Energy Business Update: Marathon BORROWS Oil, BP and Others RETURN To The Gulf

Marathon Petroleum Corp. (MPC) announced that will borrow 1 million barrels of crude from the United States Strategic Petroleum Reserve to settle the short-term supply deficits from Hurricane Isaac. This loan will be granted in reaction to a request from Marathon under short-term contractual arrangements.

he end of the holiday weekend should see the return of significant output from Gulf Coast energy producers, following the slow departure of Hurricane Isaac. The largest Gulf producer, BP (NYSE:BP), expects to begin redeploying staff to offshore facilities and will get production back online in the coming days. Royal Dutch Shell (NYSE:RDSA), Anadarko Petroleum Corporation (NYSE:APC), and Chevron Corporation (NYSE:CVX) are also restaffing. As of midday Friday, 83 percent of platforms remained empty, with 95 percent of oil production and 68 percent of gas shut in.

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