RRC PRODUCTION STATISTICS AND ALLOWABLES FOR JUNE 2014

AUSTIN –– The Texas average rig count as of May 16 was 889, representing about 50 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 758 million barrels of oil and 7.8 trillion cubic feet of natural gas.

The Commission’s estimated final production for March 2014 is 73,670,931 barrels of crude oil and 529,283,178 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary March 2014 production totals of 62,448,869 barrels of crude oil and 459,208,032 Mcf of gas well gas by a production adjustment factor of 1.1797 for crude oil and 1.1526 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for April 2014 was 163, 404, 742 Mcf compared to 300, 715, 909 Mcf in April 2013. The May 2014 gas storage estimate is 185, 074, 080 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial June 2014 natural gas production allowables for prorated fields in the state to meet market demand of 8,413,077 Mcf (thousand cubic feet). In setting the initial June 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 June 2014 is reported.