The Commission’s estimated final production for August 2012 is 50,378,711 barrels of crude oil and 537,924,295 Mcf (thousand cubic feet) of gas well gas.
The Commission derives final production numbers by multiplying the preliminary August 2012 production totals of 41,604,353 barrels of crude oil and 455,520,616 Mcf of gas well gas by a production adjustment factor of 1.2109 for crude oil and 1.1809 for gas well gas. (These production totals do not include casinghead gas or condensate.)
Texas natural gas storage reported to the Commission for September 2012 was 424,283,340 Mcf compared to 385,102,434 Mcf in September 2011.
It wasn’t that long ago that Texas’ production of crude oil had fallen below a million barrels a day. Now it is approaching 1.3 million barrels per day, due to technological advancements in the drilling industry.
Natural gas is being found at such a phenomenal rate that the major problem is the price is now too LOW.
We are blessed to live in this state and not because of anything we have done ourselves. The oil and gas was always here to be found. A huge part of the history of Texas has involved the people in the oilfield who have brought it to the surface and continue to do so.