Tag Archives: SCOOP

Gulfport Scoping Out SCOOP, Still Eyeing Utica in 2017 | 2017-02-15 | Natural Gas Intelligence

Gulfport Energy Corp. has plans this year to get familiar with the South Central Oklahoma Oil Province (SCOOP), hoping to transfer what it’s learned during the last five years in Ohio’s Utica Shale to the Midcontinent’s stacked pay potential.The company acquired 46,400 net surface acres last year in a deal that’s soon expected to close. Once it does, Gulfport plans to run four rigs in the SCOOP with the Woodford and Springer shales as its primary targets. Other than legacy assets on the Gulf Coast, Gulfport has been focused in recent years on its more than 200,000 net acres in the Utica.

Source: Gulfport Scoping Out SCOOP, Still Eyeing Utica in 2017 | 2017-02-15 | Natural Gas Intelligence

Low oil prices won’t slow production, jobs in SCOOP

Cost reductions, lower gas prices and falling oil stocks will not have a large impact on SCOOP production, according to one Continental Resources vice president.

Warren Henry, vice president of research and policy for Continental said although reductions in capital expenditures have been substantial, the company’s investment in the SCOOP is too much for it consider slowing down due to the current market.

“It will take quite awhile for production growth rate to slow down very much,” he said.

The growth rate will slow down a bit in the second half of 2015, but Henry said Continental’s continued success in the SCOOP keeps the company interested.

“As we move south and southeast further delineating the play we are having continued success,” he said. “Because we are early in the maturity development of the play we are still defining how big it is.”

Henry said the situation in North Dakota’s Bakken region is very different, where that play has been well defined.

“Some of these decisions are not purely economic,” he said. “Theses issues aren’t just based on oil and gas prices, but momentum you have in an area.”

Henry said the company bases growth rates over the last 12 months and not the last two or three.

Drastic reductions in staff will not be something seen in Continental, according to Henry.

via Low oil prices won't slow production, jobs in SCOOP – Chickasha Express Star: News.

Continental Resources announces further budget cuts | Bakken.com – Zach Koppang

Continental Resources (NYSE: CLR) has recently announced its plans to further cut its capital expenditures for the upcoming year but also projects the activity will increase production growth by up to 20 percent when compared to last year.Last month the company announced it would be cutting its budget from $5.2 billion to $4.6 billion. However, those figures have been updated and expenditures will now be cut from $4.6 billion to $2.7 billion. Since the summer, oil prices have dropped by nearly 50 percent with this month seeing prices hovering around $60 per barrel. Continental Chairman and Chief Executive Officer Harold Hamm said, “This revised budget prudently aligns our capital expenditures to lower commodity prices, targeting cash flow neutrality by mid-year 2015.”Additionally, the company plans to decrease its current operating rig count from 50 to about 34 by the end of the first quarter of 2015. Continental plans to keep 31 rigs in operation for the full year. Of these rigs, only 11 will be operating in North Dakota’s Bakken formation. Four of the remaining rigs will be operating in the Northwest Cana area of the Anadarko Woodford formation, and 16 will be operating in the South-Central Oklahoma Oil Province (SCOOP).

via Continental Resources announces further budget cuts | bakken.com.

Marathon Oil Corporation Is Sprinting Back to America

It was another great quarter for Marathon Oil (NYSE: MRO  ) , as investments in American operations resulted in strong liquids production growth. Three shale plays in particular, the Eagle Ford, Bakken, and SCOOP, were primarily responsible for pushing Marathon Oil’s earnings higher after it updated investors on May 6. With output from those three shale plays growing by 26% year over year, the North American exploration and production segment posted $242 million in net income this quarter compared to a loss of $59 million in the same quarter a year ago.  

via Marathon Oil Corporation Is Sprinting Back to America.

Bakken: Staying the course

Continental Resources plans to stick with its original goal of tripling production and reserves over five years, even though the Oklahoma-based company apparently now has the resources to far exceed the aggressive target it established less than two years ago.

The company’s original plan to drive production to 300,000 barrels of oil equivalent per day by year-end 2017 was based entirely on anticipated output from the Williston Basin’s Middle Bakken and the first bench of the Three Forks formation.

But a lot has transpired on the exploration front since Continental announced its five-year plan in October 2012.

For one, Continental recently established that the lower benches of the Three Forks also are commercial. Moreover, its Oklahoma SCOOP shale play, little more than a good idea two years ago, is said to be as competitive as the Bakken petroleum system.

via PN Bakken: Staying the course – March 16, 2014 – Petroleum News.

Why Do So Many Companies Want to Do Business in Oklahoma?

North Dakota and Texas hold two of America’s hottest oil resources plays. That’s why oil companies and investors are flocking to profit from the oil-fueled growth these two states provide. However, those aren’t the only two states benefiting from the oil boom, as more companies are now also taking a closer look at some very intriguing oil plays in Oklahoma.

via Why Do So Many Companies Want to Do Business in Oklahoma? – DailyFinance.