Eagle Ford Rig Count Falls to 87

Eagle Ford Rig Counts
Eagle Ford Rig Counts

Due to the holiday, we are releasing the weekly rig count post early. 

The Eagle Ford Shale rig count declined by three this week with 87 rigs running across our coverage area by midday Thursday.

In recent Eagle Ford news, 2015 has been one wild ride for the region as crude prices plummeted, people lost jobs and companies failed.

Read more: Eagle Ford Shale Year in Review

A total of 698 oil and gas rigs were running across the United States this week. 162 were targeting natural gas (same as the previous week) and 536 were targeting oil in the U.S. (two less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)321 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 nine this week as natural gas prices increased, trading at $2.33/mmbtu, a $.39 increase from the previous week.

The Eagle Ford oil rig count fell to 78 with WTI oil prices ending the week at $37.47, a slight decrease of $0.03. A total of 78 rigs are drilling horizontal wells, one are drilling directional wells, and eight 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