API Industry

Outlook
Fourth Quarter 2020

R. Dean Foreman, Ph.D.

December 17, 2020
Key points 5-year range Quarterly increase
Quarterly decrease
U.S. petroleum
demand
18.1 mb/d Revenues
Economy - A global rebound is broadly expected over the next two years $461 B
o Led by emerging markets, 3rd party consensus estimates are for global real
GDP growth of 4.8% y/y in 2021 and 3.4% y/y in 2022

Global oil markets – Cautious optimism for demand and Permian supply
U.S. refinery Net
o Demand rebounded in Q4 2020; EIA projects 2021 growth of +5.8 mb/d throughput income
o Every producing region could participate in 2021 supply growth (EIA) 14.5 mb/d U.S. drilling $(11) B
activity
o Permian basin well positioned with record productivity and new pipelines 254 rigs

Natural gas – Strong productivity has driven historically low U.S. prices
despite record-high gas demand in electricity generation & exports (EIA)
U.S. oil & gas Capital
o U.S. natural exports reached a record high 16.9 billion cubic feet per day production expenditures
in Nov. 2020 (EIA), and U.S. LNG export capacity could more than double 31.0 mb/doe $38 B
Q3 2020 averages
again by 2030 Brent $41.95/bbl
WTI $40.89/bbl
o 2020 natural gas record 40% share in U.S. electricity generation
NGL composite $4.78/mmBtu
Henry Hub $2.00/mmBtu

• Financial compilation based on API 200 companies with shares listed on

U.S. stock exchanges.
sources: EIA; API Monthly Statistical Report; Bloomberg and company
reports; Baker Hughes; API Team analysis
Although industry capital expenditures fell in Q3 2020 to less than half their lowest point
in the Great Financial Crisis (Q2 2009), $288 billion of U.S. projects are under construction
The industry invested $37.6 billion in Q3 2020, compared with $65.7 billion in the same quarter one year ago
Across the energy value chain, API is monitoring 153 oil & gas-related projects worth $288 billion currently under construction

Capital expenditures by industry segment $288 billion in current U.S. energy

Billion dollars (2020$)
infrastructure investments
150 Global integrated Upstream
Midstream
Equipment, Services, EPC
Downstream/PetChem 23 Refinery 288 Billion
expansions in estimated industry
$27 B projects under construction
100 as of October 2020

36
13 LNG PetChem
50 $118 B $108 B

sources: S&P Market

0 11 Gas 70 Intelligence; Oil & Gas
Sep-08 Sep-11 Sep-14 Sep-17 Sep-20 storage Pipelines
Journal; American
Chemistry Council; API
* All other oil & gas industry companies $145 M $34 B Team calculations as of
sources: Bloomberg; publicly-available company reports; BLS Oct. 2020
Global
Economy
 What we’re watching now
As the 3rd party consensus view has become increasingly bullish for 2021, we’re monitoring the potential follow-on and
enduring impacts of COVID-19 on the global economy and energy markets
Bankruptcies, unemployment and
reallocation from COVID-19
• Unemployment typically increases three times
more if a fall in GDP is accompanied by a similar-
sized increase in bankruptcies.
• The natural renewal process where young,
dynamic firms displace those who exited takes
two to three years, leaving a protracted period of
lackluster activity. This underscores the need to
reallocate resources quickly and efficiently to
drive growth
Banerjee R., Kharroubi E., and Lewrick U., Oct.9, 2020
Who on earth can work from home? A
global comparison sheds light on the
importance of ICT infrastructure
• An estimated one in every five jobs globally can
be done from home – but in low-income countries,
it’s only one in every 26 jobs
• Policies to address negative labor market impacts
of COVID-19 need to be localized and targeted
• The overall labor market burden of COVID-19 is
bound to be larger in poor countries, where only a
small share of workers can work from home and
social protection systems are weaker
World Bank Group, October 22, 2020
China’s energy policies in the wake of
COVID-19: Implications for the next five-year plan
• Growing urgency to develop the domestic market as a
driver of economic activity and innovation as well as to
hedge against potential energy supply disruptions and the
emerging technological cold war with the US
• Power market reform, gas unbundling and oil
market liberalization….objectives….ensuring
reliable supplies, reducing the cost of energy,
greening the energy system, improving industrial
competitiveness and finding a new balance of
powers between state-owned incumbents and
private companies
M. Meidan, Nov. 4, 2020
Led by emerging markets, the global economy is broadly expected to rebound
over the next two years

Developed economies lost about eight times more economic value in 2020 than emerging markets, yet the third-party
consensus average expect nearly half of global GDP growth over the next two years could come from emerging markets

Global GDP growth and contributions by region* Global GDP outlook

y/y% y/y%
6 6
4.8
4 4 3.4
2.3
2 2

0 0

-2 -2

-4 -4
Organisation for Economic Cooperation and Development (OECD) -4.1
-6 Non-OECD -6
2000 2010 2020 2019 2020 2021 2022
sources: IMF; Bloomberg * Market exchange rate basis
 The leading drivers of global GDP growth - consumption and investment - are
projected to grow by an average of 4.4% and 4.7% through 2025, respectively
In breaking out global GDP, approximately 73% ($62 trillion in 2018) is attributed to private and public consumption expenditures, while the
remainder represent capital formation/investment, where Asia, Europe, and North America have contributed in recent years
Asia is projected to lead the COVID-19 recovery and beyond by averaging 7.5% growth in consumption expenditures and 6.5% in investment to 2025

Global 2018 GDP by expenditure category Total consumption expenditures and investment by region, Trillion 2018$
Percent share (%)
90
Africa LatAm Asia 30 Africa LatAm Asia
N America Europe N America Europe
Gross capital
formation 27% 60
20
Government
consumption 16%

Household consumption 30 10
57%

0 0
sources: UN; API Team analysis 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025
sources: IMF World Economic Outlook October 2020; UN; API Team analysis
Global oil demand is expected to rebound in 2021 along with real GDP

Global oil demand has historically changed in tandem with the economy, and this relationship remained intact through the 2020 COVID-19 recession

Global oil demand and GDP

Million barrels per day
2021
100 EIA estimates

2020
85 Double-dip recession,
front-wheel drive and
CAFE standards
Great Financial
70 (1980-1982)
Crisis (2008-2009)

55

1970
40
0 20 40 60 80 100
*Market exchange rate basis Real GDP (Trillion 2010$)
sources: EIA; Bloomberg; IMF; API Team calculations
Oil Markets
Global oil demand could grow by 5.8 mb/d in 2021 and be met by production
increases from each major producing region per EIA
EIA expects global oil demand to rebound to 99.6 mb/d in Q4 2021, led by emerging economies that return to record high consumption levels
Over the same period, EIA projects global oil supply could respond with OPEC deploying 3.8 mb/d of its spare capacity and U.S. production returning to
its levels from the first half of 2019

Global oil demand EIA Global oil supply EIA

Million barrels per day Million barrels per day
estimates estimates
100 100

75 Non-OECD 75 OPEC
(Emerging
economies)
50 50 United States

25 OECD 25 Other Non-OPEC

(Developed economies)

0 0
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020

source: EIA STEO (December 2020)

EIA projects that global oil demand exceeded supply in Q4 2020 and could
support oil prices of about $50 per barrel through 2021

EIA global supply/demand and Brent price estimates as of December 2020

Million barrels per day (mb/d) 2020$/Bbl
10 125
Supply less demand Brent crude oil prices . EIA estimates
8

6 100

4
75
2

0
50
-2

-4 25
-6

-8 0
2015 2016 2017 2018 2019 2020 2021
sources: EIA STEO (December 2020); Bloomberg
 Record U.S. oil well productivity helped to lower estimated breakeven
prices
EIA reported increased new well productivity as companies tended to drill their most prospective targets
BTU Analytics estimated breakeven prices were near or below recent market prices among the major U.S. oil producing basins

U.S. oil well productivity – new production per rig Oil estimated breakeven prices*
Million barrels per day oil-equivalent Dollars per barrel ($/Bbl.)
5 0 20 40 60

Oct. 2020
4 Bakken
Oct. 2019
WTI spot price
3 Nov. 30, 2020
Eagle Ford - East
Eagle Ford
2
Bakken
Permian - Delaware
1
Permian
0 Permian - Midland
2016 2017 2018 2019 2020
source: EIA Drilling Productivity Report *Half cycle breakevens assuming 10% discount factor. source: BTU Analytics
Bakken pipeline egress capacity has remained critical to the region’s
production and its recovery

Bakken Formation pipeline infrastructure Bakken pipeline capacity balance

Million barrels per day (mb/d)
4

0
1Q18 3Q18 1Q19 3Q19 2020
Refinery capacity Butte
Enbridge Line 26 Enbridge Line 81
Enbridge Line 83 Bakken Expansion
Liberty Keystone XL
sources: EIA, PennWell, National Geographic, ESRI, Garmin, HERE, UNEP, USGS, Hiland / Double H Pipeline Tesoro High Plains
WCMC, NASA, ESA and API Team analysis ETP DAPL Rail capacity
Bakken production
sources: EnSys; Bloomberg; EIA; API Monthly Statistical Report
Although EIA’s oil production outlook remains uncertain, recent Permian
pipeline capacity additions could enable production and export growth

Permian Basin pipeline capacity balance Potential midstream project delays

Million barrels per day (mb/d)
10
8
6 Trucking need

4
2
0
1Q18 3Q18 1Q19 3Q19 2020
Refining capacity Centurion West Texas Gulf
sources: EnSys; S&P Global
WA Line and Line 0 Amdel Wink
Basin Longhorn Lone Star
Midland-ECHO 1 Midland-ECHO 2 Cactus
Permian Express II Permian Express IV Longview
Sunrise Gray Oak Cactus II
Wink-to-Webster EPIC Midland-ECHO 3
Jupiter Midland-ECHO 4 Rail capacity
Permian production
sources: EnSys; Bloomberg; EIA; API Monthly Statistical Report
 The U.S. has remained on track to be an energy net exporter in 2020
The U.S. exported $127 billion of energy products to global markets through October of 2020
With growing export infrastructure and lower OPEC+ and Canadian imports, the U.S. was an energy net exporter for eight months of the first nine
months of 2020

2020 U.S. energy exports’ value (Oct 2020 ytd) U.S. net exports/imports of key energy products
Billion dollars Million barrels per day, oil-equivalent
25 6
Other
Natural gas 4 Refined products Net
20 exports
LNG 2
Crude oil Natural gas
15 0
Refined products
-2
10 -4 Net
-6 Crude oil imports
5
-8

0 -10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2010 2012 2014 2016 2018 2020
sources: Census; ITC; API Team analysis source: EIA; API Monthly Statistical Report
 Milestones: U.S. crude oil imports – in total and from OPEC nations – have fallen to
their lowest monthly levels in 28 years
Increased production and the boost in U.S. energy exports have brought U.S. crude oil imports to their lowest levels since 1992
With strong ongoing North American oil trade relationships, the largest import declines came from OPEC+ nations and South America

U.S. crude oil and refined product imports OPEC total petroleum imports
Million barrels per day Million barrels per day
15
6

10 Refined products
4

Lowest
5 Crude oil 2
crude
imports
since Feb.
1992 Lowest OPEC
0 0 crude since 1992
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020
sources: EIA; API Team analysis sources: EIA; API Team analysis
While U.S. crude oil inventories receded from record highs, refined product
inventories reverted towards historically normal levels
Inventories of crude and major refined products have fallen from record highs, thanks largely to demand recovery
For crude oil inventories at the end of Q3 2020, the Midwest (PADD 2) returned the most towards year-ago levels,
while the Gulf Coast (PADD 3) remained the most-impacted region

Crude oil inventories by location U.S. inventories by key product

Million barrels Million barrels COVID-19
600 700 Q2 2020
600 Jet fuel

500
400 Distillates/diesel fuel
400
Gulf Coast
Rocky Mountain 300
Motor gasoline
200 West Coast
East Coast 200
Midwest 100 Naphtha/gasoil (other oils)
0 0
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020
source: EIA, API Team analysis source: EIA
EIA projects U.S. liquid fuels consumption could return to its 2019 levels by the
second half of 2021 with relatively steady motor fuels prices
EIA projects positive year-on-year growth for every major refined product by April 2021, with the strongest recoveries in gasoline and jet fuel while
distillates/diesel fuel being the weakest
Motor gasoline and diesel fuel prices have generally moved with crude oil

U.S. liquid fuel consumption by fuel Crude oil, retail gasoline and diesel fuel prices
Million barrels per day Dollars per gallon (2020$)
25 5
EIA WTI crude oil EIA
estimates Gasoline U.S. avg estimates
20 4 Diesel U.S. avg
Fuel ethanol

15 Jet fuel
3
Naphtha/gasoil (other oils)

10 Distillates/diesel fuel 2

5 Motor gasoline 1

0 0
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020
source: EIA sources: EIA; AAA; Bloomberg; BLS
Natural Gas
 As of October 2020, global landed natural gas prices generally recovered to
around $6.00 per mmBtu in many markets, presenting trade opportunities

UK
$5.37

Belgium
$6.33
Spain Japan
Canada $4.89 $6.00
$4.01 Korea
Henry Hub $6.42
Mexico $2.82 China
$5.24 India $6.42
$6.30

Argentina
$5.73 All prices in dollars per million Btu
sources: U.S. FERC; METI; Bloomberg
 Prolific and cost-effective U.S. natural gas production has enabled stronger
demand across sectors and trade opportunities
Natural gas has held up relatively well through the COVID-19 pandemic with low prices, resilient demand in the industrial and power sectors,
and export growth
U.S. gas market dynamics in the past decade have lowered natural gas liquids pricing which has been advantageous for domestic home heating,
industrial production, as well as emerging market demand centers

U.S. gas production and consumption Henry hub vs. natural gas liquid composite price
$2020 per million Btu (mmBtu)
Billion cubic feet per day (Bcf/d)
EIA 20
100 EIA
estimates estimates
Net exports 16
Gas production
75 NGL composite

Industrial 12
50
8
Electricity Generation

25 Transportation 4
Residential & Commercial Henry Hub
0 0
2010 2012 2014 2016 2018 2020 2010 2012 2014 2016 2018 2020
source: EIA sources: EIA; S&P; API Team analysis
Natural gas drilling productivity gains appeared to lower estimated
breakeven prices
As drillers became even more selective through the 2020 COVID-19 recession, dry natural gas well productivity rose per EIA
Estimated breakeven prices were below recent prices for major U.S. dry gas production regions per BTU Analytics

Natural gas well productivity –production per rig Natural gas estimated breakeven prices
Dollars per million Btu (mmBtu)
Million cubic feet per day nat. gas-equivalent 0 1 2 3
30 Henry Hub
Haynesville Oct. 2020 spot price
25 Oct. 2019 Nov 30, 2020
Appalachia
20
Appalachia - Northeast PA
15
Haynesville
10
Appalachia - Southwest PA
5

0 Appalachia - Ohio
2016 2017 2018 2019 2020
source: EIA Drilling Productivity Report
*Half cycle breakevens assuming 10%
discount factor and play-specific costs
source: BTU Analytics
 With Permian natural gas pipeline completions, pipeline capacity could
readily enable production growth and LNG export opportunities
With an estimated 6.1 bcf/d of Permian gas pipeline capacity by end of 2021, lines stand to benefit post-COVID from
increased demand, dry exports to Mexico, and LNG exports via the Gulf to emerging markets

Permian Basin gas pipeline capacity utilization Key Permian gas pipeline updates
Billion cubic feet per day (bcf/d) As of Q4 2020
30 Permian Global Access Pipeline
Gulf Coast Express
25
Permian Highway
20 Pecos Trail
Permian-Katy
15 Whistler
On Hold
10
2023 est.
5
On Hold
0 sources: EIA; EnSys; Global Energy Monitor; API Team analysis 2021 On Hold
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2020 2021
Transwestern Atmos Oasis Completed
Demand NNG NGPL
EPNG Corpus Christi Coastal Bend
2021
Impusora Roadrunner KM Texas
Red Bluff ET Fuel/Enterprise Enterprise/DCP source: Permian Texans for Natural Gas
Oneok West Tex Gulf Coast Express Gulf South
Lockridge Sendero Gemini
Permian Highway Flows to Mexico Whistler
Production
Bakken natural gas pipeline capacity has historically matched well with
production and appeared ample relative to recent changes

Bakken gas pipeline capacity utilization Key Bakken gas pipelines

Billion cubic feet per day (bcf/d) As of Q4 2020
4

0
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2020 2021
North Bakken Expansion source: RBN Energy
Demicks Lake to Northern Border Pipeline
Current Bakken egress on Northern Border and Alliance pipelines
Demand
Production
sources: EIA; EnSys; Global Energy Monitor; API Team analysis
Appalachia has grown into the largest source of natural gas as well as a
substantial producer of natural gas liquids for regional manufacturing
Appalachia has become the largest U.S. producer of natural gas (34.1 bcf/d in Q3 2020) despite lower recent production along
with less drilling activity through the 2020 COVID-19 recession per EIA
Although Appalachian natural gas liquids production appears small in comparison with the region’s gas production, it
represents about 150,000 barrels per day of products that have generated their own markets and infrastructure

Appalachian natural gas and oil production

Billion cubic feet per day nat. gas-equivalent Rigs
40 200

30 150

20 100

10 50

0 0
2008 2010 2012 2014 2016 2018 2020
Dry Gas Oil NGLs Rigs

sources: EIA Drilling Productivity Report; API Team analysis

 New Appalachian natural gas pipelines have enhanced market connectivity
Appalachian natural gas prices were typically at or above those at Henry Hub prior to 2014, but as production growth outpaced
demand and approached limits of pipeline egress, regional prices were generally lower than Henry Hub in 2014-2018
New regional pipeline capacity – more than 11 bcf/d between 2017 and 2019 – enabled Appalachian gas to reach diverse
markets, placed downward pressure on nationwide prices, and strengthened Appalachia’s relative prices to Henry Hub

Appalachian natural gas pipeline build-outs Appalachian hubs and Henry Hub price differentials*
Billion cubic feet per day (bcf/d) Miles Dollars per million Btu (2020$)
5 Capacity added 1000 7
Miles of pipeline
800 6
4 5.4 bcf/d
capacity (412 5
3 miles) under 600
construction 4

2 400 3
2
Appalachian gas generally
1 200
1 at a premium to Henry
Hub Avg. $0.61 discount* Avg. $0.39 discount*
0 0 0
2010 2012 2014 2016 2018 2020 2022 2010 2012 2014 2016 2018 2020
sources: EIA; S&P; Oil & Gas Journal; API Team analysis of new pipelines, sources: S&P; Bloomberg; EIA
expansions, and upgrades * Price range and averages based on Dominion N/S, TCO Pool, and Leidy
U.S. LNG has proven resilient through COVID-19, and Q4 export volumes are
on pace to set new U.S. records
Depressed global gas demand at the height of the pandemic as well as a prolonged hurricane season initially hampered LNG recovery
With widening global gas price differentials and demand recovery in 2H 2020, U.S. LNG exports are on track to hit export records in Q4

U.S. LNG export volume by terminal U.S. LNG export destinations

Billion cubic feet

300

Elba Island
Cove Point
Freeport
200 Corpus Christi
Cameron
Sabine Pass

100

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
sources: DOE; IHS; Marine Traffic; API Team analysis
sources: DOE; API Team analysis
As U.S. LNG exports neared a record 10 bcf/d in Q4 2020, the next wave of
projects could more than double export capacity by 2030
With more than 10 bcf/d of U.S. LNG export capacity constructed since 2015, future projects must compete for new global markets
Despite some delays in final investment decisions and construction, U.S. LNG export capacity could exceed 25 bcf/d by 2030

Consensus view Final Investment Decision 2030 capacity

North American LNG projects Plant name of likelihood (FID) Status (Bcf/d)
Corpus Christi Mod. 1-7 Unlikely Under regulatory review 3.0
Billion cubic feet per day (bcf/d)
Alaska LNG Unlikely Planning FID 2.6
Lake Charles Unlikely Planning FID 2.0
40 Delfin FLNG Unlikely Planning FID 1.7
Kitimat LNG Unlikely Planning FID 1.3
Goldboro LNG Unlikely Planning FID 1.3
Rio Grande LNG Tr. 1-2 Unlikely Under regulatory review 1.2
“Unlikely” Monkey Island (SCT&E) Unlikely Under regulatory review 1.6
Texas LNG Unlikely Under regulatory review 0.5
30 Magnolia LNG Unlikely Construction delayed 1.1
Plaquemines Mod. 1-20 Unlikely Planning FID 2.6
Port Arthur LNG Unlikely Planning FID 1.8
Costa Azul Likely FID Taken - Nov 2020 0.4
Freeport LNG Train 4 Likely FID Planned - Delayed 0.7
“Likely” Driftwood Likely FID Planned - Delayed 3.6
20 Woodfibre LNG Likely Construction delayed 0.3
LNG Canada Tr. 1-2 Likely Under construction 1.6
Calcasieu Pass Highly Likely Under construction 1.4
Golden Pass Highly Likely Under construction 2.4
Corpus Christi Tr. 3 Highly Likely Under construction 0.8

10 “Definite” Sabine Pass Tr. 6 Highly Likely Under construction 0.6

Corpus Christi Definite Operational (T 1-2) 1.6
or Elba Island Definite Operational 0.3
“Highly Likely” Freeport LNG Definite Operational (T 1-3) 2.0
Cameron LNG Definite Operational (T 1-3) 2.0
Cove Point Definite Operational 0.7
Sabine Pass Definite Operational (T 1-5) 3.6
0
2015 2020 2025 2030
sources: API Team analysis; FERC; Bloomberg NEF; S&P Global Platts; O&G Journal
With increased utilization across most every U.S. region, natural gas
reached a record 40% share of net electricity generation
Despite lower electricity demand due to COVID-19, U.S. natural gas power sector market share reached 40% in 2H 2020
Through Q4 year-to-date, natural gas consumption in electricity generation has increased in almost every RTO region

U.S. natural gas consumption for electricity generation U.S. electricity net generation by source
2020 year-to-date through November, y/y% Market share
ISO-NE 100%
+5.9%
Northwest ISO-NY Coal
+8.5% +11.1% 75%
SWP
+2.3% MISO
Nuclear
+8.2% PJM
CAISO
+6.5% 50%
+15.1% Renewables
Southwest Other
+13.1% Southeast 25%
ERCOT +0.4%
Natural gas
(4.6%)
0%
2016 2017 2018 2019 2020
sources: EIA; FERC source: EIA Electric Power Monthly
Natural gas has remained competitive among U.S. electricity capacity additions…
As U.S. electricity generation capacity grew by 1.2% per year over the past decade, natural gas represented more than 40% of the increases
Natural gas could maintain about 40% of capacity additions through 2022 per FERC and EIA data, with fewer additions announced thereafter

U.S. electricity generation capacity by source Planned retirements and additions*

Terawatts Gigawatts
1.6 20
Natural Gas Coal Nuclear Hydro Solar Wind Additions
1.2 10

0.8 0

0.4 -10
Retirements

0 -20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
sources: FERC; EIA Electric Power Annual sources: FERC; EIA Electric Power Monthly
*projects under construction
 …Consequently, U.S. facility-level GHG emissions have fallen, thanks to
reductions in the power sector
EPA’s recent release of 2019 total reported facility-level GHG emissions data showed U.S. GHG emissions fell by 14.1% between 2011 and 2019
Led by reduced power sector emissions, the majority of states experienced double-digit percentage decreases over the same period

Total estimated U.S. GHG emissions, % share By sector, % share

Agriculture
10% 2011: 3.32 Billion metric tons CO2e
Res/Comm
12% Facilities By state, % change 2011 to 2019 Other
49% 16
Transportation Refining 5
28% Chemical 5
Power Plants
O&G 7 67
source: EPA GHG Emissions Inventory Report 2020, where
facility-level is electricity generation and industry
+50
Reported facility-level U.S. GHG emissions
Billion metric tons CO2e 2019: 2.85 Billion metric tons CO2e
0
3.5
source: EPA FLIGHT Other
-50 17
Refining 6
3.0 Chemical 6 Power Plants
O&G 59
14.1% decrease 12
since 2011
2.5
source: EPA FLIGHT
2011 2013 2015 2017 2019
source: EPA Facility Level Information on GHG Tool (FLIGHT)
API economics resources available at www.api.org