U.S. Oil & Gas Output, Phillips 66: 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. Oil & Gas Output Falls in May - U.S. crude oil production fell in May in its first monthly decline since January, while fell natural gas output decreased to its lowest since February 2023, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. Crude oil production fell by 61,000 barrels per day (BBL/d) to 13.18 million BBL/d in May, as lower output from the Federal Offshore Gulf of Mexico and North Dakota offset record production in Texas and New Mexico, the EIA said. Gross natural gas production in the U.S. Lower 48 states fell for a third month in a row in May to 113.8 billion cubic feet per day, according to the EIA's monthly production report. (Reuters)

REFINING
Phillips 66 Reports High Quarterly Utilization Rates - Phillips 66's (NYSE:PSX) (Houston, Texas) refining capacity utilization rose to its highest in more than five years at 98% in the second quarter of 2024, up from 92% in the first quarter, Chief Executive Officer Mark Lashier said during a call with analysts on Tuesday. However, the company's refining segment's overall earnings slumped 74.3% from a year earlier due to lower margins. (Reuters)

POWER
Britain Ups Renewable Auction Budget - Britain has increased the budget for its current annual renewable power auction by 50% to 1.5 billion pounds (US$1.92 billion), the government said on Wednesday. To spur investment, the government invites renewable project developers to bid for government-backed price guarantees for the electricity produced, called Contracts for Difference. The addition of 500 million pounds (US$643 million) to the budget assigned by the previous Conservative government took the funding for this year's sixth such auction to a record high. (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).