Ranger Minerals
  • Our Company Who We Are
  • Opportunities Buy or Sell
    • Minerals/Royalties
      • Overview
      • Oil and Gas Royalties: The Complete Guide
      • What Are Mineral Rights? Ownership, Value, Surface Rights, and Key Terms
      • Selling Mineral Rights: A Complete Guide
    • 1031 Exchange
      • Rules & Requirements
      • How To Guides for Different Asset Types
  • Resources Learn More
    • Learn More
      • Frequently Asked Questions
      • Oil & Gas Glossary
      • Industry News
      • Contact Us
    • Guides
      • View All Guides
      • 1031 Exchange
      • Mineral Rights & Royalties
      • How to Find Oil on Your Land: A Practical Guide to Modern Exploration
      • The Ultimate Guide for Oil and Gas Leases
    • News
      • Industry News
      • Company News
      • View All Recent News
  • Contact
  • Free Consultation
  • Click to open the search input field Click to open the search input field Search
  • Menu Menu

How the US is pumping more oil with fewer rigs

Last updated: November 16, 2023 | Reading Time: 2 minutes
US crude oil production hit a monthly record in Aug 2023, with an average output of 13.05 million bpd, breaking previous month's record.

Falling and Flatlining Rig Count

US is Pumping More Oil despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations.

U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for their buck.

U.S. field production of crude oil reached 404.6 million barrels during the month of August, new EIA data showed this week, for an average of 13.05 million barrels per day—squarely breaking the previous record U.S. drillers set in July of 401.73 million barrels.

US is pumping more oil and it Increases in production catch sight in PADDs 1, 2, 3, and 4, with the largest percentage increase in production seen in PADD 4, which comprises Colorado, Idaho, Montana, Utah, and Wyoming. The largest actual increase is distinguish in PADD 2, which includes North Dakota, Illinois, and Kentucky, among other states.

Crude Oil Production Reached a Record High

In Texas, the top oil-producing state, crude oil production reached a record high of 5.7 million barrels per day (bpd) in August, per the most recent monthly energy economic analysis by Texas Oil & Gas Association (TXOGA) Chief Economist Dean Foreman.

“Texas’ production of oil and natural gas has achieved records despite relatively modest drilling activity. Productivity gains and leveraging wells that have been drilled but not yet completed have provided a tailwind,” Foreman wrote at the end of September.

Producers in the Permian in Texas and New Mexico and the other shale plays have boosted production of crude oil despite a loss of 117 rigs so far this year, per Baker Hughes data as of October 27.

U.S. crude oil producers have been shedding rigs for most of the year, while the rig count largely stabilized in October.

Click here to read the full article
Source: Oil Price

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
Crude oil production in the Permian Basin is expected to rise by nearly 8% this year. It accounts for nearly half of US crude oil production. EIA: Permian Basin to help drive record oil production levels in 2024, 2025
United States projected to extract 12.9m barrels of crude oil as countries at Cop28 to push for agreed fossil fuels ‘phaseout’ US oil and gas production set to break record in 2023 despite UN climate goals
A majority of oil and gas executives expect U.S. oil production to increase, driven by geopolitics and flexible Permian Basin producers. U.S. oil output seen rising as conflict reshapes outlook
oil rig count Oil rig count jumps as drilling activity picks up
US Oil Rig Count Rises: The oil rig count was 510 in the week ended Mar 15, increasing from the week-ago figure of 504. Permian oil rig count increases in 3 of prior 5 weeks
The total number of active drilling rigs for oil and gas in the US increased this week, with oil rigs rising for the third consecutive week. US oil rig count rises for third consecutive week
Oil and Gas Industry Regulatory Rollbacks Oil and Gas Industry Regulatory Rollbacks Anticipated Under Trump
Oil and gas mergers Oil and gas mergers total $250 billion in just 12 months

Get project updates and learn more

Sign up for our free email newsletter:

 We respect your email privacy

About Ranger

contact usRanger Land and Minerals is a Dallas, Texas-based acquisitions and mineral rights company with team members having close to 100 years of combined oil and gas royalties industry experience.

Contact Us

Our Partners
We work with the top drilling operators, including:
     

Learn More

Our Associations
We are proud members of the following associations:
         

Learn More

  • Paid Up Oil and Gas Lease: What It Means, How It Works, and What to Watch For
  • How to Get Oil Companies to Drill on Your Land
  • Average Price Per Acre for Mineral Rights: What to Expect and How to Estimate Value
  • How Much Money Can You Make From an Oil Well?
  • How to Find Oil on Your Land

View All Guides

  • EON Resources advances San Andres development strategy
  • U.S. crude production sets new monthly record in April
  • Oil and gas extraction ranks high in US industry pay
  • U.S. rig count rises as Oklahoma drilling activity grows
  • USGS identifies additional Texas oil and gas resources

View All News

Are you interested in buying or selling mineral rights?

Contact us and a representative will be in touch shortly

Contact Us

100 Crescent Court, Suite 700
Dallas, Texas 75201

(469) 310-4970

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn

Contact Us

Our team specializes in the acquisition of mineral rights, royalties, overriding royalty and non-operated working interests. Contact us to learn more about how we can assist you.

Contact Us

Our Company & Services

  • About Us
  • Minerals/Royalties
  • 1031 Exchange
  • Contact Us

Resources

  • Guides
  • FAQ
  • Glossary
  • News
© Copyright Ranger Land and Minerals | Privacy Policy | Disclaimer
Link to: American Oil Giants Boost Domestic Footprint as Geopolitical Tensions Mount Link to: American Oil Giants Boost Domestic Footprint as Geopolitical Tensions Mount American Oil Giants Boost Domestic Footprint as Geopolitical Tensions MountChevron's $53 billion acquisition of Hess Corporation expands its assets in Guyana and the U.S. Bakken shale. Link to: Challenges and regulations in oil and gas leasing Link to: Challenges and regulations in oil and gas leasing Explore Oil and Gas Leasing Challenges & Regulations. Navigate the Complex Landscape with Expert Insights. Learn Best Practices. Read Now!Challenges and regulations in oil and gas leasing
Scroll to top