources 7 7
Plains Exploration 7 7
Hunt Oil 5 6
Shell 6 6
Rosetta Resources 4 5
SM Energy 5 5
EP Energy 4 4
Sanchez Energy 4 4
Cabot Oil & Gas 3 3
Carrizo Oil & Gas 3 3
All Others 66 64
Total 268 267

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
LA SALLE 36 41 GRIMES 5 4
KARNES 36 35 LEON 5 4
MCMULLEN 30 28 WILSON 3 4
GONZALES 23 23 LEE 2 1
WEBB 24 23 MAVERICK 1 1
DIMMIT 22 21 MILAM 1 1
DEWITT 19 20 ROBERTSON 1 1
LIVE OAK 13 12 AUSTIN 0 0
FAYETTE 9 9 BASTROP 0 0
LAVACA 8 8 BEE 0 0
ATASCOSA 7 7 BURLESON 0 0
MADISON 7 7 COLORADO 0 0
FRIO 6 6 DUVAL 0 0
ZAVALA 5 6 GOLIAD 0 0
BRAZOS 5 5 Washington 0 0
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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

Comments

  1. Brenda Zachman says:

    RT Dukes, Did you notice that your Eagle Ford Rig Count by Operator has County’s instead of the Operators for the 30 Nov weekly update. I’m sure someone has already brought this to your attention but just in case. Thanks for all the work you do towards this website. It always keeps me informed. Brenda

    • R.T. Dukes RT Dukes says:

      Good catch Brenda,
      I had copied the wrong table over. Thank you very much.

      R.T.

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