RP Weekly Recap | June 7 – 11

Summary

Carbon dioxide in the atmosphere is at its highest level in modern history and 50% higher than in preindustrial times, according to new findings from the National Oceanic and Atmospheric Agency (NOAA) and the Scripps Institution of Oceanography. While this news does not bode well for the fossil fuel industry, it does provide an opportunity for investment in carbon capture technology. Private CCS developments, supported by state funding, are cropping up around the globe as a means to tackle the rising levels of carbon dioxide in the atmosphere, and fossil fuel firms all seem to be jumping on board in a bid to meet net-zero targets without giving up on traditional energy sources. Check out these stories 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): 174,989,621 (up from 172,265,403 last week)
• Number of Cases (USA): 33,430,651 (up from 33,329,227 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• TC Energy Cancels Critical Keystone XL Pipeline
• Bonanza Creek Continues D-J Basin Consolidation with Crestone Peak Deal
• Contango Oil & Gas to Combine with KKR-backed Firm in All-stock Merger
• Occidental Sells Permian Acreage to Colgate for $508 Million
• Talos Energy Jumps into Carbon Capture Storage with Joint Venture with U.K.-based Storegga Geotechnologies Ltd.
• Plains All American Pipeline LP to Sell Gulf Coast Gas Assets for $850 Million
• Renewables Were Sole U.S. Energy Source With Rising Consumption In 2020
• Energy Secretary Warns Cyberattack Could Shut Down U.S. Power Grid
• Buffett And Gates Are Building A Nuclear Plant In Coal Country
• Domestic Crude Oil Inventories Drop Supporting Upward Crude Price Movement
• Colorado Lawmakers OK Ban on Single-Use Plastic Bags, Polystyrene in Stores

Global Market News

• Carbon Dioxide In Air At Highest Level Since Measurements Began
• Carbon Capture Investment Soars As CO2 Levels Hit Record High
• Saudi Arabia Says It is No Longer An Oil Producing Country
• OPEC Lost $1 Trillion In The 2015 Oil Price Crash
• OPEC Raised Oil Production By 400,000 Bpd In May
• WTI Price Breaks $70 For First Time Since 2018
• EU Approves $21B Green Transition Fund
• Saudi Arabia And Russia Warn Of Major Oil Supply Crunch
• Libya’s Oil Production Drops By 200,000 Bpd
• Israeli Minister Calls For Scrapping UAE Oil Pipeline Deal
• Canada’s Top Oil Sands Firms Set Up Net-Zero Emissions Alliance
• Exxon Strikes More Oil Offshore Guyana

Employment Updates

• Job Market Continues to Be on Fire as the Economy Steams On – demand for workers in manufacturing, construction and human resources is leading the rise in job postings

United States Rig Count

• Up 5 from last week for a total of 4616
• Up 65.2% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – 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!

• 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!

• A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncovering the fact that China’s annual emissions in 2019 exceeded those of all developed countries combined. While their per-capita demand is still lower than the average of other OECD countries, China has been trending in the wrong direction in terms of emissions growth and with emissions continuing to grow while the rest of the world commits to reductions, China appears to be focused on its own economic recovery over meeting global climate goals.

• 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! 

• 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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