Newspaper article THE JOURNAL RECORD

State Gas Sales Up 1.4%; Oil Sales Down 1.3%

Newspaper article THE JOURNAL RECORD

State Gas Sales Up 1.4%; Oil Sales Down 1.3%

Article excerpt

Preliminary reports filed with the Oklahoma Corporation Commission show 2.15 trillion cubic feet of gas produced in Oklahoma was sold in 1989, a 1.4 percent increase from 1988.

On the other hand, oil produced in the state and sold last year was at 117.2 million barrels, down 1.3 percent from 1988.

The figures for 1989 are preliminary, totaled on a monthly basis, and will be revised for the annual talley.

As has been noted before, the historical trend of dominant oil production in Oklahoma is eroding. Natural gas is taking the lead, making up about 45 percent of the rig count. For a couple of months last summer, gas accounted for slightly more than half of the rig count.

Latimer County, where Arco Oil & Gas Co. made a huge natural gas discovery nearly two years ago, continued increasing gas runs for the second year in a row and lead the state in 1989. Last year, that county showed gas runs totaling 136.7 billion cubic feet, up 17.1 percent from 1988 when it saw a 50.9 percent increase.

Carter County, which traditionally leads the state in oil runs, saw a 5.4 percent decline last year to 14.1 million barrels.

For the calendar year, gas runs, which include natural gas and casinghead gas sold, showed an average weighted price of $1.56 per thousand cubic feet, only a 2 percent increase from $1.53 per thousand cubic feet in 1988. Prices in 1988 were a 4 percent improvement from $1.47 per thousand cubic feet seen in 1987.

Oil runs last year, which include crude and condensates sold, saw a 22.6 percent improvement in average weighted prices to $18.25 per barrel, up from $14.88 in 1988 and above the 1987 price of $17.63 per barrel.

Higher oil prices should help offset reduced sales for both the private sector and Oklahoma government, which collects severance and excise taxes on oil and gas. …

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