News from the Oklahoma Corporation Commission

OKLAHOMA CITY – Oklahoma produced less oil and gas in 1998 than in 1997, preliminary figures compiled by the Corporation Commission indicate. Final figures won’t become available until late April or early May after late and revised production reports have been filed with the Oklahoma Tax Commission.

The preliminary figures indicate 1998 oil production of 76,363,701 barrels, down 8.48 percent from actual production of 83,445,151 barrels in 1997. Although actual 1998 production may vary from the preliminary figures, oil production is expected to be the lowest since 1914, when Oklahoma produced 73,632,000 barrels of oil.

A worldwide oversupply of oil which reduced demand and depressed prices for domestic crude contributed to the 1998 production decline. However, Oklahoma oil production has declined for 14 consecutive years, from 168,604,000 barrels produced in 1984.

Preliminary gas figures indicate 1998 production of about 1.610 trillion cubic feet, down 6.01 percent from 1997 actual production of about 1.713 trillion cubic feet. It marks the fifth consecutive year of declining gas production, from 2.016 trillion cubic feet in 1993.

Oil production in December was 4,636,487 barrels, an average of 149,564 barrels per day. December gas production was 110.6 billion cubic feet, an average of 3.5 billion cubic feet per day.

Carter County led the state in December oil production with 660,335 barrels. Other top 10 oil-producing counties, reported in barrels, were Grady, 396,219; Stephens, 358,236; Texas, 304,253; Garvin, 273,336; Pontotoc, 215,808; Creek, 180,137; Lincoln, 174,669; Osage, 174,131; Seminole, 160,607.

The top 10 gas-producing counties, reported in billion cubic feet, were Latimer, 9.742 bcf; Roger Mills, 8.934 bcf; Texas, 8.015 bcf; Grady, 7.534 bcf; Custer, 5.606 bcf; Caddo, 5.416 bcf; Pittsburg, 5.219 bcf; Beaver, 4.367 bcf; Beckham 3.916 bcf; Major, 3.899 bcf.

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