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Oil and Gas Update - July 2015

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July 1, 2015

Rising crude oil production placed Reeves County in 10th place among Texas' oil-producing counties for the second month in a row in April, according to figures from the Railroad Commission of Texas.

Reeves for more than a year led the state in the number of drilling rigs at work, and all that drilling is now showing up in production. The commission reported 2.2 million barrels of oil produced in Reeves in April, up more than 100,000 barrels from the previous month.

The drilling rig count continues its year-long slide but looks to be nearing stability. The railroad commission reported an average of 363 rigs working in Texas in June, down from 372 a month earlier. That still represented 44 percent of all the rigs at work in the nation.

The number of new drilling permits issued by the commission rose to 916 in April, up from 848 the previous month but still far below the 2,389 issued in April 2014.  Oil and gas production in the state continued its rise, up 10,000 barrels a day in April compared to the previous month.