News Pulse

Rare Petro is committed to keeping the pulse on the latest news surrounding our industries. Whether it’s the monthly basin breakdown or the weekly periodical series, Rare Petro is sure to keep you informed.

A Fighting Chance

A Fighting Chance

European Union policymakers unveiled their most ambitious plan yet to tackle climate change, aiming to turn green goals into concrete action this decade, and in doing so lead the way for the world’s other big economies. Following in the footsteps of the IEA’s bombshell report on global oil and gas development in May, the European Commission, the EU executive body, proposed details on how the bloc’s 27 countries can meet their collective goal to reduce net greenhouse gas emissions by 55% from 1990 levels by 2030 – and give humanity “a fighting chance” to combat climate change.

California News Pulse June 2021

California News Pulse June 2021

California | June 2021 Field Overview California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the 19th century. Operations are primarily focused around Kern County, the LA Basin, and the San Joaquin Valley,...

Marcellus Shale News Pulse June 2021

Marcellus Shale News Pulse June 2021

The Marcellus Shale | June 2021 Field Overview The Marcellus Shale is the largest gas play onshore in the US. Located in the Northeast, it supplies the high demand markets along the East Coast. Most of the basin’s gas is produced through unconventional methods, while...

Bakken News Pulse June 2021

Bakken News Pulse June 2021

The Bakken Shale | June 2021 Field Overview Named after Henry Bakken, the farmer who owned the land where oil was originally discovered, the Bakken Shale is located in North Dakota, Montana, Manitoba, and Saskatchewan. The USGS estimated in 2013 that this basin has an...

Call It A Comeback

Call It A Comeback

In 2020, total consumption of fossil fuels in the United States including petroleum, natural gas, and coal, fell to 72.9 quadrillion British thermal units, down 9% from 2019 and the lowest level since 1991. Last year marked the largest annual decrease in U.S. fossil fuel consumption in both absolute and percentage terms since at least 1949, the earliest year records have been kept. Economic responses to the COVID-19 pandemic in 2020, including a 15% decrease in energy consumption in the U.S. transportation sector, drove much of the decline. But, with record declines in U.S. crude oil inventories falling by 6.9 million barrels and total motor gasoline inventories decreasing by 6.1 million barrels from the previous week, it appears this trend may be reversing.

Disagreements in the Cartel

Disagreements in the Cartel

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.

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Good Times in Oil Country

Good Times in Oil Country

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.

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Historic Droughts and Electricity Security

Historic Droughts and Electricity Security

Record-toppling, early-season heat waves well into the triple digits 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.

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Tensions Rising Like Thermometers

Tensions Rising Like Thermometers

Judge Terry A. Doughty, a federal judge in Louisiana, issued a preliminary injunction blocking the Biden Administration from pausing new oil and gas leases on federal land. The action comes after the administration suspended federal leasing activities in January to review the program’s environmental costs, a move widely seen as Biden’s first step to delivering on climate change campaign promises. But Doughty said the administration does not have the legal right to stop leasing federal territory for oil and gas production without approval from Congress, arguing the suspension was against the law and would cause economic damage and kill jobs. While U.S. Interior Secretary Deb Haaland said her department was reviewing the decision, tensions are beginning to rise with the summer heat.

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The Carbon Boom

The Carbon Boom

Carbon dioxide in the atmosphere is at its highest level in modern history and 50% higher than in preindustrial times, according to new findings from the National Oceanic and Atmospheric Agency (NOAA) and the Scripps Institution of Oceanography. While this news does not bode well for the fossil fuel industry, it does provide an opportunity for investment in carbon capture technology. Private CCS developments, supported by state funding, are cropping up around the globe as a means to tackle the rising levels of carbon dioxide in the atmosphere, and fossil fuel firms all seem to be jumping on board in a bid to meet net-zero targets without giving up on traditional energy sources.

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Oil and Gas M&A Summary – May 2021

Oil and Gas M&A Summary – May 2021

After continued demand destruction as a result of the global pandemic following historic price declines as a result of the Russia-Saudi price war, the oil and gas industry has been forced to re-calibrate in response to shifting market conditions with capital discipline taking center stage. Although 2020 saw the fewest deals across the sector in more than a decade, consolidation through this price cycle seems to be the driving force of 2021 as companies push to boost margins, cut emissions, and prepare for the energy transition.

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Energy Market Report Card – Oasis Petroleum (OAS)

Energy Market Report Card – Oasis Petroleum (OAS)

Chevron Corporation is a publicly traded upstream and downstream integrated energy company with NYSE ticker CVX. Following the FY2020 earnings release and company 10-K, a financial ratio analysis was performed to evaluate the firm. Several performance metrics were benchmarked to competitors in the industry as well as Chevron’s prior years. Although CVX showed declines year-over-year in several of these areas, a major driver appeared to be lost revenue due to commodity prices and the results also outperformed competitors in several areas.

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Record Prices, Altered Projections, and Russian Threats

Record Prices, Altered Projections, and Russian Threats

In a wild week in oil and gas, crude oil prices hit their highest levels in two years, the International Energy Agency abruptly altered their projections on a return to pre-pandemic oil demand levels, all capped by Russia announcing the fact they are considering ditching dollar-denominated crude oil contracts if faced with more U.S. sanctions. Russian Deputy Prime Minister Alexander Novak noted that ideally they would prefer not to move away from the dollar as it is an international currency used for settlements, but if the Biden Administration continues to impose targeted economic sanctions on Russia, they have no other choice but gradually do that.

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