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Energy Index growth points to continued industry improvementApril 12, 2017
|Significant growth in rig activity and corresponding oil and natural gas industry employment helped the Oklahoma Energy Index mark the seventh straight month of industry expansion as the state’s defining industry pushes toward recovery.|
More than 1,900 oil and natural gas industry jobs have been added across the state, thanks to increased drilling activity that saw the number of drilling rigs actively working in Oklahoma increase from 89 to 102.
“The industry improvement, as shown by the Energy Index, creates a window of opportunity for companies to strengthen their balance sheets and liquidity positions,” said Chris Mostek, senior vice president of energy lending for Bank SNB.
The Energy Index stood at 167.2 using data collected in February, a 2.3 percent increase from the previous month’s reading of 163.4.
“On its current trajectory, both the industry and the state’s economy should continue to improve turning to positive economic indicators by summer,” said Dr. Russell Evans, executive director of the Steven C. Agee Economic Research and Policy Institute. “The pace of improvement will quicken in the latter half of the year leaving both the industry and economy feeling much improved by year’s end.”
The Energy Index is a comprehensive measure of the state’s oil and natural gas production economy established to track industry growth rates and cycles in one of the country’s most active and vibrant energy-producing states. The OEI is a joint project of the Oklahoma Independent Petroleum Association, Bank SNB and the Steven C. Agee Economic Research and Policy Institute.
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