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CRUDE-BY-RAIL IN NORTH AMERICA
Lorne Stockman – Research Director
www.priceofoil.org
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WWW.PRICEOFOIL.ORG/RAIL
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US CRUDE-BY-RAIL AND BAKKEN GO HAND IN HAND
Dec. 2009. EOG loads 1st Unit Train in Stanley, ND.
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HOW MANY TRAINS?
• Currently: one million bpd = ~135 crude oil trains of 100 cars = ~9 million barrels of oil moving thru N. America at any given time
• If all capacity was used: 5 million BPD = ~675 trains with 100 cars each = ~45 million barrels of oil
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TERMINAL CAPEX IS LOW TO REALLY LOW
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SHIPPER COSTS Pipeline Costs Stages Rail Costs Stages Gathering to mainline Gathering to terminal Line Fill Loading
Main Tariff Rail Freight Tank Car Lease
Local Distribution Unloading Committed/Uncommitted Unit/Manifest
$6-18/bbl $8-30bbl
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ALL ABOUT THAT SPREAD
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CANADIAN CRUDE-BY-RAIL GROWING BUT…
- 20,000 40,000 60,000 80,000
100,000 120,000 140,000 160,000 180,000 200,000
Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14
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CANADIAN TAR SANDS LOADING TERMINALS STILL DEVELOPING
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CANADIAN CAPACITY UTILIZATION IS VERY LOW
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PIPES MATTER
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WWW.PRICEOFOIL.ORG/RAIL