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IOGsi WEEKLY HIGHLIGHTS: June 17, 2021
- A total of 24 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 416, compared to only 210 locations during this same period a year ago (+189%).
- Coffeyville Resources (CVR) reported Kansas crude prices rose by $1.00 / bbl from a week ago (+1.7%). Posted price on June 17th was Kansas Common crude at $61.25 / bbl, Southcentral Kansas crude $63.00 / bbl and Eastern Kansas crude $58.50 / bbl.
- Spot market crude oil (Nymex) also edged up by 75¢ / bbl from last week to $70.91 / bbl for West Texas Intermediate (WTI) crude (+1.0%). Spot Market natural gas price also was up by 7¢ / MMbtu to $3.21 / MMbtu (+2.2%). Henry Hub pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX) and trades on Intercontinental Exchange (ICE) increased by 38¢ to $3.36 / MMBtu (-1.3%).
- The total number of active drilling rigs in Kansas, either moving to or currently on drill sites, was up by three units this week to 26 (+13%). A month ago, 23 drilling rigs were reported active (+13%). This same time a year ago, only 9 rotary rigs were active in the State (+189%). Drilling activity in the State, based on the number of wells spudded, shows that 53 more wells have been drilled in the first 24 weeks of this year compared to the same time a year ago (+20%). This year, a total of 313 wells have been spudded in Kansas.
- Total footage drilled (TFD) statewide is estimated to be 981,433 ft, compared to 915,439 ft a year ago (+7.2%). Of the TFD, an estimated 822,615 ft of hole has been drilled in the Western Ranges of the State, compared to 804,984 ft over the same period in 2020 (+ 2.2%). In the Eastern Ranges of the State, approximately 158,818 ft of hole has been drilled this year, compared to 110,455 ft a year ago (+43.8%).
For more news, see “WEEKLY NEWS” and “NEW DISCOVERIES” under the Red Top News banner. The Kansas Geological Foundation announces the kickoff of its building fundraising project..----------Darrah Oil Company LLC, Elk Energy Holdings LLC, Anchor Bay Development Company, Petroleum Development Company and Chizum Oil LLC Inc have new oil discoveries in Kansas.----------The American Petroleum Institute (API), Washington, D.C., has released May 2021 Petroleum Stats.