Mountain Valley Pipeline, Phillips 66: Your Daily Energy News

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

PIPELINES
Mountain Valley Pipeline Begins Operations - The long-delayed Mountain Valley natural gas pipeline from Virginia to West Virginia entered service Friday. The pipe is now available for interruptible or short-term firm transportation service until long-term firm capacity obligations commence on July 1, U.S. gas pipeline company Equitrans Midstream (NYSE:ETRN) (Pittsburgh, Pennsylvania), the lead partner in the Mountain Valley venture, said in a statement. The pipeline is designed to carry up to 2 billion cubic feet per day of gas from the Marcellus and Utica shale production regions in Pennsylvania, Ohio and West Virginia to local distribution companies, power generation facilities, industrial users and others in growing demand markets in the U.S. Mid-Atlantic and Southeast, Equitrans said. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Pipeline Project Database can click here for the related active project reports (Reuters).

Phillips 66 to Sell Stake in Rockies Gas Pipeline - Phillips 66 (NYSE:PSX) (Houston, Texas) said on Friday it would sell its 25% stake in the Rockies Express Pipeline (REX) for about $1.28 billion, including debt, to a subsidiary of Tallgrass Energy Partners (Leawood, Kansas). REX, a 1,714-mile pipeline system, is one of the largest natural gas pipelines in the U.S. and provides over 5 billion cubic feet per day of bi-directional natural gas transportation service between the Rockies, Appalachia and the northeastern United States. Privately owned Tallgrass Energy operates the pipeline and owns the remaining 75% stake. (Reuters)

PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by four to 590 in the week ending June 14. Baker Hughes said oil rigs fell by four to 488 last week, also their lowest since January 2022, while gas rigs were unchanged at 98, which was the lowest since October 2021. (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).