The North American Baker Hughes Rig Count came out Friday. The decline continues. Baker Hughes gives an oil and gas breakout for every basin and state with five years of historical data.
Baker Hughes has twenty eight and one half years of historical data for total US rigs but only five years for individual basins. Gas rigs peaked in August 2008 at 1,606 rigs, over six years before the peak in Oil rigs. On February, 26, gas total US gas rig count stood at 102, a decline of over over 93%.
The Texas RRC Oil and Gas Production Data is out. There appeared to be no decline in December production and may have even been a slight increase.
The Texas RRC data is incomplete and only gives an indication as to whether Texas production increased or decreased. The data appears to droop because each month the the Texas Railroad Commission receives a little more data and the totals increase, little by little, month by month, until after many months the data is complete.
In my charts I post the past six months of data in order to give some indication as to whether production is increasing or decreasing. The final data is through December and the EIA data is through November.
Texas crude plus condensate declined a little in November but seemed to make up that decline in December. Total Texas C+C seems to be on a flat plateau, declining in Eagle Ford but making up that decline in the Permian and the rest of Texas.
The EIA estimates the final Texas data through November. They have Texas peaking in March and down about a quarter of a million barrels per day since that point.
This is a guest post by Steve St. Angelo of SRSroccoReport.Com. All opinions expressed in this post are his and do not necessarily reflect those of Ron Patterson.
The U.S. Empire is in serious trouble as the collapse of its domestic shale gas production has begun. This is just another nail in a series of nails that have been driven into the U.S. Empire coffin.
Unfortunately, most investors don’t pay attention to what is taking place in the U.S. Energy Industry. Without energy, the U.S. economy would grind to a halt. All the trillions of Dollars in financial assets mean nothing without oil, natural gas or coal. Energy drives the economy and finance steers it. As I stated several times before, the financial industry is driving us over the cliff.
The Great U.S. Shale Gas Boom Is Likely Over For Good
Very few Americans noticed that the top four shale gas fields combined production peaked back in July 2015. Total shale gas production from the Barnett, Eagle Ford, Haynesville and Marcellus peaked at 27.9 billion cubic feet per day (Bcf/d) in July and fell to 26.7 Bcf/d by December 2015:
As we can see from the chart, the Barnett and Haynesville peaked four years ago at the end of 2011. Here are the production profiles for each shale gas field:
The Texas RRC Oil and Gas Production Data is out. This data is always incomplete. But we can get some idea of what the trend is by comparing it with previous months. This is what I have done in the charts below. If the latest months data is below the previous months data then the trend is down. But if the latest months (incomplete) data is above the previous months (incomplete) data the trend is up.
All RRC data is through November 2015 but the EIA data is only through October. The oil data is in barrels per day.
The trend is definitely down. The scale makes it difficult to gauge the month to month change but I have the exact month to month change here in barrels per day. Of course this only gives you a general idea of what is happening. The final change could be either less or greater than the numbers indicate here. But the EIA data should be very close.
Jun. to Jul. 7,245
Jul. to Aug. -63,827
Aug. to Sep. 34,507
Sep. to Oct. -33,486
Oct. to Nov. -52,802
Jun. to Nov. -108,363
EIA Dec. to Oct. -121,000
The Texas RRC Oil and Gas production data is out. All the RRC data below is through October 2015 and all the EIA data below is through September 2015.
Important: All the Texas RRC data is incomplete, especially the latter months. They will be revised upward as the Texas RRC gathers more data. The EIA data is what the EIA expects the final data will look like.
The RRC Crude + Condensate data for October shows a slight decline in October. The EIA says Texas C+C was flat, August to September.