Production - Domestic - Petroleum Developments on the Gulf Coast of Texas and Louisiana for 1931

The year 1931 has been one of unusual interest in Gulf Coast petroleum development, not so much because of the number of new prospects discovered, for apparently none of any present distinction have been found, but because of the discovery of so many new oil fields and the proving of so many old prospects. During the year 10 new oil fields have been found on the Coast; five in Louisiana and five in Texas. Two suspected salt domes were proven by the drill. Production dropped from a daily average of 192,000 to 162,670 bbl., or an average of 58 bbl. for each producing well, and active operations from 189 to 119. During 1931 the Coast produced approximately 48,600,000 bbl., or 44 per cent less than in 1930, when 86,500,000 bbl. were produced. The daily return at the beginning of the year was $192,000 and at the end only $126,780, the price having dropped from $1 for A grade and a range of $0.75 to $1.22 for B grade to a price range of 70 to 86c, or an average of 78c $ per barrel at the end of 1931. The average Coastal well produced 17,400 bbl. of oil during 1931. During the year development in the old fields has continued active at Barber's Hill only, although some work is in progress at Humble, Pierce Junction, Refugio and Pettus. Clear Lake is active but the large ownerships will prevent the "boom" type of field. Production is being held fairly steady at Barber's Hill and Pierce Junction, but has declined rapidly during the year at Refugio, Humble, and to a lesser degree at Pettus. The 6000-ft. production at Barber's Hill has shown a decided drop during the year and has not measured up to expectations.