RP Weekly Recap | August 3 – 7
Summary
In the past couple weeks, the world’s top five oil firms (BP, Chevron, ExxonMobil, Royal Dutch Shell and Total) reported combined losses of $53 billion for the second quarter. This week, BP announced it would cut production by the equivalent of a million barrels of oil per day until 2030 as part of a plan to reach “net zero” greenhouse emissions by mid-century. As the global pandemic continues to batter industries worldwide, it appears the coronavirus has sped up big oil’s shift to green.
COVID-19 Updates
COVID-19 Statistics
- Number of Cases (Worldwide): 19,160,806 (up from 17,334,539 last week)
- Number of Cases (USA): 4,888,070 (up from 4,496,737 last week)
- Statistics (courtesy of Johns Hopkins)
Financial & Economic Updates
US Oil Market News
- Texas Regulators Update Rules to Limit Gas Flaring (Link)
- Colorado’s Oil and Gas Commission Increases the Levy Rate From 1.1 to 1.5 Mills (Link)
- Appeals Court Allows Dakota Access Pipeline to Continue Operating (Link)
- Alaska Produced More Oil in July Than it Had Since 2013 (Link)
- Cost Of Shale Gas Drilling Permit In Pennsylvania Jumps 150% (Link)
- Denbury Files for Bankruptcy With a Plan to Slash Debt (Link)
- The Santa Barbara County Planning Commission Granted A One-Year Extension to TerraCore For The Development of its Foxen Petroleum Pipeline (Link)
- Continental Resources Restarts Curtailed Oil Production (Link)
- What Will The Post-Pandemic Shale Patch Look Like? (Link) **INTERESTING READ**
Global Market News
- From International Oil Company to Integrated Energy Company: BP Sets Out Strategy For Decade of Delivery Towards Net Zero Ambition (Link)
- BP To Sell Oil And Gas Assets Even If Prices Rebound (Link)
- Oil Jumps as Lebanon Explosion Sparks Fears Over Instability (Link)
- Noble Files Bankruptcy To Shed $3.4 Billion of Debt (Link)
- Why Natural Gas Prices Just Exploded (Link)
- Trump Silent as OPEC Raises Oil Output (Link)
Employment Updates
- Employers Added 1.8 Million Jobs in July While the Unemployment Rate Fell Nearly a Point – the number was a far cry from the 4.8 million added in June, but above expectations (Link)
US Rig Count Statistics (courtesy of Baker Hughes)
- Down 4 rigs in the last week for a total of 247
- Down 73.5% from one year ago
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Our newest endeavor, the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical on setbacks in the solar sector as a result of COVID-19 (Link)
- This week’s periodical continues the trend of renewable energy and investigates the setbacks in the solar energy industry as a result of COVID-19. By exploring the growth rate before the global pandemic upended the industry, we can begin to understand how COVID has halted two decades of advancement and what new growth will look like in the future. Be sure to check out: Setbacks in Solar Energy from COVID-19! (Link)
- As Always, A New Monday Madness Podcast! (Link)
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