RRC Production Statistecs and Allowables for February 2014

AUSTIN, April 14, 2014 - The Texas average rig count as of Jan. 24 was 837, representing about 49 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 693 million barrels of oil and 7.7 trillion cubic feet of natural gas.

The Commission’s estimated final production for November 2013 is 62,658,591 barrels of crude oil and 549,783,631 MCF (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary November 2013 production totals of 54,457,319 barrels of crude oil and 449,536,902 MCF of gas well gas by a production adjustment factor of 1.1506 for crude oil and 1.2230 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for December 2013 was 369,184,325 MCF compared to 430,119,811 MCF in December 2012. The January 2014 gas storage estimate is 328,745,511 MCF.

The Texas Railroad Commission’s Oil and Gas Division set initial February 2014 natural gas production allowables for prorated fields in the state to meet market demand of 7,572,162 MCF (thousand cubic feet). In setting the initial February 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 February 2014 is reported.

 


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