Exclusive: Occidental emerges as heavy hitter in U.S. oil export boom
(not a notable just information)
NEW YORK/HOUSTON (Reuters) - Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivalling large trading firms and oil majors, in a market now worth more than $150 million (115.6 million pounds)every day.
It is showing no signs of slowing down, with plans to double crude exports by 2020. In 2017, Occidental was the largest exporter from the U.S. Gulf Coast of crude produced in the Permian oilfield of Texas and New Mexico, the largest U.S. oil field.
In 2018, it was among the top three exporters of U.S. crude, according to customs data analysed by Reuters and interviews with company executives and employees.
U.S. crude exports have emerged as a major profit centre for oil companies, as shipments have skyrocketed after Washington lifted a decades-long ban of exports in late 2015. They have expanded faster than many expected, to a reco
rd at about 3.6 million bpd last month. (Graphic: https://tmsnrt.rs/2F0CVck
The U.S. production boom has upended global supply and overwhelmed efforts by OPEC to restrict output. U.S. exports have doubled from the end of 2017, a lucrative opportunity for companies with access to supply and export terminals.
Occidental plans to double crude exports to 600,000 barrels per day by 2020, Cynthia Walker, senior vice president midstream and marketing, said in an interview.
"As we move into the end of this year and early in 2020 … we'll probably see a doubling of exports over that period of time," she said.
Company-level data on exports is kept secret, and the U.S. Census Bureau does not provide data, citing a law which protects confidentiality.
Occidental exports about 300,000 bpd of oil, roughly 10 percent of U.S. crude exports, a standout among the myriad trading houses, oil producers and shippers with operations in the Permian.
https://www.marketscreener.com/OCCIDENTAL-PETROLEUM-CORP-13928/news/Exclusive-Occidental-emerges-as-heavy-hitter-in-U-S-oil-export-boom-28142197/