Outlook for the Upstream Sector of the Oil and Gas Industry

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Outlook for the Upstream Sector of the Oil and Gas Industry"

Transcription

1 Outlook for the Upstream Sector of the Oil and Gas Industry August 214 Prepared for: VMA Market Outlook Workshop Boston, MA Prepared by: Spears & Associates Tulsa, OK

2 Oilfield Equipment and Service Sector Global expenditures for oilfield equipment and services have grown at an 11% CAGR since 25. The US accounts for ~45% of the global market. $5 $45 $4 $35 $3 $25 $2 $15 $1 $5 $- Global Oilfield Equipment and Service Spending ($ bil) Sources: Spears 2

3 World Oil Market Assuming continued worldwide economic growth, global oil consumption is expected to grow 1.2% in 214, up 1.1 million bpd to an average of 91.6 million bpd, and 1.6% in 215, to 93.1 million bpd. As has been the case for the past decade, all the incremental growth in global oil demand is coming from emerging economies (which now account for 5% of total demand). Oil use in developed economies continues to trend flat-to-down due to energy efficiency improvements and sluggish economic growth World Oil Demand (million bpd) Sources: EIA; Spears 3

4 Non-US Oil Market Non-US oil consumption is expected to grow 1.6% to an average of 72.7 million bpd in 214, and increase of 1.9% to in 215 to an average of 74.1 million bpd. Non-US oil production is forecast to average 78.1 million bpd in 214, up.3% from last year, and average 78.3 million bpd in 215, up.2%. Non-US oil production remains below the peak of 78.7 million bpd set in 212, prior to the rapid increase in US oil production. While non-us oil consumption continues to grow, non-us oil production has stagnated as the fall in oil exports to the US has offset the rise in consumption elsewhere. Spot Brent prices are expected to trade in the $1- $11/bbl range as increasing global oil demand is offset by continuing declines in net exports to the US, leaving non- US oil production largely unchanged Non-US Oil Consumption (mil bpd) Non-US Oil Production (mil bpd) Sources: EIA; Spears 4

5 US Oil Market US oil demand is projected to average 18.9 million bpd in 214, unchanged from last year. US oil consumption is projected to average 19. million bpd in 215, up.4%. Fuel consumption in the transportation sector has declined due to increased engine efficiency and a drop in miles driven; however, oil demand for fuel/heat/feedstock applications in the industrial sector has increased as economic activity has improved. US oil production averaged 12.3 million bpd in 213, up 11% for the year. It is projected to grow 11% in 214, to an average of 13.6 million bpd, and 7% in 215, to an average of 14.6 million bpd US Oil Consumption (mil bpd) US Oil Production (mil bpd) Sources: EIA; Spears 5

6 US Oil Market Increased US oil output has led to a sharp drop in net US oil imports, which have fallen from 9.4 million bpd in 21 to 6.2 million bpd in 213, and which are projected to decline to 5.1 million bpd (-18%) in 214 and 4.2 million bpd (-17%) in 215. US exports of refined products averaged 3.5 million bpd in 213, up 11% for the year. As recently as 21 US exports of refined products averaged 2.3 million bpd US Net Oil Imports (mil bpd) Sources: EIA; Spears 6

7 US Oil Production US tight oil production now represents 22% of total US crude oil production. Virtually all of the increase has come from the Eagle Ford play in South Texas and the Bakken Shale in North Dakota and Montana US Crude/NGL Production (mil bpd) NGLs Offshore Alaska L-48 Onshore US Tight Oil Production (mil bpd) DJ Niobrara Marcellus Haynesville Bakken Eagle Ford Sources: EIA; Spears 7

8 US Oil Production US oil production is on track to continue to grow at ~8, bpd per year, most of which will be in the form of light sweet crude. Up to this point increased US oil production has been accommodated by backing out imports of light oil. However, few barrels of light oil imports are still available to be displaced; further gains in US oil production will increasingly rely on refinery expansions or exports in order to find a market. It is not clear that US refiners will be able to increase their light crude refining capacity fast enough to keep up with the increase in US oil production. 14. US Crude Oil Production (mil bpd) Source: Tudor, Pickering, Holt & Company 8

9 US Oil Production US crude oil exports are restricted by law, except for administrative fiat. US crude oil exports averaged.12 million bpd in 213, up 7% for the year, and are on track to average ~25, bpd in 214. Recently there has been an effort to amend the definition of crude oil used in the law prohibiting US oil exports so as to exclude very light condensates, which account for a significant portion of the increase in US crude oil production. If adopted, this would potentially allow the export of several hundred thousand barrels of condensate, alleviating some of the pressure on oil prices US Crude Oil Exports (mil bpd) The pressure to allow crude oil exports will increase along with supply. However, we do not expect restrictions to be substantially lifted until after 216. Sources: EIA; Spears 9

10 Oil Prices The spot WTI price has been trading over $1/bbl; however, prices are expected to slide to around $9/bbl by the end of this year as US oil production growth remains strong, US oil demand growth remains minimal, like-for-like opportunities to displace oil imports grow scarcer, and relief from restrictions on US oil exports remain limited over the near-term. Spot WTI prices are expected to average $97.5/bbl in 214, down.6%, and $9/bbl in 215, down 8%. If a combination of increased crude oil exports and refinery expansions does not absorb most of the expected growth in US oil production, then US crude oil prices are likely to fall to the point (below $8/bbl) that operators cut back drilling activity in order to reduce the growth in production. $1 $95 $9 $85 $8 $75 $7 $65 $6 US Spot WTI Prices ($/bbl) Sources: NY Merc; Spears 1

11 US Gas Market US gas use is estimated to average 72.4 bcfd in 214, up 1.5% from last year. The increase is primarily being driven by industrial consumption, rather than weathersensitive residential use. However, US gas demand is forecast to fall.4% in 215, to an average of 72.1 bcfd, assuming normal weather next winter. US gas production is projected to reach 69. bcfd in 214 (up 3.7%) and 69.9 bcfd in 215 (up 1.2%) US Gas Consumption (bcfd) US Gas Production (bcfd) Sources: EIA; Spears 11

12 US Gas Production Shale gas production is estimated to have accounted for 45% of overall US gas output in 213. US shale gas production exceeded 3 bcfd bcf in 213, up 13%. Most of the growth in US shale gas production since 211 is due to the Marcellus Shale, which produced 9.3 bcfd in 213. Other leading shale gas producing regions in 213 were the Barnett Shale (5.2 bcfd), Haynesville Shale (5.5 bcfd), and Eagle Ford (3.3 bcfd). US gas exports is projected to average 4.3 bcfd in 214 (unchanged from last year) and 4.6 bcfd in 215 (up 6.7%). US gas exports are positioned to rise sharply after 215. Thirteen US Gulf Coast LNG export projects with a combined capacity of 18.3 bcfd have been proposed to the FERC. However, most observers believe that no more than 8. bcfd of this capacity will actually be built US Shale Gas Production (bcfd) Other Woodford Fayetteville Marcellus Bakken Barnett Eagle Ford Haynesville US Gas Exports (bcfd) 1 Sources: EIA; Spears 12

13 Gas Prices US spot natural gas prices are estimated to average $4.35/mmbtu in 214, up 19%, in response to the drawdown in gas inventories. Once storage returns to normal levels, it is expected that gas prices will fall in order to stimulate demand. US spot gas prices are projected to average $4./mmbtu in 215 (assuming normal weather). $5. $4. $3. $2. $1. US Spot Gas Prices ($/mmbtu) $. Sources: Natural Gas Week; Spears 13

14 US Activity The cost to drill and complete new wells fell in 212 and 213, but has begun to increase this year. Spending on new wells is projected to total $157 billion in 214, up 4%, and rise to $165 billion in 215, up 5%. US rig count is forecast to average 1,87 active rigs (up 6%) in 214, but drilling activity is expected to roll over in 215 as US oil prices decline due to the difficulty of accommodating increased US oil production in the absence of relief from the current ban on US crude oil exports. Overall US rig count is forecast to fall 1% in 215, to an average of 1,845 active rigs. The net impact of new federal and state HSE regulations on US E&P activity has been negligible to date, but concerns remain , 1,5 1, 5 Drilling and Completion Spending ($ bil) Average Active Rig Count Gas related Oil related Source: Baker Hughes; Spears 14

15 US Activity US well count is on track to approach 47,5 new wells in 214, up 3% from last year. For 215 we expect that the total number of new wells drilled will remain unchanged, but that the number of new oil wells drilled will fall 3% while the number of new gas wells drilled will increase 9%. A total of 1.5 million producing oil and gas wells were working in the US at the start of 214, up 1.5% from the year-ago level. Due to the continued strong price of oil which has both lifted new oil well drilling and also extended the life of older wells, the number of active US oil wells is estimated to be up 2.9% over the past year. However, the number of active US gas wells is estimated to have fallen.3% from the year-ago level as abandonments exceeded new gas wells drilled for the third time in four years , 5, 4, 3, 2, 1, New Wells Drilled by Type () Dry Holes Gas Wells Oil Wells Producing Wells Oil Gas 15 Source: Baker Hughes; Spears

16 Canada Activity The cost to drill and complete new wells is projected to total $28 billion in 214, up 19%, and then hold steady in 215. For 214 Canadian drilling activity is forecast to average 38 active rigs (up 8%). The forecast for 215 calls for Canadian rig activity to fall 3% to an average of 367 active rigs Drilling and Completion Spending ($ bil) Average Active Rig Count Gas related Oil related 5 16 Source: Baker Hughes; Spears

17 Canada Activity Canadian drilling activity is forecast to see about 11,7 new wells drilled (up 12%). Over 23, producing oil and gas wells were working in Canada at the start of 214, up.7% from the yearago level. The number of active oil wells in Canada is estimated to be up 4.8% since the start of 213 while the number of active gas wells in Canada is estimated to have fallen 1.6% over the same time span , 14, 12, 1, 8, 6, 4, 2, New Wells Drilled by Type() Dry Holes Gas Wells Oil Wells Producing Wells Oil Gas Source: Baker Hughes; Spears 17

18 International Activity Overall International drilling activity in 214 is projected to average 1,347 active rigs (up 5%), accounting for about 14,5 new wells (up 4%). The forecast for 215 calls for rig activity to increase 5% to an average of 1,415 active rigs and almost 15,2 new wells drilled. On a regional basis, International activity in 215 is expected to realize the following changes: Africa (+8%), Mid East (+6%), Europe (+6%), Central and South America (+4%), and the Far East (+3%). The massive cost of deepwater field development is beginning to strain the balance sheets of even the most well-capitalized companies, forcing the cancellation of some projects and delay of others as operators look for ways to cut costs. 1,6 1,4 1,2 1, Intl Average Active Rig Count Offshore Land Intl New Wells Drilled by Type () Offshore Land 2 18 Source: Baker Hughes; Spears

19 Oilfield Manufacturing Surface and Subsea Equipment Global spending on surface and subsea pressure control equipment (Christmas tree valves, casing and tubing heads, chokes, safety shutdown systems and actuators, gauges, fittings, etc.) will exceed $26 billion in 214, up 1%, and is projected to total about $31 billion in 215, up 17%. Unit Manufacturing Unit manufacturing is mostly related to the CAPEX budgets of pressure pumping, wireline and coiled tubing service companies. Full utilization of frac equipment is prompting service firms to order new equipment. $35. $3. $25. $2. $15. $1. $5. $. $7. $6. $5. $4. $3. $2. $1. $. Surface and Subsea Equipment Market ($ bil) Subsea Surface Unit Manufacturing Market ($ bil) Source: Spears 19

20 Summary US oil prices are expected to average around $1/bbl in 214 but decline to ~$9/bbl in 215 as oil production growth remains strong, oil demand growth remains sluggish, opportunities to displace oil imports grow scarcer and relief from restrictions on crude exports remains limited in the near term. US gas prices are expected to rise 25% in 214 in response to the drawdown in gas inventories but then weaken in 215 ahead of an anticipated jump in gas exports. Overall US rig activity is projected to rise 6% in 214 but fall 1% in 215 as oil prices weaken. Overall well count is projected to rise 3% in 214 and hold steady in

21 Legal Matters Copyright 214, Spears and Associates, Inc. All rights reserved. Disclaimer: This communication is based on information that Spears and Associates, Inc. believes is reliable. However, Spears and Associates, Inc. does not represent or warrant its accuracy, completeness, or any other aspect of this information. The viewpoints and opinions expressed in this report represent the views of Spears and Associates, Inc. as of the date of this report. These viewpoints and opinions may be subject to change without notice. This message should not be considered as a recommendation to buy or sell any securities. In no event shall Spears and Associates, Inc. be liable for incidental or consequential damages associated with reliance on any statement or opinion contained in this report. 21

Short-Term Energy Outlook

Short-Term Energy Outlook November 2012 Short-Term Energy Outlook Hurricane Sandy resulted in the loss of electric power to about 8.5 million customers on the East Coast and the shutdown of two refineries, major petroleum distribution

More information

North American Natural Gas Midstream Infrastructure Through 2035: A Secure Energy Future

North American Natural Gas Midstream Infrastructure Through 2035: A Secure Energy Future North American Natural Gas Midstream Infrastructure Through 2035: A Secure Energy Future Updated Supply Demand Outlook Background Executive Summary June 28, 2011 Sufficient midstream natural gas infrastructure,

More information

Suzanne Minter. Manager, Oil and Gas Consulting BENTEK Energy. Natural Gas Outlook

Suzanne Minter. Manager, Oil and Gas Consulting BENTEK Energy. Natural Gas Outlook Suzanne Minter Manager, Oil and Gas Consulting BENTEK Energy Natural Gas Outlook North American Natural Gas The Fertilizer Institute November, 2014 2013 Platts, McGraw Hill Financial. All rights reserved.

More information

North America Midstream Infrastructure through 2035: Leaning Into the Headwinds

North America Midstream Infrastructure through 2035: Leaning Into the Headwinds North America Midstream Infrastructure through 2035: Leaning Into the Headwinds Prepared by ICF International for The INGAA Foundation, Inc. Detailed Study Methodology and Results INGAA Foundation Final

More information

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist

Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska. Remarks by Marianne Kah Chief Economist Oil and Natural Gas Outlook: Implications for Alaska The Alliance Meet Alaska Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking statements.

More information

Well productivity in the top shale gas plays has largely stalled

Well productivity in the top shale gas plays has largely stalled Four of the top seven U.S. shale gas plays have peaked The top seven shale gas plays account for 88% of current production and 88% of the EIA s forecast of cumulative production through 2040. But four

More information

And Then There Was Abundance: Examining Natural Gas in 2012. Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga.

And Then There Was Abundance: Examining Natural Gas in 2012. Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga. And Then There Was Abundance: Examining Natural Gas in 2012 Bruce McDowell Director, Policy Analysis American Gas Association bmcdowell@aga.org NOTICE: In issuing and making this presentation and publication

More information

14 th U.S. China Oil & Gas Industry Forum

14 th U.S. China Oil & Gas Industry Forum 14 th U.S. China Oil & Gas Industry Forum Shaolin Li PetroChina International (America) Inc. 1 Outline U.S. Energy Industry Changes and Trends U.S. LNG Export Outlook and Policy Issues China Natural Gas

More information

Annual Energy Outlook 2015

Annual Energy Outlook 2015 For Columbia University New York, NY By Adam Sieminski U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov Key results from (AEO215)

More information

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016

Oil & Gas Market Outlook. 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Oil & Gas Market Outlook 6 th Norwegian Finance Day Marianne Kah, Chief Economist March 2, 2016 Challenging Market Environment Concerns that global economic growth will slow and reduce global oil and natural

More information

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator

U.S. Energy Outlook. Oil and Gas Strategies Summit May 21, 2014 New York, NY. By Adam Sieminski, EIA Administrator U.S. Energy Outlook May 21, 214 New York, NY By Adam Sieminski, EIA Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov The U.S. has experienced a rapid increase

More information

many in the producing and investment community off guard and caused dramatic changes in producer behavior and balance sheets.

many in the producing and investment community off guard and caused dramatic changes in producer behavior and balance sheets. Testimony of Suzanne Minter Manager, Oil and Gas Consulting Platts Analytics before the U.S. Senate Energy and Natural Resources Committee Hearing to examine challenges and opportunities for oil and gas

More information

February 29, 2016 Price Forecast Commentary

February 29, 2016 Price Forecast Commentary February 29, 2016 Price Forecast Commentary Sproule s short-term outlook for oil and gas prices is based on information obtained from various sources, including government agencies, industry publications,

More information

Battle for Henry Hub

Battle for Henry Hub Copyright 2014 RBN Energy and BTU Analytics Battle for Henry Hub Natural Gas Oversupply - Ominous Implications for Henry Hub Pricing Figure 1 - The Battle An onslaught of surplus natural gas supply is

More information

Lifting the Crude Oil Export Ban

Lifting the Crude Oil Export Ban September 2015 Lifting the Crude Oil Export Ban Explainer I: Crude Oil Export Ban Overview The Bipartisan Policy Center (BPC) prepared this overview as part of a series to promote greater understanding

More information

Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading?

Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading? RESERVOIR ENGINEERING SOFTWARE & SERVICES Oil and Gas Price Forecast Update: Where are Oil and Gas Prices Heading? Dale Struksnes, Manager - Reserve Evaluations April 13, 2010 Media Commentary on Oil and

More information

Natural Gas: Winter 2012-13 Abundance! and Some Confusion

Natural Gas: Winter 2012-13 Abundance! and Some Confusion Natural Gas: Winter 2012-13 Abundance! and Some Confusion NASEO Winter Fuels Outlook Washington, D.C. October 10, 2012 Bruce B. Henning Vice President, Energy Regulatory and Market Analysis BHenning@icfi.com

More information

Son of a Beast Utica Triggers Regional Role Reversal

Son of a Beast Utica Triggers Regional Role Reversal Son of a Beast Utica Triggers Regional Role Reversal KEYTAKEAWAYS Son of a Beast Utica Triggers Regional Role Reversal Overview only. Contact BENTEK to subscribe. For more information about BENTEK s industry-leading

More information

IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC

IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC IAMU Natural Gas Pricing Impact to the Iowa Electric Power Generator 10/2/13 Jim Borowicz Key Energy Services, LLC Natural Gas Pricing Supply Transportation Capacity How Natural Gas is Priced Futures Contract

More information

Oil prices have declined sharply since the summer of 2014, raising

Oil prices have declined sharply since the summer of 2014, raising What Could Lower Prices Mean for U.S. Oil Production? By Nida Çakır Melek Oil prices have declined sharply since the summer of 2014, raising questions about whether the boom in oil and gas production can

More information

H.R. 702 A bill to adapt to changing crude oil market conditions

H.R. 702 A bill to adapt to changing crude oil market conditions CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 29, 2015 H.R. 702 A bill to adapt to changing crude oil market conditions As reported by the House Committee on Energy and Commerce on September 25,

More information

Drilling Productivity Report

Drilling Productivity Report Independent Statistics & Analysis U.S. Energy Information Administration e 216 For key tight oil and shale gas regions Bakken Marcellus Utica Niobrara Permian Haynesville Eagle Ford The seven regions analyzed

More information

Unconventional oil and gas: outlook, risks, and potential

Unconventional oil and gas: outlook, risks, and potential 20140519_SBC_International Energy Forum - Paper_v05 Unconventional oil and gas: outlook, risks, and potential May 2014 Moscow Table of Contents KEY INSIGHTS... 2 1. UNCONVENTIONAL RESOURCES ARE SIZEABLE

More information

State of the Oil Markets?

State of the Oil Markets? State of the Oil Markets? U.S. and Global Refining Prospects John R. Auers, P.E. Executive Vice President Washington DC February 17, 2016 U.S. Refining is YUGE! 2 What Determines Refining Winners? Refined

More information

Outlook for Oil and Natural Gas Markets

Outlook for Oil and Natural Gas Markets Outlook for Oil and Natural Gas Markets Helen Currie, PhD Senior Economist Legislative Finance Committee State of New Mexico 09-July-2014 Farmington, New Mexico Cautionary Statement The following presentation

More information

HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS

HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS HOW EXPANDING U.S. CRUDE EXPORTS CAN MEAN CHEAPER GAS FOR AMERICANS BY DAN EBERHART, CEO, CANARY, LLC CANARYUSA.COM WELLHEADS FRAC EQUIPMENT PRODUCTION SERVICES MANUFACTURING HOW EXPANDING U.S. CRUDE EXPORTS

More information

Shale Gas A Game Changer

Shale Gas A Game Changer Shale Gas A Game Changer CWC World LNG Series: America Summit, Hilde Nafstad, President, Statoil Natural Gas LLC March 17, 2010 Forward looking statements This Operating and Financial Review contains certain

More information

CONNECTICUT ENERGY PRICE REPORT

CONNECTICUT ENERGY PRICE REPORT CONNECTICUT ENERGY PRICE REPORT 1/15/2015 DENOTES FALLING PRICES COMPARED TO YEAR EARLIER DENOTES FLAT PRICES COMPARED TO YEAR EARLIER DENOTES RISING PRICES COMPARED TO YEAR EARLIER CONNECTICUT RETAIL

More information

CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS

CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS CBRE CLARION SECURITIES MLPs OIL & GAS DRILLING TECHNOLOGY LEADS TO EFFICIENCY GAINS MARCH 2015 Jeremy Anagnos, CFA Senior Global Portfolio Manager Hinds Howard Associate Portfolio Manager EXECUTIVE SUMMARY

More information

Shale Gas: Its Not Just in North America Anymore

Shale Gas: Its Not Just in North America Anymore Shale Gas: Its Not Just in North America Anymore John Veil 410-212-0950 john@veilenvironmental.com www.veilenvironmental.com GWPC Annual Forum Atlanta, GA September 25-28, 2011 Topics for Discussion Importance

More information

3Q15 Conference Call. Oct. 29, 2015

3Q15 Conference Call. Oct. 29, 2015 3Q15 Conference Call Oct. 29, 2015 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,

More information

Natural Gas Markets in 2006

Natural Gas Markets in 2006 Order Code RL33714 Natural Gas Markets in 2006 Updated December 12, 2006 Robert Pirog Specialist in Energy Economics and Policy Resources, Science, and Industry Division Natural Gas Markets in 2006 Summary

More information

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma

Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Keeping Our Options Open: Markets for Canadian Crude and the Pipeline Dilemma Trisha Curtis, Research Analyst Energy Policy Research Foundation, Inc. (EPRINC) CERI Oil Conference 2012 April 23 rd, 2012

More information

Norwegian OFS trends Riggkonferansen Stavanger 26 May 2016

Norwegian OFS trends Riggkonferansen Stavanger 26 May 2016 Norwegian OFS trends Riggkonferansen Stavanger 26 May 216 Disclaimer This preliminary document has been prepared by Ernst & Young. The information and opinions contained in this document are derived from

More information

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY

JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY Testimony of Kenneth B. Medlock III, PhD James A. Baker, III, and Susan G. Baker Fellow in Energy and Resource Economics, and Senior Director,

More information

Oil and Gas U.S. Industry Outlook

Oil and Gas U.S. Industry Outlook Oil and Gas U.S. Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Positive fundamentals & outlook www.eulerhermes.us Key points WTI Crude is expected to continue to converge to Brent crude prices, narrowing

More information

Medium-Term Global Oil Outlook

Medium-Term Global Oil Outlook Medium-Term Global Oil Outlook Fifth IEA OPEC Symposium on Energy Outlooks Session Two: Industry Views Remarks by Marianne Kah Chief Economist Cautionary Statement The following presentation includes forward-looking

More information

LONG-TERM ASSESSMENT OF NATURAL GAS INFRASTRUCTURE TO SERVE ELECTRIC GENERATION NEEDS WITHIN ERCOT

LONG-TERM ASSESSMENT OF NATURAL GAS INFRASTRUCTURE TO SERVE ELECTRIC GENERATION NEEDS WITHIN ERCOT LONG-TERM ASSESSMENT OF NATURAL GAS INFRASTRUCTURE TO SERVE ELECTRIC GENERATION NEEDS WITHIN ERCOT Prepared for The Electric Reliability Council of Texas JUNE 2013 Black & Veatch Holding Company 2011.

More information

Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment

Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment Unconventional Oil and Gas Production Drives Trends in Water Management and Treatment Jelena Stanic, Global Water Intelligence A research report, Water for the Onshore Oil and Gas, by Global Water Intelligence

More information

TIGHT OIL REALITY CHECK

TIGHT OIL REALITY CHECK TIGHT OIL REALITY CHECK REVISITING THE U.S. DEPARTMENT OF ENERGY PLAY-BY-PLAY FORECASTS THROUGH 2040 FROM ANNUAL ENERGY OUTLOOK 2015 J. DAVID HUGHES FALL 2015 TIGHT OIL REALITY CHECK Revisiting the U.S.

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report February 2016 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: The North Sea Brent front month futures price settled at $34.46/b on February 4 $2.76 per barrel (b) below

More information

Trends in the oil and gas markets

Trends in the oil and gas markets Trends in the oil and gas markets Danske Markets oil and gas seminar Oslo, 12.06.12 Ottar Skagen, Statoil CFO Macroeconomics and Market Analysis Oil prices on a rollercoaster since the mid 2000s Source:

More information

Local government fiscal impacts of oil and gas development

Local government fiscal impacts of oil and gas development Shale Public Finance Local government fiscal impacts of oil and gas development Richard Newell, Gendell Professor of Energy and Environmental Economics, Nicholas School of the Environment Daniel Raimi,

More information

Gas/NGL Developments from Western Canada to the US Midwest

Gas/NGL Developments from Western Canada to the US Midwest Gas/NGL Developments from Western Canada to the US Midwest Purvin & Gertz International LPG Seminar March 7, 2012 Tim Stauft, President Aux Sable Canada About Alliance/Aux Sable Alliance is a 1.6 bcf/d

More information

North American Midstream Infrastructure through 2035: Capitalizing on Our Energy Abundance. An INGAA Foundation Report, Prepared by ICF International

North American Midstream Infrastructure through 2035: Capitalizing on Our Energy Abundance. An INGAA Foundation Report, Prepared by ICF International North American Midstream Infrastructure through 2035: Capitalizing on Our Energy Abundance An INGAA Foundation Report, Prepared by ICF International Executive Summary March 18, 2014 Background Since the

More information

CONNECTICUT ENERGY PRICE REPORT

CONNECTICUT ENERGY PRICE REPORT CONNECTICUT ENERGY PRICE REPORT 5/26/ DENOTES FALLING PRICES COMPARED TO YEAR EARLIER DENOTES FLAT PRICES COMPARED TO YEAR EARLIER DENOTES RISING PRICES COMPARED TO YEAR EARLIER CONNECTICUT RETAIL CRUDE

More information

Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT. Mark Rachal Director of Research/Publications

Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT. Mark Rachal Director of Research/Publications Cost Management Solutions LLC Your Market Informant! The Propane Price Insider Reports 2016 M-PACT Mark Rachal Director of Research/Publications Disclaimer The quotes and information contained herein are

More information

Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices

Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices Analysis of Whether the Prices of Renewable Fuel Standard RINs Have Affected Retail Gasoline Prices A Whitepaper Prepared for the Renewable Fuels Association Key Findings Changes in prices of renewable

More information

Low Price Environment and the Impact on Unconventional Resource Developments

Low Price Environment and the Impact on Unconventional Resource Developments Low Price Environment and the Impact on Unconventional Resource Developments Mark Nelson Vice President Commercial & Communications ConocoPhillips China October 16, 2015 Cautionary Statement The following

More information

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford

Oil Market Outlook. March 2016. Compiled by Dr Jeremy Wakeford Oil Market Outlook March 2016 Compiled by Dr Jeremy Wakeford Highlights Oil prices have remained very weak in recent months, with the Brent benchmark averaging $31/bbl in January and $32/bbl in February

More information

North American Energy Independence A bump in the road

North American Energy Independence A bump in the road Wealth Management Research October 2015 A bump in the road Nicole Decker Equity Sector Strategist, Energy This report has been prepared by UBS Financial Services, Inc. Please see important disclaimers

More information

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications

EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications EIA s U.S. Crude Oil Import Tracking Tool: Selected Sample Applications November 2014 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report was prepared

More information

1Q16 Conference Call. April 28, 2016

1Q16 Conference Call. April 28, 2016 1Q16 Conference Call April 28, 2016 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,

More information

Falling Oil Prices and US Economic Activity: Implications for the Future

Falling Oil Prices and US Economic Activity: Implications for the Future Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for

More information

OIL MARKET OUTLOOK Q3 / Jeremy Wakeford

OIL MARKET OUTLOOK Q3 / Jeremy Wakeford OIL MARKET OUTLOOK Q3 / 2016 Jeremy Wakeford Oil Market Outlook 24 June 2016 Compiled by Dr Jeremy Wakeford Highlights Brent crude oil spot prices breached the $50/barrel (b) mark in June, having averaged

More information

Jefferies 2015 Global Energy Conference. Torgrim Reitan, EVP Development and Production USA

Jefferies 2015 Global Energy Conference. Torgrim Reitan, EVP Development and Production USA Jefferies 2015 Global Energy Conference Torgrim Reitan, EVP Development and Production USA November 11, 2015 Statoil Key Facts EQUITY PRODUCTION 1.927 million barrels of oil equivalent per day in 2014

More information

Short-Term Energy Outlook Market Prices and Uncertainty Report

Short-Term Energy Outlook Market Prices and Uncertainty Report July 2014 Short-Term Energy Outlook Market Prices and Uncertainty Report Crude Oil Prices: After an upward move in mid-june, crude oil prices retreated close to previous levels. The North Sea Brent front

More information

Natural Gas Prices To Crash Unless Rig Count Falls Fast

Natural Gas Prices To Crash Unless Rig Count Falls Fast Natural Gas Prices To Crash Unless Rig Count Falls Fast By Arthur Berman Posted on Sun, 22 March 2015 00:00 0 Spending cuts for oil-directed drilling have dominated first quarter 2015 energy news but rig

More information

Natural Gas Year-In-Review 2006

Natural Gas Year-In-Review 2006 Natural Gas Year-In-Review 2 This report provides an overview of the natural gas industry and markets in 2 with special focus on the first complete set of supply and disposition data for 2 from the Energy

More information

4Q14 Conference Call. Jan. 29, 2015

4Q14 Conference Call. Jan. 29, 2015 4Q14 Conference Call Jan. 29, 2015 Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings,

More information

Natural Gas Prices and LNG's Dirty Little Secret

Natural Gas Prices and LNG's Dirty Little Secret Natural Gas Prices and LNG's Dirty Little Secret by G. Allen Brooks Parks Paton Hoepfl & Brown Musings from the Oil Patch Optimism about the ending of the U.S. recession and its impact on future demand

More information

The Fuel and Vehicle Trends Report January 31, 2014

The Fuel and Vehicle Trends Report January 31, 2014 ISSN 1948-2388 The Fuel and Vehicle Trends Report This report is a summary of the latest fuel prices and other oil industry key statistics. In addition, this report provides the latest trends in vehicle

More information

Presentation to the State of Alaska Legislature. Liquid Natural Gas (LNG) NPV Analysis and Results

Presentation to the State of Alaska Legislature. Liquid Natural Gas (LNG) NPV Analysis and Results Presentation to the State of Alaska Legislature Liquid Natural Gas (LNG) NPV Analysis and Results June 9, 2008 Key Conclusions LNG Projects Have Higher Capital Costs and Therefore Greater Risk than a Pipeline

More information

2015 Oil Outlook. january 21, 2015

2015 Oil Outlook. january 21, 2015 MainStay Investments is pleased to provide the following investment insights from Epoch Investment Partners, Inc., a premier institutional manager and subadvisor to a number of MainStay Investments products.

More information

COMPANY UPDATE FIRST QUARTER 2016 RESULTS

COMPANY UPDATE FIRST QUARTER 2016 RESULTS COMPANY UPDATE FIRST QUARTER 2016 RESULTS ROYAL DUTCH SHELL 4 MAY 2016 Copyright of Royal Dutch Shell plc May 4, 2016 1 SIMON HENRY CHIEF FINANCIAL OFFICER ROYAL DUTCH SHELL PLC 2 DEFINITIONS & CAUTIONARY

More information

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH

CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH CBRE CLARION SECURITIES MASTER LIMITED PARTNERSHIPS: GLOBALIZATION OF ENERGY MARKETS LEADING TO SECULAR GROWTH MAY 2014 201 King of Prussia Road, Suite 600 Radnor, PA 19087 USA T. 610.995.2500 www.cbreclarion.com

More information

1Q14 CONFERENCE CALL. Jeff Sheets, EVP, Finance & CFO Matt Fox, EVP, Exploration & Production. May 1, 2014

1Q14 CONFERENCE CALL. Jeff Sheets, EVP, Finance & CFO Matt Fox, EVP, Exploration & Production. May 1, 2014 1Q14 CONFERENCE CALL Jeff Sheets, EVP, Finance & CFO Matt Fox, EVP, Exploration & Production May 1, 2014 Cautionary Statement The following presentation includes forward-looking statements. These statements

More information

Third Quarter 2015 Swift Energy Company November 5, 2015

Third Quarter 2015 Swift Energy Company November 5, 2015 Third Quarter 2015 Swift Energy Company November 5, 2015 Forward Looking Statements The material included herein which is not historical fact constitutes forward-looking statements within the meaning of

More information

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission

PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission PETROLEUM WATCH September 16, 2011 Fossil Fuels Office Fuels and Transportation Division California Energy Commission Summary As of September 14, retail regular-grade gasoline prices in California increased

More information

Countdown to Natural Gas: Beginning this Year, the Dynamics of the U.S. Natural Gas Market Will Change Forever

Countdown to Natural Gas: Beginning this Year, the Dynamics of the U.S. Natural Gas Market Will Change Forever Countdown to Natural Gas: Beginning this Year, the Dynamics of the U.S. Natural Gas Market Will Change Forever Alan Lammey, Sr. Energy Markets Analyst Who Is PointLogic Energy? PointLogic Energy provides

More information

Led by growth in Texas, the Southeast, and Northeast, power burn is headed for a January record

Led by growth in Texas, the Southeast, and Northeast, power burn is headed for a January record EIA - Natural Gas Weekly Update for week ending January 28, 2015 Release Date: January 29, 2015 Next Release: February 5, 2015 In the News: Led by growth in Texas, the Southeast, and Northeast, power burn

More information

Rail Loading Facilities Bakken Product Markets & Takeaway Capacity Denver, CO January 30, 2013 www.dakotaplains.com

Rail Loading Facilities Bakken Product Markets & Takeaway Capacity Denver, CO January 30, 2013 www.dakotaplains.com Rail Loading Facilities Bakken Product Markets & Takeaway Capacity Denver, CO January 30, 2013 www.dakotaplains.com Forward Looking Statements Statements made by representatives of Dakota Plains Holdings,

More information

U.S. Shale Plays. After The Gold Rush: A Perspective on Future U.S. Natural Gas Supply and Price. Arthur E. Berman

U.S. Shale Plays. After The Gold Rush: A Perspective on Future U.S. Natural Gas Supply and Price. Arthur E. Berman U.S. Shale Plays After The Gold Rush: A Perspective on Future U.S. Natural Gas Supply and Price Arthur E. Berman Labyrinth Consulting Services, Inc. ASPO Conference 2012 Vienna, Austria May 30, 2012 Slide

More information

COLORADO OIL AND GAS INDUSTRY

COLORADO OIL AND GAS INDUSTRY COLORADO OIL AND GAS INDUSTRY Updated Economic Assessment of Colorado Oil and Gas Prices Conducted by: BUSINESS RESEARCH DIVISION Leeds School of Business University of Colorado Boulder 420 UCB Boulder,

More information

Changes in Supply of and Demand for Crude Oil: Implications for Oil Price

Changes in Supply of and Demand for Crude Oil: Implications for Oil Price Changes in Supply of and Demand for Crude Oil: Implications for Oil Price 1 Paul R. Kutasovic Economic Consultant and Professor, New York Abstract The rise in oil prices since the end of the 2007-09 recession

More information

Natural Gas Pipeline and Storage Infrastructure Projections Through 2030

Natural Gas Pipeline and Storage Infrastructure Projections Through 2030 Natural Gas Pipeline and Storage Infrastructure Projections Through 2030 October 20, 2009 Submitted to: The INGAA Foundation, Inc. 10 G Street NE Suite 700 Washington, DC 20002 Submitted by: ICF International

More information

Global Subsea Market Outlook from an Asia Pacific Perspective

Global Subsea Market Outlook from an Asia Pacific Perspective Global Subsea Market Outlook from an Asia Pacific Perspective 4th Asian Subsea Conference and Exhibition Prepared by Kian Zi Chew Douglas-Westwood Singapore www.dw-1.com Douglas-Westwood Our Business offshore

More information

Market Outlook on the Deepwater Subsea Sector. Marine Richard, Associate Analyst 6th February 2014

Market Outlook on the Deepwater Subsea Sector. Marine Richard, Associate Analyst 6th February 2014 Market Outlook on the Deepwater Subsea Sector Marine Richard, Associate Analyst 6th February 2014 Table of Contents I. Introduction to Infield Systems II. Global Macroeconomic Overview III. Offshore Capex

More information

Outlook for the North American and Ontario Gas Markets

Outlook for the North American and Ontario Gas Markets Outlook for the North American and Ontario Gas Markets Union Gas Customer Meeting London, Ontario June 5, 2014 Presented by: Frank Brock Senior Energy Market Specialist ICF International Frank.Brock@ICFI.COM

More information

On October 21, 2008, the Federal Reserve

On October 21, 2008, the Federal Reserve Anticipated Recession Effects Gas Prices Natural Gas Prices in a Recession This is a preprint of an article published in Natural Gas & Electricity 2008, Dec., Wiley Periodicals, Inc. http://www3.interscience.wiley.com/cgi-bin/jhome/105559587

More information

Presentation to the Angola Field Group at the Viking Club Luanda - Angola February 5, 2015. Tako Koning, Senior Petroleum Geologist

Presentation to the Angola Field Group at the Viking Club Luanda - Angola February 5, 2015. Tako Koning, Senior Petroleum Geologist Fracking for Oil in the USA and its Impact on Angola s Economy Presentation to the Angola Field Group at the Viking Club Luanda - Angola February 5, 2015 Tako Koning, Senior Petroleum Geologist The presenter:

More information

Outlook for Natural Gas Supply and Demand for 2015-2016 Winter

Outlook for Natural Gas Supply and Demand for 2015-2016 Winter Outlook for Natural Gas Supply and Demand for 2015-2016 Winter Energy Ventures Analysis, Inc. (EVA) Executive Summary Natural gas supplies will be adequate to meet expected demand this winter. This is

More information

Talisman Energy Inc. Transcript from the Q1 Results Analyst Call May 1, 2013

Talisman Energy Inc. Transcript from the Q1 Results Analyst Call May 1, 2013 Talisman Energy Inc. Transcript from the Q1 Results Analyst Call May 1, 2013 Please refer to Talisman s advisories in the May 1, 2013 news release re: forward-looking statements and non-gaap measures.

More information

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment

Global Oil and Gas Capital Expenditure Outlook 2010: National Oil Companies (NOCs) to Drive Investment Global Oil and Gas Capital Expenditure Outlook 21: GlobalData s new report Global Oil and Gas Capital Expenditure Outlook 21: National Oil Companies (NOCs) to Drive Investment provides in-depth analysis

More information

Focus on Geopolitics N.A. Shale & Export Options - A Canadian View

Focus on Geopolitics N.A. Shale & Export Options - A Canadian View Focus on Geopolitics N.A. Shale & Export Options - A Canadian View International Gas Union October 17, 2012 Ottawa, ON Dave Collyer, President, CAPP North American Natural Gas Supply Outlook Shale gas

More information

AOBA Utility Committee

AOBA Utility Committee AOBA Utility Committee Energy Markets in Tailspin Major Economic Recession Continues to Pull Energy Prices Downward Where Will It End? Presented By Bruce R. Oliver President, Revilo Hill Associates, Inc.

More information

Resource Evaluation & Advisory. Price forecast December 31, 2014

Resource Evaluation & Advisory. Price forecast December 31, 2014 Resource Evaluation & Advisory Price forecast December 31, 214 Contents Canadian price forecast...1 Oil differentials...4 International price forecast...5 Deferring development...6 Global outlook...7 Pricing

More information

The Golden Age of Gas Supply Considerations

The Golden Age of Gas Supply Considerations The Golden Age of Gas Supply Considerations A golden age of gas requires plentiful supplies of gas (at the right price) This presentation looks at the volumes of gas likely to be available in the future

More information

STEO Supplement: Why are oil prices so high?

STEO Supplement: Why are oil prices so high? STEO Supplement: Why are oil prices so high? During most of the 1990s, the West Texas Intermediate (WTI) crude oil price averaged close to $20 per barrel, before plunging to almost $10 per barrel in late

More information

U.S. Crude Oil Pricing Analysis

U.S. Crude Oil Pricing Analysis Alan Stevens, President Stancil & Co. 400 E. Las Colinas Boulevard Suite 700 Irving, Texas 75039 214.688.0255 www.stancilco.com Table of Contents I. Introduction and Summary of Findings... I-1 Historical

More information

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel

Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel The recent decline in world crude oil prices is bringing new attention to the factors that drive the price and stability

More information

Winter 2013-14 Energy Market Assessment Report to the Commission

Winter 2013-14 Energy Market Assessment Report to the Commission Winter 2013-14 Energy Market Assessment Report to the Commission Docket No. AD06-3-000 October 2013 Disclaimer: The matters presented in this staff report do not necessarily represent the views of the

More information

Oil. Gas. Market Notes Activities. Contents

Oil. Gas. Market Notes Activities. Contents Oil Gas Market Notes Contents 1 A Look Back at 215 and a Glimpse into 216 7 Natural Gas Market Charts 1 Oil Market Charts 14 Legislative and Regulatory Highlights 16 About Navigant A Look Back at 215 and

More information

Oil Market Outlook. By Hannah Breul Office of Energy Markets and Financial Analysis. U.S. Energy Information Administration

Oil Market Outlook. By Hannah Breul Office of Energy Markets and Financial Analysis. U.S. Energy Information Administration Oil Market Outlook For 2016 Legislative Ag Chairs Summit The Opportunities and Challenges of an All of the Above Energy Policy panel January 9, 2016 Denver, CO By Hannah Breul Office of Energy Markets

More information

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39

LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 LNG Poised to Significantly Increase its Share of Global Gas Market David Wood February 2004 Petroleum Review p.38-39 For the past few years LNG has experienced high levels of activity and investment in

More information

Canada s Energy Sector in a Changing Global Market. Kristi Varangu Director, International Energy Division March 10, 2014

Canada s Energy Sector in a Changing Global Market. Kristi Varangu Director, International Energy Division March 10, 2014 Canada s Energy Sector in a Changing Global Market Kristi Varangu Director, International Energy Division March 10, 2014 2 Purpose Illustrate the profound changes that are taking place in global and North

More information

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014

Global Energy Dynamics: Outlook for the Future. Dr Fatih Birol Chief Economist, IEA 18 June 2014 Global Energy Dynamics: Outlook for the Future Dr Fatih Birol Chief Economist, IEA 18 June 2014 The world energy scene today Some long held tenets of the energy sector are being rewritten Countries are

More information

Main Street. Economic information. By Chad Wilkerson, Vice President and Oklahoma City Branch Executive, and Nida Cakir Melek, Economist

Main Street. Economic information. By Chad Wilkerson, Vice President and Oklahoma City Branch Executive, and Nida Cakir Melek, Economist THE Main Street ECONOMIST: ECONOMIST Economic information Agricultural for the and Cornhusker Rural Analysis State S e Issue p t e m b1, e r 2014 2 0 1 0 Feed de er ra al l RR e es se er rv ve e BBa an

More information

The Growth of U.S. Natural Gas: An Uncertain Outlook for U.S. and World Supply

The Growth of U.S. Natural Gas: An Uncertain Outlook for U.S. and World Supply The Growth of U.S. Natural Gas: An Uncertain Outlook for U.S. and World Supply For 2015 EIA Energy Conference Washington, D.C. By John Staub, Team Lead, Exploration and Production Analysis U.S. Energy

More information

Financial News for Major Energy Companies Second Quarter 2005

Financial News for Major Energy Companies Second Quarter 2005 Financial News for Major Energy Companies Second Quarter 2005 The "Financial News for Major Energy Companies" is issued quarterly to report recent trends in the financial performance of the major energy

More information