SCOOP/STACK News Pulse May 2023

Posted: June 28, 2023

The SCOOP/STACK Basin | May 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- 42 (-4)
Total Rigs in the United States- 682 (-32)
Total U.S. Rigs 10.4% YTD

State Permitting Data
Permits Approved – 149

Basin Highlights

Marathon Oil Reports First Quarter 2023 Results

Marathon Oil, like many other oil and gas operators, had an excellent Q1 2023. In their Oklahoma assets, they produced an average of 54,000 net boepd, 12,000 of which was oil. The company is conducting a joint venture program, under which they were able to bring five wells to sales in Q1. This is a competitive asset for Marathon, at least on an energy basis. Their Permian asset produced 45,000 net boepd and their Bakken asset produced 95,000 boepd. In short, the Oklahoma assets are somewhere in the middle in the ranking of importance for the company’s portfolio.

More Garvin County Wells for Continental Resources

Continental Resources Inc., one of the largest players in the SCOOP/STACK, recently filed two completion reports for two wells on a single pad that showed combined production of ~1,400 bopd. These wells, called the Moonraker wells, are located north of Ratliff City in Garvin County and were completed in February 2023. Combined gas production on the wells is 5,500 Mcfd, meaning the wells had an average GOR of 3.9 Mscf/bo–quite gassy wells.

Targa Resources Corp Reports First Quarter 2023 Financial Results

Targa reported on its Q1 results and discussed its gathering and arterial pipeline infrastructure briefly within its filings. The gathering and midstream infrastructure in the SCOOP/STACK, Ardmore, and other areas of Oklahoma had an operating margin of $947.2 million in Q1 of 2022 and they had an operating margin of $1,139.4 million in Q1 of 2023. The $192.2 million increase in operating margin represented an increase of 20%. Commodity price increase drove this increase, which is evidence that their gathering and processing contracts are tied to commodity prices.

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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