RRC Production Statistics and Allowables for April 2014

03/27/2014

AUSTIN ––The Texas average rig count as of March 21 was 854, representing about 49 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 724 million barrels of oil and 7.8 trillion cubic feet of natural gas.

The Commission’s estimated final production for January 2014 is 69,927,674 barrels of crude oil and 566,491,596 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary January 2014 production totals of 59,767,243 barrels of crude oil and 467,981,492 Mcf of gas well gas by a production adjustment factor of 1.1700 for crude oil and 1.2105 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for February 2014 was 175,146, 849 Mcf compared to 316,329,677 Mcf in February 2013. The March 2014 gas storage estimate is 147,019,152 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial April 2014 natural gas production allowables for prorated fields in the state to meet market demand of 7,979,774 Mcf (thousand cubic feet). In setting the initial April 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 April 2014 is reported.