RRC Production Statistics and Allowables for March 2013

AUSTIN –– The Texas average rig count as of February 22 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 534 million barrels of oil and 7.1 trillion cubic feet of natural gas.

The Commission’s estimated final production for December 2012 is 51,069,243 barrels of crude oil and 485,269,993 MCF (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary December 2012 production totals of 43,824,975 barrels of crude oil and 425,078,831 MCF of gas well gas by a production adjustment factor of 1.1653 for crude oil and 1.1416 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for January 2013 was 363,238,354 Mcf compared to 393,708,521 Mcf in January 2012. The February 2013 gas storage estimate is 343,001,687 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial March 2013 natural gas production allowables for prorated fields in the state to meet market demand of 9,334,758 MCF (thousand cubic feet). In setting the initial March 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 March 2013 is reported.