ConocoPhillips, NuStar Set for First Export of U.S. Crude

Let the era of U.S. oil exports begin.

ConocoPhillips Co. and NuStar Energy LP on Thursday plan to finish loading what will be the first tanker of freely traded U.S. crude oil in 40 years.

The companies have jumped ahead of Enterprise Products Partners LP, which said last week that it would load the first cargo of American crude in Houston during the first week of January.

It has been less than two weeks since President Barack Obama signed legislation lifting the long-standing ban on exporting U.S. oil., which was put into place during the 1970s.

The first shipment of U.S. crude could sail from NuStar's dock in Corpus Christi, Texas, as early as New Year's Eve. ConocoPhillips pumped the oil from the Eagle Ford Shale formation in South Texas.

Vitol Group, a Dutch oil-trading powerhouse, is buying the oil, according to NuStar. Vitol also is buying the oil cargo that will ship from Houston. The company has a subsidiary that owns a refinery in Switzerland.

Write to Lynn Cook at [e-mail] and Erin Ailworth at [e-mail]

(END) Dow Jones Newswires

December 30, 2015 21:45 ET (02:45 GMT)

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