Quest Oil Acquires B&B Oil

Kerrville, Texas-based Quest Oil Inc., an independent oil and gas exploration company, successfully acquired all of the outstanding shares of B&B Oil, a private, independent oil and gas exploration and development company based in Fredericksberg, Texas, on Aug. 6. Quest Oil now holds a 100% equity interest in and title to B&B Oil’s assets. In

Wholesale Gains to Arrest Retail Fuel Decline

by Brian L. Milne, Refined Fuels Editor, Telvent DTN Countrywide, wholesale gasoline prices were mixed for the week-ended Monday (6/14), with markets along the West Coast down slightly while increasing elsewhere in the U.S. The higher wholesale costs were triggered by gains in the financially traded oil futures market, with supply in the physical market

$400,000 Bonus Secures Tesoro COO

Weeks into his job as CEO of Tesoro Corp., Greg Goff is securing the company’s top management as he strives to return the San Antonio-based refiner to profitability, the San Antonio Express-News reported. Goff offered Everett Lewis, Tesoro’s executive vice president and chief operating officer, a $400,000 cash retention bonus “as an incentive for his

Retail Fuel Prices Edge Lower in Early June

By Brian L. Milne, Refined Fuels Editor, Telvent DTN The U.S. average price for regular grade gasoline sold at retail outlets dropped nearly 18 cents or 6% from a May 10 multi-month high at $2.905 a gallon to $2.728 gallon on Memorial Day, a time when retail prices have typically surged.  The decline is less

BP Investigates Spill Impact

BP today announced a commitment of up to $500 million to an open research program studying the impact of the Deepwater Horizon incident, and its associated response, on the marine and shoreline environment of the Gulf of Mexico. “BP has made a commitment to doing everything we can to lessen the impact of this tragic

Pettit Oil Becomes Voyager Channel Partner

Tacoma, Wash.-based Pettit Oil and U.S. Bank Voyager Fleet Systems Inc., a provider of universal fleet fueling and maintenance cards, have joined forces through U.S. Bank’s Voyager Channel Partner Program. Pettit Oil will begin issuing co-branded fleet cards for its customers to use at its retail locations in western Washington and at any of the

Marathon to Divest 166 stores

Marathon Oil Corp. has signed a non-binding Letter of Intent with ACON Investments LLC, NTR Partners LLC and TPG Capital, L.P. to sell most of its Minnesota downstream assets.   The assets include the 74,000 barrel per day St. Paul Park refinery and associated terminal, 166 SuperAmerica convenience stores along with the SuperMom’s Bakery (a

BP Refutes Atlantis Accusations

BP has responded to allegations that its Atlantis platform in the Gulf of Mexico operated with incomplete and inaccurate engineering documents. In light of claims recently made in the media that flawed or missing documentation posed a threat to safe operation of the platform, BP said it had thoroughly investigated these allegations when they were

BP Releases Video of Spill

BP increased the estimated cost of its Gulf of Mexico oil spill to $450 million Thursday, after it released a video showing oil and gas pouring from its well a mile beneath the ocean’s surface, MarketWatch reported. BP released the video to the public late Wednesday, more than three weeks after the Deepwater Horizon drilling

BP Releases Video of Spill

BP increased the estimated cost of its Gulf of Mexico oil spill to $450 million Thursday, after it released a video showing oil and gas pouring from its well a mile beneath the ocean’s surface, MarketWatch reported. BP released the video to the public late Wednesday, more than three weeks after the Deepwater Horizon drilling

BP Releases Video of Spill

BP increased the estimated cost of its Gulf of Mexico oil spill to $450 million Thursday, after it released a video showing oil and gas pouring from its well a mile beneath the ocean’s surface, MarketWatch reported. BP released the video to the public late Wednesday, more than three weeks after the Deepwater Horizon drilling

CITGO Retailer Meetings Commence

More than 650 local CITGO retailers and marketers are expected to gather this month to celebrate the 100-year heritage of CITGO while learning about the brand-building programs for the year ahead. The annual CITGO Retailer Meetings are a forum to share best practices about improving and growing retailer businesses. Retailers will learn about new products from leading convenience

Gulf Oil Sponsors Baltimore Orioles

Gulf Oil has entered a new sponsorship agreement with Major League Baseball’s Baltimore Orioles in time for the Orioles’ home opener against the Toronto Blue Jays, the company announced Friday, April 9.  The cornerstone element of the relationship will be new field level signage in right field, which will proudly display Gulf’s iconic orange disc. 

Clark Brands Teams With CBE

Clark Brands and CBE have partnered on a new program that will offer special pricing on VeriFone equipment to Clark branded and credit card locations. This pricing is especially attractive for retailers who are working to upgrade their Point of Sale (POS) devices and PIN pads as part of their compliance strategy. “In Clark’s continuing

Chevron To Install Solar Panels

Chevron Corp. is installing 7,700 solar power panels near Bakersfield in California, which is expected to produce 740 kilowatts of electricity, the Los Angeles Times reported. The panels will power the pumps and the pipelines operated at Chevron’s Kern River oil field facility and showcase the latest photovoltaic technologies (converting sunlight to electricity) from seven

Gilbarco Inc. Completes Acquisition

Gilbarco Inc. has completed the previously announced acquisition of the Petroleum Dispensing Pump (PDP) business unit of Larsen & Toubro Limited (L&T). Located in Mumbai, India, L&T is a leading industrial conglomerate. The PDP business unit manufactures, sells, integrates and services petroleum dispensers, LPG equipment, and automation systems solutions.  L&T’s PDP business unit has a

Ricker, BP Lawsuit Settled

A dispute between Ricker Oil Co. and BP’s Indianapolis-area locations has been resolved as both companies came to an agreement this week, following a lawsuit filed by Ricker Oil last October. “BP Products North America and Ricker Oil Company are pleased to announce a joint agreement to dismiss all claims related to the ampm franchise

Chevron Embarks On New Venezuelan Venture

Chevron Corp. has announced that a group led by its Venezuelan subsidiary has been selected to negotiate its participation in a project composed of three blocks in the Orinoco Oil Belt (Faja) of eastern Venezuela. “We look forward to being part of this new opportunity that will expand development of one of the world’s largest

Suncor Sells Non-Core Assets in Northeast B.C.

Calgary, Alberta-based Suncor Energy has reached an agreement with Progress Energy Resources Corp. to sell certain natural gas properties for about $390 million (in Canadian dollars). Current production on these lands is about 43.8 million cubic feet equivalent per day (mmcfe/d). The sale includes properties known as Jedney, Beg and Blueberry, which are located in

Bumpy Ride for Gasoline Prices

By Brian L. Milne, Refined Fuels Editor, Telvent DTN The first week in February saw the most price volatility in the wholesale gasoline market since late September 2009 when crude oil started its march higher into October and pulled fuel prices up too, with wild price swings triggered during periods of market uncertainty. Interestingly though,

Shell to Cut 1,000 Jobs After Fourth Quarter Decline

Royal Dutch Shell Plc is planning new, deeper cuts to its oil refining and retail operations after downstream weakness caused a 75% decline in fourth-quarter profits to $1.18 billion, Reuters reported. According to CEO Peter Voser, in 2010 the company plans $1 billion in cost cuts and 1,000 job cuts, mainly to come from the

Alon Named Stalking Horse Bidder for Bakersfield Refinery

  Dallas-based Alon USA Energy Inc. has been selected as the stalking horse bidder for the Bakersfield, Calif., refinery from Big West of California LLC, a subsidiary of Flying J Inc.   Completion of the acquisition is subject to an auction process, bankruptcy court approval and customary regulatory approval. The Bakersfield refinery is located in

Irving Oil Responds to Haitian Disaster

Irving Oil, a Fort Reliance company, is partnering with the Red Cross to provide aid to the Haitian disaster relief effort. The company will donate $50,000 and has committed to match all donations collected by Irving Oil employees until the end of January. “We’re all beginning to see the devastation the earthquake has caused to this

Gulf Oil Acquires Gulf Brand From Chevron

Framingham, Mass.-based Gulf Oil LP, a division of Cumberland Farms Inc., has acquired the rights to the Gulf brand in the U.S. from Chevron USA Inc., the Boston Business Journal reported. Terms of the deal were not disclosed. Gulf Oil began using the Gulf name in 1986 through a licensing agreement with San Ramon, Calif.-based

Fuel Rising Fast

By Brian L. Milne, Refined Fuels Editor, Telvent DTN The average price for regular grade gasoline sold at retail outlets across the United States is poised to climb to a 15-month high early this week when government pricing data is released, with the Jan. 4 average reported at a $2.665 gallon two-month high. A 3-cent

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