Is Oil Industry Making a Comeback? | Big Horn Radio Network | Wyoming

Is Oil Industry Making Comeback?

Written by on July 12, 2017

Oil production may be starting to build up again in Wyoming.
Following a 12 percent decline in oil production in the first quarter of the year compared to 2016, Petroleum Association of Wyoming President Bruce Hinchey said this week that producers are starting to pump more and are ramping up for a busy summer.
In all of 2016, 11 rigs operated in the state. So far through June this year, 25 rigs have been reported operating.
Daryl LeFevre, a petroleum engineer based in Cody, outlined the decline in the oil market to Darian Dudrick on Speak Your Piece last month.
LEFEVRE OIL INDUSTRY
However, some in the oil industry aren’t as optimistic as Hinchey. Patrick Hladky, president of Gillette-based Cyclone Drilling, agrees that the outlook is promising in the short term. But rising rig counts and applications for new wells don’t make up for oil prices that continue to stay below the $50 per barrel mark.


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