Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Texas Crude 2019 Production: Rigs Down, Production Up
05/07/2020
As you know the US Oil Rig Count has dropped by over 20% from January to December 2019. In Texas we saw oil rigs count dropping over 30% in that same time frame. However, the numbers show that the rig count has not affected oil production in a negative way.
We at Rextag have gathered some key facts about crude oil production in the US.
US crude oil production has reached a record level of 12.23 million barrels per day (b/d) in 2019. That is a 11% growth compared to the previous year. Crude oil production in 2018 was 10.9 million barrels per day.
The all time high in monthly oil production was reached in November 2019, when an average of 12.86 million b/d were produced in the United States.
In the past ten years, crude oil production in the US has registered a growth of over 220%. This is mostly due to production from tight rock formations developed using horizontal drilling and hydraulic fracturing.
Despite oil rig count dropping over 30% from January to December 2019, Texas crude oil production has hit an all time high in December 2019, with a production of 5.35 million b/d. Compared to the previous year, we have seen an increase of almost 660,000 b/d.
Since 2010, Texas crude oil production has registered a growth of over 330%, namely an increase in production by 3.9 million b/d.
In 2019, Texas accounted for 41% of US crude oil production. The Permian region is, as expected, what drives these numbers so high and will most likely keep Texas as the top oil producing state in the US.
Texas Field Production of Crude Oil
The Permian region has also boosted crude oil production in New Mexico, setting a new record for oil production in the state. Compared to 2010, there was a growth of 749,000 b/d.
Taking a look at the Offshore Federal Gulf of Mexico (the U.S. controlled waters in the Gulf of Mexico) we can also notice a production growth of 126,000 b/d in 2019. This has led to the Offshore Federal Gulf of Mexico’s highest annual average production of 1.88 million b/d.
Other states such as Colorado, North Dakota and Oklahoma have also reported a growth in production.
This increase in oil production was not however reported in all states. The oil production in Alaska has dropped for the second year in a row and also in California we can see a decline in production for the fifth year in a row.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
Continental Resources Raises Dividends Following a Quarter of Profit
The future of shale is looking bright: economic recovery and a spike in travel lifted oil prices to multi-year highs, helping Continental Resources to a fourth-quarter profit that exceeded Wall Street expectations. Coming off such a high note, the company plans to increase its dividend rates by 15% to 23 cents per share!
U.S. Natural Gas Pipelines Infrastructure Overview by Rextag
The U.S. natural gas pipeline network is a complex system of pipelines that transport natural gas from production areas to consumers across the country. The pipeline network consists of three main types of pipelines: gathering pipelines, transmission pipelines, and distribution pipelines. Gathering pipelines are small-diameter pipelines that transport natural gas from production wells to processing facilities or larger transmission pipelines. Transmission pipelines are large-diameter pipelines that transport natural gas over long distances, sometimes across multiple states. Distribution pipelines operate at low pressure and are located in or near urban areas. They are often referred to as "utility pipelines" because they are typically owned and operated by local gas utility companies.
The U.S. has overtaken Saudi Arabia and Russia to become the world's largest oil and gas producer. In 2024, America's oil output has surpassed last year's record by 1.4%, reaching new heights. Even as oil-producing countries in the Middle East cut back, the U.S. continued to ramp up production after a downturn in 2020, establishing itself as a dominant force in the global market. In terms of numbers, U.S. oil production jumped from an average of 2.93 million barrels per day in 2023 to 13.12 million barrels per day in 2024, marking a significant 7.1% increase.
Kinetik Holdings recently announced a series of transactions in the energy sector. They struck a deal to buy Durango Permian infrastructure for $765 million. At the same time, they're selling their 16% share in the Gulf Coast Express Pipeline to ArcLight Capital Partners for $540 million. The total purchase cost includes $510 million in cash paid immediately and an additional $30 million that will be paid later, depending on whether they decide to expand further.
Recently, the Permian has seen significant acquisitions: Exxon Mobil purchased Pioneer Natural Resources for about $60 billion. Diamondback Energy's $26 billion deal to acquire Endeavor Energy Resources is currently on hold due to requests from the U.S. Federal Trade Commission. Occidental’s acquisition of CrownRock for $12 billion in the Midland.