Crude Pipeline & Rail Infrastructure Overview. Presentation For: 8 th Annual Pipeline Development & Expansion Conference September 17, 2013

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1 Crude Pipeline & Rail Infrastructure Overview Presentation For: 8 th Annual Pipeline Development & Expansion Conference September 17, 2013

2 Agenda» New Crude Production» Pipeline Projects» Rail Developments» Are We There Yet? 2

3 Conclusions» Increased Crude Production Requires Re-plumbing of the Distribution System» Multiple Pipeline Projects Underway Old, New, Borrowed & Blue» Delays Cause Crude Delivery Logjam and Price Disruption» Rail Terminals Develop to Bypass the Logjam» Pressure Now is on Gulf Coast Distribution Infrastructure» (Canadian Crude Transport Still a Work in Progress). 3

4 U.S. Crude Oil Production Lower 48 States Alaska 1.5 million b/d Increase from 2008 Mb/d Source: BENTEK and EIA 4

5 Canadian Oil Production MMb/d

6 U.S. & Canada Crude Oil Production 7.0 U.S. Crude Oil Production Canada Crude Oil Production MMB/d MMB/d

7 Permian, Williston, Eagle Ford Oil (million b/d) Permian Williston Eagle Ford» The Eagle Ford, Williston and Permian have been responsible for almost all of the U.S. production growth since 2010» These are the plays with the highest rates of return for producers Source: BENTEK and HPDI 7

8 U.S. Oil Production 10 MMb/d in s b/d 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, , Source: Bentek/RBN 8

9 Crude Oil Production Forecast Mb/d Production ( 000 b/d) b/d) Production ( 000 b/d) 6,000 2, ,800 1, ,000 1, ,600 1, , ,400 1, ,000 1, ,200 1, , , ,000 1, , , (100) Total Eagle Williston Anadarko Niobrara Permian Utica Canada Ford Powder River Denver-Julesburg Historical Projection Source: Bentek/RBN 9

10 North America Crude Oil Pipelines Source: Muse, Stancil & Co. 10

11 North America Crude Oil Hubs Edmonton Hardisty Clearbrook Guernsey Cushing Patoka HSC St James 11

12 North America Crude Oil Flows 12

13 System Overload! Canada West Coast No Pipeline Access Bakken East Coast No Pipeline Access Niobrara Permian Eagle Ford Gulf Coast Waiting for Pipeline Build out Source: Muse, Stancil & Co. 13

14 Major Crude Pipeline Projects Bakken Niobrara Anadarko Permian Pipe with Firm Commitments Eagle Ford Proposed Pipeline Source: Bentek/RBN 14

15 Differentials to WTI Cushing New Mexico Cushing, OK WTI $0.0 Midland WTI - $4.0 Permian Basin LLS + $18.0 Texas Houston St James, Louisiana Brent + $

16 Spotlight on Shale Transport Development» Bakken 16

17 Bakken Takeaway And The Growth of Rail» Pipeline takeaway capacity insufficient to handle growing production (July 874 Mb/d)» Brent/Gulf/Cushing Price differentials justify rail options at end of 2011» Rail terminal build out True 150 Mb/d Source: BENTEK 17

18 North Dakota Rail Terminals Source: Dakota Plains June 2013 Investor Presentation 18

19 North Dakota Rail Terminals Name Also Known As Owner Railroad Global/Basin Transload (Columbus) Global Canadian Pacific Current Capacity (Mb/d) Global Energy Partners (60%) CP 40 Unit Manifest/Unit Muskett Watco Savage Musket Dore Trenton Savage Musket Corp BNSF 70 Unit Savage Services BNSF 90 Unit Inergy Colt Rangeland Inergy BNSF 160 Unit Hess Tioga Hess BNSF 70 Unit Plains BNSF Plains Manitou Plains All American BNSF 68 Unit EOG EOG Stanley EOG Resources Inc BNSF 75 Unit Enbridge Enbridge Berthold Enbridge BNSF 80 Unit Plains All Plains CP American CP 35 Dakota Plains (Newtown) Global Basin Transload Great Northern Bakken Oil Express Van Hook Dakota Plains/World Fuel Services Beulah Zap Bakkenlink Bakken Oil Express Dakota Plains CP 80 Unit Global Energy Partners BNSF 30 Unit Great Northern Midstream BNSF 65 Unit Lario Logistics BNSF 200 Unit Total 1,063 Unit increase to 68 Mb/d 1H

20 Unit and Manifest Trains» Unit Train 100+ tank cars 66,000+ barrels per train Same origin and destination Usually same commodity and shipper» Manifest Mixture of car types and cargoes Multiple shippers to potentially different locations More expensive than unit train 20 20

21 Bakken Crude Oil Production» Production Growing Fast» Rail Capacity offered advantage over pipeline during 2012» Pipeline starting to compete again in 2013 Mb/d 2,000 1,800 1,600 1,400 1,200 1, Oil Production Projection Rail Capacity Pipeline Cap. 21

22 Major Crude Rail Routes Bakken Niobrara Anadarko Permian Eagle Ford 22

23 Rail Terminal- Loading Number of Terminals Manifest Loading Region Unit Train Train Total Bakken ND Bakken MT 3 3 Canada Light/Med Sour Crude Canada Heavy Crude Oil Sands Eagle Ford Permian Anadarko 6 6 Utica 1 1 Rockies (Uinta and Niobrara) Cushing Inventory transfer 1 1 Total

24 Rail Terminals - Unloading Number of Terminals Destination Region Terminal Refinery Total East Coast West Coast WA, OR West Coast CA Gulf Coast East Gulf Coast West Southwest 3 3 Total

25 Spotlight on Shale Transport Development» Bakken» Eagle Ford 25

26 Eagle Ford Takeaway Corpus Christi Pipeline Corridor Capacity 1.2 MM Bpd Gardendale Cotulla Pearsall Plains 185 Mb/d Stabilizer Harvest Gardendale (Hilcorp) 250 Harvest Mainline (Hilcorp) 80 Double Eagle (Magellan/Kinder) 100 Texstar (Nustar) 100 Plains 300 Valero Three Rivers (Oakville) Pettus» Delivered to Houston by Pipe or Port of Corpus Christi» Capacity to Deliver 1.2 MMb/d to Corpus Docks» Marine Shipments to Gulf Coast Refineries: 385Mb/d July 2013 Corpus Christi Refineries 0.4 MM Bpd Corpus Christi Refineries Corpus Christi Docks 0.8 MM Bpd 26

27 Spotlight on Shale Transport Development» Bakken» Eagle Ford» Permian Basin 27

28 Permian Takeaway» Crude Previously All Moved to Cushing & Midwest» New Capacity Moves to Houston, Port Arthur and Corpus. 28

29 Gulf Coast Distribution» Ho-Ho Reversal & Westward Ho» Crude Terminals Storage, Blending, Distribution 29

30 Canadian Takeaway Still a Work in Progress» Pipelines at Risk» Heavy Bitumen Crude Transport is Complex» Rail competes with Pipelines» Jury Still Out Source: CAPP 30

31 Conclusions» Increased Crude Production Requires Re-plumbing of Distribution System» Multiple Pipeline Projects Underway Old, New, Borrowed & Blue» Delays Cause Crude Delivery Logjam and Price Disruption» Rail Terminals Develop to Bypass the Logjam» Pressure Now is on Gulf Coast Distribution Infrastructure» (Canadian Crude Transport Still a Work in Progress) 31

32 Sandy Fielden 3333 Allen Parkway, Suite 1807 Houston, TX, 32

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