Eagle Ford Minute by Randy Watson of the No Bull Radio Network
Eagle Ford Rig Count Increases and ConocoPhillips is on its way to making 250,000 barrels of oil equivalent in the Eagle Ford Shale.
Its 157,000 barrel daily production for the third quarter was up 31,000 barrels, or 25 percent, from the same time period the year before. ConocoPhillips is evaluating pilot tests in the “upper” Eagle Ford (where the Eagle Ford meets the Austin Chalk).
ConocoPhillips also plans to test “a three layer development concept by placing a layer of wells in the upper Eagle Ford and two layers of wells in the lower Eagle Ford. The wells will be drilled 660 feet apart in each layer. They call this an 80-acre triple stack. Read More
Eagle Ford Shale Rig Count Increases by Three to 268
The U.S. rig count increased by one to 1,929 rigs running by the end of last week. A total of 355 rigs were targeting natural gas (five more than the previous week) and 1,574 were targeting oil in the U.S. (four less than the previous week). 906 or ~48% of rigs active in the U.S. were running in Texas.
The natural gas rig count decreased by one to 16 rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 80 and then dropped to around 40 in 2013. Natural gas prices stayed flat from the previous week at $4.05/mmbtu on Friday afternoon.
The oil rig count increased by four to 252 rigs running by the end of last week. WTI oil prices increased by ~$.40 from the previous week, trading at $76.35/bbl on Friday afternoon. Eagle Ford light crude traded at $73.00/bbl on November 21st. Read More
For more information visit the No Bull Radio Website at nobullradio.com. I am Randy Watson of the No Bull Radio Network reporting the Eagle Ford Minute.