U.S. oil output rose 538,000 bbl/d in July to 10.984 million bbl/d, up from 10.446 million bbl/d in June, the U.S. Energy Information Administration (EIA) said in a monthly report on Sept. 30.
Oil production fell in March, April and May as U.S. crude producers were reeling from falling prices due to the coronavirus pandemic. While oil prices have continued to be under pressure due to low demand, they have recovered from the record lows seen in March.
July oil output was boosted by gains in North Dakota, Texas and offshore the U.S. in the Gulf of Mexico (GoM).
Output in Texas, the largest oil producing state and home to the Permian Basin, rose 103,000 bbl/d in July from June. North Dakota oil output rose 157,000 bbl/d in the same period, and offshore output in the GoM rose by 85,000 bbl/d.
Monthly gross natural gas production in the U.S. Lower 48 states, meanwhile, rose by 1.9 Bcf/d in July to 100.8 Bcf/d, its highest monthly average since April, according to the EIA 914 report.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Leasing hot spots, improved drilling metrics and more reveal some silver lining in the cloud hanging over Midcontinent producers.
Pin Oak Energy closed a transaction with a Shell affiliate to acquire roughly 43,000 acres prospective for Utica Shale development in northwestern Pennsylvania.