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US oil and gas industry sets production records in November, led by Texas
Texas led U.S. production with a 5.8% increase year-to-date despite 20% fewer rigs, driven by efficiency gains in the Permian Basin and Eagle Ford, Energy Information Administration data show.
- EIA figures this year indicate production reached historic highs as the U.S. oil and natural gas industry set records, with crude output estimated at 5.9 million barrels per day.
- Texas Oil & Gas Association notes Texas supplies more than 42% of U.S. crude and nearly 30% of natural gas despite operating with 20.4% fewer rigs this year.
- Strong rig productivity underpins expanded output as new pipelines come online; Permian Basin rig productivity rose 14.1% year over year and Eagle Ford Shale rose 8.7%, boosting Texas production.
- With higher demand forecasts, the EIA raised demand estimates twice this quarter, including a 5,900,000 b/d upward revision and nearly 1 million b/d growth through 2026, making supply the swing factor.
- A concentrated set of counties now supplies the bulk of U.S. oil, with ten U.S. counties in Texas and New Mexico accounting for over 42% of domestic oil production, TXOGA says.
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Leaning Left1Leaning Right7Center6Last UpdatedBias Distribution50% Right
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C 43%
R 50%
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