Rigs fall 60% year over year. Production inches up 7% Continued production in Oklahoma’s SCOOP-STACK demonstrates how tracking rig count to determine production swings has become an antiquated practice in some US shale plays. For example, crude oil production in the SCOOP-STACK recently reached annual highs of 488,000 b/d even as rigs continued to plummet to new lows last seen in 2016, according to data from S&P Global Platts Analytics. While producers had more than 100 rigs deployed across the SCOOP-STACK in January, the number has since fallen to 44 rigs. While tracking rigs used to be a key indicator of where basin production would head in the near-term future, SCOOP-STACK operators have proven in 2019 this modeling concept does not always apply, as the region is expected to grow production 7% year over year, […]