crude oil in north america
TRANSCRIPT
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North America - Crude Oil 0205 - 0587 - 2010
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INDUSTRY PROFILE
Crude Oil in
North America
Reference Code: 0205-0587
Publication Date: March 2011
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EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY
Market value
The North American crude oil market grew by 28.4% in 2010 to reach a value of $653.5 billion.
Market value forecast
In 2015, the North American crude oil market is forecast to have a value of $828.9 billion, an increase of
26.8% since 2010.
Market volume
The North American crude oil market grew by 0.8% in 2010 to reach a volume of 8.4 billion barrels.
Market volume forecast
In 2015, the North American crude oil market is forecast to have a volume of 9 billion barrels, an increase
of 7.1% since 2010.
Market segmentation
The United States accounts for 82.6% of the North American crude oil market value.
Market rivalry
Crude oil is the most actively traded commodity in the world and the market is dominated by large
conglomerates that are competing for ever dwindling resources which makes market rivalry strong.
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CONTENTS
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
MARKET OVERVIEW 7
Market definition 7
Research highlights 8
Market analysis 9
MARKET VALUE 10
MARKET VOLUME 11
MARKET SEGMENTATION 12
FIVE FORCES ANALYSIS 13
Summary 13
Buyer power 15
Supplier power 16
New entrants 17
Substitutes 18
Rivalry 19
LEADING COMPANIES 20
Chevron Corporation 20
ConocoPhillips 25
Exxon Mobil Corporation 30
Petroleos Mexicanos (PEMEX) 34
MARKET FORECASTS 38
Market value forecast 38
Market volume forecast 39
APPENDIX 40
Methodology 40
Industry associations 41
Related Datamonitor research 41
Disclaimer 42
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CONTENTS
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ABOUT DATAMONITOR 43
Premium Reports 43
Summary Reports 43
Datamonitor consulting 43
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CONTENTS
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LIST OF TABLES
Table 1: North America crude oil market value: $ billion, 200610 10
Table 2: North America crude oil market volume: billion barrels, 200610 11
Table 3: North America crude oil market segmentation: % share, by value, 2010 12
Table 4: Chevron Corporation: key facts 20
Table 5: Chevron Corporation: key financials ($) 22
Table 6: Chevron Corporation: key financial ratios 23
Table 7: ConocoPhillips: key facts 25
Table 8: ConocoPhillips: key financials ($) 28
Table 9: ConocoPhillips: key financial ratios 28
Table 10:
Exxon Mobil Corporation: key facts 30
Table 11: Exxon Mobil Corporation: key financials ($) 32
Table 12: Exxon Mobil Corporation: key financial ratios 32
Table 13: Petroleos Mexicanos (PEMEX): key facts 34
Table 14: Petroleos Mexicanos (PEMEX): key financials ($) 35
Table 15: Petroleos Mexicanos (PEMEX): key financials (MXN) 36
Table 16: Petroleos Mexicanos (PEMEX): key financial ratios 36
Table 17: North America crude oil market value forecast: $ billion, 201015 38
Table 18:
North America crude oil market volume forecast: billion barrels, 201015 39
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CONTENTS
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LIST OF FIGURES
Figure 1: North America crude oil market value: $ billion, 200610 10
Figure 2: North America crude oil market volume: billion barrels, 200610 11
Figure 3: North America crude oil market segmentation: % share, by value, 2010 12
Figure 4: Forces driving competition in the crude oil market in North America, 2010 13
Figure 5: Drivers of buyer power in the crude oil market in North America, 2010 15
Figure 6: Drivers of supplier power in the crude oil market in North America, 2010 16
Figure 7: Factors influencing the likelihood of new entrants in the crude oil market in North
America, 2010 17
Figure 8: Factors influencing the threat of substitutes in the crude oil market in North America,
2010 18
Figure 9:
Drivers of degree of rivalry in the crude oil market in North America, 2010 19
Figure 10: Chevron Corporation: revenues & profitability 23
Figure 11: Chevron Corporation: assets & liabilities 24
Figure 12: ConocoPhillips: revenues & profitability 29
Figure 13: ConocoPhillips: assets & liabilities 29
Figure 14: Exxon Mobil Corporation: revenues & profitability 33
Figure 15: Exxon Mobil Corporation: assets & liabilities 33
Figure 16: Petroleos Mexicanos (PEMEX): revenues & profitability 37
Figure 17: Petroleos Mexicanos (PEMEX): assets & liabilities 37
Figure 18: North America crude oil market value forecast: $ billion, 201015 38
Figure 19: North America crude oil market volume forecast: billion barrels, 201015 39
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MARKET OVERVIEW
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MARKET OVERVIEW
Market definition
The market volume figures within this report represent crude oil consumption. The market values arecalculated using regional spot oil prices averaged over the whole year. As oil markets are experiencing a
period of price volatility future trends are difficult to predict, therefore the forecasts given in this report are
only given as an indication of the market's possible future growth. All currency conversions used in the
production of this report have been calculated using constant annual 2010 average exchange rates.
For the purposes of this report, the Americas consists of North America and South America.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.
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MARKET OVERVIEW
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Research highlights
The North American crude oil market had total revenue of $653.5 billion in 2010, representing a
compound annual growth rate (CAGR) of 1.6% for the period spanning 2006-2010.
Market consumption volumes decreased with a compound annual rate of change (CARC) of -2% between
2006 and 2010, to reach a total of 8.4 billion barrels in 2010.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.9% for the five-
year period 2010-2015, which is expected to drive the market to a value of $828.9 billion by the end of
2015.
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MARKET OVERVIEW
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Market analysis
Following a period of strong growth, the North American crude oil market fell into decline in 2009. The
market recovered in 2010 and is expected to grow fairly strongly through to 2015.
The North American crude oil market had total revenues of $653.5 billion in 2010, representing a
compound annual growth rate (CAGR) of 1.6% for the period spanning 2006-2010. In comparison, the
Canadian and Mexican markets grew with CAGRs of 7.7% and 7.9% respectively, over the same period,
to reach respective values of $59.5 billion and $54.2 billion in 2010.
Market consumption volumes decreased with a compound annual rate of change (CARC) of -2% between
2006 and 2010, to reach a total of 8.4 billion barrels in 2010. The market's volume is expected to rise to 9
billion barrels by the end of 2015, representing a CAGR of 1.4% for the 2010-2015 period.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.9% for the five-
year period 2010-2015, which is expected to drive the market to a value of $828.9 billion by the end of
2015. Comparatively, the Canadian and Mexican markets will grow with CAGRs of 4.2% and 4.6%respectively, over the same period, to reach respective values of $73.2 billion and $67.9 billion in 2015.
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MARKET VALUE
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MARKET VALUE
The North American crude oil market grew by 28.4% in 2010 to reach a value of $653.5 billion.
The compound annual growth rate of the market in the period 200610 was 1.6%.
Table 1: North America crude oil market value: $ billion, 200610
Year $ billion billion % Growth
2006 613.4 461.9
2007 655.0 493.2 6.8%
2008 851.9 641.5 30.1%
2009 508.9 383.2 (40.3%)
2010 653.5 492.1 28.4%
CAGR: 200610 1.6%
Source: Datamonitor D A T A M O N I T O R
Figure 1: North America crude oil market value: $ billion, 200610
Source: Datamonitor D A T A M O N I T O R
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MARKET VOLUME
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MARKET VOLUME
The North American crude oil market grew by 0.8% in 2010 to reach a volume of 8.4 billion barrels.
The compound annual rate of change of the market in the period 200610 was -2%.
Table 2: North America crude oil market volume: billion barrels, 200610
Year billion barrels % Growth
2006 9.1
2007 9.1 0.5%
2008 8.7 (4.9%)
2009 8.3 (4.1%)
2010 8.4 0.8%
CAGR: 200610 (2.0%)
Source: Datamonitor D A T A M O N I T O R
Figure 2: North America crude oil market volume: billion barrels, 200610
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION
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MARKET SEGMENTATION
The United States accounts for 82.6% of the North American crude oil market value.
Canada accounts for a further 9.1% of the North American market.
Table 3: North America crude oil market segmentation: % share, by value, 2010
Category % Share
United States 82.6
Canada 9.1
Mexico 8.3
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 3: North America crude oil market segmentation: % share, by value, 2010
Source: Datamonitor D A T A M O N I T O R
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FIVE FORCES ANALYSIS
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FIVE FORCES ANALYSIS
The crude oil market will be analyzed taking producers and marketers of crude oil as players. The key
buyers will be taken as oil refiners and petrochemical companies, and oil exploration and production
equipment and services companies as the key suppliers.
Summary
Figure 4: Forces driving competition in the crude oil market in North America, 2010
Source: Datamonitor D A T A M O N I T O R
Crude oil is the most actively traded commodity in the world and the market is dominated by large
conglomerates that are competing for ever dwindling resources which makes market rivalry strong.
The crude oil market is characterized by the presence of large, diversified international companies with
highly vertically integrated operations, incorporating oil exploration, production, refining, transportation,
forecourt fuel retailing as well as marketing. Major suppliers are oil exploration, production equipment and
services companies, including Baker Hughes, Technip, Schlumberger and Halliburton. The presence of
powerful incumbents acts as a significant barrier to entry. Fixed costs and exit barriers tend to be high
and economies of scale are highly important for successful entry to the market. Companies engaged in
the crude oil business experience a high level of rivalry as the commoditys price has a high rate of
fluctuation. In 2008, the international crude oil market experienced increased demand for specialist
equipment and services as commodity prices increased exponentially. This pushed drilling companies to
explore commodity deposits previously deemed too costly, boosting suppliers revenues. Fiscal year 2010
showed an increase in oil prices, on the back of events such as the Gulf of Mexico oil spill and a global
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FIVE FORCES ANALYSIS
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increase in the rates of inflation. Substitutes to this market include alternative energy sources; however,
the majority of the worlds current energy production uses non-renewable sources, primarily oil, gas and
coal. Shifting towards alternatives may constitute high switching costs.
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FIVE FORCES ANALYSIS
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Buyer power
Figure 5: Drivers of buyer power in the crude oil market in North America, 2010
Source: Datamonitor D A T A M O N I T O R
The market is characterized by the presence of large, diversified international companies with highly
vertically integrated operations. Due to their integrated downstream operations, major players are not
highly dependent upon downstream consumers of crude oil, for whom buyer power is therefore reduced.
Amongst buyers there are both individual as well as institutional end users who are able to make largepurchases. Commodities such as crude oil are relatively undifferentiated products (differentiation of crude
oil is limited to sulphur component and fractional density), the price of which is set according to supply
and demand by the mercantile exchanges of New York, London and Dubai, which effectively ameliorates
buyer power on the basis of price. Brand loyalty is not likely to be a significant factor here (unless there
are loyalty programs in place), strengthening buyer power somewhat. Buyers may be likely to switch if
presented with a better offer; however, the presence of contracts can reduce this likelihood. Backward
integration is also unlikely. Overall, buyer power is moderate.
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FIVE FORCES ANALYSIS
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Supplier power
Figure 6: Drivers of supplier power in the crude oil market in North America, 2010
Source: Datamonitor D A T A M O N I T O R
Major suppliers to this market are oil equipment and service providers, including: Schlumberger, Baker
Hughes, Smith International and Halliburton. Such suppliers are typically large, highly diversified
companies, which affords them greater bargaining power within the sector. Baker Hughes, for example,
has a wide product portfolio catering to the worldwide oil and natural gas industry. The companymanufactures and supplies drill bits, primarily roller cone bits, and fixed-cutter polycrystalline diamond
compact (PDC) bits. It supplies them to the oil and natural gas industry worldwide. Baker Hughes also
supplies drilling and evaluation services, which include directional drilling, measurement-while-drilling
(MWD), and logging-while-drilling (LWD) services. The company provides formation evaluation and
wireline completion and production services for oil wells. There is a small number of large equipment and
services companies, which, combined with high demand from the petroleum industry, enhances their
supplier power. However, larger companies involved in the crude oil market have backward-integrated
petroleum service operations, and use third-party services companies to supplement their own activities.
This, combined with the high importance of the crude oil market to supplier revenues, reduces the
supplier power of equipment and services companies. Overall, supplier power is strong.
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FIVE FORCES ANALYSIS
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New entrants
Figure 7: Factors influencing the likelihood of new entrants in the crude oil market in North
America, 2010
Source: Datamonitor D A T A M O N I T O R
Analysis of the threat of new entrants into the oil market is complicated by the fact that it is possible for
companies to operate in one or more parts of the supply chain. Leading crude oil companies, namely
Chevron and Exxon Mobil, are typically large, highly vertically-integrated, multinational companies that
use their large scale production and distribution networks to reduce costs and enhance profitability. They
make large investments in technology, fleets of drilling rigs and other equipment, with further investment
into product innovation in order to keep up with the leading players and utilize their scales of economy.
The presence of such powerful incumbents is a significant barrier to entry and the need for substantial
initial investment to set up facilities such as drilling rigs also reduces the threat of new companies
establishing themselves in this market. There is also a significant regulatory environment within the
petroleum industry, which is restrictive to the entry of players. Permission to explore new fields and
extract oil and gas is generally in the gift of national governments, and obtaining it may be a lengthy
process. The strong decline in 2009 likely repelled potential new entrants in the short run; however, the
prospectus of high market growth in the forthcoming years may be attractive. Overall, the threat of new
entrants is moderate.
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FIVE FORCES ANALYSIS
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Substitutes
Figure 8: Factors influencing the threat of substitutes in the crude oil market in North America,
2010
Source: Datamonitor D A T A M O N I T O R
Crude oil itself comes in many varieties and qualities, depending on its specific gravity and sulphur
content, which depend on where it has been pumped from. Brent is generally accepted to be the world
benchmark, with the United States benchmark being West Texas Intermediate (WTI) whilst the Opec
basket is comprised of 15 different crudes. Petroleum has few significant substitutes when it comes to
powering vehicles or for its use in petrochemicals, although some plant-based alternatives are attracting
interest. Other substitutes in this market can be considered in terms of alternative energy sources (such
as nuclear, solar, coal, wind). Such substitutes can be seen to offer notable benefits in terms of
environmental impact and sustainability. However, shifting to renewable energy sources is costly and will
take time, which is in short supply the world must reduce its output of CO2 by 50 to 85 percent by 2050.
With oil reserves declining, the threat of alternative fuels will increase substantially over the following
decades as they become more readily available and oil products become increasingly expensive. Overall,
the threat of substitutes is weak.
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FIVE FORCES ANALYSIS
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Rivalry
Figure 9: Drivers of degree of rivalry in the crude oil market in North America, 2010
Source: Datamonitor D A T A M O N I T O R
Crude oil companies are typically large-scale operations, experiencing high fixed costs and exit barriers
whilst operations in alternative unassociated industries are limited. The presence of such large
incumbents intensifies rivalry. Due to the fact that crude oil operations are highly energy and labor
intensive, fixed costs are high and the market is hard to exit as leaving would require significantdivestments of assets specific to the business. Some players try to diversify the scope of their operations,
engaging not only in exploration and production, but also refining, and the marketing of oil and natural
gas. Such diversity eases competition as such players are not solely reliant on the crude oil market.
Whilst most players activities are geographically diverse and vertically integrated, most of them present
similar business models. Recent market growth fluctuations caused by the international crisis intensify
rivalry. Estimations for the next 20-30 years show a decline in the use of oil, likely caused by switching to
more environment friendly, cheaper and renewable alternative sources. These factors combine to
produce a strong level of rivalry overall.
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LEADING COMPANIES
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LEADING COMPANIES
Chevron Corporation
Table 4: Chevron Corporation: key facts
Head office: 6001 Bollinger Canyon Road, San Ramon, California 94583, USA
Telephone: 1 925 842 1000
Website: www.chevron.com
Financial year-end: December
Ticker: CVX
Stock exchange: New York
Source: company website D A T A M O N I T O R
Chevron Corporation (Chevron) is a fully integrated energy company engaged in petroleum and
chemicals operations. It is also actively involved in the mining operations of coal and other minerals,
power generation, and energy services. The company has operations in more than 100 countries
including the US.
Chevron operates through four business divisions including: upstream, downstream and chemicals.
Chevron's upstream business involves the exploration and production of crude oil and natural gas. The
company's exploration and production operations also market natural gas. Chevron has production and
exploration activities in most of the world's major hydrocarbon basins. Its upstream activities in the US are
concentrated in California, the Gulf of Mexico, Louisiana, Texas, New Mexico, the Rocky Mountains, and
Alaska. In Africa, the company is engaged in exploration and production activities in Angola, Chad, the
Democratic Republic of the Congo and Nigeria. Major producing countries in Asia include Azerbaijan,
Bangladesh, Indonesia, Kazakhstan, and the Partitioned Zone located between Saudi Arabia and Kuwait.
Chevron also has upstream operations in other countries like Australia, Argentina, Brazil, Colombia,
Trinidad and Tobago, Venezuela, Canada, Greenland, Denmark, the Faroe Islands, the Netherlands,
Norway, Poland, and the UK.
At the end of FY2009, worldwide net oil equivalent reserves for consolidated operations and affiliated
operations were 8.3 billion barrels and three billion barrels, respectively. The company's net provedreserves of natural gas for consolidated operations and affiliated operations in FY2009 was 22,153 billion
cubic feet (Bcf) and 3,896 Bcf, respectively. Furthermore, the company's net proved reserve of liquids,
including crude oil, condensate, and natural gas liquids for consolidated operations and affiliated
operations was 4.6 billion barrels and 2.4 billion barrels respectively.
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LEADING COMPANIES
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Chevron's net crude oil and natural gas production for FY2009 was 1.8 million barrels per day. The
company's worldwide net oil-equivalent production was approximately 2.7 million barrels per day in
FY2009. The company's net oil-equivalent production (including affiliates) from the US, Africa, Asia, and
other countries averaged 717,000 barrels per day, 433,000 barrels per day, 1,044,000 barrels per day,
and 484,000 barrels per day, respectively. The company's net production of natural gas and oil sands for
FY2009 was five Bcf per day and 26,000 barrels per day respectively.
Chevron's downstream operations comprise refining crude oil into finished petroleum products and
marketing crude oil and the many products derived from petroleum. It also transports crude oil, natural
gas, and petroleum products by pipeline, marine vessel, motor equipment, and rail car.
The company also holds interest in 16 fuel refineries and markets its products under the Chevron,
Texaco, and Caltex motor fuel and lubricants brands and also manufactures gasoline additive under the
brand name Techron. It sells its products through a network of approximately 22,000 retail stations,
including those of affiliated companies. In FY2009, Chevron processed approximately 1.9 million barrelsof crude oil per day and averaged approximately 3.3 million barrels per day of refined product sales
worldwide. The downstream divisions most significant areas of operations are sub-Saharan Africa,
Southeast Asia, South Korea, the UK, the US Gulf Coast extending into Latin America, and the US West
Coast.
The company supplies its products directly or through retailers and marketers to almost 9,600 branded
motor vehicle retail outlets, concentrated in the mid-Atlantic, southern, and western states of the US.
Approximately 500 of the outlets are company-owned or leased stations. Outside the US, Chevron
supplies directly or through retailers and marketers to approximately 12,400 branded service stations,
including affiliates.
The company is also engaged in other global marketing businesses. Chevron markets aviation fuel at
more than 1,000 airports. The company also markets an extensive line of lubricant and coolant products
under brand names that include Havoline, Delo, Ursa, Meropa, and Taro. The company sells its products
through a network of approximately 22,000 retail stations, including those of affiliated companies.
Chevron owns and operates an extensive network of crude-oil, refined-product, chemicals, natural-gas-
liquids (NGL), and natural-gas pipelines and other infrastructure assets in the US. The company also has
direct or indirect interests in other US and international pipelines. Chevron also has a 15% interest in the
Caspian Pipeline Consortium (CPC) affiliate. CPC operates a crude-oil export pipeline from the Tengiz
Field in Kazakhstan to the Russian Black Sea port of Novorossiysk. During FY2009, CPC transported anaverage of approximately 743,000 barrels of crude oil per day, including 597,000 barrels per day from
Kazakhstan and 146,000 barrels per day from Russia.
Chemicals operations include the manufacture and marketing of commodity petrochemicals for industrial
applications, and fuel and lubricating oil additives. Chevron operates in the chemicals segment via its
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LEADING COMPANIES
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50%-owned affiliate Chevron Phillips Chemical Company (CPChem) and the wholly-owned Chevron
Oronite Company (Chevron Oronite).
CPChem has 34 manufacturing facilities in the US, Brazil, Colombia, Singapore, China, South Korea,
Saudi Arabia, Qatar, and Belgium. Chevron Oronite is a fuel and lubricating-oil additives business that
owns and operates facilities in the US, France, the Netherlands, Singapore, Japan, and Brazil, and has
equity interests in facilities in India and Mexico.
Chevrons remaining division deals with mining operations, power generation businesses, worldwide cash
management and debt financing activities, corporate administrative functions, insurance operations, real
estate activities, alternative fuels, and technology companies.
Chevron's mining operations produce and market coal and molybdenum in both the US and international
markets. The company's coal mining and marketing subsidiary, Chevron Mining (CMI), owns and
operates two surface coal mines, McKinley, in New Mexico, and Kemmerer, in Wyoming, and oneunderground coal mine, North River, in Alabama. In FY2009, the company controlled approximately 193
million tons of proven and probable coal reserves in the US, including reserves of low-sulfur coal.
Chevron's power generation business develops and operates commercial power projects. The company's
power generation business has interests in 13 power assets with a total operating capacity of more than
3,100 megawatts, primarily through joint ventures in the US and Asia. The company also owns major
geothermal operations in Indonesia and the Philippines.
Key Metrics
The company recorded revenues of $167,402 million in the fiscal year ending December 2009, adecrease of 36.8% compared to fiscal 2008. Its net income was $10,483 million in fiscal 2009, compared
to a net income of $23,931 million in the preceding year.
Table 5: Chevron Corporation: key financials ($)
$ million 2005 2006 2007 2008 2009
Revenues 193,641.0 204,892.0 214,091.0 264,958.0 167,402.0
Net income (loss) 14,099.0 17,138.0 18,688.0 23,931.0 10,483.0
Total assets 125,833.0 132,628.0 148,786.0 161,165.0 164,621.0
Total liabilities 63,157.0 63,693.0 71,698.0 77,663.3 72,060.0
Employees 53,440 55,882 65,000 66,716 64,132
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Table 6: Chevron Corporation: key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin 7.3% 8.4% 8.7% 9.0% 6.3%Revenue growth 28.4% 5.8% 4.5% 23.8% (36.8%)
Asset growth 35.0% 5.4% 12.2% 8.3% 2.1%
Liabilities growth 31.6% 0.8% 12.6% 8.3% (7.2%)
Debt/asset ratio 50.2% 48.0% 48.2% 48.2% 43.8%
Return on assets 12.9% 13.3% 13.3% 15.4% 6.4%
Revenue per employee $3,623,522 $3,666,512 $3,293,708 $3,971,431 $2,610,273
Profit per employee $263,829 $306,682 $287,508 $358,700 $163,460
Source: company filings D A T A M O N I T O R
Figure 10: Chevron Corporation: revenues & profitability
Source: company filings D A T A M O N I T O R
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Figure 11: Chevron Corporation: assets & liabilities
Source: company filings D A T A M O N I T O R
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ConocoPhillips
Table 7: ConocoPhillips: key facts
Head office: 600 North Dairy Ashford, Houston, Texas 77079 USA
Telephone: 1 281 293 1000
Website: www.conocophillips.com
Financial year-end: December
Ticker: COP
Stock exchange: New York
Source: company website D A T A M O N I T O R
ConocoPhillips is an international, integrated energy company. It operates worldwide with assets and
businesses in nearly 40 countries.
It operates through six segments: exploration and production (E&P); midstream; refining and marketing
(R&M); LUKOIL Investment; chemicals; and emerging businesses.
The E&P segment primarily explores for, produces, transports, and markets crude oil, natural gas, and
natural gas liquids on a worldwide basis. It also mines deposits of oil sands in Canada to extract bitumen
and upgrade it into synthetic crude oil. Operations to liquefy natural gas and transport the resulting
liquefied natural gas (LNG) are also included in the E&P segment. Proved reserves for ConocoPhillips at
year end 2008 were 8.08 billion barrels of oil equivalent (BOE). The company conducts its E&P
operations in the US, Norway, the UK, Canada, Nigeria, Ecuador, the offshore region of Timor-Leste in
the Timor Sea, Australia, China, Indonesia, Algeria, Libya, Vietnam, and Russia.
In FY2009, E&P's worldwide production, including its share of equity affiliates' production excluding
LUKOIL, averaged about 1,854,000 barrels-of-oil-equivalent per day (BOED). During FY2009, 755,000
BOED were produced in the US and production from its international E&P operations averaged 1,099,000
BOED.
The company conducts its midstream business through its 50% equity investment in DCP Midstream, a
joint venture with Spectra Energy (a North American natural gas infrastructure company). The midstream
business purchases raw natural gas from producers and gathers natural gas through extensive pipelinegathering systems. The gathered natural gas is then processed to extract natural gas liquids. The
remaining residual gas is marketed to electrical utilities, industrial users, and gas marketing companies.
Most of the natural gas liquids are fractionated and separated into individual components like ethane,
butane, and propane, and marketed as chemical feedstock, fuel, or blendstock. The total natural gas
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liquids extracted in FY2009, including its share of DCP Midstream, was 187,000 barrels per day. DCP
Midstream markets a portion of its natural gas liquids to ConocoPhillips and Chevron Phillips Chemical
Company under a supply agreement that continues until December 2014.
As of December 31, 2009, DCP Midstream owned or operated 53 natural gas liquid extraction plants, 10
natural gas liquid fractionation plants, and its gathering and transmission systems included approximately
60,000 miles of pipeline. In FY2009, its raw natural gas throughput averaged 6.2 billion cubic feet per day,
and natural gas liquids extraction averaged 360,000 barrels per day. DCP midstream's assets are
primarily located in the following producing regions of the US: the Rocky Mountains, Midcontinent,
Permian, East Texas/North Louisiana, South Texas, Central Texas, and the Gulf Coast.
Outside of DCP midstream, the company's US natural gas liquids business included, as of year-end
2009, a 25,000 barrel per day capacity natural gas liquids fractionation plant in Gallup, New Mexico. It
also included a 22.5% equity interest in Gulf Coast Fractionators, which owns a natural gas liquids
fractionation plant in Mont Belvieu, Texas (with ConocoPhillips net share of capacity at 24,300 barrels perday). It further included a 40% interest in a fractionation plant in Conway, Kansas (with ConocoPhillips net
share of capacity at 43,200 barrels per day); and a 12.5% equity interest in a fractionation plant in Mont
Belvieu, Texas (with ConocoPhillips net share of capacity at 26,000 barrels per day).
ConocoPhillips also owns a 39% equity interest in Phoenix Park Gas Processors (Phoenix Park), a joint
venture principally with the National Gas Company of Trinidad and Tobago. Phoenix Park processes
natural gas in Trinidad and markets natural gas liquids in the Caribbean, Central America, and the US
Gulf Coast. Its facilities include a two billion cubic feet per day gas processing plant and a 70,000 barrel
per day natural gas liquid fractionator. A third gas processing train is currently under construction. A third
gas processing train was completed in July 2009, which increased total processing capacity to two billion
cubic feet per day. ConocoPhillips share of natural gas liquids extracted averaged 8,000 barrels per day
and its share of fractionated liquids averaged 17,000 barrels per day in FY2009.
The R&M segment purchases, refines, markets, and transports crude oil and petroleum products,
primarily in the US, Europe, and Asia. As of December 31, 2009, the R&M segment represented 24% of
ConocoPhillips' total assets. The segment has operations in the US, Europe, and the Asia-Pacific region.
Furthermore, R&M owned or had an interest in 12 operating refineries in the US, and marketed gasoline,
diesel, and aviation fuel through approximately 8,500 outlets in 49 states of the US. It markets its products
under the brand names of Phillips 66, Conoco, and 76 brands.
By December 31, 2009, R&M owned or had an interest in five refineries outside the US. Three refineriesare located in the UK, Ireland, and Malaysia, while two refineries are located in Germany. For the same
period, R&M had marketing operations in five European countries. The company uses the JET brand
name to market retail and wholesale products in Austria, Germany, and the UK. In addition, a joint
venture, in which ConocoPhillips has equity interest, markets products in Switzerland under the Coop
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brand name. The company also markets aviation fuels, liquid petroleum gases, heating oils,
transportation fuels and marine bunkers to commercial customers.
R&M also had approximately 1,225 marketing outlets in its European operations, of which approximately
880 were company-owned and 345 were dealer-owned. Through its joint venture operations in
Switzerland, the company also has interests in 225 additional sites.
The LUKOIL Investment segment consists of ConocoPhillips' equity investment in the ordinary shares of
LUKOIL, an international, integrated oil and gas company headquartered in Russia. As of December 31,
2009, ConocoPhillips' ownership interest in LUKOIL was 20% based on authorized and issued shares,
and 20% based on estimated shares outstanding. However, in August 2010, ConocoPhillips decided to
sell its 20% stake in Russian LUKOIL.
The chemicals segment consists of ConocoPhillips' 50% equity investment in Chevron Phillips Chemical
Company (CPChem), a joint venture with the Chevron Corporation. CPChem's business is structuredaround two primary operating segments: olefins and polyolefins; and specialties, aromatics, and styrenics.
The olefins and polyolefins segment produces and markets ethylene, propylene, and other olefin
products, which are primarily consumed within CPChem for the production of polyethylene, normal alpha
olefins, polypropylene, and polyethylene pipe. The specialties, aromatics, and styrenics segment
manufactures and markets aromatic products, such as benzene, styrene, paraxylene, and cyclohexane.
The segment also manufactures and markets polystyrene, as well as styrene-butadiene copolymers; a
variety of specialty chemical products, including organosulfur chemicals, solvents, catalysts, drilling
chemicals, mining chemicals, and high-performance engineering plastics and compounds.
The emerging businesses segment represents ConocoPhillips' investment in new technologies or
businesses outside its normal scope of operations. Activities within this segment are currently focused on
power generation and innovation of new technologies, such as those related to conventional and non-
conventional hydrocarbon recovery (including heavy oil), refining, alternative energy, biofuels, and the
environment.
The segment focuses on its power business through projects including the Immingham combined heat
and power plant (CHP), a wholly-owned 730 megawatt (MW) facility in the UK. It provides steam and
electricity to the Humber Refinery and steam to a neighboring refinery, as well as merchant power into the
UK market. In addition, the segment owns a gas fired cogeneration plant in Orange, Texas, as well as a
50% operating interest in Sweeny Cogeneration, a joint venture near the Sweeny Refinery complex. Thetechnology group focuses on developing new business opportunities designed to provide future growth
prospects for ConocoPhillips. The focus areas include advanced hydrocarbon processes, energy
efficiency technologies, new petroleum based products, renewable fuels, and carbon capture and
conversion technologies.
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Key Metrics
The company recorded revenues of $152,840 million in the fiscal year ending December 2009, a
decrease of 36.5% compared to fiscal 2008. Its net income was $4,858 million in fiscal 2009, compared to
a net loss of $16,998 million in the preceding year.
Table 8: ConocoPhillips: key financials ($)
$ million 2005 2006 2007 2008 2009
Revenues 179,442.0 183,650.0 187,437.0 240,842.0 152,840.0
Net income (loss) 13,529.0 15,550.0 11,891.0 (16,998.0) 4,858.0
Total assets 106,999.0 164,781.0 177,757.0 142,865.0 152,588.0
Total liabilities 53,059.0 80,933.0 87,601.0 86,600.0 89,531.0
Employees 35,600 38,400 32,600 33,800 30,000
Source: company filings D A T A M O N I T O R
Table 9: ConocoPhillips: key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin 7.5% 8.5% 6.3% (7.1%) 3.2%
Revenue growth 32.8% 2.3% 2.1% 28.5% (36.5%)
Asset growth 15.2% 54.0% 7.9% (19.6%) 6.8%
Liabilities growth 8.2% 52.5% 8.2% (1.1%) 3.4%
Debt/asset ratio 49.6% 49.1% 49.3% 60.6% 58.7%
Return on assets 13.5% 11.4% 6.9% (10.6%) 3.3%
Revenue per employee $5,040,506 $4,782,552 $5,749,601 $7,125,503 $5,094,667
Profit per employee $380,028 $404,948 $364,755 ($502,899) $161,933
Source: company filings D A T A M O N I T O R
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Figure 12: ConocoPhillips: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 13: ConocoPhillips: assets & liabilities
Source: company filings D A T A M O N I T O R
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Exxon Mobil Corporation
Table 10: Exxon Mobil Corporation: key facts
Head office: 5959 Las Colinas Boulevard, Irving, Texas 75039 2298 USA
Telephone: 1 972 444 1000
Fax: 1 972 444 1348
Website: www.exxonmobil.com
Financial year-end: December
Ticker: XOM
Stock exchange: New York
Source: company website D A T A M O N I T O R
The Exxon Mobil Corporation (Exxon Mobil) is an integrated oil and gas company engaged in the
exploration and production, refining, and marketing of oil and natural gas. The company is also a major
manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene, and
polypropylene plastics, and a wide variety of specialty products. It also has interests in electric power
generation facilities. The company conducts its business activities across the globe.
Exxon Mobil operates through three segments: upstream, downstream, and chemicals.
The upstream segment explores for and produces crude oil and natural gas. The company's upstream
business has operations in 36 countries and includes five global companies. These companies are
responsible for the corporation's exploration, development, production, gas and power marketing, and
upstream-research activities. The company's upstream portfolio includes operations in the US, Canada,
South America, Europe, the Asia-Pacific, Australia, the Middle East, Russia, the Caspian region, and
Africa.
At the end of FY2009, the company had proven liquid reserves of 11,651 million barrels and 68,007 billion
cubic feet of natural gas. The company had 16,556 of crude oil and 9,760 of natural gas net production
wells at the end of FY2009. Furthermore, the company's net production of liquids, which include crude oil,
natural gas liquids, synthetic oil, and bitumen for FY2009, was 2.4 million barrels per day. The company's
production of natural gas and oil-equivalent for FY2009 was 9,273 million cubic feet and 3.9 million
barrels per day respectively. Moreover, for FY2009, Exxon Mobil's net exploration acreage totaled 72million acres in 33 countries. During the same year, the company replaced 133% of reserves produced,
including asset sales, by adding two billion oil-equivalent barrels to proved reserves while producing 1.5
billion net oil-equivalent barrels. Furthermore, Exxon's proved reserves of oil and gas during FY2009 were
23 million barrels.
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The company is also engaged in power generation. Exxon Mobil has interests in about 16,000 megawatts
of power generation capacity worldwide. This includes a majority interest in the Castle Peak Power
Company that generates electricity for consumers in Hong Kong and mainland China.
The company's downstream activities include refining, supply, and fuels marketing. The company's
refining and supply business focuses on providing fuel products and feedstock. Exxon Mobil
manufactures clean fuels, lubes, and other high-valued products. The refining and supply operations
encompass a global network of manufacturing plants, transportation systems, and distribution centers that
provide a range of fuels, lubricants, and feedstock to its customers around the world. At the end of
FY2009, the company had interests in 37 refineries across 21 countries, with a distillation capacity of 6.3
million barrels per day and a lubricant base stock manufacturing capacity of 143 thousand barrels per
day. In FY2009, Exxon Mobil's refinery throughput was 5.4 million barrels per day.
The fuels marketing business operates throughout the world. The Exxon, Mobil, Esso, and On the Run
brands serve motorists at nearly 28,000 service stations and provide over one million industrial andwholesale customers with fuel products. The company supplies lube base stocks and markets finished
lubricants and specialty products.
The chemicals division manufactures and sells petrochemicals. Exxon Mobil Chemical is an integrated
manufacturer and global marketer of olefins, aromatics, fluids, synthetic rubber, polyethylene,
polypropylene, oriented polypropylene packaging films, plasticizers, synthetic lubricant base stocks,
additives for fuels and lubricants, zeolite catalysts and other petrochemical products.
Key Metrics
The company recorded revenues of $310,586 million in the fiscal year ending December 2009, adecrease of 34.9% compared to fiscal 2008. Its net income was $19,280 million in fiscal 2009, compared
to a net income of $45,220 million in the preceding year.
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Table 11: Exxon Mobil Corporation: key financials ($)
$ million 2005 2006 2007 2008 2009
Revenues 358,955.0 365,467.0 404,552.0 477,359.0 310,586.0Net income (loss) 36,130.0 39,500.0 40,610.0 45,220.0 19,280.0
Total assets 208,335.0 219,015.0 242,082.0 269,563.0 233,323.0
Total liabilities 97,149.0 105,171.0 120,320.0 141,974.0 122,754.0
Employees 83,700 82,100 80,800 80,000 79,900
Source: company filings D A T A M O N I T O R
Table 12: Exxon Mobil Corporation: key financial ratios
Ratio 2005 2006 2007 2008 2009Profit margin 10.1% 10.8% 10.0% 9.5% 6.2%
Revenue growth 23.2% 1.8% 10.7% 18.0% (34.9%)
Asset growth 6.7% 5.1% 10.5% 11.4% (13.4%)
Liabilities growth 3.9% 8.3% 14.4% 18.0% (13.5%)
Debt/asset ratio 46.6% 48.0% 49.7% 52.7% 52.6%
Return on assets 17.9% 18.5% 17.6% 17.7% 7.7%
Revenue per employee $4,288,590 $4,451,486 $5,006,832 $5,966,988 $3,887,184
Profit per employee $431,661 $481,121 $502,599 $565,250 $241,302
Source: company filings D A T A M O N I T O R
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Figure 14: Exxon Mobil Corporation: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 15: Exxon Mobil Corporation: assets & liabilities
Source: company filings D A T A M O N I T O R
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Petroleos Mexicanos (PEMEX)
Table 13: Petroleos Mexicanos (PEMEX): key facts
Head office: Avenida Marina Nacional No. 329, Colonia Huasteca, Mexico City DF11311 MEX
Telephone: 52 55 1944 2500
Fax: 52 55 1944 9378
Website: www.pemex.com
Financial year-end: December
Source: company website D A T A M O N I T O R
Petroleos Mexicanos (PEMEX) is engaged in the exploration, production, refining, and marketing of oiland gas. PEMEX is Mexico's state-owned, nationalized petroleum company.
PEMEX primarily operates through four subsidiary entities: PEMEX Exploration and Production; PEMEX
Refining; PEMEX Gas and Basic Petrochemicals; and PEMEX Petrochemicals. These are decentralized
public entities of the Mexican government, and each is a legal entity empowered to own property and
carry on business in its own name.
The exploration and production segment operates through the company's subsidiary PEMEX Exploration
and Production (PEP). The segment focuses on exploration and production of crude oil and natural gas,
primarily in the northeastern and southeastern regions of Mexico and offshore in the Gulf of Mexico. In
FY2009, the segment's total hydrocarbon production was approximately 3,776 thousand barrels of oil
equivalent per day and its crude oil production averaged 2,601.5 thousand barrels per day. The total
production of natural gas (excluding natural gas liquids) in FY2009 averaged 7,030.7 million cubic feet per
day.
The company's refining segment conducts its operations through the subsidiary PEMEX Refining, which
converts crude oil into gasoline, jet fuel, diesel, fuel oil, asphalts, and lubricants. It also distributes and
markets most of these products and derivatives throughout Mexico. In FY2009, PEMEX Refining's
atmospheric distillation refining capacity was approximately 1,540 thousand barrels per day and the
subsidiary produced 1,343 thousand barrels per day of refined products. At the end of FY2009, there
were 8,803 retail service stations in Mexico, of which 8,754 were privately owned and operated asfranchises and 49 were owned by PEMEX Refining.
The gas and basic petrochemical business segment operates through the company's subsidiary PEMEX
Gas and Basic Petrochemicals. The segment is engaged in processing wet natural gas to obtain dry
natural gas, liquefied petroleum gas (LPG), and other natural gas liquids. Additionally, the company
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Table 15: Petroleos Mexicanos (PEMEX): key financials (MXN)
MXN million 2005 2006 2007 2008 2009
Revenues 1,003,831.0 1,305,510.0 1,136,035.0 1,328,950.0 1,089,921.0Net income (loss) (82,358.0) 46,953.0 (18,308.0) (112,076.4) (94,662.0)
Total assets 1,125,596.0 1,250,020.0 1,330,281.0 1,236,837.4 1,332,037.0
Total liabilities 1,096,586.0 1,208,564.0 1,280,373.0 1,209,952.0 1,398,877.0
Source: company filings D A T A M O N I T O R
Table 16: Petroleos Mexicanos (PEMEX): key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin (8.2%) 3.6% (1.6%) (8.4%) (8.7%)Revenue growth 16.0% 30.1% (13.0%) 17.0% (18.0%)
Asset growth 6.5% 11.1% 6.4% (7.0%) 7.7%
Liabilities growth 7.5% 10.2% 5.9% (5.5%) 15.6%
Debt/asset ratio 97.4% 96.7% 96.2% 97.8% 105.0%
Return on assets (7.5%) 4.0% (1.4%) (8.7%) (7.4%)
Source: company filings D A T A M O N I T O R
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Figure 16: Petroleos Mexicanos (PEMEX): revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 17: Petroleos Mexicanos (PEMEX): assets & liabilities
Source: company filings D A T A M O N I T O R
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MARKET FORECASTS
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MARKET FORECASTS
Market value forecast
In 2015, the North American crude oil market is forecast to have a value of $828.9 billion, an increase of26.8% since 2010.
The compound annual growth rate of the market in the period 201015 is predicted to be 4.9%.
Table 17: North America crude oil market value forecast: $ billion, 201015
Year $ billion billion % Growth
2010 653.5 492.1 28.4%
2011 689.0 518.9 5.4%
2012 726.1 546.8 5.4%
2013 761.8 573.7 4.9%
2014 795.8 599.3 4.5%
2015 828.9 624.2 4.2%
CAGR: 201015 4.9%
Source: Datamonitor D A T A M O N I T O R
Figure 18: North America crude oil market value forecast: $ billion, 201015
Source: Datamonitor D A T A M O N I T O R
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MARKET FORECASTS
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Market volume forecast
In 2015, the North American crude oil market is forecast to have a volume of 9 billion barrels, an increase
of 7.1% since 2010.
The compound annual growth rate of the market in the period 201015 is predicted to be 1.4%.
Table 18: North America crude oil market volume forecast: billion barrels, 201015
Year billion barrels % Growth
2010 8.4 0.8%
2011 8.5 1.3%
2012 8.6 1.1%
2013 8.8 2.7%
2014 8.9 1.1%
2015 9.00.7%
CAGR: 201015 1.4%
Source: Datamonitor D A T A M O N I T O R
Figure 19: North America crude oil market volume forecast: billion barrels, 201015
Source: Datamonitor D A T A M O N I T O R
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APPENDIX
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APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,analyzed, cross-checked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys
and supported by analysis from industry experts using highly complex modeling & forecasting tools,
Datamonitors in-house databases provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst
commentary, company profiles and macroeconomic & demographic information, which enable our
researchers to build an accurate market overview
Definitions Market definitions are standardized to allow comparison from country to country. The
parameters of each definition are carefully reviewed at the start of the research process to ensure they
match the requirements of both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest
industry events and trends
Datamonitor aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative
and qualitative data to be combined with related macroeconomic and demographic drivers to create
market models and forecasts, which can then be refined according to specific competitive, regulatory
and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and
up-to-date
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APPENDIX
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Industry associations
Energy Information Administration
1000 Independence Avenue, SW, Washington, DC 20585, USATel.: 1 202 586 8800
Fax: 1 202 586 0727
www.eia.doe.gov
OPEC
Obere Donaustrasse 9, A-1020 Vienna, Austria
Tel.: 43 1 21112 380
Fax: 43 1 2149 827
www.opec.org
Related Datamonitor research
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Crude Oil in Canada
Crude Oil in Argentina
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APPENDIX
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Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form
by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior
permission of the publisher, Datamonitor plc.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed.
Please note that the findings, conclusions and recommendations that Datamonitor delivers will be
based on information gathered in good faith from both primary and secondary sources, whose
accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability
whatever for actions taken based on any information that may subsequently prove to be incorrect.
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