Parallel Petroleum recorded an increase of 271.93% in total oil and gas production to 1,917.1 boe/d in June 2020 when compared with the previous month, according to GlobalData’s USL48 database.

The oil and gas production of Parallel Petroleum declined 29.92% in June 2020 from 2,735.66 boe/d in June 2019.

On a YTD basis, the company’s total oil and gas production decreased by 22.84% from the same period in 2019.

The company’s oil production grew 309.15% to 1,808.31 bd in June 2020 from the previous month, while gas production up by 46.51% to 0.63 mmcf/d. On a YTD basis, oil production decreased by 23.73% in 2020 when compared with the same period in 2019, while gas production declined by 12.38%. Out of the total oil and gas production in June 2020, oil production held a 94.33% share, while gas production held a 5.67% share.


Looking at the states where Parallel Petroleum recorded the highest oil and gas production in June 2020, Texas figured at the top, accounting for a 100% share. The company produced 1,906.23 boe/d in the state in June 2020, an increase of 274.43% from the previous month.

On a YTD basis, the company produced 12,603.66 boe/d in Texas in 2020, recording a decrease of 23.08% from the same period in 2019.



Parallel Petroleum witnessed the highest oil and gas production in Gaines county in June 2020. Out of all the counties, Gaines county held a share of 55.33% for the firm. The company produced 1,060.76 boe/d in Gaines county in June 2020, an increase of 953.91% in production when compared with the previous month.

On a YTD basis, the county produced 6,393.26 boe/d for the company in 2020, a 28.39% decrease from the same period in 2019.



Methodology

All publicly announced wells data are included in this analysis, which is drawn from GlobalData’s USL48 database that provides insights into oil and gas permits and wells as disclosed by state ministry sites.

GlobalData collects the latest production data and analyses the trends when it is made available for public disclosure by state ministries. Differences, if any, between the period of activity and the article date may be attributed to delays in the issuance of data.