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,…