Texas oil production eclipsed 2,050,000 b/d in September of 2012. That’s more than the state has produced in almost 25 years! It’s no small feat. Production growth has been fleeting for more than a decade. The Permian Basin and the Eagle Ford account for almost all of the state’s growth. Since September of 2008, production has grown from 31,661,000 barrels per month to 61,500,000 barrels in September 2012. I’ll spare the science, that’s almost double.
Oil prices recovered relatively quickly after the recession began in 2008 and exploration and production companies began shifting their focus to crude around the same time.