Eagle Ford Regional Rig Count 266 - Eagle Ford Spending Could Reach $30 Billion in 2014 - Jan 13, 2014

Eagle Ford Oil Production
Eagle Ford Oil Production

The Eagle Ford Shale rig count dropped by two rigs to 266 running over the past week.

In recent Eagle Ford news, development spending is anticipated to hit $20 billion dollars, with some estimates pushing that figure up to $30 billion.

Read the full article: Eagle Ford Spending Could Reach $30 Billion in 2014

The U.S. rig count increased by three rigs from 1,751 to 1,754 running over the past week. A total of 357 rigs are targeting natural gas (15 less than last week) and 1,393 (15 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 825 or 47% 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 (229 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 increased by two rigs to 30 running this past week. Average rig counts for natural gas production in 2012 were around 82 and then dropped to around 41 in 2013. Don't be surprised if this is the bottom and we see more natural gas rigs this year. Natural gas essentially stayed level around ~$4/mmbtu on Friday afternoon.

The oil rig count decreased by 4 to 236 rigs running. WTI oil prices took a slight hit as trading resumed for the new year, dropping to just under $92/bbl by the end of the week. Eagle Ford light crude traded at $88/bbl on January 13th.

A total of 227 rigs are drilling horizontal wells, 23 rigs are drilling directional wells, and 16 rigs are drilling true vertical wells. Karnes, DeWitt, La Salle, and McMullen counties all have between 29 and 31 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.