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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]
Texas is the largest state producer of both crude oil and natural gas, producing 41% of national crude oil production and 25% of national natural gas in 2019. The thirty oil refineries operating in January 2019 comprised 31% of national refining capacity.
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX).
U.S. oil production has been soaring to record highs this year, and as frackers unlock vast amounts of crude, natural gas comes out of the ground too—more than can be delivered to other areas ...
A natural gas glut in the US has sent prices for the commodity tumbling to multi-decade lows, down 43% over the past year.At West Texas's key trading spot, the Waha Hub, prices have been negative ...
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]
Location of the Spraberry Trend in Texas, showing major and nearby cities. Black lines are county boundaries. The Spraberry Trend (also known as the Spraberry Field, Spraberry Oil Field, and Spraberry Formation; sometimes erroneously written as Sprayberry) is a large oil field in the Permian Basin of West Texas, covering large parts of six counties, and having a total area of approximately ...
According to data from AAA, gas prices in Texas are nearing the national average. While the average price of regular gas in the United States is $3.63 per gallon, Texas residents pay an average of ...
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