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IOGsi RED TOP NEWS:
WEEK #39, September 24, 2020
IOGsi Week #39, September 24, 2020 Highlights - There were 11 new oil and gas Drilling Permits issued in Kansas this past week by the Kansas Corporation Commission. This brings the year-to-date total of new drill locations issued to 315, compared to 741 locations a year ago (- 57%)--------- COFFEYVILLE RESOURCES report Kansas crude prices dropped by 25¢ / bbl from a week ago (- 0.8%). Kansas Common price at the close of the day on September 23rd was $30.25 / bbl, Southcentral Kansas crude $32.00 / bbl and Eastern Kansas crude $27.50 / bbl. ---------- The total number of active drilling rigs in Kansas (moving to or currently on drill sites) was unchanged at 10 compared to a week ago. A month ago, there were 12 active rigs (- 17%). This same time a year ago, 39 rotary rigs were active in the State (- 74%). ---------- Statewide this year, 356 wells have been drilled with footage drilled totaling around 1,181,962 ft. Total footage drilled statewide last year was 3,043,867 ft (- 61%). Average well total depth in 2020 is 3,320 ft compared to 4,107 ft a year ago. Of the total footage drilled, 1,025,456 ft has been drilled in the western ranges (- 62%) and 156,506 ft in the eastern ranges of the State (- 50%).---------- There are 125 active well operators drilling wells in the state this year compared to 229 a year ago(- 45%).
In other news, the AMERICAN PETROLEUM INSTITUTE (API), Washington, D.C., reports U.S. Crude Oil Production for the month of August declined by 1.971 mil b/d from August a year ago. Production in August totaled of 10.454 mil b/d, compared to 12.425 mil b/d a year ago (-15.9%). ---------- Alaskan crude oil production of 440,000 b/d in August accounted for 4.2% of the total crude oil produced in the U.S. -------------- U.S supply of natural gas liquids in August totaled 4.745 mil b/d, down by 2.4% from a year ago. U.S. supply of crude oil, natural gas liquids and other liquids in August totaled 16.189 mil b/d, down by 11.8% from same period last year.---------- Total petroleum products delivered to the domestic market in August amounted to 18.290 mil b/d, a decline of nearly 13.6% from a year ago. ---------- Petroleum exports for August totaled 7.805 mil b/d, a 7.5% decline compared to a year ago. ---------- U.S. petroleum Trade balance narrowed by 1.275 mil b/d to imply August 2020 net imports of 326,000 b/d. Last year, net imports totaled 949,000 b/d.