Eagle Ford Rig Count Continues Decline

Devon Energy Reports Outstanding 2014
Eagle Ford Rig Count

Eagle Ford Rig Count Down to 188

The Eagle Ford Shale rig count decreased by four to 188 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, Devon Energy announced it finished an outstanding year as it rebounded from a $20 million net loss in 2013 to end 2014 with net earnings of $1.6 billion. The company’s Q4 total production rose 20% to 239,000 barrels per day, which represents a 48% increase from 2013.

Read more: Devon Energy Reports Exceptional Q4

The U.S. rig count fell another 43 to 1267 rigs running by the end of last week. A total of 280 rigs were targeting natural gas (down nine from the previous week) and 986 were targeting oil in the U.S. (33 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc). 570 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 (181 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

Natural gas increased to 24 rigs running by the end of yesterday. Natural gas prices decreased by $.22 from the previous week at $2.72/mmbtu on Friday afternoon.

The oil rig count decreased by four to 188 rigs running by the end of last week. WTI oil prices decreased by $1.66 from the previous week, trading at $48.84/bbl on Friday afternoon.  A total of 173 rigs are drilling horizontal wells, three rigs are drilling directional wells, and vertical rigs remained at 12 total.  Karnes (28), Dimmit (22), and DeWitt (22) have the highest rig counts this week. See the full list below in the Eagle Ford Shale Drilling by County below

Eagle Ford Shale Drilling by Count

County Previous Week Current Week County Previous Week Current Week
KARNES 28 28 LEON 2 2
DE WITT 23 22 ZAVALA 2 2
LA SALLE 19 22 FAYETTE 1 1
DIMMIT 24 21 GRIMES 1 1
MCMULLEN 17 19 ROBERTSON 1 1
WEBB 17 17 WILSON 2 1
GONZALES 11 10 AUSTIN 0 0
LAVACA 10 10 BEE 0 0
ATASCOSA 6 6 COLORADO 0 0
BURLESON 6 6 GOLIAD 0 0
LIVE OAK 7 6 LEE 0 0
MADISON 6 6 MAVERICK 0 0
FRIO 4 3 MILAM 0 0
BRAZOS 3 2 WASHINGTON 0 0
DUVAL 2 2 BASTROP 0 0

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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

photo credit: Tim Evanston (CC)

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Elizabeth Alford

Elizabeth Alford

Elizabeth Alford writes on significant news developments in the Eagle Ford oil and gas play taking place across South TX. She is a freelance writer with an extensive communications, PR, and staff writing background.
Elizabeth Alford

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