TransMontaigne Partners L.P. announced that effective July 8, 2008, Charles L. Dunlap has been appointed to serve as a member of the Board of Directors and will also serve as a member of the Conflicts Committee of TransMontaigne GP L.L.C., the General Partner of the Partnership. The General Partner is responsible for managing the [...]

Plains All American Pipeline, L.P. (NYSE:PAA) announced that a wholly owned subsidiary of Occidental Petroleum Corporation (“OXY”), has entered into definitive agreements to acquire an aggregate 10% equity interest in the general partner of PAA directly from the existing owners. Closing is expected to occur within the next 30 to 45 days and is subject [...]

Arlington Tankers Ltd., which ships crude oil and petroleum products, is exploring strategic alternatives, including a possible sale or the purchase of another company.
Jefferies & Co. as its financial adviser in the process.
Arlington shares rose 1 cent to $23.50 in afternoon trading.

Tesoro Corp. will reevaluate its hedging strategies in light of energy market volatility and expects second-quarter earnings to be $125 million lower as a result.
In addition, the refiner estimated per-barrel operating expenses will increase by 30 to 50 cents because of higher energy costs.
Tesoro said it typically hedged less than twenty percent of its crude [...]

Friedman, Billings, Ramsey raised its crude oil price outlook for 2008 to an average $115 per barrel from $90 per barrel, and to $110 per barrel next year from $85 per barrel.
“We are raising our crude oil price expectations to reflect near-term supply realities, but also near- to intermediate-term demand responses that may not have [...]

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world.
In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more [...]

Crude oil pipeline operator Enbridge Inc. plans to sell its minority stake in a Spanish petroleum products pipeline company for about $1.37 billion in cash.
The buyers of the 25 percent stake in Cia. Logistica de Hidrocarburos SA are subsidiaries of Deutsche Bank AG, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and [...]

The International Energy Agency, an adviser to mostly western, industrialized nations, said high prices are cutting demand for oil and petroleum products in the U.S. and Europe. The IEA cut its global oil demand growth forecast for this year to 1.2 percent from 1.5 percent. In the U.S., the IEA said demand for oil may [...]

Petroleum product pipeline company Magellan Midstream Partners LP will spend $240 million to build a Texas pipeline from and upgrade a related terminal.
Magellan will build an 80-mile, 16-inch pipeline linking its terminal in East Houston to the Port Arthur refining area. The pipeline should be operational by 2011 and will have a 150,000 barrel per [...]

The Iraqi Oil Ministry invited local and international companies to submit offers to supply the country with about two million tons of refined petroleum products in the second half of the year.
Iraq has the world’s third-largest known crude oil reserves with an estimated 115 billion barrels but suffers acute shortages of refined products such as [...]