The Woodward News

Local News

February 9, 2014

Energy index provides status report on industry

Woodward, Okla. — Want to know how well the energy industry is doing in Oklahoma?

You can now get a monthly status report on the state's crude oil and natural gas industry thanks to the new Oklahoma Energy Index which was recently launched by the Oklahoma Independent Petroleum Association (OIPA).

"What the index is essentially a measure of the oil and natural gas industry in Oklahoma," said Cody Bannister, vice president of public relations for OIPA.

The Oklahoma Energy Index (OEI) is actually a joint project of the OIPA, Bank SNB, and the Steve C. Agee Economic Research and Policy Institute at Oklahoma City University.

Dr. Russell Evans, economist and executive director of the Agee Institute, said the purpose of the OEI is "to consolidate a bunch of useful information into one easy to track and easy to follow number."

By using data from 6 different economic indicators related to the oil and natural gas industry, Evans said the energy index helps to provide a picture of the current status of the energy industry in Oklahoma.

The 6 indicators are the average monthly price of natural gas (in mm/BTU), the average monthly Baker-Hughes rig count, statewide energy production employment numbers, statewide energy support employment numbers, crude oil spot prices as taken from the Cushing hub, and a hypothetical portfolio of publicly traded energy companies in Oklahoma.

"What it (OEI) does is consolidates information about movements in commodity prices, movements in employment, movements in stock prices, and movements in rig and drilling activity," Evans said.  "It takes all those movements and combines them into one series where we can track the combined effect of all those influences on the oil and natural gas industry."

Evans said these 6 indicators were chosen because "it is the smallest collection of variables that we can look at and still be able to explain almost all of the movements in the industry as a whole and correspondingly movements in the state economy."

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