SCOOP/STACK News Pulse – December 2019

Posted: February 28, 2020

The SCOOP/STACK Basin | December 2019

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

Active Drilling Rigs in Basin- 25
Total Rigs in Oklahoma- 53
Total Rigs in United States- 781
Total U.S. Rigs down 27% YTD

State Top Producers

Top Gas Producer- Continental
Top Oil Producer- Updated Oil Production Coming Soon!

Financial & Economic Updates

Proposals to limit production from Oklahoma natural gas wells made to regulator

  • Up for debate is a question about whether the state’s 8 billion cubic feet per day of production is wasting a precious natural resource.
  • Backers of a plan to crimp the allowable production from unallocated natural gas wells within Oklahoma argue that’s the case, suggesting that reducing chronic oversupplies of the product could help improve its price.
  • The commission has had the power to control the production of natural gas and (at one time) oil in Oklahoma since the 1930s under state law and rules enabling it to conserve natural resources, protect public safety and to promote economic development.
  • Since 1999, commissioners have routinely ordered operators to limit production from unallocated gas wells at either 65% of a well’s absolute open flow potential or 2 million cubic feet per day, whichever is greater.

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State Highlights

Largest jury verdict in Pittsburg County history for victims of Quinton gas well explosion

  • On Tuesday, a jury awarded $20 million in a wrongful death lawsuit brought in the aftermath of the Patterson 219 oil rig fire near Quinton, Oklahoma, on January 22, 2018, that killed five. The jury awarded damages to each family plaintiff in the amount of $10 million.
  • It is the largest jury verdict in the history of Pittsburg County and one of the largest verdicts ever rendered in Oklahoma.
  • The gas well explosion was considered to be the deadliest drilling accident since the 2010 Deepwater Horizon rig explosion in the Gulf of Mexico.
  • The jury found Red Mountain Energy, Crescent Consulting, Patterson UTI, and National Oilwell Varco (NOV) responsible for the deaths of five men in the 2018 oil rig fire outside Quinton.

Article Link

FBI file shows intrigue around fracking pioneer

  • The FBI was looking into allegations of trade secret theft at Chesapeake Energy Corp., the oil and gas company founded by Aubrey McClendon, shortly before McClendon’s death in 2016, new documents show.
  • The new documents, which the FBI posted on its website Friday, help fill in some of the gaps about the government investigations and lawsuits that McClendon was facing before he died.
  • McClendon denied the antitrust allegations but was unable to defend himself; he died in a one-vehicle accident the next day.
  • Chesapeake settled its civil case against McClendon in 2017, according to the Associated Press. A year later, the company settled one of the last lawsuits related to McClendon’s time at the company, agreeing to pay $6.95 million to landowners in Oklahoma who said they were shortchanged on their oil and gas leases.

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Top Gas Producers

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Oklahoma Gas Production

Oklahoma Oil Production

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