SCOOP/STACK News Pulse March 2023

Posted: April 20, 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- 55 (-6)
Total Rigs in the United States- 748 (-1)
Total U.S. Rigs 7.8% YTD

State Permitting Data
Permits Approved – 149

Basin Highlights

Oil, gas production taxes fuel record for collections in Oklahoma

Oklahoma has experienced a record-breaking surge in collections of oil and gas production taxes. This surge in revenue is a result of the thriving energy industry in the state, which has helped boost Oklahoma’s economy. Through February of last year, tax collections were $17.62 billion, an increase of 12.9% over the same time last year. For the first time, taxes on the gross output of oil and gas exceeded $2 billion. Oklahoma’s economy is thriving due to high petroleum prices and low unemployment, despite inflationary pressures.

The Ways and Means Committee Listens to Working Americans’ Struggles in Biden Economy

In order to hear from working Americans on the state of the American economy the Ways and Means Committee hosted its second field hearing where citizens voiced alarm over Biden’s spending limits, which would increase taxes on top of the cost-of-goods hike. Lower taxes are better for everyone, according to Joe Brevetti, owner of a small oil drilling firm. Joe talked about how tough it has been to launch and maintain a small business in Biden’s America and how difficult it has been to locate full-time staff as well as contract workers for the many aspects of the business. Joe and others are pleading with Congress to grant them permission to carry on operating their family-owned companies and to support American workers who are still physically able to do so.

Oklahoma’s fight against pro-environmental policies

Republican lawmakers in Oklahoma are fighting against programs that encourage investments in renewable energy in an effort to save the state’s oil and gas industry and resist “woke ideology.” However, a lot of the environmental measures that Oklahoma opposes are supported by the same international firms that the state is actively wooing with millions in tax breaks. Republican lawmakers and Governor Kevin Stitt authorized a prohibition on state investments in businesses that support ESG last year. State Treasurer Todd Russ has sent letters to 160 businesses giving them until April 1 to affirm they do not “boycott energy companies. Democrats attributed Oklahoma’s struggle to draw major firms to conservative “culture war” policies and politicians, while Stitt denied the notion that this was the case because of Oklahoma’s anti-ESG attitude.

Most Permits By Operator in OK

1Citation Oil & Gas15
2Citizen Energy11
4Mewbourne Oil6
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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