Eagle Ford Rig Count Drops below 80

Eagle Ford Rig Counts
Eagle Ford Rig Counts

The Eagle Ford Shale rig count declined by three this week with 78 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, the U.S. Energy Information Administration (EIA) indicate that volumes from the seven major shale regions in the U.S. will drop by 116,000 barrels a day in February with the Eagle taking the biggest losses.

Read more: Eagle Ford Headed for Big Losses

A total of 650 oil and gas rigs were running across the United States this week. 135 were targeting natural gas (13 less than the previous week) and 515 were targeting oil in the U.S. (one less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)301 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

Natural gas rigs in the Eagle Ford are at five this week as natural gas prices dipped, trading at $2.10/mmbtu, a $.17 decrease from the previous week.

The Eagle Ford oil rig count fell to 73 with WTI oil prices ending the week at $29.42, a decrease of $3.74. A total of 72 rigs are drilling horizontal wells, zero are drilling directional wells, and six are vertical rigs. Karnes County leads the region in development with 18 rigs 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