RRC PRODUCTION STATISTICS AND ALLOWABLES FOR NOVEMBER 2014
AUSTIN –– The Texas average rig count as of October 24, was 904, representing about 49 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 836 million barrels of oil and 7.9 trillion cubic feet of natural gas.
The Railroad Commission of Texas’ estimated final production for August 2014 is 81,453,587 barrels of crude oil and 524,273,594 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary August 2014 production totals of 69,204,407 barrels of crude oil and 462,240,869 Mcf of gas well gas by a production adjustment factor of 1.1770 for crude oil and 1.1342 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for September 2014 was 322,107,488 Mcf compared to 416,204,766 Mcf in September 2013. The October 2014 gas storage estimate is 349,186,878 Mcf.
The Commission’s Oil and Gas Division set initial November 2014 natural gas production allowables for prorated fields in the state to meet market demand of 7,783,449 Mcf (thousand cubic feet). In setting the initial November 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 November 2014 is reported.