The SCOOP/STACK Basin | May 2021
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 basin’s providing a bulk of the production. Some of the top formations are the Woodford Shale and Hunton Carbonate.
State Drilling Statistics (End of May)
Total Rigs in Oklahoma- 28
Total Rigs in United States- 457
Total U.S. Rigs up 52% YTD
State Permitting Data (End of May)
Permits Approved – 56
SCOOP/STACK Top Producers
Top Gas Producer- EOG Resources, INC.
Kayne Anderson Announces Consolidation into 89 Energy III
Kayne Anderson Energy is a non-diversified, closed-end management investment company who recently revealed a consolidation of Casillas Petroleum Resource Partners, Native Exploration Holdings, and Acaca Exploration Partners into 89 Energy III. The consolidation strengthens the financial and operating position of the resulting company allowing it to realize day-one structural cost reductions, leverage scale for additional savings, and the ability to pursue an efficient development of it’s high quality drilling inventory. 89 Energy III will have 80,000 net acres across Oklahoma with a total of 21,000 boe/d production. Not only will they be operating on consolidated land, but they will also manage the assets of Triumph Energy Partners which consists of an additional 6,500 net boe/d of production. Kayne Anderson manages over $34 billion in assets as of the end of March, so the company should be able to guide 89 Energy III to profit.
Continental to Focus Efforts in Oklahoma and North Dakota
Continental’s drilling plan is eager to make use of Oklahoma’s SCOOP as the commodity optionality has been beneficial in the past. “In Oklahoma, our oil and gas assets continue to afford us commodity optionality, which is a significant attribute as it provides great flexibility in various commodity environments,” CEO Bill Berry told analysts. “Just as the gas commodity fundamentals last year suggested we should switch to gas-weighted drilling, which we did, we see the fundamentals this year supporting more oil weighting for our Oklahoma assets.” Continental hopes to deliver 67 gross operated wells in Oklahoma this year, which is possible as they brought 14 wells online in Q1 alone, of which the majority were gas. They plan to shift towards more fluid production by the end of the year to generate $1.7 billion FCF assuming $60/bbl oil and $2.75/MMbtu.
Most Permits By Operator in OK (April)
Oklahoma Oil Production
Oklahoma Gas Production
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