Eagle Ford Rig Count Falls Below 60

Eagle Ford Rig Counts
Eagle Ford Rig Counts

The Eagle Ford Shale rig count is continuing to fall rapidly with Baker Hughes reporting 53 rigs running across our coverage area by midday Friday, a drop of nine rigs since last week. 

In recent Eagle Ford news, Marathon Oil plans to spend $1.4 billion with $600 million set aside for Eagle Ford. Most of that amount, ($520 million) will be used for drilling and completions.

Read more: 42% of Marathon's 2016 Budget to Stay in the Eagle Ford

A total of 502 oil and gas rigs were running across the United States this week, which is a drop of 12 over last week. 102 were targeting natural gas (1 more than the previous week) and 400 were targeting oil in the U.S. (13 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)231 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 increased in the Eagle Ford to six this week as natural gas prices remained stable, trading at $1.79/mmbtu, a $.01 decrease from the previous week.

The Eagle Ford oil rigs dropped by 10 to 47 with WTI oil prices ending the week at $32.76, an increase of $3.12. A total of 49 rigs are drilling horizontal wells, zero are drilling directional wells, and four are vertical rigs.

Karnes County fell by two this week but continues to lead the region in development with 12 running rigs. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale News

Cabot Reduces Spending & Activity in Eagle Ford

Marathon Oil: 42% of 2016 Budget to Stay in the Eagle Ford

Chesapeake Will Release all Eagle Ford Rigs

Comstock: Eagle Ford Not ‘Drillable’ in this Market

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