The SCOOP/STACK Basin | November 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 November)
Total Rigs in Oklahoma- 13
Total Rigs in United States- 320
Total U.S. Rigs down 60% YTD
SCOOP/STACK Top Producers
Top Gas Producer- EOG Resources, INC.
Little Federal Land to Ban
Although some states like North Dakota have based much of their activity on now threatened federal land, Oklahoma seems hopeful for the coming Biden administration energy policy changes. Since Biden has clarified a phasing out of hydraulic fracturing rather than an outright ban, Oklahoma sees itself in a decent position. Since only 2% of the land is owned by the federal government, the rest being public or native american lands, banning activity on federally owned lands will have a minimal impact. The greater concern lies of course, within the unknown. Brook Simmons, president of the Petroleum Alliance of Oklahoma says, “If Biden chooses to ban permits for drilling on federal lands, he even probably has some challenges ahead of him in doing that, but he can still inflict pain on the industry through things like delays and just death by a thousand cuts by slowing the industry’s plans for development or investment.”
Company Jukes Oklahoma
While exploration and production continues to struggle through depressed pricing, a few key companies continue to make the best of a rather poor situation. Houston based Nine Energy Service planned to open an Oklahoma facility to support its cementing business. Unfortunately, investment money for that region dried up as confidence followed the trend of oil pricing. The SCOOP/STACK plays aren’t as attractive as many other areas, and it is becoming painfully apparent. Nine Energy Service lifted its plans and simply moved the facility to the Haynesville shale area. They hope to stake out a large market share and support the required cementing needed to complete any DUCs or new wells in the region. Unfortunately for Oklahoma, the business is being scared away by low commodity prices, and a lack of confidence in the plays.
Top Gas Producers (2020 cum)
Oklahoma Oil Production
Oklahoma Gas Production
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