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Six companies led by Marathon Petroleum (NYSE: MPC) contracts won to buy 26 million barrels of crude oil from the US Strategic Petroleum Reserve in a scheduled competitive sale as part of a planned drawdown, the US Department of Energy said. Thursday.
Marathon Petroleum (MPC) received 8.4 million barrels, while Equinor (EQNR) will take 7.3 million barrels, Shell (SHEL) won 3.6 million barrels, Saudi Aramco (ARMCO) got 3.5 million barrels and Macquarie Commodities Trading and Phillips 66 (PSX) will each take 1.6 million barrels.
Delivery is scheduled between April 1 and June 30 from SPR sites in Big Hill, Texas and West Hackberry, Louisiana.
The Energy Department said it will now turn its attention to replenishing the SPR, with a focus on securing “the best deal for taxpayers with the goal of repurchasing crude at a price lower than what it sold for, while providing certainty to the industry.” in a way that helps encourage short-term production.
ETFs: (NYSEARCA:USE), (BNO), (UCO), (SCO), (BOD), (DRIP), (GUSH), (USOI), (NRGU)
In an analysis recently published in Seeking Alpha, Steven Cress lists Marathon Petroleum (MPC) as one of his “top five stocks to own in the S&P 500.”
