Eagle Ford Rig Count Continues to Fall

Eagle Ford Rigs Drop
Eagle Ford Rigs Drop

The Eagle Ford Shale rig count fell by seven this week ending at 129 rigs running across our coverage by midday Thursday.

In recent Eagle Ford news, the Texas legislature last week to move forward with House Bill 40, which strips local authorities of power to regulate oil and gas in their own cities.

Read more: “Denton Fracking Bill” Sails Through House

The U.S. rig count fell again this week by another 22 ending at 932 rigs running by midday Friday.  A total of 225 rigs were targeting natural gas (and increase of eight  from the previous week) and 703 were targeting oil in the U.S. (31 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)393 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 near the bottom of this article.

Eagle Ford Oil & Gas Rigs

By Midday Friday, natural gas rigs increased by one, totalling 18 rigs. Natural gas prices decreased $.10 from the previous week landing at at $2.5363/mmbtu by week’s end. .

The oil rig count fell to 111 rigs this week.  WTI oil prices increased $1.60 from the previous week, trading at $57.34/bbl on Friday afternoon.. A total of 123 rigs are drilling horizontal wells, zero rigs are drilling directional wells, and vertical rigs increased to seven.  Karnes (19), Webb (19), LaSalle (17) and DeWitt (16),  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

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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