RRC Production Statistics and Allowables for February 2013

AUSTIN –– The Texas average rig count as of Jan. 2013 was 812, representing about 48 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 520 million barrels of oil and 7.2 trillion cubic feet of natural gas.

The Commission’s estimated final production for November 2012 is 48,196,450 barrels of crude oil and 479,371,978 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary November 2012 production totals of 41,154,854 barrels of crude oil and 416,229,902 Mcf of gas well gas by a production adjustment factor of 1.1711 for crude oil and 1.1517 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for December 2012 was 430,095,162 Mcf compared to 417,212,973 Mcf in December 2011. The January 2013 gas storage estimate is 394,540,977 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial February 2013 natural gas production allowables for prorated fields in the state to meet market demand of 9,044,555 Mcf (thousand cubic feet). In setting the initial February 2013 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 February 2013 is reported.