Michael C. Coffman
Oil and natural gas are hot commodities in Oklahoma.
“I’ve been here 22 years and we’ve never been busier than any time since I can remember,” said Michael Coffman, CEO and president of Panhandle Oil and Gas Inc., in Oklahoma City.
The recent energy boom has expanded the state’s jobs market and boosted the economy. Panhandle Oil and Gas is small compared to some of the state’s oil and gas giants, but its investments and opportunities have plenty of activity.
Because the company is publicly traded, Coffman often is busy answering emails from investors or taking calls from stock analysts. He also meets regularly with engineers and geologists about current projects or potential new wells. Panhandle Oil and Gas owns 255,857 fee mineral acres and has a working interest or a royalty interest in more than 5,600 wells.
“There’s always a risk with drilling a well; you may end up with a dry well,” he said.
That risk places a lot of responsibility on Coffman’s shoulders. He spends parts of his time communicating with the company board and traveling the country talking to current and potential investors. He also is responsible for monitoring the industry, tax implications and regulations, and documentation with the U.S. Securities and Exchange Commission.
He uses his industry knowledge and experience as a director on the Kansas City Fed’s Oklahoma City Branch Board.
“I have always been interested in economics and what in the economy works and not works,” he said. “I can provide (the Fed) insight of how the oil and gas industry impacts the economy.”
By working with the Fed he also can learn how other industries affect the state, local and national economies.
“I’m excited to be associated with the Federal Reserve and serving on its board,” he said. T