Eagle Ford rig activity
In the latest US rig count released by Baker Hughes (BHI), the number of active US rigs drilling for oil and gas stayed flat between December 15 and December 22 at 70.
According to the latest numbers, total US rigs stand at 931. The Permian Basin makes up a vast majority of total rigs in the US. Please read A Look at the Trends in Permian Rig Counts for more on this topic.
Slowdown in rig activity
The charts above show an increase in oil and natural gas rig counts as well as new well productions per rig in the Eagle Ford since 2008. As we can see, new-well oil production per rig has risen significantly in this period.
However, new-well oil production has declined since 2016, as we saw in Part 1. Meanwhile, an increase in rig counts has slowed down in this period, as we can see in the chart above.