RRC Production Statistics and Allowables for March 2012

AUSTIN ––The Texas average rig count as of Feb. 17 was 907, representing about 47 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 399 million barrels of oil and 7.1 trillion cubic feet of natural gas.

The Commission’s estimated final production for December 2011 is 35,772,538 barrels of crude oil and 503,570,490 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary December 2011 production totals of 32,420,281 barrels of crude oil and 452,444,286 Mcf of gas well gas by a production adjustment factor of 1.1034 for crude oil and 1.1130 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for January 2012 was 393,708,521 Mcf compared to 329,712,155 Mcf in January 2011. The February 2012 gas storage estimate is 372,322,082 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial March 2012 natural gas production allowables for prorated fields in the state to meet market demand of 10,685,386 Mcf (thousand cubic feet). In setting the initial March 2012 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 March 2012 is reported.

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