The Eagle Ford Shale rig count decreased by five to 196 rigs running across our coverage area by the end of last week.
In recent Eagle Ford news, ConocoPhillips announced fourth quarter results for the 2014 and updated its capex plans for the coming year. Though production is expected to remain high, 2015 projections include a cut in spending for the Eagle Ford.
Read more: ConocoPhillips Reports Q4 Losses
The U.S. rig count fell another 98 to 1358 rigs running by the end of last week. A total of 300 rigs were targeting natural gas (down 14 from the previous week) and 1056 were targeting oil in the U.S. (84 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).598 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 (181 rigs). 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 near the bottom of this article.
Eagle Ford Oil & Gas Rigs
Natural gas increased by three to 22 rigs running by the end of last week. Natural gas prices increased by $.22 from the previous week at $2.80/mmbtu on Friday afternoon.
The oil rig count decreased by five to 196 rigs running by the end of last week. WTI oil prices increased by $.95 from the previous week, trading at $52.64/bbl on Friday afternoon. A total of 185 rigs are drilling horizontal wells, two rigs are drilling directional wells, and nine rigs are drilling vertical wells. Karnes (31), Dimmit (25), and DeWitt (23) have the highest rig counts 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
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.
Rad full report at bakerhughes.com