U.S. Department of Energy said last week it awarded contracts to 12 companies for 30 million barrels from the nation’s strategic petroleum reserve. The emergency sale was conducted to support American consumers and the global economy in response to the war in Ukraine. President Joe Biden authorized the release of one million b/d from the reserve for the next six months. The 12 companies included Chevron USA with 1.025 million barrels, ExxonMobil Oil with 3.6 million, Marathon Petroleum with 2.375 million, Motiva Enterprises with 4.05 million, Phillips 66 with 2.5 million, Shell Trading with 2.75 million and Valero Marketing and Supply with 6.85 million.
Oil & Gas Journal said the 30 million barrels included 8 million barrels from Bryan Mound near Freeport and 8.7 million barrels from Big Hill near Winnie.