This is a form dealing with the Over-Production and Under-Production of Gas, the event Assignor's gas production, if any, from the Assigned Property is in excess of or less than Assignor's interest in the Property, then Assignee shall acquire Assignor's interest subject to that over-production or under-production.
Texas Over-Production and Under-Production of Gas
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Multi-State
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US-OG-502
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FAQ
Natural Gas Production in Texas If Texas were a country, it would be the third-largest natural gas producer in the world. Nearly a fourth of U.S. proved dry natural gas reserves and about 30 of the nation's 100 largest natural gas fields are located in Texas.
Texas: More than 1.8 billion barrels of crude oil produced, or 42.4% of total US production. New Mexico: More than 574 million barrels of crude oil produced, or 13.2% North Dakota: More than 386 million barrels of crude oil produced, or 8.9% Alaska: More than 159 million barrels of crude oil produced, or 3.7%
Texas is the top oil and gas state in the U.S., producing 42 percent of crude oil and 27 percent of marketed natural gas. Texas has 32 petroleum refineries (the most of any state), which can process more than 5.9 million barrels of crude oil per day (32 percent of U.S. refining capacity).
It's not a bug, it's a feature of the new energy economy. For the past few years, the oil industry in Texas has been browbeaten by investors. Wall Street got fed up. No longer did it support piling on debt and outspending cash flow to prioritize double-digit annual increases in production whenever oil prices were high.
U.S. won't reach a new record in oil production 'ever again,' says Pioneer Natural Resources CEO. Pioneer Natural Resources CEO Scott Sheffield says refining capacity and inventory issues means the oil industry won't be able to grow U.S. production much higher than it already is.
Texas has 40 natural gas storage facilitates with 847 BCF of total underground natural gas storage capacity.
Labor shortages, supply chain issues, hesitant financial backers and a frosty relationship with the Biden administration have limited how much Texas oil and gas companies are ramping up production.
Texas Now Produces More Oil Than Every Country in the World Besides Russia, Saudi Arabia, and Iraq.
