Crude Oil in North America

INDUSTRY PROFILE
Crude Oil in North America

Reference Code: 0205-0587 Publication Date: March 2011
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North America - Crude Oil

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EXECUTIVE SUMMARY
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
TABLE OF CONTENTS
EXECUTIVE SUMMARY MARKET OVERVIEW Market definition Research highlights Market analysis MARKET VALUE MARKET VOLUME MARKET SEGMENTATION FIVE FORCES ANALYSIS Summary Buyer power Supplier power New entrants Substitutes Rivalry LEADING COMPANIES Chevron Corporation ConocoPhillips Exxon Mobil Corporation Petroleos Mexicanos (PEMEX) MARKET FORECASTS Market value forecast Market volume forecast APPENDIX Methodology Industry associations Related Datamonitor research Disclaimer 2 7 7 8 9 10 11 12 13 13 15 16 17 18 19 20 20 25 30 34 38 38 39 40 40 41 41 42

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CONTENTS
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CONTENTS
LIST OF TABLES
Table 1: Table 2: Table 3: Table 4: Table 5: Table 6: Table 7: Table 8: Table 9: Table 10: Table 11: Table 12: Table 13: Table 14: Table 15: Table 16: Table 17: Table 18: North America crude oil market value: $ billion, 200610 North America crude oil market volume: billion barrels, 200610 North America crude oil market segmentation: % share, by value, 2010 Chevron Corporation: key facts Chevron Corporation: key financials ($) Chevron Corporation: key financial ratios ConocoPhillips: key facts ConocoPhillips: key financials ($) ConocoPhillips: key financial ratios Exxon Mobil Corporation: key facts Exxon Mobil Corporation: key financials ($) Exxon Mobil Corporation: key financial ratios Petroleos Mexicanos (PEMEX): key facts Petroleos Mexicanos (PEMEX): key financials ($) Petroleos Mexicanos (PEMEX): key financials (MXN) Petroleos Mexicanos (PEMEX): key financial ratios North America crude oil market value forecast: $ billion, 201015 North America crude oil market volume forecast: billion barrels, 201015 10 11 12 20 22 23 25 28 28 30 32 32 34 35 36 36 38 39

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CONTENTS
LIST OF FIGURES
Figure 1: Figure 2: Figure 3: Figure 4: Figure 5: Figure 6: Figure 7: North America crude oil market value: $ billion, 200610 North America crude oil market volume: billion barrels, 200610 North America crude oil market segmentation: % share, by value, 2010 Forces driving competition in the crude oil market in North America, 2010 Drivers of buyer power in the crude oil market in North America, 2010 Drivers of supplier power in the crude oil market in North America, 2010 Factors influencing the likelihood of new entrants in the crude oil market in North America, 2010 Factors influencing the threat of substitutes in the crude oil market in North America, 2010 Drivers of degree of rivalry in the crude oil market in North America, 2010 Chevron Corporation: revenues & profitability Chevron Corporation: assets & liabilities ConocoPhillips: revenues & profitability ConocoPhillips: assets & liabilities Exxon Mobil Corporation: revenues & profitability Exxon Mobil Corporation: assets & liabilities Petroleos Mexicanos (PEMEX): revenues & profitability Petroleos Mexicanos (PEMEX): assets & liabilities North America crude oil market value forecast: $ billion, 201015 North America crude oil market volume forecast: billion barrels, 201015 10 11 12 13 15 16
17
Figure 8:
18 19 23 24 29 29 33 33 37 37 38 39
Figure 9: Figure 10: Figure 11: Figure 12: Figure 13: Figure 14: Figure 15: Figure 16: Figure 17: Figure 18: Figure 19:

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MARKET OVERVIEW
MARKET OVERVIEW
Market definition
The market volume figures within this report represent crude oil consumption. The market values are calculated 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
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 fiveyear 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
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 fiveyear 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
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: Year 2006 2007 2008 2009 2010 CAGR: 200610 Source: Datamonitor North America crude oil market value: $ billion, 200610 $ billion 613.4 655.0 851.9 508.9 653.5 billion 461.9 493.2 641.5 383.2 492.1 % Growth 6.8% 30.1% (40.3%) 28.4% 1.6% DATAMONITOR
Figure 1:
North America crude oil market value: $ billion, 200610
Source: Datamonitor
DATAMONITOR

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MARKET VOLUME
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: Year 2006 2007 2008 2009 2010 CAGR: 200610 Source: Datamonitor North America crude oil market volume: billion barrels, 200610 billion barrels 9.1 9.1 8.7 8.3 8.4 % Growth 0.5% (4.9%) (4.1%) 0.8% (2.0%) DATAMONITOR
Figure 2:
North America crude oil market volume: billion barrels, 200610
Source: Datamonitor
DATAMONITOR

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MARKET SEGMENTATION
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: Category United States Canada Mexico Total Source: Datamonitor North America crude oil market segmentation: % share, by value, 2010 % Share 82.6 9.1 8.3 100% DATAMONITOR
Figure 3:
North America crude oil market segmentation: % share, by value, 2010
Source: Datamonitor
DATAMONITOR

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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
DATAMONITOR
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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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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Buyer power
Figure 5: Drivers of buyer power in the crude oil market in North America, 2010
Source: Datamonitor
DATAMONITOR
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 large purchases. 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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Supplier power
Figure 6: Drivers of supplier power in the crude oil market in North America, 2010
Source: Datamonitor
DATAMONITOR
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 company manufactures 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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New entrants
Figure 7: Factors influencing the likelihood of new entrants in the crude oil market in North America, 2010
Source: Datamonitor
DATAMONITOR
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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Substitutes
Figure 8: Factors influencing the threat of substitutes in the crude oil market in North America, 2010
Source: Datamonitor
DATAMONITOR
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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Rivalry
Figure 9: Drivers of degree of rivalry in the crude oil market in North America, 2010
Source: Datamonitor
DATAMONITOR
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 significant divestments 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
LEADING COMPANIES
Chevron Corporation
Table 4: Chevron Corporation: key facts 6001 Bollinger Canyon Road, San Ramon, California 94583, USA 1 925 842 1000 www.chevron.com December CVX New York DATAMONITOR
Head office: Telephone: Website: Financial year-end: Ticker: Stock exchange: Source: company website
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 proved reserves 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
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 barrels of 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-gasliquids (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 an average 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
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 one underground 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, a decrease 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: $ million
Chevron Corporation: key financials ($) 2005 193,641.0 14,099.0 125,833.0 63,157.0 53,440 2006 204,892.0 17,138.0 132,628.0 63,693.0 55,882 2007 214,091.0 18,688.0 148,786.0 71,698.0 65,000 2008 264,958.0 23,931.0 161,165.0 77,663.3 66,716 2009 167,402.0 10,483.0 164,621.0 72,060.0 64,132
Revenues Net income (loss) Total assets Total liabilities Employees Source: company filings
DATAMONITOR

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LEADING COMPANIES
Table 6: Ratio
Chevron Corporation: key financial ratios 2005 7.3% 28.4% 35.0% 31.6% 50.2% 12.9% $3,623,522 $263,829 2006 8.4% 5.8% 5.4% 0.8% 48.0% 13.3% $3,666,512 $306,682 2007 8.7% 4.5% 12.2% 12.6% 48.2% 13.3% $3,293,708 $287,508 2008 9.0% 23.8% 8.3% 8.3% 48.2% 15.4% $3,971,431 $358,700 2009 6.3% (36.8%) 2.1% (7.2%) 43.8% 6.4% $2,610,273 $163,460
Profit margin Revenue growth Asset growth Liabilities growth Debt/asset ratio Return on assets Revenue per employee Profit per employee Source: company filings
DATAMONITOR
Figure 10: Chevron Corporation: revenues & profitability
Source: company filings
DATAMONITOR

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LEADING COMPANIES
Figure 11: Chevron Corporation: assets & liabilities
DATAMONITOR

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LEADING COMPANIES
ConocoPhillips
Table 7: ConocoPhillips: key facts 600 North Dairy Ashford, Houston, Texas 77079 USA 1 281 293 1000 www.conocophillips.com December COP New York DATAMONITOR
Head office: Telephone: Website: Financial year-end: Ticker: Stock exchange: Source: company website
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 pipeline gathering 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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LEADING COMPANIES
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 per day). 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 refineries are 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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LEADING COMPANIES
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 structured around 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 nonconventional 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. The technology 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: $ million
ConocoPhillips: key financials ($) 2005 179,442.0 13,529.0 106,999.0 53,059.0 35,600 2006 183,650.0 15,550.0 164,781.0 80,933.0 38,400 2007 187,437.0 11,891.0 177,757.0 87,601.0 32,600 2008 240,842.0 (16,998.0) 142,865.0 86,600.0 33,800 2009 152,840.0 4,858.0 152,588.0 89,531.0 30,000
DATAMONITOR
Table 9: Ratio
ConocoPhillips: key financial ratios 2005 7.5% 32.8% 15.2% 8.2% 49.6% 13.5% $5,040,506 $380,028 2006 8.5% 2.3% 54.0% 52.5% 49.1% 11.4% $4,782,552 $404,948 2007 6.3% 2.1% 7.9% 8.2% 49.3% 6.9% $5,749,601 $364,755 2008 (7.1%) 28.5% (19.6%) (1.1%) 60.6% (10.6%) $7,125,503 ($502,899) 2009 3.2% (36.5%) 6.8% 3.4% 58.7% 3.3% $5,094,667 $161,933
DATAMONITOR

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Figure 12: ConocoPhillips: revenues & profitability
DATAMONITOR
Figure 13: ConocoPhillips: assets & liabilities
DATAMONITOR

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LEADING COMPANIES
Exxon Mobil Corporation

Table 10: Exxon Mobil Corporation: key facts 5959 Las Colinas Boulevard, Irving, Texas 75039 2298 USA 1 972 444 1000 1 972 444 1348 www.exxonmobil.com December XOM New York DATAMONITOR
Head office: Telephone: Fax: Website: Financial year-end: Ticker: Stock exchange: Source: company website
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 72 million 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 and wholesale 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, a decrease 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: $ million
Exxon Mobil Corporation: key financials ($) 2005 358,955.0 36,130.0 208,335.0 97,149.0 83,700 2006 365,467.0 39,500.0 219,015.0 105,171.0 82,100 2007 404,552.0 40,610.0 242,082.0 120,320.0 80,800 2008 477,359.0 45,220.0 269,563.0 141,974.0 80,000 2009 310,586.0 19,280.0 233,323.0 122,754.0 79,900
DATAMONITOR
Table 12: Ratio
Exxon Mobil Corporation: key financial ratios 2005 10.1% 23.2% 6.7% 3.9% 46.6% 17.9% $4,288,590 $431,661 2006 10.8% 1.8% 5.1% 8.3% 48.0% 18.5% $4,451,486 $481,121 2007 10.0% 10.7% 10.5% 14.4% 49.7% 17.6% $5,006,832 $502,599 2008 9.5% 18.0% 11.4% 18.0% 52.7% 17.7% $5,966,988 $565,250 2009 6.2% (34.9%) (13.4%) (13.5%) 52.6% 7.7% $3,887,184 $241,302
DATAMONITOR

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Figure 14: Exxon Mobil Corporation: revenues & profitability
DATAMONITOR
Figure 15: Exxon Mobil Corporation: assets & liabilities
DATAMONITOR

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LEADING COMPANIES
Petroleos Mexicanos (PEMEX)

Table 13: Head office: Telephone: Fax: Website: Financial year-end: Source: company website Petroleos Mexicanos (PEMEX): key facts Avenida Marina Nacional No. 329, Colonia Huasteca, Mexico City DF 11311 MEX 52 55 1944 2500 52 55 1944 9378 www.pemex.com December DATAMONITOR
Petroleos Mexicanos (PEMEX) is engaged in the exploration, production, refining, and marketing of oil and 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 as franchises 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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transports, distributes, and markets natural gas and liquefied petroleum gas throughout Mexico. The segment also produces and markets basic petrochemical feedstocks, which are used by PEMEX Refining or PEMEX Petrochemicals. In FY2009, PEMEX Gas and Basic Petrochemicals' total sour natural gas processing capacity was 4,503 million cubic feet per day. PEMEX Gas and Basic Petrochemicals processed 3,381 million cubic feet per day of sour natural gas in FY2009. It produced 378 thousand barrels per day of natural gas liquids and 3,572 million cubic feet of dry gas per day during the same period. The petrochemical business segment operates through the subsidiary PEMEX Petrochemicals. The segment is engaged in the manufacture of different petrochemical products, including the following: methane derivatives, such as ammonia and methanol; ethane derivatives, such as ethylene, polyethylenes, vinyl chloride monomer, and ethylene oxide; aromatics and their derivatives, such as styrene, toluene, and paraxylene; propylene and its derivatives, such as acrylonitrile; and oxygen, nitrogen, and other products. In FY2009, PEMEX Petrochemicals' total annual production (excluding ethane and butane gases) was 7,587 thousand tons. PEMEX is also engaged in international trading, under which it exports and imports crude oil, natural gas, petrochemicals, and refined products. In FY2009, the company exported 1,222.1 thousand barrels per day of crude oil and imported 422.0 million cubic feet per day of natural gas. During the same period, the company exported 779.4 thousand metric tons and imported 568.3 thousand metric tons of petrochemical products. In FY2009, the company exported 244.8 thousand barrels per day and imported 506.4 thousand barrels per day of refined products. Key Metrics The company recorded revenues of $86,192 million in the fiscal year ending December 2009, a decrease of 18.0% compared to fiscal 2008. Its net loss was $7,486 million in fiscal 2009, compared to a net loss of $8,863 million in the preceding year.
Table 14: $ million
Petroleos Mexicanos (PEMEX): key financials ($) 2005 79,384.4 (6,513.0) 89,013.7 86,719.5 2006 103,241.5 3,713.1 98,853.3 95,574.9 2007 89,839.2 (1,447.8) 105,200.5 101,253.7 2008 105,095.2 (8,863.2) 97,810.8 95,684.7 2009 86,192.5 (7,486.0) 105,339.3 110,625.1
Revenues Net income (loss) Total assets Total liabilities Source: company filings
DATAMONITOR

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Table 15:
Petroleos Mexicanos (PEMEX): key financials (MXN) 2009 1,003,831.0 1,305,510.0 1,136,035.0 1,328,950.0 1,089,921.0 (82,358.0) 46,953.0 (18,308.0) (112,076.4) (94,662.0) 1,125,596.0 1,250,020.0 1,330,281.0 1,236,837.4 1,332,037.0 1,096,586.0 1,208,564.0 1,280,373.0 1,209,952.0 1,398,877.0 DATAMONITOR 2005 2006 2007 2008
MXN million Revenues Net income (loss) Total assets Total liabilities Source: company filings
Table 16: Ratio
Petroleos Mexicanos (PEMEX): key financial ratios 2005 (8.2%) 16.0% 6.5% 7.5% 97.4% (7.5%) 2006 3.6% 30.1% 11.1% 10.2% 96.7% 4.0% 2007 (1.6%) (13.0%) 6.4% 5.9% 96.2% (1.4%) 2008 (8.4%) 17.0% (7.0%) (5.5%) 97.8% (8.7%) 2009 (8.7%) (18.0%) 7.7% 15.6% 105.0% (7.4%)
Profit margin Revenue growth Asset growth Liabilities growth Debt/asset ratio Return on assets Source: company filings
DATAMONITOR

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Figure 16: Petroleos Mexicanos (PEMEX): revenues & profitability
DATAMONITOR
Figure 17: Petroleos Mexicanos (PEMEX): assets & liabilities
DATAMONITOR

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MARKET FORECASTS
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 of 26.8% since 2010. The compound annual growth rate of the market in the period 201015 is predicted to be 4.9%. Table 17: Year 2010 2011 2012 2013 2014 2015 CAGR: 201015 Source: Datamonitor North America crude oil market value forecast: $ billion, 201015 $ billion 653.5 689.0 726.1 761.8 795.8 828.9 billion 492.1 518.9 546.8 573.7 599.3 624.2 % Growth 28.4% 5.4% 5.4% 4.9% 4.5% 4.2% 4.9% DATAMONITOR
Figure 18: North America crude oil market value forecast: $ billion, 201015
Source: Datamonitor
DATAMONITOR

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MARKET FORECASTS
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: Year 2010 2011 2012 2013 2014 2015 CAGR: 201015 Source: Datamonitor North America crude oil market volume forecast: billion barrels, 201015 billion barrels 8.4 8.5 8.6 8.8 8.9 9.0 % Growth 0.8% 1.3% 1.1% 2.7% 1.1% 0.7% 1.4% DATAMONITOR
Figure 19: North America crude oil market volume forecast: billion barrels, 201015
Source: Datamonitor
DATAMONITOR

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APPENDIX
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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Industry associations
Energy Information Administration 1000 Independence Avenue, SW, Washington, DC 20585, USA Tel.: 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

Industry Profile Crude Oil in Belgium Crude Oil in the Netherlands Crude Oil in Canada Crude Oil in Argentina Crude Oil in Chile

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APPENDIX
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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ABOUT DATAMONITOR
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North America - Crude Oil

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Market value forecast

Market volume forecast

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ABOUT DATAMONITOR Premium Reports Summary Reports Datamonitor consulting

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North America crude oil market value: $ billion, 200610

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North America crude oil market volume: billion barrels, 200610

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North America crude oil market segmentation: % share, by value, 2010

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FIVE FORCES ANALYSIS

FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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Figure 10: Chevron Corporation: revenues & profitability

Source: company filings

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Figure 11: Chevron Corporation: assets & liabilities