The Eagle Ford Shale rig count fell by one this week leaving 52 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, the latest numbers produced monthly by Comerica Bank show the Texas Economic Activity Index continues to decline and pessimism reigns.
Read more: Texas Economic Index Declines
A total of 489 oil and gas rigs were running across the United States this week, which is a drop of 13 over last week. 97 were targeting natural gas (five less more than the previous week) and 392 were targeting oil in the U.S. (eight less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 227 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
Natural gas rigs increased in the Eagle Ford remained steady at six this week as natural gas prices continued to dip trading at $1.67/mmbtu, a $.12 decrease from the previous week.
The Eagle Ford oil rigs dropped to 46 with WTI oil prices ending the week at $35.81, an increase of $3.12. A total of 47 rigs are drilling horizontal wells, zero are drilling directional wells, and five are vertical rigs.
Karnes County continues to lead the region in development with 12 running rigs. 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