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Texas accounts for 49% of active land rigs, RCC says

AUSTIN, Texas -- The Texas average rig count as of Aug. 15, was 899, representing about 49% of all active land rigs in the U.S. In the last 12 months, total Texas reported production was 802 MMbbl of oil and 7.9 Tcf of natural gas.

The Railroad Commission of Texas’ estimated final production for June 2014 is 76,953,161 bbl of crude oil and 523,906,040 Mcf of gas well gas.

The Commission derives final production numbers by multiplying the preliminary June 2014 production totals of 64,710,024 bbl of crude oil and 457,559,860 Mcf of gas well gas by a production adjustment factor of 1.1892 for crude oil and 1.1450 for gas well gas. These production totals do not include casinghead gas or condensate.

Texas natural gas storage reported to the Commission for July 2014 was 264,335,927 Mcf compared to 386,569,206 Mcf in July 2013. The August 2014 gas storage estimate is 266,423,509 Mcf.

The Commission’s Oil and Gas Division set initial September 2014 natural gas production allowables for prorated fields in the state to meet market demand of 8,472,823 Mcf.
 
In setting the initial September 2014 allowables, the Commission used historical production figures from previous months, producers’ demand forecasts for the coming month, and adjusted the figures based on well capability. These initial allowables will be adjusted after actual production for September 2014 is reported.

08/29/2014

 

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