Oil and gas industry going through rough patch in Ohio

COLUMBUS, Ohio — The Ohio Oil and Gas Association’s annual meeting took place in Columbus on Thursday.

Some of the biggest companies and key leaders in the industry were on hand for the 73rd annual event. It’s one of the largest networking events of the year for these groups.

Currently, the industry is going through a rough patch.

“These are clearly difficult times for the industry, commodity prices are low, we obviously need to man opportunities for our membership, we need prices to increase,” said Matt Hammond, president of OOGA.

Hammond says the industry may downsize for a while, and Jeff Fisher, CEO of Ascent Resources, the largest producer in the state, echoed those comments.

“It’s challenging where commodity prices are and where capital markets are. Free Cash flow is the place to be for companies,” Fisher said.

Events like the annual meeting are a way to bring companies together and focus on making improvements.

“The idea here is to bring together our best and brightest to have a conversation about addressing the challenges, whether it be regulatory, public policy, environmental challenges. How do we work through that? What are the solutions that we can be creative about to implement to make sure we have a long-standing industry in the Ohio Valley?” Ohio Oil and Gas Association spokesman Mike Chadsey said.

“I think over time you’ll see the commodity prices rebound, you’ll see things come back, it’s just going to look a little bit different in the next few years,” Hammond said.

And according to a recent survey by the Ohio Oil and Gas Energy Education Program, the majority of people support the industry.

“Sixty percent of Ohioans say they do not want a ban on natural gas and oil. It’s meaningful for their neighborhoods or communities,” said Kennedy Copeland, Ohio Oil and Gas Energy Education Program, external affairs.

As for the Ohio Valley, oil and gas leaders believe it will stick around, and they are optimistic that a petrochemical plant will come to Belmont County.

“All of that economic growth doesn’t happen if oil and gas producers aren’t investing capital in Ohio,” Hammond said.

Experts say if the cracker plant is built in the Ohio Valley, it would open the door to more even more business.