U.S. crude oil production dropped 669,000 bbl/d to 12.06 million bbl/d in April, the government said in a monthly report on June 30.
The decline came as oil production fell 234,000 bbl/d in Texas, the largest oil-producing state, and 195,000 bbl/d in North Dakota. Output also fell 16,000 bbl/d in federal waters in the Gulf of Mexico, the report said.
The U.S. Energy Information Administration revised upward its figures for March, saying that production in that month was 12.73 million bbl/d, down only 18,000 bbl/d from February. The data suggests that oil production dropped off in April after crude prices had plummeted amid a supply glut and lack of demand due to the coronavirus pandemic.
In April, gasoline demand fell 37.4% from a year earlier to 3.503 million bbl/d, while demand for diesel and other distillate fuel fell 11.9% from a year earlier to 3.505 million bbl/d.
Natural gas production in the Lower 48 states fell to 102,992 MMcf/d in April, from 105,400 MMcf/d in March, according to the report. Gas production in Texas, the largest producing state, dropped 4% to 28,631 MMcf/d.
Jay Graham is back after the successful sale of WildHorse Resource Development to Chesapeake Energy with a new venture—this time in the Permian Basin.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
The Alta Mesa transaction represents the sixth acquisition by partnerships between Tom Ward-led Mach Resources and private equity firm Bayou City Energy Management.