Eagle Ford Rig Count - 264 - Conoco Increases Eagle Ford Production 58% in 2013 - February 7, 2014

ConocoPhillips Eagle Ford Map
ConocoPhillips Eagle Ford Map

The Eagle Ford Shale rig count increased by two rigs to 264 running over the past week.

In recent news, ConocoPhillips (COP) increased production in the Eagle Ford by 58% to 141,000 boe/d. In 2014, COP will spend $4.3 billion on the Eagle Ford, Bakken and Niobrara Shale plays.

Read more:ConocoPhillips Eagle Ford Production Up 58% to 141,000 boe/d in Q4 2013

The U.S. rig count decreased by 14 to 1,771 running over the past week. A total of 351 rigs are targeting natural gas (7 less than last week) and 1,416 are targeting oil in the U.S. (6 less than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 845 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 (214 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 one rig to 37 running this past week. Average rig counts for natural gas production in 2012 were around 82 and then dropped to around 41 in 2013. Over the past week, natural gas decreased slightly to $4.77/mmbtu on Friday afternoon.

The oil rig count increased by 2 to 227 rigs running. WTI oil prices increased slightly, trading at $100.07/bbl by the end of the week. Eagle Ford light crude traded at $96.25/bbl on February 7th.

A total of 235 rigs are drilling horizontal wells, 18 rigs are drilling directional wells, and 11 rigs are drilling true vertical wells. Karnes, DeWitt, La Salle, Dimmit and McMullen counties each have at minimum 26 rigs running. LaSalle County has the highest rig count this week at 30. See the full list below in the Eagle Ford Shale Drilling by County:

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.