Eagle Ford Rig Count Drops

Eagle Ford Rig Count Drops

Eagle Ford Rig Count Drops

The Eagle Ford Shale rig count fell this week, ending with 38 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, Encana Corporation released 2016 second quarter earnings, announcing they one of the lowest cost, highest performing operators in the Eagle Ford Shale Play.

Read more:Encana Loses $601 Million but Remains Positive

A total of 460 oil and gas rigs were running across the United States this week, up one from last week. 86 were targeting natural gas (two less than the previous week) and 374 were targeting oil in the U.S. (three more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 214 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

There rigs targeting natural gas in the Eagle Ford increased to eight as natural gas traded a bit higher at $2.88/mmbtu.

The Eagle Ford rigs targeting oil increased at 30 with WTI oil prices dipping to $41.60, a $2.59 decrease this week. 

A total of 34 rigs are drilling horizontal wells, one is drilling directional wells, and three is vertical.

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

Eagle Ford Shale Drilling by County

agle Ford Shale News

Baytex Energy Reduces Eagle Ford Spending

Eagle Ford Companies Struggle as Bankruptcies Soar

Anadarko: No Drilling in the Eagle Ford for Q2

Energy Hunter Resources Moves into Karnes 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.

Read more at bakerhughes.com