RP Weekly Recap | January 31 – February 4
President Joe Biden, who has asked OPEC+ to raise oil production faster to tame runaway energy prices, just got a gift on his home turf instead: a blockbuster growth forecast for U.S. shale production from the country’s two biggest oil companies. Exxon Mobil announced plans to boost output by 25% this year in the Permian Basin, just four days after Chevron announced it will ramp up its own Permian supplies by 10%, from an even larger production base. Such aggressive targets from the Western world’s largest oil majors are a surefire sign that U.S. shale is back to growth mode after cuts in 2020 and a lackluster 2021. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 390,541,923 (up from 367,641,103 last week)
- Number of Cases (USA): 76,344,963 (up from 73,535,865 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Biden Administration Pledges $1.15 Billion for Orphaned Well Clean-up Program
- U.S. Natural Gas Inventories Drop Below Five-Year Average Again
- U.S. Natural Gas Prices Jump 10% On Arctic Blast
- Exxon Posts Strongest Earnings In Seven Years
- Exxon, Chevron Eye Major Boost In Permian Oil Production
- Oil Rises Further On Bullish EIA Inventory Data
- Permian Average Well Production Is Set To Break Records In 2022
- U.S. Considering Hike to Royalty Rate for Drillers at Onshore Auctions
- Oklahoma’s Oil Regulator to Shut Some Disposal Wells Following Large Quake
- Energy Transfer Charged with Environmental Crimes in Pennsylvania
- EQT Joins Alliance to Establish Hydrogen Hub in Appalachia
Global Market News
- Major Northwest Europe Oil Terminals Disrupted By Cyberattack
- OPEC+ Fails To Reach Production Targets In January
- Nigeria Lost Half A Billion In Oil Revenue To Force Majeure In December
- Russian Natural Gas Production Expected To Hit All-Time High This Year
- Guyana Delivers Again: New Discovery Made Offshore
- Oil Production Vessel Explodes Offshore Nigeria
- Shell Posts Robust Earnings Amid Higher Oil & Gas Prices
- Saudi Aramco Looks to Sell $50 Billion Stake in Fresh Share Listing
- Employers Added 467K Jobs in January, Defying Expectations Amid Omicron Surge – the number was well above forecasts, which projected a loss of jobs because of a spike in coronavirus cases
United States Rig Count
- UP 3 from last week for a total of 613
- Up 56.3% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of December is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Blended ethanol is something RARE PETRO has covered in the past, but 2022 could be a truly pivotal year for the fuel component. Why? Well, check out our latest Periodical to find out!
- Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!
- A New Basin Breakdown for the month of November is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- RARE PETRO is the tik talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video uncovering what Hollywood does not understand about a blowout.
- RARE PETRO and Rainmaker GBD collaborate on a monthly newsletter highlighting everything you need to know about the energy sector. This is a video interview with RARE PETRO’s Anthony McDaniels as he speaks on the biggest stories and dives a little bit deeper into supporting data. Welcome to the second edition of “Side Chat”.
- Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round.
- As Always, A New Monday Madness Podcast!
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