HOUSTON, Sept. 26, 2016 /PRNewswire-USNewswire/ -- Mercuria, one of the world's largest independent integrated energy and commodities groups, continues to export crude from shale produced barrels to the global market. The latest crude was supplied, in part, from U.S. shale producers in North Dakota, Wyoming, and Colorado. These shipments highlight Mercuria's expanded offering of products, including the structuring and marketing, it provides to American energy producers.
Such transactions were made possible when President Barack Obama signed legislation lifting the long-standing ban on exporting U.S. oil earlier this year. It was put into place during the mid-1970s in the wake of the Oil Embargo. Since the lifting of the ban, Mercuria has sought out new marketing and servicing opportunities for U.S. energy producers.
In addition to crude, Mercuria is undertaking other global marketing arrangements for energy producers such as Range Resources, which said it is capturing higher propane prices through a global marketing effort out of Marcus Hook, Pennsylvania that is, in part, managed by Mercuria. Mercuria markets the LPG to consumers globally.
"Range's 1.5 million net acres of stacked shale opportunity in Pennsylvania provides us with years of low-cost development and sustained growth. Our diverse portfolio is strategically connected to the Marcus Hook Industrial Complex in Pennsylvania, providing us international access to LPG markets, which is enhanced with a dynamic partner like Mercuria and their global presence." Chad Stephens, Range Resources Senior Vice President Corporate Development
Earlier this year, Mercuria purchased the supply and marketing business from Enterprise Crude Oil LLC, an affiliate of Enterprise Products Partners L.P. Mercuria acquired a marketing team and assets in Wyoming, North Dakota, Colorado and Montana.
"We are excited to bring volume from our shale producer counterparties to the global market," said Dan House, Head of Physical U.S. Crude Trading. "Mercuria constantly looks for new ways to provide worldwide opportunities to enable local producers to scale their interests."
While many U.S. shale producers have been distressed by the increased supply of crude from petroleum producers, others have continued to turn a profit, taking advantage of the new export market created by the U.S. government's lifting of ban.
Small to medium U.S. shale producers in North Dakota, Colorado, and Wyoming are expanding their niche in the market with help from Mercuria, a company that has the global knowledge to pinpoint demand in markets around the globe and help small producers capitalize on the situation at a time when others have had to idle their operations.
As a leading energy and commodities group Mercuria is primarily focused on energy, and is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets. More than 1,000 people are operating from offices worldwide to sustain the Group's extensive business reach with their market knowledge, diversity, and experience. In 2014, Mercuria completed the acquisition of the physical commodities trading unit of JPMorgan Chase & Co.
SOURCE Mercuria Energy Trading S.A.