Eagleford Rig Count Update

According to the Baker Hughes Official Rig Count statistics, as we start to enter in the last month of the 4th quarter, there are currently 73 active rigs in all of the Eagle Ford Shale. Breaking down the category of rig type, 84.93% are aimed towards oil. This time last year there were 69% more oil rigs than today. The remaining efforts of 15.07% are focused towards natural gas production, in which has also seen a decrease from this time year of 21%.

It’s more of the norm for major operators to delay completions in the Eagle Ford. Anadarko Petroleum Corp. will be delaying about 40 completions, until oil prices look more promising.

Surprisingly, though, 2 rigs in our unit (58) that were planned way prior to the fall in prices were still dug and put into production last August, and my family reaped large rewards from the initial production in October and November. Only one well has been in Unit 58 prior to those, and EOG has either cut way back on its activity, or it has run dry in about one year. For those who haven't noticed, the fine print on the check stubs specifies the well #s in the itemized product output list.