Phillips 66, U.S. Rig Count: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CORPORATE
Phillips 66 Buys Public Units of DCP Midstream - Phillips 66 (NYSE:PSX) (Houston, Texas) said on Friday it acquired all publicly held units of DCP Midstream LP (Denver, Colorado) in a sweetened deal that values the pipeline operator at about $8.7 billion and will help bulk up Phillips 66's natural gas liquids business. The deal will double the company's stake in DCP Midstream to 86.8%. Phillips 66 is buying the public units for $3.8 billion, or $41.75 per share, compared with its previous offer of $34.75 per share. (Reuters)

PRODUCTION
U.S. Drillers Cut Number of Rigs - U.S. energy firms last week cut seven oil and natural gas rigs in their biggest weekly decline since September 2021, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The U.S. oil and gas rig count fell by seven to 772 in the week ending January 6, the lowest since November. U.S. oil rigs fell three to 618, their lowest since November, while gas rigs dropped by four to 152, their lowest since June. (Reuters)

POWER
New England Power Generators Replenish Oil After Winter Storm - New England electricity generators are replenishing oil reserves after the region's power system was forced burn about 31.5 million gallons during recent harsh winter weather that led to widespread outages, the grid operator said on Thursday. About 20 million gallons of fuel oil has been replaced, and another 8 million gallons are on the way to the area, said ISO New England spokesman Matt Kakley, citing a survey of generators. (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) 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).