RRC Production Statistics and Allowables for August 2012

 AUSTIN –– The Texas average rig count as of July 20 was 899, representing about 48 percent of all active land rigs in the United States. In the last 12 months, total Texas reported production was 451 million barrels of oil and 7.3 trillion cubic feet of natural gas.

The Commission’s estimated final production for May 2012 is 46,141,297 barrels of crude oil and 540,191,926 Mcf (thousand cubic feet) of gas well gas.

The Commission derives final production numbers by multiplying the preliminary May 2012 production totals of 38,960,818 barrels of crude oil and 460,443,169 Mcf of gas well gas by a production adjustment factor of 1.1843 for crude oil and 1.1732 for gas well gas. (These production totals do not include casinghead gas or condensate.)

Texas natural gas storage reported to the Commission for June 2012 was 397,791,208 Mcf compared to 394,643,580 Mcf in June 2011. The July 2012 gas storage estimate is 399,490,097 Mcf.

The Texas Railroad Commission’s Oil and Gas Division set initial August 2012 natural gas production allowables for prorated fields in the state to meet market demand of 9,975,562 Mcf (thousand cubic feet). In setting the initial August 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 August 2012 is reported.

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