Rig Counts Continue to Decline

Eagle Ford Rig Counts
Eagle Ford Rig Counts

The Eagle Ford Shale rig count fell by three this week with 62 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, deposits are shrinking for Eagle Ford banks for the first time since 2010 as 15 community banks report losing a combined $111 million in deposits last year, down 3.5% from 2014.

Read more:Eagle Ford Banks Feeling the Downturn

A total of 514 oil and gas rigs were running across the United States this week, which is a drop of 48 over last week. 101 were targeting natural gas (1 less than the previous week) and 413 were targeting oil in the U.S. (26 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)236 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 in the Eagle Ford are at five this week as natural gas prices declined, trading at $1.80/mmbtu, a $.16 decrease from the previous week.

The Eagle Ford oil rigs dropped to 57 with WTI oil prices ending the week at $29.64, a decrease of $.06. A total of 57 rigs are drilling horizontal wells, one are drilling directional wells, and four are vertical rigs.

Karnes County leads the region in development with 14 rigs this week. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale News

Pioneer Halts Eagle Ford Drilling

Eagle Ford Banks Feeling the Downturn

Devon Energy to Cut 1,000 Jobs

Noble Energy: $150 Million Earmarked for Eagle Ford in 2016

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