Following the US government's recent lifting of the federal ban on the export of crude oil produced in the US, NuStar Energy (NYSE: NS) and ConocoPhillips (NYSE: COP) are loading one of the nation's first export cargo of US-produced light crude oil since the 40-year-old ban was lifted on Dec. 18.
ConocoPhillips committed to sell Eagle Ford light crude oil/condensate to international trading company Vitol. The cargo is expected to complete loading at NuStar's North Beach Terminal located in the Port of Corpus Christi, Texas, on Dec. 31.
In recent years, NuStar has expanded its South Texas Crude Oil Pipeline System to move crude oil from the Eagle Ford shale play to Corpus Christi. The company has also made investments in its Corpus Christi terminal operations with the addition of more storage tanks, dock space, and automated systems that allow the company to better accommodate and provide logistics services for its customers, including the ability to load export-size cargoes from its docks.
NuStar is also developing a second private dock in the Port of Corpus Christi that will provide the company with access to four loading docks at the port, including two private docks. This will enable the company to load crude oil onto ships simultaneously on all four docks at a maximum rate of 90,000 barrels per hour.