Since Elk City lies in a rich oil and natural-gas area on the shelf of Oklahoma's Anadarko Basin, the petroleum industry is the heart of the city's economy.
Woodward also lies in an oil and natural-gas area on the shelf of Oklahoma's Anadarko Basin.
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historically a subsidiary of Panhandle Eastern Corporation (which existed from 1928 to 1993; Panhandle Eastern has since been acquired by Southern Union Company), was formed in 1959 after the discovery of large amounts of natural gas in the Anadarko Basin (the basin comprises the Texas and Oklahoma panhandles, and southwest Kansas), thus the company's name.