Eagle Ford Regional Rig Count 261 - Production Growth Continues - Nov 8, 2013

Eagle Ford Production
Eagle Ford Production

The Eagle Ford Shale rig count increased by one rig from 260 to 261 running this past week.

We explored current Eagle Ford production and whether or not it is on its way to 2 million barrels of oil per day early in the week. Then, both Marathon and Chesapeake reported earnings with production figures that point to both companies surpassing 100,000 boe/d net before year-end. Both will likely eclipse the 100,000 b/d oil mark in the next two years. The Eagle Ford has been an economic boon for the state of Texas. Coupled with the Permian Basin the state is on pace to become one of the most influential suppliers in the world oil market.

The U.S. rig count increased 12 rigs from 1,742 to 1,754 running over the past week. A total of 365 rigs are targeting natural gas (5 more than last week) and 1,383 (7 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 834 or 48% of rigs active in the U.S. are running in Texas.

Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (226 rigs). 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 near the bottom of this article.

Eagle Ford Oil & Gas Rigs

[ic-l]The natural gas rig count fell to 30 rigs running over the past week. Natural gas prices held relatively flat during the week and were trading around $3.55/mmbtu on Friday.

The oil rig count increased by four rigs from 226 to 230. WTI oil prices were trading around $95/bbl to end the week. Oil prices fell for two weeks then held flat this past week after holding above $100 for almost four months.. Eagle Ford light crude traded at $91.00/bbl on Nov 8th.

A total of 229 rigs are drilling horizontal wells, 18 rigs are drilling directional wells, and 14 rigs are drilling true vertical wells. DeWitt, Karnes, La Salle, Gonzales, and McMullen counties all have between 26 and 30 rigs running. See the full list of drilling by county below.

South Texas Oil & Gas News:

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Eagle Ford Shale Drilling by County

Eagle Ford Operated Rig Count By Company

SmithBits no longer reports its operated rig count, but we'll have updated number for you from a new source soon. Until then, you can reference our numbers from mid-April. There has not been a significant change in the overall rig count since this date:

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 and/or Smith Service Co's (Schlumberger) Smith Rig Count.