Crude by Rail 2014

How Speculations On The Latest Rail Car Safety Regulations, Rail Capacity Expansions, Competing Transport Modes And Pricing Differentials Are Impacting The Immediate And Long Term Economics, Reliability And Sustainability Of Crude By Rail

Hearing Updates On The Very Latest

Rail Car Design Specifications, Rail Takeaway And Terminal Expansions, Pipeline Developments & Market SpreadsTo Optimize Netbacks And Determine The Immediate And Long Term Viability Of Crude By Rail In An Increasingly Regulated Market

Key Topics Include:

October 29-30, 2014 | Houston | Texas(Pre-Conference Workshop October 28)

Expert Insight From 20+ Industry Professionals Including Class I Railroads, Major E&P Companies, Terminal, Refinery & Pipeline Operators and Regulatory Authorities

M Follow us @UnconventOilGas

www.crude-by-rail-2014.com

• CRUDE BY RAIL SAFETY REGULATIONS: Assessing How Federal Rail Regulations Have And Will Impact Overall Crude By Rail Economics To Determine The Availability, Reliability And Long Term Sustainability Of Rail Takeaway

• RAILCAR ECONOMICS & CRUDE STABILIZATION: Identifying Solutions For Driving Down The Costs Of Railcars And examining Safe, Cost Effective Methods Being Used To Stabilize Volatile Crude For Transport

• DESTINATION TERMINAL CAPACITY, LOADING INFRASTRUCTURE & PERMITTING: Delivering Updates On The Very Latest Terminal Projects And Expansions To Identify New Rail Destinations And Marketing Opportunities

• RAIL ROAD UPDATES AND SERVICE EFFICIENCY: Identifying Rail Expansion And Track Maintenance Strategies Being Used To Improve The Efficiency, Capacity Utilization, Scheduling And Turn Times Of Crude By Rail Services

• SUPPLY CERTAINTY & NEW PRODUCTION FORECASTS: Quantifying Supply From Canada, The North Dakota Bakken, The Permian Basin And Identifying Key Emerging Plays To Pinpoint New, High ROI Rail Destinations For Investment

• PRICING DIFFERENTIALS & MARKET EXPANSION OPPORTUNITIES: Evaluating Market Spreads And Pricing Differentials To Identify Optimal Netback Markets And Economically Favorable Areas For Crude By Rail Development

• REFINERY CAPACITY EXPANSION PLANS: Identifying New Construction Plans And Refinery Capacity Increases To Quantify Current And Future Market Demand In Terms Of Volume And Crude Type

• PIPELINE INFRASTRUCTURE: Addressing The Latest Pipeline Project Developments In The USA And Canada To Identify Opportunities For Intermodal Supply Chain Relationships And Forecast The Long-Term Viability Of Rail In The Context Of Pipeline Competition

• PRICING DIFFERENTIALS & MARKET EXPANSION OPPORTUNITIES: Evaluating Market Spreads And Pricing Differentials To Identify Optimal Netback Markets And Economically Favorable Areas For Crude By Rail Development

• EXPORTS BAN: Evaluating Governmental And Industry Perspectives On The Crude By Rail Landscape And Determining How A Ban Lift Would Impact Rail Economics

Dean Piacente Vice President Sales & Marketing CSX Transportation

Darin Selby Vice President Energy Markets & Short Line Partner Relations Kansas City Southern Railway

Pat McGannon Vice President - Business Development Rangeland Energy

Earl Crochet Director Business Development Kinder Morgan

Gabe Claypool President and COO Dakota Plains Holdings, Inc.

Beau Maida Director Of Rail Operations GT Logistics

Mark Luitwieler EVP Operations Peaker Energy

Craig R. Johnson General Director Chemical Transportation Safety Union Pacific Railroad

Organized by

Pre-Workshop Sponsor:

Railcar Maintenance Partner & Evening Drinks Reception Sponsor:

Innovation Partner & Sponsor:

Speaker Dinner Sponsor:

Register By FridaySeptember 12, 2014

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$400

www.crude-by-rail-2014.com (1) 800 721 3915 [email protected]

As many of the key and emerging crude plays in the USA continue to grow exponentially, the crucial issue of takeaway infrastructure in the form of Crude By Rail is as prevalent a topic as it has ever been particularly in the context of increasing regulatory scrutiny.

Crude By Rail stands at an important juncture with a watchful eye on the regulatory railcar specification standards, pipeline approvals, terminal & refinery infrastructure developments and evolving market spreads & differentials.

The Second Annual Flagship Crude by Rail 2014: Rail Car Availability, Market Opportunities And Capacity Expansion Summit is set to take place this October 29-30 in Houston and will bring together the key stakeholder representatives of the Crude by Rail industry.

The Second Annual Flagship Crude by Rail 2014: Rail Car Availability, Market Opportunities And Capacity Expansion Summit is set to take place this October 29-30 in Houston and will once again bring together the key stakeholder representatives of the Crude by Rail industry within the context of a brand new agenda.

The only annual senior-level Crude by Rail event with such a large amount of returning attendees and businesses as a result of its reputation for content quality and instrumental involvement in helping foster business partnerships, the congress is designed specifically for:

• Rail Car Operators Transporting Crude In The US• Class 1 Railroads • Rail Loading & Offloading Terminal Operators• E&P Companies• Crude Refineries

Senior representatives from each key area will all be collaborating to not only discuss important here and now economics and infrastructural updates, but also to thoroughly assess the medium to long term viability of Crude By Rail in North America.

DETERMINING THE IMMEDIATE & LONG TERM VIABILITY OF CRUDE BY RAIL

The Crude By Rail series is renowned for hosting talks at the cutting edge of rail development in the US. Every year, our agenda changes in response to the very latest developments. This year the most prominent update is of course evolving rail car regulations

BRAND NEW AGENDA FOR 2014

CRUDE BY RAIL SAFETY REGULATIONS: Assessing How Federal Rail Regulations Have And Will Impact Overall Crude By Rail Economics To Determine The Availability, Reliability And Long Term Sustainability Of Rail Takeaway

EXPORTS BAN: Evaluating Governmental And Industry Perspectives On The Crude By Rail Landscape In The Event Of Crude Exports Becoming Legalized

EMERGING SHALE PLAYS: Identifying New Rail Opportunities - Mapping The Production Potential, Rail Accessibility And Economics Of Emerging Shale Plays Expected To Significantly Add To Supply Over The Next 10 Years

BAKKEN FOCUS: Quantifying How Big The Bakken Will Become In The Next 5 Years To Determine How Much Extra Rail Capacity Will Be Required To Take The Product To Market

WHAT’S NEW FOR CRUDE BY RAIL 2014?

Vice President, Fuel Supply DELEK US

“I was extremely excited to see that a follow up crude by

rail conference was being hosted. The first event provided timely information on a broad range of issues facing CBR. In addition, this conference was

so well attended, it allowed me to connect with colleagues across the industry. As the

upcoming conference seeks to extend its focus on key issues

brought out in the first meeting, I look forward to this event.”

Need to generate new sales leads, launch a new product, engage key decision makers, build new future business relationships in key markets, or simply educate the industry about a new product? Then you need to exhibit at Crude By Rail 2014. Our busy exhibit area is an integral part of the summit and is of genuine practical value to delegates, who are looking for new solutions and technologies. Exhibiting at the summit will help you position yourself as a market leader and centre of excellence to the key decision makers in the industry.

For further information, please contact: John Duggan

[email protected]

or + (1) 800 721 3915

SPONSORSHIP AND EXHIBITION OPPORTUNITIES AVAILABLE AT THE SUMMIT


SAVE UP TO

$400

The Westin Galleria Houston5060 West Alabama

Houston, Texas 77056

United States

VENUE INFORMATION


The Crude By Rail Series: America’s Meeting Place For Maximizing E&P And Midstream Opportunities In Rail Takeaway GrowthThe Flagship Crude By Rail Summit is renowned in the industry as the leading rail takeaway and marketing meeting of the year for CEOs, VPs, Directors, and Marketing Managers looking to capitalize on the rapid growth of production from shale plays and rail transport infrastructure.

Starting in 2013, the US Crude By Rail Series is now split into three annual events: the Flagship Crude by Rail 2014: Rail Car Availability, Market Opportunities And Capacity Expansion Summit which takes place annually in the fall; the travelling Crude By Rail Destinations Summit which takes place in February each year in locations proximal to key US markets including California; and the Crude By Rail Safety Initiative which takes place annually in June with an exclusive focus on the latest Crude By Rail safety requirements.

This October, the flagship Crude by Rail 2014: Rail Car Availability, Market Opportunities And Capacity Expansion Summit will return to Houston to provide an exclusive forum for discussion for the entire US crude by rail industry at which the leading stakeholders in the industry will visit important themes and break new ground as they look to the future.

RESPONDING IMMEDIATELY TO INDUSTRY CHANGES: The Crude By Rail series is renowned for hosting talks at the cutting edge of rail development in the US. Every year, our agenda changes in response to the very latest developments. This year the most prominent update is of course evolving rail car regulations.

INFLUENTIAL ATTENDEES: The only annual senior-level Crude by Rail event with such a large amount of returning attendees and businesses as a result of its reputation for content quality and instrumental involvement in helping foster business partnerships

CLASS ONE RAILROADS: The only Crude by Rail conference in which the Class One Railroads provide their full infrastructure updates and investment proposals

THE VERY LATEST REGULATORY UPDATES: The only Crude by Rail event to provide fresh regulatory updates on the critical need to know issues including rail car safety standards, specific commodity transportation standards, limitations on the routing and speed of rail and the permitting frameworks for terminals

IMPACT OF PIPELINE DEVELOPMENTS: The only Crude by Rail conference to also assess the progress of pipeline projects in such detail to fully evaluate how developments will affect rail viability and demonstrate possibilities for intermodal partnerships

WHAT’S UNIQUE ABOUT CRUDE BY RAIL 2014?

President & CEO - TORQ TRANSLOADING

“ABC’s 2013 Crude Transportation Summit was a tremendous success. All the key industry participants were in attendance and

the conference room was filled. With increased level of attention on crude transportation these days, events like this one are important

to be able to stay in tune with the most current information. ABC did a tremendous job of identifying the current issues and

finding the right industry members to address them.”


SAVE UP TO

$400

SAFETY REGULATIONS, TERMINALS & SERVICE EFFICIENCYEstablishing Clarity On Railcar Safety Specifications, Delivering Updates On The Latest Rail And Terminal Infrastructure And Hearing Plans To Maximize The Efficiency Of Rail Services To Optimize Economics

Day 1Wednesday October 29, 2014

8.50 Chair’s Opening Remarks

CRUDE BY RAIL SAFETY REGULATIONSEvaluating Rail Car Saftey Regulations To Identify Impacts

On Takeaway Availability, Service Reliability And Short Term Rail Economics

KEYNOTE PANEL: REGULATORY IMPACTS ON RAIL

TRANSPORTATION

9.00 Assessing How Federal Railcar And Rail Road Regulations Have And Will Impact Overall Crude By Rail Transportation To Determine The Availability, Reliability And Long Term Sustainability Of Rail Takeaway

•Analyzingtheproposalsandrecommendationsput

forwardonthebasisofrecentcrudebyrailaccidentsto

determinewhetherlimitationswillbesetonthequalityof

crudethatcanbeshipped

•AssessinghowcompetitionstandardsareimpactingClass

Onerailroads’plansfornewtransportationroutesand

howthiswillimpactwhichmarketscanbereachedbyrail

•Hearinganupdateonwhennewrailcarrequirementswill

beimplementedtopredictatimelineforpotentialrailcar

shortages

•Analyzingthewaittimeandcostforrailcarstobe

retrofittedtonewstandardsandhowthiswillimpact

takeawaycapacity

•Assessinghowrailtakeawaycapacitywouldbeaffected

iftheindustryhadtoshifttobrandnewrailcarstomeet

specifications

•Analyzingthelatestrecommendationsforrailcarthermal

protectiontodeterminetheextenttowhichheavycrude

railcarswillberequiredtoincludesuchprotectionCraig Johnson, General Director, Chemical Transportation Safety, Union Pacific

Beau Maida, Vice President, Rail Services, GT Omni Port

Randy Meyer, Vice President, Corporate Development & Logistics, Altex Energy

9.30 Question & Answer Session

RAILCAR SPECS FOCUS

9.40 Providing Detailed Railcar Specification Updates From PHEMSA And The FRA To Allow Operators To Start Designing Compliant Cars And Plan For Retrofitting

•Examiningthetimeframeforfinalregulatory

implementationtoidentifywhennewdesignsandretrofitting

willberequiredandavoidagapincapacityavailability

•UnderstandinghowtheH2Scontentofcrudeandits

corrosivequalitieswillimpactthenewcardesigns

andreliability

•Gainingclarificationonwhether9.16inchesofsteelwall

thicknesswillbetheregulatorybenchmarkforrailcarsto

determinewhethernewcarswillbeneededandidentify

specificationsfornewdesigns

•Understandingtheexactvolumeofcrudeandthe

evacuationratePRVsshouldbeequippedtohandleto

ensurerailcarscanbebuilttotherightstandard

•Analyzingtheprosandconsoftransportingheavier

crudesinrailcarsusingcoilsvs.applyingadiluentfor

transportingrailbittolearnwhichisthemostpractical

andeconomicalmethod

•Establishingupdatesonthelatestdesignsfornew

breakawayhandlesonthebottomoutletvalveto

understandwhichhavegainedapproval

•Identifyingnewheadthicknessparametersonrailcarsandlearninghowtheycanbeusedtomitigaterailcarpiercingsinthecaseofaderailment

•Learningtheadditionalweightthattheaddedheadthicknesswilladdtotherailcars

Neil Gambow, COO & Director, Kelso Technologies Inc.10.10 Question & Answer Session

10.20 Morning Refreshments Served In Exhibition Showcase Area

RAILCAR ECONOMICS & CRUDE STABILIZATIONIdentifying Solutions For Driving Down The Costs Of Railcars And Examining Safe, Cost Effective Methods Being Used To

Stabilize Volatile Crude For Transport

AVAILABILITY & COST OF RAILCARS

10.50 Examining Solutions For Keeping Railcar Costs Down To Maximize Capacity:

- Retrofitting Versus Buying New Cars- Ownership Versus Leasing

•Evaluatingthecurrentandchangingsupply-demandbalanceforrailcarstodeterminehowashortagecouldimpactleaserates

•Assessingthebusinesscaseforretrofittingversusbuyingnewcarsfollowingexpectedspecificationchangestoplanaresponsetofinalregulations

•Assessingthecommercialprosandconsofrailcarownershipversusleasingtodeterminewhichstrategyismosteconomicallyviable

•AddressingtheuseofMLPsasameansoftakingonrailcarfleetstoincreasecostcompetitiveness

•Examininghowmanufacturersareaddressingavailabilityshortagesforlonghaulrailcarsintheshorttermbyconvertingsmallerfuelcarsintodieselcars

•Understandingtheforecastedprocess,transitiontimeandavailabilityforphasinginnewcarstopre-emptfuturebottlenecksandleaserates

Gabe Claypool, President and COO, Dakota Plains


CRUDE STABILIZATION

11.30 Evaluating Optimal Stabilization Methods For Volatile Crude To Mitigate Safety Hazards During Transport, Particularly Related To Dangerous Gases

•Evaluatinghowstabilizersarebeingusedtopre-processthecrudeandremovesomeofthelightendstobringthevaporpressuredownbeforecrudeisshipped

•Understandinghowproducersarepreventingrailcarsfrombeingfilledbeyondtheiroutagelimittoavoidhazardswhenthegasesexpandandcontract

•Identifyingthetestingproceduresthatproducersareperformingontheircrudesandtheregularitywithwhichthistestingistakingplacetounderstandthelatestrequirementsforstabilizingcrudespriortoshipping

•Identifyinghowproducersareremainingconsistentwhenputtingcrudesintocorrectpackagingclassestoavoiddangerouschemicalreactionsoccurringinunsuitablerailcars

•AssessinghowE&PsaretrainingtheirstaffondealingwithcrudestabilizationtoidentifybestpracticesformaintainingHSEstandards

Mark Luitwieler, Executive Vice President Operations, Peaker Energy


DESTINATION TERMINAL CAPACITY, LOADING INFRASTRUCTURE & PERMITTING

Delivering Updates On The Very Latest Terminal Projects And Expansions To Identify New Rail Destinations And

Marketing Opportunities

GULF, WEST COAST & MID-CONTINENT TERMINAL DEVELOPMENTS

12.10 Hearing The Latest Updates On New Destination Terminals Being Built In The Gulf And West Coast And Mid-Continent, USA: Capacities, What Grades They Accept And Timelines For Completion

West Coast•Deliveringupdatesonthedevelopmentofnewlyproposed

terminalprojectstodeterminewhenandwheretheywillbeabletoacceptcrudevolumes

•Identifyingtheroadblocksfacedwhengainingpermitapprovalstopredictapprovalcompletiondelaysandhowthiscouldinfluencewhentheterminalswillbeavailableforuse

Mid Continent•Understandingthetimeframesforconstructingnew

unloadingfacilitiestoforecastwhenextracapacitywillbeavailable

•Examiningthelatestplansforexpandingexistingfacilitiesanddeterminingwhereandwhentheywillbecompletedtoidentifyprospectivedestinationopportunities

Gulf Coast•Mappingthelatestlightcrudeterminaldevelopments

andcurrentoverallterminalcapacityintheGulfCoasttopredictwhichdestinationscanhandleinfluxesinproduction

Randy Meyer, Vice President, Corporate Development & Logistics, Altex Energy


12.50 Networking Lunch Served In Exhibition Showcase Area

HEAVY CRUDE TERMINALS

1.50 Where Will Be The Next Big Heavy Crude By Rail Destination? Mapping New Destination Terminals Being Equipped To Receive Canadian Heavy Crude On The East And West Coasts

•MappingwhichtransloadinganddestinationterminalsareinstallingsteamingfacilitiestoidentifynewdestinationsforCanadianheavycrude

•Examiningtheblendingcapabilitiesatdestinationterminalstoidentifyalternativemethodstoheatedpipeswhentransportingheavycrude

•HearingwhatCanadianE&Pcompaniesaredoinginthefieldtomaketheirdilbitmore“railfriendly”

James Graham, Vice President Business and Corporate Development - Canada, Torq Transloading Inc.



SAFETY REGULATIONS, TERMINALS & SERVICE EFFICIENCYEstablishing Clarity On Railcar Safety Specifications, Delivering Updates On The Latest Rail And Terminal Infrastructure And Hearing Plans To Maximize The Efficiency Of Rail Services To Optimize Economics

Day 1 Continued...Wednesday October 29, 2014

Day 2Thursday October 30, 2014

RAILROAD UPDATES AND SERVICE EFFICIENCYIdentifying Rail Expansion And Track Maintenance Strategies Being Used To Improve The Efficiency, Capacity Utilization,

Scheduling And Turn Times Of Crude By Rail Services

RAIL & TERMINAL UPDATES: PERMIAN BASIN FOCUS

2.30 Providing Insights From Rail And Origin Terminal Operators Developing Infrastructure In The Permian Basin To Identify New, Potentially Higher Netback Routes To Market

•AnalyzinghowthePermianBasinfitsintotherailportfolioandpredictingthelevelofinfrastructurebuildoutandsupplycomingfromthearea

•IdentifyingthemarketsthatrailandterminaloperatorsinthePermianareturningtheirattentiontoasidefromtheGulfandlearningthediscountsavailableinthesemarkets

•EvaluatingmethodsfortakingthecrudefromremoteplayssuchastheDelawareBasintothebigtakeawayspotssuchasMidlandandColoradoCitytoavoidsignificantdisconnectsforthecrudebyrailsupplychain

•AnalyzingthedirectionalnatureofrailroutesbeingproposedfromthePermianBasintoidentifyhowothermarketsuchastheWestCoast,cangainaccesstolowercostcrude

Pat Mcgannon, Vice President Business Development, Rangeland Energy


3.10 Afternoon Refreshments Served In Exhibition Showcase Area

RAIL CONGESTION & EFFICIENCY

3.40 Reviewing The Railroads’ Plans For Managing Railcar Regulations, Weather Threats And Communication With Terminal Operators, To Minimize Congestion And Improve Turn Times

•TerminalCommunication:Hearinghowrailroadsareworkingwithterminaloperatorstominimizecongestionandimprovecrudescheduling

•Weather:Hearingrailroads’planstodealwithadversewinterweatherconditionstomitigateandplanarounddelaysandinefficienciestotheirservice

•CompetitionForCapacity:Evaluatingtheincreasedcrudebyrailtrafficandstrainbroughtaboutbygrowthinchemicalfertilizerandgraintounderstandhowrailcansuccessfullyaccommodateothermarketswithoutimpactingthecrudeservice

•Regulations:Analyzinghowregulatorymeasuressuchasslowingdowntrains,increasingturntimes,re-routingandreducingtankcarvolumeswillimpacttherailservice

•RailcarChecks:Analyzingtheconsistencyofrailcarchecksbeingmadetoavoiddelaysbyensuringvehiclesremainatsafe,efficientstandards

Dean Piacente, Vice President Of Chemicals, CSX Transportation


RAIL TRACK IMPROVEMENT

4.20 Specifying Railroads’ Long Term Investment Strategies For The Inspection And Improvement Of Rail Tracks To Determine How They Envisage Their Infrastructure Quality Changing

Solutions For Terminal Operators And Schedulers•Identifyingwhatmakesaqualityrailtrackandlearning

howeffortsarebeingsteppeduptobuildinfrastructureconsistentlytoacertainstandard

•Specifyinghowtherailroads’areplanningtoimprovetracksviainspectionandmaintenanceandforecastingtheextenttowhichthiswillminimizedelaystoschedules

•Understandinghowrailroadsusecustomervolumeforecaststoperformcapacitymodelingtodeterminecapacityexpansionneeds

Solutions For Rail Roads•Assessingthecurrentconditionofrailtracksto

understandtheextenttowhichimprovementworksneedtotakeplace

•Analyzingtheeffectsofincreasedrailvolumeontheusefullifeoftracksinanefforttopreventaccidents

Darin Selby, Vice President Energy Markets, Kansas City Southern Railway


5.00 Chair’s Closing Remarks & End Of Day 1

5.10 - 6.10 Networking Drinks Reception In Exhibition Showcase Area


8.30 Chair’s Opening Remarks

FORECASTING CRUDE SUPPLY

Quantifying Supply From Canada, The North Dakota Bakken

And The Permian Basin And Identifying Key Emerging Plays To

Pinpoint New, High Roi Rail Destinations For Investment

NEW RAIL MARKETS: UINTA BASIN

8.40 Identifying New Rail Opportunities: Mapping

The Production Potential, Rail Accessibility And

Economics Of The Uinta Basin Expected To

Significantly Augment Supply

•IdentifyingthemainplayersandoutlookoftheUinta

basinandwaxycrudestoassessthebasin’spotentialfor

futuresupply

•AssessingtheUniquepropertiesofwaxycrudesandits

targetmarketstodeterminethepotentialmarketsforthe

uniquewaxybarrel

•IdentifyingtakeawaydemandforUintaBasinwaxy

crudeslocallyandoutsideofUtahtoassessthepotential

forexpandingrailinfrastructuretoaccommodate

itsdevelopment

•Understandingthelogisticalandinfrastructural

considerationsfortransportationofwaxycrudesto

highlighttheirspecializedhandlingrequirements

Alan Yahev, Crude Oil Marketing Manager, Newfield Exploration


BAKKEN PRODUCTION FORECASTS

9.20 Using Recent Production Results And Forecasts To Quantify How Big The Bakken Will Become In The Next 5 Years And Determine Increased Demand For Rail Capacity

•EvaluatingthesustainabilityofcrudeproductionintheBakkentoquantifyadditionalrailexpansionrequirements

•DebatingwhetherBakkencrudeismorevolatilethanothercrudesintheUSAtolearnifextradesignmeasuresshouldbetakenwhendevelopingtransport

•AnalyzingmeasurestakenintheBakkentoidentifyandcontroltheflammability,orRVPlevels,withincrudetoensureitsoptimalsafetyduringtransport

•Forecastingproducers’plannedshippingportfoliofortheEast,WestandNorth-WestCoaststoidentifykeyrouteswheremorecapacityisneeded


10.00 Morning Refreshments Served In Exhibition Showcase Area

PRICING DIFFERENTIALS & MARKET EXPANSION OPPORTUNITIES

Evaluating Market Spreads And Pricing Differentials To Identify Economically Favourable Areas For Crude By Rail

Development

PRICING DIFFERENTIALS: PRODUCER STRATEGIES

10.30 Identifying In Which Basins Rail Is An Economic Form Of Transport: Using Current Rail Tariffs And Market Prices To Calculate The Netbacks Provided From Different Market Routes

- Permian to Cushing- Bakken To Gulf- Eagle Ford To West Coast

•LLS-Midland-ANS-EastCoast:ComparingMidland,LLS

Premium,WestCoastANSPremiumandEastCoast

Premiumrelativetorailcoststodeterminethehighest

netbacksavailabletoproducers

•WTI-Brent:Assessingwhoismaderesponsiblefor

coveringtherailcostwhenWTI-Brentspreadgoesto

paritytoidentifyifcrudepricesarebecomingincreasingly

competitiveatthesourceordownstreamcustomersare

payingmore

•WCS-Mayan:AnalyzinghowWCSiscomparingwithits

competitorMayancrudetodeterminethemostattractive

currentmarketsforCanadianproducerstoshipto

•Providinginsightintoproducers’willingnesstodiscount

theiroilandtheirapproximatebreakevenpointto

demonstratethepricepointatwhichrailbecomesno

longerviable

•Analyzinghowthepotentialfutureslowingdownoftrains

andre-routingarounddenselypopulatedareaswillaffect

producers’outlookonrailasitgrowsmoreexpensive

asaresult

•Examiningtheextenttowhichownersofrailcapacityare

takingthearbitrationmargininregionsonlyaccessibleby

railandunderstandinghowfrequentlyproducersareable

toaccesssomeofthisdifferentialmarginthemselves

•Forecastingtheextenttowhichpricescoulddepressin

certainmarketstoallowevaluationofinvestmentrisk

Adam Bedard, Senior Director Strategic Planning and Market Analysis, High Sierra Energy L.P.


MARKET PRICING, REFINERY CAPACITY, PIPELINE COMPETITION AND EXPORT OPPORTUNITIESAssessing The Latest Supply Forecasts, Market Price Differentials, Refinery Capacity Expansions And Opportunities Arising From A Potential Export ban Lift To Identify New And Optimal Rail Markets For Investment

REFINERY CAPACITY EXPANSION PLANSIdentifying New Construction Plans And Refinery Capacity

Increases To Quantify Curent And Future Market Demand In Terms Of Volume And Crude Type

EAST & GULF COAST REFINERIES

11.10 Quantifying Refinery Capacities In The East And Gulf Coasts To Demonstrate The Volumes And Makeups Of Crude Being Accepted Via Rail

•EvaluatingtheextenttowhichAmericanrefineriesarereconfiguringtotakeonmorelightcrudefromgrowingbasinssuchastheEagleFord

•AnalyzingthemodificationsbeingmadespecificallyinGulfCoastrefineriestoenablethemtoprocessmorelightcrudetomeetincreasedsupply

•EvaluatingwhetherthereisenoughdiscountinheavybitumenfromCanadatomakedifferentialsattractiveenoughtorefineries

•Assessinghowtherefinersseethecrudebyrailmarketevolvinglongtermtounderstandhowtheywillbeequippingthemselvestoreceivetheincreasedvolumesofcrude

Mike Hoeltzel, Principal, MH Petronomics


REFINERY VOLUME & GRADE CAPACITY: MID-CON & WEST

11.50 Providing The Latest Updates On New Refinery Locations Being Developed On The Mid-Continent And West Coast To Assess Emerging Opportunities For Delivering Crude By Rail

•Quantifyingregionalrefiningcapacitiestocalculatethecurrentvolumesofcrudethatarebeingimportedandfromwhichprimarylocations

•AssessingthevaryingAPIgravitycrudesbeingacceptedbyrefineriestodeterminetype-specificdemandlevels

•AnalyzingthevaryingratiosofNaptha,VGOandPitchthatparticularrefineriesareequippedtoprocesstomeasurecapacityforparticularcrudetypes

•Assessingwhatmodificationsarebeingmadeinrefineriestoenablemorelightcrudetobeprocessedandhearingwhenaddedcapacitywillcomeonline


12.30 Networking Lunch Served In Exhibition Showcase Area

WEST COAST FOCUS: TIMELINES

1.30 Assessing How Environmental Regulations Are Impacting The Development Of Refinery And Crude Terminal Expansion Plans In California: Determining When Lower Cost Crude Export To The Coast Will Be Possible Via Rail

•ClarifyingthespecificpermittingprocessesandapprovaltimelinesforterminalsandrefineriesinCaliforniatoforecastwhennewrailandterminalcapacitywillbeavailable

•ExploringhowterminalscanworkinconjunctionwithNGOstobetterfacilitatethepermittingprocess

•AnalyzingthebarriersbeingputinplacebystategovernorsandpoliticalgroupstopredictpotentialdelaystoWestCoastexpansionintheshorttomediumterm

•SpecifyingthedetailsofproposedstateleveltaxationtoidentifytheextentthatpricingmechanismswillbeimpactedAddressingtheeffectsofcrudebyrailinfrastructureonUScoastmarinesystemsshouldterminalsgoahead

1.30 TERMINAL PERSPECTIVE : Chad Edinger, Vice President Marketing Business Development, NuStar Energy2.00 GOVERNMENT PERSPECTIVE: Yvonne Addassi, Deputy Administrator, California Department of Fish and Game, Office of Spill Prevention and Response


PIPELINE INFRASTRUCTUREAddressing The Latest Pipeline Project Developments In The

Usa & Canada To Identify Opportunities For Intermodal Supply Chain Relationships And To Forecast The Long-Term Viaibility

Of Rail In The Context Of Pipeline Competition

PIPELINE APPROVALS

2.40 Analyzing The Progress Of Key North American Pipeline Projects To Establish Timeframes For Approval And Completion And Determine Their Impact On The Competitiveness Of Rail

•ReceivingupdatesonCanadianpipelineprojectsdestinedfortheEastandWestcoaststodeterminecompletiontimes

•Specifyingtheproposedroutesputforwardbytheseprojectstorevealpotentialnewlocationsforterminalinvestment

•Assessingthecostsandtariffsofnewrailprojectstodeterminehowtheywillcompetewithrail

•Comparingtherelativepricesbetweenrailandpipelinedestinationstodetermineacomparisonbetweenthenetbackstotheproducer

•EvaluatingprogressandupdatesontheKeystoneXLpipelinetoidentifyhowthiswillaffecttheeconomicsandoutlookofcrudebyrail,particularlyaroundcommitmentstolong-termleasesforrailcars

•Addressingthekeyobjectionstopipelineinfrastructurethatarebeingfacedtodeterminetheextenttowhichprojectscouldbedelayed

•Analyzingpipelineoperators’planstoshipheavycrudetotheUStoidentifytheextenttowhichrailwillbedemandedintheCanadianmarket

•Analyzingthelevelofproducersupportforthepipelineprojectstopredicttheamountofcommitteddemandthatrailmayhavetoforgowhenthepipelinebecomesoperational

•Analyzinghowtheflexibilityofrail,intermsofshippinginconsistentvolumesandallowingdiversionstonumerouslocations,ishelpingjustifyitsgreaterexpensetothoseconsideringpipelineasanalternative


INTERCONNECTIVITY: RAIL & PIPELINE

3.20 Identifying Which Pipeline Projects Have Plans To Interlink With Crude Rail Infrastructure To Understand The Viability Of The Two Modes Complimenting One Another In The Long Term

•Analyzingthewaysinwhichrail’sflexibilitytoshipinconsistentvolumesanddiverttonumerouslocationsishelpingjustifyitspartnershipwithpipelineinfrastructure

•Assessingthecostsandtariffsofnewpipelineprojectstodeterminethemutualeconomicbenefittobothpipelineandrailoperatorsforformingpartnerships

•Evaluatingcurrentjointpipelineandrailventuresthatareinplacetoidentifytheextenttowhichtheseareprovinganeconomicandregulatorysuccess

•UnderstandinghowaneasingoftheUSexportbanisgoingtoinfluencepipelineoperators’interactiverelationshipwithrailoperatorstoidentifythelongtermstrategiesfordualpipelineandrailprojectsgoingforward

Earl Crochet, Director Business Development, Kinder Morgan


4.00 Afternoon Refreshments Served In Exhibition Showcase Area

EXPORTS BANEvaluating Governmental And Industry Perspectives On The Crude By Rail Landscape And Determining How A Ban Lift

Would Impact Rail Economics

EXPORT BAN: GOVERNMENT PERSPECTIVE

4.30 Providing Governmental Clarity On The Potential Of Relaxing The Current US Export Ban To Understand If Rail’s Flexibility And Economics Could Accommodate Demand

•Analyzingthetypeofcrudethatwouldmostlikelybemadeexemptfromtheexportbanintheeventthatitisrelaxedtoidentifytheareasthatcouldbesubjecttodramaticincreasesintransportdemand

•EvaluatingthedriversthatwouldbebehindtheGovernment’sdecisiontorelaxthebantoassessthelikelihoodofexportinthefuture

•Clarifyingthespecificcondensatesthatcanbeexportedcurrentlywithoutbeingtreatedtomapouttheextenttowhichrefinedcrudecanbeshipped

•Understandingthestandarddegreeofseparationorco-minglingthatCanadiancrudesmustadheretowhenCanadianproductisbeingexportedfromtheUS

•Identifyingthepermittingrequiredtore-exportCanadiancrudeoilfromUScoasts

Karen Swasey, Senior Export Policy Analyst, Bureau of Industry and Security (BIS), U.S. Department of Commerce


EXPORT BAN: PRODUCER PERSPECTIVE

5.10 Discussing The Opportunities That Would Arise For The Crude By Rail Industry If The Export Ban Was Lifted To Plan For Rail’s Long Term Viability

•Identifyingtheeffectthatliftingtheexportbanwouldhaveondomesticsupplyofcrudetolearnhowpricewouldbeimpacted

•Evaluatingwhetherthecapitalinvestmentofcondensatesplittersiscommerciallyworthwhilegiventhepotentialliftingoftheexportban

•Analyzingtheextenttowhichcrudebyrailoperatorscouldprofitfromaneasingoftheexportban

•Assessingtheimpactthatliftingtheexportbanwouldhaveontherelationshipbetweenrailandpipelinetoappreciatetheextenttowhichrailmayplayasecondaryrole

•Analyzinghowcurrentrefineriescouldhandlechangesinvolumesoflightsweetcrudeproductioniftheexportbanwasliftedtoavoidovercapacityanddemonstratingthepotentialneedforextracapacity

Adam Bedard, Senior Director Strategic Planning and Market Analysis, High Sierra Energy L.P.


5.50 Chair’s Closing Remarks & End Of Conference

Day 2 Continued...Thursday October 30, 2014


MARKET PRICING, REFINERY CAPACITY, PIPELINE COMPETITION AND EXPORT OPPORTUNITIESAssessing The Latest Supply Forecasts, Market Price Differentials, Refinery Capacity Expansions And Opportunities Arising From A Potential Export ban Lift To Identify New And Optimal Rail Markets For Investment

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