The Eagle Ford Shale drilling rig count fell two rigs to 238 units running this past week. The region had an average of 247 rigs running throughout the first quarter. 252 were running in January, 249 in February, and an average of 241 ran throughout March.
Happy Easter! He is risen, he is risen indeed.
The highlight of the week was from a new economic impact study released by UTSA. You can read more about the study in our article UTSA Eagle Ford Study Touts Oil & Gas Benefits. A few highlights from 2012 include:
- $61 Billion economic impact
- 116,000 jobs supported
- Almost $5 Billion paid in salaries last year
- $3 Billion paid in royalties
Eagle Ford Oil & Gas Rigs
[ic-l]The natural gas rig count fell three to a new low of 20 running this past week. Natural gas prices traded up during the week to more than $4/mmbtu. That's a significant milestone and one that will be welcomed by operators with significant natural gas production. Note the natural gas rig count continues to fall even though prices are improving. Remember, capital budgets are set annually and it will take a few months for operators to respond to improving prices.
A total of 217 oil rigs are running in the region. That's one more than last week. WTI crude futures were up almost $4 to more than ~$97/bbl Friday afternoon. Eagle Ford light traded at $93.75/bbl on March 28th.
There are 205 horizontal rigs running in the region. An injection well is being drilled in Webb County.
La Salle County continues to lead development with 31 rigs running. See the full list of drilling by county at the bottom of the page.
South Texas Oil & Gas News:
- UTSA Eagle Ford Study Touts Oil & Gas Benefits
- Eagle Ford Oil Production Up 70% in January 2013
- Economic Impact of the Eagle Ford Hits $61 Billion
- EOG and ZaZa JV in the Eaglebine
- Is the Eaglebine Ready to Take Off?
Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates.
Eagle Ford 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.