Investor Presentaiton
Source: EIA
TMK
Improving Oil & Gas Market Fundamentals Drive U.S. Shale
Production...
Sentiment continues improving as global crude oil
supply and demand balances keep tightening
Global capex spending in oil and gas has bottomed
but it has only recovered modestly with a focus on
US shales drilling efforts rather than long-term and
more expensive projects
Growth in exports and consumption will contribute to
natural gas prices rising from an average of
$2.99/MMBtu in 2018 to $3.12/MMBtu in 2019
U.S. crude oil production
MMbpd
12
10
10
8
6
5,1
4
2
0
5,0 5,3 5,5 5,6
6,5
2007
2008
2009
2010
2011
2012
9,4
9,4
8,7
8,9
7,5
2013
2014
WTI Crude Oil ($/bbl)
Improved sentiment and price in 9M 2018
75
70
65
60
55
50
45
40
1Q
2Q
3Q
4Q
1Q
2Q
2017
2018
30
3Q
2,0
T
4,0
3,5
3,0
2,5
US Natural Gas ($/MMBtu)
Source: EIA
U.S. shale oil production (1) is growing
U.S. shale oil production (1) (MMbpd)
Jan-07
Nov-07
Sep-08
0
2
+
60
80
60-Inr
May-10
Jul-14
May-15
Mar-16
Jan-17
2015
2016
2017
Nov-17
2018E
Sep-18
Mar-11
Jan-12
Nov-12
Sep-13
20
20
Source:
EIA
Notes: (1) Includes total oil production from Anadarko, Appalachia, Bakken, Eagle Ford,
Haynesville, Marcellus, Niobrara, Permian & Utica
10,7View entire presentation