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better rig count numbers

Eagle Ford Oil & Gas Rigs

The natural gas directed rig count (Smithbits) this past week fell to 73. Karnes and Webb counties are the only counties with more than ten rigs targeting natural gas. Henry Hub futures prices up to more than $2.90/mmbtu and had held twenty cents higher last week at $2.82/mmbtu on Friday afternoon. WTI was trading around $84/bbl Friday afternoon, and looks to end the week up. Oil directed activity increased to 204 rigs this week. That’s back up from last week when it fell below 200 for the first time since the beginning of April.

259 horizontal rigs are running in the region up from last week’s count of 248. One water well is being drilled in McMullen County. Karnes County continues to lead development with 41 rigs and La Salle is up to 36 rigs this week. McMullen (31), Webb (28), Dimmit (26), Gonzales (23), DeWitt (20), Atascosa (13), and Live Oak (12) make up the top Eagle Ford counties.