RRC PRODUCTION STATISTICS AND ALLOWABLES FOR AUGUST 2014
AUSTIN––The Texas average rig count as of July 18, was 886, representing about 49 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 786 million barrels of oil and 7.8 trillion cubic feet of natural gas.
The Railroad Commission of Texas’ estimated final production for May 2014 is 77,787,308 barrels of crude oil and 532,125,556 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary May 2014 production totals of 66,235,787 barrels of crude oil and 470,491,208 Mcf of gas well gas by a production adjustment factor of 1.1744 for crude oil and 1.1310 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for June 2014 was 242,336,191 Mcf compared to 378,120,670 Mcf in June 2013. The July 2014 gas storage estimate is 254,297,913 Mcf.
The Commission’s Oil and Gas Division set initial August 2014 natural gas production allowables for prorated fields in the state to meet market demand of 8,503,114 Mcf (thousand cubic feet). In setting the initial August 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 August 2014 is reported.