Oil and gas in nth america industry profile

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North America - Oil & Gas 0205 - 2116 - 2009

© Datamonitor. This profile is a licensed product and is not to be photocopied

INDUSTRY PROFILE

Oil & Gas in

North America

Reference Code: 0205-2116

Publication Date: April 2010

EXECUTIVE SUMMARY



EXECUTIVE SUMMARY

Market value

The North American oil & gas market shrank by 36.5% in 2009 to reach a value of $659.1 billion.

Market value forecast

In 2014, the North American oil & gas market is forecast to have a value of $957.5 billion, an increase of 45.3% since 2009.

Market volume

The North American oil & gas market shrank by 2.9% in 2009 to reach a volume of 13.3 billion BOE.

Market volume forecast

In 2014, the North American oil & gas market is forecast to have a volume of 14.3 billion BOE, an increase of 7.4% since 2009.

Market segmentation I

Crude Oil is the largest segment of the oil & gas market in North America, accounting for 73.6% of the market's total value.

Market segmentation II

The United States accounts for 79.7% of the North American oil & gas market value.

Market rivalry

Oil and gas companies are typically large, integrated players that benefit from their scales of operations. The presence of such incumbents intensifies rivalry in the market.

CONTENTS



TABLE OF CONTENTS EXECUTIVE SUMMARY 2

MARKET OVERVIEW 7

Market definition 7 Research highlights 8 Market analysis 9

MARKET VALUE 10

MARKET VOLUME 11

MARKET SEGMENTATION I 12

MARKET SEGMENTATION II 13

FIVE FORCES ANALYSIS 14

Summary 14 Buyer power 16 Supplier power 17 New entrants 19 Substitutes 21 Rivalry 22

LEADING COMPANIES 23

Chevron Corporation 23 ConocoPhillips 28 Exxon Mobil Corporation 33 Petroleos Mexicanos (PEMEX) 37

MARKET FORECASTS 42

Market value forecast 42 Market volume forecast 43

APPENDIX 44

Methodology 44 Industry associations 45 Related Datamonitor research 45

CONTENTS



Disclaimer 46 ABOUT DATAMONITOR 47

Premium Reports 47 Summary Reports 47 Datamonitor consulting 47

CONTENTS



LIST OF TABLES Table 1: North America oil & gas market value: $ billion, 2005–09 10 Table 2: North America oil & gas market volume: billion BOE, 2005–09 11 Table 3: North America oil & gas market segmentation I:% share, by value, 2009 12 Table 4: North America oil & gas market segmentation II: % share, by value, 2009 13 Table 5: Chevron Corporation: key facts 23 Table 6: Chevron Corporation: key financials ($) 25 Table 7: Chevron Corporation: key financial ratios 26 Table 8: ConocoPhillips: key facts 28 Table 9: ConocoPhillips: key financials ($) 31 Table 10: ConocoPhillips: key financial ratios 31 Table 11: Exxon Mobil Corporation: key facts 33 Table 12: Exxon Mobil Corporation: key financials ($) 35 Table 13: Exxon Mobil Corporation: key financial ratios 35 Table 14: Petroleos Mexicanos (PEMEX): key facts 37 Table 15: Petroleos Mexicanos (PEMEX): key financials ($) 39 Table 16: Petroleos Mexicanos (PEMEX): key financials (MXN) 39 Table 17: Petroleos Mexicanos (PEMEX): key financial ratios 40 Table 18: North America oil & gas market value forecast: $ billion, 2009–14 42 Table 19: North America oil & gas market volume forecast: billion BOE, 2009–14 43

CONTENTS



LIST OF FIGURES Figure 1: North America oil & gas market value: $ billion, 2005–09 10 Figure 2: North America oil & gas market volume: billion BOE, 2005–09 11 Figure 3: North America oil & gas market segmentation I:% share, by value, 2009 12 Figure 4: North America oil & gas market segmentation II: % share, by value, 2009 13 Figure 5: Forces driving competition in the oil & gas market in North America, 2009 14 Figure 6: Drivers of buyer power in the oil & gas market in North America, 2009 16 Figure 7: Drivers of supplier power in the oil & gas market in North America, 2009 17 Figure 8: Factors influencing the likelihood of new entrants in the oil & gas market in North

America, 2009 19 Figure 9: Factors influencing the threat of substitutes in the oil & gas market in North America,

2009 21 Figure 10: Drivers of degree of rivalry in the oil & gas market in North America, 2009 22 Figure 11: Chevron Corporation: revenues & profitability 26 Figure 12: Chevron Corporation: assets & liabilities 27 Figure 13: ConocoPhillips: revenues & profitability 32 Figure 14: ConocoPhillips: assets & liabilities 32 Figure 15: Exxon Mobil Corporation: revenues & profitability 36 Figure 16: Exxon Mobil Corporation: assets & liabilities 36 Figure 17: Petroleos Mexicanos (PEMEX): revenues & profitability 40 Figure 18: Petroleos Mexicanos (PEMEX): assets & liabilities 41 Figure 19: North America oil & gas market value forecast: $ billion, 2009–14 42 Figure 20: North America oil & gas market volume forecast: billion BOE, 2009–14 43

MARKET OVERVIEW



MARKET OVERVIEW

Market definition The oil & gas market consists of the activities of exploration, development, production, refining, storage, transportation and marketing of oil & gas. The market values given in this report reflect the total value of oil and natural gas product consumption within a country, calculated using annual average prices in each respective country. Industry volumes reflect the total consumption of oil and natural gas in millions of barrels equivalent (BOE). Any currency conversions used in this report have been calculated using constant 2009 annual 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.

MARKET OVERVIEW



Research highlights The North American oil & gas market generated total revenues of $659.1 billion in 2009, representing a compound annual growth rate (CAGR) of 0.3% for the period spanning 2005-2009.

Market consumption volumes declined with a compound annual rate of change (CARC) of -1.2% between 2005-2009, to reach a total of 13.3 billion BOE in 2009.

The performance of the market is forecast to accelerate, with an anticipated CAGR of 7.8% for the five-year period 2009-2014, which is expected to drive the market to a value of $957.5 billion by the end of 2014.

MARKET OVERVIEW



Market analysis After a period of good growth, the North American oil & gas market fell into decline in 2009. Recovery is expected in 2010, after which the market will continue to grow, albeit in an unsteady manner for the remainder of the forecast period.

The North American oil & gas market generated total revenues of $659.1 billion in 2009, representing a compound annual growth rate (CAGR) of 0.3% for the period spanning 2005-2009. In comparison, the Canadian market declined with a compound annual rate of change (CARC) of -1.5%, and the Mexican market increased with a CAGR of 6.2%, over the same period, to reach respective values of $69.6 billion and $64.2 billion in 2009.

Market consumption volumes declined with a CARC of -1.2% between 2005-2009, to reach a total of 13.3 billion BOE in 2009. The market's volume is expected to rise to 14.3 billion BOE by the end of 2014, representing a CAGR of 1.4% for the 2009-2014 period.

The Crude Oil segment was the market's most lucrative in 2009, generating total revenues of $484.8 billion, equivalent to 73.6% of the market's overall value. The Natural Gas segment contributed revenues of $174.3 billion in 2009, equating to the remaining 26.4% of the market's aggregate revenues.

The performance of the market is forecast to accelerate, with an anticipated CAGR of 7.8% for the five-year period 2009-2014, which is expected to drive the market to a value of $957.5 billion by the end of 2014. Comparatively, the Canadian and Mexican markets will grow with CAGRs of 6.8% and 7.6% respectively, over the same period, to reach respective values of $96.6 billion and $92.6 billion in 2014.

MARKET VALUE



MARKET VALUE

The North American oil & gas market shrank by 36.5% in 2009 to reach a value of $659.1 billion.

The compound annual growth rate of the market in the period 2005–09 was 0.3%.

Table 1: North America oil & gas market value: $ billion, 2005–09 Year $ billion € billion % Growth2005 650.1 467.6 2006 717.3 515.9 10.3%2007 796.1 572.5 11.0%2008 1,038.2 746.7 30.4%2009 659.1 474.0 (36.5%)

CAGR: 2005–09 0.3%

Source: Datamonitor D A T A M O N I T O R

Figure 1: North America oil & gas market value: $ billion, 2005–09


MARKET VOLUME



MARKET VOLUME

The North American oil & gas market shrank by 2.9% in 2009 to reach a volume of 13.3 billion BOE.

The compound annual rate of change of the market in the period 2005–09 was -1.2%.

Table 2: North America oil & gas market volume: billion BOE, 2005–09 Year billion BOE % Growth2005 13.92006 13.9 (0.3%)2007 14.2 2.4%2008 13.7 (3.9%)2009 13.3 (2.9%)

CAGR: 2005–09 (1.2%)


Figure 2: North America oil & gas market volume: billion BOE, 2005–09


MARKET SEGMENTATION I



MARKET SEGMENTATION I

Crude Oil is the largest segment of the oil & gas market in North America, accounting for 73.6% of the market's total value.

The natural gas segment accounts for the remaining 26.4% of the market.

Table 3: North America oil & gas market segmentation I:% share, by value, 2009 Category % ShareCrude Oil 73.6%Natural Gas 26.4%

Total 100%


Figure 3: North America oil & gas market segmentation I:% share, by value, 2009


MARKET SEGMENTATION II



MARKET SEGMENTATION II

The United States accounts for 79.7% of the North American oil & gas market value.

Canada accounts for a further 10.6% of the North American market.

Table 4: North America oil & gas market segmentation II: % share, by value, 2009 Category % ShareUnited States 79.7%Canada 10.6%Mexico 9.7%

Total 100%


Figure 4: North America oil & gas market segmentation II: % share, by value, 2009


FIVE FORCES ANALYSIS




The oil & gas market will be analyzed taking companies engaged in different stages of oil and gas operations as players. The key buyers will be taken as end users (individual and institutional) and independent retailers, and equipment and services providers as the key suppliers.

Summary

Figure 5: Forces driving competition in the oil & gas market in North America, 2009


Oil and gas companies are typically large, integrated players that benefit from their scales of operations. The presence of such incumbents intensifies rivalry in the market.

The North American oil and gas market is characterized by the presence of large, diversified international companies with highly vertically integrated operations throughout oil exploration, production, refining, transportation and marketing, and they appear as both buyers and players’ within different segments. The presence of such powerful incumbents’ acts as 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.




2008 experienced increased demand for specialist equipment and services as commodity prices went sky high which pushed drilling companies to explore commodities deposits previously deemed too costly, boosting suppliers revenues. 2009 however, saw the commodity prices fall drastically, and the future of the prices varies with opinion. Substitutes in the oil and gas market can be considered in terms of increasing the production of alternative energy sources, although this can result in high switching costs. High fixed costs and exit barriers intensify competition level within the market.




Buyer power

Figure 6: Drivers of buyer power in the oil & gas market in North America, 2009


The North American oil and gas market is characterized by presence of large, diversified international companies with highly vertically integrated operations throughout oil exploration, production, refining, transportation and marketing, and they appear as both buyers and players’ within different stages. Due to this complexity, as well as importance of the product offered in this market, there are a large number of buyers, not only individual but also institutional, weakening buyer power. However, institutional buyers, i.e. independent retailers or chemical companies, are able to make large purchases and losing such customers would impact players’ revenues, boosting their power somewhat.

Commodities such as crude oil or natural gas are relatively undifferentiated products, 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. Switching costs for individual buyers are not likely to be high, they may however be increased with respect to institutional buyers with supply contracts. Overall, the buyer power within the North American oil and gas market is assessed as weak.




Supplier power

Figure 7: Drivers of supplier power in the oil & gas market in North America, 2009


Major suppliers are oil and gas equipment and services providers, including: Schlumberger, Baker Hughes, Smith International or Halliburton. Typically, such suppliers are large, highly diversified companies and this affords them greater bargaining power within the market. 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 and natural gas wells. Such suppliers are small in number, which combined with high demand from the oil and gas industry, enhances their supplier power.

2008 experienced increased demand for specialist equipment and services as commodity prices went sky high which pushed drilling companies to explore commodities deposits previously deemed too costly, boosting suppliers revenues. However, in 2009 the price of these commodities fell, as did investment in drilling and exploration, increasing competition between suppliers and thus reducing their power in the market.




Also, many larger oil and gas companies have backward integrated oil and gas services operations, and use third-party services companies to supplement their own activities. This, combined with the high importance of the oil and gas industry to supplier revenues, reduce the supplier power of oil equipment and services companies. Amongst the suppliers there are also human resources providers as well as landowners or governments. Some of them may exert strong bargaining power due to their size. While there are a large number of companies providing specialist equipment, it may be more difficult to assure adequate reserves, as coal and metal ores are non-renewable. This means that major landowners, governments, and similar bodies can be viewed as suppliers, and these may be in a strong position. Overall supplier power with respect to the oil and gas market is assessed as moderate.




New entrants

Figure 8: Factors influencing the likelihood of new entrants in the oil & gas market in North America, 2009


Analysis of the threat of new entrants into the oil and gas market is complicated by the fact that it is possible for companies to operate in one or more parts of the supply chain. Leading oil companies, namely Exxon, Chevron or ConocoPhillips, are typically large, highly vertically-integrated, multinational companies, which use the large scale of their production and distribution networks to reduce costs and enhance profitability. Such players have invested heavily in their fleets of drilling rigs, other equipment, and technology, including product innovation. To keep up with the leading players, utilizing their scale economies, strong research and development (R&D) capability is required. The presence of such powerful incumbents’ acts as 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 oil and gas market, which is restrictive to the entry of players. Permission to explore new fields and extract oil and gas is generally given by national governments, and obtaining it may be a lengthy process. As well as regulations surrounding taxation and the issue of whether oil and gas exploration is permitted, there are also restrictions regarding environmental impact.




Good market growth however, lures new players to enter. The collapse of the oil price resulted in dampening the overall strong growth of recent years. However, the recent recovery of gas and oil prices has prompted producers to resume their drilling activity growth, making the market attractive to new entrants. Overall the threat of new entrants is assessed as weak within the North American oil and gas market.




Substitutes

Figure 9: Factors influencing the threat of substitutes in the oil & gas market in North America, 2009


Substitutes in the oil and gas market can be considered in terms of increasing meaning of alternative energy sources (those other than oil and gas such as nuclear, solar, coal, wind). Such substitutes can be seen to offer notable benefits in terms of environmental impact and sustainability, although shifting to renewable energy sources is costly and will take time. The production and demand of renewable energy is increasing as climate change becomes a growing issue. However, currently, the majority of the world’s energy production uses of non-renewable sources, primarily oil, gas and coal. While power companies can alter their primary energy mix to a small extent without incurring many costs, a thoroughgoing transition to these substitutes would require investment in new facilities, which constitutes a very high switching cost.

Overall, the threat of substitutes within the oil and gas market is weak. However, as reserves of oil and gas decline over the following decades, it is expected that this will increase substantially as alternative fuels become more readily available and oil and gas products become increasingly expensive.




Rivalry

Figure 10: Drivers of degree of rivalry in the oil & gas market in North America, 2009


Oil and gas companies are typically large, integrated players that benefit from their scales of operations. The presence of such incumbents intensifies rivalry in the market. Due to the fact that oil and gas operations are highly energy and labor intensive, fixed costs are also high and market is hard to exit as leaving would require significant divestments of assets specific to the business. Main players’ activities are usually geographically and vertically integrated however most of them present similar business models.

Long term market growth caused by the rising demand for the product, especially from emerging Asia-Pacific economies, mainly China and India, tends to ease the rivalry somewhat, however the estimations for the next 20 – 30 years show the decline in use of oil and gas that should be caused by switching to more environmentally friendly, cheaper and renewable alternative sources. These combine to produce strong rivalry within oil and gas market.

LEADING COMPANIES



LEADING COMPANIES

Chevron Corporation

Table 5: Chevron Corporation: key facts Head office: 6001 Bollinger Canyon Road, San Ramon, California 94583, USA Telephone: 1 925 842 1000 Website: www.chevron.com Financial year-end: December Ticker: CVX Stock exchange: New York Source: company website D A T A M O N I T O R

Chevron Corporation (Chevron) is one of the largest integrated energy companies in the world. The company is engaged in every aspect of the oil and natural gas industry, including exploration and production, refining, marketing and transportation, chemicals manufacturing and sales, geothermal, mining operations, and power generation.

The company conducts business activities in the US and approximately 100 other countries including Angola, Argentina, Australia, Azerbaijan, Bangladesh, Brazil, Cambodia, Canada, Chad, China, Colombia, Democratic Republic of the Congo, Denmark, France, India, Indonesia, Kazakhstan, Myanmar, the Netherlands, Nigeria, Norway, the Partitioned Neutral Zone between Saudi Arabia and Kuwait, the Philippines, Qatar, Republic of the Congo, Singapore, South Africa, South Korea, Thailand, Trinidad and Tobago, the UK, Venezuela, and Vietnam. Chevron is headquartered in San Ramon, California and employs about 64,132 people.

Chevron operates through four business divisions: upstream, downstream, chemicals, and all others.

Chevron's upstream business explores for and produces crude oil and natural gas. The company's exploration and production operations also market natural gas. Chevron's worldwide net oil-equivalent production was approximately 2.53 million barrels per day in 2008.

At the end of 2008, Chevron's worldwide net proved crude oil and natural gas reserves for consolidated operations were 7.9 billion barrels of oil-equivalent and for affiliated operations were 3.3 billion barrels. Net oil-equivalent production averaged 2.53 million barrels per day, including volumes produced from oil sands in Canada. Major producing areas include Angola, Australia, Azerbaijan, Bangladesh, Denmark, Indonesia, Kazakhstan, Nigeria, the Partitioned Neutral Zone between Kuwait and Saudi Arabia, Thailand, the UK, the US, and Venezuela. Major exploration areas include western Africa, Australia,

LEADING COMPANIES



Brazil, Canada, the Gulf of Thailand, the Norwegian Barents Sea, the international waters between Trinidad and Tobago and Venezuela, the UK Atlantic Margin, and the U.S. Gulf of Mexico.

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. It is a global and diverse organization with interests in 18 fuel refineries and an asphalt refinery which can process more than 2 million barrels of crude oil per day.

In 2008, Chevron processed approximately 1.9 million barrels of crude oil per day and averaged approximately 3.4 million barrels per day of refined product sales worldwide. Downstream's 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.

Chevron markets petroleum products under three brands: Chevron, Texaco, and Caltex. The company also manufactures gasoline additive under the brand name Techron.

The company supplies its products directly or through retailers and marketers to almost 9,700 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 15,300 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.

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 50%-owned affiliate Chevron Phillips Chemical Company (CPChem) and the wholly-owned Chevron Oronite Company (Chevron Oronite).

CPChem has 35 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.

The all others segment includes Chevron's 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.

LEADING COMPANIES



Chevron's mining operations in the US 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. CMI controls approximately 200 million tons of proven and probable coal reserves in the US, including reserves of environmentally desirable low-sulfur coal.

Chevron's power generation business develops and operates commercial power projects. It owns 13 power assets located in the US and Asia. The company produces over 2,300 megawatts (MW) of electricity at 11 facilities it owns through joint ventures.

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.

The upstream and downstream business segment generated revenues of $165,131 million in fiscal 2009 a decrease of 37 % on FY2008.

The chemicals segment generated revenues of $1,567 million in FY2009, a decrease of 10% on FY2008.

The others segment generated revenues of $704 million in FY2009, a decrease of 19% on FY2008.

Table 6: Chevron Corporation: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 193,641.0 204,892.0 214,091.0 264,958.0 167,402.0Net income (loss) 14,099.0 17,138.0 18,688.0 23,931.0 10,483.0Total assets 125,833.0 132,628.0 148,786.0 161,165.0 164,621.0Total liabilities 63,157.0 63,693.0 71,698.0 77,663.3 72,060.0Employees 53,440 55,882 65,000 66,716 64,132 Source: company filings D A T A M O N I T O R

LEADING COMPANIES



Table 7: Chevron Corporation: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 7.3% 8.4% 8.7% 9.0% 6.3%Revenue growth 28.4% 5.8% 4.5% 23.8% (36.8%)Asset growth 35.0% 5.4% 12.2% 8.3% 2.1%Liabilities growth 31.6% 0.8% 12.6% 8.3% (7.2%)Debt/asset ratio 50.2% 48.0% 48.2% 48.2% 43.8%Return on assets 12.9% 13.3% 13.3% 15.4% 6.4%Revenue per employee $3,623,522 $3,666,512 $3,293,708 $3,971,431 $2,610,273Profit per employee $263,829 $306,682 $287,508 $358,700 $163,460 Source: company filings D A T A M O N I T O R

Figure 11: Chevron Corporation: revenues & profitability

Source: company filings D A T A M O N I T O R

LEADING COMPANIES



Figure 12: Chevron Corporation: assets & liabilities


LEADING COMPANIES



ConocoPhillips

Table 8: ConocoPhillips: key facts Head office: 600 North Dairy Ashford, Houston, Texas 77079, USA Telephone: 1 281 293 1000 Website: www.conocophillips.com Financial year-end: December Ticker: COP Stock exchange: New York Source: company website D A T A M O N I T O R

ConocoPhillips is the third-largest integrated energy company in the US and the second-largest refiner in the country. The company is engaged in the exploration and production of petroleum, natural gas, chemicals, and polymers businesses. It has operations in over 40 countries. ConocoPhillips is headquartered in Houston, Texas and employs about 30,000 people.

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, offshore Timor-Leste in the Timor Sea, Australia, China, Indonesia, Algeria, Libya, Vietnam, and Russia.

In FY2008, E&P's worldwide production, including its share of equity affiliates' production excluding LUKOIL, averaged about 1.76 million barrels-of-oil-equivalent (BOE) per day. Production from its international E&P operations averaged 0.99 million BOE per day; and its Canadian syncrude mining operations had net production of 22,000 barrels per day in 2008.

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 residue gas is marketed to electrical utilities, industrial users, and gas marketing companies.

LEADING 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 liquids extracted in 2008, including its share of DCP Midstream, was 188,000 barrels per day in 2008.

As on December 31, 2008, DCP Midstream owned or operated 53 natural gas liquids extraction plants, 10 natural gas liquids fractionation plants, and its gathering and transmission systems included approximately 60,000 miles of pipeline. In 2008, 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: Rocky Mountains, Midcontinent, Permian, East Texas/North Louisiana, South Texas, Central Texas, and Gulf Coast.

Outside of DCP midstream, the company's US natural gas liquids business included, as of year-end 2008, 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 25,000 barrels per day). It further included a 40% interest in a fractionation plant in Conway, Kansas (with ConocoPhillips net share of capacity at 42,000 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 1.35 billion cubic feet per day gas processing plant and a 70,000 barrel per day natural gas liquids fractionator. A third gas processing train is currently under construction. When complete in 2009, it will bring Phoenix Park's total processing capacity to 2 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 14,000 barrels per day in 2008.

The R&M segment purchases, refines, markets, and transports crude oil and petroleum products, primarily in the US, Europe, and Asia. As on December 31, 2008, R&M owned or had an interest in 12 operating refineries in the US, and marketed gasoline, diesel, and aviation fuel through approximately 8,340 outlets in 49 states of the US. It markets its products under the brand names of Phillips 66 and Conoco, and 76 other brands.

At December 31, 2008, 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 brand name. The company also markets aviation fuels, liquid petroleum gases, heating oils,

LEADING COMPANIES



transportation fuels, and marine bunkers to commercial customers and into the bulk or spot market in these countries and Ireland.

As of December 31, 2008, R&M had approximately 1,260 marketing outlets in its European operations, of which approximately 860 were company-owned and 400 were dealer-owned. Through its joint venture operations in Switzerland, the company also has interests in 200 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 on December 31, 2008, ConocoPhillips' ownership interest in LUKOIL was 20% based on authorized and issued shares, and 20.06% based on estimated shares outstanding.

The chemical segment consists of ConocoPhillips' 50% equity investment in Chevron Phillips Chemical Company (CPChem), a joint venture with 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 non-conventional hydrocarbon recovery (including heavy oil), refining, alternative energy, biofuels, and the environment.

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.

During the FY2009, the refining and marketing segment recorded revenues of $107,233 million, a decrease of 35% over FY2008.

The exploration and production segment recorded revenues of $37,097 million in FY2009, a decrease of 47% over FY2008.

LEADING COMPANIES



The midstream segment recorded revenues of $4,892 million in FY2009, a decrease of 26% over FY2008.

The emerging businesses segment recorded revenues of $86 million in FY2009, a decrease of 57% over FY2008.

The chemicals segment recorded revenues of $11 million in FY2009.

Table 9: ConocoPhillips: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 179,442.0 183,650.0 187,437.0 240,842.0 152,840.0Net income (loss) 13,529.0 15,550.0 11,891.0 (16,998.0) 4,858.0Total assets 106,999.0 164,781.0 177,757.0 142,865.0 152,588.0Total liabilities 53,059.0 80,933.0 87,601.0 86,600.0 89,531.0Employees 35,600 38,400 32,600 33,800 30,000 Source: company filings D A T A M O N I T O R

Table 10: ConocoPhillips: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 7.5% 8.5% 6.3% (7.1%) 3.2%Revenue growth 32.8% 2.3% 2.1% 28.5% (36.5%)Asset growth 15.2% 54.0% 7.9% (19.6%) 6.8%Liabilities growth 8.2% 52.5% 8.2% (1.1%) 3.4%Debt/asset ratio 49.6% 49.1% 49.3% 60.6% 58.7%Return on assets 13.5% 11.4% 6.9% (10.6%) 3.3%Revenue per employee $5,040,506 $4,782,552 $5,749,601 $7,125,503 $5,094,667Profit per employee $380,028 $404,948 $364,755 ($502,899) $161,933 Source: company filings D A T A M O N I T O R

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Figure 13: ConocoPhillips: revenues & profitability


Figure 14: ConocoPhillips: assets & liabilities


LEADING COMPANIES



Exxon Mobil Corporation

Table 11: Exxon Mobil Corporation: key facts Head office: 5959 Las Colinas Boulevard, Irving, Texas 75039 2298, USA Telephone: 1 972 444 1000 Fax: 1 972 444 1348 Website: www.exxonmobil.com Financial year-end: December Ticker: XOM Stock exchange: New York Source: company website D A T A M O N I T O R

Exxon Mobil Corporation (Exxon Mobil) is an integrated oil and gas company based in the US. It is engaged in exploration and production, refining, and marketing of oil and natural gas. The company is also engaged in the production of chemicals, commodity petrochemicals, and electricity generation. The company operates across the globe. It is headquartered in Irving, Texas and employs about 79,900 people.

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, and Africa.

At the end of FY2008, the company had net reserves of 7,576 million barrels of oil and 31,402 million cubic feet of natural gas. The company had 16,558 of crude oil and 9,387 of natural gas net production wells at the end of FY2008. Exxon Mobil's net exploration acreage totaled 73 million acres in 33 countries at the end of the same period.

The company is also engaged in power generation. Exxon Mobil has interests in electric power generation facilities with total capacity of 16,000 megawatts (MW).

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. At the end of FY2008, the company had interests in 37 refineries across 20 countries, with distillation capacity of 6.2 million barrels per day and

LEADING COMPANIES



lubricant basestock manufacturing capacity of 140 thousand barrels per day. The company has interests in 12 lubricant refineries and manufactures three brands of finished lubricants (Exxon, Mobil, and Esso) through interests in over 31 blending plants. In FY2008, 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 29,000 service stations and provide over one million industrial and wholesale customers with fuel products. Fuel products and services are provided to aviation customers at more than 630 airports and to marine customers at more than 180 marine ports around the world. 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.

In the FY2009, the upstream segment recorded revenues of $17,107 million, a decrease of 52% over FY2008.

The downstream segment recorded revenues of $1,781 million in the FY2009, a decrease of 78% over FY2008.

The chemical segment recorded revenues of $2,309 million in the FY2009, a decrease of 22% over FY2008.

LEADING COMPANIES



Table 12: Exxon Mobil Corporation: key financials ($) $ million 2005 2006 2007 2008 2009Revenues 358,955.0 365,467.0 404,552.0 477,359.0 310,586.0Net income (loss) 36,130.0 39,500.0 40,610.0 45,220.0 19,280.0Total assets 208,335.0 219,015.0 242,082.0 269,563.0 233,323.0Total liabilities 97,149.0 105,171.0 120,320.0 141,974.0 122,754.0Employees 83,700 82,100 80,800 80,000 79,900 Source: company filings D A T A M O N I T O R

Table 13: Exxon Mobil Corporation: key financial ratios Ratio 2005 2006 2007 2008 2009Profit margin 10.1% 10.8% 10.0% 9.5% 6.2%Revenue growth 23.2% 1.8% 10.7% 18.0% (34.9%)Asset growth 6.7% 5.1% 10.5% 11.4% (13.4%)Liabilities growth 3.9% 8.3% 14.4% 18.0% (13.5%)Debt/asset ratio 46.6% 48.0% 49.7% 52.7% 52.6%Return on assets 17.9% 18.5% 17.6% 17.7% 7.7%Revenue per employee $4,288,590 $4,451,486 $5,006,832 $5,966,988 $3,887,184Profit per employee $431,661 $481,121 $502,599 $565,250 $241,302 Source: company filings D A T A M O N I T O R

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Figure 15: Exxon Mobil Corporation: revenues & profitability


Figure 16: Exxon Mobil Corporation: assets & liabilities


LEADING COMPANIES



Petroleos Mexicanos (PEMEX)

Table 14: Petroleos Mexicanos (PEMEX): key facts Head office: Avenida Marina Nacional No. 329, Colonia Huasteca, Mexico City,

DF 11311, MEX Telephone: 52 55 1944 2500 Fax: 52 55 1944 9378 Website: www.pemex.com Financial year-end: December Source: company website D A T A M O N I T O R

Petroleos Mexicanos (PEMEX) is Mexico's state-owned, nationalized petroleum company. The company is engaged in the exploration, production, refining, and marketing of oil and gas. PEMEX operates in Mexico. It is headquartered in Mexico City, Mexico and employs more than 143,400 people.

PEMEX primarily operates through four business segments: exploration and production, refining, gas and basic petrochemicals, and petrochemicals.

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 FY2008, the segment's total hydrocarbon production was approximately 3,965 thousand barrels of oil equivalent per day and its crude oil production averaged 2,791.6 thousand barrels per day. The total production of natural gas (excluding natural gas liquids) in FY2008 averaged 6,918.6 million cubic feet per day.

The company's refining segment conducts its operations through the subsidiary PEMEX Refining. PEMEX Refining 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 FY2008, PEMEX Refining's atmospheric distillation refining capacity was approximately 1,540 thousand barrels per day and the subsidiary produced 1,307 thousand barrels per day of refined products. At the end of FY2008, there were 8,351 retail service stations in Mexico, of which 8,303 were privately owned and operated as franchises and 48 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 transports, distributes, and markets natural gas and liquefied petroleum gas throughout Mexico. The

LEADING COMPANIES



segment also produces and markets basic petrochemical feedstocks, which are used by PEMEX Refining or PEMEX Petrochemicals. In FY2008, 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 3,188 million cubic feet per day of sour natural gas in FY2008. It produced 376 thousand barrels per day of natural gas liquids and 3,461 million cubic feet of dry gas per day in 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 FY2008, PEMEX Petrochemicals' total annual production (excluding ethane and butane gases) was 7,841 thousand tons.

PEMEX is also engaged in international trading, under which it exports and imports crude oil, natural gas, petrochemicals, and refined products. In FY2008, the company exported 1,403.4 thousand barrels per day of crude oil and imported 450.4 million cubic feet per day of natural gas. During the same period, the company exported 539.6 thousand metric tons and imported 439.8 thousand metric tons of petrochemical products. In FY2008, the company exported 184.1 thousand barrels per day and imported 548.2 thousand barrels per day of refined products.

Key Metrics

The company recorded revenues of $98,312 million in the fiscal year ending December 2008, an increase of 17% compared to fiscal 2007. Its net loss was $8,291 million in fiscal 2008, compared to a net loss of $1,354 million in the preceding year.

More recent financial information was not available for this company at the time of publication.

PEMEX generates revenues through four business segments: exploration and production (37.8% of the total revenues, before eliminations, during FY2008), refining (18.2%), gas and basic petrochemicals (9%), and petrochemicals (2.6%). The remaining revenues (32.4%) were generated by PEMEX's corporate operations and subsidiary companies in FY2008.

During FY2008, the exploration and production segment recorded revenues of MXP1,137,807.5 million (approximately $103,187.8 million), an increase of 24.7% over FY2007.

The refining segment recorded revenues of MXP547,548.3 million (approximately $49,657.2 million) in FY2008, an increase of 15.1% over FY2007.

LEADING COMPANIES



The gas and basic petrochemicals segment recorded revenues of MXP271,135.6 million (approximately $24,589.3 million) in FY2008, an increase of 21.6% over FY2007.

The petrochemicals segment recorded revenues of MXP80,057.4 million (approximately $7,260.4 million) in FY2008, an increase of 38.9% over FY2007.

Mexico, PEMEX's largest geographical market, accounted for 51.3% of the total revenues (excluding services income) in FY2008. Revenues from Mexico reached MXP679,754.1 million (approximately $61,646.9 million) in FY2008, an increase of 14.8% over FY2007.

Other countries accounted for 48.7% of the total revenues (excluding services income) in FY2008. Revenues from other countries reached MXP644,418.2 million (approximately $58,442.3 million) in FY2008, an increase of 18.7% over FY2007.

Table 15: Petroleos Mexicanos (PEMEX): key financials ($) $ million 2004 2005 2006 2007 2008Revenues 63,999.4 74,260.7 96,578.1 84,040.8 98,312.1Net income (loss) (2,104.1) (6,092.6) 3,473.5 (1,354.4) (8,291.1)Total assets 78,200.5 83,268.6 92,473.1 98,410.6 91,497.9Total liabilities 75,448.6 81,122.5 89,406.3 94,718.5 89,509.0Employees 137,722 139,171 141,275 141,146 143,421 Source: company filings D A T A M O N I T O R

Table 16: Petroleos Mexicanos (PEMEX): key financials (MXN) MXN million 2004 2005 2006 2007 2008Revenues 865,122.0 1,003,831.0 1,305,510.0 1,136,035.0 1,328,950.0Net income (loss) (28,443.0) (82,358.0) 46,953.0 (18,308.0) (112,076.4)Total assets 1,057,088.0 1,125,596.0 1,250,020.0 1,330,281.0 1,236,837.4Total liabilities 1,019,889.0 1,096,586.0 1,208,564.0 1,280,373.0 1,209,952.0 Source: company filings D A T A M O N I T O R

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Table 17: Petroleos Mexicanos (PEMEX): key financial ratios Ratio 2004 2005 2006 2007 2008Profit margin (3.3%) (8.2%) 3.6% (1.6%) (8.4%)Revenue growth 17.5% 16.0% 30.1% (13.0%) 17.0%Asset growth 6.5% 6.5% 11.1% 6.4% (7.0%)Liabilities growth 8.7% 7.5% 10.2% 5.9% (5.5%)Debt/asset ratio 96.5% 97.4% 96.7% 96.2% 97.8%Return on assets (2.8%) (7.5%) 4.0% (1.4%) (8.7%)Revenue per employee $464,700 $533,593 $683,618 $595,418 $685,479Profit per employee ($15,278) ($43,778) $24,586 ($9,596) ($57,810) Source: company filings D A T A M O N I T O R

Figure 17: Petroleos Mexicanos (PEMEX): revenues & profitability


LEADING COMPANIES



Figure 18: Petroleos Mexicanos (PEMEX): assets & liabilities


MARKET FORECASTS



MARKET FORECASTS

Market value forecast In 2014, the North American oil & gas market is forecast to have a value of $957.5 billion, an increase of 45.3% since 2009.

The compound annual growth rate of the market in the period 2009–14 is predicted to be 7.8%.

Table 18: North America oil & gas market value forecast: $ billion, 2009–14 Year $ billion € billion % Growth2009 659.1 474.0 (36.5%)2010 784.2 563.9 19.0%2011 789.4 567.7 0.7%2012 874.7 629.0 10.8%2013 919.5 661.3 5.1%2014 957.5 688.6 4.1%

CAGR: 2009–14 7.8%


Figure 19: North America oil & gas market value forecast: $ billion, 2009–14


MARKET FORECASTS



Market volume forecast In 2014, the North American oil & gas market is forecast to have a volume of 14.3 billion BOE, an increase of 7.4% since 2009.

The compound annual growth rate of the market in the period 2009–14 is predicted to be 1.4%.

Table 19: North America oil & gas market volume forecast: billion BOE, 2009–14 Year billion BOE % Growth2009 13.3 (2.9%)2010 13.4 1.0%2011 13.7 2.4%2012 14.0 1.9%2013 14.1 0.8%2014 14.3 1.1%

CAGR: 2009–14 1.4%


Figure 20: North America oil & gas market volume forecast: billion BOE, 2009–14


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, Datamonitor’s 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

APPENDIX



Industry associations International Association of Oil & Gas producers (OGP) 209-215 Blackfriars Road, London SE1 8NL, United Kingdom Tel.: 44 20 7633 0272 Fax: 44 20 7633 2350 http://www.ogp.org.uk/ Energy Information Administration (EIA) 1000 Independence Ave., SW Washington, DC 20585 Tel.: 1 202 586 8800 http://www.eia.doe.gov/ American Petroleum Institute 1220 L Street, NW Washington, DC20005-4070, USA Tel.: 1 202 68 8000 http://api-ec.api.org/newsplashpage/index.cfm

Related Datamonitor research

Industry Profile

Global Oil & Gas

Oil & Gas in Western Europe

Oil & Gas in Eastern Europe

Oil & Gas in South America

APPENDIX



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Oil and gas in nth america industry profile

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