Eagle Ford Shale Rig Count Decreases by One to 264

Pipeline Photo
Pipeline Photo

The Eagle Ford Shale rig count decreased by one to 264 rigs running across our coverage area by the end of last week.

In recent news, a study commissioned by the Texas Pipeline Association (TPA), claims the state’s oil and gas pipeline industry provided $33-billion in overall economic impact, and supported more than 165,000 jobs in 2013. During the same time frame, the study says industry provided for $18.7-billion in gross state revenue, and injected $1.6-billion in state and local revenue taxes.

Read moreTPA: Pipeline Industry Has Positive Economic Impact on Texas

The U.S. rig count increased by twelve to 1,883 rigs running by the end of last week. A total of 318 rigs were targeting natural gas (three more than the previous week) and 1,562 were targeting oil in the U.S. (eight less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 886or ~48% of rigs active in the U.S. were running in Texas.

Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (211 rigs). 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

The natural gas rig count decreased by one to nine rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 80 and then dropped to around 40 in 2013. Natural gas prices fell from the previous week to $3.78/mmbtu on Friday afternoon.

The oil rig count stayed flat at 255 rigs running by the end of last week. WTI oil prices decreased by ~$1 from the previous week, trading at $101.99/bbl on Friday afternoon. Eagle Ford light crude traded at $98.50/bbl on July 24th.

A total of 238 rigs are drilling horizontal wells, 13 rigs are drilling directional wells, and 13 rigs are drilling vertical wells. Karnes, La Salle, and De Witt each have at minimum 30 rigs running. La Salle County has the highest rig count this week at 32. See the full list below in the Eagle Ford Shale Drilling by County below

South Texas Oil & Gas News:

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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 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.