From PetroChem Wire . . . .
PetroChem Wire's Daily Wire provides closing prices and a summary of the day's trading activity for US ethylene, proylene, polymers and upstream NGLs markets. Begun in 2007, its olefins and polyolefins prices serve as benchmarks for a number of physical and swap contracts that trade on the CME/NYMEX Clearport system.
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US largest global oil producer as Texas takes output lead
HOUSTON, February 14, 2019 (PCW) -- The US became the largest global crude oil producer in 2018, officially surpassing Russia and Saudi Arabia, according to the US Energy Information Administration (EIA). Independent producers, who collectively drill up to 95% of the oil and natural gas wells in America, led the industry in this growth.
A report this week from the Texas Independent Producers & Royalty Owners Association stated that oil production in Texas totaled a record 1.54 billion bbl in 2018, surpassing a previous record of 1.28 billion bbl set in 1973. The second largest producer of oil in 2018 was North Dakota (443 million bbl), followed by New Mexico (226 million bbl), Oklahoma (187 million bbl), and Alaska (175 million bbl). Total natural gas production in Texas was 8.8 trillion cubic feet (Tcf) in 2018, compared with 8 Tcf produced in the previous year. The second largest producer of natural gas last year was Pennsylvania (6.1 Tcf), followed by Alaska (3.2 Tcf), Louisiana (2.7 Tcf) and Oklahoma (2.3 Tcf).
The US oil and gas industry employed 880,681 professionals in 2018, an increase of 45,354 jobs compared with 2017. The industry paid a national annual wage averaging $112,712 last year, more than double average private sector wages. Payroll in the US oil and gas industry totaled $99 billion in 2018, an increase of 6% from the previous year. Additionally, total US goods and services purchased in 2018 by the oil and gas industry exceeded $530 billion.
In 2018, Texas led the country in oil and gas industry employment with a total of 352,371 jobs, an increase of 26,706 jobs from 2017 numbers. Texas experienced the largest increase in industry jobs in 2018, followed by Oklahoma (5,266), New Mexico (3,626), North Dakota (2,808), and Colorado (2,282) rounding out the top five states for employment growth. Texas oil and gas employment represented 40% of all oil and gas jobs nationwide last year. -- Donna Todd