Oil and gas estimated values released

Estimates for oil and gas sales and taxable values for the first quarter of 2017 are all over the board, both up and down, from the first quarter of 2016.

Jan. 2016 saw an estimated sales volume of oil at 188,075 barrels while Jan., 2017 saw sales estimates of 174,364 barrels, down slightly by 13,711 barrels.

Feb. 2017 brought a slightly bigger dip, going from 165,515 barrels in 2016, down 5,565 barrels in 2017 for a total volume of 159,950 barrels.

The biggest drop was seen in March 2017, when sales volume of oil went from 172,897 barrels in 2016 to just 21,249 barrels in 2017, a significant drop of 151,648.

Overall for the first quarter of 2017, sales volume of oil dropped 170,942 from the first quarter of 2016.

Taxable values for oil however, rose from 2016 to 2017.

Jan. 2017 saw a nearly double jump over the same period of 2016, even though volume was slightly lower, going from $3,146,202 to $6,200,743, an increase of $3,054,541 over 2016.

Feb. of this year saw a nominal increase over 2016, jumping from $2,564,3316 last Feb. to $5,943,354 this year. That amounts to an additional $3,379,038 over 2016’s price.

March, however, took a big bite out of the taxable value as 2016 numbers amounted to $3,862,353 while 2017 shows just $729,052, a drop of $3,133,296.

In spite of significantly lower numbers in March, overall, first quarter taxable value was up $3,300,278 over 2016.

Estimates with natural gas sales volumes are down throughout the first quarter, however, the taxable value is slightly up from last year’s estimates.

Jan. 2017 estimates show a drop in volume of 1,415 mcf (million cubic feet), Feb. drops a bit more, 1,689 mcf, and March takes a nosedive of 5,022 mcf for a total loss estimate of 8,126 mcf for the first quarter.

First quarter of 2016 showed a total sales volume of 15,864 mcf compared to 2017’s 7,738 mcf.

The taxable value estimates, however, are up slightly.

After good gains of $11,282 in Jan. and Feb. this year, March turned around and dropped $7,158, leaving a modest increase of $4,124 over the first quarter of 2016.

While all these numbers are estimates for the first quarter of 2017, it does show promise for a better year in oil and natural gas than 2016.