Oil Insurance Ltd. (OIL) has signed four new energy companies as members through the first seven months of 2013. They are Alon USA Energy Inc., Anadarko Petroleum Corp., Arena Energy LP, and Cenovus Energy Inc.
Alon USA Energy, headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products. Its operations include refining, asphalt and retail/branded marketing across the western and south-central regions of the US.
Anadarko Petroleum is an independent oil and natural gas exploration and production company with assets in the Rocky Mountains region, the southern US, and the Appalachian Basin. The company also is a deepwater producer in the Gulf of Mexico, and has production in Alaska, Algeria and Ghana, with additional exploration opportunities in West Africa, Mozambique, Kenya, South Africa, Colombia, Guyana, New Zealand and China.
Arena Energy is a privately held company located in The Woodlands, Texas, formed in 1999 to pursue oil and gas development and lower-risk exploration drilling opportunities on the Gulf of Mexico shelf.
Cenovus Energy is a Canadian oil company based in Calgary, Alberta. Its operations include oil sands projects in northern Alberta that use specialized methods to drill and pump the oil to the surface, natural gas and oil production in Alberta and Saskatchewan, as well as ownership interests in two US refineries.
COO George Hutchings commented: "Interest in OIL by energy companies from around the globe continues to grow. Recent actions to increase OIL's property limit to $300 million, implement changes to minimize potential pricing volatility, rewrite the Shareholders Agreement, Policy and Rating & Premium Plan, and improve our marketing efforts have had favorable effects on the OIL value proposition. OIL continues to evolve and respond to our members' diverse needs and their global exposures."
CEO Robert Stauffer stated that there are now 56 energy company members participating in the OIL mutual, with growing interest from international prospects.