Oil and refined products. Petroleum 101. J. Richard Moore
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1 Oil and refined products Petroleum 101 J. Richard Moore
2 Oil industry segments Upstream Exploration Production Midstream Gathering & Transportation Gathering lines Oil Trunk P/L Tank farm P/L P/L Oil Trunk Pipeline Products storage Oil refinery P l a n t Downstream Refining & Product Distribution Petrochemicals Products Trunk P/L B B R R Petrochem B R Wells Imports P/L & Waterborne Crude oil storage Delivery lines Bulk storage Retailers
3 U.S. supplies of natural gas & oil NATURAL GAS OIL Annual (TCF) Avg Day (BCF) Annual (BBBLS) Avg Day (MMBLS) Gross Domestic Production Dry Domestic Production Pipeline Imports Waterborne Imports (CAN) # of Domestic Wells Average Production (Per gas well-gross) 493, ,100 41,610 MCF 114 MCF/D 526, ,000 3,685 BBLS 10.1 BBLS/D Source: EIA 2009 AER
4 Well productivity comparison (EOY 2009) Total Daily Oil Production # of Producing oil Wells BOPD/well USA Saudi Arabia Middle East mm bbl/d 525, bbl/d mm bbl/d 2, bbl/d (280 x) mm bbl/d 15,074 1,405 bbl/d (140x) USA formations= brick; Middle East = concrete block in terms of porosity and permeability comparisons More favorable geology means fewer wells, better flow rates, lower lifting costs, and longer economic lives for wells. Result = Lower cost producer Source: 12/06/10 O&GJ Worldwide reserves and production
5 Potential well stream components FROM WELLHEAD FLOWLINE LEASE SURFACE EQUIPMENT HYDROGEN SULFIDE METHANE PROPANE NITROGEN HELIUM NATURAL GASOLINE BUTANES OIL OR CONDENSATE ETHANE DIRT & RUST CARBON DIOXIDE WATER RECOVERABLE HYDROCARBONS RESIDUE GAS NON-HYDOCARBONS AND CONTAMINANTS
6 Well surface flow schematic Sales Gas Gas Treating (CO 2, H2 S ) Dehydration Unit Separator Oil/Condensate Liquid Sales Line Heater Water To Disposal
7 Crude Oil Midstream
8 Crude oil gathering: place in physical distribution network Lease OR Stock Tanks Tank truck (Barge) Pipeline Dump Station Gathering Line To Trunk line Lease Stock Tanks LACT Unit Gathering Line Information Needed Volume of oil delivered BS&W content Sulfur/Gravity Temperature Information Provided By Gauger (producer) Truck driver (buyer/transporter) LACT = Lease Automatic Custody Transfer
9 Crude oil trunk pipelines Place in physical distribution network S S S P H R Supply Source (Field or dump station) Pump Station Gathering Pipeline Interstate Trunk Pipeline A Intrastate Trunk Pipeline Supply hub (tank farm) Refinery Interstate Trunk Pipeline B Interstate Trunk Pipeline C S H P P H P Import Terminal R H FUNCTIONS / ACTIVITIES Provide high pressure / large volume, long distance transport of crude oil Uses energy from pump stations Safety & environmental regulation - DOT, OSHA, EPA, DOI, states Intrastate rate regulation state Interstate rate regulation - FERC R R
10 Major crude oil trunk Lines in U.S. < 50,000 miles Common carriers EIA
11 U.S. imports of crude oil EIA Source: EIA AER 2009
12 Crude oil storage facilities GENERALIZATION Oil stored for operational reasons, natural gas stored for seasonal demand OIL STORAGE FACILITIES MORE NUMEROUS & EXHIBIT GREATER SIZE VARIATIONS Location Inventory EOM 12/10 Tank size (BBLS) Approximate # Lease storage 20 MM BBLS ,000 (500,000 wells) Tank farms & pipelines 219 MM BBLS 10, , Terminals Refinery stocks 89 MM BBLS 50, , Refineries Operating stocks 328 MM BBLS (3 weeks supply) Strategic Petroleum 727 MM BBLS (Cavern size) 6 to 35 MM BBLs 1 (62 caverns) Reserve (SPR)* *Withdrawal rate: 4.4 mm bopd for 90 days; declining to 1.0 mm bopd. Oil displaced with fresh water. Source: EIA
13 Downstream segment of the oil industry Upstream Exploration Production Midstream Gathering & Transportation Gathering lines Oil Trunk P/L Tank farm P/L P/L Oil Trunk Pipeline Products storage Oil refinery P l a n t Downstream Refining & Product Distribution Petrochemicals Products Trunk P/L B B R R Petrochem B R Wells Imports P/L & Waterborne Crude oil storage Delivery lines Bulk storage Retailers
14 Crude oil refining Why refine oil? CONSUMER Cannot use crude oil Needs motor gasoline, petrochemicals (plastics), cosmetics, paint, etc. OIL PRODUCER Could not sell crude oil to consumer. Must have refiner. REFINER In business to make a margin. Sell refined products for more than cost of crude oil plus refining costs.
15 US refinery receipts of crude oil Method % Domestic % Foreign% Pipeline Tanker Barge Tank cars/trucks Land(P/L & trucks) Water Source: EIA
16 Oil refining capacities (US-12/10) Number of refineries (operable) 148 (309 in 1960) Atmospheric distillation capacity 17.6 MM BBLS / Day Vacuum distillation capacity 8.5 MM BBLS / Day Thermal cracking capacity 2.6 MM BBLS / Day Catalytic cracking capacity 6.1 MM BBLS / Day Catalytic reforming capacity 3.7 MM BBLS / Day Feed to US refineries (2009 avg) 17.3 (14.7) MM BBLS/Day (14.7/17.6 = 84 % capacity utilization; 2008 = 81%, prior to recession = 90+ %) 2009 Total U.S. refinery & blender net production Total U.S. product supplied (=demand) 17.8 MM BBLS / Day 19.1 MM BBLS / Day Source: EIA
17 Crude oil distillation Process review Refinery crude unit (distillation tower) Source: Wikipedia
18 Oil refining processes & units (employing heat, pressure & catalysts) Distillation* Conversion* (upgrading) Blending & Treating Fractionation Decomposition Unification Rearrangement Atmospheric Vacuum Catalytic cracking Coking/visbreaking Hydro-cracking Alkylation Polymerization Catalytic reforming Isomerization Finished products Separation Hydro treating (sulfur removal) may occur Simple Distillation Avg. U.S. Refinery Yield Crude Oil (Arab LT) Naphtha Middle & light Gasoil Residual Other Motor Gasoline Diesel, jet fuel, heating oil, kero Residual Source: EIA
19 Typical U.S. refinery products yield from crude oil PRODUCT % LRG 3.8 Motor Gasoline 41.5 Jet Fuel 9.1 Distillate Fuel Oil 26.1 Residual Fuel Oil 3.8 Petr. Coke & Asphalt & Other 15.7 (Yield=44.7 gals for 42 gal feed) 100 Source: EIA
20 Refinery margin and expense Gross Refining = GRM Margin (Per BBL) = Refined products revenue minus feedstock costs (for same periods) Crude BBLS processed during period GRM / BBL (USGC-Last 10 years) = Range* Refinery Type Refinery Complexity -$2 to +$2 for Hydro skimmers (Least complex / severe) -$4 to $19 for Cracking (More complex / severe) -$2 to $20 for Coking (Most complex / severe) 2010 GRM = $7.80 (Valero composite of plants / regions ) (2007=$12.33, 2009=$6.00) OPERATING EXPENSE (excl. depr.) Historical Range**: $.50-$4.50 / BBL (> with complexity) 2010: $3.79 / BBL (Valero) ( $5.35/bbl including $1.56/bbl depr.) CATEGORIES Energy (more than 50%) Labor Chemicals & catalysts Environmental Compliance CAPITAL New Plant: $15-$20k per BBL/D*** Large: >100,000 BBL / Day Lead Time: 5 Years Permits: Environmental Crude Supply: Secure / known price Competition: Lower cost foreign Souces: *IEA Oil Market Report, EIA; ** Baker and Obrien, 2005 O&GJ Nelson Farrar Index
21 Refined Products Distribution & Marketing
22 Refined products distribution network Terminal or Dealer Retail Outlet Barge Rail Terminal Jobber or Retail Outlet Retail Outlet REFINERY Pipeline Terminal Jobber or Retail Outlet Retail Outlet About 60% of refined products move via pipeline About 30% of refined products move via water Final leg is by truck D.O.T. --BTS
23 Petroleum product transport costs
24 Refined products pipeline batching Fungible (most common on large trunk lines) Segregated Products Reformulated regular gasoline Low sulfur diesel Kerosene / Jet fuel High sulfur diesel Conventional regular gasoline All premium gasoline grades Interfaces Compatible Transmix (reprocess)
25 Motor gasoline specifications Products Pipeline Geographic Area Gasoline Product Source: Codes ExxonMobil (Specs) Diesel Product Codes (Specs) Colonial TEPPCO Explorer Kinder Morgan Southeast South/Midwest/East South/Midwest West (TX to CA) 13 (38 Voc/RVP) 4 (12 RVP) (48 RVP) (8) 4
26 Refined products issues Motor gasoline octane, RVP, additives Number of grades (specifications) supply/cost Seasonal change in RVP, etc. Motor gasoline ethanol (E(10), E(85)) Diesel low sulfur, biodiesel Increasing distillate demand in U.S. & worldwide Historically mutually beneficial U.S. & Europe diesel / motor gasoline demand & relationship Seasonality of demand
27 Gasoline pump price More recent price Dec.08=$1.61 Dec. 09= $2.61
28 Thank You
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