{"id":6448,"date":"2016-10-13T15:27:22","date_gmt":"2016-10-13T21:27:22","guid":{"rendered":"https:\/\/www.regiontrack.com\/www\/?p=6448"},"modified":"2022-01-07T03:32:23","modified_gmt":"2022-01-07T03:32:23","slug":"u-s-marginal-oil-and-gas-wells-still-matter","status":"publish","type":"post","link":"https:\/\/www.regiontrack.com\/www\/u-s-marginal-oil-and-gas-wells-still-matter\/","title":{"rendered":"U.S. Marginal Oil and Gas Wells Still Matter"},"content":{"rendered":"<p>The Interstate Oil and Gas Compact Commission (<a href=\"https:\/\/iogcc.ok.gov\/\">IOGCC<\/a>) just released its <strong>2015 Marginal Wells report<\/strong> detailing production from marginal oil and gas wells across the producing states.\u00c2\u00a0RegionTrack was\u00c2\u00a0once again\u00c2\u00a0pleased to assist them\u00c2\u00a0with compiling the report!<\/p>\n<p>The IOGCC defines a marginal (stripper) well as a well that produces 10 barrels of oil or 60 Mcf of natural gas per day or less.<\/p>\n<p>Key findings from the report include:<\/p>\n<ul>\n<li>Most operating wells in the U.S. in 2015 are marginal\u00c2\u00a0producers, including 69.1 percent of all oil wells\u00c2\u00a0and 75.9 percent of all natural gas wells. Overall, 72.2<br \/>\npercent of all operating wells in the U.S. in 2015 are\u00c2\u00a0marginal.<\/li>\n<li>The 292.5 million barrels of marginal oil produced in\u00c2\u00a0the U.S. in 2015 represent 8.5 percent of total domestic\u00c2\u00a0oil production of 3.44 billion barrels.<\/li>\n<li>Marginal natural gas production in the U.S. totaled a\u00c2\u00a0reported 1.96 billion Mcf in 2015. This represents 6.8\u00c2\u00a0percent of the 28.8 billion Mcf of natural gas produced\u00c2\u00a0domestically in 2015.<\/li>\n<li>The estimated value of marginal oil and natural gas\u00c2\u00a0produced in 2015 totaled $18.1 billion. This is nearly\u00c2\u00a050 percent below recent years and reflects historically<br \/>\nlow prices for both oil and natural gas. The value of the\u00c2\u00a0292.5 million barrels of marginal oil produced totaled\u00c2\u00a0$13.0 billion based on an average price of $44.40 per\u00c2\u00a0barrel. The 1.96 billion Mcf of marginal natural gas\u00c2\u00a0produced in 2015 is valued at $5.1 billion based on an\u00c2\u00a0average natural gas price of $2.62 per Mcf.<\/li>\n<li>The recent collapse in crude oil prices placed tremendous\u00c2\u00a0pressure on U.S. marginal oil producing states.\u00c2\u00a0The average price for crude oil dropped 52 percent<br \/>\nbetween the 2012 and 2015 survey periods, from\u00c2\u00a0$92.82 to $44.40 per barrel. As a result, the value of\u00c2\u00a0U.S. marginal oil produced dropped by about half\u00c2\u00a0(49.4 percent) from $25.6 billion to only $13.0 billion.<\/li>\n<li>Including spillover losses, the impact of the drop in\u00c2\u00a0crude oil prices on economic output is heavily concentrated\u00c2\u00a0in seven of the largest marginal oil producing<br \/>\nstates. These include Texas (-$8.4 billion), California\u00c2\u00a0(-$3.3 billion), Oklahoma (-$1.2 billion), Colorado\u00c2\u00a0(-$1.0 billion), Kansas (-$1.0 billion), Louisiana (-$956\u00c2\u00a0million), and New Mexico (-$956 million), all with\u00c2\u00a0output declines of roughly $1 billion or more. Two\u00c2\u00a0additional states \u00e2\u20ac\u201c North Dakota and Illinois \u00e2\u20ac\u201c suffered\u00c2\u00a0a total estimated decline in the output of goods and\u00c2\u00a0services of more than $500 million.<\/li>\n<\/ul>\n<p>Download the <a href=\"https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/IOGCC-2015-Marginal-Well-Report-1.pdf\">full report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Interstate Oil and Gas Compact Commission (IOGCC) just released its 2015 Marginal Wells report detailing production from marginal oil and gas wells across the producing states.\u00c2\u00a0RegionTrack was\u00c2\u00a0once again\u00c2\u00a0pleased to assist them\u00c2\u00a0with compiling the report! The IOGCC defines a marginal (stripper) well as a well that produces 10 barrels of oil or 60 Mcf of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6450,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[10,14,1],"tags":[38,46,72],"post_series":[],"class_list":["post-6448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-news","category-research","category-uncategorized","tag-economic-impact","tag-energy-states","tag-oil-and-gas","entry","has-media"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"thumbnail":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001-150x150.png",150,150,true],"medium":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001-232x300.png",232,300,true],"medium_large":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"large":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"1536x1536":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"2048x2048":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"lightbox":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"search_results":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001-125x125.png",125,125,true],"blog_entry":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001-250x150.png",250,150,true],"blog_post":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"blog_post_full":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"blog_related":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"portfolio_entry":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"portfolio_post":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"portfolio_related":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"staff_entry":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"staff_post":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"staff_related":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"testimonials_entry":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"testimonials_post":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false],"gallery":["https:\/\/www.regiontrack.com\/www\/wp-content\/uploads\/2015-MW-Report-Cover_001.png",612,792,false]},"uagb_author_info":{"display_name":"mcsnead","author_link":"https:\/\/www.regiontrack.com\/www\/author\/mcsnead\/"},"uagb_comment_info":0,"uagb_excerpt":"The Interstate Oil and Gas Compact Commission (IOGCC) just released its 2015 Marginal Wells report detailing production from marginal oil and gas wells across the producing states.\u00c2\u00a0RegionTrack was\u00c2\u00a0once again\u00c2\u00a0pleased to assist them\u00c2\u00a0with compiling the report! The IOGCC defines a marginal (stripper) well as a well that produces 10 barrels of oil or 60 Mcf of&hellip;","_links":{"self":[{"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/posts\/6448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/comments?post=6448"}],"version-history":[{"count":2,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/posts\/6448\/revisions"}],"predecessor-version":[{"id":149764,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/posts\/6448\/revisions\/149764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/media\/6450"}],"wp:attachment":[{"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/media?parent=6448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/categories?post=6448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/tags?post=6448"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.regiontrack.com\/www\/wp-json\/wp\/v2\/post_series?post=6448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}