AUSTIN –– The Texas average rig count as of December 19, was 867, 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 870 million barrels of oil and 8.0 trillion cubic feet of natural gas.
The Railroad Commission of Texas’ estimated final production for October 2014 is 80,591,275 barrels of crude oil and 526,837,629 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary October 2014 production totals of 68,675,991 barrels of crude oil and 458,438,591 Mcf of gas well gas by a production adjustment factor of 1.1735 for crude oil and 1.1492 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for November 2014 was 398,696,996 Mcf compared to 435, 932, 445 Mcf in November 2013. The December 2014 gas storage estimate is 404, 532, 804 Mcf.
The Commission’s Oil and Gas Division set initial January 2015 natural gas production allowables for prorated fields in the state to meet market demand of 7,920,911 Mcf (thousand cubic feet). In setting the initial January 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 January 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 more than 90 years regulating the oil and gas industry. Additionally, the Commission promotes research and education on the use of alternative fuels and has jurisdiction over gas utility, surface mining and 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/.