Second Quarter Misery

Posted: July 31, 2020
Category: News Pulse

RP Weekly Recap | July 27 – 31


Oil majors around the world have begun to release their second quarter earnings and the results are dismal. Royal Dutch Shell reported a staggering $18 billion quarterly loss, Total reported an $8 billion loss, Chevron at $8 billion as well, and while much less severe than their peers, ConocoPhillips reported $1 billion in losses. More reports will be released in the coming days but the true effects of the global pandemic and price war are starting to show and it does not look great for the oil and gas industry.

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 17,334,539 (up from 15,545,445 last week)
  • Number of Cases (USA): 4,496,737 (up from 4,040,658 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Colorado Gov. Jared Polis and Major Oil and Gas Interests in the State Have Struck an Agreement to Keep Oil and Gas Ballot Initiatives Off Statewide Ballots Through 2022 (Link) **HUGE NEWS**
  • 40 U.S. Oil Producers Collectively Wrote Down $48 Billion Worth of Assets in the First Quarter of 2020 (Link)
  • Trump Allows Existing Keystone Oil Pipeline To Boost Capacity (Link)
  • U.S. Crude Oil Inventories Shed 10.6 Million Barrels the Week of July 24th, the Biggest Crude Inventory Draw Since 2019 (Link)
  • CNX Resources Corporation to Acquire Remaining Public Stake in CNX Midstream Partners LP (Link)
  • Volatile Oil Prices Hamper New Mexico’s Plan to Dominate U.S. Shale (Link)

Global Market News

  • Oil Majors Report Dismal Second Quarter Earnings (Link
  • Shell’s Second-Quarter Profit Slumps 82% on Coronavirus Hit to Oil Prices and Energy Demand (Link)
  • ConocoPhillips Chopped Nearly A Quarter Of Oil Production In 2Q, Outpacing Peers (Link)
  • Chevron Posts Quarterly Loss on More Than $8 Billion Due to Oil Downturn (Link)
  • ExxonMobil Records Second Consecutive Quarterly Loss Amid Q2 Oil Price Plunge, Demand Slump (Link)
  • Apache, Total Make New Major Oil Discovery Offshore Suriname (Link)
  • Rosneft Strikes Oil At New Field In Siberia (Link)
  • CNPC In Talks To Buy $1.5-Billion Stake In BP’s Oman Gas Field (Link)

Employment Updates

  • Schlumberger to Lay Off 21,000 Employees (Link)
  • Unemployment Claims Rise for Second Consecutive Week – an additional 830,000 people filed for unemployment through a program created by Congress to help gig workers and others who do not normally qualify for jobless benefits (Link

US Rig Count Statistics (courtesy of Baker Hughes)

  • Down 0 rigs in the last week for a total of 251
  • Down 73% from one year ago


Content UpdatesNews PulsePodcast

  • Our newest endeavor, the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical on the true cost of renewable energy! (Link)
  • This week’s periodical investigates the true cost of clean, green, renewable energy. By exploring the supply chain of solar panels, electric vehicles, wind turbines, hydroelectric, and geothermal power generation we can get a better idea on how clean these forms of energy truly are and what the future looks like for the renewable sector. Be sure to check out: The True Cost of Renewable Energy! (Link)
  • As Always, A New Monday Madness Podcast! (Link

Subscribe HERE

Click above to subscribe to the RARE
PETRO Podcast Network or visit

The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise

Send Us a Message

Rare Petro Logo

1224 Washington Ave,
Suite 10
Golden, CO 80401

(720) 772-7371

Rare Petro Logo


Oil & Gas News Pulse


You have Successfully Subscribed!