U.S. Rig Count, ExxonMobil: 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. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by two to 619 in the week ending February 2. U.S. oil rigs held steady at 499 last week, while gas rigs fell by two to 117. (Reuters)

EARNINGS REPORTS
ExxonMobil Ends 2023 with $36 Billion Profit - Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Chief Executive Officer Darren Woods said the industry "saw energy prices and refining margins start to normalize in 2023." Full-year capital expenditures in 2023 were $26.32 billion. (Reuters)

POWER
China's Wind, Solar Capacity to Overtake Coal in 2024 - China's installed wind and solar capacity will overtake coal for the first time this year, an industry body forecast on Tuesday. The China Electricity Council in a yearly report said grid-connected wind and solar would make up about 40% of installed power generation capacity by the end of 2024, compared with coal's expected 37%. By comparison, wind and solar together were about 36% of capacity at the end of 2023, and coal was slightly less than 40%. (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).