Parallel Petroleum recorded an increase of 5.75% in total oil and gas production to 2,642.49 boe/d in March 2020 when compared with the previous month, according to GlobalData’s USL48 database.
The oil and gas production of Parallel Petroleum grew 1.27% in March 2020 from 2,609.24 boe/d in March 2019.
On a YTD basis, the company’s total oil and gas production decreased by 4.6% from the same period in 2019.
The company’s oil production grew 3.68% to 2,381.75 bd in March 2020 from the previous month, while gas production up by 29.06% to 1.51 mmcf/d. On a YTD basis, oil production decreased by 6.3% in 2020 when compared with the same period in 2019, while gas production rose by 16.57%. Out of the total oil and gas production in March 2020, oil production held a 90.13% share, while gas production held a 9.85% share.
Looking at the states where Parallel Petroleum recorded the highest oil and gas production in March 2020, Texas figured at the top, accounting for a 100% share. The company produced 2,637.83 boe/d in the state in March 2020, an increase of 5.77% from the previous month.
On a YTD basis, the company produced 7,624.68 boe/d in Texas in 2020, recording a decrease of 4.79% from the same period in 2019.
Parallel Petroleum witnessed the highest oil and gas production in Gaines county in March 2020. Out of all the counties, Gaines county held a share of 50.32% for the firm. The company produced 1,329.74 boe/d in Gaines county in March 2020, an increase of 1% in production when compared with the previous month.
On a YTD basis, the county produced 3,968.16 boe/d for the company in 2020, a 10.89% decrease from the same period in 2019.
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.