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.
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