The SCOOP/STACK Basin | April 2022
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 basins 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- 58 (+7)
Total Rigs in United States- 728 (+336)
Total U.S. Rigs 37.5% YTD
State Permitting Data
Permits Approved – 115
Capitol Hill lawmakers are meeting with oil and gas companies to figure out how to bring gas prices down. Devon Energy is one of the more prominent companies that will be in attendance and has stated that increasing domestic production would be the easiest way to decrease the price of gas. A barrel of oil is going for more than $100 right now which enables more wells to be drilled, however, that price is volatile and who knows if it’ll stay north of $100 for more than a few months. Skepticism is the main driver keeping oil producers from ramping up production.
The Energy Discrimination Elimination Act of 2022 or House Bill 2034 was approved by the Oklahoma Senate. The bill will help protect the oil and gas industry that has become so vital to the state’s economy. House Bill 2034 will require the state to sell off any assets within finance companies that boycott the energy industry. Oklahoma employs triple the national average of people working in the fossil fuel industry, hence the state’s commitment to protecting interests of taxpayers, shareholders and residents, over certain political ideologies.
Days after Russia invaded Ukraine Oklahoma Gov. Kevin Stitt wrote to President Joe Biden in hopes of encouraging the administration to embrace domestic production. Over a month later the U.S. enforces sanctions on Russian oil, further complicating the oil, and thereby energy, market. Rig counts within the state and in the nation are on the rise, however, producers are still waiting for federal support and oil price stability before really letting loose.
Most Permits By Operator in OK
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Oklahoma Oil Production
Oklahoma Gas Production
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