SOURCE: Century Market Research

February 16, 2012 08:00 ET

Oklahoma: A Boost to Domestic Oil and Employment

NOTE TO EDITORS: The Following News Coverage Is Issued by Century Market Research.

NEW YORK, NY--(Marketwire - Feb 16, 2012) - In a recent report, Oklahoma's Oil and Natural Gas Industry Economic Impact and Jobs Report (www.oerb.com/Portals/0/docs/2011_Economic%20Impact%20and%20Jobs%20Report.pdf), Oklahoma accounts for nearly 3.5% of all US oil production or 67 million barrels. The state remains a key source of domestic energy needed to feed the US economy.

Oklahoma has continued to be a focal point for big drilling. Some of the world's largest oil and gas producers like, Southwestern Energy (SWN), Copano Energy, L.L.C. (CPNO), and Occidental Petroleum Corp (OXY) as well as smaller regional players like AER Energy Resources (PINKSHEETS: AERN), American Petro Hunter (AAPH) and Osage Exploration (OEDV) are drilling in the Oklahoma region. With increased focus on domestic oil and gas production, producers should continue to look at proven areas like Oklahoma.

Oklahoma oil and gas related jobs directly account for 2.8% of all wage and salary positions and almost 3.5% of all positions (wage and salary plus the self employed). The industry generated an estimated $7.6 billion in direct labor income payments, representing almost 5.5% of total Oklahoma personal income, for an average labor income of $107,259 per employee. While a handful of firms dominate the national spotlight, it is worth noting that the industry continues to serve as an important source of economic activity to small producers and the self employed across the state.

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