Oil Industry Segment Updates and Production Trends - April 2021
Stay informed with the latest updates on the oil industry segment, including global production and consumption trends, US crude oil production statistics, land rig counts, and production figures from Texas, New Mexico, and Oklahoma. Dive into detailed insights on CBR within PADD 3 and to the West Coast, Williston Basin crude oil production, and total US and Canada CBR data. Keep track of key developments in the oil sector for April 2021.
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Presentation Transcript
Oil Industry Segment Update Lee K. Johnson Hess Corporation Rail Energy Transportation Advisory Committee Surface Transportation Board April 22, 2021
Global Production and Consumption WTI and Brent Price Reaction 2
US Crude Oil Production MBPD 14.00 12.75 12.00 10.80 10.30 10.00 8.54 8.00 6.00 4.00 2.00 1.97 1.80 0.48 0.46 0.00 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Total Lower 48 Gulf (Fed) Alaska Source: EIA 3
US Land Rig Count 900 770 800 700 600 565 500 416 400 296 300 235 200 160 158 106 100 66 52 14 9 0 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 Total TX/NM/OK Other ND Source: Baker Hughes 4
Texas, New Mexico and Oklahoma Production MBPD 7.00 6.20 6.18 5.95 6.00 4.74 5.00 4.66 4.44 4.30 4.00 3.19 3.00 2.00 1.09 1.09 1.09 0.89 1.00 0.56 0.43 0.36 0.00 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Total Texas New Mexico Oklahoma Sources: TRRC and EIA 5
CBR Within PADD 3 and to West Coast 1,000 s BPD 14.00 12.86 12.00 10.17 10.00 8.00 6.00 4.00 2.94 2.69 2.10 2.00 0.84 0.00 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Total Gulf Gulf West Coast Source; EIA 6
Williston Basin Crude Oil Production and Modal Share MBPD 1.80 1.56 1.60 1.40 1.15 1.20 1.03 1.00 0.87 0.90 0.80 0.60 0.61 0.40 0.30 0.18 0.16 0.15 0.20 0.06 0.08 0.00 0.04 Jan-21 0.03 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Production Pipeline Railroad Canada Refinery Sources: ND Pipeline Authority and EIA 7 7
Total US and Canada CBR KBPD 300.00 269.36 266.46 250.00 225.29 200.00 165.32 150.00 100.00 52.83 50.00 41.93 32.54 9.39 2.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Total CBR US CBR Canada US CBR Source: EIA 8
Canada CBR to Destinations in US KBPD 350.00 327.57 300.00 250.00 225.30 203.25 200.00 165.25 150.00 115.13 100.00 79.10 52.83 63.64 50.00 48.48 41.79 30.48 18.89 7.19 0.00 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Total East Coast Midwest Gulf Coast West Coast Source: EIA 9
Summary Global crude oil consumption exceeding production with equilibrium 3Q 2021 WTI and Brent pricing have recovered and exceed pre-pandemic levels US production is down 15.3% and rig count is down 46% both YOY US Southwestern production has recovered and exceeds pre-pandemic volumes Southwest CBR is down 77% from already small pre-pandemic levels Bakken production is down 26.3%, pipe down 15.5%, and rail down 40% all YOY CBR US to Canada disappeared; Canada to US down 38%; to gulf down 61% DAPL s future uncertain with litigation ongoing; status conference held April 10th COE did not exercise its right to shut-down DAPL over the vacated easement; for now COE reported it plans to complete a new EIS by March 2022; court and plaintiffs frustrated DOJ advised Court that the Administration will not shut down DAPL while EIS is conducted Court date scheduled for April 19th has been continued 10 days; results are unpredictable DAPL expected to pursue all available legal options 10
