RP Weekly Recap | August 2 – 6
On Thursday, President Joe Biden signed an executive order setting a target to make 50 percent of all new vehicles sold in the United States zero-emission by 2030, in a move supported by Detroit’s Big Three Automakers – General Motors, Stellantis, and Ford Motor. The zero-emission vehicle target is strategically aligned with current de-carbonization goals but also with the targets of major U.S. automakers who are investing billions in EV production in anticipation of a shift in buyer behavior, but challenges remain. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 201,172,398 (up from 196,910,814 last week)
- Number of Cases (USA): 35,453,516 (up from 34,762,688 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
- PDC Energy Sets ‘Ambitious’ ESG Goals
- U.S. Orders New Review of Drilling in Alaska Wildlife Refuge
- Chevron Resumes Share Buybacks After Q2 Profit Beats Estimates
- BP Reports Strong Q2 Earnings, Hikes Dividend
- ConocoPhillips Beats Q2 Profit Estimates As Oil Prices Rise
- Diamondback, Continental, Pioneer’s Earnings Lifted by Higher Oil Prices
- Exxon Considers Pledging Net-Zero Carbon Emissions by 2050
- WTI Crude Oil Set for Biggest Weekly Loss Since October
- Whistler Pipeline Placed in Service in Permian
- DUC Well Inventory Plunges As Drillers Frack More Than They Drill
- Callon Petroleum Acquires Private Permian Operator Primexx for $788 Million
- Shale Giants Hit Hard By Poor Hedging Decisions
- NexTier to Acquire Leading Permian Pressure Pumper Alamo in $268 Million Deal
Global Market News
- Top 5% Polluting Power Plants Account For 73% Of Global Emissions
- OPEC Oil Output Hits 15-month High, Survey Shows
- Eni Makes Deepwater Oil Discovery Offshore Mexico
- Saudi Aramco Hikes Oil Prices To Asia For Second Consecutive Month
- Indian Refiners To Invest $27B To Raise Capacity By 20%
- Australia Takes Aim At The EU’s Carbon Tax Plan
- Surging Oil Exports Lead To Largest Canadian Trade Surplus Since 2008
- Nigeria Tries To Revive A Zombie Project
- Natural Gas Deficit Causes Prices To Soar
- Oil Search, Santos Close to Deal to Create Top 20 Global Oil Firm
- HollyFrontier to Acquire Sinclair Oil Assets in $2.6 Billion Deal
- Gazprom Boosts Gas Exports To Europe In H1 2021
- Jobs Surge by 943,000 in July, Unemployment Rate Down to 5.4% – the monthly performance was one of the strongest in months, led by gains in leisure and hospitality
United States Rig Count
- UP 3 from last week for a total of 491
- Up 101.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Our latest Periodical highlights the fact that the number of drilled but uncompleted wells, or DUCs, has risen dramatically from 2017 until 2020. From the middle of 2020 until now, the DUC inventory has been decreasing rapidly as operators reduced drilling programs and focused on completing existing DUCs.
- RARE PETRO is the tik talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video covering what you can squeeze out of a barrel of oil.
- 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.
- As Always, A New Monday Madness Podcast!
- If you’ve ever read the news you’ve surely seen the controversy surrounding our industrial circulatory system: pipelines. When was the first pipeline built? Are pipelines safe? Is there a better transportation method than pipelines? Find out in episode six of Hydrocarbon History!
- A New Basin Breakdown for the month of June is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Episode Sixteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with David MacNeill, the founder, President, and CEO of Wellbore Integrity Solutions!
Click below to subscribe to the RARE
PETRO Podcast Network or visit
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise