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IOGsi WEEKLY HIGHLIGHTS: April 15, 2021
- A total of 9 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 221, compared to 165 locations during this same period a year ago (+ 34%).
- Coffeyville Resources (CVR) reported Kansas crude prices rose slightly by 50¢ / bbl from a week ago (+ 1%). Posted price on April 14th was Kansas Common crude at $50.50 / bbl, Southcentral Kansas crude $52.25 / bbl and Eastern Kansas crude $47.75 / bbl.
- Spot market crude oil (Nymex) also rose nearly 6% from last week to $62.92 / bbl (WTI). Spot market natural gas price was also rose by about 5% to $2.63 / MMbtu. Henry Hub pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX) and trades on Intercontinental Exchange (ICE) was unchanged from last week at $2.43 / MMBtu.
- The total number of active drilling rigs in Kansas (moving to or currently on drill sites) was up by one rig this week to 20 (+ 5%). A month ago, there were also 19 active rigs (+ 5%). This same time a year ago, only 5 rotary rigs were active in the State (+ 300%). Overall, drilling activity based on the number of wells spud in the state is down about 34% from last year.
- Statewide this year, 77 wells have been drilled to total depth. Total footage drilled (TFD) to date this year in Kansas is estimated to be 410,730 ft, compared to 729,214 ft a year ago (- 44%).
- Of the TFD, an estimated 324,900 ft has been drilled in the Western ranges of the State, compared to 630,829 ft over the same period in 2020 (- 48%). Average total depth for a well drilled in the Western ranges this year is 4,219 ft. In the Eastern ranges of the State, an approximate total of 85,830 ft has been drilled this year, compared to 98,385 ft a year ago (-13%). Average total depth for a well drilled in the Eastern ranges this year is 1,407 ft.