Marathon Petroleum, U.S. Rig Count: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

HYDROGEN
Biden Administration Offers $1 Billion Loan Guarantee for Hydrogen Project - The Biden administration said on Thursday it has offered Monolith Nebraska LLC (Lincoln, Nebraska) an up to $1.04 billion conditional loan guarantee for a project to make clean hydrogen. The financing from the Department of Energy's Loan Programs Office aims to help Monolith expand its Olive Creek plant to convert natural gas into hydrogen for making products like fertilizer. The plant also will make carbon black. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Project Database can click here for related reports. (Reuters)

PRODUCTION
U.S. Drillers Add Rigs - The oil and gas rig count, an early indicator of future output, rose seven to 586 in the week ending December 23, its highest since April 2020, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. U.S. oil rigs rose by five to 480, their highest since April 2020, while gas rigs rose by two to 106, their highest since March 2020. (Reuters)

CRUDE OIL
U.S. Department of Energy Offers Second Strategic Petroleum Reserve Exchange - The U.S. Department of Energy said on Thursday it approved a second exchange of 250,000 barrels of crude oil for release to Marathon Petroleum Corporation (NYSE:MPC) (Findlay, Ohio) from the Strategic Petroleum Reserve (SPR). The department has provided more than 5 million barrels of SPR crude oil to boost the nation's fuel supply, including the first exchange awarded to Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) earlier in the month, the Energy Department said in a statement. (Reuters)

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About IIR Energy
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), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.