The Eagle Ford Shale drilling rig count grew by two rigs to 263 over the last week. Again, that is right in line with the average of 263 rigs we've seen work throughout the first six months of the year. A steady rig count is the result of relatively predictable results and operators getting closer to holding all of their acreage. We're approaching a normal operating level of development.
The U.S. rig count fell twelve rigs to 1,759 rigs running, of which 843 are running in Texas. A total of 349 rigs are targeting natural gas and 1,405 are targeting oil in the U.S.. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).
We shared our list of Eagle Ford Billionaires this week. The top three Eagle Ford earners include:
- Jeff Hildebrand – Net worth $5.5 billion – Estimated to have made $2.5 billion in the Eagle Ford
- Dan Harrison – Net worth $1.1 billion – Estimated to have made $1 billion leasing his ranch in the Eagle Ford
- Rod Lewis – Net worth $2.6 billion – Lewis Energy operates over $5 billion worth of Eagle Ford acreage
*Note* Now quoting Baker Hughes. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (~230 rigs). Our numbers cover a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table at the bottom of this article.
Eagle Ford Oil & Gas Rigs
[ic-l]The natural gas rig count in the region added three rigs back to reach a total of 33 running. Natural gas traded up $0.10-.20 on the week, but is closing near $3.79/mmbtu on Friday afternoon.
One less or 229 oil rigs are running in the region this week. WTI fell considerably with the broader market and was trading near $94/bbl on Friday (down from $98 last week). Eagle Ford light crude traded at $90.25/bbl on June 21st.
Karnes and McMullen counties lead development with 32 running each. See the full list of drilling by county below.
South Texas Oil & Gas News:
- Dallas Fed Sees Continued Employment Growth In The Eagle Ford
- Eagle Ford Billionaires
- Talisman Shopping For Eagle Ford Buyers
- Valero's Quebec Refinery Processing Eagle Ford Oil Barrels
- Oil & Gas Is Simply Better In Texas - Go Spurs
Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates.
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.