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US oil, natural gas production up 1.4% in October 2019

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Essential Energy Insights - January 2021


US oil, natural gas production up 1.4% in October 2019

Production of crude oil and natural gas across the U.S. took a step higher in October 2019 and remains well above year-ago levels, according to the U.S. Energy Information Administration's latest "Monthly Crude Oil and Natural Gas Production" report released Dec. 31, 2019.

Total U.S. crude oil output was up 1.4% on the month and up 8.8% year on year. Natural gas production climbed 1.4% on the month and was up 8.8% year on year.

The EIA report showed gross oil production above 12.65 million barrels per day in October 2019, up 171,000 barrels per day from prior-month figures.

The increase in production was led by North Dakota's Bakken play, where production rose 70,000 bbl/d on the month following "weather-related shut-ins during the previous month," analysts with Barclays said in a Jan. 2 note to clients. North Dakota production totaled 1.47 million bbl/d in October 2019.

Texas and Colorado also drove U.S. crude output higher, more than offsetting a marginal decline in output from other states. Texas oil production increased by 53,000 bbl/d to average 5.27 million bbl/d in October 2019. Colorado output climbed 39,000 bbl/d on the month to average 554,000 bbl/d.

U.S. crude oil production remains at record highs, the agency said in its latest Short-Term Energy Outlook released Dec. 10, 2019. The EIA estimates U.S. crude oil production will average 12.25 million bbl/d in 2019 and 13.18 million bbl/d in 2020, with most of the growth coming from the Permian Basin.

The latest monthly production report showed gross withdrawals of gas increased 1.4% from the month prior at almost 114.8 Bcf/d, up 8.8% year on year. Total U.S. gas production, as measured by the EIA's "gross withdrawals," includes the natural gas liquids present in wet gas, as well as non-hydrocarbon gases, and any gas delivered as royalty payments or consumed in field operations.

Alaska's gas production jumped more than any other state, rising 0.62 Bcf/d, or 7.4%, on the month. Louisiana saw output notch 0.45 Bcf/d higher in October 2019, while West Virginia production increased 0.35 Bcf/d on the month.