The Eagle Ford Shale rig count increase for the second week in a row, ending with 33 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, Devon Energy executives reported a solid first quarter with the highest margins coming from their Eagle Ford assets. The company’s focus has them on track to produce cost saving of more than $1 billion this year.
Read more:Devon: Eagle Ford Brings Highest Margins
A total of 413 oil and gas rigs were running across the United States this week, an increase of six over last week. 85 were targeting natural gas (three more than the previous week) and 328 were targeting oil in the U.S. (three more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 178 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 rose this week to four running across the Eagle Ford, while natural gas prices increased to $2.59/mmbtu.
The Eagle Ford rigs targeting oil held steady at 29 with WTI oil prices inching up to $48.44, a $.38 increase this week. A total of 31 rigs are drilling horizontal wells, zero are drilling directional wells, and two are vertical rigs.
Karnes County leads development in the region with 9 rigs running this week. 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