A $900 million investment by any company isn't something to take lightly. That is why Continental Resources' (CLR) decision to spend that much on developing the SCOOP shale formation in western Oklahoma is so significant. This will represent almost 25% of the company's $4 billion capital expenditure program for 2014, even though the SCOOP has not proved as prolific a shale play as Continental's core play in the Bakken formation in North Dakota.
So what is it about the SCOOP formation, and why have Continental, Marathon Oil (MRO -1.81%), and Newfield Exploration (NFX) taken large leases in the region? Tune into the video to find out why this region is so desirable and what it could mean for these companies going forward.
