Commodities
Crude Oil Thieves Plead Guilty to Stealing Tens of Thousands of Barrels
Six individuals have pleaded guilty to stealing tens of thousands of barrels of crude oil from Permian Basin producers in eastern New Mexico.
The scheme involved selling the stolen oil at discounted rates, with buyers paying between $10 and $15 per barrel, well below the West Texas Intermediate market prices.
The defendants admitted to stealing an estimated 20,065 barrels of crude oil between June 2022 and July 2024, with a value of over $1.6 million but sold for just $300,000.
Prosecutors said the buyers, including Louis George Edgett and Brenden Floyd Strickland, transported the stolen oil across state lines to their business in Seminole before selling it to midstream buyers.