EOG Resources, U.S. Rig Count: 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
EOG Resources Raises Annual Production, Capex Forecasts - EOG Resources (Houston, Texas) last week projected 2025 total production to average 1.224 million barrels of oil equivalent per day (boe/d), up from its prior expectations of 1.1 million to 1.14 million boe/d. For the full year, EOG expects total capital expenditure (capex) to range from $6.2 billion to $6.4 billion, higher than its previous forecast of $5.8 billion to $6.2 billion. (Reuters)

U.S. Drillers Cut Rigs for Third Consecutive Week - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes Company (Houston, Texas) said. The oil and gas rig count fell by one to 539 in the week ending August 8. Baker Hughes said oil rigs rose by one to 411 last week, while gas rigs fell by one to 123, and miscellaneous rigs fell by one to five. In Texas, the biggest oil- and gas-producing state, the rig count fell by two to 243, the lowest since October 2021. (Reuters)

INTERNATIONAL
Canada Joins Allies in Lowering Price Cap on Russian Oil - The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday. Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said. The price cap move brings Canada in line with the European Union and the United Kingdom, which announced in July they would lower the cap as they target Russia's oil revenues and ramp up pressure on Moscow over the war. (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).