Stack

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.

Continental Resources Inc. said it has signed a firm transportation agreement with Enable Midstream Partners LP for the entire takeaway capacity of Project Wildcat, a 400 MMcf/d natural gas pipeline that would connect the Midcontinent with North Texas.

The United States added one natural gas rig for the week ended Friday as oil drilling accounted for the bulk of the week’s domestic gains, according to data from oilfield services giant Baker Hughes Inc. (BHI).

Linn Energy Inc. subsidiary Blue Mountain Midstream LLC has been given the go-ahead by FERC to construct a residue natural gas line to help expand Oklahoma takeaway.

In order to meet the growing need for natural gas residue takeaway capacity in southeastern Oklahoma and provide more downstream optionality, Tall Oak Midstream III LLC on Tuesday launched a nonbinding open season to secure prospective shippers for a proposed 80-mile pipeline.

Regulators in Oklahoma say data gathered since seismicity guidelines went into effect in late 2016 supports new requirements for oil and gas operators planning to drill in the state’s stacked reservoirs, thereby reducing the chances of future earthquakes from completion activities.

Continental Resources Inc. reported net income of $841.9 million in 4Q2017, which included more than $700 million in benefits from federal tax reform, as production surged in the North Dakota portion of the Bakken Shale and Oklahoma’s STACK (aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties).