Eagle Ford Regional Rig Count at 269 – Nov 2, 2012

Cabot Oil & Gas Pearsall Shale Target Area Map

Cabot Oil & Gas Pearsall Shale Target Area Map | Click to Enlarge

Eagle Ford Shale drilling four rigs to settle at 269 working over the past week. Through the first ten months of the year, more than 270 rigs have worked the 30 county area we track where there is Eagle Ford development potential. That’s roughly 25% higher than the rig count average in 2011 a.nd right in line with current activity levels

This past week was highlighted by earnings reports. Cabot announced results from its first Pearsall Shale well in Frio County. The well produced 1,400 boe/d at its peak, with 50% of production attributable to oil. That’s a decent oil well for what most have targeted as a gas play historically. Cabot’s Pearsall acreage and the area where operators are testing the play is highlighted in the exhibit above.

Eagle Ford Oil & Gas Rigs

The natural gas rig count has grown to 55 rigs since hitting a low of 38 at the beginning of October. Natural gas prices broke through the $3 barrier last month, so it’s no surprise operators are taking this opportunity to develop gas prone areas. Henry Hub futures were up to $3.55 to end the week.

The oil rig count fell six rigs to 213 running during the week. Just one service well is currently being drilled and it is a water well in Bastrop County. This well has been drilling for several weeks. If anyone has checked on the permit, please share the details in the comment section below.

WTI was down to just under $85 per barrel on Friday. The price fluctuated quite a bit during the week as a larger than expected storage draw supported prices, but a weaker than expected jobs number hit prices on Friday. Eagle Ford crude priced at $96.2/bbl on the 2nd of November. Light crude and condensate in the area traded at $81.25 and $80.25, respectively.

There are 256 horizontal rigs running in the region. La Salle County leads development with 37 rigs running. Karnes with 35 rigs, McMullen (28), Webb (26), Dimmit (22), Gonzales (22), DeWitt (17), Live Oak (13), Atascosa (11), and Fayette (8) round out the top Eagle Ford counties.

News items this week included:

Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates or sign up for alerts – Email Subscribe Link]

Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 30 30
Chesapeake 23 24
EOG Resources 19 19
Marathon Oil (Hilcorp) 18 18
ConocoPhillips 11 11
Lewis Petroleum 11 11
Pioneer Natural 10 10
Anadarko 12 10
Talisman Energy (Statoil) 9 9
Murphy Oil 8 8
Shell 8 7
Plains Exploration 7 7
Halcon Resources 4 6
Hunt Oil 6 6
SM Energy 6 5
Rosetta Resources 6 5
Sanchez Energy 4 4
Cabot Oil & Gas 3 3
Carrizo Oil & Gas 3 3
EP Energy 3 3
All Others 72 70
Total 273 269

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 39 37 BRAZOS 5 4
KARNES 36 35 WILSON 4 4
MCMULLEN 30 28 GRIMES 3 3
WEBB 25 26 ROBERTSON 3 2
DIMMIT 23 22 AUSTIN 1 1
GONZALES 20 22 BASTROP 1 1
DEWITT 17 17 BURLESON 1 1
LIVE OAK 11 13 MAVERICK 1 1
ATASCOSA 11 11 Washington 1 1
FAYETTE 6 8 BEE 0 0
LAVACA 7 7 COLORADO 0 0
LEON 6 7 DUVAL 0 0
MADISON 7 7 GOLIAD 0 0
FRIO 8 6 LEE 2 0
ZAVALA 5 5 MILAM 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

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