Three Rigs Dropped Last Week - December 16, 2011

Drillingl Rig 5
Drillingl Rig 5

The Eagle Ford Shale drilling rig count fell 3 rigs last week to 256. It was a rough week in the commodities markets. Oil futures prices fell more than $5 (WTI <$94/bbl) and natural gas futures prices (HH<$3.15/mmbtu) continue to fall. The January contract has fallen more than $0.50 over the past two weeks. Spring weather in Texas this past week isn't helping the cause. The natural gas rig count fell 3 to a total of 93 rigs. While $3 gas isn't going to help, the Eagle Ford rig count is more dependent on liquids prices than natural gas.

The number of oil rigs working didn't change 162. Also, one service well is being drilled in Duval County. 233 of the 256 running (>90%) are drilling horizontal wells.

Webb (35) still leads the region, while Karnes (33), La Salle (31), McMullen (26), Dimmit (22), DeWitt (22), and Gonzales (18) round out the top counties in the area. The only significant change by an operator during the week was EOG who dropped 3 rigs.

News highlighted throughout the play included:

Stay tuned for updates on the South Texas drilling rig count. 

Drilling 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.

Drilling Rigs by County