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Thu, Jul. 30, 4:23 PM
Wed, Jul. 29, 5:35 PM
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Thu, Jun. 11, 11:47 AM
- Oil companies including Marathon Oil (NYSE:MRO), ConocoPhillips (NYSE:COP) and Royal Dutch Shell (RDS.A, RDS.B) have agreed to pay tens of millions of dollars into the $345M compensation fund for deaths and damage caused by the 2013 oil train explosion in Lac-Megantic, Quebec, WSJ reports.
- The oil companies have said their responsibility for the disaster ended with properly labeling the crude oil after pumping it out of the ground, which they say they did, but if the courts approve the fund, they would be shielded from several lawsuits; MRO, for one, says it contributed to avoid “the time and expense associated with protracted litigation."
- Earlier this week, World Fuel Services (NYSE:INT), which bought oil in North Dakota and contracted to have it hauled by rail to a refinery in New Brunswick, agreed to pay $110M into the fund.
Mon, Jun. 8, 6:39 PM
- World Fuel Services (NYSE:INT) agrees to contribute $110M to a compensation fund for victims of the deadly 2013 Lac-Megantic, Quebec, oil train derailment as part of a settlement with the company behind the disaster and its bankruptcy trustees.
- A subsidiary of INT sold the light crude oil that was on the train when it crashed and exploded, killing 47 people; the accident has prompted regulators in both Canada and the U.S. to push for stricter rules governing crude-by-rail transport.
- The deal leaves Canadian Pacific Railway (NYSE:CP), which transported the oil, as the sole defendant not to settle; Dakota Plains (NYSEMKT:DAKP) says it was a party to the claims through prior joint ventures with INT but that the settlement will conclude and eliminate any legal exposure.
Mon, Jun. 1, 5:40 PM
Thu, Apr. 30, 4:28 PM
Mon, Apr. 20, 10:14 AM
- World Fuel Services (INT +1.5%) opens higher following a favorable weekend profile in Barron's, which calls the stock "a great hedge against volatile oil prices."
- INT shares had been pressured by the November bankruptcy of Denmark's O.W. Bunker, the world's largest supplier of ship fuel, but investors have begun to believe that Bunker's problems were more about the company than the industry; INT has rebounded 36%, and some analysts think they can rise as much as another 15% in coming months.
- "Sooner or later, companies will look to lock in the cost savings” they have realized in recent months and tap the distributors for more supply, says Stephens analyst Jack Atkins, who also sees parallels to 2008 when INT's EPS jumped as oil price volatility spiked.
Tue, Mar. 3, 5:12 PM
Thu, Feb. 12, 4:31 PM
Wed, Feb. 11, 5:35 PM
Dec. 8, 2014, 8:26 AM
- Dakota Plains Holdings (NYSEMKT:DAKP) agrees to acquire all ownership interests in its oil transloading, sand transloading and oil marketing joint venture, which includes the Pioneer Terminal in New Town, N. D., from World Fuel Services (NYSE:INT) for $43M.
- DAKP also will make future contingent payments equal to $0.225/bbl for crude oil actually loaded at the Pioneer Terminal, up to a limit of 80K bbl/day, paid quarterly through 2026.
- INT says the deal will result in a one-time gain of ~$0.15/share, which will be included in its Q4 results.
Nov. 21, 2014, 4:29 PM
Oct. 30, 2014, 4:15 PM
Oct. 29, 2014, 5:35 PM
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Sep. 3, 2014, 5:11 PM
INT vs. ETF Alternatives
World Fuel Services Corp is a fuel logistics,transactionmanagementand payment processing company. The Company is engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries.
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