Will this Oklahoma Oil Play Continue to STACK Up Monster Results for Drillers in the Second Quarter?
While the STACK play of Oklahoma doesn't get as much press as other shale plays like Texas' legendary Permian Basin, drillers are finding it to be exceptionally profitable at lower oil prices. Because of that, many of the producers focused on the STACK, and the adjacent SCOOP play, have delivered excellent results in recent quarters even though oil prices remain weak. Given that history, the odds are pretty good that Oklahoma-focused producers Devon Energy (NYSE: DVN), Newfield Exploration (NYSE: NFX), and Marathon Oil (NYSE: MRO) will report solid results when they unveil second-quarter earnings Tuesday night.
Devon Energy gave investors a hint of what's to come this quarter when it publicized a monster new STACK well a few weeks ago. The company said that its Privott 17-H well achieved a facility-constrained peak 24-hour rate of 6,000 barrels of oil equivalent, which was the "highest initial production rate of any well by a wide margin." That well was just one of several prolific ones it brought online during the quarter in the region, thanks in part to its recently enhanced well completion design.
Image source: Getty Images.
Source: Fool.com
Canadian National Resources Ltd. Stock
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