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The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
Contango is a situation in which the futures price (or forward price) of a commodity is higher than the expected spot price of the contract at maturity. [1] In a contango situation, arbitrageurs or speculators are "willing to pay more [now] for a commodity [to be received] at some point in the future than the actual expected price of the ...
In 1967, Harold Hamm founded Shelly Dean Oil Co., Continental's predecessor. [4]In 1990, the company was renamed Continental Resources. [5]In 1995, the company discovered what was later described as the Cedar Hills Field in North Dakota, the 7th largest onshore field in the lower 48 United States ranked by liquid proved reserves, and was the first to develop it exclusively through precision ...
Terrence Michael Pegula (born March 27, 1951) is an American billionaire businessman and petroleum engineer. He is the owner of the Buffalo Sabres of the National Hockey League (NHL) and, with a consortium of private equity firms and athletes, the Buffalo Bills of the National Football League (NFL).
In June 2006, the company acquired Western Gas Resources in a $5.3 billion cash transaction. [13] In August 2006, the company acquired Kerr-McGee for $16 billion in cash. [14] [15] In January 2007, the company sold assets in West Texas for $1 billion. [16] In February 2007, the company sold assets in Oklahoma and Texas for $860 million. [17]
Energy Transfer owns controlling interests in Sunoco LP.It also owns 100% of Sunoco Logistics Partners Operations L.P., 46% non-economic general partner interest in USA Compression Partners L.P., and 100% of Lake Charles LNG which consists of an LNG import terminal and regasification facility near Lake Charles, Louisiana.
Range Resources Corporation is a natural gas exploration and production company, the headquartered is in Fort Worth, Texas. It operates in the Marcellus Formation , where it is the largest land owners.
Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips .