Oil prices crashed at the beginning of 2016, reaching a low of almost $27 per barrel. By the end of the year, the expectations of a turnaround had all eyes on the Organization of the Petroleum Exporting Countries and their discussions to cutback output for the first time in eight
Marathon Petroleum Corporation (NYSE:MPC) announced that its subsidiary, Speedway LLC, has signed an agreement with Hess Corporation (NYSE:HES) to acquire Hess Retail Holdings LLC. The deal would include all of Hess’ transport operations, retail locations and shipper history on various pipelines, as well as approximately 40,000 barrels per day
Reuters reported that Hess Corp’s (NYSE:HES) oil output from the Bakken field will fall short of its 2012 target.
A land purchase in South Dakota by a small, Texas-based independent Bedrock Oil & Gas Co. has led to speculation that the state could possibly hold a Bakken-sized oil formation hosting 3 to 24 billion barrels of oil.
In an exclusive interview, Bob Sewell, President of Bellwether Investment Management indicated, “While higher oil prices may result in some increase in natural gas prices, the reality is that natural gas supply is so abundant with additional supply coming on line regularly we don’t see this imbalance resolving itself