RRC PRODUCTION STATISTICS AND ALLOWABLES FOR JULY 2014
AUSTIN––The Texas average rig count as of June 20 was 886, representing about 50 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 770 million barrels of oil and 7.8 trillion cubic feet of natural gas.
The Railroad Commission of Texas’ estimated final production for April 2014 is 72,632,766 barrels of crude oil and 493,088,622 MCF (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary April 2014 production totals of 61,303,820 barrels of crude oil and 430,194,226 MCF of gas well gas by a production adjustment factor of 1.1848 for crude oil and 1.1462 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for May 2014 was 208,192,996 Mcf compared to 356,807,249 Mcf in May 2013. The June 2014 gas storage estimate is 227,896,791 Mcf.
The Commission’s Oil and Gas Division set initial July 2014 natural gas production allowables for prorated fields in the state to meet market demand of 8,228,247 MCF (thousand cubic feet). In setting the initial July 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 July 2014 is reported.