Eagle Ford Rig Count Solidly in the 70s

The Eagle Ford Shale rig count increased by three this week, with our data showing 74 rigs running across our coverage area by midday Friday.

In recent Eagle Ford News, the U.S. Energy Information Administration's (EIA) is projecting that oil production in south Texas will reverse its recent trend. In its drilling productivity report, the agency expects that production for the region will rise by 14,000 bbl/d to 1.08 MMbbl/d in March. 

Read more: Eagle Ford Production for 2017

A total of 755 oil and gas rigs were running across the United States this week, an increase of four over than last week. 151 rigs targeted natural gas (2 less than the previous week) and 602 were targeting oil in the U.S. (five more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 386 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

Five rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.79/mmbtu.

69 Eagle Ford rigs were targeting oil with WTI oil prices increasing slightly to $53.99 

A total of 67 rigs are drilling horizontal wells, three are drilling directional wells and four are vertical.

Karnes County leads this week with 17 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Rig Count by County-Feb 2017

Eagle Ford Shale News

Eagle Ford Oil Production to Rise While Gas Decreases

Noble Energy 'Rapidly Accelerating' 2017 Development

RRC Prepares for More Oil and Gas Drilling

EnerVest Shifts from Barnett to Eagle Ford

Pioneer Will Resume Eagle Ford Drilling

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.

Eagle Ford Oil Production to Rise While Gas Decreases

Eagle Ford Oil Production - March 2017

Eagle Ford Oil Production - March 2017

The Eagle Ford Shale will experience production increases in March for oil, but natural gas will decrease, according to the U.S. Energy Information Administration's (EIA).

Related: Texas Rig Count Rises, Eagle Ford Gains One

Oil production in the Eagle Ford has not risen since 2015, but that should change this quarter, according to the EIA. In its drilling productivity report, the agency expects that production for the region will rise by 14,000 bbl/d to 1.08 MMbbl/d in March. 

While oil production will rise, natural gas production in the Eagle Ford will decline in March by 25 MMcf/d to almost 5.6 Bcf/d, its lowest level since November 2013. Natural gas production from the other big shale basins is projected to increase to a record high 49.1 billion cubic feet per day (Bcf/d) in March.

EIA also said producers drilled 760 wells and completed 668 in the biggest shale basins in January, leaving total drilled but uncompleted wells (DUCs) up 92 at 5,381, the most since April.

A total of 753 oil and gas rigs were running across the United States this week, 11 more than last week. 153 rigs targeted natural gas (4 more than the previous week) and 597 were targeting oil in the U.S. (six more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 378 of the rigs active in the U.S. were running in Texas.

Texas Rig Count Rises, Eagle Ford Gains 1

The Eagle Ford Shale rig count inched up this week, with our data showing 71 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, Pioneer Natural Resources announced they will spend $95 million in the Eagle Ford Shale in 2017, including plans to complete 20 wells. 

Read more: Pioneer to Resume Eagle Ford Drilling

A total of 753 oil and gas rigs were running across the United States this week, 11 more than last week. 153 rigs targeted natural gas (4 more than the previous week) and 597 were targeting oil in the U.S. (six more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 378 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

Six rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.83/mmbtu.

65 Eagle Ford rigs were targeting oil with WTI oil prices dipping slightly to $53.40 

A total of 64 rigs are drilling horizontal wells, two are drilling directional wells and three are vertical.

Karnes County leads this week with 15 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale Rig Count by County

Eagle Ford Shale Rig Count by County

Eagle Ford Shale News

Noble Energy 'Rapidly Accelerating' 2017 Development

RRC Prepares for More Oil and Gas Drilling

Pioneer Will Resume Eagle Ford Drilling

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.

Noble Energy 'Rapidly Accelerating' 2017 Development

Noble Energy Raises 2017 Capex by 63%

Noble Energy Raises 2017 Capex by 63%

Noble Energy has announced they will raise 2017 capital expenditures to between $2.3 to $2.6 billion, with $325 MM earmarked for the Eagle Ford.

Related: Noble energy Adds Eagle Ford Rig

Noble announced fourth quarter and full year 2016 results this week, alongside a 63% increase in 2017 CAPEX.

Eagle Ford Operations

Production for Noble's Eagle Ford assets during the quarter was impacted by an in-field gathering pipeline mechanical issue leading to approximately 3 MBoe/d of curtailments on average during the quarter. Quarterly highlights include:

  • Sales volumes averaged 46 MBoe/
  • Drilled fourteen wells to total depth within the quarter  
  • Commenced production on six Lower Eagle Ford wells 
  • Company brought on production its initial operated Upper Eagle Ford well
  • Two operated rigs and 30 wells drilled but uncompleted at the end of 2016
Building on our strong performance over the last couple of years, Noble Energy is now rapidly accelerating our pace of development in 2017. In the U.S. onshore business, we are materially increasing the capital allocation to each of our liquids-focused assets in 2017, including the DJ Basin, the Delaware Basin, and the Eagle Ford.
— David L. Stover, Chairman, President and CEO

2017

Looking forward to the rest rest of 2017, Noble plans to spend $2.3 to $2.6 billion an increase of approximately 63% from 2016 levels. Approximately 75% of the 2017 total capital program will be aimed at drilling and completion activities opportunities in the DJ Basin, Delaware Basin, and Eagle Ford. 

Noble Energy’s total U.S. onshore rig count is expected to average more than eight operated rigs for 2017, exiting the year with nine. Currently, the company plans to average one rig program in the Eagle Ford.

The company's Eagle Ford program for 2017 will be focused on Lower Eagle Ford wells in Gates Ranch, with additional plans for multiple Upper Eagle Ford wells.

Read more at nobleenergyinc.com

Pioneer Will Resume Eagle Ford Drilling

Pioneer Natural Resources 2016

Pioneer Natural Resources 2016

Pioneer Natural Resources will spend $95 million in the Eagle Ford Shale in 2017, including plans to complete 20 wells. 

Related:  Halcón Resources Exits the Eagle Ford

In a recent press release, Pioneer reported fourth quarter and full year 2016 earnings, as well as the company's capex for 2017, which included a fourth quarter net loss of $44 million

Eagle Ford Shale Operations

Pioneer will spend $95 million in the Eagle Ford Shale in 2017. $65 million will be set aside for a horizontal drilling program that will focus on Karnes, DeWitt and Live Oak counties.  

Pioneer will resume limited drilling and completion activity in our Eagle Ford asset beginning in the second quarter. We plan to complete and place on production 20 wells during the year, including nine drill and complete wells drilled about a year ago and 11 new wells where we will test design changes expected to significantly increase the recovery.
— Ken Sheffield - EVP, South Texas operations

 

Full Year 2016 Results include:

  • Producing 242 thousand barrels oil equivalent per day (MBOEPD) in Q4
  • Producing 234 MBOEPD in 2016, a 15% increase from 2015
  • Reducing production costs per barrel oil equivalent (BOE) by 29% in 2016 compared to 2015
  • Cash on hand at year end of $3 billion
  • Total costs incurred during 2016 were $2.4 billion

Pioneer is forecasting production growth in 2017 between 15%-18% compared to 2016. The company plans capital expenditures of $2.8 billion for the rest of the year, including $2.5 billion for drilling and completion activities.

Pioneer plans to spend $95 million in the Eagle Ford Shale in 2017. $65 million will be set aside for a horizontal drilling program that will focus on Karnes, DeWitt and Live Oak counties. The program, which is expected to begin in the second quarter, includes completing nine wells that were drilled in late 2015/early 2016 and drilling and completing 11 new wells.