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By 1940, the value of petroleum and natural gas produced in Texas exceeded the value of all agricultural products in the state. [55] The state's GDP grew from approximately $119 million ($4.36 billion in today's terms) in 1900 to approximately $29 billion ($315 billion in today's terms), a more than 240-fold increase.
The East Texas Oil Field is a large oil and gas field in east Texas. Covering 140,000 acres (57,000 ha) and parts of five counties, and having 30,340 historic and active oil wells, it is the second-largest oil field in the United States outside Alaska, and first in total volume of oil recovered since its discovery in 1930. [ 1 ]
The known petroleum deposits of Texas are about 8 billion barrels (1.3 × 10 9 m 3), which makes up approximately one-third of the known U.S. supply. Texas has 4.6 billion barrels (730,000,000 m 3) of proven crude oil reserves. [15] As wells are depleted in the eastern portions of the state, drilling in state has moved westward. [16]
The field had more than 16,000 producing wells. Gas production in 2011 was 2.0 trillion cubic feet. The field was the largest gas producer in Texas, and made up 31% of Texas gas production. [5] Proved reserves as of the end of 2011 were 32.6 trillion cubic feet of gas and 118 million barrels of oil or condensate. [13]
The Woodbine Group is a geological formation in east Texas whose strata date back to the Early to Middle Cenomanian age of the Late Cretaceous. [1] It is the producing formation of the giant East Texas Oil Field (also known as the "Black Giant") from which over 5.42 billion barrels of oil have been produced. [ 3 ]
Slaughter Field is a 100,000 acres (400 km 2)+ conventional oil and gas field 40 miles west of Lubbock, TX in Cochran, Hockley, and Terry Counties. It was discovered in 1936 by a three-way venture between Honolulu Oil Company, Devonian Oil Company, and Cascade Petroleum Company.
To transport the record volume of oil and natural gas, Texas pipeline infrastructure expanded to 465,025 miles – an increase of 13,000 miles from 2022-2023, according to the Texas Railroad ...
Texas has been the leading state in petroleum production since discovery of the Spindletop oil field in 1901. [11] As of October 2017, the State of Texas (if treated as its own nation) is the 7th largest oil producing nation in the world, with production totaling approximately 3.78 million barrels (600 thousand cubic meters ) per day of oil ...