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PETROLEUM REFINING PowerPoint Presentation

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PETROLEUM REFINING. AGENDA. Introduction Business Overview Danger Evaluation Firm Analysis Valero Energy Corporation Provident Inter Pipeline Conclusion Recommendations . Business OVERVIEW. Major Sector in Oil and Gas Trade. Petroleum Refining.

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PETROLEUM REFINING
AGENDA

– Introduction
– Business Overview

– Threat Evaluation
– Firm Analysis

– Valero Vitality Corporation
– Provident

– Inter Pipeline
– Suggestions

Business OVERVIEW
– A refinery takes a uncooked material (crude oil) and transforms it into petrol and hundreds of different useful products.

– What refining does:
– Adjusts and reshapes molecules

– Standardizes product
– Removes contaminants to meet requirements for:

– finish-user performance
– environmental rules

– All refineries perform three fundamental steps:
– Separation: fractional distillation)

– Conversion: cracking and rearranging the molecules
– Treatment: blending, purifying, superb-tuning and improving merchandise to meet particular requirements

U.S. Prime Refineries Companies in 2011
Thousand of Cube Meters per day in 2007

IMPLICATIONS:DOWNSTREAM DIVESTMENTS
– Integrated majors continuing to exit refining enterprise – some by divestment of refining belongings and some by spinning off of Downstream enterprise as a separate company entity.

– Result’s that refinery ownership is transferring away from built-in majors towards non-integrated firms.

– To remain viable, refining companies will want to have the ability to generate ample cash to offer an adequate return to their homeowners

– Refining margin = complete value of petroleum products – the price of the uncooked material-different prices
– Main Prices

– Fastened working costs: labour, upkeep, taxes and overhead costs
– Variable operating costs: feed-dependent prices for energy, water, chemicals, additives, catalyst and refinery fuels past personal manufacturing

– Transport prices
– Marginal crude freight

– Insurance coverage and ocean loss
– Relevant fees and duties

$/barrel
REGULATION Environment

– EPA has started to propose regulation of GHG’s beneath existing CAA programs resembling Automobile Emissions standards rule, Prevention of great Deterioration, and New Source Efficiency Requirements

– Under these regulations, permits can be required for initiatives that emit threshold ranges of CO2 (regardless of emissions of different standards pollutants resembling SOx, NOx, and many others.

– Considerably extra permits will probably be required for refinery modifications
– Require set up of BACT (Finest Accessible Management Expertise) for managing CO2 emissions. BACT to be determined on case-by-case foundation.

– EPA is currently working on approach for refinery GHG measures: Energy managementCommand and control (supply specific emission limits) Benchmarking

– In any case, higher concentrate on energy discount tasks will seemingly be required.
– RFS program was created underneath the Power Policy Act of 2005. Established first renewable gas mandate – 7.5 billion gallons by 2012

– Established new categories of renewable gas and mandates for each, and elevated volumes of renewable gasoline (9 billion gallons in 2008 to 36 billion gallons by 2022)

– Development in biofuels exceeds general progress in transportation fuels – elevated pressure on refining

– Significant enlargement in services required to manufacture, retailer, transport, and mix biofuels
– countries with significant oil production include Affect of increasing biofuels volumes will result in modifications to mixture of gasoline mixing components – refinery configuration and/or new technologies

– Clear Air Act
– Dominant regulatory impact on refinery operations

Reformulated gasoline (RFG) standards
– Impacts operations not directly via restrictions on product mix

Clean Water Act
RCRA

State regulations
Company Common Gas Economy (CAFE) standards

– Oblique impact by means of efficiency requirements on products
Risk Analysis

– Operational Danger
– Environmental Consideration

– Economic and Political Risk
– Commodity Danger

– Financial Threat
– Regulatory Limitations

– Limitation on Capacity
– Air

Refinery emissions comprise a number of major ozone precursors. The related impacts can be most important near and downwind of a given facility.

– Water and soil
Potential for contamination from leaks and spills

– Carcinogens
Benzene is a significant element of refinery air emissions

– World warming
Future Regulation: Waxman-Markey Legislation

– Market Setting Characterized by Rising Regulatory Costs and Excess Capability Abroad
– Rising prices of manufacturing from not too long ago enacted environmental and regulatory necessities.

– Rising competitors from overseas rivals – 7.6 – eight.8 million barrels per day (mb/d) of new refining capacity is predicted to come back online by 2015 – 80% of which will likely be constructed exterior of the OECD. Flat or declining demand for transportation fuels in the U.S. market.

– Rising taxes, and biofuel mandates will additional shrink margins and place 2.5 mb/d of the current 17.5 mb/d of domestic operable capacity at high danger of everlasting closure early in the 2015-2030 forecast interval.

Gasoline Prices
– In the 2015-2030 gasoline costs could rise by a mean of $0.20 to $0.40 per gallon underneath the carbon costs calculated by the U.S. Environmental Protection Company (EPA).

– Gasoline, and all different petroleum based mostly transportation fuels, may rise by over $1/gallon under some CO2 allowance value forecasts by the U.S. Vitality Info Administration (EIA).

– Sensitivity analysis
– Simulation Analysis

– Likelihood Estimation
– Value in danger (VaR)

– Diversification and Insurance
– OTC Ahead Contracts

– Alternate-Traded Energy Futures
– Foreign Exchange Futures

– Hedging through Choices
– Fortune 500 firm based in San Antonio, Texas

– Integrated in 1981 – Valero Refining & Marketing Firm
– Changed name in 1997 to Valero Energy Company

– 22,000 workers
Invoice KlesseChairman of the Board, CEO and President

Started out as chemical engineer
BSciChemEng

MBA in Finance
Mike CiskowskiExecutive Vice President and Chief Financial Officer

Answerable for Treasury, Finance, Accounting, Internal Audit, Trading Controls and Insurance
BBA & MBA in Finance

– Jay BrowningSenior Vice President-Corporate Regulation and Secretary
– Responsible for Corporate Governance, Finance, Securities and Alternate Fee, and data Techniques Support.

– BBA & MBA in Finance
– Donna TitzmanVice President and Treasurer

– Answerable for the company’s banking, cash management, customer credit and investment administration areas.

– BBA Accounting, CPA
– Refining

– Refining operations, wholesale marketing, product supply and distribution, and transportation operations

– Ethanol
– Gross sales of internally produced ethanol and distillers grains

– Our ethanol operations are geographically situated within the central plains area of the U.S.
– Retail

– Firm-operated convenience stores, Canadian dealers/jobbers, truckstop services, cardlock services, and dwelling heating oil operations.

– Segregated into Retail-US and Retail-Canada
2010 Refining Capacity in USA

Gross margin: 9.2%
Operating margin: Three%

– 16 petroleum refineries are positioned within the United States (U.S.), Canada, the United Kingdom (U.Okay.), and Aruba

– Typical gasolines
– Distillates

– Jet gas
– Asphalt

– Petrochemicals
– Lubricants

– Premium products together with CBOB and RBOB1
– Gasoline meeting the specifications of the California Air Sources Board (CARB)

– CARB diesel gasoline
– Low−sulfur and ultra−low−sulfur diesel gasoline

– Approximately sixty three p.c of our present crude oil feedstock requirements are bought via term contracts while the remaining necessities are typically bought on the spot market.

– The vast majority of the crude oil bought underneath our term contracts is purchased at the producer’s official acknowledged value (i.e. the “market” value established by the seller for all purchasers) and not at a negotiated value particular to us.

– We market our refined merchandise by way of an in depth bulk and rack marketing community and we sell refined products by means of a community of approximately 6,800 retail and wholesale branded retailers within the United States (U.S.), Canada, the United Kingdom (U.Ok.), Aruba, and Eire underneath numerous brand names together with Valero®, Diamond Shamrock®, Shamrock®, Ultramar®, Beacon®, and Texaco®

– 10 ethanol plants within the Midwest
Retail – U.S.

Common 119,780 BPD
Fuels sold beneath Valero model

Comfort store merchandise and services
998 firm-operated sites below Corner Retailer model identify

Retail – Canada
Gross sales of transportation fuels

Average 76,a hundred BPD
Fuels bought underneath Ultramar brand

791 shops
381 owned

410 impartial dealers and jobbers
Sales of home heating oil to residential customers

– “leads in shareholder worth development by means of modern, efficient upgrading of low cost feedstocks into excessive worth, top quality merchandise.”

– Aggressive “growth via acquisitions” strategy
– Since 1997

– 1,000 to 22,000 employees
– 1 to 16 refineries

– zero.2 to 3 million BPD capacity
– The Board considers oversight of Valero’s countries with significant oil production include risk management efforts to be a responsibility of the full board

– Threat administration is an integral part of Valero’s annual strategic planning course of, which addresses, amongst other issues, the dangers and alternatives dealing with Valero

“The Board had a Finance Committee in 2010. The Finance Committee reviewed and monitored the investment policies and efficiency of our Thrift Plan and pension plans, insurance coverage and danger management insurance policies and programs, and finance matters and insurance policies as wanted. Throughout 2010, the members of the Finance Committee have been Irl F. Engelhardt (Chairman), Ruben M. Escobedo, Bob Marbut, Susan Kaufman Purcell, and Stephen M. Waters. The Finance Committee met three times in 2010.

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