Oil and Gas Industry
Oklahoma City, OK – Oklahoma oil and gas industry struggled in 2009
OKLAHOMA CITY (AP) A state report suggests that Oklahoma's oil and gas industry struggled in 2009.
According to the Oklahoma Corporation Commission's annual report on oil and gas activity, production numbers were about the same as other years but intent-to-drill applications tumbled from 6,220 in 2008 to 2,500 last year. Observers say such applications are a good way to gauge the state of the industry.
Oklahoma Independent Petroleum Association president Mike Terry says weak prices and uncertainty over potential federal regulations affecting the industry have hindered producers.
Oklahoma City University economist Steve Agee says the industry's woes have contributed to the state's recent budget problems because Oklahoma is dependent on gross production taxes paid by producers.
The report says Chesapeake Energy Corp. was Oklahoma's top oil and natural gas producer in 2009.
Information from: The Oklahoman, http://www.newsok.com