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newest developments are so off the charts .
We’ve pointed out a couple of times that Texas’s oil production represents roughly 30% of the total US output, an amazing statistic, especially considering that the percentage was below 15% just a few years ago. In May, that statistic became even more amazing, as Texas accounted for 34.5% of total US oil production, thanks to continued production growth in the Eagle Ford Shale and in several shale plays in the Permian Basin region of West Texas.
In February of this year, Texas – were it a nation in and of itself – would have ranked as the 14th largest oil producing nation on earth. In April – the most recent month global data is available – Texas would have ranked 12th among all nations, in this category, just ahead of Venezuela, and slightly behind Kuwait and Mexico.
By the end of the year, when Texas’s daily production is likely to exceed 3 million barrels per day, Texas would likely rank 9th on this list.
Where natural gas is concerned, Texas accounted for just over 27% of all US production in May, and would still rank 3rd among all nations in natural gas production, behind Russia and the other 49 US states.
Facilitating all of this production growth is the fact that the latest rig count indicates Texas remains home to 832 drilling rigs, about 47% of all land rigs in the United States, and fully 25% of all the rigs working anywhere in the world.
Texas State Comptroller Susan Combs was able to make the happy announcement that state receipts from oil and gas severance taxes had exceeded her projections for the first nine months of Fiscal Year 2013 by a whopping $900 million.
lots more in the article
We’ve pointed out a couple of times that Texas’s oil production represents roughly 30% of the total US output, an amazing statistic, especially considering that the percentage was below 15% just a few years ago. In May, that statistic became even more amazing, as Texas accounted for 34.5% of total US oil production, thanks to continued production growth in the Eagle Ford Shale and in several shale plays in the Permian Basin region of West Texas.
In February of this year, Texas – were it a nation in and of itself – would have ranked as the 14th largest oil producing nation on earth. In April – the most recent month global data is available – Texas would have ranked 12th among all nations, in this category, just ahead of Venezuela, and slightly behind Kuwait and Mexico.
By the end of the year, when Texas’s daily production is likely to exceed 3 million barrels per day, Texas would likely rank 9th on this list.
Where natural gas is concerned, Texas accounted for just over 27% of all US production in May, and would still rank 3rd among all nations in natural gas production, behind Russia and the other 49 US states.
Facilitating all of this production growth is the fact that the latest rig count indicates Texas remains home to 832 drilling rigs, about 47% of all land rigs in the United States, and fully 25% of all the rigs working anywhere in the world.
Texas State Comptroller Susan Combs was able to make the happy announcement that state receipts from oil and gas severance taxes had exceeded her projections for the first nine months of Fiscal Year 2013 by a whopping $900 million.
lots more in the article
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