Oklahoma Companies Detail Local Drilling Plansby Will Brackett
Buoyed oil prices and a generally stronger industry have led oil companies to begin expanding drilling programs throughout Oklahoma and the region.
Oil prices have retreated a bit this month as domestic storage levels have increased, but they still are holding at prices where Oklahoma’s oil fields are considered to be profitable. Many companies also have reduced price risk by locking in sales prices earlier this year when oil and natural gas prices were at levels unseen in nearly two years.
Local oil companies since late last year have indicated plans for renewed drilling. Regulatory filings in recent weeks have detailed the sharp declines in drilling activity over the past two years and the plans for more drilling again this year.