At least one investment adviser is letting its clients know of the fall in oil production in Texas.
Seeking Alpha alerted its followers in recent days how the Texas oil production fell in June from last year for the first time in 16 months. It called it a sign that the lack of pipeline takeaway capacity in the Permian Basin may be affecting production, something OK Energy Today has been reporting for the past few months.
Some Oklahoma energy producers are among those affected as they drill in the Permian Basin. they include Devon Energy of Oklahoma City as well as WPX Energy of Tulsa. Newfield Exploration, a firm with major projects in Oklahoma’s STACK play is also active in the Permian.
Texas oil production in June totaled 98.9M barrels, down 2% Y/Y and 7% lower than in May, according to the Texas Railroad Commission; YTD, the state’s crude output had been rising 10.4% annually.
The slowdown comes as oil prices in west Texas have fallen to near four-year lows.