The Eagle Ford Shale rig count increased by two to 272 rigs running across our coverage area by the end of last week.
In recent Eagle Ford news, The Energy Information Administration (EIA) recently released data showing the state produced just over 3 million b/d of crude oil in April of 2013, reaching production levels not seen in the state since the 70s. The rise in Texas’ oil production is thanks in large part to the tight oil and shale gas revolution in the Eagle Ford, and made possible by advancements in horizontal drilling and fracking technology.
The U.S. rig count increased by one to 1,874 rigs running by the end of last week. A total of 311 rigs were targeting natural gas (three less than the previous week) and 1,562 were targeting oil in the U.S. (four more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 896 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 (213 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 12 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 fell slightly from the previous week to $4.29/mmbtu on Friday afternoon.
The oil rig count increased by one to 260 rigs running by the end of last week. WTI oil prices decreased by ~$2 from the previous week, trading at $103.68/bbl on Friday afternoon. Eagle Ford light crude traded at $100.50/bbl on July 3rd.
A total of 241 rigs are drilling horizontal wells, 13 rigs are drilling directional wells, and 18 rigs are drilling vertical wells. Karnes, La Salle, and De Witt each have at minimum 30 rigs running. De Witt and La Salle Counties have the highest rig counts this week at 31 per county. See the full list below in the Eagle Ford Shale Drilling by County below
South Texas Oil & Gas News:
- Eagle Ford Deal Closings – June 2014
- Texas Oil Production Reaches Levels Not Seen Since the 70s
- Hawkwood Energy Acquires East Texas Eagle Ford Acreage
- Fracking Bans in Texas?
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 and/or Smith Service Co’s (Schlumberger) Smith Rig Count.
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