The SCOOP/STACK Basin | August 2020
Ranking 6th in oil production and 3rd in natural gas production, the SCOOP/STACK play is one of the largest fields within the continental United States. It is primarily a shale play, with the Anadarko and Ardmore basin’s providing a bulk of the production. Some of the top formations are the Woodford Shale and Hunton Carbonate.
State Drilling Statistics (End of July)
Total Rigs in Oklahoma- 11
Total Rigs in United States- 254
Total U.S. Rigs down 72% YTD
Financial & Economic Updates
Not a lot of financial information to be presented this month within Oklahoma outside of mass restructuring. We encourage you to navigate to the periodicals page, or listen to a podcast that we have uploaded recently to supplement your knowledge of the industry in the present.
Stitt Takes Control
Just last month the Supreme Court announced that over half of the area in Oklahoma is actually property of the Native American tribes that reside there. Now this month, Oklahoma Governor Kevin Stitt asks that the EPA give him state jurisdiction over environmental regulations on Native American reservations. Stitt has claimed that he intends to work alongside and not control the sovereign nations of Oklahoma. Of the chiefs he has reached out to, several have allegedly expressed excitement working alongside the government for state to federal negotiations. Stitt has mentioned how he wants the tribes to be successful, but not at the expense of non-tribal business such as oil and gas operations. Considering that the EPA is currently under direct control of the Trump administration, it is likely that this request will be granted.
Approved Pipelines not Free of Delays
It is not uncommon to see third parties attempting to intervene and shut down pipeline projects, but even the projects that are approved and have little opposition are being held back. The Midcontinent Supply Header Interstate Project (MIDSHIP) asked the FERC for an extension on completing their pipeline by the very end of 2022. The pipeline stretches 234 miles from Kingfisher Oklahoma to the Texas border and is specifically designed to deliver natural gas. Although the pipeline began partial service in Q2 of this year, the project is 3 compressor stations shy of being complete. COVID introduced delays into commercializing the project, so a little more time is needed until the compressor stations can be added to the rest of the project. Once completed, the pipeline is capable of moving 1.44 billion cubic feet per day.
Oklahoma Oil Production
Oklahoma Gas Production
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