Released July 15, 2024 | SUGAR LAND
en
News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the fifth time in six weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said in its report on Friday. Baker Hughes said oil rigs fell by one to 478 last week, their lowest since December 2021, while gas rigs fell by one to 100. (Reuters)
Kansas Fed: 2Q Oil & Gas Activity Falls in Midwest, Rockies - Oil and gas activity in the U.S. Midwest and Rockies declined during the second quarter, but is expected to rebound over the next six months, the Federal Reserve Bank of Kansas City said on Friday in a quarterly energy survey. The survey covers companies drilling in Kansas, Colorado, Nebraska, Oklahoma and the northern half of New Mexico. Oil firms operating in those regions on average make a profit at $64 a barrel oil, according to the survey, but need prices to rise to $91 a barrel to substantially increase drilling. (Reuters)
CORPORATE
ConocoPhillips, Marathon Get Second FTC Request over Proposed Acquisition - Top U.S. independent oil producer ConocoPhillips (NYSE:COP) (Houston, Texas) said on Friday it received a second request from the U.S. Federal Trade Commission (FTC) for information on its proposed acquisition of rival Marathon Oil Corporation (NYSE:MRO) (Houston, Texas). ConocoPhillips said both companies received the requests on July 11 and are working with the FTC to review the merger. ConocoPhillips said in May it would pay $22.5 billion in stock for Marathon Oil to boost its output and achieve greater economies of scale in U.S. shale fields and in liquefied natural gas. (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).
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the fifth time in six weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said in its report on Friday. Baker Hughes said oil rigs fell by one to 478 last week, their lowest since December 2021, while gas rigs fell by one to 100. (Reuters)
Kansas Fed: 2Q Oil & Gas Activity Falls in Midwest, Rockies - Oil and gas activity in the U.S. Midwest and Rockies declined during the second quarter, but is expected to rebound over the next six months, the Federal Reserve Bank of Kansas City said on Friday in a quarterly energy survey. The survey covers companies drilling in Kansas, Colorado, Nebraska, Oklahoma and the northern half of New Mexico. Oil firms operating in those regions on average make a profit at $64 a barrel oil, according to the survey, but need prices to rise to $91 a barrel to substantially increase drilling. (Reuters)
CORPORATE
ConocoPhillips, Marathon Get Second FTC Request over Proposed Acquisition - Top U.S. independent oil producer ConocoPhillips (NYSE:COP) (Houston, Texas) said on Friday it received a second request from the U.S. Federal Trade Commission (FTC) for information on its proposed acquisition of rival Marathon Oil Corporation (NYSE:MRO) (Houston, Texas). ConocoPhillips said both companies received the requests on July 11 and are working with the FTC to review the merger. ConocoPhillips said in May it would pay $22.5 billion in stock for Marathon Oil to boost its output and achieve greater economies of scale in U.S. shale fields and in liquefied natural gas. (Reuters)
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).
