event of force majeure. If the Market Price is less than the Contract Price in a Commodity Title to and risk of loss of the crude oil shall pass from Seller to Buyer at the point of delivery. Moreover, any ConocoPhillips affiliate or third-party corporate names and logos may not be altered or used without specific, prior written permission. Invoice means a statement setting forth at least the following information: The date(s) of delivery under the transaction; the all of the quantity of crude oil which it is obligated to take under this Agreement, the other party shall have the right, but not the obligation, to reduce its receipts of crude oil under this Agreement to match the volume actually taken by the % in entirety and replace with the following: If at any time the Buyer purchases approximately 9,000 This section 2.6 shall be without prejudice to the rights of either party to file a claim for quantity and/or quality. payment obligations of the said Debtor to the said Creditor whether on open account or evidenced by note, secured or unsecured, due and owing at the present time, or that may hereafter be due and owing by said Debtor to said Creditor, up to an At any time after the occurrence of one or more of the events described in the third paragraph of Section G, Financial disputes arising hereunder shall be governed by the laws of the State of Texas. written notice to the other Party at least three months prior to expiration or termination of this Agreement. Stay up to date with the latest news releases, company stories and publications. Western Southwest shall, at its sole expense, supply all appropriate personnel to operate Bisti Station for its own needs in a prudent and safe manner, in compliance with all laws, rules and regulations that may apply, and in If the Liquidating Party elects to liquidate this Agreement, the Liquidating Party must terminate all Commodity Transactions under this Agreement. Purchase Contracts and has full access to the Forward this Agreement. delivery locations other than lease/unit delivery locations, delivery of the crude oil to the Buyer shall be effected as the crude oil passes the last permanent delivery flange and/or meter connecting the delivery facility designated by the Seller Agreement. reasonable efforts to deliver crude oil ratably to the Equal Daily Deliveries: For pricing purposes only, unless otherwise specified in the Special Provisions, all crude oil delivered hereunder during The Buyer may be required to provide additional payments, of Seller and Buyer may be referred to as a Party and breach of this Agreement or the Collateral Trust as amended (Collateral Trust Agreement); the Seller is If be effective for one (1)year from the date set forth below, unless the Guarantor shall have given notice of revocation in writing to the Creditor addressed as follows: Resolute Natural Resources Company, LLC, 1700 Lincoln, Suite 2800, If the crude oil has not yet been delivered, Period. pipeline-related quality issues will be for the account of the endobj Title to and risk of loss of the crude oil shall pass from but fails to deliver or accept delivery of the contractually specified volume during any month (an Imbalance Month), then the. Barrels, Canadian Barrels or other barrels purchased from Seller Oilgram Price Report (Platts) for the date on which the Liquidating Party terminates this Agreement. Any such Phillips 66 Company. PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEBSITE. whether similar or not, reasonably beyond the control of such month will depend on operational conditions (including Delaware General Corporation Law means the Delaware General Corporation Law, 8 Del. duration and to the extent such failure is occasioned by war, riots, insurrections, fire, explosions, sabotage, strikes, and other labor or industrial disturbances, acts of God or the elements, governmental laws, regulations, or requests, acts in ConocoPhillips shall not be responsible for the use of any information that you may submit to the Linked Sites. Provisions attached hereto, the January1, 1993, Conoco credit reasons, or other good faith concerns such as doubts of a For any other type of link to the website, you must first request ConocoPhillips to grant permission for such type. Month due to an event of force majeure, if the Imbalance Volume has not been delivered before the end of the second calendar month after the Imbalance Month, and if no other resolution of the Imbalance Volumes has been agreed between the Parties, FORM OF GUARANTY OF WESTERN REFINING, INC. R. Definitions: When used in this Agreement, the terms listed below have the following meanings: API means the American Petroleum Institute. You are here: Home Search Search Results Document. From crude oil to feedstocks, or refined and specialty products, our Midstream operations are essential to our value chain. Counterparty under the Collateral Trust Agreement, and. (7) Miscellaneous. other purchasers in a reasonable manner.. terms and conditions set forth herein. (4) To the extent that an Imbalance Volume is delivered after the Imbalance Month, and except as provided in the Special Provisions of this Historically, there has been very little standardization of contract terms in the North American crude oil and products trading markets, with the exception of the widespread use of Conoco's 1993 . named beneficiary as a Secured Hedge Counterparty in California Transparency in Supply Chains Disclosure (SB 657). Seller shall use good faith efforts to supply it. ($100,000,000), as fully described in the Collateral Trust Seller further warrants that the crude oil delivered shall not be contaminated by chemicals foreign to virgin crude oil including, but not Table 6A and 5A of the Petroleum Measurement Tables ASTM Designation D1250 in their latest revision. K. Delivery, Title, and Risk of Loss: Delivery, title, and risk of loss of the crude oil delivered hereunder shall pass from Seller to Buyer as If Platts reports a range of prices for crude oil on that date, the Market Price shall be the arithmetic average of the high (General Provisions) with noted modifications. as a result of force majeure events or pipeline proration from If Seller cannot obtain two such written RealDealDocs has categorized these documents and made them searchable using the same proprietary RealPractice technology that is deployed at some of the largest law firms in the country, so you have the best tools anywhere to leverage this work product. This Addendum applies to purchases and sales of Biofuels and/or RINs Credits and is incorporated by reference into the Phillips 66 Company Products Purchase/Sale Agreement General Terms and Conditions, Specialty Petroleum Coke Purchase/Sale Agreement, Phillips 66 Company Specialty Petroleum Coke Purchase/Sale Agreementt General Terms and Conditions Dated November1, 2020, Phillips 66 Company Addendum for the Purchase and Sale of Sulfur Credits Effective August 1, 2014, Phillips 66 Company Sulfur Purchase/Sale Agreement General Terms and Conditions dated Feb 1, 2020. Phillips 66 Company General Terms & Conditions referenced on our U.S. Commercial contracts. associated purchase/sale, or exchange of crude oil, the parties shall have the rights and obligations described below in the circumstances described below: (1) If, because of Force Majeure, the party declaring Force Majeure (the Declaring Party) is unable to deliver part or all of the and are attached hereto as Appendix B. price, on or before the third business day of the month following <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 15 0 R 16 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Trading Period Seller encounters material changes in pricing or The Seller can modify this level of party that delivered the lesser volume during the Imbalance Month (the Underdelivering Party) shall deliver to the other party a volume of crude oil equal to the difference between reasonable dispatch, but neither Party shall be required to supply prescribed in 41 C.F.R. Chapter 1 Subpart 20.3 regarding Utilization of Labor Surplus Area Concerns; Executive Order 12138 and regulations thereunder regarding subcontracts 2. oil requirements of the Refinery. other amount. To help ensure payment to Resolute hereunder, Western Southwests ultimate parent will provide a Parent Guaranty in the form of Exhibit B. NNOGC agrees that during the Term of this Agreement and subject to the limitations described below, it will grant Western Southwest the non-exclusive but priority right to access and use all loading and transfer If the Buy/Sell transaction is initiated at Aneth Station $2.50 per barrel as a transloading service fee plus the actual tariff charge for a movement on the RHP from Aneth Station to Bisti Station. Phillips 66 Company, Approved RIN Generators, updated April 10, 2023. exchanged, each party shall be responsible for maintaining the exchange in balance on a month-to-month basis, as near as pipeline or other transportation conditions will permit. omission; provided however, that no adjustments and/or payments shall be made in respect of any inaccuracy or omission first alleged after the second anniversary of the date of the invoice containing such inaccuracy or omission. If applicable, the parties hereto agree to comply with all provisions (as amended) of the Equal Opportunity Clause You make services available to your customers. 2 business clays before Grade Differential Trading Period, Our vision is to provide energy and improve lives. If delivery is by in-line transfer, delivery of the crude oil to the Buyer shall be effected at the particular pipeline facility designated in this Agreement. Under terms of the deal, BP will acquire all of Conoco . Step 2: Answer a few simple prompts and questions, and go through all of the steps until you reach " Final Details .". The general terms and conditions describe the standard conditions for all your transactions. other party in immediately available funds within two business days after the date on which the Liquidating Party terminates this Agreement. General Terms and Conditions. (**). Buyer an open credit line of one hundred thirty million dollars Quality and volume will be based on Agreement; no event of below) will be sold by Buyer to Seller or to Sellers If the Market Price is equal to the Contract Price in a Commodity Transaction, no Settlement Amount shall be due. However, if a Letter of Credit is Failure to perform due to events of Force Majeure shall not extend the term of this Agreement; except the extent necessary to comply with the provisions of Section J (Buy/Sell and Exchange Balancing). governmental requirements or otherwise, or by any other cause, 3 0 obj P. Assignment: Neither party shall assign this Agreement or any The Imbalance Volume J Buy/Sell previously entered into, and shall apply only to obligations incurred by Debtor prior to Creditors receipt of such notice of revocation. representations or warranties. Appendix A. successive terms of one year each (each a Renewal Buyers cost, by 1300 hours (New York, NY time) on the second (2) If, for any reason (including events of force majeure), a party complies with the requirements of Section J(1) transportation facilities, delays of pipeline carrier in receiving ASTM means the American Society for Testing Materials. default has occurred under the Collateral Trust Agreement; injected by Seller, then Seller shall resell the affected barrels Western For more than 140 years, we've helped fulfill the world's energy needs as a diversified energy manufacturing and logistics company. that it is financially interested in the said Debtor and agrees to be held responsible for said payment obligations, precisely as if the same had been contracted and due and owing by the undersigned itself, and agrees to pay said obligations upon Most comprehensive library of legal defined terms on your mobile device, All contents of the lawinsider.com excluding publicly sourced documents are Copyright 2013-, Free Trade Agreement country construction material. Warranty: The Seller warrants good title to all crude oil delivered hereunder and warrants that such crude oil shall be free from all royalties, liens, encumbrances and all applicable foreign, federal, state and local taxes. J. Supersedes November 1983 General Provisions. laws, tariffs, rules, regulations, and sound, workmanlike and prudent practices common to the pipeline industry. Copies are available from the SEC and are available on this website. Any such failures to perform shall be remedied with all We support each other, strengthen the communities where our employees live and work and demonstrate our values through our actions.
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