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EUREKA!

EUREKA!

RP Weekly Recap | August 17 – 21

Summary

In a relatively quiet week in the industry, a family owned oil and gas company made a major discovery in West Texas. While the 74.2 Million Barrel discovery would not seem like a big deal to some of the major oil and gas companies in the area, the exploration venture more resembles that of a development project for a small company that can hopefully bring back their workers lost during the downturn. It is the kind of bright news the world needs in times where there seems to be nothing but negativity all around.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 22,754,063 (up from 20,981,938 last week)
  • Number of Cases (USA): 5,589,013 (up from 5,258,056 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Occidental Announces Sale of Wyoming, Colorado, and Utah Land Grant Assets to Orion Mine Finance for $1.33 Billion (Link
  • Trump Administration Approves Oil Leasing Plan for Alaska’s Arctic National Wildlife Refuge; Environmentalists Call it ‘Shameless’ (Link
  • Chevron Technology Ventures’ (CTV) Future Energy Fund Invests in Nuclear Startup Company, ZAP Energy (Link)
  • API Poll Finds Strong Support for Oil and Natural Gas in Colorado (Link
  • Whiting Petroleum Changing CEO, Shedding Debt as it Nears Chapter 11 Exit (Link)
  • Domestic Crude Oil Inventories Saw Their Fourth Straight Weekly Draw, Boosting Prices (Link)
  • Natural Gas Prices Soar As Heat Wave Hits Large Parts Of U.S. (Link)
  • Rio Grande Exploration & Production Plans to Drill for Natural Gas in the Western Edge of the Eagle Ford Shale Near the U.S./Mexico Border (Link)
  • Family Owned Barron Petroleum Makes “Major Discovery” in West Texas (Link) **FEEL GOOD STORY OF THE WEEK** 
  • A Happy Ending for Shale Shut-Ins (Link) **INTERESTING READ** 

Global Market News

  • E*Trade Faces Lawsuit Over Trades At Negative Oil Prices (Link)
  • Petrobras Launches Development Of Major Deepwater Oil Field (Link
  • Bank Of America Predicts Brent Will Recover To $60 In H1 2021 (Link)
  • South America Is Rapidly Becoming A Global Leader In Offshore Oil (Link)
  • Russian Oil Minister With Coronavirus Will Join OPEC+ Meeting (Link)

Employment Updates

  • Oil Industry Frets About Recruiting Its Next Generation of Workers (Link) **INTERESTING READ**
  • Jobless Claims Fall Below 1 Million for First Time Since March – claims have fallen significantly for the last two weeks after weeks of plateauing (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • UP 10 rigs in the last week for a total of 254
  • Down 72% from one year ago

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical where we investigate whether or not the recent headline making protests over domestic oil and gas pipelines make any sense (Link)
  • This week’s periodical investigates the validity of the recent protests over oil and gas pipelines in the United States. Since pipelines are the cleanest and safest method of transporting hydrocarbons, the logic behind these protests remains lost on many individuals. But, what the general public must understand is that many protesters are not necessarily trying to shut down pipelines, they are trying to eliminate the use of fossil fuels and force an immediate shift to renewable energy. Be sure to check out Pipeline Protests: A Decry of Fossil Fuels, not a Voice for the Environment! (Link
  • A NEW Basin Breakdown for the Month of July 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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