SCOOP/STACK News Pulse – December 2020

The SCOOP/STACK Basin | December 2020

Field Overview

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 December)
Total Rigs in Oklahoma- 17
Total Rigs in United States- 351
Total U.S. Rigs down 56% YTD

SCOOP/STACK Top Producers
Top Gas Producer- EOG Resources, INC.


Basin Highlights

Devon and WPX Combine Efforts

While things have been quiet in Oklahoma as the local government attempts to discern whether or not Native Americans can tax producers on reservation land, Devon and WPX stole the local spotlight with their newest merger. This was an all stock deal that left WPX shareholders with 0.5165 shares of Devon common stock for each WPX common stock share owned. The deal was approved on December 31st and was completed in early January. The entire deal only spanned 3 months mainly occupying Q4 of 2020. Dave Hager, Devon Executive board chairman, explained the motive behind the deal stating, “This transformational merger enhances the scale of our operations, builds a dominant position in the Delaware Basin and accelerates our cash-return business model that prioritizes free cash flow generation and the return of capital to shareholders.” This deal would likely have not been finalized if the WPX board was left to their own devices. A lot of pressure came from investors who felt comfortable being merged with Devon, albeit at a much lower takeover premium, than passing up and being consumed by another less capable company.

Article Link


Top Gas Producers (2020 cum)

RankCompanyProduction
(MCF)
1Continental166,942,059
2Trinity89,693,021
3Devon61,807,566
4Merit57,949,210
5Cimarex50,479,598
Hyperlinks to available Q3 2020 Reports

Refining


Oklahoma Oil Production


Oklahoma Gas Production


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The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the following sources unless otherwise
noted:

www.eia.gov
www.drillinginfo.com
www.bhge.com
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