Eagle Ford Shale Regional Rig Count Rises 3 – Feb 22, 2013

Chesapeake Lowers 2013 Rig Count Plans From 22 to 16
Eagle Ford Shale Well Map February 2013

Eagle Ford Shale Well Map February 2013 | Click to Enlarge

The Eagle Ford Shale drilling rig count increased three to 247 running this past week. La Salle County still leads and has held the top position for all but two weeks since October of 2012.

Chesapeake announced earnings this week and it looks like the company is changing course a bit now that Aubrey McClendon is on his way out. The company is dropping more rigs than previously disclosed. Chesapeake exited 2012 with more than 20 rigs running and is running 18 as of this week. That number will fall throughout the year as plans call for an average of 16 rigs running in 2013. That is six rigs fewer than the company announced it planned to run during the year back in August of 2012. Read more in the article Chesapeake’s Eagle Ford Activity Soaring – Rig Count Declining.

Eagle Ford Oil & Gas Rigs

The natural gas rig count fell further to 27 units running this past week. That’s an Eagle Ford record low. Natural gas prices traded up during the week to $3.28/mmbtu on Friday afternoon.

The oil rig count increased seven to 219 running in the area. WTI crude futures traded down on the week to a little more than $93 per barrel to end the week. Eagle Ford crude prices traded at $102.37/bbl on the 22nd of February. Eagle Ford light crude and condensate in the area traded at $89.75 and $88.75, respectively.

There are 212 horizontal rigs running in the region. An injection well is being drilled in Karnes County.

La Salle County leads development with 36 rigs running. Karnes (26), DeWitt (25), Dimmit (24), McMullen (24), Gonzales (23), Webb (23), Live Oak (16), Atascosa (12), Leon (7), Lavaca (6), and Wilson (6) round out the top counties in the region.

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Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 28 27
EOG Resources 24 26
Chesapeake 17 18
Marathon Oil (Hilcorp) 18 18
ConocoPhillips 11 11
Lewis Petroleum 10 10
Murphy Oil 10 10
Pioneer Natural 10 10
Talisman Energy (Statoil) 7 8
Anadarko 6 7
Plains Exploration 7 7
Hunt Oil 5 6
Rosetta Resources 7 6
EP Energy 6 5
Halcon Resources 5 5
Shell 6 5
Swift Energy 5 5
Carrizo Oil & Gas 4 4
SM Energy 4 4
Penn Virginia 3 3
All Others 51 52
Total 244 247

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 36 36 ROBERTSON 2 3
KARNES 24 26 FAYETTE 2 2
DEWITT 27 25 DUVAL 1 1
DIMMIT 22 24 FRIO 5 1
MCMULLEN 22 24 MAVERICK 1 1
GONZALES 22 23 AUSTIN 0 0
WEBB 23 23 BASTROP 0 0
LIVE OAK 18 16 BEE 0 0
ATASCOSA 10 12 BURLESON 0 0
LEON 7 7 COLORADO 0 0
LAVACA 6 6 GOLIAD 0 0
WILSON 5 6 LEE 0 0
MADISON 4 5 MILAM 0 0
BRAZOS 3 3 WASHINGTON 0 0
GRIMES 3 3 ZAVALA 1 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. Roger McCown says:

    What is the break even price for natural. Gas in south Texas Eagle Ford?
    Thanks

    • R.T. Dukes RT Dukes says:

      It’s a moving target, but I suspect it’s near or above $5 for dry gas wells.

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