The SCOOP/STACK Basin | January 2021
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 January)
Total Rigs in Oklahoma- 18
Total Rigs in United States- 384
Total U.S. Rigs down 56% YTD
SCOOP/STACK Top Producers
Top Gas Producer- EOG Resources, INC.
Happy with the XL Decision
Texas may not be alone in their support for the revocation of the Keystone XL permit. Mickey Thompson, former head of the Oklahoma Independent Petroleum Association said, “We do not need 800,000 barrels a day of anybody’s crude oil to come to Cushing, Oklahoma and sit there.” While the US has been making significant progress on domestic crude reserves, it certainly wouldn’t help to have more oil important from Canada. Thompson continued to argue that more jobs would have been lost in Oklahoma if the pipeline was allowed to operate. While it certainly can be argued many ways, one thing is certain: The relationship between Canada and the United States is certainly tarnished from Biden’s decision.
Prepping for the Worst
Oil and gas is not exclusive to the West. Oklahoma is beginning to prepare for what they are predicting to be a rather difficult era. Although little of the land in Oklahoma is public or federal, many individuals have mentioned that they feel like sitting ducks waiting for unknown legislation to pass. Dewey Bartlett of the Oklahoma Energy Producer Alliance said regardless of his political beliefs, he panicked when he heard Biden say he plans to move away from fossil fuels. If that is the case, he believes not only will Oklahoma be devastated, but so will the entire economy.
No Native American Tax
Chief Greg Chilcoat of the Oklahoma Seminole Tribe clarified the Native American position on taxing operators within federal land. He said, “At this time, the Seminole Nation has not exerted taxation authority over nonmember oil and gas producers operating on fee simple land.” This essentially means the tribe’s asserted taxation authority over oil and gas producers within Seminole County only extends to those producers operating on Seminole Nation trust land or restricted allotments, and not on any land owned by non-Indians. There is still plenty more tax policy to sort through since the Supreme Court designated a large portion of Oklahoma land as Native American land last year.
Top Gas Producers (2020 cum)
Oklahoma Oil Production
Oklahoma Gas Production
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