Method and apparatus for optimizing the overall production efficiency of any pumping well based on accurate measurements of the time-averaged rate that fluid exists the wellhead. The improved apparatus includes temperature compensated, hermetically sealed electronic sensors that accurately measure the instantaneous rate of both pulsating and steady-state flow, and devices for processing measured flow-rate information to ascertain the performance of downhole equipment and fluid reservoirs. The apparatus is self-calibrating on any well, and automatically compensates for normal changes in both downhole equipment and reservoir performance that typically limit the operation of conventional well-control devices. The apparatus may be easily installed at ground level without major changes to existing wellhead equipment, and readily adapts to the efficient control of pumping equipment utilized with any other type of fluid reservoir.