Eagle Ford Shale Rig Count Slides Backward to March Levels

November 11, 2017 Elizabeth Alford

After months of increases, the Eagle Ford Shale rig count slid this week to levels not seen since March of this year. 82 rigs were running across our coverage area by midday Friday.

In recent industry news, EOG Resources announced the company's Eagle Ford operations remain resilient and well activity is steady and predictable.

EOG: Eagle Ford Remains Resilient

A total of 907 oil and gas rigs were running across the United States this week, nine more than last week. 169 rigs were targeting natural gas (0 change) and 738 were targeting oil in the U.S. (+9). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 442 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

9 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $3.21/mmbtu.

73 Eagle Ford rigs were targeting oil with WTI oil prices rising to $56.74.

A total of 77 rigs are drilling horizontal wells, one is drilling a directional well and four are vertical.

Karnes County leads activity in the region with 19 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-November 10 2017

Eagle Ford Shale News

EOG: Eagle Ford Remains Resilient

Oil Prices on the Rise

Eagle Ford Expects Meager Gains in November

New Tech Designed to Get to the Bottom of Texas Earthquakes

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.

EOG: Eagle Ford Remains Resilient

November 9, 2017 Elizabeth Alford

EOG Resources announced solid third quarter operational and financial results last week. The company's Eagle Ford operations remain resilient and well activity is steady and predictable.

Related: Oil Prices on the Rise

During a third-quarter earnings call, EOG executives said the company experienced strong results by focusing on a multi-basin premium portfolio. The company's net income was $100.5 million, compared to a $190.0 million loss in the third quarter 2016.

For the rest of the year, EOG now expects to complete approximately 505 net wells, an increase over previous the previous outlook of 480 net wells.

Eagle Ford Operations

EOG's Eagle Ford operations are delivering both production volumes and economic reserves, according to Executive VP Lloyd W. Helms, Jr. Drilling units are producing more resource and the productivity per well is steady and predictable.

Eagle Ford Results include:

Completed 44 gross (39 net) wells
Average treated lateral length of well: 6,500 feet per well
Average 30-day initial production rates per well: 1,685 Boed, or 1,340 Bopd, 175 Bpd of NGLs and 1.0 MMcfd of natural gas
Gonzales County, EOG completed a four-well pattern, the Angus Unit 6H-9H, with an average treated lateral length of 5,700 feet per well and average 30-day initial production rates per well of 3,945 Boed, or 2,995 Bopd, 480 Bpd of NGLs and 2.8 MMcfd of natural gas.
close to 99% held by production

“EOG’s Eagle Ford operations remained resilient during the third quarter, as robust infrastructure and comprehensive technology and communication assets enabled EOG to manage operations in a safe and efficient manner during Hurricane Harvey. Ongoing efficiency improvements have enabled EOG to add five net wells to its planned 2017 completions, for a total of 200 net wells.”

Eagle Ford Rig Count Flat as U.S. Total Drops

November 4, 2017 Elizabeth Alford

The Eagle Ford Shale rig count remained flat this week, while U.S. totals dropped by 11. There were 85 rigs running across our coverage area by midday Friday.

In recent industry news, oil prices rose to a two-year high this week with West Texas Intermediate (WTI) crude climbing to $55.64 a barrel.

Oil Prices on the Rise

A total of 898 oil and gas rigs were running across the United States this week, 11 less than last week. 169 rigs were targeting natural gas (- 3) and 729 were targeting oil in the U.S. (-8). 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.

Eagle Ford Oil & Gas Rigs

8 rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.98/mmbtu.

77 Eagle Ford rigs were targeting oil with WTI oil prices holding at $55.64.

A total of 75 rigs are drilling horizontal wells, three are drilling directional wells and seven are vertical.

Karnes 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-November 2 2017

Eagle Ford Shale News

Oil Prices on the Rise

Eagle Ford Expects Meager Gains in November

New Tech Designed to Get to the Bottom of Texas Earthquakes

Railroad Commission Gains New Leadership

What is the Rig Count?

Oil Prices on the Rise

November 3, 2017 Elizabeth Alford

Oil prices rose to a two-year high this week with West Texas Intermediate (WTI) crude climbing to $55.64 a barrel.

Eagle Ford Expects Meager Gains in November

Prices for crude oil have been on a steady increase over the past few weeks and showing signs that they might go even higher. Even better is that oil prices have maintained their gains causing some analysts to rethink whether a $60 price floor might be possible.

Gains this Week

WTI Crude: Increased $1.10 (2%), at $55.64 a barrel
Brent Futures: Increased $1.45 (2.4%) at $62.07 a barrel

Higher prices are causing a brighter outlook for the producers and investors. Even more significant are the cost-cutting and spending reductions operators have initiated over the last two years that have enabled them to be more efficient at lower prices.

All eyes are on OPEC, who has its next meeting on November 30th in Vienna. It is expected that the group will announce another extension of the oil production cut initiated three years ago.

Eagle Ford Shale Rig Count Jumps to 85

October 29, 2017 Elizabeth Alford

The Eagle Ford Shale rig count gained two this week, increasing to 85 rigs running across our coverage area by midday Friday.

In recent Eagle Ford news, the Energy Information Administration (EIA) is predicting an increase of 81,000 barrels a day next month for shale drilling, bringing the total output to 6.12 million barrels a day.

Eagle Ford Expects Meager Gains in November

A total of 909 oil and gas rigs were running across the United States this week, four less than last week. 172 rigs were targeting natural gas (- 5) and 737 were targeting oil in the U.S. (+1). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 441 of the rigs active in the U.S. were running in Texas.