Eagle Ford Regional Rig Count is 244 on March 15, 2013

Dairy Queen Is Paying a Signing Bonus in Three Rivers
Eagle Ford Consortium

Eagle Ford Consortium

The Eagle Ford Shale drilling rig count increased to 244 units running this past week. La Salle County, with 35, is the only county with more than 30 rigs running.

On Monday, we detailed highlights from the Eagle Ford Consortium Conference 2013. Several executives were on hand to share their thoughts on the play:

  • Valero’s Three Rivers Refinery was nearly mothballed before the Eagle Ford
  • Marathon’s CEO believes the Eagle Ford is the “Best” play in North America and maybe the world
  • Midstream infrastructure is playing catch up
  • Dairy Queen is paying signing bonuses!

Eagle Ford Oil & Gas Rigs

The natural gas rig count held flat at 24 this past week. Natural gas prices traded up during the week to $3.86/mmbtu on Friday afternoon. I wish I had a magic wand, but I am getting confident the worst is behind us in terms of low natural gas prices.

Four oil rigs were added to bring the total to 219 running in the area. WTI crude futures recovered from lows last week to trade at approximately $93.50/bbl Friday afternoon. NOTE – Eagle Ford crude prices are a little harder to track these days. Plains All American has stopped posting Eagle Ford prices except Eagle Ford light crude prices. Eagle Ford light traded at $89.50/bbl on March 14th. The majority of Eagle Ford crude is very light or condensate. Those that produce a crude close to 40 degrees API gravity will continue to fetch a premium.

There are 206 horizontal rigs running in the region. That is 9 more than last week when we fell below 200 for the first time in almost two years. An injection well is being drilled in Webb County.

La Salle County leads development with 35 rigs running. DeWitt (28), Karnes (27), McMullen (25), Webb (23), Gonzales (23), Dimmit (20), Live Oak (14), Atascosa (9), Leon (9), Madison (5), Wilson (5) and Frio (4) round out the top counties in the region.

South Texas Oil & Gas News:

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Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 32 31
EOG Resources 25 25
Marathon Oil 18 17
Chesapeake 16 16
ConocoPhillips 10 10
Pioneer Natural 9 10
Lewis Petroleum 8 8
Murphy Oil 9 8
Talisman Energy (Statoil) 7 7
Anadarko 7 6
Halcon Resources 4 6
Hunt Oil 6 6
Plains Exploration 6 6
SM Energy 5 6
Swift Energy 5 6
EP Energy 5 5
Rosetta Resources 7 5
Carrizo Oil & Gas 4 4
Shell 3 4
Comstock Resources 3 3
All Others 51 55
Total 240 244

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 SmithBits 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.

Eagle Ford Shale Drilling by County

Texas County Prior Week Current Week Texas County Prior Week Current Week
LA SALLE 34 35 ROBERTSON 3 3
DEWITT 30 28 ZAVALA 3 3
KARNES 26 27 FAYETTE 2 2
MCMULLEN 23 25 GRIMES 2 2
GONZALES 23 23 AUSTIN 0 0
WEBB 24 23 BASTROP 0 0
DIMMIT 17 20 BEE 0 0
LIVE OAK 14 14 BURLESON 0 0
ATASCOSA 11 9 COLORADO 0 0
LEON 7 9 DUVAL 0 0
MADISON 5 5 GOLIAD 0 0
WILSON 5 5 LEE 0 0
FRIO 4 4 MAVERICK 0 0
LAVACA 4 4 MILAM 0 0
BRAZOS 3 3 Washington 0 0
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R.T. Dukes

R.T. Dukes

Managing Editor at EagleFordShale.com
R.T. is the managing editor of EagleFordShale.com. In prior roles, he advised major oil companies on strategy, the macro business environment, and opportunity screening. 2503 Robinhood, Houston, TX, 77005, U.S.A. | Telephone: 832.429.4790

Comments

  1. Joseph Farley says:

    244 rigs running at around 2,000 diesel gallons per day is 488,000 gallons per day and over 175,000,000 gallons per year at $3.50 per gallon is $621,721,000 per year in Diesel. Natural Gas would cut that in half and we can do that. $310,856,000 back in the producers pocket. We have a new product out that we believe can be of real service to the Oil & Gas Industry. We can now hook into the wellhead, strip out the NGLs and pay on a net back for the liquids. We can take the methane and make LNG in the field and convert the drilling rigs and frac units to run on natural gas. This method allows the producer to continue to drill a field where there are no gas lines and make money in the process. Our skid mounted LNG machines are going to be limited to producers in 13 & 14. We fund the entire operation using our capital, so the producer saves money from gallon one. We could sell LNG in the field for $1.00 per gallon depending on the gas analysis. No need to flare when you can share with land owners and shareholders.

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