Summer Heat

Posted: July 2, 2020
Category: News Pulse

RP Weekly Recap | June 29 – July 2


The summer heat has brought plenty of excitement to the oil and gas industry. Feuding investment companies argue if oil demand will ever reach pre-pandemic levels, natural gas prices fall to 25 year lows, and one shale pioneer had to take a break from the heat and file for bankruptcy protection all while employment rates began to skyrocket.

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 10,761,269 (up from 9,654,269 last week)
  • Number of Cases (USA): 2,713,195 (up from 2,425,814 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Chesapeake Energy, a Shale Pioneer, Files for Bankruptcy Protection (Link)
  • Hilcorp Takes Over BP’s North Slope Oil Production as $5.6 Billion Deal Advances (Link)
  • Support Grows For Taxpayer-Funded Oil Well Cleanup as an Economic Stimulus (Link)
  • Exxon Mobil Plans Job Cuts After Performance Evaluations (Link)
  • Oil Rises on U.S. Crude Stockpile Draw, Global Manufacturing Activity (Link)
  • U.S. Shale Scrambles For Credit With Oil At $40 (Link
  • The Debate Over Burning Dead Trees to Create Biomass Energy (Link) **INTERESTING READ**

Global Market News

  • Saudi Arabia Eyes Total Dominance In Oil And Gas (Link) **MUST READ**
  • China is Storing An Epic Amount of Oil at Sea. Here’s Why (Link) **INTERESTING READ** 
  • Natural Gas Drops To 25-Year Low As Demand Disintegrates (Link)
  • Second COVID Wave In China Could Upend Crude Recovery (Link)
  • Venezuela’s Oil Production Continues To Plummet (Link)
  • Oil Major Shell to Write Down Up to $22 Billion of Assets In Second Quarter (Link)
  • Citigroup says Oil Demand Will Never Reach Pre-Pandemic Levels (Link) **SEE BELOW**
  • Goldman says Oil Demand to Return to Pre-Pandemic Levels by 2022 But Unlikely to Peak This Decade (Link) **SEE ABOVE**

Employment Updates

  • Exxon Mobil Plans Job Cuts After Performance Evaluations (Link)
  • Record Jobs Gain of 4.8 Million in June Smashes Expectations; Unemployment Rate Falls to 11.1% (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-2) in the last week 
  • Down 72.7% from one year ago


Content UpdatesNews PulsePodcast

  • Our fifth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with oil and gas advisor, presenter, and author of the critically acclaimed book Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas; Geoffrey Cann! (Link)
  • Part three of our four part series on post-COVID oil demand was published this past Wednesday. Be sure to check out: Post-COVID Global Oil Demand Series – Part 3: Personal Transportation (Link)
  • As Always, A New Monday Madness Podcast! (Link)

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