Oklahoma City, OK-based Continental Resources Inc. turned in a third quarter earnings report that beat expectations across the board, but results in Oklahoma demonstrated the company’s dominance as one of the only producers to continuously outperform in a play that has sent multiple operators running.
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Oklahoma water infrastructure company Bison said Wednesday is buying Tapstone Energy LLC’s produced water infrastructure in the Anadarko Basin for an undisclosed amount.
Encana Corp. has paused a well completion operation in the heart of Oklahoma’s stacked oil and gas formations following two earthquakes that measured 3.2- and 3.9-magnitude.
Recent corporate developments among Oklahoma oil and gas producers have called into question the solidity of returns on investment in the state, but producers and some analysts see value persisting in the prolific Anadarko Basin.
Chaparral Energy Inc. said it’s finished drilling a spacing test in Oklahoma’s Sooner Trend of the Anadarko Basin mostly in Canadian and Kingfisher counties (STACK) during the first quarter and has several additional tests planned for 2019.
Oklahoma City-based Chaparral Energy Inc., which works the STACK, aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties, expects to increase production by 45-59% this year using fewer rigs and less capital.
Strong well results in Oklahoma’s STACK, aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties, helped lift Chaparral Energy Inc.’s production by 44% year/year (y/y) in the second quarter and prompted the pure-player to raise its capital spend and production guidance for the year.
Continental Resources Inc. raised its production guidance and increased capital expenditures (capex) for the year, as it plans to deploy more rigs in the Bakken Shale and a multi-year development program targeting Oklahoma’s myriad stacked reservoirs.
A trio of companies, some with energy assets in the Midcontinent, has agreed to form a joint venture (JV) called Cimarron Express Pipeline LLC, to build a crude oil pipeline connecting the region’s stacked reservoirs to a terminal at the Cushing Hub.
Higher oil prices drove a surge in profits and revenues for Continental Resources Inc. in the first quarter, as the company kicked off an ambitious multi-year oil development program targeting Oklahoma’s myriad stacked reservoirs.