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New Mexico Accounted For 50% Of U.S. Oil Production Growth In 2022
Posted on 5/19/23 at 7:08 am
Posted on 5/19/23 at 7:08 am
quote:
New Mexico, home to part of the Permian basin, saw the highest crude oil production growth of any U.S. state last year, with output gains of 300,000 barrels per day (bpd) accounting for half of America’s oil production increase, the Energy Information Administration (EIA) said in a report on Thursday.
Total U.S. crude oil production increased by 600,000 bpd in 2022 compared with 2021, averaging 11.9 million bpd, per EIA’s Monthly Crude Oil and Natural Gas Production report.
For the third year in a row, New Mexico’s oil production growth eclipsed the growth of crude output in any other U.S. state, including Texas, the biggest U.S. oil-producing state and also home to part of the Permian shale basin.
Crude oil production in New Mexico jumped by 300,000 bpd to 1.6 million bpd in 2022, a record for the state, the EIA has estimated.
New Mexico and Texas contributed the most growth to U.S. crude oil production in 2022, while oil output in the rest of the United States grew by just 0.6% last year, or by 33,000 bpd.
Crude oil production in California fell for the eighth consecutive year, and production in Alaska declined for the fifth consecutive year. North Dakota, which had been one of the leading states in oil production growth in the past decade, saw oil production fall for the third consecutive year in 2022, the EIA noted.
The administration forecast in its Short-Term Energy Outlook (STEO) in May that U.S. crude oil production would continue to increase this year and next. Total U.S. crude oil production is set to climb to 12.5 million bpd in 2023 and to 12.7 million bpd in 2024, according to EIA’s most recent estimates.
However, production growth could be lower than expected as the new priorities of the shale patch – capital discipline and a focus on returns to shareholders and debt repayments – have coupled with supply chain constraints and cost inflation to weigh on growth in recent months.
LINK
Earlier this week, or last week, a poster commented here that he/she never realized that New Mexico has so much oil. There's a shite ton coming out of a state its size, with the vast majority concentrated in just its four most Southeastern counties. It's actually pretty incredible.
Posted on 5/19/23 at 7:12 am to ragincajun03
New mexico is the fifth biggest state.
Posted on 5/19/23 at 7:18 am to mmonro3
quote:
New mexico is the fifth biggest state.
Damn. You're right.
I'm an idiot, but that's not exactly breaking news.
Posted on 5/19/23 at 7:20 am to ragincajun03
Are citizens of that state called New Mexicans?
Asking for a friend.
Asking for a friend.
Posted on 5/19/23 at 7:23 am to TexasTiger89
quote:
Are citizens of that state called New Mexicans?
Indeed they are.
Posted on 5/19/23 at 7:40 am to ragincajun03
Do you just post your favorite article from oilprice.com every day?
Posted on 5/19/23 at 7:40 am to ragincajun03
Breaking good. Better call opec.
Posted on 5/19/23 at 7:44 am to yellowfin
quote:
Do you just post your favorite article from oilprice.com every day?
It’s a fine website and typically is either linked to, or supported by, respected studies and data.
It’s also a very good aggregator of all energy news, not just oil.
Posted on 5/19/23 at 7:45 am to mmonro3
quote:
New mexico is the fifth biggest state.
Not gonna lie, that’s sort of mind blowing. Twice the size of Georgia.
Posted on 5/19/23 at 7:46 am to ibldprplgld
Go look at a map of the US, the size of many of the states on the great planes and out west are staggering when comparing them to the east coast.
Posted on 5/19/23 at 8:15 am to yellowfin
quote:
Do you just post your favorite article from oilprice.com every day?
Every morning, I scan through OilPrice, RigZone, Reuters, WSJ, EIA, and NaturalGasIntel. It’s boring habit of mine.
Posted on 5/19/23 at 8:18 am to ragincajun03
quote:
Every morning, I scan through OilPrice, RigZone, Reuters, WSJ, EIA, and NaturalGasIntel. It’s boring habit of mine.
I routinely check my energy sector stocks, mostly because they've been killing it ever since 6 months into the fake pandemic
Posted on 5/19/23 at 8:34 am to ragincajun03
Yep. And a reminder- they are 50% of growth. Not 50% of production.
Posted on 5/19/23 at 9:07 am to member12
Hobbs, NM. Huge shite hole. Lots of transient workers.
Posted on 5/19/23 at 9:08 am to mmonro3
quote:
New mexico is the fifth biggest state.
I was recently there for work. Drove three hours each way for meetings and the state did indeed feel massive. Absolutely beautiful landscape but definitely a lonely drive at times too.
Posted on 5/19/23 at 9:14 am to yellowfin
quote:
Do you just post your favorite article from oilprice.com every day?
Honestly, I like it. Far more useful than 83.50% of the posts here.
Posted on 5/19/23 at 9:14 am to Teamgravy
quote:
Hobbs, NM. Huge shite hole.
It's got a casino, baw.
Eunice, NM. Not the same quality of boudin as Eunice, LA, but less documented shootings.
Posted on 5/19/23 at 9:18 am to Circle K Beggar
quote:
Absolutely beautiful landscape but definitely a lonely drive at times too.
The drive from Odessa to Jal is a must for tree enthusiasts.
Posted on 5/19/23 at 9:25 am to redstick13
quote:
The drive from Odessa to Jal is a must for tree enthusiasts.
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