Overview of Oil Industry Segment Update and Global Production Trends
This update covers the latest insights on the oil industry segment, including global production and consumption trends, total US refinery capacity and crude oil production, North American crude by rail origins and destinations, ND production modal share, and products of petroleum refining transported by Class 1 railroads from 2019 to 2023.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Oil Industry Segment Update Lee K. Johnson Hess Corporation Rail Energy Transportation Advisory Committee Surface Transportation Board April 17, 2024
Global Production and Consumption Major Producing Countries Top Five Global Crude Oil Producing Countries MBPD 12.9 14.0 11.3 12.0 10.1 9.9 9.7 9.4 10.0 8.0 6.0 4.6 4.3 4.2 4.1 4.0 2.0 0.0 USA Russia Saudia Arabia 2020 Canada 2023 Iraq 2021 2022 Source: EIA 2
Total US Refinery Capacity, Input & Crude Oil Production MBPD 20.0 18.8 18.7 18.2 18.1 18.0 18.0 17.0 16.5 16.1 15.7 16.0 14.7 14.0 12.9 12.3 11.9 11.3 11.3 12.0 9.4 10.0 8.5 8.1 7.9 7.7 8.0 6.0 4.0 2.2 1.8 1.8 1.7 1.7 2.0 0.0 2019 2020 2021 2022 2023 Operable Capacity Refinery Input Total Production PADD 1 PADD 2 PADD 3 PADD 4 PADD 5 PADD Petroleum Administration Defense Districts PA WV ND OK TX NM & Fed-OS CO MT UT WY AK CA Major Producing States Source: EIA 3
North American Crude By Rail Origins and Destinations 2023 Annual Barrels Total 97.3 million barrels Intra-US 65.2 MM Canada to US 32.1MM 33.1% US Class 1 Railroad Carloads 2019 - 2023 450,000 66.9% 400,000 350,000 Intra-US OD s 62.5MM From PADD 2 48.4MM 74.3% To PADD 1 - 6.7MM 13.9% To PADD 5 41.7MM 86.1% From PADD 4 16.7MM 25.7% To PADD 2 0.6MM 3.8% To PADD 3 16.1MM 96.2% 300,000 250,000 200,000 150,000 100,000 50,000 Canada to US 32.1MM To PADD 1 2.4MM 7.4% To PADD 2 0.6MM 2.1% To PADD 3 - 24.3MM 75.5% To PADD 5 4.8MM 15.0% 0 2019 2020 2021 2022 2023 Terminated 387,430 236,069 177,624 136,088 150,737 Originated 213,563 137,949 91,152 68,079 97,212 Terminated Originated Source: Association of American Railroads Source: EIA 4
ND Production & Modal Share MBPD 1.60 1.42 1.40 1.19 1.17 1.20 1.11 1.10 1.04 1.01 1.00 0.92 0.87 0.85 0.80 0.60 0.40 0.26 0.19 0.17 0.20 0.11 0.09 0.08 0.07 0.06 0.07 0.07 0.00 2019 2020 2021 2022 2023 Total Pipeline Railroad Refinery Source: North Dakota Pipeline Authority 5
Products of Petroleum Refining Class 1 Railroad Carloads 2019 - 2023 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Liquefied petroleum gases Asphalt, tar and pitches Lubricating & similar oils Gasoline, jet fuel, other Residual fuel oil Distillate fuel oil Other 2019 191,036 73,680 64,360 43,219 49,963 46,579 37,239 2020 167,180 70,476 59,670 46,020 45,598 54,466 35,217 2021 159,865 74,251 53,697 56,809 48,465 58,194 38,622 2022 164,654 73,297 60,371 51,889 49,393 34,459 38,494 2023 174,765 76,056 68,116 62,711 46,755 37,499 36,218 Source: Association of American Railroads 6
Suggested Take Aways 1. Global crude oil production and consumption continues to grow EIA 2. US remains the #1 global crude oil producer EIA 3. US refinery capacity has declined 600 KBPD from 2019 level EIA 4. PADD 3 contributed 72.9% of US crude oil production in 2023 - EIA 5. US domestic and Canada to US CBR grew modestly in 2023 - EIA 6. PADD 2 contributed 74.3% of US CBR in 2023 EIA 7. Rail shipment of refined product grew 6.3% 2022 to 2023 AAR 8. Refined product carloads average of nearly 500K annually. - AAR 9. Refined product rail returned to pre-pandemic levels in 2023 - AAR 7
