RP Weekly Recap | December 14 – 18
An iconic brand known for cold weather gear is finding itself in the hot seat after refusing to serve West Texas based Innovex Downhole Solutions. Innovex wanted to get its employees The North Face jackets with the company logo on them for Christmas. When the company reached out to The North Face, however, their request was denied based on their industry. Now, the clothing brand is in the hot seat after Innovex CEO Adam Anderson wisely pointed out to a North Face representative how essential the products of the oil and gas industry are for their business. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 75,230,033 (up from 69,874,472 last week)
- Number of Cases (USA): 17,243,580 (up from 15,667,526 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
US Oil Market News
- The North Face Brand Refuses To Serve Oil Firm (Link, Link)
- Biden to Tap Jennifer Granholm for Energy Secretary, Gina McCarthy for Climate Czar (Link)
- Exxon’s Big Bet On Guyana’s Offshore Oil Basin Is Paying Off (Link)
- Exxon Vows To Reduce Emission Intensity (Link)
- Colorado Oil And Gas Industries In COVID Slump, Likely Won’t Recover Until Mid-2021 (Link)
- Oil Jumps On Crude Inventory Draw (Link)
- Kinder Morgan’s Permian Highway Pipeline Begins Operations From Waha (Link)
- Colorado Oil And Gas Lease Sale Ends With Few Takers (Link)
- Oil At 9-Month High While Bitcoin Soars Past $23,000 (Link)
- U.S. Shale Patch Reduced Breakeven Costs By 20% This Year (Link)
- Rig Count Sees Largest One-Week Increase Since January (Link)
- Jet Fuel Will Continue Be A Drag On Oil Demand Recovery (Link)
- Texas Oil And Natural Gas Industry Is Driving Prosperity While Reducing Emissions (Link) **MUST READ**
Global Market News
- Tesla Supercharging Now More Expensive Than Petrol Refueling (Link)
- Knocked Out: Irish Delighted at Decision to Rid County of Hideous Wind Turbines (Link)
- The UK Ends Support For Overseas Oil & Gas Projects (Link)
- Europe’s Top Truck Makers Vow To Stop Diesel Vehicle Sales By 2040 (Link)
- Iranian Oil Exports Rise as Tehran Circumvents Sanctions, Finds New Buyers (Link)
- Libyan Government Denies Gasoline Shortage (Link)
- Goldman Turns Bullish On Oil: Sees $65 Brent In 2021 (Link)
- Trafigura Sees Oil At $60 Thanks To Vaccines (Link)
- Why Green Hydrogen is The Renewable Energy Source to Watch in 2021 (Link, Link)
- S&P Global Platts to Publish First Voluntary Carbon Credit Price Assessments (Link)
- Venezuela’s Crisis: A Cautionary Tale For Oil Nations (Link) **INTERESTING READ**
- We’re At A Turning Point On Climate Change. But Most Countries Are Still Choosing Fossil Fuels Over Clean Energy (Link) **INTERESTING READ**
- Norway and Costa Rica Have Set An End Date For Oil And Gas Production. “The World Should Follow” (Link) **INTERESTING READ**
- Jobless Claims Rise For Second Week as Coronavirus Cases Surge – more than 1.3 million people in total applied for unemployment benefits last week (Link)
United States Rig Count
- UP 8 from last week for a total of 346
- Down 57.4% 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 November is available now! Be sure to check out the articles HERE and the podcast HERE!
- Our ninth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with David Forsberg, Chief Financial Analyst and Managing Partner for Ascent Energy Ventures HERE!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on the winners and losers when it comes to high oil prices! (Link)
- This week’s Periodical highlights that global oil demand is returning and with it, higher oil prices. Unfortunately for consumers, higher oil prices mean higher prices at the pump in addition to increased costs of many manufactured goods. As prices rise, associated production costs will be passed through to consumers rather than kept at the bottom line of operators or refineries which will be better for investors and the remaining companies in the industry at the expense of people consuming the final products produced. Be sure to check out Does The World Really Want High Oil Prices?
- As Always, A New Monday Madness Podcast! (Link)
- Episode 6 (Blockchain) from our newest segment, 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 HERE!
- We are reaching deep into the content vault to bring out some interviews that occurred a couple of years ago. Welcome to the Industry Leader Legacy Series where we will kick off with Dr. Charles Kohlhaas. Dr. Kohlhaas has over 60+ of oilfield experience and skills ranging from technical to teaching. Nowadays he spends his time putting his expertise towards consulting. Even though lots has changed in the years since this was recorded, his knowledge and expertise stands. Part 2 focuses on the lasting effects of the oil embargo, the development of oil contracts, and how Dr. Kohlhaas predicted the future of the energy sector would evolve and Part 3 focuses on what policy changes Dr. Kohlhaas sees as beneficial and how the US energy policy interacts with those of other countries.
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