EOG Resources, Record U.S. Crude Oil Output: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
U.S. Crude Oil Output Hit Record High in March While Demand Fell - U.S. crude oil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration (EIA) said in its Petroleum Supply Monthly report on Friday. U.S. crude oil output rose to 13.49 million barrels per day (BBL/d) in March, up from 13.16 million BBL/d in February and the prior all-time high of 13.45 million BBL/d in October 2024. Meanwhile, U.S. product supplied of crude oil and petroleum products, a measure of demand, fell to a 12-month low of 19.95 million BBL/d in March, down from 20.23 million BBL/d in February. That was the lowest demand since March 2024. The monthly record high of 21.67 million BBL/d was hit in August of 2005. (Reuters)

U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes Company (Houston, Texas) said. It was the first time since September 2023 that the number of rigs declined for five straight weeks. The oil and gas rig count fell by three to 563 in the week ending May 30. Baker Hughes said oil rigs fell by four to 461 last week, their lowest since November 2021. Gas rigs rose by one to 99. (Reuters)

CORPORATE
EOG Boosts Utica Footprint with Encino Deal - EOG Resources (Houston, Texas) said on Friday it would acquire U.S. oil and gas firm Encino Acquisition Partners (Houston) for $5.6 billion, including debt, to bolster its Utica shale position. Encino Acquisition, majority-owned by Canada Pension Plan Investment Board, operates in the Utica shale basin of Ohio and is one of the largest privately-owned oil and gas exploration and production companies in the U.S. The deal will give EOG access to additional 675,000 net core acres and more than 1 billion barrels of undeveloped net resource. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).