| View previous topic :: View next topic |
| Author |
Message |
TheDude
Expert
Joined: Apr 06, 2006
Posts: 3614
Location: 3 miles NW of Champoeg, Republic of Cascadia
|
 Posted: Tue Jul 22, 2008 11:28 pm Post subject: SemGroup Files for Bankruptcy |
  |
|
| Quote: | NEW YORK (Reuters) - SemGroup LP, which filed for bankruptcy on Tuesday after suffering over $3.2 billion in hedging losses, provides crude oil gathering, transportation, storage, distribution, marketing and other midstream services in North America.
Founded in 2000, the company grew rapidly through dozens of acquisitions of oil pipelines and terminals in the midwestern United States and later worldwide. The company claimed to trade over 541,000 barrels per day of oil and to be the 14th largest privately held company in the United States. |
FACTBOX-Who is energy trader SemGroup LP?
_________________
Cogito, ergo non satis bibivi
The Dude Is Not In: Leave A Message After The Beep. |
|
| Back to top |
|
 |
dohboi
Light Sweet Crude
Joined: Dec 05, 2005
Posts: 1427
|
| Posted: Fri Jul 25, 2008 6:57 pm Post subject: Re: SemGroup Files for Bankruptcy |
|
|
| Elsewhere Dante pointed to this major collapse as a central trigger for the current retreat in oil prices. I'm not sure I follow the cause and effect here. Anyone else have opinions on how this bankruptcy has affected the market? |
|
| Back to top |
|
|
OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
|
|
| Back to top |
|
|
DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
|
| Posted: Fri Jul 25, 2008 7:52 pm Post subject: Re: SemGroup Files for Bankruptcy |
|
|
In addition to disrupting the futures market and causing a panic exit of their customer accounts. they stopped buying oil and reduced inventories stored at the futures delivery point.
Their bankruptcy has also caused some oil from getting bought and shipped. This may soon result in some refineries in that area to slow output.
_________________
It's already over, now it's just a matter of adjusting. |
|
| Back to top |
|
|
|
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
