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IOGsi WEEKLY HIGHLIGHTS: May 12, 2022
- A total of 47 new oil and gas DRILLING PERMITS were issued in Kansas this past week by the KANSAS CORPORATION COMMISSION (KCC). This brings the year-to-date total of new drill locations issued to 549, or 255 more new permits-to-drill as compared with the same period a year ago (+86.7%).
- COFFEYVILLE RESOURCES (CVR) reported Kansas Common Crude price slipped downward by $2.00 / bbl from a week ago to $96.50 / bbl as of May 12, 2022 (-2.1%). Oklahoma Sweet Crude was also down by $2.25 / bbl to $102.50/ bbl (-2.1%). Other price postings include Central Kansas Crude $98.25 / bbl (-2.0%) and Eastern Kansas Crude $95.75 / bbl (-2.0%).
- SPOT MARKET crude oil (Nymex) for West Texas Intermediate (WTI) crude dropped by 34¢ / bbl from last week to $108.01 / bbl (-0.31%). Spot Market natural gas price dropped by $1.16 / MMbtu to $7.70 / MMbtu (-13.1%). HENRY HUB pricing point for natural gas futures contracts as traded on the New York Mercantile Exchange (NYMEX), and trades on Intercontinental Exchange (ICE), was down by $1.06/ MMBtu for the week to $6.78 / MMBtu (-13.5%).
- The total number of active DRILLING RIGS in Kansas, either scheduled, moving to, or currently on drill sites, dropped by three from a week ago to 50 (-5.7%). There were 49 active drilling rigs in the State a month ago (+2.0%) and 23 rigs a year ago (+117.4%). DRILLING ACTIVITY in Kansas, based on the number of wells spudded, shows that 223 more wells have been drilled this year (469 wells), compared with only 246 wells over this same period in 2021 (+90.7%). Overall drilling activity based on IOGsi scouting reports shows 369 wells are currently being followed in various drilling and completion stages, as compared with 195 a year ago (+89.2%).
- TOTAL FOOTAGE DRILLED (TFD) this year statewide is estimated to be 1,406,431 ft, compared with 828,872 ft in 2021 (+69.7%). Of the TFD, the Western Ranges of the State has recorded an estimated 1,119,452 ft of wellbore drilled, compared with 690,677 ft in same period in 2021 (+72.9%). An estimated 211,979 ft of wellbore has been cut in the Eastern Ranges of the State this year, compared with 138,195 ft in 2021 (+53.4%).
- The number of ACTIVE OPERATORS who have drilled a well for oil and gas in Kansas this year now totals 134, compared with 117 in 2021 (+14.5%). WILDCAT exploratory well activity this year (48 wells) accounts for about 10.2% of the total number of wells drilled this year, and is 15 more wildcats than was drilled in the first 19 weeks of 2021 (+45.5%).
For more news, see “WEEKLY NEWS” and “NEW DISCOVERIES” under the Red Top News banner.