State’s Crude Oil Production Up Slightly

After 12 years of declining oil production, Oklahoma has seen a slight rise in crude production, according to statistics from the Oklahoma Corporation Commission.
During the first three months of this year, the OCC reported that producers pumped 14.5 million barrels. That is up 100,000 barrels from the same period in 2006.
And, the rise came despite the fact that prices were down in a year-over-year comparison.
The average price for crude was $55.36 per barrel in the first quarter of this year, compared to $63.65 per barrel at the same time in 2006. Prices were up in the months following the havoc caused by Hurricane Katrina the previous August.
Natural gas production rose by an even larger percentage, according to figures produced by the OCC.
Natural gas production in the first quarter outpaced the first three months of 2006 by nearly 6 percent as producers opened the valves.
Natural gas producers pumped 405.7 billion cubic feet in the January through March period this year, compared to 382.9 bcf during the same time in 2006.
Higher production came despite prices that were 83 cents, or 13 percent below 2006 levels.
Natural gas in Oklahoma sold for an average $6.29 per 1,000 cubic feet earlier this year, compared to $7.12 at the same time in ‘06.
Oklahoma remains one of the top three producing states for natural gas, according to government figures.
The higher drilling rates yield growing production across the U.S. Although many producing states recorded increases in production in 2006, a majority of the overall increase came from the top three producing states: Texas, Oklahoma and Wyoming.

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