SCOOP/STACK News Pulse July 2023

Posted: September 1, 2023

The SCOOP/STACK Play | July 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- 39 (-)
Total Rigs in the United States- 664 (-10)
Total U.S. Rigs 12.4% YTD

Basin Highlights

No Love for “Ethical” Banks

When it comes to their pension funds, bond sales, and bank loans, Oklahoma’s cities and counties are receiving different information about the application of a new legislation prohibiting the state from doing business with banks that are thought to be antagonistic to the oil and gas industry. Because of the uncertainty, a project in Stillwater has been put on hold, and the Tulsa County retirement system has begun talking about taking unilateral action against banks that are on a list of prohibited financial companies. Early in May, State Treasurer Todd Russ published a list of companies that were prohibited. BlackRock Inc., JP Morgan Chase & Co., Wells Fargo & Co., Bank of America, and State Street Corp. are among the 13 corporations. The Oklahoma Energy Discrimination Elimination Act, passed by lawmakers in 2022, was the source of the list. Numerous states currently have regulations that prevent financial institutions from doing business with those who have promised to limit their exposure to oil and gas businesses or who have plans to lessen their carbon footprints. A slew of conservative organizations have encouraged this pushback by offering sample legislation to legislators and talking points to state treasurers and other financial authorities, including those in Oklahoma.

Potential Mid-Storm Price Gouging

The attorney general of Oklahoma, Gentner Drummond, stated on Tuesday that he might file a lawsuit against numerous parties for alleged market manipulation during Winter Storm Uri in 2021. In the continental U.S. The ice and snow storm resulted in approximately $200 billion in damages and hundreds of fatalities. The attorney said after a review, that “many companies” took advantage of the storm through market manipulation and “other potentially unlawful conduct. “As a result of the careful and diligent review of conduct during Winter Storm Uri, I discovered that several companies reaped billions of dollars at the expense of businesses and individuals who were suffering from the crippling effects of the storm. The magnitude of this scheme is staggering and unconscionable. Oklahomans can rest assured that I will do everything in my power as Attorney General to return what was taken and hold accountable those responsible.”

Using AI for Earthquake Detection

To aid in the adoption of cutting-edge earthquake early-warning technology in the oil and gas sector, SeismicAI joined The Petroleum Alliance of Oklahoma. Additionally, SeismicAI is collaborating with the Oklahoma Geological Survey to use data from a real-time statewide seismic network to apply the SeismicAI early-warning approaches. Oklahoma has seen an increase in earthquake activity since 2009. Currently, Oklahoma experiences 50 little earthquakes annually, with one to two of those being felt. “By collaborating with the oil and gas industry, SeismicAI can help protect critical infrastructures and operations that are vital to the industry, thereby saving enormous capital and mitigating damage,” said Benny Sasson, CEO, SeismicAI. “Oklahoma experiences quite a few earthquakes, and our early warning could also bring immense value in reducing the profit loss, inventory and equipment costs. According to studies, early warnings can reduce non-structural damages by up to 50%, which could make a dramatic difference in various sectors in Oklahoma.”

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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