RRC Production Statistics and Allowables for March 2015
AUSTIN February 26, 2015 – The Texas average rig count as of February 13, 2015 was 598, representing about 46 percent of all active land rigs in the United States according to Baker Hughes Incorporated. The Railroad Commission of Texas (Commission) reports that in the last 12 months, total Texas reported production was 901 million barrels of oil and 8.2 trillion cubic feet of natural gas.
The Commission’s estimated final production for December 2014 is 83,718,353 barrels of crude oil and 553,215,585 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary December 2014 production totals of 71,074,245 barrels of crude oil and 474,089,969 Mcf of gas well gas by a production adjustment factor of 1.1779 for crude oil and 1.1669 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for January 2015 was 328,156,399 Mcf compared to 265,394,809 Mcf in January 2014. The February 2015 gas storage estimate is 306,887,279 Mcf.
The Commission’s Oil and Gas Division set initial March 2015 natural gas production allowables for prorated fields in the state to meet market demand of 8,032,833 Mcf (thousand cubic feet). In setting the initial March 2015 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 March 2015 is reported.