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Advancing its shift toward exploration and production, Amerada Hess Corp. entered into an agreement to acquire Dallas-based Triton Energy Ltd. for $2.7 billion. The refiner and marketer is seeking to grow its upstream business by acquiring the company — known for blockbuster oil discoveries — that was on the brink of financial ruin three years ago.
The move would boost Amerada Hess's output from 425,000 barrels a day to 535,000 next year, chairman and CEO John Hess said in a statement. The deal is expected to close in the third quarter this year.
Tosco Corp., preparing for its acquisition by Phillips Petroleum Corp., said it would eliminate more than 200 positions from its subsidiary, Tosco Marketing Co. About 90 percent of the positions being cut will come from the Tempe, Ariz., office.
The retailer will take a one-time charge to earnings of about $10.5 million during the second quarter. The cost-reduction program is expected to save the company roughly $20 million annually.
Marathon Ashland Petroleum LLC has signed a multiyear contract with Concord, Calif.-based RetailersMarketXchange (RMX) to build a communications infrastructure that will let MAP increase communications with dealers and jobbers.
The software and services package will enable MAP to communicate product prices, planograms, promotion announcements and other brand-related information in a more timely and efficient manner. RMX will also deliver an open marketplace for retailers to communicate and transact business with their suppliers and distributors of non-fuel merchandise.
Wallis Oil Co., which operates 47 c-stores offering the Mobil, Phillips and Conoco brands, completed a pilot test of an e-commerce function that until recently was available only to major oil companies.
In collaboration with The Pinnacle Corp. and Toptech Data Systems (TDS), Wallis implemented a paperless, no-data-entry transaction process for receiving, billing and tax reporting of wholesale fuel transactions.