Trisha Curtis, Director of Research, Upstream and Midstream Energy Policy Research Foundation, Inc. (EPRINC) EPA Brown Bag Lunch Presentation
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1 Trisha Curtis, Director of Research, Upstream and Midstream Energy Policy Research Foundation, Inc. (EPRINC) EPA Brown Bag Lunch Presentation November 12 th, 2014
2 Understanding Crude Oil Transportation by Rail 2
3 About EPRINC Infrastructure Paper content/uploads/2013/10/eprinc- PIPELINES-TRAINS-TRUCKS-OCT31.pdf Oil and Gas Journal Embassy Series Presentations at Imperial College London, Colombia University, Wyoming Pipeline Authority Department of Energy Quadrennial Energy Review Department of Defense Rin App 3
4 Thousand Barrels Per Day North American Oil Production Canadian Crude Oil Production U.S. Field Production of Crude Oil Mbbl/d U.S. 8.7 mbd Canada 3.5 mbd August North America = 12.2 mbd Source: EIA 4
5 Permit Activity Williston Basin Powder River Basin Uinta Basin DJ Basin (Niobrara Reservoir) Utica Anadarko Basin (Mississippian, Granite Wash, Mississippi Lime and other stacked plays) Permian Basin Eagle Ford Reservoir Source: HPDI Oct 2014, Past 90 Days 5
6 Production mbd EPRINC Production Evaluation Source: EPRINC/Ponderosa 6
7 CAPP s Canadian Crude Oil Forecast Source: CAPP 2014, Crude Oil Forecast. Markets, and Transportation 7
8 Thousand Barrels per Day Total Imports, Production, Canadian Imports U.S. Imports from Canada of Crude Oil Mbbl/d U.S. Imports of Crude Oil Mbbl/d U.S. Field Production of Crude Oil Mbbl/d Canadian Imports 3 mbd or 40% Source: EIA 8
9 Thousand Barrels Per Day U.S. Imports from Abroad Steadily Decline Impact on prices as African crude is pushed out and now onto world market 0 Africa Middle East South America Europe North America Eurasia 9
10 # of Rigs U.S. Rig Count Oil Gas Total Source: Baker Hughes 10
11 Drilling Then and Now Source Rocks Source: From PIECE Course Workbook, Mark J Kaiser, Houston, July 2008, Introduction to USA Petroleum Industry 11
12 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Barrels Per Day Shale Oil Play Production 1,800,000 1,600,000 Permian Basin 1.6 mbd 1,400,000 1,200,000 Eagle Ford 1.4 mbd 1,000, , , , ,000 - North Dakota 1.13 mbd Colorado 216,000 b/d Wyoming 213,000 b/d Eagle Ford North Dakota Permian Basin Wyoming Colorado Source: HPDI Nov 2013, EIA, NDPA 12
13 Drilling Advances Source: Triangle Petroleum Corporation, Presentation Bakken Product Markets and Take-Away Denver Jan 31-Feb Source: Continental Resources March Investor Presentation, Permission granted 13
14 How is Crude Moved and Why? 14
15 Transportation Methods of Crude Oil and Petroleum Products Moved from tank storage at the wellhead to refineries via pipeline, truck, rail, barge, or all four methods in combination 15
16 Why transport crude oil via rail? Source: EPRINC Maps using Hart Energy data and ArcGIS Mapping software 16
17 How much crude oil does a tank car hold? One tank car holds about 700 barrels of crude oil (might be more or less depending on design, thickness of tank, heated tank car for bitumen, etc.) Unit Train = 120 tank cars of one product (scalability to maximize efficiency and reduce cost) = 84,000 barrels Source: DOT 111, Wikipedia Manifest Train = Less than 100 tank cars, can be multiple commodities, not as economic, but used widely in beginning of crude by rail movement because some refineries and facilities were already equipped to handle manifest train shipments 17
18 Pipeline vs. Rail Costs From Bakken to Coasts between $10 - $15 Slight increases due to fees by railroads for older tank cars and testing fees From Alberta to Gulf $20 Source: CAPP 2014 Forecast Source: EPRINC Maps using Hart Energy data and ArcGIS Mapping software 18
19 Role of rail in upstream, midstream, and downstream Source: BNSF Presentation, Sept 2013, via DOT website 19
20 Infrastructure and Pricing 20
21 North Dakota Crude Oil Transport January 2012 Estimates March 2014 Estimates Aug 2014 Estimates Source: North Dakota Pipeline Authority 21
22 July 2014 Williston Basin Crude Transportation Williston Basin Production: 1.2 mbd North Dakota: 1,132,331 b/d South Dakota: 4,675 b/d Eastern Montana: 75,162 b/d Tesoro Refinery: 68,000 b/d Truck to Canadian Pipeline: 8,000 b/d Rail: 766,000 b/d Source: NDPA, EPRINC Estimates Pipeline: 432,168 b/d 22
23 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Barrels Per Day Williston Basin Rail Estimates 900, , , , , , , , ,000 - Source: NDPA 23
24 Pipeline Capacity Ample Plenty of pipeline capacity now, but if more crude should move back to pipe (continued rail concerns regarding Dec regulation uncertainty) could see prices further decline in Clearbrook and in Wyoming Source: EPRINC s article in Oil and Gas Journal March
25 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 THOUSAND BARRELS PER DAY U.S. Crude Oil Exports from PADD III U.S. Exports of Crude Oil Gulf Coast (PADD 3) Exports of Crude Oil Almost all exports of crude oil from the U.S. are to CANADA Bakken and Gulf Coast crude being sent to eastern Canada pushing out light MENA barrels further depressing prices 50 0 Source: HPDI Aug
26 Major Canadian and Shale Oil Crude Flows Source: EPRINC Choke Point Map using Hart ArcGIS Mapping software 26
27 Pipeline Choke Points Source: EPRINC Choke Point Map using Hart ArcGIS Mapping software 27
28 No place to go. Crude disposition by refinery region Source: CAPP Crude Oil Forecast June
29 All Canadian Pipeline Export Options are Full Source: Canadian Energy Pipeline Association Kinder Morgan s Transmountain line off BC coast - currently 300,000 b/d capacity- planned expansion up to 800,000 b/d (early 2017) (Now Spectra) Platte line to Wood River 280,000 b/d-full Enbridge mainline system currently transporting over 1.5 mbd with potential capacity around 2.5 mbd Northern Gateway off BC coast planned 525,000 b/d, several other planned expansions, light oil access +400,000 b/d to eastern U.S. and Canada TransCanada s Keystone 581,000 b/d-full XL would add 700,000 b/d, Energy East Pipeline Project 1.1 mbd 29
30 Canadian Crude by Rail Movements Source: CAPP 2014, Crude Oil Forecast. Markets, and Transportation 30
31 Supply vs. Take-Away Capacity is Risky at Best AT RISK Source: CAPP 2014, Crude Oil Forecast. Markets, and Transportation 31
32 Regional Pricing Disparities Source: Map from AFPM, Flint Hills, EIA, CME Group, and estimates 32
33 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 $ Price Comparison $ $ $ $80.00 $60.00 $40.00 $20.00 $0.00 WTI WCS (Western Canadian Select) Light Louisiana Sweet First Purchase Price (EIA) Bakken (North Dakota Light Sweet Flint Hills) Brent Source: EIA, Flint Hills, CME Group,, Bloomberg 33
34 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Barrels Per Day Daily Crude by Rail Shipments in the U.S. and Canada 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 0 U.S. Average Barrels Per Day of Petroleum and Petroleum Product Canadian Average Barrels Per Day of Petroleum and Petroleum Product EPRINC's U.S. Daily Crude by Rail Estimate - 850,000 b/d Oct 2014 EPRINC's Canada Daily Crude by Rail Estimate - 230,000 b/d Oct 2014 Source: AAR; Crude and petroleum product includes liquefied gases, asphalt, fuel oil, lubricating oil, jet fuel, etc. U.S. operations exclude U.S. operations of CN and CP. Canadian operations include CN and CP and their U.S. operations. One carload holds 30,000 gallons (or barrels). 34
35 Refineries and all that light sweet crude. 35
36 Barrels Per Calendar Day Number of Refineries Where the light and heavy need to go.or should go 10,000,000 9,000,000 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 Total Coking Capacity vs. Atmospheric Crude Distillation Capacity by PADD Cokers = Heavy refining capability Operable Atmospheric Crude Oil Distillation Capacity Thermal Cracking Coking Downstream Charge Capacity 2,000,000 1,000, Operating Refineries - PADD 1 East Coast PADD 2 Midwest PADD 3 Gulf Coast PADD 4 Rockies PADD 5 West Coast 0 Source: AFPM map, EIA data for graph 36
37 Thousand Barrels per Day Thousand Barrels per Day Jan-Aug 2014 Share of Canadian Imports by PADD - RED PADD I East Coast (PADD 1) Total Foreign Imports East Coast (PADD 1) Imports from Canada PADD II Midwest (PADD 2) Total Foreign Imports Midwest (PADD 2) Imports from Canada PADD IV Rocky Mountain (PADD 4) Total Foreign Imports Rocky Mountain (PADD 4) Imports from Canada PADD III Gulf Coast (PADD 3) Total Foreign Imports Gulf Coast (PADD 3) Imports from Canada PADD V West Coast (PADD 5) Total Foreign Imports West Coast (PADD 5) Imports from Canada Source: EIA Data 37
38 Bakken Quality Comparison A good barrel, but too many light ends propane, butanes, etc. that can t blend Source: Continental Resources March Investor Presentation, Permission granted 38
39 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Refinery Acquisition Costs (RAC) $140 $120 $100 $80 $60 $40 $20 $0 Imported East Coast (PADD 1) Crude Oil Imported Acquisition Cost by Refiners $/bbl Midwest (PADD 2) Crude Oil Imported Acquisition Cost by Refiners $/bbl Gulf Coast (PADD 3) Crude Oil Imported Acquisition Cost by Refiners $/bbl Rocky Mountain (PADD 4) Crude Oil Imported Acquisition Cost by Refiners $/bbl West Coast (PADD 5) Crude Oil Imported Acquisition Cost by Refiners $/bbl $140 $120 $100 $80 $60 $40 $20 $0 Domestic Regional discounts further incentivize crude by rail to coasts East Coast (PADD 1) Crude Oil Domestic Acquisition Cost by Refiners $/bbl Midwest (PADD 2) Crude Oil Domestic Acquisition Cost by Refiners $/bbl Gulf Coast (PADD 3) Crude Oil Domestic Acquisition Cost by Refiners $/bbl Rocky Mountain (PADD 4) Crude Oil Domestic Acquisition Cost by Refiners $/bbl Source: EIA 39
40 Oil I mean condensate exports Source: Drilling Info 40
41 Thousand Barrels per Day Thousand Barrels per Day U.S. Annual Exports 3000 U.S. Exports 1200 U.S. Petroleum Products Exports U.S. Exports of Finished Petroleum Products Mbbl/d U.S. Exports of Natural Gas Liquids and Liquid Refinery Gases Mbbl/d U.S. Exports of Other Liquids Mbbl/d U.S. Exports of Crude Oil Mbbl/d U.S. Exports of Distillate Fuel Oil Mbbl/d U.S. Exports of Finished Motor Gasoline Mbbl/d U.S. Exports of Petroleum Coke Mbbl/d U.S. Exports of Residual Fuel Oil Mbbl/d U.S. Exports of Kerosene-Type Jet Fuel Mbbl/d 0 Distillate 1.3 mbd 0 Source: EIA Gasoline 400,000 b/d 41
42 Condensate Processing Source: Turner Mason, EIA 2014 Annual DC Conference 42
43 Geology of the Eagle Ford = Varying Liquid Grades Source: Momentum Oil and Gas LLC, DUG Eagle Ford Conference Presentation Oct 2011; EOG Investor Presentation Feb 2014; 43
44 These differences have been impacting prices Nov 11th, 2014 WTI $77 Brent $81 Nat Gas $
45 Regional Discounts Matter with High Cost Production Source: ITG Investment Presentation Nov 2012 Source: WSJ, April 20, 2014, Russel Gold Theo Francis The New Winners and Losers America s Shale Boom 45 45
46 Accidents and Regulations 46
47 Recent Crude by Rail Accidents July 6, 2013, a run-away train crashed and exploded in Lac-Mégantic, Quebec, killing 47 people and destroying parts of the town November 8, 2013, about 12 cars derailed in a unit train of 90 cars carrying crude oil near Aliceville, Alabama (45 miles SW Tuscaloosa). Nobody was injured, but three of the cars exploded. December 30, 2013, a train hauling grain derailed near Casselton,(SE) ND hitting a 106 car unit train of crude oil which caused 18 crude tank cars to derail causing a massive explosion and fireball January 7, 2014, a Canadian National train jumped tracks in Plaster Rock, New Brunswick. 15 cars derailed and caught fire. The train was carrying propane and crude oil from Western Canada January 20, 2014, a CSX train derailed in Pennsylvania on a railroad bridge and close a busy expressway (Schuylkill), but did not leak any crude oil. April 30, 2014, oil tanks cars on CSX derailed and caught fire in Lynchburg, VA (3 of 15 cars that derailed caught fire). Nobody was injured by 300 people were evacuated temporarily Source: PHMSA proposed rules; 47
48 Crude by Rail Accidents LAC MAGENTIC: AP PHOTO/THE CANADIAN PRESS, PAUL CHIASSON 48
49 Lac Magentic Crude by Rail Accident SOURCE: NATIONAL POST, JAKE EDMISTON AND ANDREW BARR, MIKE FAILLE, JONATHAN RIVAIT, RICHARD JOHNSON July 12, 2013 Last Updated: Aug 7 5:36 PM ET 49
50 Canadian TSB finds 18 causes and contributing factors Source: TSB, 50
51 Emergency Orders and Recommendations beginning May
52 Comprehensive Regulation Proposals by PHMSA Source: PHMSA proposed rules; 52
53 The Tank Car Source: DOT 111, Wikipedia Regulations designed to retrofit older DOT 111 tank cars and set standards for new tank cars, but specification and retrofitting requirements have yet to be implemented/determined. Some tank car manufacturing companies have moved ahead in anticipation of regs and are building higher strength tank cars above expected regulations. Source: Tank Car of the Future, Greenbrier presentation via RBN Energy Source: PHMSA proposed rules; 53
54 How many tank cars? Source: PHMSA proposed rules; 54
55 Many Entities Involved Issues labeling volatility rail safety tank car strength Groups Involved producers truckers shippers marketers refineries railroads tank car manufacturers 55
56 Not necessarily on the same page Instead, attention should shift to the rail industry's safety record, said Charles Drevna, president of the oil-refiner trade group, some of whose members have made big investments in crude-by-rail infrastructure such as tank cars. "The debate should now focus on the remaining issues track integrity and maintenance and training for rail operators and responders," Mr. Drevna said. Rail executives, including Mr. Harrison, have criticized the moves, warning that such regulation could prove costly and onerous. "Those bureaucrats have no transportation experience," he said, adding that reducing speed further for all cargo, including crude and other hazardous materials, as has been proposed, would be a "nightmare" for the railroad. WSJ, CP s Boss: A Too-Tough Love?, David George-Cosh, May 13, 2014 Kari Cutting, vice president of the North Dakota Petroleum Council, said she didn't know what had changed since her group met with PHMSA last week Our Bakken characterization study is not indicating that Bakken crude oil is more hazardous than other crude oil, and we're thinking that Bakken crude oil is being singled out for political reasons, Cutting said in an interview yesterday. EEnews, DOT crude by rail orders close in on Bakken oil, May
57 NY s Albany County placed a moratorium on crude oil processing expansions in the Port of Albany until health investigations and environmental impacts could be assessed Global Partners and Buckeye in Albany hub Global had received permits to double facility in 2012 New York Moratorium In January 2014 Gov Cuomo signed order for top bottom safety review of crude by rail and water and writes letter to Obama Source: New York Times, Jad Mouawad, Bakken Crude, Rolling Through Albany, Feb 27,
58 Class 1 vs. Shortline Railroads Source: Wikipedia; EPRINC Maps using Hart Energy data and ArcGIS Mapping software 58
59 Bakken Crude Volatility Source: WSJ, Russel Gold, Bakken Shale Carries High Combustion Risk, Feb 23,
60 Spill volume of rail through 2007 Source: CRS Rail Transportation of Crude Oil, May
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