The Oklahoma Index – What is in it?

Weekly Rig Count – Identifies Weekly Rig Count for North America with the ability to drill down to the state, county and basin levels.  This data is presented using our proprietary dashboard built in Tableau, which helps people see and better understand data. The underlying data is sourced from Baker Hughes.

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How often will the Oklahoma Index be updated?

WTI, Brent and Natural Gas Pricing:  Daily – end of day

Rig Count Data: Every Friday

All regulatory filings, including spacings, poolings, permits and completions: Weekly

Oklahoma Oil Production: Monthly

Oklahoma Gas Production Monthly 

 

How do you define the spacing applications count?

We take the count of “Cause Numbers” filed with the OCC and dedupe these in order to eliminate where there is a cause filed for two sections (or more) that will consist of a multi-section unit.

 

How do you define the spacing orders count?

We take the count of the orders with the classification “Final”

 

How do you define the pooling applications count?

Much like spacing applications, we take the count of “Cause Numbers” filed with the OCC and dedupe these in order to eliminate where there is a cause filed for two sections (or more) that will consist of a multi-section unit.

 

How do you define the pooling orders count?

We take the count of the orders with the classification “Final” 

 

How do you define a new drilling permit count?

Permits are identified as those relating to the drilling of new oil and gas wells. The permit count represents a subset of the gross permit total based on their reported permit type. Excluded from this are permits for the following: Amend, Reentry, Deepen, and Recompletion.

 

How do you define the completions count?

Completions are based upon the 1002A form filed with the Oklahoma Corporation Commission.  Excluded from this are 1002A’s for the following purpose: Reentry and/or Recompletion.  Also Excluded from this are 1002A’s listing the classified well as abandoned or as injection/disposalWe include 1002A’s with the classification of either oil and/or gas, or dry. The determining date we use from the data set is the “scan date” which is when the 1002A document is “scanned” at the Oklahoma Corporation Commission.

 

Where does the data come from?

Rig Count Data:  Sourced from Baker Hughes.

Regulatory Data:  Oseberg and the Oklahoma Corporation Commission (OCC)

Oklahoma Gas Production Data: Sourced from the Oklahoma Corporation Commission (OCC)

Oklahoma Oil Production Data: Sourced from http://www.eia.gov*

* Oklahoma oil production is reported to the Oklahoma Tax Commission (OTC) but there are lag times and gaps that make it difficult to report accurate information. In Oklahoma, there is a significant discrepancy between production reported to the OTC and that which is available from third party providers. This led the EIA to undertake an in-depth evaluation. EIA conferred with a number of large operators with significant production growth to confirm their reported production for 2014 and 2015. After review of these data and discussions with other operators, purchasers, Oklahoma state officials, and commercial data vendors, EIA determined that its expanded survey provided a better estimate of monthly Oklahoma production than the prior approach.  EIA’s estimates of Oklahoma’s oil production have been revised beginning with January 2015.  More information about EIA’s methodology is discussed in a presentation given by EIA staff to state officials and industry representatives in Oklahoma at the end of January 2016.

 

WTI, Brent and Natural Gas Prices

Our pricing reflects the Prompt-month, also called near-month or front-month, refers to the futures contract that is closest to expiration and is usually for delivery in the next calendar month (e.g., prompt-month contracts traded in February are typically for delivery in March).

Price represents the daily settlement price for the day noted in the section heading (e.g., ” WTI November 2016 (CLX16)”).

There are dozens of different oil benchmarks, with each one representing crude oil from a particular part of the globe. However, the price of most of them are pegged to two primary benchmarks that we cover.

  • Brent Blend – Roughly two-thirds of all crude contracts around the world reference Brent Blend, making it the most widely used marker of all. These days, “Brent” actually refers to oil from four different fields in the North Sea: Brent, Forties, Oseberg and Ekofisk. Crude from this region is light and sweet, making them ideal for the refining of diesel fuel, gasoline and other high-demand products. And because the supply is water-borne, it’s easy to transport to distant locations.  Brent Crude Futures are traded on the Intercontinental Exchange (ICE) as well as the NYMEX
  • West Texas Intermediate (WTI) – WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. The fact that supplies are land-locked is one of the drawbacks to West Texas crude – it’s relatively expensive to ship to certain parts of the globe. The product itself is very light and very sweet, making it ideal for gasoline refining, in particular. WTI continues to be the main benchmark for oil consumed in the United States.

 

How can I find out more about the Index?

You can find more information about the Index—or request specific datasets and analysis relevant to your needs by contacting support@oklahomaminerals.com

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