Black Wax Workshop Crude Oil Transportation April 12, 2012"

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1 Mike Miller Vice President Commercial Development Website: Black Wax Workshop Crude Oil Transportation April 12, 2012"

2 Discussion Points" Conventional Wisdom is Rail is only a Short-term Solution, but it can be Viable as a Permanent Avenue for Profitable Markets Examining how a future increase in rail can drive down cost to realize its potential as a viable long-term solution to the lack of takeaway capacity Crude by Rail Historic Perspective and Paradigm PRB Case Study Comparison to Bakken Shale Discussing how smaller barrel volumes can be combined to provide the critical mass necessary to benefit from unit train economies of scale Crude Oil Diversity Complexity of the Supply Chain Exploring options to encourage Eastern and Western railroad owners to cooperate to improve link between the East and West coasts and thus access more markets 2

3 About Savage" Operating Locations Privately held and established in 1946" 150 locations and 2,500 employees" Named By EHS Today As One Of America s Safest Companies " Utilize assets and proprietary systems to design and operate solutions that solve unique logistics and materials management challenges:" Coal, Ash, Limestone, Pet Coke, Crude, Condensate, Produced Water, Chemicals, Ethanol, Sulphur, etc." Truck, Rail, Transload, Terminal, Marine, Facility, Refinery, etc." Engineering, PM, Logistics & Safety Management & Services" Representative Customers 3

4 The Savage System" Create - Solutions created by understanding our customers needs and designing customized services. Deliver - Reliable and sustainable services delivered through the S7 Delivery System. Elevate - Continuously exploring new ways to elevate the value gained by our customers. 4

5 Uinta Basin Operation" Core provider approach 24x7 truck transportation Produced water and condensate Approximately 100 employees Integrated field monitoring, dispatch, ticketing, and reporting Focus on efficiency and effectiveness

6 Bakken Origin Facility (Trenton, ND)" Strategic location in western Bakken field BN mainline Strategic pipeline access Phase 1: Manifest Transloading Truck to Rail Car storage on loop tracks On-site locomotive Phase 2: Crude Hub Inbound: ~30-40,000 bbl/d Pipeline connections 26,000 bbl/d truck unloading. 6 station. Outbound: ~30-40,000 bbl/d Pipeline connections 90,000 bbl/d unit train rail. 1.5 unit trains/day Storage: 294,000 bbls crude storage Space for additionall storage tanks available 6

7 Bakken Petroleum Services Hub BNSF Relationship to Capitalize on Bakken Shale" Grow both Oil & Gas and Rail Services" Initial Focus: Crude Manifest à Unit Train" Petroleum Services Hub" 7

8 Example Destination Facility Port Arthur, TX Existing PABTEX Operation" KCS Relationship" Manifest and Unit Train Plans" 8

9 Example Destination Facility Wasco (Bakersfield), CA Existing Rail & Truck Operation" UP/BNSF Relationship" Manifest and Unit Train Capable" 9

10 Uintah Origin Facility (Price or Salt Lake)" 10

11 Baseline Discussion Points" Crude moving by rail is a paradigm shift in North America, but not necessarily outside North America." In December 2011 Argus reported that Russia shipped:" 510,000 bbl/month to Kazakhstan" 86,000 bpd Atyrau and 160,000 bpd Chimkent refineries" Supply chain bottlenecks are addressed by all parties working together" Producers, midstream companies (trucking, railroad, and pipelines), refiners, and other intermediaries working together create the solutions" 11

12 Crude By Rail Historical Perspective" 14,000 Domestic Tank Car Crude Oil Refinery Receipts By PADD (Thousand Bbls) 12,000 10,000 8,000 6,000 4,000 2, East Coast (PADD 1) Midwest (PADD 2) Gulf Coast (PADD 3) Rocky Mountain (PADD 4) West Coast (PADD 5) Note: Does not include crude delivered by railcar to a market hub and injected into pipeline for delivery to refinery Source: 12

13 Crude By Rail Historical Perspective" 2010 Domestic Crude Oil Refinery Receipts By Transport Method (percent of total) 100% 80% 60% 40% 20% 0% Truck 3.3% Tank Car 0.2% Barge 2.1% Tanker 9.7% Pipeline 84.6% Source: 13

14 Shale Plays, Refineries, and Pipeline Infrastructure" Map" Noticeable gaps in the pipeline network. Some with significant hurdles to address. 14

15 and Rail Infrastructure" Map" With rare exception, there is always either a supply or demand side market with price dislocation. 15

16 Leveraging the Savage Network" Savage s current facilities are well positioned to serve the oil & gas industry" Legend: Savage Locations Savage Crude Terminals Refineries Oil & Gas Basins 16

17 Paradigm Shift is Underway" 15+ manifest or unit train facilities capable of handling crude in the Bakken" Today approximately 25% of Bakken production moved by rail" 2 unit train facilities in the Niobrara" 2+ unit train facilities in the Eagle Ford" Significant crude unloading capacity in St. James" 30+ origin or destination terminals announced, in operation or underway across US" 17

18 Powder River Basin (PRB) Coal Analogous Case Study Long Term Growth" In the 70 s coal companies were just starting to mine the PRB. Huge coal reserves existed, but limited infrastructure was in place to transport coal to destination markets" 1970s Start up of Unit Trains" 90 tons/car" 100 cars/train" 9,000 tons/train" Today ~ 80 unit trains/day" >110 tons/car (lighter & bigger cars)" 135 cars/train" 14,800 tons/train " 65% ton/train increase" price/ton" 18

19 Powder River Basin (PRB) Coal Analogous Case Study Long Term Growth" What facilitated PRB growth?" Mining companies constructed and optimized outbound loading areas" Intermediaries constructed unit train staging areas" Railroad built or extended passing tracks along main corridors" Moved towards private cars sets" 600, , , , ,000 PRB Coal Production Growth Railcar technologies improved lighter and bigger cars" Utilities constructed bigger loop tracks and/ or more inbound capacity" 100,000-14% CAGR

20 Bakken Comparison PRB Case Study Changes to Facilitate Crude by Rail" What changes are still needed to enable long-term crude by rail solutions?" R Manifest à Unit Train Facilities" Need for train staging areas will grow" R Railroads have already begun planning for passing tracks and are investing heavily in the Bakken" R Private cars sets are the norm. Cars moving from Ethanol to Crude" R Railcar manufacturers starting to build bigger cars" Market destinations facilities in place, but require second move through pipeline. Direct to refinery moves could improve economics, but are only in place in limited areas" 20

21 Complex Supply Chain" Traditional Mature Crude Supply Chain" Wellhead Gathering Lines Pipeline Storage Refinery Crude By Rail or Developing Crude Supply Chain" Wellhead Truck Storage/ Transload to Railcar Rail Freight Transload to Pipeline Pipeline Storage Refinery Optimal Aggregation" 21

22 Hurdles of Crude by Rail" Delivered Cost: Commodities will migrate to highest value markets (may or may not mean lowest cost transport method)" Receiving Destinations: Although refineries have rail infrastructure, it is not currently optimized to receive unit trains (primarily designed for outbound product)" Capital investment: Diverse set of players investing in supply chain to make it work efficiently" Complex Supply Chain: Supply chain is new, has more moving parts requiring:" Coordination and participation in capital" Direct to end-market infrastructure investment " Smaller E&Ps working together" Collaboration across value chain" 22

23 Benefits of Crude by Rail" Time to Market:" Fast delivery time per train" Fast construction rail is in place" Lower permitting hurdles" Lower Capital Requirements" Optionality: " Alternative to pipeline in growth markets" Flexibility to deliver to key markets, direct to refinery, or to move where the production occurs" Crude Quality Management Isolation of product" 23

24 Uintah Origin Facility (Price or Salt Lake)" 24

25 Questions?" " " Transportation Crude, Petroleum Coke & Sulfur Chemicals Coal, Ash, Limestone Produced Water & Condensate Questions?" Transload Rail Operations Rail & Truck Transloading Shortline & Industrial Ops Inventory Control, Sampling, Testing Rail Yard Management Heating, Blending & Sparging Car Inspection/Maintenance/Cleaning Toll Processing Track Inspections/Maintenance Dry & Liquid Products Locomotive Operation & Maintenance 25

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