Texas oil, gas production down, but value up

01/26/2004
The volume of oil and natural gas produced in Texas declined slightly in 2003 compared with 2002, but the value of that production rose dramatically, said the December 2003 Texas Alliance of Energy Producers-Wells Fargo Energy Group Petroleum Index.Oil and gas production levels each declined 2.8% last year compared with the previous year, according to the index. But commodity prices were strong last year, helping the industry thrive financially despite the lower production.Texas oil production was worth nearly $10 billion in 2003, 19% more than it was worth in 2002, index statistics showed."Over $28 billion worth of Texas natural gas was produced in 2003, the most in recent history by a l...
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