Oil & Gas Wrap

Oil & Gas and similar industry related news

U.S. EIA report: Texas oil production on the rise

By the end of 2014, Texas oil production could exceed the output of every country in the world, except Saudi Arabia. The state produces 3.4 million barrels of oil every single day.

According to the U.S. Energy Information Administration, this puts Texas ahead of Iraq, which produces just under 3 million barrels a day.

Baker Hughes releases weekly rig count

Baker Hughes Inc., oilfield services company out of Houston, released their weekly rig report showing the number of rigs exploring for oil and natural gas in the U.S. decreased by 7 last week, bringing the count down to 1854.

In the weekly rig report released Friday, May 2nd, the firm said of those 1,854 rigs, 1,527 are exploring for oil, 323 for gas, and 4 were listed as miscellaneous.

The same time last year, the U.S. rig count was 1,764, a yearly increase of 90 rigs.