Petroleum Refining Overview

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1 Petroleum Refining Overview

2 Topics Energy consumption & petroleum s place Size of U.S. industry Major refiners Petroleum products Basic petroleum economics Trends for crude oil & gasoline prices When do refiners make money? Generalized Petroleum Refinery

3 Topics Energy consumption & petroleum s place Size of U.S. industry Major refiners Petroleum products Basic petroleum economics Trends for crude oil & gasoline prices When do refiners make money? Generalized Petroleum Refinery

4 U.S. Energy Consumption Energy Consumed (Quad = BTU) Wood Hydroelectric Power Nuclear Electric Power Coal Natural Gas Petroleum Source: , Energy Perspectives: A Presentation of Major Energy and Energy-Related Data, U.S. Department of the Interior, 1975; , Annual Energy Review 2000, Table 1.3.

5 Program Markets Are Interconnected

6 U.S. Dependence on Foreign Oil Oil Reserves Saudi Arabia Canada Iran Iraq Kuwait U.A.E. Venezuela Russia Libya Nigeria 2% U.S. 2% 3% Rate of Use 5% 6% 8% 8% 9% 10% U.S. 25% Japan 7% China 7% Germany 3% Russia 3% India The United States uses 3% Canada 3% more oil than the next Brazil 3% S. Korea five highest-consuming 3% France 3% nations combined. Mexico 3% 0% 5% 10% 15% 20% 25% 14% 21% Updated July Source: International Energy Annual 2003 (EIA), Tables 1.2 and 8.1-O&GJ. Canada s reserves include tar sands. Source: National Renewable Energy Laboratory

7 Vehicles per Thousand People Historical U.S. Vehicles per 1000 People Vehicles per 1000 People Sources: U.S. data Vehicles: U.S. Department of Transportation, Federal Highway Administration, Highway Statistics 2000, Table VM-1, and earlier annual editions. Population: U.S. Department of Commerce, Bureau of the Census Time Series of National Population Estimates: April 1, 2000 to July 1, 2001 Other countries/regions Energy Information Administration, International Energy Outlook 2002, DOE/EIA-0484(2002), p

8 Vehicles per Thousand People Historical U.S. Vehicles per 1000 People Vehicles per 1000 People Middle East Africa China Eastern Europe Former USSR Central & S. America Developing Asia United States Industrialized Pacific Western Europe Sources: U.S. data Vehicles: U.S. Department of Transportation, Federal Highway Administration, Highway Statistics 2000, Table VM-1, and earlier annual editions. Population: U.S. Department of Commerce, Bureau of the Census Time Series of National Population Estimates: April 1, 2000 to July 1, 2001 Other countries/regions Energy Information Administration, International Energy Outlook 2002, DOE/EIA-0484(2002), p

9 US Refining Capacity ConocoPhillips Capacity Barrels per Calendar Day Capacity Barrels per Stream Day Company ConocoPhillips 2,013,000 2,120,881 Valero Energy Corp 2,001,290 2,095,700 ExxonMobil Refining 1,964,350 2,047,650 BP 1,426,370 1,488,700 PDVSA 1,105,750 1,138,350 Marathon Petroleum 1,016,000 1,103,000 Chevron USA Inc 1,033,271 1,100,200 Total 18,249,450 19,291,308 BP Valero Energy Corp ExxonMobil Refining Capacities for LLC refineries split among the partner companies Chevron USA Inc Marathon Petroleum PDVSA EIA, Jan. 1, 2009 database

10 Individual Refinery Sizes Atmospheric Crude Distillation Capacity (barrels per stream day) Atmospheric Crude Distillation Capacity (barrels per calendar day) Company State Site ExxonMobil Refining Texas BAYTOWN 596, ,500 Hovensa LLC Virgin Islands KINGSHILL 525, ,000 ExxonMobil Refining Louisiana BATON ROUGE 524, ,000 BP Texas TEXAS CITY 475, ,790 PDVSA Louisiana LAKE CHARLES 440, ,500 BP Indiana WHITING 420, ,000 Chevron USA Inc Mississippi PASCAGOULA 360, ,000 ExxonMobil Refining Texas BEAUMONT 359, ,500 Sunoco Pennsylvania PHILADELPHIA 355, ,000 Deer Park Refining Ltd Partnership Texas DEER PARK 340, ,800

11 Distribution of U.S. Refinery Capacities Number of Operating Refineries ,000 5,000 4,000 3,000 2,000 1,000 Capacity [Mbbl/calendar day] 0 Less than 10 Mbpd Mbpd Mbpd Mbpd Mbpd Mbpd Mbpd Greater than 500 Mbpd 0

12 History U.S. Refinery Capacities History U.S. Refinery Capacities Number of Operating US Refineries Operating Refinery Capacity [MMbbl/stream day] Source:

13 Trends in Average U.S. Crude Slate Source: Shore, J., Refining Challenges: Changing Crude Oil Quality & Product Specifications, Energy Information Administration, World Fuels Conference, Washington, Sept , 2002 Ref: Gunaseelan& Buehler, Changing US crude imports are driving refinery upgrades, Oil & Gas Journal, Aug. 10, 2009

14 Topics Energy consumption & petroleum s place Size of U.S. industry Major refiners Petroleum products Basic petroleum economics Trends for crude oil & gasoline prices When do refiners make money? Generalized Petroleum Refinery

15 Petroleum Products There are specifications for over 2,000 individual refinery products Intermediate feedstocks can be routed to various units to produce different blend stocks Depends upon the local economics & contractual limitations Ref: Unknown origin. Possibly Socony-Vacuum Oil Company, Inc. (1943)

16 Thousands Barrels Annually U.S. Refinery and Blender Net Production 7,000,000 Miscellaneous Petroleum Products Still Gas Asphalt and Road Oil 6,000,000 Petroleum Coke Waxes Lubricants Special Naphthas 5,000,000 Other Oils for Petrochemical Feedstocks Use Naphtha for Petrochemical Feedstocks Use Residual Fuel Oil 4,000,000 Distillate Fuel Oil Kerosene Kerosene Jet Fuel Aviation Gasoline 3,000,000 Finished Motor Gasoline Liquefied Petroleum Gases 2,000,000 1,000, Source:

17 U.S. Refinery and Blender Net Production Miscellaneous Petroleum Products, 0.5 Waxes, 0 Lubricants, 0.9 Petroleum Coke, 5.5 Still Gas, 4.2 Asphalt and Road Oil, 2.5 Liquified Petroleum Gases, 5.2 Special Naphthas, 0.2 Other Oils for Petrochemical Feedstock Use, 1.2 Naphtha for Petrochemical Feedstock Use, 1.3 Residual Fuel Oil, 3.2 Finished Motor Gasoline, 44.8 Distillate Fuel Oil, 27.4 Kerosene, 0.1 Kerosene-Type Jet Fuel, 9.5 EIA, refinery yield Aviation Gasoline, 0.1 April 2009 U.S. Refinery Yields About 1.2 ratio of gasoline to distillate fuels

18 Topics Energy consumption & petroleum s place Size of U.S. industry Major refiners Petroleum products Basic petroleum economics Trends for crude oil & gasoline prices When do refiners make money? Generalized Petroleum Refinery

19 How Much Do Refiners Get for Gasoline? Retail Cost Contributions Per Gallon Per Barrel Retail Price $2.63 $ Taxes 15% $0.39 $16.57 Distribution & Marketing 10% $0.26 $11.05 Refining 14% $0.37 $15.46 Crude Oil 61% $1.60 $67.38 Refinery Price $1.97 $82.85 Source:

20 How Much Do Refiners Get for Diesel? Retail Cost Contributions Per Gallon Per Barrel Retail Price $2.53 $ Taxes 18% $0.46 $19.13 Distribution & Marketing 11% $0.28 $11.69 Refining 8% $0.20 $8.50 Crude Oil 63% $1.59 $66.94 Refinery Price $1.80 $75.44 Source:

21 Refinery Economics When do refiners make money? High crude oil prices? Low crude oil prices? It depends!» Difference between the sale price of the products & purchase price of the crude oil» Operating costs cut into this margin

22 Product Economics Crack Spread Estimates the value added by the refining operation 4 standard spreads bbl crude 3 bblsgasoline + 2 bblsheating oil/diesel bbl crude 2 bblsgasoline + 1 bblsheating oil/diesel bbl crude 1 bblsgasoline + 1 bblsheating oil/diesel bbl crude 3 bblsgasoline + 2 bblsheating oil/diesel + 1 bbl residual fuel oil Rule of thumb (from Gary & Handwerk) Strongly profitable: > $4 per bbl Strongly unprofitable: < $3 per bbl $9 per bbl more appropriate value

23 Crack Spread Example CNN Financial numbers, 7/27/2009 Future prices (September 9, 2009 delivery) Light crude oil $68.38 per bbl ($1.628 per gal) Unleaded Gasoline $1.93 per gal ($81.06 per bbl) Heating Oil Spreads $1.82 per gal ($ per bbl) = $10.83per bbl = $11.14per bbl = $10.37per bbl 2

24 Crack Spread Example CNN Financial numbers, 7/2/2008 Future prices (August 8, 2008 delivery) Light crude oil $ per bbl ($3.356 per gal) Unleaded Gasoline $3.51 per gal ($ per bbl) Heating Oil Spreads $3.94 per gal ($ per bbl) = $13.67 per bbl = $12.47 per bbl = $15.48 per bbl 2

25 Historical Prices $ Cushing, OK Crude Oil Future Contract Average [$/bbl] $175 $150 $125 $100 $75 $50 $25 Crude Oil Regular Gasoline RBOB Regular Gasoline No. 2 Heating Oil Gasoline & Distillate Price [ /gal] $ Source:

26 450 New York Harbor Future Contract Average [ /gal] Regular Gasoline RBOB Regular Gasoline No. 2 Heating Oil 0 $0 $25 $50 $75 $100 $125 $150 $175 Cushing, OK, Crude Oil Future Contract Average [$/bbl]

27 Historical Crack Spreads Crack Spread 140 Crack Spread [$/bbl crude oil] Crude Oil Cushing, OK Crude Oil Spot Price [$/bbl] Source:

28 Historical Crack Spreads Crack Spread [$/bbl crude oil] Cushing, OK Crude Oil Spot Price [$/bbl] Crack Spread Crack Spread Crude Oil

29 Prices Are Crude Specific Crude API Gravity Sulfur Price (2005) WTI $56.43 Brent (North Sea) $54.73 Alaska North Slope (ANS) $53.35 Maya $40.40 Source:

30 Topics Energy consumption & petroleum s place Size of U.S. industry Major refiners Petroleum products Basic petroleum economics Trends for crude oil & gasoline prices When do refiners make money? Generalized Petroleum Refinery

31 Early History First oil well of "Colonel" Edwin L. Drake August 1859, Oil Creek in northwestern Pennsylvania First refineries built up around Pennsylvania oil wells. Batch distillation to recover kerosene. Kerosene viewed as a superior replacement to whale oil for lamp oil. Standard Oil Trust John D. Rockefeller acquired petroleum interests during the late 1800s. Organized as the Standard Oil Trust in U.S. Supreme Court dissolved in companies spun off. Change in product demand In 1911, nation's kerosene output eclipsed for the 1st time by a discarded byproduct - gasoline

32 Year Process name Purpose By-products, etc Atmospheric distillation Produce kerosene Naphtha, tar, etc Vacuum distillation Lubricants (original) Asphalt, residual Cracking feedstocks (1930's) coker feedstocks 1913 Thermal cracking Increase gasoline Residual, bunker fuel 1916 Sweetening Reduce sulfur & odor Sulfur 1930 Thermal reforming Improve octane number Residual 1932 Hydrogenation Remove sulfur Sulfur 1932 Coking Produce gasoline basestocks Coke 1933 Solvent extraction Improve lubricant viscosity index Aromatics 1935 Solvent dewaxing Improve pour point Waxes 1935 Cat. polymerization Improve gasoline yield Petrochemical & octane number feedstocks 1937 Catalytic cracking Higher octane gasoline Petrochemical feedstocks 1939 Visbreaking Reduce viscosity Increased distillate,tar 1940 Alkylation Increase gasoline octane & yield High-octane aviation gasoline 1940 Isomerization Produce alkylation feedstock Naphtha 1942 Fluid catalytic cracking Increase gasoline yield & octane Petrochemical feedstocks 1950 Deasphalting Increase cracking feedstock Asphalt 1952 Catalytic reforming Convert low-quality naphtha Aromatics 1954 Hydrodesulfurization Remove sulfur Sulfur 1956 Inhibitor sweetening Remove mercaptan Disulfides 1957 Catalytic isomerization Convert to molecules with high octane number Alkylation feedstocks 1960 Hydrocracking Improve quality and reduce sulfur Alkylation feedstocks 1974 Catalytic dewaxing Improve pour point Wax 1975 Residual hydrocracking Increase gasoline yield from residual Heavy residuals Ref:

33 Description of Petroleum Refinery Manages hydrocarbon molecules Organized & coordinated arrangement of manufacturing processes Provide physical & chemical change of crude oil Salable products with specifications & volumes as demanded by the marketplace Complete refinery will include: Tankage for storage Dependable source for electric power Waste disposal & treatment facilities Product blending facilities Around the clock operations Conversion units

34 Petroleum Refinery Schematic Raw Materials Refinery Processes Products

35 Petroleum Refinery Schematic Petroleum Refinery Schematic Products Fractionation Conversion Processes Refinery Blending Processes Raw Materials

36

37

38 Separation based on volatility

39 Processing of gasoline blend stocks

40 Upgrade gas oils & distillates

41 Upgrade residua

42 Remove undesirable components (e.g., sulfur)

43 Blending to meet final product specs

44

45 Summary Energy consumption & petroleum s place The US uses more than the next 5 highest consuming nations combined Largest US refiners have resulted from mergers of other major companies Valero, ExxonMobil, ConocoPhillips, BP, Chevron, Petroleum used primarily for light & heavy transportation fuel But there are over 2,000 possible products for a refinery Basic petroleum economics Crude oil & product prices have shown volatility Prices at historical highs Refiners make money based on the difference between product prices & feedstock costs Petroleum Refineries 1 st refineries produced kerosene & discarded naphtha/gasoline Modern refineries & markets have developed over 100 years Societal influences: high octane gasoline production, clean fuels Generalized refinery: fractionation, conversion processes, & blending

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