Eagle Ford Rig Count Going Up
The Eagle Ford Shale rig count continued its climb this week with 40 rigs running across our coverage area by midday Friday.
In recent Eagle Ford news, two more Eagle Ford companies are showing signs of trouble as Texas oil and gas bankruptcies skyrocket.
Read more: Eagle Ford Companies Struggle as Bankruptcies Soar
A total of 459 oil and gas rigs were running across the United States this week, up 13 over last week. 88 were targeting natural gas (one less than the previous week) and 371 were targeting oil in the U.S. (14 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 217 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 remained flat in the Eagle Ford at six as natural gas traded a bit higher at $2.78/mmbtu.
The Eagle Ford rigs targeting oil increased at 34 with WTI oil prices dipping to $44.19, a $1.76 decrease this week.
A total of 35 rigs are drilling horizontal wells, one is drilling directional wells, and four is vertical.
Karnes County leads development in the region gaining two to 10 rigs running this week. See the full list below in the Eagle Ford Shale Drilling by County below.
Eagle Ford Shale Drilling by County
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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.
Read more at bakerhughes.com