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Rocky Mountain Petroleum Market Dynamics:

Thursday, June 7, 2007 from 8:30 AM to 5:00 PM (MT)

Sandy, UT

Ticket Information

Ticket Type Sales End Price Fee Quantity
Attendee Ended $150.00 $0.00

Event Details

Rocky Mountain Petroleum Market Dynamics: Thursday, June 7, 2007 South Towne Expo Center 9575 South State Street Sandy, UT 84070 Petroleum Market Dynamics The SPE Salt Lake Petroleum Section is hosting a one day workshop on “Rocky Mountain Petroleum Market Dynamics.” This theme is based on depressed crude oil prices locally in the Rocky Mountains, stranded oil and gas resources, and associated refining considerations. The workshop will be from 8:30 a.m. through 5:00 p.m. on June 7, 2007. Proceeds from this event will be applied to the local SPE sections Richard E. Wyman Scholarship fund. The registration fee is $150.00. Lunch is included. The venue is the South Towne Expo Center (http://www.southtowneexpo.com/index.html ). The agenda will be finalized shortly. There will be 30 minute presentations with questions covering the Interstate Oil and Gas Commission report, Rocky Mountain marketing and distribution issues, challenges for the production sector (oil and gas), as well as issues for transportation and refining. Registration and More Information To register, go to http://www.eventbrite.com/event/57674506 Mark June 7, 2007 on your calendar. For further information, please contact John McLennan, at 801-990-4223 or john.mclennan@asrcenergy.com; or Phil Cowdery at 303-859-1805 or pcowdery@vortexflowllc.com. While online registration is preferred so that attendance can be tracked, if it is necessary to register by check, please make checks payable to “SPE” and remit to: Mr. John Baza SPE Salt Lake Petroleum Section Treasurer P.O. Box 145801 Salt Lake City, UT 84114-5801 Background The theme of this workshop came from a recent Interstate Oil & Gas Compact Commission’s Crude Oil Market Infrastructure Task Force report. “At the beginning of 2006, domestic crude oil producers in the Rocky Mountain region began to receive much lower prices for their production than similar quality oil sold in other parts of the country. The lower prices resulted from crude oil supplies far exceeding demand. At the same time, a separate set of supply and demand market forces kept prices high for refined products in the region. While crude oil producers bore the brunt of the price collapse, governments at the federal, state and local levels were also impacted as a result of greatly reduced royalty payments, which are based on product sales value. In addition, state and local tax receipts suffered enormous revenue losses as well. The falling value of the crude oil itself could also result in a premature abandonment of the resource and a cutback in domestically produced petroleum –key concerns of the Interstate Oil and Gas Compact Commission (IOGCC). As a result of these changing market conditions and the glut of crude oil in the Rocky Mountain states, during the first half of 2006 local domestic oil producers in those states were receiving as much as $25 to $30 per barrel less than what was paid for similar quality oil in other regions of the country. While these price differentials have declined to about $6 to $10 per barrel in the last half of 2006, the differentials remain much higher than the historical average of $1 to $3 per barrel. Furthermore, the imbalanced supply and demand conditions that caused the highest differentials in the early part of 2006 remain in place, and may cause further problems in the future. In May 2006, IOGCC Chairman Dave Freudenthal, Governor of Wyoming, created a task force to specifically identify the reasons that domestically-produced crude oil within the Rocky Mountain region was receiving significantly lower well head prices than similar oil sold in the rest of the country. The task force included representatives from Colorado, Montana, North Dakota, South Dakota, Utah, Wyoming, the Province of Alberta, the U.S. Department of Energy and the Federal Energy Regulatory Commission (FERC).” “Some of the factors evaluated by the Rocky Mountain task force included the impact of asphalt use, increased crude oil production in the Rockies, increased crude oil production in western Canada, refining capacity, pipeline capacity and crude oil quality variation. Some of the data considered by the task force included the number of new well permits, well completions, production quantities and trends, state tax information, forecasts for Canadian imports and Rockies regional production, existing pipeline and refinery capacities, plans for increasing pipeline and refinery capacities, and existing and proposed state and federal legislation. This report is the result of the work of that task force.” Agenda There will be four topical sessions on Rocky Mountain petroleum marketing issues. These are: • Government and Economics • Producers’ Perspective • Transportation Considerations • Refining Issues Confirmed speakers include: • Gerry Baker IOGCC (Interstate Oil & Gas Compact Commission) Who is IOGCC, and Why Did They Generate This Report? • Tad True (True Companies) Analysis and Creation of the IOGCC Report • John Baza (DOGM Utah Department of Oil Gas & Mining) What are the Implications for Utah? • Alan Issacson (David Eccles School of Business, University of Utah) An Economic Perspective • John Jurrius (Jurrius–Ogle Group) Ute Tribe Perspective • David Gerbig (Newfield Exploration Company) A Producer’s Perspective 1 • Bruce Kelso (Berry Petroleum Company) A Producer’s Perspective 2 • Dan Johnston (Chevron Pipeline Company) Secrets of an Oil Man in the Rockies • Lloyd Dean (Basin Western, Inc.) Truck Transportation – Cost, Regulation, Highway Adequacy • Daniel B. Kuhn (UDOT, Utah Department of Transportation) Transportation Challenges in the Uinta Basin • Vince Memmott (Flying J Inc.) A Refining Perspective • Michael Wright (Holly Corporation) Black Wax: Refinery Expansion Plans and Processing Challenges

When & Where



South Town Expo Center
9575 South State Street
Sandy, UT 84070

Thursday, June 7, 2007 from 8:30 AM to 5:00 PM (MT)


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