SCOOP/STACK News Pulse February 2023

Posted: March 15, 2023

The SCOOP/STACK Basin | February 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- 61 (-3)
Total Rigs in the United States- 749 (-11)
Total U.S. Rigs 15% YTD

State Permitting Data
Permits Approved – 69

Basin Highlights

Foothills Exploration acquires 21 oil and gas wells in Oklahoma

In Comanche County, Oklahoma, Foothills Exploration, Inc. has purchased four leases as well as 21 shallow oil and gas wells. These stripper wells, which typically produce from the Granite Wash deposit, are 1,200 feet deep on average. Cleaning up old wellbores, facility upkeep, electrical work, and flowline repair work will be part of the return-to-production program, which is anticipated to result in overall production rates of 20–25 bopd for all wells. The properties will be administered by WHZ Oil & Gas, LLC, a firm indirect subsidiary. For possible bolt-on acquisitions, Foothills Exploration is actively assessing a number of other oil-weighted assets in the region.

Oklahoma threatens to blacklist financial firms that ‘boycott’ energy companies

State Treasurer Todd Russ wants to put financial institutions that “boycott” energy businesses on a blacklist which will prevent them from receiving billions of dollars from state agencies. Several organizations, including market leaders like BlackRock, Vanguard, and JPMorgan, have received letters and questionnaires from his office requesting information about their interactions with energy companies. The Treasurer’s office will give the institutions 60 days to react, after which they risk being blacklisted. According to Russ, the replies will show if Oklahoma pension funds, like its public retirement system, are linked to businesses that compete with the energy sector. 

Commerce Department promotes Oklahoma’s high GDP growth

Oklahoma had the third-fastest expanding economy in the US during the second and third quarters of 2022, with a gross domestic product growth rate of 5.5%. Only Alaska and Texas outperformed Oklahoma at that time, with Alaska’s GDP growing by 8.8% and 8.5%, respectively. $1 billion was given by the oil and gas industry in Oklahoma, $444.5 million by the transportation and warehousing sector, and $7.3% by the arts, entertainment, and leisure industry, which outperformed all other industries.

Most Permits By Operator in OK

1Citation Oil & Gas5
2Citizen Energy3
4E2 Operating3
4Mewbourne Oil1
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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