EIA: Texas Crude Oil Production Hits Monthly Record in September
Texas produced oil at a record rate in September, according to data by the Energy Information Administration (EIA). Daily crude oil production in the Lone Star State for the month averaged 2.7 million barrels of oil, the highest figure since the EIA began tracking monthly figures in 1981.
In less than three years, Texas has more than doubled its year-on-year daily oil production, based on the September daily average figure.
University of Michigan economist Mark Perry noted that oil production in Texas had increased by more than 25% year-on-year for 25 months in a row, according to the A.P.
“Output in America’s No. 1 oil-producing state – Texas – continues its phenomenal, meteoric rise,” Perry wrote. “That production surge has to be one of the most significant increases in oil output ever recorded in the U.S. over such a short period of time.”
The all-time monthly Texas record for oil production was 3.4 million barrels of oil per day in 1972, according to the Texas Railroad Commission. However, production has been on the decline since at least 1981.
The slide was halted and production figures began to rise again in 2008 amid drilling in shale plays that featured hydraulic fracturing and horizontal drilling in the Eagle Ford and the Permian Basin, according to analysts.
Preliminary crude oil production for September was 53,903,512 barrels of oil, according to a news release by the Texas Railroad Commission, while estimated final production was 63,924,175 barrels of crude oil. As of mid-November, the average rig count in Texas was 822. That was nearly half of all the active land rigs in the United States.
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