95ºF

Eagle Ford shale sees 85% drop in oil rigs compared to last year

South Texas oil rig counts continue to fall

Photo Courtesy: Carlos Javier Sanchez | SABJ
Photo Courtesy: Carlos Javier Sanchez | SABJ (SABJ)

SAN ANTONIOEditor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.

The Eagle Ford Shale lost another pair of rigs last week as the region's oil and gas industry continues to suffer in spite of increasing oil prices.

The shale play had a total of 11 rigs at the end of last week, down from 13 the week prior, according to the latest data from oilfield services firm Baker Hughes Inc. South Texas, which encompasses the Eagle Ford as well as other oil and gas formations like the Austin Chalk and the San Antonio area, had 17 rigs total after holding at 19 for two weeks, according to the Business Journal's analysis of the data. To arrive at that number, the Business Journal tallied rig counts from Railroad Commission of Texas districts 1-4.

The Eagle Ford has lost 85% of its rigs compared to the 73 that were in the field this time last year, Baker Hughes (NYSE: BHGE) reported.

Texas as a whole has seen its rig count fall from 463 to 111 over a year long period and its current rig count is the lowest ever recorded by Baker Hughes since 1987.

Read more at the San Antonio Business Journal.