RP Weekly Recap | June 14 – 18
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. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 177,554,618 (up from 174,989,621 last week)
- Number of Cases (USA): 33,511,296 (up from 33,430,651 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Federal Judge Stops Biden Administration From Blocking New Oil and Gas Leases
- Biden Administration Reviewing Order to Resume Oil Lease Sales
- West Risks Blackouts as Drought Reduces Hydroelectric Power
- EagleClaw to Power Permian Operations from 100% Renewable Energy
- Texas Forms New Group to Weigh Pros, Cons of Repurposing Oilfield Wastewater
- Oil Prices Climb On Huge Inventory Draw
- GM To Boost EV Investments By 30% By 2025
- Northern Oil & Gas Boosts Permian Position with $102 Million Acquisitions
- U.S. Shale Set For Record $30 Billion Free Cash Flow In 2021
Global Market News
- IEA Tells OPEC To “Open The Taps”
- Oil Markets Baffled As The IEA Calls For More Production
- Goldmann Predicts Saudi Arabia To Boost Oil Production To 10 Million Bpd As Prices Rise
- Oil Firms Evacuating Gulf of Mexico Facilities Ahead of Brewing Storm
- Lundin Energy Boasts Carbon Neutral Oil Production
- Massive China Hydropower Plant Begins Full Operation
- High Oil Prices Set Supermajors Up For A Promising Earnings Season
- Empire Midstream Acquires Gulf of Mexico Pipeline from Shell
- API Makes New Federal Relations Hires
- Jobless Claims Rise Slightly – the increase breaks a string of declines in the number of new claims
United States Rig Count
- Up 9 from last week for a total of 470
- Up 76.6% 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 May is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round.
- Is oil valuable? Depends on who you ask! Some argue it only became valuable when we learned how to use it. Join your host Tavis Kilian for episode five of Hydrocarbon History as he explores the birth of the modern oil and gas industry!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on merger mania that highlights how the oil and gas industry has been forced to re-calibrate in response to shifting market conditions with capital discipline taking center stage.
- This week’s Periodical highlights how the oil and gas industry has been forced to re-calibrate in response to shifting market conditions with capital discipline taking center stage. As the year progresses, 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.
- As Always, A New Monday Madness Podcast!
- Founded in 2007, Oasis Petroleum has done a stellar job of making a name for itself in the Williston Basin. How do they financially stack up to a past version of themselves and other peers in the area? Find out with RARE PETRO’s Energy Market Report Card!
- Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises!
- Episode 11 (Tackling the Data Monster Pt. 2) of 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!
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