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Eagle Ford Minute Jan 19

Rig Count for Eagle Ford Drops for 7th Consecutive Week
by Randy Watson Email Randy

The US drilling rig count plunged 74 units—all on land—to settle at 1,676 rigs working during the week ending Jan. 16, Baker Hughes Inc. reported. That’s the lowest total since the Oct. 2010.

The count has now fallen in 7 consecutive weeks, during which time it has lost 244 units. The US has 101 fewer rigs compared with this week a year ago.

Land rigs have plummeted 134 units in the last 2 weeks to settle at a total of 1,610. Unchanged from a week ago were offshore rigs at 54 and rigs drilling in inland waters at 12.

Oils rigs this week dropped 55 units to 1,366. Gas rigs dropped 19 units to 310.

Horizontal drilling rigs plunged 48 units to 1,253. Directional drilling rigs dropped 8 units to 153.

North Dakota, reported the second-most losses, giving up 6 units to 156. Oklahoma dropped 5 units to 201. Wyoming and California each dropped 4 units to 47 and 18, respectively. New Mexico dropped 3 units to 92. West Virginia, Kansas, and Arkansas each dropped 2 units to 26, 24, and 11. Louisiana, Colorado, and Utah each edged down 1 unit to 107, 64, and 17, respectively. Unchanged from a week ago were Pennsylvania at 51 and Alaska at 11. More details

Fewer oil rigs are operating in the Eagle Ford Shale and the Permian Basin, Baker Hughes’ latest rig count data shows.

Friday’s figures show that the rig count in the Eagle Ford Shale fell from 197 active rigs to 185 rigs over the past week. Industry leaders are concerned that prolonged low prices of crude oil could impact revenue for exploration and production companies in San Antonio and throughout the country.

The Baker Hughes Rig Count, a weekly service of Houston-based Baker Hughes Inc. (NYSE: BHI), is a barometer of oil exploration and drilling activity. More Details

This is Randy Watson of the No Bull Radio Network reporting the Eagle Ford Minute from the 1280AM KMFR studio in Pearsall, Texas…

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Updated: April 23, 2015 — 8:47 am
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