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Plugging In business briefs for May 30

Plugging In business briefs for May 30, 2014
Oklahoman Published: May 30, 2014
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State energy index falls slightly

The Oklahoma Energy Index, which measures the oil and natural gas industry’s impact on the state’s economy, dipped slightly on April data, but it is still up more than 4 percent for the year. The index, a joint project of the Oklahoma Independent Petroleum Association, Bank SNB and the Steven C. Agee Economic Research and Policy Institute, reflects Oklahoma’s drilling rig activity, crude oil prices and energy-specific stock portfolio. “Oil and gas activity in Oklahoma continues to power the state’s economic engine,” said Russell Evans, the institute’s executive director. “Given the critical role the industry plays in determining state economic outcomes, broad strength across nearly all components over the last 12 months offers economic optimism for the state.”

Two female executives honored

Executives from Chesapeake Energy Corp. and Devon Energy Corp. have been named to the National Diversity Council’s Top 50 Most Powerful Women in Oil and Gas. Cathy Thompkins is Chesapeake’s senior vice president of information technology and chief information officer. She leads the company’s IT department, which has more than 3,500 employees. Sue Alberti is Devon’s senior vice president of marketing. She has been at Devon since 2008.

PostRock plans to sell assets

PostRock Energy Corp. is looking to sell its oil and natural gas assets in West Virginia, the company said Wednesday. Its holdings include about 32,000 acres of leasehold and 407 gross wells with reserves worth about $17 million, according to a third-party analysis. PostRock also reported it has completed 12 workovers in central Oklahoma over the past 75 days, boosting oil production to an average of 700 barrels a day. That is up 18 percent over PostRock’s first-quarter results. “We are delighted with our continuing operational progress,” CEO Terry W. Carter said. The company expects to use proceeds from the sale of its Appalachia assets on higher return projects, primarily focused on oil development in central Oklahoma.

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