Hurricane Petroleum Recovery Thread

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Update for 10/21/05.....

While it looks like Wilma will avoid the big energy infrastructure areas of the Gulf, these two notes:

* According to Anadarko Petroleum Corp., the company has begun evacuating nonessential workers from its sole platform in the U.S. Gulf of Mexico as Hurricane Wilma moves closer to land.

* Transocean, Inc., announced that it had evacuated workers from 10 rigs in the Gulf of Mexico as Hurricane Wilma approaches the region. Two of its evacuated rigs are undergoing repairs sustained from hurricanes Katrina and Rita.

Other Katrina/Rita recovery news:

* According to MMS, 986,805 barrels of oil per day are shut-in which equates to 65.79 percent of the normal daily oil production in the Gulf. Shut-in gas production is 5.34 billion cubic feet per day. This shut-in gas production is equivalent to 53.37 percent of the normal daily gas production in the Gulf. Evacuations are equivalent to 25.76 percent of 819 manned platforms and 11.94 percent of 134 rigs currently operating in the Gulf.

* As of 10/20, Louisiana’s Department of Natural Resources, on-shore oil production in the state was at 30.9 percent of the level prior to the advent of hurricanes Katrina and Rita and that gas production was at 39.1 percent of the pre-storm level.

* On October 20, Kerr-McGee noted that oil production at its facilities in the Gulf of Mexico was up to 75 percent of the level prior to the damage done by hurricanes Katrina and Rita.

* Port Arthur/Lake Charles:

- The Motiva refinery remains shut down - capacity 285,000 bbls/day. Shell reports its repair work continues to progress at the Motiva Port Arthur Refinery, with most utility systems up and running. Shell is completing the final site assessments and repair work required to initiate the start-up sequence this week. The restart period will extend into next week as equipment, systems and processes become fully operable and production increases toward normal operating rates.

- ExxonMobil reports restarting several units at its shutdown Beaumont refinery in Texas. The company said the rest of the units at the 350,000 bpd refinery would be brought back online within about two weeks.

- Valero reports its Port Arthur refinery is expected to ramp up to full production rates by
the end of the week. It is currently at about 75 percent.

- Total says its Port Arthur Refinery is returning on schedule and should be completed by
the end of this week.

- Of the remaining three refineries, Citgo's is operating at reduced rate, ConocoPhillips' is restarting, and Calcasieu's refinery continues to operate at full rate - 30,000 bbls/day.

* In the Houston/Texas City area there are no changes since the last report - 5 refineries are operating at full capacity, two are operating at reduced capacity, and one remains shut down with restart expected late this month or next.

* Including the three refineries shut down since Katrina, a total of 1,276,500 bbls/day of refining capacity remains shut down. Note that this is shut down capacity and does not include capacity lost due to refineries operating at reduced capacity.

The next report will be based on the 10/28 update since recovery is at the point where changes are happening slowly - plus we'll know where Wilma hit by then.

Jim
 
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Update for 10/29/05.....

* According to MMS (10/28), 1,017,551 barrels of oil per day are shut-in, which equates to 67.84 percent of the normal daily oil production in the Gulf. Shut-in gas production is 5.504 billion cubic feet per day. This shut-in gas production is equivalent to 55.04 percent of the normal daily gas production in the Gulf. Evacuations are equivalent to 27.35 percent of 819 manned platforms and 4.48 percent of 134 rigs currently operating
in the Gulf.

* According to the Louisiana Department of Natural Resources on Oct. 28, onshore crude oil production in southern Louisiana has reached 73,084 barrels per day, or 36 percent of the region's capacity; natural gas production of 912 million cubic feet, or 40.8 percent of daily capacity in 38 southern Louisiana parishes, has been restored. Of the 55 intrastate pipelines operating in southern Louisiana, seven have reopened, 32are shut in, 16 are partly shut in.

* Refineries in Port Arthur/Lake Charles area - 2 operating at full capacity (285,000 bbls/day), 2 operating at reduced capacity (672,800 bbls/day full capacity), and 3 in the process of restarting.

* Refineries in Houston/Texas City area - 1 shut down (437,000 bbls/day capacity), 1 operating at reduced rates (270,200 bbls/day full capacity), and 7 operating normally.

* Three refineries are still shut down due to Katrina damage.

* A total of 991,000 bbls/day of refining capacity is shut down. This does not include reductuibs in output by those refineries operating at reduced capacity.

Jim
 
Update for 10/29/05.....

* According to MMS (10/28), 1,017,551 barrels of oil per day are shut-in, which equates to 67.84 percent of the normal daily oil production in the Gulf. Shut-in gas production is 5.504 billion cubic feet per day. This shut-in gas production is equivalent to 55.04 percent of the normal daily gas production in the Gulf. Evacuations are equivalent to 27.35 percent of 819 manned platforms and 4.48 percent of 134 rigs currently operating
in the Gulf.

* According to the Louisiana Department of Natural Resources on Oct. 28, onshore crude oil production in southern Louisiana has reached 73,084 barrels per day, or 36 percent of the region's capacity; natural gas production of 912 million cubic feet, or 40.8 percent of daily capacity in 38 southern Louisiana parishes, has been restored. Of the 55 intrastate pipelines operating in southern Louisiana, seven have reopened, 32are shut in, 16 are partly shut in.

* Refineries in Port Arthur/Lake Charles area - 2 operating at full capacity (285,000 bbls/day), 2 operating at reduced capacity (672,800 bbls/day full capacity), and 3 in the process of restarting.

* Refineries in Houston/Texas City area - 1 shut down (437,000 bbls/day capacity), 1 operating at reduced rates (270,200 bbls/day full capacity), and 7 operating normally.

SpinDoc Update:

Look at this crap. Hopefully Congress
will intervene to stop it before they
are voted out of office for failing to
act sooner.

Exxon reported:

• Profit up 75% to $9.9 billion. That's the second-most a U.S. company has earned in a three-month period, a USA TODAY analysis of data from Capital IQ found. It's greater than the annual gross domestic product of entire nations, including Niger, Zambia and Iceland.

• Revenue up 32% to $100.7 billion. That's greater than the annual GDP of all but just 57 of the world's economies. It is also the most revenue — what is brought in selling goods and services — a U.S. corporation has posted in a quarter.

In a statement, Exxon CEO Lee Raymond defended his company. "We acted responsibly in pricing at our company-operated service stations, and we also encouraged our independent retailers and distributors to do the same," he said.

In a sign of the growing outcry, on Thursday U.S. Senate Majority Leader Bill Frist, R-Tenn., ordered hearings on why energy prices are so high and said oil executives would be asked to testify.
 
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Yep, Exxon made a 9.8% profit margin. GE made a 11.2% profit margin and Coca-Cola made 22.1%. Maybe Congress can do something about those other "gougers" while they're at it......

Jim
 
Yeah, but those oil companies aren't just stealing from my pocket at the pump. Ther're stealing my 52% paycut and my lost retirement and my lost benefits. All of those "cost reductions" are going directly to big oil.
 
Yeah, but those oil companies aren't just stealing from my pocket at the pump. Ther're stealing my 52% paycut and my lost retirement and my lost benefits. All of those "cost reductions" are going directly to big oil.


WADR, the notion that airlines aren't making money due to the price of oil is disingenuous and a copout. If you look at the numbers for the last Q, the fact is many Airlines saw an incrase in RSM AND RPM's. This flies in the face of the CW that states that pax won't pay a penny more than current fares. Here's the problem...

If oil is stable, and all of the airlines are priced the same, and all are making a modest profit, if a theoretical Airline (we'll call it NWA...) decided to lower fares, they'd do so knowing that if they do, they'll enjoy a big revenue jump for a couple days then as they are matched, they will start to lose money permenately, or at least until fares go back up.

Now consider the same theoretical airline that we'll again call NWA in an industry that have oil jumping up in price. Every airline knows prices for tickets must go up. But the rub is that the last airline that raises Fares, makes BIG money. so when UAL, DAL, or AMR anounces a Fare increase, an ideal situation for NWA would be to hold out until the last possible moment (getting a huge revenue bump all along) until just seconds before UAL, et all, decides to recind the increase. Now if there are two moron airlines holding out, then the rational thing to do is never raise your fares, at least until everyone else has. Now it gets to be an idiotic game of chicken. Now imagine that the industry were to go from 10 airlines to 3. In which situation would you expect fare increases to stick the best? It's like herding cats. Incidentally, a case study would be the way the oil companies have acted in the last decade after the big consolidation started. If there are 20 medium sized oil companies, it's hard to stop another company from building a new refinery, and driving down industry profits, but when you have only a few companies, colusion becomes VERY easy.
 
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Update for 11/4/05.....

* MMS reports that Chevron Pipeline Company’s Empire Terminal is now operational. The terminal is receiving crude into tankage from incoming pipelines and has initiated deliveries to ExxonMobil’s Chalmette Refinery pipeline and to its St. James pipeline. Exxon expects that their Chalmette refinery will be at full production by mid-November.

* According to MMS (11/03), 780,633 barrels of oil per day are shut-in, which equates to 52.04 percent of the normal daily oil production in the Gulf. Evacuations are equivalent to 25.15 percent of 819 manned platforms and 3.73 percent of 134 rigs currently operating in the Gulf. The cumulative shut-in oil production for the period 8/26/05-11/04/05 is 78,193,735 bbls, which is equivalent to 14.282% of the yearly production of oil in the Gulf (approximately 547.5 million barrels).

* Between Katrina & Rita, there were 113 oil & gas platforms destroyed, 52 extensively damaged. There were 8 oil & gas rigs destroyed (includes 2 missing and presumed sunk), 19 with extensive damage, and 19 adrift.

* According to the Louisiana Department of Natural Resources on 11/04, onshore crude oil production in southern Louisiana has reached 100,843 barrels per day, or 49.6 percent of the region's capacity. There are 55 on-shore pipeline operators in the hurricane affected parishes. As of today, 7 operator’s facilities were reopened, 32 of the operator’s facilities are shut-in, and 16 of the operators experience partial system shut-ins or flow.

* According to MMS reporting on 11/3, BP has brought back all deepwater production except for its Pompano Fixed Leg Platform.

* In the Port Arthur/Lake Charles area, only one refinery (Exxon's Beaumont facility) remains operating at reduced production rates.

* In the Houston/Lake City area, 1 refinery (BP's Texas City facility) remains shut down and 1 refinery (Lyondell Citgo's Houston facility) is operating at reduced production rates.

* Two refineries in southern LA remain shut down due to damage from Katrina with the Murphy Oil Meraux facility not expected on line till the 1st quarter of 2006.

* Total refining capacity shut down - 804,000 bbls/day. This does not include the effects of those refineries operating at less than full production.

Jim
 

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