Untitled Document
Untitled Document

Shale drilling boosts US crude oil production to highest level in 15 years

US crude oil production (including lease condensate) averaged almost 6.5 million barrels per day in September 2012, the highest volume in nearly 15 years, according to the US Energy Information Administration. The last time the United States produced 6.5 million barrels per day or more of crude oil was in January 1998.

Since September 2011, US production has increased by more than 900,000 barrels per day. Most of that increase is due to production from oil-bearing rocks with very low permeability through the use of horizontal drilling technology combined with hydraulic fracturing. The states with the largest increases are Texas and North Dakota.

From September 2011 to September 2012, Texas production increased by more than 500,000 barrels per day, and North Dakota production increased by more than 250,000 barrels per day. Texas’s increase in production is largely from the Eagle Ford shale formation in South Texas and the Permian Basin in West Texas.

North Dakota’s increase in oil production comes from the Bakken shale formation in the Williston Basin. Increased production from smaller-volume producing states, such as Oklahoma, New Mexico, Wyoming, Colorado, and Utah, is also contributing to the rise in domestic crude oil production.

Related Articles

Parsley Energy joins Russell indexes

07/01/2014 Parsley Energy Inc. has been added to the broad market Russell 3000, small-cap Russell 2000, and Russell Global indexes, along with appropriate style, sector, and country indexes, effective after t...

Texas running one-quarter of all drilling rigs

06/30/2014 With 889 rigs currently operating, Texas is running 47% of the 1,873 drilling rigs currently operating within the US, according to Baker Hughes data published June 26.

Abraxas closes public offering

06/25/2014 Abraxas Petroleum Corp. has closed its public offering of 11,500,000 shares of common stock, including 1,500,000 shares sold pursuant to the exercise by the underwriters of their full option to pur...

Diamondback subsidiary, Viper Energy Partners, closes IPO

06/23/2014 Viper Energy Partners LP, a subsidiary of Diamondback Energy Inc., and Diamondback have reported the closing of Viper's initial public offering of 5,750,000 common units representing limited partne...

Bridger enters into agreement with OEMI

06/23/2014 Bridger LLC, an integrated crude oil midstream logistics company based in Dallas, Texas, has executed an agreement to provide dedicated trucking services for the crude oil marketing business of Occ...

More Oil & Gas Financial Articles

Parsley Energy joins Russell indexes

Tue, Jul 1, 2014

Parsley Energy Inc. has been added to the broad market Russell 3000, small-cap Russell 2000, and Russell Global indexes, along with appropriate style, sector, and country indexes, effective after the market close on June 27, in association with Russell Investments’ annual reconstitution of its comprehensive set of US and global equity indexes.

Texas running one-quarter of all drilling rigs

Mon, Jun 30, 2014

With 889 rigs currently operating, Texas is running 47% of the 1,873 drilling rigs currently operating within the US, according to Baker Hughes data published June 26.

Abraxas closes public offering

Wed, Jun 25, 2014

Abraxas Petroleum Corp. has closed its public offering of 11,500,000 shares of common stock, including 1,500,000 shares sold pursuant to the exercise by the underwriters of their full option to purchase additional shares at a price of $5.00 per share, less applicable underwriting discounts.

Diamondback subsidiary, Viper Energy Partners, closes IPO

Mon, Jun 23, 2014

Viper Energy Partners LP, a subsidiary of Diamondback Energy Inc., and Diamondback have reported the closing of Viper's initial public offering of 5,750,000 common units representing limited partner interests at $26.00 per common unit.

Bridger enters into agreement with OEMI

Mon, Jun 23, 2014

Bridger LLC, an integrated crude oil midstream logistics company based in Dallas, Texas, has executed an agreement to provide dedicated trucking services for the crude oil marketing business of Occidental Energy Marketing Inc.  

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ