SCOOP/STACK News Pulse – June 2020

Posted: July 13, 2020

The SCOOP/STACK Basin | June 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
Total Rigs in Oklahoma- 10
Total Rigs in United States- 284
Total U.S. Rigs down 73% YTD

Financial & Economic Updates

A Titan Shrivels Away

As RARE PETRO covered in the previous Basin Breakdown, Chesapeake was mulling over the idea of filing bankruptcy. On Sunday the 28th of June, that nightmare became a reality as the company was forced to enter chapter 11 protection thanks to its $9 billion of unmanageable debt. The company has coordinated with lenders to cut $7 billion of its debt and plans to continue normal operations throughout the bankruptcy process. At one point the shale pioneer company was valued at more than $37 billion. Now, it is barely worth more than $100 million according to the market.

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Energy Payouts… What’s the catch?

Congress continues to be lobbied to consider energy related stimulus packages that would provide great support to energy production dependent states such as Oklahoma. States that would opt in to this proposed program would receive a single cash infusion to compensate for the gaps in budget thanks to quickly diminishing demand, and therefore, revenues. In exchange for taking advantage of this assistance, states would promise to return estimated revenues from future oil and gas extraction on nationally owned public lands to the government for a decade. They would also have to work to make their public lands emissions-neutral for that 10 years. While the stipulations may seem severe, the compensation could reach $11.2 billion in total if all states took advantage of the offer. Oklahoma is estimated to receive around $32 million.

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State Highlights

Shaken, Not Stirred

After the Tulsa Trump rally on June 20, the United States Geological Survey was flooded with calls from a couple of hundred people attempting to report an earthquake. This earthquake rumbled through at a magnitude of 4.2 about 80 miles west of Tulsa. This quake was the largest one seen in Oklahoma since a 4.4 magnitude quake went off in May of 2019. Earthquakes have been no strange occurrence in the past, and many are attempting to correlate the increased activity with the injection of wastewater from drilled wells. Regulators have now directed producers to close some injection wells.

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Oklahoma Oil Production

Oklahoma Gas Production

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