COVID-19 and The Debt Disaster

RP Weekly Recap | March 16-20

Summary

The impacts of COVID-19 (virus name, SARS-Coronavirus-2) ripple across the political, economic, and personal spectrum. State shuttering, oil price crash, and the onset of a recession are the leading events of the week.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 250,856
  • Number of Cases (USA): 3,297

COVID-19 News

  • California Orders Lockdown for State’s 40 Million Residents (Link)
  • Italy’s Coronavirus Death Toll Overtakes China’s (Link)

Financial & Economic Updates

US Oil Market News

  • U.S. Considers Intervention in Saudi-Russia Oil Standoff (Link)
  • Halliburton Furloughs 3,500 Employees (Link)
  • US Shale Sector Slashing Capital Budgets (Link)

Global Market News

  • The Next Coronavirus Financial Crisis: Record Piles of Risky Corporate Debt (Link)
  • Saudi announces plan to boost oil exports to record high of 10 MMbpd from May (Link)
  • EIA’s projected 2020 Brent Average of $43 per barrel looking very optimistic (Link)
  • Alberta’s Oil Industry on Life Support (Link)

Employment Updates

  • Oilfield services major Halliburton will furlough 3,500 employees for two months amid a drive to cut costs in the U.S. shale industry following the oil price rout sparked by the combination of a viral pandemic and an oil price war.
    • The 3,500 employees will work alternating weekly schedules – one on, one off – during the period. They will only be paid for the weeks worked, Halliburton said.

RARE PETRO Updates

Content UpdatesNews PulsePodcast

RP will begin rolling out a series of content updates and expansions this next week.

  • A weekly podcast called “Monday Madness” – that highlights the events of the prior week in a digestible format. Check it out on Apple Podcasts, Soundcloud, and Spotify! 
  • The monthly podcast is being rebranded to be the “RP Basin Breakdown”
  • Every Friday we will be posting this summary page, highlighting high-level industry events of the week in a single page format. 
  • This page will also include updates on RARE PETRO’s end, and any COVID-19 news we can find. 

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The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise
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