2023-03-09 18:18:03 ET
Six companies led by Marathon Petroleum ( NYSE: MPC ) won contracts to purchase 26M barrels of crude oil from the U.S. Strategic Petroleum Reserve in a competitive sale scheduled as part of a planned drawdown, the U.S. Department of Energy said Thursday.
Marathon Petroleum ( MPC ) was awarded 8.4M barrels, while Equinor ( EQNR ) will take 7.3M barrels, Shell ( SHEL ) won 3.6M barrels, Saudi Aramco ( ARMCO ) got 3.5M barrels, and Macquarie Commodities Trading and Phillips 66 ( PSX ) each will take 1.6M barrels.
Delivery is scheduled between April 1 and June 30 from SPR sites in Big Hill, Texas, and West Hackberry, Louisiana.
The DoE said it will now turn its attention to replenishing the SPR, with a focus on securing "the best deal for taxpayers by aiming to repurchase crude at a lower price than it was sold for, while providing certainty to the industry in a way that helps encourage near-term production."
ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( SCO ), ( DBO ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )
In an analysis published recently on Seeking Alpha, Steven Cress lists Marathon Petroleum ( MPC ) as one of his " top five stocks to own in the S&P 500 ."
For further details see:
Marathon Petroleum the top buyer of SPR crude in latest sale