ConocoPhillips Beats Rivals in Race to Export U.S. Shale Crude

(Bloomberg) -- ConocoPhillips will supply the first cargo of U.S. shale oil to be exported since a 40-year ban on such shipments was lifted earlier this month.

ConocoPhillips said the cargo will be comprised of crude and a type of ultra-light oil known as condensate from wells in the Eagle Ford Shale formation in south Texas, according to a statement by the Houston-based company on Wednesday. The shipment is expected to finish loading at NuStar Energy Inc.’s Corpus Christi, Texas, terminal tomorrow.

The cargo will be sold to merchant trader Vitol Group, which last week announced plans for a separate 600,000-barrel shipment of domestic crude that will leave Houston during the first week of January. The supplier of the first cargo was not identified.

ConocoPhillips is the largest U.S. oil explorer by market value that doesn’t also own refineries and chemical plants.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Susan Warren, Robin Saponar

Copyright 2016 Bloomberg News.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours