RP Weekly Recap | June 21 – 25

Summary

It was a phenomenal week in the oil and gas industry with prices hitting a three-year high, rig counts soaring, and exploration expanding. Fuelled by an accelerated uptick in crude oil demand as the world sets sights on a return to pre-crisis times, oil and gas companies are set for record-breaking free cash flows this summer. Check out these stories and more in this week’s recap of all things happening in oil and gas! 

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 180,130,171 (up from 177,554,618 last week)
• Number of Cases (USA): 33,593,763 (up from 33,511,296 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• U.S. Oil Rig Count Hits Highest Level Since April 2020
• The Natural-Gas Glut Has Evaporated, Driving Prices Higher
• Oil Prices Hit 3-Year High On Draining Inventories
• Oil Climbs Higher On Bullish EIA Data
• U.S. Infrastructure Deal Includes $6 Billion Sale from Oil Reserve
• New Mexico Oil Output Recovers To Pre-Pandemic Levels
• API Sets Greenhouse Gas Disclosure Guidelines for Oil Industry
• ‘Simul-frac’ Technique Helps Shale Operator to Set Record
• Devon Energy Sets Target to Eliminate Routine Flaring
• Carbon Capture Loans Could Leave North Dakota Taxpayers on the Hook For $250M
• Baker Hughes Bolsters Energy Transition Commitment with New Carbon Capture Partnership
• Texas Power Companies Take Over Smart Thermostats To Save Electricity
• Texas Grid Operators Have Another Mess On Their Hands **INTERESTING READ**

Global Market News

• Oil And Gas Companies Set For Record Free Cash Flow This Summer
• Coal Prices Hit Decade High Despite Efforts to Wean the World Off Carbon
• OPEC+ Discusses Further Easing of Oil Cuts from August
• Canada’s Oil Sands Production Is Roaring Back
• China Reports Major Oil And Gas Find At Record Depths
• China Starts Production At Massive Deepwater Gas Field
• Norway Expands Arctic Oil Exploration
• BP Starts Production at Deepwater Gulf of Mexico Project
• Venezuela’s Maduro Pleads For Deal With U.S. Administration
• EIG-led Group Closes $12.4 Billion Deal to Buy Aramco Pipeline Stake
• The Middle East Is Doubling Down On Its ESG Ambitions
• How Will Net Zero 2050 Plans Affect Emerging Markets? **INTERESTING READ** 

Employment Updates

• Texas Upstream Job Count Shows Growth
• Exxon Prepares to Cull U.S. Workforce by 10%
• Jobless Claims Dip Modestly – after falling for weeks, the number of jobless claims appears to have stalled out 

United States Rig Count

• Up 0 from last week for a total of 470
• Up 77.4% 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 May is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• Founded in 2007, Oasis Petroleum has done a stellar job of making a name for itself in the Williston Basin. How do they financially stack up to a past version of themselves and other peers in the area? Find out with RARE PETRO’s Energy Market Report Card! Or check it out in Video format HERE!

• 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. 

• Our latest Periodical highlights the record-toppling, early-season heat waves well into the triple digits that have spread across the western portion of the United States straining electricity grids as a severe drought constricts hydroelectric power generation. As the summer months continue, electricity security is beginning to bear its ugly face yet again as states like California and Texas brace for a difficult season. 

• Our latest episode of the Periodical Podcast is available now! Be sure to check out our discussion on merger mania that highlights how the oil and gas industry has been forced to re-calibrate in response to shifting market conditions with capital discipline taking center stage. 

• As Always, A New Monday Madness Podcast! 

• Is oil valuable? Depends on who you ask! Some argue it only became valuable when we learned how to use it. Join your host Tavis Kilian for episode five of Hydrocarbon History as he explores the birth of the modern oil and gas industry!

• Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises! 

• Episode 11 (Tackling the Data Monster Pt. 2) of the Modern Mobile Oilfield is available now! This series is a collaborative effort between world-renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms! 

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