Eagle Ford Rig Count Declines by One

Rig Counts Continue Decline
Rig Counts Continue Decline

The Eagle Ford Shale rig count fell by one this week ending at 136 rigs running across our coverage by midday Thursday.

In recent Eagle Ford news, another round of layoffs hit the Texas energy industry early this week as manufacturers and service companies struggle with the global crude collapse.

Read more: Layoffs Claim 343 More Texas Jobs

The U.S. rig count fell another 34 to 954 rigs running as of today. A total of 217 rigs were targeting natural gas (a decrease of eight  from the previous week) and 734 were targeting oil in the U.S. (26 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)412 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 17 rigs. Natural gas prices increased $.12 from the previous week landing at at $2.63/mmbtu by week’s end. .

The oil rig count fell to 136 rigs this week.  WTI oil prices increased $4.10 from the previous week, trading at $55.74/bbl on Friday afternoon.. A total of 140 rigs are drilling horizontal wells, zero rigs are drilling directional wells, and vertical rigs increased to six.  Karnes (19), DeWitt (19), and Webb (18) and LaSalle (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