The Eagle Ford Shale drilling rig count fell 7 rigs over Thanksgiving week to a total of 257 running. We're still running at a higher rate than any time before last weeks 264 number. Approximately 210-215 rigs are targeting the Eagle Ford formation. Even with the dramatic drop in stock prices over the past week, oil prices have held relatively strong (WTI futures at $96 per barrel). That bodes well for the Eagle Ford. Strong oil prices will help shield South Texas from any broader economic downfall. Natural gas prices rebounded a bit, but we expect continued weakness as gas will likely be injected into storage through the middle of December. The natural gas rig count held flat at 101. Oil rigs accounted for the entire drop this week with a loss of 7 bringing us to a total of 155.
One rig continues to drill a Webb County disposal well. Webb (41) still leads the region, while La Salle (34) , Karnes (30), DeWitt (20), Dimmit (20), and Gonzales (20) counties together account for two-thirds of Eagle Ford drilling. Chesapeake Energy (31) and EOG Resources (26) are 10 rigs are more ahead of the third most active driller, ConocoPhillips (16).
News highlighted throughout the play this past week included:
Stay tuned each week for an update on the South Texas rig count.
Drilling Rig Count by Operator
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.