AUSTIN, Texas, Aug. 28 (UPI) -- A Texas energy regulator said total crude oil production for June, the last full month for complete data, was up around 12 percent year-on-year.
The Railroad Commission of Texas said crude oil production in June averaged about 2.43 million barrels per day, up from the 2.15 million bpd reported in June 2014.
June data show the third straight month for gains for the No. 1 oil producer in the nation. April crude oil production of 2.31 million bpd was a 13 percent increase year-on-year. Decreases were posted, however, in early 2015.
The railroad commission, the state's energy regulator, said the average Texas rig count as of Aug. 21 was 383, which represented about 45 percent of all U.S. onshore rig activity.
For the state as a whole, tax collections for June were down 1.4 percent year-on-year, marking an end to a near five-year streak of gains.
The Dallas Federal Reserve found the state as a whole added 35,800 net jobs in July for the largest monthly gain so far in 2015, but stressed the momentum might not last.
"Companies are still increasing production over 2014 averages and active rigs are producing more," upstream analyst Jeremy Sherby said in a statement.
Lower crude oil prices leave energy companies with less capital to invest in exploration and production. Most companies have cut staff and spending and reported weak profits during the downturn as crude oil prices move below the $50 per barrel mark.
Wood Mackenzie finds most companies working in the Eagle Ford shale basin in Texas are breaking even at around $42 per barrel and $54 per barrel, though the average is likely on the lower end of that range.
Wood Mackenzie's analysis finds that most producers want to see output drop to push supply and demand dynamics back to a balance. No individual company, however, is eager to take the initiative on its own.