RP Weekly Recap | April 18 – 22
Last year, more than 80 percent of oil and gas well completions in the United States were horizontal or directional, and although the total number of completed wells has fallen since 2010, U.S. crude oil production has more than doubled since then thanks to horizontal drilling. According to a new report released by the Energy Information Administration, the total number of completed oil and gas wells fell by 66 percent between 2010 and 2021 and total drilling length also dropped by 30 percent. However, U.S. crude oil production has more than doubled, and U.S. gross withdrawals of natural gas have increased by 55 percent thanks to technological improvements in the average footage of wells drilled. In fact, that length has more than doubled from 7,300 feet per well to 15,200 feet per well between 2010 and 2021. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 508,178,483 (up from 503,081,868 last week)
- Number of Cases (USA): 80,858,111 (up from 80,579,736 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Crude Production Doubled Since 2010 Because Of Horizontal Wells
- EIA: Number Of DUCs Falls To Lowest On Record
- Biden Resumes Oil and Gas Leasing on Public Land, Infuriating Climate Activists
- U.S. Natural Gas Prices Hit Highest Level In 14 Years
- U.S. Natural Gas Prices To Spike As Exports Boom
- EIA: U.S. Shale Production To See Sizeable Increase In May
- How U.S.-Saudi Relations Reached the Breaking Point
- PHX Minerals Adds to Growing Haynesville Inventory with Latest Acquisition
- Oklahoma Shale Driller Chaparral Rebrands as Canvas Energy
- Mapped: Visualizing U.S. Oil Production by State **MUST SEE**
Global Market News
- Saudi Crude Oil Exports Jump To Highest Level Since April 2020
- High Energy Prices Lead To Power Cuts In Pakistan
- EU Begins Drafting Embargo On Russian Oil
- Ex Gazprombank Executive Kills His Family Before Shooting Himself
- Norway Raises Gas Output As Europe Scrambles For Non-Russian Supply
- China Is Choosing Energy Security Over Its Climate Goals
- Russia’s Oil Production Has Dropped By 10% Since The Start Of The War In Ukraine
- India’s Coal Supply Shock Causes Major Power Outages
- Russia Pays the Price For Ukrainian Invasion **MUST READ**
- Jobless Claims Hold Steady at 184,000 Last Week – the number shows the labor market recovery from the coronavirus continues
United States Rig Count
- Up 2 from last week for a total of 695
- Up 58.7% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!
- The western world shakes its fist in anger. “No more Russian energy! We will not fund this conflict!” is cried by world leaders all over Europe. What has been the effect so far? To answer that question, check out our latest Periodical!
- A New Basin Breakdown for the month of February is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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!
- RARE PETRO is the tik talk of the town! Short-form content to educate both the public and 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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