Eagle Ford Rig Count Increases

Eagle Ford Rig Count Increases
Eagle Ford Rig Count Increases

For the first time in months, the Eagle Ford Shale rig count increased this week.  My midday Friday, there were 125 rigs running across our coverage area.

In recent Eagle Ford news, Houston-based Noble Energy announced plans to get into the shale business by acquiring independent producer, Rosetta Resources.

Read more:Noble Energy Plans Expansion into Eagle Ford

The U.S. rig count fell by six, ending with 888 rigs running by midday Friday.  A total of 223 rigs were targeting natural gas (an increase of two from the previous week) and 660 were targeting oil in the U.S. (eight less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)373 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

Natural gas rigs in the Eagle Ford increased to 23 this week and natural gas prices traded at $3.02/mmbtu, an increase of  $.14 from the previous week.

The oil rig count stayed flat at 101. WTI oil prices continued to inch upwards this week to $59.51, an increase of $.12. A total of 115 rigs are drilling horizontal wells, two rigs are drilling directional wells, and vertical rigs stayed at eight.  Karnes and Webb counties are both running 19 rigs this week with DeWitt (17) and LaSalle (16) following closely. 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