Miller Energy (MILL) Unit Gets Better Price with New Alaska Oil Sales Contract
Tweet
Share
E-mailGet Alerts MILL Hot Sheet
Join SI Premium – FREE
Miller Energy Resources, Inc. (NYSE: MILL), announced today that its wholly-owned subsidiary, Cook Inlet Energy, LLC, has executed a new contract for the sale of its Alaska oil, which resulted in a substantial increase in the purchase price.
The previous contract priced the oil based on the NYMEX Settlement prices for West Texas Intermediate (WTI), less certain transportation, quality, and other deductions. The new contract provides for pricing based on West Coast Alaskan North Slope (ANS) crude oil, so long as the ANS price exceeds the WTI price by at least $2.285. Similar deductions are in place for transportation, quality, and other costs. Currently, ANS is trading approximately $15 above WTI.
The previous contract priced the oil based on the NYMEX Settlement prices for West Texas Intermediate (WTI), less certain transportation, quality, and other deductions. The new contract provides for pricing based on West Coast Alaskan North Slope (ANS) crude oil, so long as the ANS price exceeds the WTI price by at least $2.285. Similar deductions are in place for transportation, quality, and other costs. Currently, ANS is trading approximately $15 above WTI.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Iran’s president calls for end to war with US
- Elroy Air wins $46M U.S. Army contract for cargo drone system
- Home Depot expands executive roles, grants $500K in restricted stock
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
