Eagle Ford Shale Rig Count Increases by Two to 269

Encana Corporation Purchases 45,500 net Eagle Ford acres from Freeport-McMoRan for $3.1 billion
Freeport-McMoRan Eagle Ford Acreage Map

Freeport-McMoRan Eagle Ford Acreage Map | Click to Enlarge

The Eagle Ford Shale rig count increased by two to 269 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, Canadian-based Encana Corporation has agreed to purchase 45,500 net Eagle Ford acres from Freeport-McMoRan for $3.1 billion. The acreage is located in Karnes, Wilson and Atascosa counties.

 

Read moreEncana Purchases Eagle Ford Assets from Freeport-McMoRan – $3.1 Billion

The U.S. rig count increased by 1 to 1,855 rigs running by the end of last week. A total of 323 rigs were targeting natural gas (flat from the previous week) and 1,528 were targeting oil in the U.S. (1 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  895 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 (218 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 one to 14 rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 82 and then dropped to around 41 in 2013. Natural gas prices decreased by nearly 20 cents from last week to $4.53/mmbtu on Friday afternoon.

The oil rig count increased by three to 255 rigs running by the end of last week. WTI oil prices increased slightly, trading at $100.03/bbl on Friday afternoon. Eagle Ford light crude traded at $96.50/bbl on May 9th.

A total of 238 rigs are drilling horizontal wells, 17 rigs are drilling directional wells, and 14 rigs are drilling vertical wells. Karnes, La Salle, De Witt, and McMullen 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 below

South Texas Oil & Gas News:

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Eagle Ford Shale Drilling by Count


County Previous Week Current Week County Previous Week Current Week
KARNES 31 31 WILSON 4 5
LA SALLE 30 29 FAYETTE 3 3
DE WITT 25 25 GRIMES 3 3
MCMULLEN 25 25 LEON 3 3
DIMMIT 24 23 BEE 1 2
WEBB 25 23 LEE 2 2
ATASCOSA 17 17 WASHINGTON 2 2
GONZALES 10 12 DUVAL 0 1
LIVE OAK 12 12 AUSTIN 0 0
LAVACA 10 11 COLORADO 0 0
MADISON 12 11 GOLIAD 0 0
BURLESON 10 10 MAVERICK 0 0
FRIO 7 7 MILAM 0 0
ZAVALA 7 7 ROBERTSON 0 0
BRAZOS 4 5 BASTROP 0 0

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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Kirk Eggleston

Kirk Eggleston

Contributor at EagleFordShale.com
Kirk Eggleston writes on significant news developments in the Eagle Ford and Bakken Shale plays. He is a former broadcast journalist, and has experience covering news and politics in the Texas and Louisiana markets.

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