Eagle Ford Rig Count Slips to 48

Eagle Ford Rig Counts
Eagle Ford Rig Counts

The Eagle Ford Shale rig count fell again this week leaving 48 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, EOG Resources reported a record 2015 marked by reduced costs, improved productivity, and outstanding well performance in the Eagle Ford.

Read more: EOG Highlights Eagle Ford Well Performance

A total of 480 oil and gas rigs were running across the United States this week, which is a drop of nine over last week. 94 were targeting natural gas (three less more than the previous week) and 386 were targeting oil in the U.S. (six less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)215 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 below.

Eagle Ford Oil & Gas Rigs

Natural gas rigs increased in the Eagle Ford remained steady at six this week as natural gas prices improved slightly, trading at $1.82/mmbtu, a $.15 increase from the previous week.

The Eagle Ford oil rigs dropped to 42 with WTI oil prices ending the week at $38.59, an increase of $3.12 this week and close to $10 over the past 30 days. A total of 44 rigs are drilling horizontal wells, zero are drilling directional wells, and four are vertical rigs.

Karnes County continues to lead the region in development with 12 running rigs. See the full list below in the Eagle Ford Shale Drilling by County below.

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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.

Read more at bakerhughes.com