The commission is considering placing a limit on oil production in Texas, a measure which some hope would bring stability back to combat the market’s falling oil prices.
Dozens of stakeholders across the country and on all sides of the issue joined in to convey their thoughts on the issue to the commissioners.
The two primary petitioners, Parsley Energy and Pioneer Natural Resources, led off the meeting detailing their respective positions on the proposal. According to these producers, the body has a responsibility to limit waste (overproduction) and to protect Texas’ oil industry.
Others who weighed in, in opposition, were Marathon Oil Company, the Texas Oil and Gas Association, and the Texas Independent Producers and Royalty Owners Association.
Over 10,000 viewers, just from Texas, tuned in. Almost 19,000 people tuned in across the country. The second-most viewers came from South Korea.
A deal within OPEC was struck over the weekend to cut production by 10 million bbl/day. The production war within OPEC was one reason Texas producers requested proration. This has widely been viewed as a win for the oil industry overall, but it remains to be seen how it will factor into the commissioners’ decision.
Proration is scheduled to be the topic for the commission’s meeting next Tuesday, but the body is not sure if a vote on the matter will be held.
Disclosure: Unlike almost every other media outlet, The Texan is not beholden to any special interests, does not apply for any type of state or federal funding, and relies exclusively on its readers for financial support. If you’d like to become one of the people we’re financially accountable to, click here to subscribe.
Brad Johnson is a senior reporter for The Texan and an Ohio native who graduated from the University of Cincinnati in 2017. He is an avid sports fan who most enjoys watching his favorite teams continue their title drought throughout his cognizant lifetime. In his free time, you may find Brad quoting Monty Python productions and trying to calculate the airspeed velocity of an unladen swallow.