RRC Production Statistics and Allowables for May 2014

AUSTIN –– The Texas average rig count as of April 17 was 882, representing about 50 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 744 million barrels of oil and 7.8 trillion cubic feet of natural gas.

The Commission’s estimated final production for February 2014 is 65,593,424 barrels of crude oil and 490,248,893 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary February 2014 production totals of 56,057,964 barrels of crude oil and 415,923,384 Mcf of gas well gas by a production adjustment factor of 1.1701 for crude oil and 1.1787 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for March 2014 was 133,638,911 Mcf compared to 284, 985, 813 Mcf in March 2013. The April 2014 gas storage estimate is 142, 369, 123 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial May 2014 natural gas production allowables for prorated fields in the state to meet market demand of 8,712,007 Mcf (thousand cubic feet). In setting the initial May 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 May 2014 is reported.