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Strategies & Market Trends : Value Investing
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To: Elroy who wrote (54096)6/28/2014 8:01:40 PM
From: robuck  Read Replies (2) of 78594
 
perhaps due to the news that the US will begin exporting some type of light oil for the first time in years.
Elroy, you are mistaken. We are not exporting light oil. Two companies (PXD and EPD) received legal confirmation (via private letter rulings) from the department of commerce that their proprietary condensate stabilization process qualifies as distillation. This is no change to the current law. distilled condensate is refined product. refined product is allowed to be exported. there has been no move towards blanket approval of light oil exports.

when condensate comes out of a wellhead and goes through a stabilizer it is called lease condensate. once it goes through a distillation tower aka condensate splitter (which is essentially a very rudimentary refinery configured to run light bbls) it is called plant condensate, which is refined product and free to export.

this is a buying opportunity for all refiners on back of misinformation and fear selling.
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