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Money Burning A Hole In Your Pocket

Money Burning A Hole In Your Pocket

RP Weekly Recap | July 20 – July 24

Summary

Chevron finally pulled the trigger with their unspent Anadarko money from last year, purchasing Noble Energy in an all stock deal for ~$13 billion. This acquisition ends a long drought of deals and puts Chevron back in the news almost two years after putting Anadarko in play and ultimately standing aside to let Occidental buy it. This also marks the largest transaction in the oil industry since the start of the global pandemic.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 15,545,445 (up from 13,885,746 last week)
  • Number of Cases (USA): 4,040,658 (up from 3,604,408 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Chevron Agrees to $13 Billion Takeover of Noble Energy (Link, Link)
  • BJ Services Files Chapter 11 (Link)
  • Are Half the Companies in Shale Really Superfluous? (Link) **MUST READ**
  • Implications of COVID-19 for the US shale industry (Link) *Further Analysis of Above Topic*
  • The Permian Creates Task Force To Protect US Shale From Market Manipulation (Link)
  • PPP Loan Program Saved More Than Half of Oil Field Jobs in Texas, and Those Loans Have Run Out (Link)
  • Oil Declines Slightly After Surprise Build in U.S. Inventories (Link)
  • The Beginning Of The End For Gas Flaring (Link)

Global Market News

  • In Europe, Green Energy Beats Fossil Fuels For the First Time Ever (Link)
  • China’s Hunger For Crude Is Waning (Link)
  • Iraq Increases Oil Exports in July, Still Pumps Above OPEC+ Target (Link)
  • Halliburton Looks Beyond Shale As Fracking Remains Unprofitable (Link)
  • Canada’s TransMountain Pipeline Faces Another Major Setback (Link
  • Renewable Energy Is Seizing Market Share During The Pandemic (Link) *Preview of Next Week’s Periodical*

Employment Updates

  • Oil & Gas Company BJ Services to Lay Off 273 in Shreveport Following Bankruptcy Filing (Link)
  • Weekly Jobless Claims Rise Amid Spike in Coronavirus Cases – the uptick in claims is one of the first indicators that the recent increase in virus cases is threatening the economy’s fledgling recovery (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • Down 2 rigs in the last week for a total of 251
  • Down 73% from one year ago

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • This week’s periodical investigates the true cost to produce a barrel of oil in different areas around the world. By exploring how much global production can economically be produced at varying price tiers, a picture of future oil prices begins to unfold. Be sure to check out: Oil Profitability Around the World (Link)
  • Our newest endeavor, the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical on oil profitability around the world! (Link)
  • A NEW Basin Breakdown for the Month of June is available now! Be sure to check out the articles HERE and podcast HERE! 
  • As Always, A New Monday Madness Podcast! (Link

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