The SCOOP/STACK Basin | March 2020
Current WTI price is $25.88/bbl. 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- 16
Total Rigs in Oklahoma- 29
Total Rigs in United States- 664
Total U.S. Rigs down 35.2% YTD
State Top Producers
Top Gas Producer- Continental
Top Oil Producer- Updated Oil Production Coming Soon!
Financial & Economic Updates
Global events affecting Oklahoma oil industry
- A steep drop in the price for crude oil can be blamed on many global factors, but the effects will be felt close to home for all Oklahomans.
- West Texas Intermediate crude, which was $53.38 a barrel as recently as Feb. 17, began its decline after market traders became concerned about demand declines from China as it struggled to control its COVID-19 outbreak in the Wuhan area.
- That price decline accelerated over the weekend after Russia refused to agree with Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries to make additional daily production cuts beyond what they earlier had agreed to make in an attempt to keep prices from falling further.
Gasoline prices in Oklahoma drop even further
- According to Gasbuddy, gas prices in Oklahoma continue to drop, with prices being as low as $0.97 per gallon in several places around the state.
- According to David Le Norman of the Petroleum Alliance of Oklahoma, the hit on oil prices is devastating for Oklahoma. Le Norman said that one-third of the state’s GDP hinges on the oil and gas industry.
Oklahoma jobless claims skyrocket to record high
- Oklahomans who filed 17,720 initial claims for unemployment benefits last week shattered a nearly 30-year-old record.
- The previous record for filings in a week in the state occurred in January 1991 when 9,778 initial claims for benefits were recorded. The latest number for the Sooner State, reported Thursday by the U.S. Department of Labor, was 81% higher than the historic spike of 29 years ago.
- The DOL blamed the COVID-19 pandemic for a new record 3.283 million initial jobless claims filed across the United States in the week that ended March 21.
Top Gas Producers
(MMscf / Month)
Oklahoma Gas Production
Oklahoma Oil Production
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