Summary
- The broad decline in the rig count in Oklahoma over the last year has likely reflected oil price volatility as well as increased drilling efficiencies. The trend in recent months for the SCOOP and STACK has been bifurcated, with the SCOOP’s rig count gaining and the STACK’s falling.
- Despite headlines that may be perceived negatively, many E&Ps continue to report positive results from both the SCOOP and STACK.
- Rather than an issue with geology, the struggles of STACK-focused Alta Mesa Resources have been primarily due to mismanagement and a lack of operational execution.