U.S. Rig Count, Natural Gas Pipeline Company of America: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

PRODUCTION
U.S. Drillers Cut Number of Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a seventh week in a row for the first time since July 2020, 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 8 to 687 in the week ending June 16, the lowest since April 2022. U.S. oil rigs fell by four to 552 last week, their lowest since April 2022, while gas rigs fell by five to 130, their lowest since March 2022. (Reuters)

CRUDE OIL
Iran Oil Exports Reach Five-Year High - Iran's crude oil exports have hit new highs in 2023. Iranian crude oil exports exceeded 1.5 million barrels per day (BBL/d) in May, the highest monthly rate since 2018, according to Kpler, a provider of flows data. Exports were around 2.5 million BBL/d in 2018, before the U.S withdrawal from a nuclear deal with the country. (Reuters)

CORPORATE
ArcLight Increases Stake in Natural Gas Company of America - An affiliate of ArcLight Capital Partners LLC (Boston, Massachusetts) has acquired an incremental 12.5% interest in Natural Gas Pipeline Company of America LLC (NGPL) (Houston, Texas) from Brookfield Infrastructure Partners LP (NYSE: BIP) (Toronto, Ontario). As a result of this transaction, ArcLight's ownership in NGPL increased to 37.5% while Brookfield Infrastructure retains a 25% interest. (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).