The Eagle Ford Shale rig count decreased by four, ending the week with 42 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, the Texas Comptroller announced that low crude prices triggered a 50% severance tax exemption on low producing ‘stripper’ wells.
Read more: Tax Breaks for Low Producing Wells
A total of 432 oil and gas rigs were running across the United States this week, which is a drop of 11 over last week. 81 were targeting natural gas (eight more than the previous week) and 351 were targeting oil in the U.S. (three less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 194 of the rigs active in the U.S. were running in Texas.
Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. 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 below.
Eagle Ford Oil & Gas Rigs
Natural gas rigs increased in the Eagle Ford remained at five this week as natural decreasing slightly trading at $1.90/mmbtu.
The Eagle Ford rigs targeting oil fell by four this week to 37 with WTI oil prices landing at $40.36, a 3.57 increase this week. A total of 40 rigs are drilling horizontal wells, zero are drilling directional wells, and two are vertical rigs.
Karnes County continues to lead the region in development with 11 running rigs. See the full list below in the Eagle Ford Shale Drilling by County below.
Eagle Ford Shale Drilling by County
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Eagle Ford Shale News
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.
Read more at bakerhughes.com