Common Contracts
1 similar Crude Oil Supply Agreement contracts
Frontier Oil Enters Crude Oil Supply Agreement With BaytexCrude Oil Supply Agreement • October 16th, 2020
HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- Frontier Oil Corporation (NYSE: FTO), through a wholly-owned subsidiary, has entered into a five-year crude oil supply agreement with Baytex Energy Ltd., a Canadian crude oil producer. The agreement provides for the purchase by Frontier of up to 20,000 barrels per day (bpd) of a Lloydminster crude oil blend, a heavy Canadian crude. This type of crude oil typically sells at a discount to lighter crude oils. The price differential will be based on a fixed percentage of the price of West Texas Intermediate (WTI) crude oil. The agreement commences January 1, 2003 with Frontier receiving 9,000 bpd of the Lloydminster blend, increasing to 20,000 bpd by October of 2003. The initial term of the agreement is through December 31, 2007.
