Infinity Natural Resources, U.S. Power Transmission Funding: 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. Drillers Cut Number of Rigs - 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 (NASDAQ:BKR) (Houston, Texas) said on Friday. The oil and gas rig count fell by two to 585 in the week ending October 4. Baker Hughes said oil rigs fell by five to 479 last week, their lowest since July 19, while gas rigs rose by three to 102, their highest since July 19. (Reuters)

CORPORATE
Oil & Natural Gas Firm Infinity Natural Resources Files for U.S. IPO - Oil and natural gas developer Infinity Natural Resources (Morgantown, West Virginia) is pursuing an initial public offering (IPO) in the U.S. after nearly doubling its revenue in the first half of the year, a filing from the company showed on Friday. Infinity is poised to enter the public market at a solid financial position, bolstered by a recent surge in oil prices as fears of a wider conflict in the Middle East threaten to disrupt global supply. Its total revenue was $120.7 million for the six months ended June 30, compared with $61.4 million in the same period last year. (Reuters)

POWER
U.S. Funds Power Transmission Projects with $1.5 Billion - Four electricity transmission projects serving the U.S. southwest, southeast and New England will get $1.5 billion in public funding to improve the grid's resilience and connect customers with clean energy, the U.S. government said on Thursday. The funds for the second phase of the Transmission Facilitation Program come from a 2021 bipartisan infrastructure law and will enable nearly 1,000 miles of new transmission lines in Louisiana, Maine, Mississippi, New Mexico, Oklahoma and Texas. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

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).