SCOOP/STACK News Pulse August 2023

Posted: September 28, 2023

The SCOOP/STACK Play | August 2023

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- 37 (-2)
Total Rigs in the United States- 630 (-2)
Total U.S. Rigs 17.5% YTD

Basin Highlights

State Treasurer updates list of banned banks competing with energy, oil and gas

In early 2023 Oklahoma announced it would work its hardest to ensure that business was no longer conducted with “woke” banks. That basically came down to 13 banks boycotting the oil and gas sector, but that number has since been reduced to six in the past week. Financial institutions that boycott oil and gas companies may be prohibited from doing business with the state, according to an Oklahoma law passed in 2022. State Treasurer Todd Russ says he is committed to upholding the law. The six banks viewed as actively boycotting are BlackRock Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America, N.A., State Street Corp., and (unsurprisingly) Climate First Bank. Bank of America was funding an infrastructure project in Stillwater Oklahoma, but these new regulations may or may not prevent that funding from taking place.

OKC law firm selected to help OK AG with potential winter storm cost litigation

In a possible legal action against fuel suppliers accused of scamming consumers out of billions of dollars during Winter Storm Uri, the State of Oklahoma has chosen Oklahoma City law firm Foshee & Yaffe to represent it, according to Attorney General Gentner Drummond’s announcement. Kim David, the State Corporation Commissioner, claimed that Oklahoma’s utility companies were forced to pay exorbitant prices for that gas from suppliers or middlemen. Now that the costs have been incurred, regular Oklahomans will be paying for the next 20 or so years. 

Oil problem for neighbors in Stillwater after rain washes excess into creek

After rain, oil spilled into a Stillwater creek that runs behind homes. One neighbor claimed they have been battling it since 2018. When visiting the well, the air was filled with the aroma of oil, and the ground was covered in dried oil. “The estimate is about five barrels and it had run through a field and then eventually found its way into a creek from a well site. So there were two areas that needed really to be cleaned up,” said Matt Skinner, a spokesman for the Corporation Commission. “We still think the oil and natural gas industry as a whole is a great thing for the state of Oklahoma, but it just takes a few people that act like this to give it a bad name,” said Mckeever, a local stillwater resident.

Most Permits By Operator in OK

2Fourpoint Energy, LLC11
3Continental Resources7
4Canvas Energy5
5Formentera Partners4
Hyperlinks to available Q3 2021 Reports

Rig Count

Oklahoma Oil Production

Oklahoma Gas Production

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Related Tags: News Pulse | Oklahoma | Scoop Stack

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