Independent Oil and Gas

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IOGsi WEEKLY HIGHLIGHTS: February 25, 2021

Six (6) 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 100, compared to 114 locations during this same period a year ago (- 12%).

Coffeyville Resources (CVR) reported Kansas crude prices were up by another $2.00 bbl from a week ago (+ 4%). Posted price on February 25th had Kansas Common crude at $53.50 / bbl, Southcentral Kansas crude $55.25/ bbl and Eastern Kansas crude $50.75 / bbl.

Spot market crude oil (Nymex) was also up from last week by about 4% to $62.97 / bbl (WTI). Spot market natural gas price declined by about 10% to $2.78 / MMbtu.

The total number of active drilling rigs in Kansas (moving to or currently on drill sites) declined by one this week to 15 (-16%). A month ago, there were 11 active rigs (+ 36%). This same time a year ago, 17 rotary rigs were active in the State (- 12%). Overall, drilling activity based on the number of wells spud in the state is down about 72% for the year.

Statewide this year, 37 wells have been drilled to total depth, compared to 142 over the same period a year ago (- 74%). Total footage drilled (TFD) to date in Kansas this year is estimated to be 108,066 ft, compared to 493,812 ft a year ago (- 78%).

Of the TFD, an estimated 68,939 ft has been drilled in the Western ranges of the State, compared to 442,601 ft in 2020 (- 84%). Average total depth in Western ranges is 4,309 ft. In the Eastern ranges of the state, a total of 39,127 ft has been drilled this year, compared to 51,211 ft a year ago (-24%). Average total depth in Eastern ranges this year is 1,863 ft.