SCOOP/STACK News Pulse August 2022

Posted: October 13, 2022

The SCOOP/STACK Basin | August 2022

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 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- 65 (+2)
Total Rigs in United States- 762 (+6)
Total U.S. Rigs 52% YTD

State Permitting Data
Permits Approved – 115


Basin Highlights

Oklahoma ends fiscal year 2022 with $2.8 billion surplus

The oil and gas industry continues to play a major role in the economies of many states, one of those states being Oklahoma. Fiscal year 2022 ended with the state having $2.8 billion in excess. While state officials are deciding how to spend the money they should be thankful for the industry that contributed the most to their overall revenue in 2022 and every year previous. Of the $8.5 billion the state collected, about $1.38 billion of it came from the oil and gas industry, an increase of 13.3% since last year. Much of that increase is due to the higher than usual gas oil prices and economic recovery from the COVID-19 pandemic. State officials plan on using the excess revenue to help Oklahomans combat inflation.

Oil company agrees to $850k settlement for 2016 Oklahoma earthquake damages

Six years ago the cities of Pawnee and Cushing in north east Oklahoma experienced two earthquakes, one of which set a new state record for largest magnitude ever recorded. Operator Eagle Road Oil LLC was held partially responsible for the quakes and has just recently agreed to pay $850,000 to settle its portion of the lawsuit while maintaining that they are not responsible. Eagle Road Oil’s wastewater disposal wells in the area were determined to be part of the cause of the earthquakes. After the earthquakes the Oklahoma Corporation Commission shut down 32 disposal wells in and around the area and restricted another 35 wells. Cummings Oil Co., Territory Resources LLC and EnerVest Operating LLC are also being held responsible.


Most Permits By Operator in OK

RankCompanyPermits
Approved
1Citation Oil & Gas13
2Citizen Energy10
3Ovintiv 8
4E2 Operating5
4Mewbourne Oil5
Hyperlinks to available Q3 2021 Reports

Rig Count


Oklahoma Oil Production


Oklahoma Gas Production


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The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the following sources unless otherwise
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www.eia.gov
www.drillinginfo.com
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Related Tags: News Pulse | Oklahoma | Scoop Stack

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