The number of oil and gas rigs in Oklahoma actively pursuing new energy sources dropped by one last week, according to the February 17 Baker Hughes North American rig count. Last week there were 64 active rigs operating in the state. In the most recent count the number was 63.

Last year the number of active rigs was 53 and falling, dropping to a low of 49 on March 4, where the count remained through the remainder of the month. Between April 1 and April 14, the count rose to 51 and continued in an upward trend to reach a high of 71 on December 2 before starting the current mostly downward trend.

Nationwide, the number of active rigs was 760, a decrease of one over the past week, according to the Friday Baker Hughes release. Last week the February 10 count had increased by two. The February 17 count is a significant increase of 115 rigs that were active this time last year, when there were 635 active rigs nationwide.

While the number of land rigs remained the same at 741 in the latest count, offshore drilling decreased by 1 over the past week; from 18 to 17 active rigs. The number of active inland waters rigs remained the same.

Last year there were 630 active land rigs, 12 offshore rigs, and 3 inland water rigs.

The okenergytoday.com reported another drop in oil prices on Thursday, February 16. The report states prices settled lower as the market wonders on a buildup in U.S. crude stockpiles plus whether there might be a Chinese demand recovery.

West Texas Intermediate crude fell 10 cents to $78.49 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, lost 24 cents a barrel and closed at $85.14 on ICE Futures Europe.

March natural gas fell 8 cents to $2.39 per 1,000 cubic feet.

Oklahoma energy stocks had another mixed day of trading with some recording gains while other lost. For example, Vital Energy was down nearly 5 percent while Unit Corporation gained about

Seminole State College hosted a Presidents’ Day presentation at the Enoch Kelly Haney Center lecture hall on Feb. 17. The presentation, entitled “President Harry S Truman: Decision Points,” was given by Professor of Government Jeffrey Christiansen. Christiansen centered his discussion on the series of difficult decisions President Truman had to make as he assumed the presidency in the midst of World War II. Students, faculty, staff and community members were in attendance at the event. (Photo provided) 3 percent.

In a separate release, okenergytoday.com reported that Oklahoma City’s Devon Energy planned to invest most of its 2023 capital and efforts in the Delaware Basin, following historic cash flow in 2022. Specifically, they will be focusing on New Mexico’s side of the Basin.

In its most recent fourth quarter financial report, Devon states it had average production of 407,000 Boe (Barrel of Oil Equivalent) a day in the quarter and 50 percent of it was oil. This represented growth of 11 percent in 2022 compared to 2021. At the end of the year Devon was operating 16 rigs and 3 completion crews in the Delaware where 55 gross wells were put online in the fourth quarter. Devon has 400,000 net acres in the basin.

Devon will also be investing in Oklahoma’s Anardako Basin, where they plan operation of a 4-rig program and expects to bring online more than 40 wells over it 300,000 net acre position in the basin. They brought 23 wells on line in the fourth quarter.

In a recent address to investors, Devon President and CEO Rick Muncrief warned that first quarter production could be lower due to a temporary outage of a compressor station and some minor third-party midstream interruptions. However, he was optimistic the problems will be resolved and operations will resume by the end of the quarter and increase over the remaining quarters.