The Eagle Ford Shale drilling rig count fell five rigs to 261 running over the last week. That is two below the average of 263 rigs we’ve seen work throughout the first six months of the year.
The U.S. rig count is up six to 1,771 rigs running, of which 846 are running in Texas. A total of 353 rigs are targeting natural gas and 1,413 are targeting oil. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).
The biggest news of the week in the South Texas oil patch was Halcon announcing the company plans to spend more developing its Brazos County Eagle Ford acreage. The company had planned to have three rigs running in the area, but already has five. Current indications point to the company spending two to three times more than the $100 million that was initially planned. You can read more in the article Halcon Allocating More Capital To Its Brazos County Eagle Ford Development
*Note* Now quoting Baker Hughes. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (~230 rigs). Our numbers cover a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table at the bottom of this article.
Eagle Ford Oil & Gas Rigs
Two fewer rigs were drilling for oil and a total of 230 oil rigs are running in the region. WTI futures increased again this week and were trading near $98/bbl on Friday. Eagle Ford light crude traded at $93.25/bbl on June 13th.
Karnes and McMullen counties lead development with 36 and 32 rigs running, respectively. See the full list of drilling by county below.
South Texas Oil & Gas News:
- Halcon To Spend More Than Planned In Brazos County
- Crimson Woodbine Well In Madison County Impresses
- Rosetta’s Growth & Quarterly Beat Propelled By The Eagle Ford
- BP’s Review of World Energy Trends
- Riding the Hours of Service Merry Go Round – Fox
Eagle Ford Shale Drilling by County
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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.