Oklahoma has long been known as an energy state, a position reinforced by the presence of eight energy firms among the state's top 10 public companies.
BY JAY F. MARKS •
Published: November 14, 2010
/articleid/3512536/1/pictures/1238470"> Devon tower construction in downtown Oklahoma City is shown Nov. 1. Photo by Paul B. Southerland, The Oklahoman
and Bronco Drilling, which posted the largest drop in revenues by percentage, Oklahoma City University economist Steve Agee said.
"Obviously the continued suppressed price of natural gas and the slack demand for energy in general have driven this trend,” he said.
Agee said the rankings show companies focusing on natural gas exploration are struggling more than their counterparts.
Continental CEO Harold Hamm has long been known for his thirst for crude oil. That is paying dividends for his company.
"A lot of people are very envious of the position that Continental has with crude oil,” Hamm said.
Terry said natural gas remains an important commodity for Oklahoma.
"Natural gas continues to be a defining natural resource for our state, with approximately 80 percent of all drilling rigs active in Oklahoma exploring for it,” he said. "The vast majority of the natural gas produced from under our feet is used outside of our state.
"We must promote the use of natural gas within our own borders through power generation, transportation and manufacturing.”