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Management

Statistical Data

Jan 12, 2025 by admin 0 Comments

Statistical data for the oil and gas industry in the United States comes from the federal and state government, business associations, and private analysts. The International Energy Agency (IEA) and the United Nations Statistics Division (UNSD) provide international data.

At the state level in the United States, various state agencies monitor oil and gas consumption and production. For example, the California Department of Conservation, Division of Oil, Gas & Geothermal Resources External “oversees the drilling, operation, maintenance, and plugging and abandonment of oil, natural gas, and geothermal wells” in that state. Data is also reported at the Petroleum Administration for Defense Districts (PADD) level External, which breaks the United States into five regions. Originally used in World War II for rationing purposes, it now is used to track oil and gas industry data. For example PADD 3 covers the Gulf Coast region meaning Alabama, Arkansas, Louisiana, Mississippi, New Mexico and Texas.

In addition to the resources listed on this page, industry reports compiled by analysts contain recent data and comprehensive industry outlooks. These industry reports are often produced by private publishers and are available through subscription databases. Data can also represented visually through maps.

U.S. Department of Energy, Energy Information Administration Statistics
The U.S. Energy Information Administration (EIA) collects and publishes a variety of statistics related to energy information for both domestic and international tracking of: Consumption (Demand); Production (Supply); World Oil Balance; Prices; Reserves and Resources; Imports and Exports (Trade); Stocks (Inventories); Refinery Capacity; Rotary Rigs in Operation; Carbon Dioxide Emissions; Gross Heat Content; and Conversion Factors.

EIA Annual Energy Outlook (AEO)
The Annual Energy Outlook provides projections of energy markets by the U.S. Energy Information Administration. Historical publications are available to freely download going back to 1979.

EIA Annual Energy Review
Annual reports cover years from 1994 to 2011, with data series starting in 1949 in charts within the reports. According to the site, data includes “total energy production, consumption, and trade; overviews of petroleum, natural gas, coal, electricity, nuclear energy, renewable energy, as well as financial and environmental indicators; and data unit conversion tables.”

EIA Monthly Energy Reports
Monthly energy reports cover years 1972 to present. In 2011, annual energy reports were discontinued. According to EIA, the monthly reports include “total energy production, consumption, and trade; energy prices; overviews of petroleum, natural gas, coal, electricity, nuclear energy, renewable energy, and international petroleum; carbon dioxide emissions; and data unit conversions values.”
EIA Natural Gas Data
Comprehensive landing page to natural gas data, including prices, exploration and reserves, production, imports and exports, pipelines, storage, and consumption.
EIA Petroleum Data
Comprehensive landing page to petroleum data, including prices, reserves and production, refining and processing, imports and exports, movements, stocks, and consumption.
EIA Recent Consumption and Efficiency Publications
Contains links to the Residential Energy Consumption Survey, Manufacturing Energy Consumption Survey, and the Commercial Buildings Energy Consumption Survey.
EIA State Energy Profiles
Contains links to state level quick facts, reports and publications, including production and consumption by source and sector.
National Oil and Gas Statistics
Besides the U.S. Energy Information Administration, a number of other federal offices responsible for regulating the oil and gas industry, along with national trade associations, publish statistics. Below is a sample of their statistics collections.

Bureau of Land Management Oil and Gas Statistics
Part of the Department of the Interior, the Bureau of Land Management regulates the Federal government’s onshore oil and gas interests. They have statistics on permit applications for drilling and leasing information.
Bureau of Safety and Environmental Enforcement Data Center
BSEE regulates offshore drilling and explorations. Their data center contains leasing, plans, pipeline, rig, well and production information.
Independent Petroleum Association of America Industry Statistics External
Provides industry statistics tracking data on crude oil and natural gas prices; comparative prices for crude, residual fuel, heating oil and natural gas; economic statistics, including production, imports and exports, and consumption; exploration statistics; natural gas storage; rotary rig count; and thirty year summary data for the United States covering exploration, drilling, reserves, supply, demand, prices, costs, industry employment, and financial indicators. Some data also available in PDF, XLS and ZIP doc formats.
U.S. Department of Energy. Office of Scientific and Technical Information (OSTI)
“OSTI.GOV is the primary search tool for DOE science, technology, and engineering research and development results and the organizational hub for information about the DOE Office of Scientific and Technical Information.” It includes historical publications from agencies preceding the DOE.
U.S. International Trade in Goods and Services (FT900). U.S. Census Bureau
The U.S. Census Bureau issues data monthly on imports and exports, in dollars, of commodities, such as “petroleum and non-petroleum end-use.”
International Oil and Gas Statistics
BP’s Statistical Review of World Energy External
BP, one of the major oil companies, produces a report regularly that include statistics on oil and gas. Data going back to 1965 is available to download.
Energy Statistics United Nations Statistics Division (UNSD) External
Collects and disseminates international energy statistics, including basic data as well as aggregated tables, energy balances and electricity profiles in its flagship publications: Energy Statistics Yearbook. This page also links to the Energy Statistics Database, which covers 1950-2016.
EIA International
U. S. Department of Energy, Energy Information Administration provides an energy situation overview for countries, as well as world oil market and environmental data on energy production and usage.
EIA International Energy Outlook
Presents an assessment by the Energy Information Administration (EIA) of the outlook for international energy markets for the next twenty years.
European Commission Energy Data and Analysis External
“The European Commission provides a wide range of analysis and statistics on the energy market including oil, coal, gas and electricity, data on energy imports and exports, and energy trends up and beyond 2050. These actions support EU policy making on energy. In addition, various energy statistics are produced, such as: energy performance in buildings, energy production, consumption, taxation and prices in the EU and abroad, economic and environmental data.”
International Energy Agency (IEA) External
IEA’s comprehensive website includes major annual reports on oil and gas, and groups resources by topic or country.
Joint Organisations Data Initiative (JODI) External
A partnership between APEC, Eurostate, GECF, IEA, OLADE, OPEC and UNSD to provide more transparency in oil and gas industries. Two databases serve that purpose: The JODI Oil World Database, and the JODI Gas World Database. The JODI databases are updated on a monthly basis.
National Oil Company Database External
This open database is published by the Natural Resource Governance Institute and includes information on more than 70 NOCs. The data depends on public documents and government transparency, so there are some gaps in coverage.
Oil Adequacy Index (The Economist) External
According to the website, “The Oil Adequacy Index measures the net change week on week in real oil supplies and forecast global oil consumption.” Some information is available freely, while subscribers can access additional content.

Management

Oil and Gas Pricing

Jan 11, 2025 by admin 0 Comments

As the world became more dependent on oil, oil prices became a matter of political and global economic importance. Major oil companies set crude oil prices, until control shifted in the 1960s to oil exporting countries. Price forecasting became important in the early 1960s after a series of oil price hikes turned into oil crises. In 1983, crude oil futures joined the New York Mercantile Exchange (NYMEX) and was traded like other commodities.1 Natural gas futures became available on NYMEX in 1990.2 NYMEX is currently owned and operated by the Chicago Mercantile Exchange (CME).3 For the first time in oil price history, in April 2020 the price of oil dropped below zero to -$37 per barrel. At that time, demand for oil dropped due to the coronavirus pandemic, and supply increased due to the inability of countries such as Saudi Arabia, Russia, and OPEC countries to agree on oil production reduction, which drove up demand for oil storage.4

Price benchmarks are used in the oil and gas industry to give buyers a way to value the commodity based on quality and locations. The main benchmarks used in this industry are:

Brent Blend, is the most common, internationally used oil benchmark. It is based in London, traded on the InterContinental Exchange (ICE), and consists of light, sweet crude oil from offshore drilling in the North Sea.
West Texas Intermediate (WTI) is used for light and sweet oil in the United States, specifically, crude oil that comes from land-locked wells in Oklahoma.
Dubai/Oman is used for heavier oil with a higher sulfur content from the Persian Gulf to the Asian market.5
Henry Hub is the benchmark for North American natural gas and global liquefied natural gas (LNG), based off of the Henry Hub natural gas pipeline in Louisiana.6 Markets with no natural gas pipelines use crude oil as a price proxy,7 but that is changing.
Oil that trades on the U.S. futures market is priced at a contract for oil delivered to Cushing, Oklahoma, a critical storage hub where many oil pipelines converge.8

Countries and international organizations like the United Nations influence the price of oil and natural gas both domestically and abroad through the use of tariffs, embargoes, and subsidies.

Tariffs are additional taxes on imported goods.
Embargoes or sanctions ban trade with a commodity or whole country.
Subsidies are money from the government to an industry in order to keep prices on commodities low.

Finanace

Upstream: Production and Exploration

Jan 11, 2025 by admin 0 Comments

The upstream segment of the oil and gas industry contains exploration activities, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling.

Crude oil is categorized using two qualities: Density and sulfur content.

Density is measured by API gravity, and ranges from light (high API gravity/low density) to heavy (low API gravity/high density).
Sulfur content ranges from sweet (low sulfur content) to sour (high sulfur content).
Light and sweet crude oil is usually priced higher, and therefore more sought-after, because it is easier to refine to make gasoline than heavy and sour crude oil.1 Oil volume is measured in barrels (bbl), which equals 42 gallons.2

Natural gas is found in both associated formations, meaning it is formed and produced with oil, and non-associated reservoirs. Gas can either be dry (pure methane), or wet (exists with other hydrocarbons like butane). Although wet gas must be treated to remove the other hydrocarbons and other condensates before it can be transported, it can increase producers’ revenues because they can sell those removed products.3

The advent of shale gas in the United States is one of the biggest breakthroughs in the history of the energy industry. Prior to its development, the United States was viewed as a growing natural gas importer. But, production from shale gas has catapulted the United States into being the world’s largest producer of natural gas and a fast-growing exporter. The two primary technological advances that made production from shale and other tight formations economically possible were horizontal drilling and hydraulic fracturing.

Exploration
Oil and gas exploration encompasses the processes and methods involved in locating potential sites for oil and gas drilling and extraction. Early oil and gas explorers relied upon surface signs like natural oil seeps, but developments in science and technology have made oil and gas exploration more efficient. Geological surveys are conducted using various means from testing subsoil for onshore exploration to using seismic imaging for offshore exploration. Energy companies compete for access to mineral rights granted by governments by either entering a concession agreement, meaning any discovered oil and gas are the property of the producers, or a production-sharing agreement, where the government retains ownership and participation rights.4 Exploration is high risk and expensive, involving primarily corporate funds.5 The cost of an unsuccessful exploration, such as one that consisted of seismic studies and drilling a dry well, can cost $5 million to $20 million per exploration site, and in some cases, much more. However, when an exploration site is successful and oil and gas extraction is productive, exploration costs are recovered and are significantly less in comparison to other production costs.6

Proven reserves measure the extent to which a company thinks it can produce economically recoverable oil and gas in place, as of a certain point in time, using existing technology.7 The estimates for proven reserves are updated over the life of a lease, based on regular reassessments.8 Technology can impact the estimates: For example, the advances in hydraulic fracturing and horizontal drilling caused the U.S. Geological Survey to increase its proven reserves estimate for the Marcellus Shale by 40 times the original value.9 In addition to technology, prices and existing infrastructure influence reserves estimates.

Production
A pumpjack machine in the foreground with another in the distance, located in a rural area with sheds and houses in the background.
Arthur Rothstein, photographer. Oil wells, Marion County, Illinois. 1940. Farm Security Administration – Office of War Information Collection. Library of Congress Prints and Photographs Division.
Oil and gas production is one of the most capital intensive industries: It requires expensive equipment and highly skilled labors.11 Once a company identifies where oil or gas is located, plans begin for drilling. Many oil and gas companies contract with specialized drilling firms and pay for the labor crew and rig dayrates.12 Drilling depths, rock hardness, weather conditions and distance of the site can all affect the drilling duration.13 Tracking data using smart technologies can help with drilling efficiency and well performance by providing real-time information and trends.14 While every drilling rig has the same essential components, the drilling methods vary depending on the type of oil or gas and the geology of the location.15

Onshore
In onshore drilling facilities, the wells are grouped together in a field, ranging from a half acre per well for heavy crude oil to 80 acres per well for natural gas.16 The group of wells are connected by carbon steel tubes which sends the oil and gas to a production and processing facility where the oil and gas are treated through a chemical and heating process.17 Onshore production companies can turn on and off rigs more easily than offshore rigs to respond to market conditions.18

Offshore
Offshore drilling uses a single platform that is either fixed (bottom supported) or mobile (floating secured with anchors).19 Offshore drilling is more expensive than onshore drilling, and fixed rigs are more expensive than mobile rigs.20 Most production facilities are located on coastal shores near offshore rigs.

Hydraulic Fracturing
Fracking, or hydraulic fracturing, is a technique using a high pressure liquid to extract oil or gas from geologic formations. While the technology has existed since the 1940s, it became more economical in the late 1990s when George Mitchell’s Mitchell Energy & Development Corporation patented slick water fracturing.21 The use of fracking has led to recovering gas, followed by oil, from previously inaccessible parts of drilled wells in addition to extractions from coalbed wells, tight sand formations and shale formations. Fracking is now used in 90% of new U.S. oil wells, especially as the number of conventional reservoirs has decreased.

Business

Midstream: Transportation

Jan 11, 2025 by admin 0 Comments
Crude oil, natural gas, and refined products. In its unrefined state, crude oil is transported by two primary modes: tankers, which travel interregional water routes, and pipelines, which most of the oil moves through for at least part of the route. Once the oil has been extracted and separated from natural gas, pipelines transport the products to another carrier or directly to a refinery. Petroleum products then travel from the refinery to market by tanker, truck, railroad car, or more pipelines. Tankers deliver petroleum by transporting oil and refined products from other countries to the U.S. to make up the difference between domestic products and demand. Tankers also transport oil along the Gulf coast. The Merchant Marine Act of 1920, also known as the Jones Act, heavily impacts the transportation industry, as it requires vessels that transport cargo from one U.S. port to another U.S. port must be built in the United States, and majority owned and operated by United States citizens or permanent residents. 

See more information and resources on Modes of Transportation and Storage in this guide.

Midstream Industry Codes

The North American Industry Classification System is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. Codes start with two-digits at the broadest industry level, and become more specific at the six-digit level. Mexico, Canada and United States data is comparable at the five-digit code level. Other region, country, and organization-specific industry codes exist for data tracking purposes. Knowing how a particular industry or a company within an industry is classified can help when researching, since information is often organized within these codes.

2212 Natural Gas Distribution
221210 Natural Gas Distribution
237120 Oil and Gas Pipeline and Related Structures Construction
484220 Specialized Freight (except Used Goods) Trucking, Local
484230 Specialized Freight (except Used Goods) Trucking, Long-Distance
486 Pipeline Transportation
4861 Pipeline Transportation of Crude Oil
486110 Pipeline Transportation of Crude Oil
4862 Pipeline Transportation of Natural Gas
486210 Pipeline Transportation of Natural Gas
4869 Other Pipeline Transportation
486910 Pipeline Transportation of Refined Petroleum Products
486990 All Other Pipeline Transportation
493190 Other Warehousing and Storage (bulk petroleum storage)

Library of Congress Catalog Searches

Additional works on oil and gas transportation and storage in the Library of Congress may be identified by searching the Library of Congress Online Catalog under appropriate subject headings. Choose the topics you wish to search from the following list of Library of Congress subject headings to link directly to the Catalog and automatically execute a search for the subject selected. For assistance in locating the many other subject headings which relate to this subject, please consult a reference librarian.

Analysis

Downstream: Refining and Marketing

Jan 11, 2025 by admin 0 Comments

The downstream sector covers refining and marketing.

While refining is a complex process, the goal is straightforward: to take crude oil, which is virtually unusable in its natural state, and transform it into petroleum products used for a variety of purposes such as heating homes, fueling vehicles and making petrochemical plastics.

A number of processes are involved in refining depending on the wanted end product. Hydrotreating is used to remove unwanted elements, such as sulphur and nitrogen from hydrocarbons; cracking breaks molecules into smaller fragments to produce gasoline and other lighter hydrocarbons. The gasses produced by cracking are used to create other products like synthetic rubber and plastics. When making gasoline, refiners need high octane numbers to prevent engine knocking. Despite knowing the dangers of lead, tetraethyl lead was added to gasoline in the United States in the 1920s in order to increase the octane. Since the U.S. government banned lead in vehicle gasoline in 1996 as part of the U.S. Clean Air Act, refineries use alkylation and reforming to develop high-octane gasoline.

Refineries are usually located near population centers to facilitate marketing and distribution of final products.

Marketing is the wholesale and retail distribution of refined petroleum products to business, industry, government, and public consumers. Generally crude oil and petroleum products flow to the markets that provide the highest value to the supplier, which usually means the nearest market first because of lower transportation cost and higher net revenue for the supplier. In practice, however, the trade flow may not follow this pattern due to other factors, such as refining configurations, product demand mix, and product quality specifications.

Gasoline service stations handle the bulk of public consumer sales and oil companies sell their petroleum products directly to factories, power plants, and transportation-related industries. Natural gas sales are almost evenly divided between industrial consumers, electrical providers, and residential and commercial heating.

Because gasoline is a commodity that is more or less the same, competition for customers required creative marketing tactics. Retail gasoline stations offered free services like maps, car washing, and dinnerware. Oil company brands offered credit cards starting in the 1950s to ensure customer loyalty. Radio, billboard, and television ads promoted catchy slogans, additives, and adjectives like “premium” and “high performance” to attract drivers. Advertorials, or sponsored op-eds, were used by Mobil in the New York Times to publish pro-oil industry commentary. Today, social media gives companies a platform to promote various energy initiatives and mitigate negative news.