5 Jul

US Monthly Crude Oil Production: Lowest since September 2014

WRITTEN BY Gordon Kristopher FEATURED IN Macroeconomic Analysis

US monthly crude oil production 

The EIA (U.S. Energy Information Administration) reported that monthly US crude oil production fell by 222,000 barrels per day to 8.9 MMbpd (million barrels per day) in April 2016—compared to the previous month. Production fell by 2.4% month-over-month and by 8% year-over-year.

US Monthly Crude Oil Production: Lowest since September 2014

Regional breakdown 

  • East Coast (or PADD1) – Production was at 0.048 MMbpd in April 2016—compared to 0.047 MMbpd in March 2016.
  • Midwest (or PADD 2) – Production was at 1.6 MMbpd in April 2016—compared to 1.7 MMbpd in March 2016.
  • Gulf Coast (or PADD 3) – Production was at 5.4 MMbpd in April 2016—compared to 5.5 MMbpd in March 2016.
  • Rocky Mountain (or PADD 4) – Production was at 0.67 MMbpd in April 2016—the same as March 2016.
  • West Coast (or PADD 5) – Production was at 1.02 MMbpd in April 2016—compared to 1.06 MMbpd in March 2016.

Peak and lows

US crude oil production peaked at 9.6 MMbpd in April 2015. In April 2016, it hit the lowest monthly crude oil production since September 2014. Higher break-even costs and higher production costs for US oil producers—compared to Middle Eastern and Russian oil producers—led to the decline in US crude oil production.

The fall in US production impacts oil producers and drillers like WPX Energy (WPX), Goodrich Petroleum (GDP), Stone Energy (SGY), and Laredo Petroleum (LPI). For more information on US energy companies’ financial challenges, read North American Oil and Gas Producers’ Debt Rose in 2015 and Crude Oil’s Total Cost of Production Impacts Major Oil Producers.

The ups and downs in crude oil prices impact funds such as the Vanguard Energy ETF (VDE), the United States Brent Oil ETF (BNO), the PowerShares DWA Energy Momentum ETF (PXI), the United States 12-Month Oil ETF (USL).

Next, we’ll take a look at the latest update on the Organization of Petroleum Exporting Countries’ crude oil production.

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