Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. sh...
NEW YORK/HOUSTON - 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.
In 2017, Occidental was the largest exporter of crude produced in the Permian oilfield of Texas and New Mexico, the largest U.S. oil field, from the U.S. Gulf Coast. According to limited Customs data available on Refinitiv Eikon, other top shippers included Koch Supply and Trading, BP Plc’s trading arm and Trafigura AG.
That has not been the case - exports have doubled from the end of 2017, a lucrative opportunity for companies with access to supply and export terminals. While Occidental cashed in last year, rivals ran into bottlenecks trying to get barrels from Permian to the Gulf Coast for export due to a lack of adequate pipeline access. That caused regional prices to slump, even as the price of U.S. oil futures rose to more than $75 a barrel at one point. The bottleneck has since eased as companies expanded pipelines.
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