Crude Markets and Storage Summit. July 2015

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1 Crude Markets and Storage Summit July 2015

2 Topics Introduction to First River Energy Crude Oil Marketing Fundamentals Impact of Market Structure on Netbacks Optimization Options Conclusion Introduction 2

3 First River Energy Overview First River Energy is a midstream energy company providing crude oil gathering & marketing services to independent producers throughout North America Focused on crude oil midstream market and producers who are not pipeline connected Gathering in this segment is characterized by a high volume of small transactions, a shortage of infrastructure Introduction First River Energy invests in and operates: Crude oil logistics infrastructure (trucks, terminals, pipelines), and Proprietary web-based systems to simplify the back-office and create a significant efficiency gains 3

4 First River Energy s Current Operations Introduction FRE contracts with oil producers* to buy oil at their oil-well Purchase is negotiated on typically the same basis as the sale, locking in a margin FRE sends bbl. trucks to pick up the oil and takes title to the product FRE provides critical logistic data back to the producer through our websites FRE contracts with 3rd party truck operators to move oil to markets and take custody of the product 3rd party truck vendors must meet all regulatory, insurance and other FRE standards FRE works with truck operators to optimize their logistics and extract data, which FRE then provides back to the producer * First River Energy considers both crude oil suppliers and crude oil buyers its customers. FRE contracts with oil buyers*, typically pipeline marketers and refiners, to sell the oil at their facilities Typically a access agreement without a volume commitment FRE dispatched trucks delivers the oil and transfers title of the product to the buyer Through our websites, oil buyers can easily track their purchases 24/7 4

5 What is my oil worth? What someone is willing to pay for it. Fundamentals 5

6 Traditional Crude Oil Gathering for The Small Guy Lease Truck Pipe / Refinery Fundamentals $$$ 6

7 Price of Oil Received by Producer = Price of Oil Paid by Refiner Transportation Price of Oil Paid by Refiner Competing Options Quality Reliability Term Transportation Competing Options Distance Mode of Transportation Tanker $ Pipe $$ Fundamentals Barge $$$ Rail $$$$ Truck $$$$$ Blending and Treatment Storage Term and Reliability Transloading between transportation modes How many times does product change hands 7

8 Some High Level Economics Frequently the cost of getting out of a geographic region is relatively fixed and very hard to influence Function of type of transportation infrastructure, distance and competing options Pipe: $2.00 $5.00 per barrel Rail: >$5.00 per barrel Cost of first 50 miles can vary greatly, and is expensive Gathering pipeline system is ideal solution for larger volumes that are geographically concentrated <$2.00 per barrel Not an option for lower volume wells or dispersed production Takes time to develop, and may need contractual support Truck gathering frequently is only option Typical truck gathering economics ~$4.00 $5.00 (assumes ~50 mile haul) Direct costs (Salaries, fuel, maintenance etc.): $3.00 Marketing Expenses (terminal fees, salaries): $1.00 G&A (Salaries, depreciation etc.): $1.00 FRE is focused on optimizing the truck gathered piece of the market Fundamentals 8

9 What Every Producer Should Know As a midstream company, we frequently see an information disconnect between the field and the corporate office when developing solutions and pricing Recent average daily production Recent quality Gravity BS&W H2S Locations from which they sell crude Tank batteries Leases Understand the crude markets around production How does the markets price oil (WTI, LLS, Brent, Cushing)? What is the current basis in my market from WTI? How volatile is my market compared to WTI. What drives volatility? What is my next best alternative to my current market? Demand that your midstream partner provide current and relevant information in a convenient manner Fundamentals 9

10 Single Market Scenario - Monopoly One pipeline, rail terminal, barge terminal or refiner dominates Buyer s market Frequently the case in new geographic areas Who buys at pipeline? Single shipper, buyer s market Multiple shippers, How are prices set? Quality specifications Single specification vs. batch options Single market option could be a result of unusual crude quality Options to Improve Netbacks Focus on costs of getting to pipeline Demand price transparency from midstream partner Work with midstream partner to explore and develop additional market locations Understand next best option. May have to truck >100 miles Provide contracted support for additional flexible infrastructure (only option for larger producers) Consider supporting the development of rail options Market Structure 10

11 Development of Market Options Producers benefit from working with their midstream partner to maximize sales market options through infrastructure development The firmer the commitment, the more efficient the infrastructure that may be developed Long distance pipelines offering direct market access cost more and take longer to develop, and as such typically require firmer and longer term commitments Market Structure Costs hundreds of millions to build and may takes >3-year from concept to operation Short distance pipelines offer indirect market access but reduces the cost of trucking and does not require firm contract support Costs tens of millions to build and may take as little as 1-year from concept to operation On the other end, pipeline access points (LACT) and small terminals, may developed quicker but typically only offer indirect market access Cost range: $250 thousand to $2 million 11

12 Dual Market Scenario Two options: pipeline(s), rail terminal(s), barge terminal(s) or refinery Competitive market Work with midstream partner to frequently evaluate both options Understand costs of getting to market Understand number of buyers at each market location Market locations may be controlled by same buyer Understand where these markets go Market locations may be tied in to same end market Quality optimization More options are better Consider blending options to optimize for both markets Options to Improve Netbacks Midstream partner should provide transparent and frequent reporting of state of markets, and be prepared to switch between markets Support the development of additional flexible markets through term contracts Market Structure 12

13 Case Study: Longview Market Midstream business gathers a few thousand barrels a day from a diverse group of producers around Longview Texas Purchase oil at lease, pick-up, transports and delivers via truck to to station on Sunoco s Mid-Valley pipeline, and sells to various refiners at pipeline Trucking distances average approximately 50 miles ($ $3.50 in transportation costs) Case Study In late 2014, the pipeline experienced issues and the midstream business had to find new home for volumes Had limited options for this amount of oil but selected a Lake Charles market, 215 miles away for most of the volumes ($ $10.00 in transportation costs) Mid-Valley is a WTI based market and Lake Charles is a WTI + WTI vs. LLS spread market 13

14 Case Study: Longview Market (cont.) $10.00$ $9.00$ $8.00$ $7.00$ $6.00$ $5.00$ $4.00$ $3.00$ Normal range $2.00$ $1.00$ $0.00$ 9/1/14$ 10/1/14$ 11/1/14$ 12/1/14$ 1/1/15$ 2/1/15$ 3/1/15$ 4/1/15$ Argus$LLS/WTI$Differen>al$(Daily)$ Value$Used$In$Pricing$During$Period$(SeJlement)$ 14

15 Case Study: Longview Market (cont.) Result: Midstream company faced additional costs of an unplanned 200 mile haul Impact was compounded by weak LLS market in early 2015 In March & April WTI vs. LLS market strengthened improving net profits The Twist The Mid-Valley pipeline restored volumes in May As a result of a strong WTI vs. LLS market, the midstream company continues to move barrels to Lake Charles to provide producers with a better netback Optionality matters: Depending on market pricing, sometimes a 200 mile haul results in a better netback to producers than a 40 mile haul Case Study 15

16 Multiple Market Scenario Seller s market Many options Your midstream partner should frequently evaluate and report on all options Options to Improve Netbacks Getting to market as efficiently as possible. Demand transparency Be prepared to allow midstream partner to switch based on market changes Market Structure Other Considerations Reliability and Predictabilities Barge markets may suffer from delays due to weather, droughts etc. Rail markets have suffered from interruptions due to railroad operational issues Pipeline maintenance and repairs Working Capital Requirements Both barge and rail are effectively bulk build and ship operations Depending on where you sell, you may have 30,000 70,000 barrels in transit 16

17 Case Study: Market Full Midstream company purchases approximately 1,000 bpd of crude oil in South Texas from a diverse group of small producers Midstream company buys the oil at the lease, picks-up, hauls and delivers oil to a barge terminal with a large storage tank (~80kbbls), and sells oil to a refinery at the barge Due to barge operations and regulatory issues, barges was delayed and inventory rapidly built to maximum Once terminal tank was full, Midstream company had to reroute crude to alternative market, with weaker pricing in Corpus area Midstream company had to manage slight increased costs of hauling, and more significantly weaker sales market Additionally, midstream company had additional working capital tied up in inventory in the tank Case Study 17

18 Truck Gathering is an Old-School Business with Limited Use of Information Technology In many small truck-based gathering businesses, a white board is used for dispatch Handwritten tickets are stored locally and processes on a monthly cycle Many opportunities for mistakes Optimization 18

19 The Low Hanging Fruit: Electronic Run Tickets Old-school methods First River Energy Solution Optimization The crude oil truck ticket ( run-ticket ) is the key custody transfer document for oil pickups and deliveries Tickets are frequently manually prepared by drivers and suffer from poor handwriting, in accuracies, getting lost and processing delays Crude suppliers, buyers and midstream companies need ticket proof as part of their financial settlement process Data inputted on smart tablet- which prints an electronic ticket in the field Real time data upload from the field and incorporated into website Crude suppliers can approve run tickets, manage multiple wells and know their economics 19

20 First River Energy s Proprietary Crude Supplier Website is Live FRE developed a proprietary crude supplier facing web-based portal where crude suppliers can conveniently access transaction and logistics information The website allows suppliers to query individual well metrics or multiple wells at once Optimization Analysis tools currently available includes ticket and logistic data FRE continually adds features to the website based on supplier feedback and internal logistics experience 20

21 Conclusion Producer netbacks is a function of refinery economics and transportation costs Transportation costs is a function of distance, the type of infrastructure, but also competition in the market The first 50 miles is a major component of total transportation costs and in many cases can be better managed by the right midstream partner Producers benefit from partnering with a midstream company to Provide real-time production, market and logistics information Develop multiple market options Switch destinations as markets change Demand transparent and timely market information from your midstream partner Conclusion Q&A 21

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