• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Editorial Dept

Editorial Dept

More Info

Premium Content

The Global Rig Count Hits A Record Low

rig count

1. Global rig count hits record low

- The U.S. rig count has hit its lowest level in decades, but the global rig count is also at a record low.

- Offshore rig providers are going bankrupt at the fastest pace in years. Valaris (NYSE: VAL) filed for bankruptcy this week, seeking to restructure $7 billion in debt.

- “Offshore drilling is structurally damaged, and recovery is not imminent,” Bernstein wrote in a note to investors.

- Valaris has a fleet of 55 rigs, but the company’s CEO Tom Burke said that the offshore rig market will suffer from a prolonged contraction.

2. Wind and solar financing scales up

- Solar PV and onshore wind (and increasingly offshore wind, although from a small base) have attracted trillions of dollars in asset finance over the past decade. In 2019 alone, the sectors attracted $271.5 billion.

- The sectors are now perceived as low-risk by investors, flipping the script when compared to oil and gas. Poor (and volatile) returns from oil and gas has led to capital shifting into renewables.

- Bloomberg profiled a Texas rancher who wants to install over 700,000 solar panels on his land, who specifically noted that oil and gas appeared financially risky – the rancher expected to see declining royalties over time. Solar, by comparison, was a safer bet.

- Citigroup (NYSE: C) CEO Michael Corbat said this week that the bank should start walking away from corporate clients who do not commit to…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News