Investor Presentaiton
Fundamentals: Increasing Demand, Tighter Oil Balance
North American hydrocarbons are key to meeting global demand
Global Supply & Demand Rebalancing (1)
World Production
Including Historical OPEC Spare Capacity
MMB/d
110
105
100
95
90
85
80
2016-Q1
2016-Q3
2017-Q1
MMB/d
15
10
2017-Q3
2018-Q1
2018-Q3
2019-Q1
World Consumption
COVID reset
2019-Q3
2020-Q1
Prolonged Reduction in Upstream Investment (2)
($ Billions invested)
$800
$600
$400
$200
2020-Q3
2021-Q1
2021-Q3
2022-Q1
2022-Q3
Multi-Quarter Draw on Global Inventory(1)
implied build
0
implied draw
-5
2016-Q1
2016-Q3
* 2017-01
2017-Q3
2018-Q1
2018-Q3
1+ B bbls
2019-Q1
2019-Q3
2020-Q1
2020-Q3
2021-Q1
2021-Q3
2022-Q1
2022-Q3
$0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Commodity Prices Responding
($/bbl)
$120
WTI Spot Price, monthly avg. (LHS)
$90
myy
($/mmbtu)
$7
$6
$5
$60
$30
ཿ €&°$་ྲ
$2
Henry Hub Spot Price, monthly avg. (RHS)
$0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
6
(1) EIA February 2022 STEO (includes crude oil (including lease condensates), natural gas plant liquids, biofuels, other liquids, and refinery processing gains).
(2) IEA & PAA Internal EstimatesView entire presentation