The Eagle Ford Shale rig count stayed flat at 266 rigs running across our coverage area by the end of last week.
In recent news, EOG Resources revealed a 45% increase in its Eagle Ford estimated potential reserves from 2.2 net BnBoe to 3.2 net BnBoe. This is the company’s third reserve increase in four years. EOG officials expect continued production growth in the Eagle Ford, with a current drilling inventory of 12 years.
The U.S. rig count increased by 19 to 1,908 rigs running by the end of last week. A total of 316 rigs were targeting natural gas (three more than the previous week) and 1,588 were targeting oil in the U.S. (15 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 908 or ~48% of rigs active in the U.S. were 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 (201 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 increased by one to nine rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 80 and then dropped to around 40 in 2013. Natural gas prices increased slightly from the previous week to $3.97/mmbtu on Friday afternoon.
The oil rig count decreased by one to 257 rigs running by the end of last week. WTI oil prices stayed relatively flat from the previous week, trading at $97.57/bbl on Friday afternoon. Eagle Ford light crude traded at $94.00/bbl on July 24th.
A total of 247 rigs are drilling horizontal wells, 6 rigs are drilling directional wells, and 13 rigs are drilling vertical wells. Karnes, La Salle, De Witt, and Webb each have at minimum 25 rigs running. Karnes County has the highest rig count this week at 32. See the full list below in the Eagle Ford Shale Drilling by County below
South Texas Oil & Gas News:
- Matador’s Eagle Ford Production Breaks Record in Q2
- Baron Energy Inc. Adds to Eagle Ford Acreage
- EOG Resources Increases Eagle Ford Reserve Potential 45%
- Marathon Turns More Eagle Ford Wells to Sales in Q2
Eagle Ford Shale Drilling by Count
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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.
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