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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.
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Top Crude Refineries Serving Permian
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A total capacity for the area is as high as 8,576,325 Bcd according to Rextag count
Continental Resources Raises Dividends Following a Quarter of Profit
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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!
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/184Blog_Rangeland Energy Divests Canadian Pipeline to Kingston Midstream.png)
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/187Blog_ONEOK Completes Acquisition of Magellan Midstream.png)
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/186Blog_Viper Energy Secures $1 Billion in Permian.png)
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.