Eagle Ford Rig Count Falls Below 70

Eagle Ford Rig Counts
Eagle Ford Rig Counts

The Eagle Ford Shale rig count fell by five this week with 68 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, the Texas Work Force Commission announced that new layoffs in the oil and gas industry will total over 539 jobs, adding to the strain of the current downturn.

Read more: More Job Cuts for Texas

A total of 571 oil and gas rigs were running across the United States this week, which is a drop of 48 over last week. 104 were targeting natural gas (17 less than the previous week) and 467 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.)262 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 declined, trading at $2.04/mmbtu, a $.36 decrease from the previous week.

The Eagle Ford oil rigs dropped to 63 with WTI oil prices ending the week at $31.32, a decrease of $4.67. A total of 64 rigs are drilling horizontal wells, zero are drilling directional wells, and four are vertical rigs.

Karnes County leads the region in development with 15 rigs 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

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More Job Cuts for Texas

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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