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Liberty (and Justice) For All

Liberty (and Justice) For All

RP Weekly Recap | August 31 – September 4

Summary

The world’s largest oilfield services provider, Schlumberger, is selling its North American fracking business to Liberty Oilfield Services for a minority stake (37%) in the new combined company after the oil price crash crushed the U.S. shale patch’s fracking activity. The news comes just days after Schlumberger announced a partnership with Thermal Energy Partners to create STEP Energy, a geothermal project development company. Is Schlumberger getting out of oil?


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 26,398,466 (up from 24,532,147 last week)
  • Number of Cases (USA): 6,164,267 (up from 5,884,174 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

  • Schlumberger Sells North American Pressure Pumping Business to Liberty (Link)
  • Schlumberger and Thermal Energy Partners To Create STEP Energy (Link)
  • Seismic Provider SAExploration Files for Bankruptcy Protection (Link)
  • Range Resources Among First Shale Producers To Aim for Net-Zero Emissions by 2025 (Link)
  • 30 Years Of Drilling Data Points To A Rebound In U.S. Oil Production (Link)
  • U.S. Sanctions More Companies For Illegally Trading Oil With Iran (Link)

Global Market News

  • Exxon Considers Global Job Cuts (Link)
  • Venezuela Faces The Real Possibility Oil Production Dropping To Zero (Link)
  • Oil Prices Jump On Major Hurricane-Driven Crude Draw (Link)
  • Low Oil Prices Force Aramco To Delay LNG, Petchem Ambitions (Link)
  • Saudi Arabia’s Oil Exports To The U.S. Slump To Lowest Level In Decades (Link)
  • Saudi Aramco Announces Two New Fields, One Is Unconventional (Link)
  • Brent Crude Hits 5-Month High On String Of Bullish News (Link
  • One Injured, One Missing As Oil Tanker Catches Fire Off Sri Lanka (Link)

Employment Updates

  • Exxon Considers Global Job Cuts (Link)
  • Initial Jobless Claims Fell to 881,000 Last Week – the figure may reflect both an improving labor market and a new methodology used by the Labor Department (Link)

US Rig Count

  • UP 2 from last week for a total of 256
  • Down 71% from one year ago
  • Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion where we uncover how Chevron might have been saved by the price tag when they attempted to acquire Anadarko Petroleum last year and how it has set them up to be successful with their new acquisition of Noble Energy! (Link
  • This week’s periodical investigates how E&P mergers and acquisitions tend to strengthen physical positioning and induce an expanded asset portfolio, but often come with extra baggage in the form of outstanding debt. By investigating Occidental Petroleum’s acquisition of Anadarko Petroleum where the outstanding debt left the oil major struggling to keep their head above water, a prediction can be made regarding Chevron’s new acquisition of Noble Energy on whether or not the merger will be successful. Be sure to check out: E&P Mergers and Acquisitions – A Case Study! (Link)
  • As Always, A New Monday Madness Podcast! (Link

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