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OilPrice.com: By Tim Daiss - Feb 12, 2019, 3:00 PM CST

Texas Oil Production Breaks New Record

The state of Texas now has even more bragging rights in the U.S. Oil Patch, and even globally According to a new report from the Texas Independent Producers Royalty Owners Association, the Lone Star state’s oil production hit a record level not seen since 1973, the same year of the Arab oil embargo that roiled global oil markets.

Texas oil wells produced more than 1.54 billion barrels of crude in 2018, topping the previous record of 1.28 billion barrels set in 1973, TIPRO reported in its annual “State of Energy Report.” Natural gas production also grew, reaching 8.8 trillion cubic feet (tcf) last year. In 2017, Texas also came close to beating the 1973 oil output record, pumping 1.26 billion barrels of oil.

To put Texas oil production in perspective, if it were a country, it would be the world’s third oil producer sometime this year, behind only Russia and Saudi Arabia, HSBC said in a report. The main engine of Texas oil output is the Permian basin that spans West Texas and southeastern New Mexico and is one of the most prolific oil and gas producing regions in the U.S. The Permian Basin is approximately 250 miles wide and 300 miles long, across West Texas and southeastern New Mexico. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. Read more…