RP Weekly Recap | March 16-20
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.
- Number of Cases (Worldwide): 250,856
- Number of Cases (USA): 3,297
- 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)
- 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 Updates – News Pulse – Podcast
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