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…
$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…
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…
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…
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…
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…
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…