Eagle Ford rig counts increase for six weeks straight
Optimism is growing in the Eagle Ford where the rig count has increased six weeks in a row.
Figures released Friday afternoon in the Baker Hughes Rig Count show that the oil-rich region just south of San Antonio now has 64 active drilling sites.
West Texas Intermediate crude oil prices have remained stable in the $53 to $55 per barrel range since mid-December, bringing some stability to producers who are still somewhat shell shocked from a two-year long commodity price downturn.
There has historically been a lag of a few months between oil prices and the rig count, but drilling permit filings with the Railroad Commission of Texas show that many companies are able to make the current market environment work for them.
Written by Sergio Chappa for Bizjournals.com