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Downstream Advisors Overview
All Rights Reserved
February 2015
Downstream Advisors Overview
February 2015
5151 Belt Line Road, Suite 360, Dallas, Texas 75254
Dallas Office: +1.972.980.7215
Brussels: +32.473.34.34.97
www.downstreamadvisors.com
0
Downstream Advisors Overview
All Rights Reserved
February 2015
Downstream Advisors Overview: Downstream Advisors, Inc.
• Incident analysis
• Insurance claims
• Property valuations
• Property tax appeals
• Downstream
Acquisitions and
Divestitures
• Business and
Asset Valuations
• Technical /
Economic Due
Diligence
engineering
project development
process improvement
• Economic and
Cash Flow Analysis
• Capital Planning
• Market Studies
• Logistical Studies
• Feasibility Studies
• Contract
Negotiations
• Refinery Design
• Project
Development
• Downstream
Project Engineering
• Project
Management and
Implementation
• Process Modeling
economics
planning
optimization
negotiations
valuation
transactions
due diligence
training
software
decision tools
• Training
• Software
• Assays
• Blending Models
• Industry and Supply
Chain Optimization
Models
• Refinery, Power
Generation, and
Petrochemicals
Models
litigation support
expert testimony
regulatory compliance
1
Professional consulting firm specializing in the technical, commercial, and financial aspects of the
downstream petroleum industries – refining, marketing, storage, transportation, petrochemicals, and
electric power.
General Areas of Expertise:
technical commercial financial operational legal
Downstream Advisors Overview
All Rights Reserved
February 2015
Downstream Advisors Overview: Downstream Solutions, Inc.
• Refinery
economics and
optimization
courses
• Product blending
courses
• Refinery LP
Modeling
• Market Analysis
• Refinery Simulator
(SmartRef)
• Process
Correlations
• Linear Program
Models
• Supply Chain
Models
• Pricing Models
• SmartBlend-MG
• SmartBlend-DF
• SmartBlend-FO
• SmartBlend-CO
• Multiple Product
Blenders
• Oil Minicut
Assay Library
(400+ crudes)
• Assay Viewer
• Assay Blender
and Manager
• Minicut Assay
Creator
product
blending
optimizers
processing
correlations and
optimization
models
• Refining
Process
Correlations
• Handbook of
Petroleum
Refining Yields
• Guide to
Petroleum
Product
Blending
publicationseconomic modeling
product blending
pricing
oil
assay
system
2
Downstream Advisors’ affiliate provides software and training for improving downstream petroleum
operations.
assays blenders models training textbooks
Downstream Advisors Overview
All Rights Reserved
February 2015
 Formation
 Downstream Advisors, Inc. is a Texas Corporation formed in 2015 by consultants
previously working with Nexidea, Incorporated
 Clients of DSA Consultants
 Refining / Petrochemical Companies
 Oil Producers / Oil Trading Companies
 Conglomerates / National Oil Companies
 Developers / Investment Firms
 Law Firms / Insurance Adjusters
 Consultants have offices in countries spanning four continents
 Australia (Cairns) – Angela Hartigan
 Belgium (Brussels) – Alain de Plaen
 Brazil (Rio de Janeiro) – Eduardo Moreira
 Netherlands (Utrecht) – Ton Klomp
 Over three-quarters of our consultants’ previous engagements relate to assets and
opportunities outside of the United States.
3
Downstream Advisors Overview: Formation / Clients / Consultants
 USA (Dallas, Texas) – Steve Graybill
 USA (Flagstaff, Arizona) – Ward B. Davis
 Venezuela (Caracas) – Eyra Salazar
Downstream Advisors Overview
All Rights Reserved
February 2015
 Valuation
 Bank Report - European Refinery Acquisitions (2014)
 Bank Report - United States Refinery and Terminal Project Financing (2014)
 Valuation – Papua New Guinea Refining and Marketing Company (2014)
 Purchase Price Allocation – Supply and Marketing Acquisition (2013)
 Assisted ~20% of Refinery Transactions in Europe and Americas (2000-2014)
 Modeling
 Argentine Refinery Business Interruption (2013-2014)
 German Refinery Linear Program Planning Model (2013-2014)
 PIMS Linear Program Models to ECOPETROL (2012-2013)
 Project Development
 Feasibility Study for Nigerian Refinery (2014)
 Feasibility Study for Açu Port, Brazil Refinery (2012-2013)
 MSAR with ECOPETROL and Quadrise (2013-2014)
 Study and Design of Novatek Ust-Luga, Russia Refinery (2013 Start-up)
 Economics for ECOPETROL Cartagena Refinery Upgrade (2015 Start-up)
 Engineering
 Cost Estimates / Contract Review / Project Monitoring
 Expert Testimony
 FERC – TAPS Quality Bank (2014)
4
Downstream Advisors Overview: Recent Experience of DSA Consultants
Downstream Advisors Overview
All Rights Reserved
February 2015
Education
B.S. Chemical Engineering, Iowa State University–1982
MBA, University of Houston–1990
Work History
Downstream Advisors – President 2015-Present
Nexidea – Partner 2006-2014
Stancil & Co.– Vice President 1996-2005
Goldman Sachs 1994-1996
J. Aron & Company (U.K.) – Executive Director
Muse, Stancil & Co. – Consultant 1992-1994
AroChem Corp. – Manager 1990-1992
Conoco, Inc.– Senior Engineer 1983-1990
Areas of Expertise
Business and Asset Valuations / Transactional Due Diligence
ASA Accredited Senior Appraiser Specializing in Business Valuation
Project Development
Economic Modeling – Refineries, Blending, Market Supply & Demand
Petroleum Market Analysis
Process Engineering – Registered Professional Engineer
Office Location
Dallas, Texas (USA)
5
Consultant Profiles: Steven D. Graybill - President
Downstream Advisors Overview
All Rights Reserved
February 2015 6
Consultant Profiles: Alain de Plaen – Vice President
Education
Chemical Engineering (Masters) – 1994
Ecole Polytechnique de Louvain
Université Catholique de Louvain (UCL), Belgium
Work History
Downstream Advisors – Vice President 2015-Present
NEXIDEA – Consultant 2012-2014
SynergOil – Owner 2007-2012
ExxonMobil (UK) – European Product Optimizer 2002-2007
ExxonMobil (BE) – Process Engineer / Facilities Planner 1996-2002
Fina Antwerp Olefins (BE) – Process Engineer 1995-1996
DSM Research (NL) – Researcher 1993-1994
Areas of Expertise
Strategic Planning / Refinery LP Modeling
Supply Chain Optimization
Project Development
Olefins Production
Biofuels
Fluent in English, Dutch, German, French (Native)
Office Location
Brussels, Belgium
Downstream Advisors Overview
All Rights Reserved
February 2015 7
Consultant Profiles: Eduardo Moreira
Education
B.S. Chemical Engineering, Escola de Química – UFRJ, Brazil – 1986
MBA, Coppead – UFRJ, Brazil – 1995
Specialist – Petroleum Trading & Refining,
Petroleum Economist / Imperial College – London - 1996
Work History
Downstream Advisors – Consultant 2015-Present
Uniconsult Ltda – Owner 2014-2015
Prumo Logistica Global S.A. (former LLX) 2009-2014
Oil & Gas Executive Officer, Chief Project Officer of
BP-Prumo Combustíveis Marítimos Ltda (former NFX)
Logicomm Logística Ltda – Owner 2003-2009
Brasimport (Veba Oil Supply & Trading) – Brazilian Rep. 2000-2003
Refinaria de Petróleos de Manguinhos S.A.,
Wal Petróleo S.A., Wal Química S.A.
and Sinteko S.A. – Chief Operations Officer 1992-1999
Nitroclor S.A., Carbonor S.A. – Commercial Manager 1989-1992
Prosint S.A. – Commercial Manager 1987-1989
Remetálica – Process Engineer 1985-1987
Areas of Expertise
Oil and Products Logistics / Downstream Project Development
Oil and Products Market Analysis / Strategic Planning
Fluent in English, Portuguese (Native), Spanish
Office Location
Rio de Janeiro, Brazil
Downstream Advisors Overview
All Rights Reserved
February 2015 8
Consultant Profiles: Eyra Salazar
Education
B.S. Chemical Engineering, Universidad Simón Bolívar–1981
M.S. Operations Research, Universidad Central de Venezuela–1987
Work History
Downstream Advisors – Latin America Lead 2015-Present
NEXIDEA – Consultant 2006-2014
NCT Estudios y Proyectos C.A. – Consultant 2003-2006
PDVSA – Planning & New Business Advisor 1998-2002
Maraven S.A. – Strategies Major Advisor 1982-1998
Areas of Expertise
Downstream Solutions Tools
Refinery Optimization / LP Modeling
Process Engineering
Oil Market Analysis
Economics and Planning
Fluent in English and Spanish (Native)
Office Location
Caracas, Venezuela
Downstream Advisors Overview
All Rights Reserved
February 2015 9
Consultant Profiles: Ton Klomp
Education
BA Business – Nyenrode Business School, The Netherlands–1978
MBA – University of Georgia, Athens, USA–1980
Work History
Downstream Advisors – Consultant 2015-Present
Mercuria/Vesta – Executive Board Member 2003-2014
CEO of Vesta Terminals BV
Petroplus International 1998-2003
Chief Trader and Risk Manager for Refineries
Member of Acquisition Team
Goldman Sachs – J. Aron & Company 1987-1998
Rotterdam – Managing Director, 2 years
Singapore – Managing Director, 4 years
London – Senior Oil Trader, 6 years
Cargill – Trainee / Senior Trader of Grains and Oil 1981-1986
Areas of Expertise
Profit-Based Trading and Risk Management
Storage, Terminal, and Refining Operations
Mergers, Acquisitions, and Asset Management
Fluent in English, German, Dutch (Native), Conversant in French
Office Location
Utrecht, The Netherlands
Downstream Advisors Overview
All Rights Reserved
February 2015 10
Consultant Profiles: Angela Hartigan
Education
B.S. Chemistry (Honors) with Math Minor, Reading University – 1977
Work History
Downstream Advisors – Consultant 2015-Present
InterOil Corporation
General Manager Supply & Trading 2007-2014
Consultant / General Manager Supply & Trading 1999-2005
Vitol Oil Australia
Director for Oil and Petroleum Consultants P&L 1994-1998
Exxon Australia Ltd. 1980-1991
Crude Trading Manager / Product Trading Manager
Marketing Manager
Areas of Expertise
Far East Market Analysis
Trading Analysis and Risk Management
Shipping Analysis
Refinery Operations Planning
Supply Chain Optimization
Office Location
Cairns, Queensland (Australia)
Downstream Advisors Overview
All Rights Reserved
February 2015 11
Consultant Profiles: Ward B. Davis
Education
B.S. Chemical Engineering, University of Wisconsin – 1964
Work History
Downstream Advisors – Downstream Solutions Lead 2015-Present
NEXIDEA Systems, Inc.
(now Downstream Solutions Inc.) – Consultant 2008-2014
HPI Consultants – President 1998-2008
Conoco, Inc. – Technical Manager / Senior Technologist 1964-1998
Areas of Expertise
Refinery Data Management, Measurement, and Monitoring
Process Modeling
Refinery Advanced Control and Optimization
Downstream Operations Reengineering
Downstream Solutions Tools
Crude Oil Assays, Product Blending and Economic Modeling
Office Location
Flagstaff, Arizona (USA)
Downstream Advisors Overview
All Rights Reserved
February 2015 12
5151 Belt Line Road, Suite 360, Dallas, Texas 75254
Tel. Dallas: +1.972.980.7215, Brussels: +32.473.34.34.97
www.downstreamadvisors.com

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Downstream Advisors Company Overview

  • 1. Downstream Advisors Overview All Rights Reserved February 2015 Downstream Advisors Overview February 2015 5151 Belt Line Road, Suite 360, Dallas, Texas 75254 Dallas Office: +1.972.980.7215 Brussels: +32.473.34.34.97 www.downstreamadvisors.com 0
  • 2. Downstream Advisors Overview All Rights Reserved February 2015 Downstream Advisors Overview: Downstream Advisors, Inc. • Incident analysis • Insurance claims • Property valuations • Property tax appeals • Downstream Acquisitions and Divestitures • Business and Asset Valuations • Technical / Economic Due Diligence engineering project development process improvement • Economic and Cash Flow Analysis • Capital Planning • Market Studies • Logistical Studies • Feasibility Studies • Contract Negotiations • Refinery Design • Project Development • Downstream Project Engineering • Project Management and Implementation • Process Modeling economics planning optimization negotiations valuation transactions due diligence training software decision tools • Training • Software • Assays • Blending Models • Industry and Supply Chain Optimization Models • Refinery, Power Generation, and Petrochemicals Models litigation support expert testimony regulatory compliance 1 Professional consulting firm specializing in the technical, commercial, and financial aspects of the downstream petroleum industries – refining, marketing, storage, transportation, petrochemicals, and electric power. General Areas of Expertise: technical commercial financial operational legal
  • 3. Downstream Advisors Overview All Rights Reserved February 2015 Downstream Advisors Overview: Downstream Solutions, Inc. • Refinery economics and optimization courses • Product blending courses • Refinery LP Modeling • Market Analysis • Refinery Simulator (SmartRef) • Process Correlations • Linear Program Models • Supply Chain Models • Pricing Models • SmartBlend-MG • SmartBlend-DF • SmartBlend-FO • SmartBlend-CO • Multiple Product Blenders • Oil Minicut Assay Library (400+ crudes) • Assay Viewer • Assay Blender and Manager • Minicut Assay Creator product blending optimizers processing correlations and optimization models • Refining Process Correlations • Handbook of Petroleum Refining Yields • Guide to Petroleum Product Blending publicationseconomic modeling product blending pricing oil assay system 2 Downstream Advisors’ affiliate provides software and training for improving downstream petroleum operations. assays blenders models training textbooks
  • 4. Downstream Advisors Overview All Rights Reserved February 2015  Formation  Downstream Advisors, Inc. is a Texas Corporation formed in 2015 by consultants previously working with Nexidea, Incorporated  Clients of DSA Consultants  Refining / Petrochemical Companies  Oil Producers / Oil Trading Companies  Conglomerates / National Oil Companies  Developers / Investment Firms  Law Firms / Insurance Adjusters  Consultants have offices in countries spanning four continents  Australia (Cairns) – Angela Hartigan  Belgium (Brussels) – Alain de Plaen  Brazil (Rio de Janeiro) – Eduardo Moreira  Netherlands (Utrecht) – Ton Klomp  Over three-quarters of our consultants’ previous engagements relate to assets and opportunities outside of the United States. 3 Downstream Advisors Overview: Formation / Clients / Consultants  USA (Dallas, Texas) – Steve Graybill  USA (Flagstaff, Arizona) – Ward B. Davis  Venezuela (Caracas) – Eyra Salazar
  • 5. Downstream Advisors Overview All Rights Reserved February 2015  Valuation  Bank Report - European Refinery Acquisitions (2014)  Bank Report - United States Refinery and Terminal Project Financing (2014)  Valuation – Papua New Guinea Refining and Marketing Company (2014)  Purchase Price Allocation – Supply and Marketing Acquisition (2013)  Assisted ~20% of Refinery Transactions in Europe and Americas (2000-2014)  Modeling  Argentine Refinery Business Interruption (2013-2014)  German Refinery Linear Program Planning Model (2013-2014)  PIMS Linear Program Models to ECOPETROL (2012-2013)  Project Development  Feasibility Study for Nigerian Refinery (2014)  Feasibility Study for Açu Port, Brazil Refinery (2012-2013)  MSAR with ECOPETROL and Quadrise (2013-2014)  Study and Design of Novatek Ust-Luga, Russia Refinery (2013 Start-up)  Economics for ECOPETROL Cartagena Refinery Upgrade (2015 Start-up)  Engineering  Cost Estimates / Contract Review / Project Monitoring  Expert Testimony  FERC – TAPS Quality Bank (2014) 4 Downstream Advisors Overview: Recent Experience of DSA Consultants
  • 6. Downstream Advisors Overview All Rights Reserved February 2015 Education B.S. Chemical Engineering, Iowa State University–1982 MBA, University of Houston–1990 Work History Downstream Advisors – President 2015-Present Nexidea – Partner 2006-2014 Stancil & Co.– Vice President 1996-2005 Goldman Sachs 1994-1996 J. Aron & Company (U.K.) – Executive Director Muse, Stancil & Co. – Consultant 1992-1994 AroChem Corp. – Manager 1990-1992 Conoco, Inc.– Senior Engineer 1983-1990 Areas of Expertise Business and Asset Valuations / Transactional Due Diligence ASA Accredited Senior Appraiser Specializing in Business Valuation Project Development Economic Modeling – Refineries, Blending, Market Supply & Demand Petroleum Market Analysis Process Engineering – Registered Professional Engineer Office Location Dallas, Texas (USA) 5 Consultant Profiles: Steven D. Graybill - President
  • 7. Downstream Advisors Overview All Rights Reserved February 2015 6 Consultant Profiles: Alain de Plaen – Vice President Education Chemical Engineering (Masters) – 1994 Ecole Polytechnique de Louvain Université Catholique de Louvain (UCL), Belgium Work History Downstream Advisors – Vice President 2015-Present NEXIDEA – Consultant 2012-2014 SynergOil – Owner 2007-2012 ExxonMobil (UK) – European Product Optimizer 2002-2007 ExxonMobil (BE) – Process Engineer / Facilities Planner 1996-2002 Fina Antwerp Olefins (BE) – Process Engineer 1995-1996 DSM Research (NL) – Researcher 1993-1994 Areas of Expertise Strategic Planning / Refinery LP Modeling Supply Chain Optimization Project Development Olefins Production Biofuels Fluent in English, Dutch, German, French (Native) Office Location Brussels, Belgium
  • 8. Downstream Advisors Overview All Rights Reserved February 2015 7 Consultant Profiles: Eduardo Moreira Education B.S. Chemical Engineering, Escola de Química – UFRJ, Brazil – 1986 MBA, Coppead – UFRJ, Brazil – 1995 Specialist – Petroleum Trading & Refining, Petroleum Economist / Imperial College – London - 1996 Work History Downstream Advisors – Consultant 2015-Present Uniconsult Ltda – Owner 2014-2015 Prumo Logistica Global S.A. (former LLX) 2009-2014 Oil & Gas Executive Officer, Chief Project Officer of BP-Prumo Combustíveis Marítimos Ltda (former NFX) Logicomm Logística Ltda – Owner 2003-2009 Brasimport (Veba Oil Supply & Trading) – Brazilian Rep. 2000-2003 Refinaria de Petróleos de Manguinhos S.A., Wal Petróleo S.A., Wal Química S.A. and Sinteko S.A. – Chief Operations Officer 1992-1999 Nitroclor S.A., Carbonor S.A. – Commercial Manager 1989-1992 Prosint S.A. – Commercial Manager 1987-1989 Remetálica – Process Engineer 1985-1987 Areas of Expertise Oil and Products Logistics / Downstream Project Development Oil and Products Market Analysis / Strategic Planning Fluent in English, Portuguese (Native), Spanish Office Location Rio de Janeiro, Brazil
  • 9. Downstream Advisors Overview All Rights Reserved February 2015 8 Consultant Profiles: Eyra Salazar Education B.S. Chemical Engineering, Universidad Simón Bolívar–1981 M.S. Operations Research, Universidad Central de Venezuela–1987 Work History Downstream Advisors – Latin America Lead 2015-Present NEXIDEA – Consultant 2006-2014 NCT Estudios y Proyectos C.A. – Consultant 2003-2006 PDVSA – Planning & New Business Advisor 1998-2002 Maraven S.A. – Strategies Major Advisor 1982-1998 Areas of Expertise Downstream Solutions Tools Refinery Optimization / LP Modeling Process Engineering Oil Market Analysis Economics and Planning Fluent in English and Spanish (Native) Office Location Caracas, Venezuela
  • 10. Downstream Advisors Overview All Rights Reserved February 2015 9 Consultant Profiles: Ton Klomp Education BA Business – Nyenrode Business School, The Netherlands–1978 MBA – University of Georgia, Athens, USA–1980 Work History Downstream Advisors – Consultant 2015-Present Mercuria/Vesta – Executive Board Member 2003-2014 CEO of Vesta Terminals BV Petroplus International 1998-2003 Chief Trader and Risk Manager for Refineries Member of Acquisition Team Goldman Sachs – J. Aron & Company 1987-1998 Rotterdam – Managing Director, 2 years Singapore – Managing Director, 4 years London – Senior Oil Trader, 6 years Cargill – Trainee / Senior Trader of Grains and Oil 1981-1986 Areas of Expertise Profit-Based Trading and Risk Management Storage, Terminal, and Refining Operations Mergers, Acquisitions, and Asset Management Fluent in English, German, Dutch (Native), Conversant in French Office Location Utrecht, The Netherlands
  • 11. Downstream Advisors Overview All Rights Reserved February 2015 10 Consultant Profiles: Angela Hartigan Education B.S. Chemistry (Honors) with Math Minor, Reading University – 1977 Work History Downstream Advisors – Consultant 2015-Present InterOil Corporation General Manager Supply & Trading 2007-2014 Consultant / General Manager Supply & Trading 1999-2005 Vitol Oil Australia Director for Oil and Petroleum Consultants P&L 1994-1998 Exxon Australia Ltd. 1980-1991 Crude Trading Manager / Product Trading Manager Marketing Manager Areas of Expertise Far East Market Analysis Trading Analysis and Risk Management Shipping Analysis Refinery Operations Planning Supply Chain Optimization Office Location Cairns, Queensland (Australia)
  • 12. Downstream Advisors Overview All Rights Reserved February 2015 11 Consultant Profiles: Ward B. Davis Education B.S. Chemical Engineering, University of Wisconsin – 1964 Work History Downstream Advisors – Downstream Solutions Lead 2015-Present NEXIDEA Systems, Inc. (now Downstream Solutions Inc.) – Consultant 2008-2014 HPI Consultants – President 1998-2008 Conoco, Inc. – Technical Manager / Senior Technologist 1964-1998 Areas of Expertise Refinery Data Management, Measurement, and Monitoring Process Modeling Refinery Advanced Control and Optimization Downstream Operations Reengineering Downstream Solutions Tools Crude Oil Assays, Product Blending and Economic Modeling Office Location Flagstaff, Arizona (USA)
  • 13. Downstream Advisors Overview All Rights Reserved February 2015 12 5151 Belt Line Road, Suite 360, Dallas, Texas 75254 Tel. Dallas: +1.972.980.7215, Brussels: +32.473.34.34.97 www.downstreamadvisors.com