Contenders in the battle for oil market share include Russian oil companies, Brazil’s state-run Petrobras and oil fields in China and Southeast Asia, which have all pumped thousands of barrels into a global crude glut.
Hess Corp. spokesman John Roper said the company’s oil complied with a state law that requires propane, butane and other volatile gases to be stripped out of crude before it can be transported. That conditioning process lowers the vapor pressure of the oil to reduce the chance of an ignition during a crash.
The Irving oil giant made $4.9 billion, or $1.17 a share, in January-March period, compared to $9.1 billion, or $2.10 a share, in the same period the year before. Quarterly revenues plunged from $106.3 billion to $67.6 billion.
The International Energy Agency says Russia, India and others gobbled more cheap crude last month but oil-exporting states including Saudi Arabia pushed out more crude than in almost two years, a bid to remain kings in the oil market as Iranian exports loom.
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