RP Weekly Recap | November 16 – 20

Summary

Despite boasting the lowest lifting costs in the world at $2.80, even Saudi Arabia is struggling in this low price environment. In fact, Saudi Aramco was forced to raise $8 billion from the sale of U.S. dollar-denominated bonds to meet a dividend pledge to their shareholders. Earlier this month, the company posted a 45% fall in net income for the third quarter, generating free cash flow of only $12.4 billion, compared with the roughly $18.75 billion it requires each three months to meet its dividend pledge. Check out this story and more in this week’s recap of all things happening in oil and gas!

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 57,204,849 (up from 53,045,087 last week)
• Number of Cases (USA): 11,766,529 (up from 10,594,879 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

• Colorado Agency Mistakenly Sends Email To Oil & Gas Companies Calling Them Derogatory Names (Link)
• BLM Wyoming Proposes to Offer 383 Parcels in Spring Oil, Gas Lease Sale (Link)
• Oil Prices Under Pressure As Oil And Gasoline Inventories Build (Link) 
• Biden Plans to Move Fast With a ‘Climate Administration.’ Here’s How. (Link)
• Trump Administration, in Late Push, Moves to Sell Oil Rights in Arctic Refuge (Link)
• U.S. Oil Rig Count Rises For The Eighth Week In A Row (Link) 
• Hurricanes Led To Steepest Fall In Gulf Of Mexico Oil Production Since 2008 (Link) 
• Texas Regulator To Place New Limits on Allowable Flaring (Link) 
• IEA Releases Interactive Energy and Carbon Tracker (Link)  

Global Market News

• Aramco Raises $8 Billion Bond to Fund Dividend Pledge (Link) 
• OPEC+ On Edge As Libya’s Oil Production Returns To Pre-Blockade Levels (Link)  
• Asian Crude Demand Gives Oil Markets Hope (Link)   
• Canadian Indigenous Group Pours C$1B Into Keystone XL (Link) 
• UK To Ban Sales Of Gasoline Cars From 2030 (Link)
• Climate Targets Could Slash Natural Gas Investment By $1 Trillion (Link)  
• Equinor Sees COVID Accelerating Peak Oil Demand To 2027-2028 (Link) 
• Exxon’s Deepest Guyana Oil Well Disappoints (Link)
• Oil Prices Leap Higher On Fresh Vaccine Hopes (Link)
• Why The Oil Industry Is Set To Thrive For Decades To Come (Link) **INTERESTING READ**  

Employment Updates

• The Global Pandemic Has Caused A Loss of Over 28,000 Oil and Gas Jobs in Australia This Year (Link) 
• The number of people filing for unemployment benefits rose last week for the first time since early October, climbing to 742,000 (an increase of 31,000 from the previous week) as coronavirus cases around the country surge and more states begin re-imposing restrictions (Link) 

US Rig Count

• Down 2 from last week for a total of 310
• Down 61% 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 October is available now! Be sure to check out the articles HERE and keep your eyes peeled for our podcast that will be released Tuesday! 
• Episode 5 (Autonomous Technology) 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! 
• A new episode of the Periodical Podcast is available now! Be sure to check out Kevin’s dialogue on the evolving landscape of the energy transition as the world attempts to maneuver away from fossil fuels towards clean, carbon-free energy sources. (Link) 
• This week’s Periodical uncovers the fact that as the world continues to consume more and more energy, a sustainable energy source is needed to meet growing demand. But as climate change continues to be a hot topic, the world has begun “the energy transition.” This refers to the energy sector’s shift from a fossil-fuel based system of energy production and consumption, to renewable energy sources. As the world continues down this path, it becomes clear that the energy transition should gradually shift allocation for the leading source of power in a cumulative energy mix, and to pursue a single source of energy for the globe is not only foolish but irresponsible. Be sure to check out The Energy Transition!   
• Our eighth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with the co-founder and CEO at Cemvita Factory, networking extraordinaire Moji Karimi HERE!  

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