Oil production in Louisiana is down. But just how low is it?
Greater Baton Rouge Business Report
February 3, 2016
It’s obvious that the oil industry is struggling. But newly released statistics from the Louisiana Department of Natural Resources shed light on just how badly the industry has suffered. Mired in a global supply glut, oil companies across the globe—Louisiana included—have reined in their costs as profits have dwindled, causing production to plummet. Year-over-year crude oil and condensate production in Louisiana declined in all but one month in 2015. The annual average was 184,803 barrels per day in 2015, compared to 201,453 the previous year. The Light Louisiana Sweet crude spot market price fell to $36.39 per barrel in December, the lowest such figure since June 2, 2004.
BY THE NUMBERS
$40: The Light Louisiana Sweet crude spot market price fell to $36.39 per barrel in December, the first time it dropped below $40 in 11 years.
48%: Crude oil and condensate production in Louisiana has plummeted from nearly 129 million total barrels in 1996 to 67.4 million in 2015—a nearly 48% difference.
43: Louisiana’s oil and gas rig count dropped by 43 from 110 in November 2014 to 67 in November 2015.