{"id":5869,"date":"2015-06-21T22:06:22","date_gmt":"2015-06-22T03:06:22","guid":{"rendered":"https:\/\/www.regiontrack.com\/www\/?p=5869"},"modified":"2015-06-21T22:06:22","modified_gmt":"2015-06-22T03:06:22","slug":"oklahoma-oil-producers-wrestle-massive-revenue-swing-in-2015-06222015","status":"publish","type":"post","link":"https:\/\/www.regiontrack.com\/www\/oklahoma-oil-producers-wrestle-massive-revenue-swing-in-2015-06222015\/","title":{"rendered":"Oklahoma Oil Producers Wrestle Massive Revenue Swing in 2015"},"content":{"rendered":"

Oklahoma’s crude oil producers are expected to experience a 38.1% drop in revenue from crude oil production in 2015.\u00c2\u00a0<\/strong>In dollar terms, this reflects\u00c2\u00a0a $4.35 billion swing from the record $11.4 billion in crude oil\u00c2\u00a0revenue produced in 2014. Our pic of the week illustrates\u00c2\u00a0both\u00c2\u00a0the amount and\u00c2\u00a0value of crude oil produced annually in Oklahoma since 1981.<\/p>\n

We currently expect 2015 to be a year of sharply falling prices offset in part by slightly rising production on a year-over-year basis. The 2015 estimate reflects our current outlook of 136.0 million barrels of production this year, up 6.25% from the 128 million barrels produced in 2014, and\u00c2\u00a0an expected average price of $52\/barrel for the full year.<\/strong> The average price for the first quarter is slightly below $45\/barrel.\u00c2\u00a0\"potw_1_20150622\"<\/a><\/p>\n

This is certainly a large expected decline in revenue, but it\u00c2\u00a0is far from unprecedented on a percentage basis.<\/strong> The largest drop in in the period occurred in 1986 as\u00c2\u00a0production value plunged 49.6% near\u00c2\u00a0the end of the Oil Bust. More recently, production value dropped 41.8% in 2009 as oil prices collapsed during\u00c2\u00a0the recession. A similar decline of 37.8% took place in 1998 as the industry hit rock bottom under extremely low crude prices.<\/p>\n

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Oklahoma’s crude oil producers are expected to experience a 38.1% drop in revenue from crude oil production in 2015.\u00c2\u00a0In dollar terms, this reflects\u00c2\u00a0a $4.35 billion swing from the record $11.4 billion in crude oil\u00c2\u00a0revenue produced in 2014. Our pic of the week illustrates\u00c2\u00a0both\u00c2\u00a0the amount and\u00c2\u00a0value of crude oil produced annually in Oklahoma since 1981.<\/p>\n","protected":false},"author":1,"featured_media":5872,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[9,13,1],"tags":[31,72,73],"post_series":[],"class_list":["post-5869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-graphic","category-pic-of-the-week","category-uncategorized","tag-crude-oil","tag-oil-and-gas","tag-oklahoma","entry","has-media"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t