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• US Drillers Cut Oil, Gas Rigs for Third Week in a Row
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in...
  U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in four weeks, Baker Hughes reported. The combined oil and gas rig count, an early indicator of future output, fell by 1 to 621 in the week to Jan. 5.
  
  U.S. oil rigs rose by 1 to 501 this week, while gas rigs fell by 2 to 118.
  
  Analysts have said the rig count has declined from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices.
  
  U.S. oil futures dropped by around 11% in 2023 after gaining 7% in 2022. U.S. gas futures, meanwhile, plunged by about 44% in 2023 after rising about 20% in 2022.
  
  Despite lower prices, spending, and rig counts, U.S. oil and gas output was still on track to hit record highs in 2023 and 2024 as firms complete work on already drilled wells.
  
  The total number of drilled but uncompleted (DUC) wells remaining dropped to a record low of 4,415 in November, according to federal energy data going back to December 2013.
  
  
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• America’s first big offshore wind farm is up and running
  A new turbine off the coast of Martha’s Vineyard started delivering electricity to the New England...
  A new turbine off the coast of Martha’s Vineyard started delivering electricity to the New England power grid last week, marking the kickoff of the country’s first large-scale commercial wind farm. By the end of the year, Vineyard Wind 1 aims to have 62, 800-foot turbines spinning, which it says will power 400,000 homes in Massachusetts. The wind farm became the first US offshore wind initiative to receive complete federal approval back in 2021—previous projects failed to launch.
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• Phillips 66 CEO bullish on refining as non-core sale mulled
  Phillips 66 is engaged in discussions regarding a potential sale of its non-core assets, which are valued...
  Phillips 66 is engaged in discussions regarding a potential sale of its non-core assets, which are valued at $3 billion, according to CEO Mark Lashier. Additionally, Lashier conveyed optimism about its refining business for the upcoming year and expressed confidence in the long-term potential of its CP Chemical joint venture with Chevron.
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• EOG exec: US oil growth to decline sharply in 2024
  EOG Resources President Billy Helms expects US oil production growth to slow down significantly in 2024,...
  EOG Resources President Billy Helms expects US oil production growth to slow down significantly in 2024, potentially amounting to less than 50% of last year's estimated 900,000-barrel-per-day increase. EOG plans to hold activity steady in core regions this year, although it may pursue an expansion in the Utica Shale, Helms told investors.
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• Alaska Airlines Grounds Fleet of Boeing 737 Max 9 Jets After Midair ‘Incident’
  Alaska Airlines grounded its fleet of Boeing 737 Max 9 aircraft on Friday after a flight operated by...
  Alaska Airlines grounded its fleet of Boeing 737 Max 9 aircraft on Friday after a flight operated by the airline made an emergency landing at Portland International Airport in Oregon that evening because of a midair pressure problem that passengers said blew out a chunk of the fuselage.
  
  Within hours, the company said that it was grounding all 65 of its Boeing 737 Max 9 aircraft until it could inspect each plane. Those planes make up about a fifth of its fleet. It said in a statement that it expected to complete the inspections within a few days.
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