The Eagle Ford Shale rig count fell slightly this week to 112 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, the historic agreement between the U.S. and Iran has analysts and energy executives worried about the impact on the global oil markets and the Eagle Ford Shale specifically.
Read more: Will Iranian Oil Be Bad for Eagle Ford?
The U.S. rig count increased by 19, ending with 876 rigs running by midday Friday. A total of 216 rigs were targeting natural gas (two less than the previous week) and 659 were targeting oil in the U.S. (21 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)374 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 near the bottom of this article.
Eagle Ford Oil & Gas Rigs
Natural gas rigs in the Eagle Ford fell slipped to 24 this week and natural gas prices traded at $2.78/mmbtu, an $.10 decrease from the previous week.
The oil rig count rose to 88 as WTI oil prices dropped again to $48.13, a decrease of $2.72. A total of 103 rigs are drilling horizontal wells, zero are drilling directional wells, and nine are vertical rigs. Karnes continues to lead development this week running 20 rigs, with LaSalle (15) and Webb (15) follow closely. See the full list below in the Eagle Ford Shale Drilling by County below.
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. Read more at bakerhughes.com