Eagle Ford Rig Count Falls to 163

EFS Rigs Decrease
EFS Rigs Decrease

The Eagle Ford Shale rig count decreased by 11 to 163 rigs running across our coverage by midday Friday.

In recent Eagle Ford news, it is predicted that several states will face a serious economic fallout from the drastic drop in prices. As the largest oil producing state in the country, Texas surely will feel the effects. But, exactly how are low oil prices affecting the Texas economy? As it turns out, Texas may not be as vulnerable as first imagined.

Read more: Low Oil Prices and the Texas Economy

The U.S. rig count fell another 72 to 1192 rigs running as of today. A total of 268 rigs were targeting natural gas (down 12 from the previous week) and 922 were targeting oil in the U.S. (64 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).501 of the rigs active in the U.S. were running in Texas.

Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties. 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

Natural gas rigs declined by one to 21 rigs by midday Friday. Natural gas prices decreased by $.09 from the previous week at $2.72/mmbtu on Friday afternoon.

The oil rig count declined by 11 to 163 rigs running by midday. WTI oil prices decreased by $4.37 from the previous week, trading at $44.81/bbl on Friday afternoon and EF light ended at $41.25. A total of 152 rigs are drilling horizontal wells, two rigs are drilling directional wells, and vertical rigs lost were at 9.  Karnes (29), LaSalle (20), DeWitt (19), and Webb (19) have the highest rig counts this week. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

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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.

For more information visit bakerhughes.com