Eagle Ford Rig Count Holds Steady In January - Jan 25, 2013

Growing Production Image
Growing Production Image

The Eagle Ford Shale drilling rig count increased by 3 rigs to top out at 255 running this past week.

The two most publicized events of the week were reports of UFO's in the Eagle Ford (Pictures included) and news that Oil Production Likely Surpassed 400,000 b/d.

Yes, multiple media outlets reported sightings of strange lights moving in the sky and a well location camera caught what MUFON has authenticated as a flying object. In the news of this world, November production numbers reported by the TX RRC have crude oil rising to more than 350,000 b/d. If revisions over the next two months hold consistent, that indicates more than 400,000 bbls were produced per day. Prior months have been revised up by an average of 50,000 b/d as operators who report late get data into the commission.

Eagle Ford Oil & Gas Rigs

[ic-r]The natural gas rig count was down to 38 rigs running this past week. That matched the Eagle Ford era low hit in October of 2012. Natural gas prices fell from highs last week to settle near $3.46/mmbtu on Friday afternoon.

The oil rig count climbed to 215 rigs working this past week. That's also a level that hasn't been matched since October of 2012. WTI crude futures were trading at $96 per barrel to end the week. Eagle Ford crude priced at $109.03/bbl on the 24th of January. Eagle Ford light crude and condensate in the area traded at $92.50 and $91.50, respectively.

South Texas Oil & Gas News:

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Eagle Ford Drilling by Operator

Eagle Ford Shale Drilling by County

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.