During 1954, 5,170 wells were completed which is an increase over the total of 4,526 wells of 1953. Of this total, 1,028 were exploratory wells, a decrease from 1,125 for 1953. Development wells increased from 3,401 for 1953, to 4,142 for 1954. The total successful completions amounted to 78 per cent. Twenty-five per cent of the exploratory wells were successful, and 91 per cent of the development wells were successful. Of the total of 159 most important discoveries, 59 were completed in the Permian, 56 in the Pennsylvanian, and 44 in the pre-Pennsylvanian. Sixty-seven were located by seismic means and 75 by subsurface methods. The most important discoveries were in the Dora Roberts, War-San, and Virey fields of Midland County, Amacker-Tippett field in Upton County, Amrow field in Gaines County, Emperor field in Winkler County, Deep Rock, Means, and Emma fields of Andrews County, Crawar field of Crane and Ward counties, and the Drickey and South Drickey fields of Lea and Chaves counties, New Mexico.

Total production for the year amounted to 435,788,851 barrels of oil, a decrease from the 1953 total of 452,404,562 barrels.

Exploratory methods followed a pattern similar to the previous years. Seismic activity was down slightly with a total of 4,815 crew-weeks compared with 5,382 for 1953. Gravity-meter exploration increased from 677 crew-weeks in 1953 to 792 in 1954.

Increased prices and short terms with overrides and drilling obligations characterized leasing in the active areas on the Central Basin platform, West Midland basin, and Northwestern shelf. No appreciable increase in interest was evident in the outlying less explored areas.