RRC PRODUCTION STATISTICS AND ALLOWABLES FOR FEBRUARY 2015
AUSTIN –– The Texas average rig count as of January 23, was 753, representing about 48 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 885 million barrels of oil and 8.1 trillion cubic feet of natural gas.
The Commission’s estimated final production for November 2014 is 79,190,062 barrels of crude oil and 530,557,004 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary November 2014 production totals of 67,660,682 barrels of crude oil and 456,982,777 Mcf of gas well gas by a production adjustment factor of 1.1704 for crude oil and 1.1610 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for December 2014 was 388,767,472 Mcf compared to 369,082,189 Mcf in December 2013. The January 2014 gas storage estimate is 338,345,874 Mcf.
The Commission’s Oil and Gas Division set initial February 2015 natural gas production allowables for prorated fields in the state to meet market demand of 7,004,373 Mcf (thousand cubic feet). In setting the initial February 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 February 2015 is reported.
About the Railroad Commission
Established in 1891, the Railroad Commission of Texas is the oldest regulatory agency in the state. The Commission has a long and proud history of service to both Texas and to the nation, including almost 100 years regulating the oil and gas industry. Additionally, the Commission has jurisdiction over alternative fuel s safety, natural gas utility, surface mining and intrastate pipeline industries. Our mission is to serve Texas by our stewardship of natural resources and the environment, our concern for personal and community safety, and our support of enhanced development and economic vitality for the benefit of Texans. To learn more, visit http://www.rrc.texas.gov/.