Eagle Ford Shale Rig Count Drops to 82

October 15, 2017 Elizabeth Alford

The Eagle Ford Shale rig count dropped by five this week, ending with 82 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, Wei Wang will step into a new role as interim executive director of the Texas Railroad Commission effective October 16th.

Railroad Commission Gains New Leadership

A total of 928 oil and gas rigs were running across the United States this week, eight less than last week. 185 rigs were targeting natural gas (- 2) and 743 were targeting oil in the U.S. (-5). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 444 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

7 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $3.00/mmbtu.

75 Eagle Ford rigs were targeting oil with WTI oil prices at $51.45.

A total of 76 rigs are drilling horizontal wells, two are drilling directional wells and four are vertical.

Karnes County leads activity in the region with 16 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale Rig Count by County-October 13, 2017

Eagle Ford Shale News

Railroad Commission Gains New Leadership

Sanchez Sells Eagle Ford Acres for $105 Million

Texas Oil and Gas Jobs Increase for Seven Straight Months

Oil and Gas Production Down Across Texas

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.

Railroad Commission Gains New Leadership

October 11, 2017 Elizabeth Alford

Effective October 16th, Wei Wang will step into a new role as interim executive director of the Texas Railroad Commission.

RRC Facing Budget Challenges

Texas Railroad Commissioners, along with Chairman Christi Craddick, voted unanimously on the appointment. Wang currently serves as Chief Financial Officer for the agency and has earned the respect of his fellow team members across the Commission.

“Wei has the experience and institutional knowledge necessary to fulfill the important mission of the agency. We appreciate his assistance and anticipate the positive impact that his expertise will bring during this transition period.”

— RRC Chairman, Christi Craddick

Earlier this year, the Railroad Commission announced it was struggling with falling revenues and lookgin for cretive wasy to augment resources coming into the agency. Craddick reported at the time that the agency’s number of employees drop from 1500 in the 1990’s to 690. The jobs shortage presents a huge challenge for the agency, because the work still has to be done.

Eagle Ford Shale Rig Count at 87; Crude Prices Dip

October 8, 2017 Elizabeth Alford

The Eagle Ford Shale rig count increased by one, ending the week with 87 rigs running across our coverage area by midday Friday.

Rigs across the country have continued to shrink as crude oil prices dropped back into the $40 range this week.

Texas Oil and Gas Jobs Increase

A total of 936 oil and gas rigs were running across the United States this week, four less than last week. 187 rigs were targeting natural gas (- 2) and 748 were targeting oil in the U.S. (-2). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 448 of the rigs active in the U.S. were running in Texas.

Eagle Ford Oil & Gas Rigs

9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.86/mmbtu.

78 Eagle Ford rigs were targeting oil with WTI oil prices at $49.29.

A total of 82 rigs are drilling horizontal wells, two are drilling directional wells and three are vertical.

LaSalle County leads activity in the region with 17 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale Rig Count by County-October 6, 2017

Eagle Ford Shale News

Sanchez Sells Eagle Ford Acres for $105 Million

Texas Oil and Gas Jobs Increase for Seven Straight Months

Oil and Gas Production Down Across Texas

RRC Doubles Original Drilling Permits for June 2017

What is the Rig Count?

Eagle Ford Shale Rig Count Steady at 86

October 1, 2017 Elizabeth Alford

The Eagle Ford Shale rig count held steady this week with 86 rigs running across our coverage area by midday Friday.

In recent Eagle Ford News, the Federal Reserve Bank of Dallas reported that Texas oil and gas employment expanded in August by 1,700 jobs to roughly 218,500. This makes the seventh consecutive month that Texas has seen oil and gas job growth.

Texas Oil and Gas Jobs Increase for Seven Straight Months

A total of 940 oil and gas rigs were running across the United States this week, five more than last week. 189 rigs were targeting natural gas (- one) and 750 were targeting oil in the U.S. (+ six). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 451 of the rigs active in the U.S. were running in Texas.

Eagle Ford Oil & Gas Rigs

10 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $3.01/mmbtu.

76 Eagle Ford rigs were targeting oil with WTI oil prices at $51.67.

A total of 81 rigs are drilling horizontal wells, two are drilling directional wells and three are vertical.

Karnes County leads activity in the region with 16 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle Ford Shale Rig Count by County-September 29, 2017

Eagle Ford Shale News

Sanchez Sells Eagle Ford Acres for $105 Million

Texas Oil and Gas Jobs Increase for Seven Straight Months

Oil and Gas Production Down Across Texas

RRC Doubles Original Drilling Permits for June 2017

Eagle Ford Shale Still in Recovery After Hurricane

What is the Rig Count?

Sanchez Sells Eagle Ford Acres for $105 Million

September 27, 2017 Elizabeth Alford

Sanchez Energy Corporation announced it has finalized the sale of 70,000 net acres in LaSalle and Webb Counties.

Eagle Ford Losses Horizontal Drilling Rigs

Sanchez reported last week it closed on the sale of its 'Javelina' assets for a $105 million cash deal. Though largely undeveloped, the company previously identified the area as having the potential for greater than 450 drilling locations.

““This transaction highlights the value creation that our grass roots leasing program has delivered. Over the last eighteen months we leased approximately 70,000, largely contiguous, net acres in the dry gas window of the Eagle Ford. This transaction accelerates the value of the asset, while building our liquidity and providing value to our shareholders.””

— Tony Sanchez, III, Chief Executive Officer of Sanchez Energy

The Javelina acreage is located in the dry gas window of the Western Eagle Ford, in LaSelle and Webb Counties. Sanchez reported having 39,500 net acres in Javelina at the end of 2016, rising to 70,000 net acres (over 450 net locations) by the time of the sale.

Production Strong Despite Hurricane Harvey

Like many other operators in the Eagle Ford, Sanchez was forced to suspend operations when Hurricane Harvey hit the state. Despite the storm, the company reports it is experiencing strong well results across all of its Western Eagle Ford acreage, which has led to a steady increase in production during the quarter.

Sanchez is currently on track to deliver expected third-quarter results, producing at a rate of over 75,000 Boe/d.