Posted on 03/11/2019 11:36:02 AM PDT by Hojczyk
Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 million 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 analyzed by Reuters and interviews with company executives and employees.
U.S. crude exports have emerged as a major profit center 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 record 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.
(Excerpt) Read more at finance.yahoo.com ...
West Texas and southern New Mexico...the next Houston and Dallas area
I seem to remember the cozy relationship between Al Gore Sr. and Occidental Petroleum’s CEO Armand Hammer and how that has benefited Al Gore Jr. Nothing wrong with his profiting except that Al Jr. is a “Green Hypocrite”.
Al Sr. was on the Hammer’s payroll and had a nice block of stock for payment which Jr. got some of when he died.
Fracking and cheap natural gas should be making US plastics and petrochemicals the cheapest in the world, and plastics is an absolutely huge global market.
Any statistics on that?
IIRC, Al Gore now owns Occidental since Armand Hammer died.
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