Eagle Ford Rig Count Decreases to 235

More declines Likely Due to Lowered Oil Prices
Eagle ford rig counts

Eagle Ford Rig Counts Down

The Eagle Ford rig count decreased by 13 this week ending at 235, adding to the sharp decline seen in the region as we lost 26 active rigs in the last four weeks.

WTI crude prices have decreased by ~$9.59 since December 19th, trading at $55.99/bbl on Monday morning. As oil prices continue to drop, reports of deeper budget cuts and layoffs are now daily news.

Related: Energy Giants Announce Layoffs

Related: Halcón Plans to Reduce Rigs for 2015

Eagle Ford and Bakken are both experiencing a decrease in rig count, but other regions are also seeing a decline.  The U.S. rig count decreased to 1,676 rigs running by the end of last week with a total of 310 rigs targeting natural gas (down 28 from December) and 1,366 targeting oil in the U.S. (down 170 since December).

Previous Wk Current Wk
KARNES 36 34
DIMMIT 30 28
DE WITT 27 25
LA SALLE 23 23
MCMULLEN 20 19
ATASCOSA 16 14
WEBB 15 14
BURLESON 13 12
GONZALES 11 11
BRAZOS 10 10
LAVACA 9 10
MADISON 9 9
LIVE OAK 6 7
FRIO 7 6
ZAVALA 5 4
FAYETTE 3 3
LEE 3 3
LEON 2 2
GRIMES 1 1

 

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken 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

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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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