NuStar and ConocoPhillips Loading Their First Export Cargo of U.S. Crude Oil After Lifting of Crude Oil Export Ban
On the heels of the U.S. government's recent lifting of the federal ban
on the export of crude oil produced in the United States, NuStar Energy
(NYSE: NS) and ConocoPhillips (NYSE: COP) announce they are loading what
they believe to be the nation's first export cargo of U.S.-produced
light crude oil since the 40-year-old ban was lifted on December 18.
ConocoPhillips committed to sell Eagle Ford light crude oil/condensate
to international trading company Vitol. The cargo is expected to
complete loading at NuStar's North Beach Terminal located in the Port of
Corpus Christi on December 31, 2015.
NuStar has invested heavily in recent years to expand its South Texas
Crude Oil Pipeline System to move crude oil from the Eagle Ford Shale
play to Corpus Christi. The company has also made major investments in
its Corpus Christi terminal operations with the addition of more storage
tanks, dock space and automated systems that allow the company to better
accommodate and provide logistics services for its customers, including
the ability to load export-size cargoes from its docks.
“Based on our investments in Corpus Christi and our South Texas pipeline
system, NuStar was well-positioned, equipped and staffed to immediately
begin loading cargoes for export,” said NuStar President and CEO Brad
Barron. “And we plan on further expanding our Corpus Christi operations
to provide more options to our customers to move Eagle Ford Shale crude
oil, whether it is being moved domestically or internationally. In fact,
we are currently in the process of developing a second private dock in
the Port of Corpus Christi.”
Barron noted that with the new dock, NuStar would have access to four
loading docks in the Port of Corpus Christi, including two private
docks, and would be able to load crude oil onto ships simultaneously on
all four docks at a maximum rate of 90,000 barrels per hour.
About NuStar Energy
NuStar Energy L.P., a publicly traded master limited partnership based
in San Antonio, is one of the largest independent liquids terminal and
pipeline operators in the nation. NuStar currently has approximately
8,700 miles of pipeline and 79 terminal and storage facilities that
store and distribute crude oil, refined products and specialty liquids.
The partnership’s combined system has approximately 93 million barrels
of storage capacity, and NuStar has operations in the United States,
Canada, Mexico, the Netherlands, including St. Eustatius in the
Caribbean, and the United Kingdom. For more information, visit NuStar
Energy L.P.’s Web site at www.nustarenergy.com.
ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 25 countries, $31
billion in annualized revenue, $106 billion of total assets, and
approximately 17,800 employees as of Sept. 30, 2015. Production,
excluding Libya, averaged 1,586 MBOED for the nine months ended Sept.
30, 2015, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014.
For more information, go to www.conocophillips.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151230005501/en/
Copyright Business Wire 2015
Source: Business Wire
(December 30, 2015 - 1:52 PM EST)
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