The Next Chapter of the Energy Renaissance 2014 Deloitte Oil & Gas Conference Thomas D. OMalley Executive Chairman, PBF Energy November 18, 2014
Energy Policy and Conservation Act of 1975 An Act to increase domestic energy supplies and availability 2
Energy Security and Independence Act of 2007 An Act to move the United States toward greater energy independence and security 3
Comparing U.S. Crude Oil Production 10,000 9,000 8,776 MB/D 8,382 MB/D 8,000 7,000 6,000 (Thousands) 5,000 4,000 3,000 2,000 1,000 0 1974 2014 YTD Source: U.S. Energy Information Agency 4
Comparing U.S. Crude Oil Imports 10,000 9,000 8,000 7,055 MB/D 7,000 6,000 (Thousands) 5,000 4,000 3,467 MB/D 3,000 2,000 1,000 0 1974 2014 YTD Source: U.S. Energy Information Agency 5
Comparing U.S. Refining Production U.S. Production U.S. Net Imports U.S. Refineries Utilization 1974 8,776 MB/D 70.0% 3,467 MB/D 30.0% 273 88.35% 2014 YTD 8,382 MB/D 54.0% 7,055 MB/D 46.0% 142 89.87% Source: U.S. Energy…
U.S. Refining Utilization Operable Capacity - MMB/D Gross Input - MMB/D 20 18 Thousands 18 16 16 14 14 13 12 10 8 6 4 2 0 1974 2014 YTD 1974 2014 YTD Source: U.S. Energy Information Agency 7
Principal U.S. Middle East Import Sources 1974 MB/D 2014 MB/D Saudi Arabia 435 1,285 Iraq 0 384 Kuwait 0 354 TOTAL 435 2,023 Source: U.S. Energy Information Agency 8
Net Clean Product Demand 14,000 12.8 MMB/D 12,000 10,000 9.5 MMB/D (Thousands) 8,000 6,000 4,000 2,000 - 1974 2014 YTD Clean Product Demand Source: U.S. Energy Information Agency 9
Net Clean Products Imports and Exports 600 500 MB/D 400 200 (Thousands) - (200) (400) (600) (800) (695) MB/D 1974 2014 YTD Net Clean Products Imports and Exports Source: U.S. Energy Information Agency…
Repeal of Crude Export Ban Will Increase Gas Prices Crude export ban has resulted in lower U.S. crude prices. That is why producers want law changed EIA Report (October 2014) concluded: Lower U.S. crude prices and low natural gas…