Refiner Sees ‘Good Idea’ in Exporting U.S. Oil Instead of Using
Andeavor, which refines the equivalent of a supertanker of crude every 48 hours, is “seriously” considering going into the oil-export business.
Chief Executive Officer Greg Goff was asked Friday during the San Antonio, Texas-based company’s earnings conference call if the fourth-biggest U.S. refiner would consider the idea as another marketing outlet.
“We need to consider everything and look at where the opportunity is,” Goff said. “I think you have a good idea.”
Since the U.S. government lifted a 40-year ban on most American crude exports at the end of 2015, exports of domestic oil have surged, reaching more than 2 million barrels a day in late October. Rocketing production of light, easy-to-refine crude from shale fields in Texas, New Mexico, North Dakota and elsewhere is meeting with ample demand from overseas refiners.