Eagle Ford Shale Regional Rig Count at 268 Thanksgiving Week - Nov. 23, 2012

Eagle Ford Shale drilling fell two rigs to 268 drilling in the region. Since Thanksgiving 2011, drilling in the Eagle Ford has increased by roughly 5%, but that really understates the increase in development activity. Operators are drilling wells as much as 50% faster than they were in 2011. Assuming operators are 20% faster across the board means drilling activity is likely up 25% or more since this time last year.

Eagle Ford Oil & Gas Rigs

The natural gas rig count settled at 55 this past week. Natural gas prices continue to trade at 2012 highs near $3.90 per mmbtu.

The oil rig count held flat at 213 rigs running. WTI crude futures were almost unchanged for the third week in a row. Oil was trading at ~ $88 per barrel on Friday. Eagle Ford crude priced at $99.75/bbl on the 15th of November. Light crude and condensate in the area traded at $84.75 and $83.75, respectively.

There are 254 horizontal rigs running in the region. Karnes County leads development with 36 rigs running. La Salle with 36 rigs, McMullen (30), Webb (24), Gonzales (23), Dimmit (22), DeWitt (19), Live Oak (13), Fayette (9), Lavaca (8), and Atascosa (7) round out the top Eagle Ford counties.

Oil & gas news items included:

Also, be sure to read Devorah Fox's, of Mike Byrnes & Associates, article discussing the Steps in Planning a Safe Heavy Load Haul.

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Eagle Ford Rig Count by Operator

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.

Eagle Ford Shale Drilling by County