The SCOOP/STACK Basin | February 2020
Field Overview
Current WTI price is $33.58/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- 26
Total Rigs in Oklahoma- 48
Total Rigs in United States- 790
Total U.S. Rigs down 24% 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.
State Highlights
Democrats courting Oklahomans seek limits on oil and gas production
- As Democratic presidential candidates court Oklahomans for votes, some are calling for measures that would sharply curtail activity by the oil and gas industry, one of the state’s largest economic engines.
- “We have got to take on the fossil fuel industry and all of their lies and tell them that their short term profits are not more important than the future of this planet,” Vermont Sen. Bernie Sanders said recently.
- Sanders, the front-runner for the Democratic presidential nomination, has authored legislation to ban hydraulic fracturing, better known as fracking, a production method that has contributed to a boom in U.S. supplies of oil and natural gas but has been blamed for earthquakes and water pollution.
- Massachusetts Sen. Elizabeth Warren, one of the Democratic candidates on the March 3 presidential primary ballot in Oklahoma, is also backing a fracking ban.
- Former Vice President Joe Biden said at a campaign appearance in Pennsylvania, among the first states where fracking and horizontal drilling were combined to extract natural gas from shale, that the federal government has “less latitude in what we say we can and cannot do” on state lands.
Panhandle Oil an Gas Inc. Announces Resignation Of Officer
- PANHANDLE OIL AND GAS INC. (NYSE: PHX) the “Company,” today announced that Robb P. Winfield, Vice President, CFO, Controller and Corporate Secretary, resigned from his positions on March 9, 2020, effective immediately.
- Mr. Winfield has served as Panhandle’s Controller since February 2008 and, from March 2009 through December 2016, also held the position of Chief Accounting Officer. He was named Vice President, Chief Financial Officer and Controller on Jan. 1, 2017.
- In connection with Mr. Winfield’s departure, the Company’s board of directors (the “Board”) appointed Ralph D’Amico as the Company’s Chief Financial Officer, effective March 9, 2020.
- Mr. D’Amico currently serves as the Company’s Vice President, Corporate Development and Investor Relations, a position he has held since joining the Company on Jan. 2, 2019. In addition to assuming the position of Chief Financial Officer of the Company, Mr. D’Amico will continue to serve the Company as Vice President, Corporate Development and Investor Relations.
Top Gas Producers
| Rank | Company | Production (MMscf / Month) |
| 1 | Continental | 19,575 |
| 2 | Trinity | 11,349 |
| 3 | Devon | 7,093 |
| 4 | BP America | 6,448 |
| 5 | Cimarex | 5,281 |
Refining
Oklahoma Gas Production
Oklahoma Oil Production
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