The Eagle Ford Shale rig count gained two this week with 36 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, a recent report shows that Texas has been hit specifically hard with oil and gas bankruptcies, with more that half (25) of the 2016 filing being initiated in Texas courts. The combined total Texas bankruptcy filings for 2015-16 is 43, representing approximately $29 billion in cumulative debt.
Read more:Texas Oil & Gas Bankruptcies Lead Pack
A total of 446 oil and gas rigs were running across the United States this week, up seven over last week. 89 were targeting natural gas (one more than the previous week) and 357 were targeting oil in the U.S. (six more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 202 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 below.
Eagle Ford Oil & Gas Rigs
There are six natural gas rigs running across the Eagle Ford, wth natural gas prices dipping this week to $2.76/mmbtu.
The Eagle Ford rigs targeting oil increased at 30 with WTI oil prices rising to $45.95, a $.71 increase this week. A total of 32 rigs are drilling horizontal wells, one is drilling directional wells, and three is vertical.
Karnes County leads development in the region gaining two to 10 rigs running this week. See the full list below in the Eagle Ford Shale Drilling by County below.
Eagle Ford Shale Drilling by County
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Eagle Ford Shale News
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