Eagle Ford Rig Count Falls as Oil and Gas Prices Surge
The Eagle Ford Shale rig count fell again this week, ending with 80 rigs running across our coverage area by midday Friday.
In recent industry news, oil and gas prices are continuing to rise and crude oil production set another high this week.
- Crude Oil: $66.24 (+$2.87)
- Natural Gas: $3.57 (+$.38)
- Crude Production: 9.878 million bpd (up from 9.750 million bpd)
A total of 947 oil and gas rigs were running across the United States this week. 188 rigs were targeting natural gas (-1) and 759 were targeting oil (+12) in the U.S. The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 466 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
9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $3.57/mmbtu.
71 Eagle Ford rigs were targeting oil with WTI oil prices at $66.24.
A total of 79 rigs are drilling horizontal wells, zero are drilling directional and one are vertical.
Karnes County leads activity in the region with 16 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.
Eagle Ford Shale Drilling by County
Eagle Ford Shale Rig Count by County-January 26, 2018
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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.