Phillips 66, Shell Purchase Majority of U.S. Reserve Oil Sale
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Phillips 66 and Royal Dutch Shell Plc walked away with about 3.3 million barrels of the 5 million that the Energy Department sold in what will be the first release from the U.S. Strategic Petroleum Reserve since 2012.
Exxon Mobil Corp., Marathon Petroleum Corp. and Mercuria Energy Asset Management BV also were named winners in the department’s report on successful offers. Chevron Corp., Valero Energy Corp. and Petroleos Mexicanos were among companies that made bids that the Energy Department turned down. This was the first test sale for the reserve since 1990.