The Eagle Ford Shale rig count remained flat at 268 rigs running across our coverage area at the end of last week.
In recent Eagle Ford news, Oklahoma City-based Warwick Energy entered an agreement in early April to acquire R/C Sugarkane LLC, an Eagle Ford upstream oil and gas company. Warwick is buying R/C Sugarkane from Riverstone Holdings, LLC, a New York-based private equity firm, for an undisclosed amount. The deal includes RC Sugarkane’s non-operated working interests in 6,000 net Eagle Ford acres, with 3,000 boe/d in net production.
The U.S. rig count increased by nine to 1818 rigs running last week. A total of 316 rigs are targeting natural gas (2 less than last week) and 1,498 are targeting oil in the U.S. (11 more than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 877 or ~48% of rigs active in the U.S. are running in Texas.
Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (224 rigs). The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table near the bottom of this article.
Eagle Ford Oil & Gas Rigs
The natural gas rig count decreased by 3 to 16 rigs running this past week. Average rig counts for natural gas production in 2012 were around 82 and then dropped to around 41 in 2013. Natural gas prices stayed relatively flat last week at $4.50/mmbtu on Friday afternoon.
The oil rig count increased by 3 to 252 rigs running over the past week. WTI oil prices decreased, trading at $100.74/bbl by the end of the week. Eagle Ford light crude traded at $97.75/bbl on April 4th.
A total of 231 rigs are drilling horizontal wells, 23 rigs are drilling directional wells, and 14 rigs are drilling vertical wells. Karnes, La Salle, Dimmit, McMullen and Webb counties each have at minimum 25 rigs running. Karnes County has the highest rig count this week at 31. See the full list below in the Eagle Ford Shale Drilling by County:
South Texas Oil & Gas News:
- Magellan Midstream Partners Will Spend $250 Million on Condensate Splitter
- Warwick Energy Buys Eagle Ford’s R/C Sugarkane For Undisclosed Amount
- Devon Energy Sells Canadian Assets to Pay Down Eagle Ford Debt
- The Lesser Praire Chicken’s Impact on Texas Oil
Eagle Ford Shale Drilling by Count
|County||Previous Week||Current Week||County||Previous Week||Current Week|
Eagle Ford Operated Rig Count By Company
SmithBits no longer reports its operated rig count, but we’ll have updated number for you from a new source soon. Until then, you can reference our numbers from mid-April. There has not been a significant change in the overall rig count since this date:
|Talisman Energy (Statoil)||7|
|Cabot Oil & Gas||5|
|Carrizo Oil & Gas||3|
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 Baker Hughes 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.
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