Liz Hampton | WTVBAM
Oklahoma’s oilfields face some of the highest costs in the U.S. shale industry, making the state a likely first victim of the crash that has seen crude fall to its lowest price in 18 years.
Oil companies in Oklahoma were laying off workers and slowing activity even before the spread of the coronavirus and the price war between Saudi Arabia and Russia. Now, with oil prices at $25 a barrel, many may be forced to shut completely.
It costs around $48.19 a barrel to produce oil in Oklahoma’s SCOOP and STACK shale plays, the highest in the United States, according to a Deutsche Bank analysis. That compares with about $46.54 in North Dakota’s Bakken and around $40 in the Permian.