Eagle Ford Regional Rig Count at 240 on March 22, 2013

The Eagle Ford Shale drilling rig count fell four rigs back to 240 units running this past week. We're beginning to work on a more detailed rig analysis that we'll publish in the coming weeks. We're seeing larger operators lower their rig count as drilling speeds improve, but others are stepping up to the plate and the overall rig count hasn't changed much. Our question is this - What will the rest of the year look like? We plan to share our findings soon. Thank you to Joshua Creek Ranch who hosted the EagleFordShale.com team for an upland bird hunt and a sporting clays shoot. We'll have more details about the ranch soon, but we have to agree that it's the "best quail hunting in Texas".

Eagle Ford Oil & Gas Rigs

[ic-l]The natural gas rig count fell one to 23 running this past week. That represents a NEW record low. Natural gas prices traded up during the week to $3.93/mmbtu late Friday. Trading above $4 will be a significant milestone if it is achieved in the coming weeks.

A total of 216 oil rigs are running in the region. That's three less than last week. WTI crude futures were literally flat on the week at ~$93.50/bbl Friday afternoon. NOTE - Eagle Ford crude prices are a little harder to track these days. Plains All American has stopped posting Eagle Ford prices except Eagle Ford light crude prices. Eagle Ford light traded at $90.25/bbl on March 22nd. The majority of Eagle Ford crude is very light or condensate. Those that produce a crude close to 40 degrees API gravity will continue to fetch a premium.

There are 208 horizontal rigs running in the region. That is two more than last week. An injection well is being drilled in Webb County.

La Salle County continues to lead development with 33 rigs running.

South Texas Oil & Gas News:

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.

Eagle Ford Shale Drilling by County