ConocoPhillips, NuStar Set for First Export of U.S. Crude
December 30 2015 - 10:00PM
Dow Jones News
Let the era of U.S. oil exports begin.
ConocoPhillips Co. and NuStar Energy LP on Thursday plan to
finish loading what will be the first tanker of freely traded U.S.
crude oil in 40 years.
The companies have jumped ahead of Enterprise Products Partners
LP, which said last week that it would load the first cargo of
American crude in Houston during the first week of January.
It has been less than two weeks since President Barack Obama
signed legislation lifting the long-standing ban on exporting U.S.
oil., which was put into place during the 1970s.
The first shipment of U.S. crude could sail from NuStar's dock
in Corpus Christi, Texas, as early as New Year's Eve.
ConocoPhillips pumped the oil from the Eagle Ford Shale formation
in South Texas.
Vitol Group, a Dutch oil-trading powerhouse, is buying the oil,
according to NuStar. Vitol also is buying the oil cargo that will
ship from Houston. The company has a subsidiary that owns a
refinery in Switzerland.
Write to Lynn Cook at lynn.cook@wsj.com and Erin Ailworth at
Erin.Ailworth@wsj.com
(END) Dow Jones Newswires
December 30, 2015 21:45 ET (02:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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