plg refc presentation 030513 final
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TRANSCRIPT
1
Professional Logistics Group
Oil & Natural Gas:
The Evolving Freight
Transportation ImpactsPrepared for
March 5, 2013 La Quinta, CA
Rail Equipment Finance
Conference 2013
» Boutique consulting firm specializing in logistics, engineering, and
supply chain
Established in 2001
Over 90 clients and 200 engagements
» Headquarters in Chicago USA, with team members throughout
the US and with “on the ground” experience in:
North America / Europe / South America / Asia / Middle East
» Consulting services
Strategy & optimization
Assessments & benchmarking
Transportation assets & infrastructure
Logistics operations
M&A/investments/private equity
» Key industry verticals:
Oil & gas
Chemicals & plastics
Wind energy & project cargo
Bulk commodities (minerals, mining, agricultural)
Industrial manufactured goods
Private equity
About PLG Consulting
2
3
The Shale Development
Revolution – Big Picture
New Technologies
Hydraulic Fracking
Horizontal Drilling
Key Drivers
Destination Markets
Price
Logistics
CapitalContinuous Evolution
New Energy Paradigms
Rapid Change
Hydraulic Fracturing and
Horizontal Drilling
4
Hydraulic Fracturing
Equipment Staging Area
Source: JPTOnline.org
Frac Tanks/Fluid Storage
Chemical Trucks
Blender
Sand Storage
Unit
Pump Trucks
Data Van
5
US Shale Plays
6
Shale Driving Growth in Natural
Gas and Crude Oil Production
» 1,762 rigs in operation as of February 13, 2013
» 700% increase in shale gas production since 2007
» Domestic oil production at 14-year high (6.9MM bbl/d)
» “Unconventional” becomes “conventional” by 2015
7Source: EIA 2012
Source: Baker Hughes 2013
GAS OIL THERMALSource: EIA 2012
U.S. Crude Oil Production
Nov. 2012
6.89MM bpd
8
Shale Development Supply Chain
and Downstream Impacts
Feedstock (Ethane)
Byproduct (Condensate)
Home Heating (Propane)
Other Fuels
Other Fuels
Gasoline
Inputs >> Wellhead >> Direct Output >> Thermal >> Fuels >> Raw Materials >> Downstream Products
Gas
NGLs
Crude
Proppants
OCTG
Chemicals
Water
Cement
Generation
Process Feedstocks
All Manufacturing
Steel
Fertilizer (Ammonia)
Methanol
Chemicals
Petroleum Products
Petrochemicals
» Shale development impact on the railcar industry is long-term, wide-ranging, and positive with only one exception
Hydraulic Fracturing Materials
Inputs and Logistics – Per Well
9
Materials
Chemicals
Clean Water/
Cement
Proppants
OCTG (Pipe)
Source to
Transloading
2
Local source
40
5
Transloading to
Wellhead Site
8
~1,000
160
20
47 Total
Railcars
~1,200 Total
Truckloads
Oil/Gas/NGLs
Truck, Rail,
Pipeline
Waste Water
~500 Total
Truckloads
Correlation of Operating Rig Count
with Sand and Crude Shipments
10STCC 14413 (sand) and 13111 (petroleum) Data sources: US Rail Desktop, Baker Hughes
1,695
1,814
1,270
886939
1,073
1,299
1,467
1,6041,6651,691
1,798
1,9111,9721,9481,965
1,864
1,7631,762
0
500
1000
1500
2000
2500
0
20,000
40,000
60,000
80,000
100,000
120,000
2007 Avg. 2008 Avg. 2009 2010 2011 2012 2013
Op
era
tin
g O
nsh
ore
Rig
s
San
d C
arlo
ads
Quarterly Data
Operating On Shore Rigs
All Sand Carloads
Petroleum Carloads
All Sand Handled by
Railroad
11
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2008 2009 2010 2011 2012
Car
load
s
Quarterly Data
BNSF
UP
NS
CN
CPRS
CSXT
KCS
STCC 14413 Source: US Rail Desktop
Sand Mining Overcapacity:
New Reality
12
» Growth in Wisconsin sand mining industry
has slowed
60 mine/processing operations proposed June 2011
– June 2012
Four (4) proposed June 2012 – January 2013
» Minnesota opposition to sand mining grows
Pattison (Prairie du Chien, WI) asked to withdraw
permit application
MN state senate committee has passed a one-year
mining moratorium
» Transportation costs continue to concern WI
and MN sand shippers
» Established Illinois companies seeing
significant upturns in volumes and financial
returns
» Industry consolidation continues
Changes in Rail Shipment Pricing
2012 / 2013 - Sand
» Pricing spreads continue to widen between unit train and manifest
shipments
On a per-ton basis between Wisconsin and Texas, spreads are 17-29%
» Shippers who are willing to ship unit trains and make volume commitments
have realized significant savings with longevity over public pricing
» Western carriers are driving single line hauls and encouraging longer trains
to Eagle Ford via pricing differentials
» Canadian and Eastern carriers are aggressively working to grow their
markets by providing very competitive pricing and securing sand
originations
CN/Superior Silica Sands – Poskin (Barron), WI
» Major sand providers establishing “in the play” transloading facilities to
provide ready access to product
U.S. Silica - East Liverpool, OH
U.S. Silica – San Antonio, TX
Potential 2nd facility under consideration in San Antonio, TX
13Source: PLG analysis
Processed Sand Total
Delivered Cost
Source: PLG analysis 14
» Benchmark cost with well-executed performance Example unit train movement from Wisconsin to
Texas with total delivered cost of approx. $180/ton
Logistics drives ~60% of total delivered sand cost
» Potential for significant cost add-
ons caused by strategic and
tactical issues
Sub-optimal logistics network design or
infrastructure Manifest service (rail)
Multi-carrier vs. single line haul (rail)
Equipment/driver shortages
Poor planning and/or execution Rail and/or truck demurrage costs
– Performance penalties
Uncompetitive sand price
Poor sand quality
Sand Railcar Market
Conditions
» New-build market has run its course Much smaller backlog
– 3Q 2011: 10,000 cars, ten month wait
– Today: no significant wait
Significant drop off from ~14,000 new cars per year
– 2013 closer to 2,000-3,000 new cars
No new spec building by lessors – all deal specific now
Normalized pricing: older cars less expensive than new
Some new cars going into storage
» Lease market also post-peak Available inventory from multiple directions
– Lessors, builders, oversubscribed shippers
Existing 286K cars available now
Cars with sub-optimal specs (grain, <286K, cement) are being
phased out of frac sand fleet
Credit-worthiness an important criteria
» Long-term horizon
Some signs of activity in cement market may help offset
remaining surplus of sand cars
Optimism in industry that sand car demand will strengthen in
Q3-Q4 2013
15
Shale Play Product
Flows Outbound
» Natural Gas
Majority via pipelines, some trucks
» Natural Gas Liquids (NGLs)
Requires processing (fractionation)
3-9 gallons/MCF (thousand cubic feet)
– Ethane 63%
– Propane 22%
– Butane 8%
– Pentane 5%
– Other 2%
– Condensate (liquid hydrocarbons)
» Crude Oil
Bakken play as a model
Surging Permian and Eagle Ford development
16
Shale Development Natural
Gas Impacts - Thermal
» Industry a “victim of its own success” Fracking results in oversupply; gas prices down 50%
since 2010
Rigs leave Marcellus, other gas plays for oil plays
Helped to deflate frac sand boom
» Significant displacement of coal for
electricity generation Natural gas now supplying approx. 30% of thermal fuel
demand
Adversely affecting coal industry, railroad coal loadings
17Source: NYMEX
Source: EIA
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2008
2009
2010
2011
2012
Carl
oad
s
Quarterly Data
Rail Shipments: Coal, Sand & Crude
Sand
Crude
Coal
18
Shale Related Rail Traffic Still
Small Relative to Coal Volumes
STCC 14413 (sand), 13111 (petroleum), 11212 (coal) Source: US Rail Desktop
Coal, Crude & Sand Trends:
Carloads and Revenue
Coal Shipments
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
5.5
6
6.5
7
7.5
8
20082009201020112012
Billi
on
s
Carl
oad
s
Mil
lio
ns
Carloads Revenue
Crude & Sand Shipments
19
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
0
50
100
150
200
250
300
350
400
Billi
on
s
Th
ou
san
ds
Sand Crude Revenue
STCC 14413 (sand), 13111 (petroleum), 11212 (coal) Source: US Rail Desktop
Shale Gas Driving US
Manufacturing Renaissance
» Huge upside for domestic manufacturing from low-cost electricity
generation “Re-shoring” due to low electricity prices
Benefits ALL manufacturing in US
» Certain industries that use natural gas as a feedstock poised for a
renaissance Methanol
– 16MM m/t new capacity under consideration
Fertilizer
Steel
» Broad implications for a wide variety of railcar types
20
Shale Gas Will Drive Steel
Manufacturing Comeback in US
21
» Shale gas boom makes direct-reduced iron steel economical DRI plants viable with growth in shale gas
Not new technology, but preferable with lower cost natural gas
DRI process uses natural gas in place of coal to produce iron
Cost of production 20% lower per ton vs. traditional blast furnace
» U.S. jobs and international investment Steel production in the U.S has shrunk 3.4% since 2008
– Compare to 14% growth in steel production internationally
– Domestic steel industry capacity running at 74%
At least five new DRI steel plants being considered in the U.S. – now
economical for the first time in 30 years due to low cost of natural gas
Both domestic and international firms investing in the technology
Initial investments create up to 500 jobs and 150 permanent employees
» Reciprocal growth Increased demand for U.S. steel creates greater demand for U.S. gas
Joint venture between Nucor Corp. and Encana Corp. commits $3 billion to
development of new gas wells to support DRI plants
DRI-derived steel of higher quality than that created from recycled scrap,
further driving demand
Shale Gas Development
Impact on Fertilizer Market
» Natural gas is a feedstock for ammonia production
» Lower gas prices directly benefit American farmers
Increased demand for corn, soybeans has driven fertilizer costs higher
Excess natural gas supply can be utilized to produce greater volumes of fertilizer
more economically
Economic advantage of domestic production vs. imports for the first time in 20+
years due to low gas prices from fracking
» Cheap U.S. natural gas means billions in investment for new
domestic fertilizer plants, displacing imports
Orascom/Iowa Fertilizer Company - Wever, IA
CHS - Spiritwood, ND
Ohio Valley Resources - Spencer County, IN
Yara - Belle Plaine, SK Canada
North Dakota Grain Growers Association - Williston Basin, ND
CF Industries – expansions at Donaldsonville, LA and Port Neal, IA
PotashCorp - resumption of ammonia production at Geismar, LA
Agrium – KY or MO (anticipated)
» If new plant construction/expansions are completed, imports of
nitrogen-based fertilizers could be reduced to “near zero” by 2018
22
Looking Ahead:
Natural Gas
» Factors that could revive demand and
prices (>$4/MMbtu)
Industrial use expansions come online over next 5
years
Continued toughening of EPA regulations of coal
Historic import/export reversal of US/Canada
natural gas flows by 2014 (Marcellus gas exports
to Canada)
Technology advancements for increased use of
CNG as a transportation fuel
» Potential for LNG exports
Political/policy battle between domestic industrial
users and producers
Sabine Pass, LA now permitted for exports; more
terminals in application phase
Expect only moderate volumes of LNG exports to
be approved
– Avoids exposure of natural gas to similar market
forces that have affected oil
– Useful foreign policy instrument for Executive
Branch
» Expect any significant revival of dry gas
fracking to re-ignite frac sand car market,
transportation
23Source: Waterborne Energy Inc. Data in $US/MMBtu
Source: Union Gas, RBN Energy
Shale Development
NGL Impacts
» Leading NGL and “wet gas” plays are Eagle Ford, Utica,
Permian
Significant investment and expansion of gathering, fractionation, and
takeaway capacity underway in the Utica Play
Takeaway capacity in Eagle Ford well exceeds current production (4x)
» Requires fractionation facilities proximal to production
“Y-grade” must be separated into purified products
75% of fractionation capacity in US Gulf Coast
Mt. Belvieu, TX major trading & storage hub
» Similar to dry gas, strong production due to fracking has
resulted in oversupply and depressed prices
» However, also similar to dry gas, abundant supplies have
sparked chemical industry renaissance
Ethane is “cracked” to make ethylene, the most basic building block in the
chemicals supply chain
Over $15B in new announced ethylene expansions will come on-line over
the next five years, increasing capacity by 33% (11 MMmt)
USA is now the low-cost producer of ethylene-based chemicals due to
abundant supplies of ethane from shale plays (up to 60% raw materials
cost advantage)
24
0
500
1000
1500
2000
2500
$/T
on
HDPE Calculated Cost
Sources: CMAI, TopLine Analytics, and Alembic analysis,
2012
Natural Gas & Petrochemical
Downstream Products
Feedstock/
Intermediary
Finished
Products
Natural Gas,
OIl
Ethane,
Naphtha, etc.
Ethylene
Miscellaneous
Vinyl Acetate
Linear
Alcohols
Ethyl
Benzene
Ethylene
Oxide
Ethylene
Dichloride
High Density
Polyethylene
Low-Density
Polyethylene
Adhesives, coatings, textile/
paper. finishing, flooring
Detergents
Styrene
Ethylene
Glycol
Vinyl Chloride
House wares, crates,
drums, food containers,
bottles.
Food packaging, film,
trash bags, diapers, toys
PVC
Antifreeze
Fibers
PET
Miscellaneous
Polystyrene
SAN
SBR
Latex
Miscellaneous
Medical gloves,
carpeting,
coatings
Tire, hose
Instrument lenses,
house wares
Insulation, cups
Siding, windows,
frames, pipe, medical
tubing
Pantyhose,
carpets, clothing
Bottles, film
Looking Ahead: NGLs
» The (somewhat) hidden Condensate story
Used as diluent for heavy Canadian tar sands oil – critical for
transportation as “Dilbit”
Trades at ~$110/bbl at Edmonton
Significant investment in infrastructure being made to deliver Eagle
Ford, Utica condensate to Western Canada
Primary delivery via pipeline, but major rail volumes ex. Utica are
required to get to Midwest pipeline injection points
Additional stressor on tight tank car supplies
Demand expected to grow from 200 MMb/d to 500 MMb/d by 2020
» Expect export market for NGLs to expand
Pipeline reversals undertaken to meet demand, particularly ex. Utica to
Sarnia, ON petrochemical complex and export storage and dock
facilities in Philadelphia
» Continued strong NGL production will drive chemical
industry growth
Domestic end-use of materials, i.e. plastics, will expand significantly
Up to 40% of new petrochemical output will be for export
New demand for plastic resin hoppers, specialty and pressure tank cars
26
Source: Canadian Energy Research Institute
Source: MarkWest, Rextag
Shale Development
Crude Oil Impacts
» Dramatic increases in
US production due to
fracking Projected to grow by ~30%
over next four years
Strong play in Bakken;
surging Permian and Eagle
Ford development
» Decreasing dependency
on foreign crude Combination of US shale plus
Canadian oil sands estimated
to reduce imports to <15% by
2020
West African imports already
down ~70% from 2010 levels
» Rail critical to total
crude market Bakken as case study
27Source: BENTEK Energy
Source: Morgan Stanley, February 2013Source: Morgan Stanley, February 2013
Bakken Oil Production –
History and Forecast
28
0
100000
200000
300000
400000
500000
600000
1952 1962 1972 1982 1992 2002 2012
Ba
rre
ls P
er
Da
y
Year
First outbound
unit train
shipment
December, 2009
~704,000 BPD December 2012
Source: North Dakota Oil and Gas Division January 2013Source: North Dakota Industrial Commission, North Dakota Department of Mineral Resources -
January 2013
» Change in past 15 months
November 2011:
– 2012 Bakken discount vs. WTI have ranged from
$8-12 bbl
– Undervalued due to logistics constraints
“stranding” the oil
January 2013:
– Bakken vs. WTI near even to ~$4 discount due to
improved logistics
» Significant expansion of crude by
rail terminal capacities in 2011-
2012, but slowing in 2013
Increasing M&A activity, private equity
interest in infrastructure
29
Bakken Crude No Longer
“Stranded” Due to Logistics
Source: North Dakota Industrial Commission, PLG analysis
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Dec. 2010 Dec. 2011 Jun-12 Aug-12 Oct-12 Dec-12
ND Crude Production and Rail Transport
ND Production (bpd) Crude by Rail (bpd)
29
Facility LocationLoading Capacity
(Barrels per Day)
Rail
CarrierMusket Corp Dore 60,000 BNSF
Savage Services Trenton 90,000 BNSF
Red River Supply Williston 10,000 BNSF
Hess Oil Tioga 60,000 BNSF
Plains All American Manitou 65,000 BNSF
Bakken Transload (Plains) Ross 20,000 (65k Q2 2013) BNSF
EOG Stanley 65,000 BNSF
Basin Transload Zap 40,000 BNSF
Bakken Oil Express Dickinson 100,000 BNSF
Enserco Gascoyne 10,000 (60k Q2 2013) BNSF
Inergy Partners Epping 120,000 BNSF
Enbridge Berthold 10,000 (60k Q2 2013) BNSF
Great Northern Fryburg 65,000 BNSF
BNSF Total Capacity 715,000
Global Stampede 60,000 CP
Dakota Plains New Town 40,000 CP
Plains All American Van Hook 35,000 (65k Q2 2013) CP
CP Rail Total Capacity 135,000
Total Crude by Rail Capacity 850,000
(Existing by December 2012 and planned for 2013)
Crude Oil by Rail – North
Dakota Terminals
Source: PLG analysis 30
North Dakota Class I Railroads
and Crude Oil Terminals
31Source: RBN Energy
Map by PLG Consulting 31
32Bpd = Barrels per Day
Bakken Area
Outbound Pipelines
Current Capacity ( Q1 2013) - 440,000 bpd
Announced pipeline capacity expansions
Company Project BBL's/day Expected in
Name Capacity service date
Enbridge Berthold Expansion 145,000 1Q 2013
Sandpiper 225,000 2016
Plains All American Bakken North 75,000 1Q 2013
Saddle Butte High Prairie 160,000 1Q 2014
Oneok Partners Bakken Express 200,000 2015
Trans Canada Bakken Marketlink 100,000 2015
Keystone XL 830,000 2015?
Total New Pipelines: 1,535,000
NEW pipeline capacity expected operational:
2013 220,000
2014 160,000
2015 325,000
TBD (K XL) 830,000
Source: PLG analysis, North Dakota Governors Pipeline Summit 2012, ND Pipeline Authority Jan 201332
Bakken Express
‘postponed’ November
30, 2012 due to lack of
subscription
32
Bakken Production vs. Takeaway
Capacity: 2012–2014 Projection
Year ND Production
Forecast (Bpd)
Pipeline
Capacity*
Rail Terminal
Capacity
Rail Carrier
Capacity
ND Refinery
Consumption
Total
Outbound &
Refinery
Capacity
Excess
Logistics
Capacity
2012 700,000 460,000 670,000 1,200,000 60,000 1,190,000 490,000
2013 790,000 650,000 880,000 1,300,000 60,000 1,590,000 800,000
2014 860,000 900,000 880,000 1,350,000 60,000 1,840,000 980,000
Source: PLG Analysis
33
* Excludes Keystone XL Bpd = Barrels per Day
Crude Oil Pipelines –
Existing and Future
Source – CAPP Report 201134
Crude Oil by Rail
vs. Pipeline
» Current pipeline options ~ 30-45% lower
cost vs. rail
» Near-term offsetting rail advantages:
Site permitting, construction is much quicker and easier
Much lower capital cost and scalable
Shorter contracts
Transit to destination - 5-7 days via unit train vs. 30+
days via pipeline (between Bakken and US Gulf Coast)
Origin and destination flexibility/opportunistic to new
markets
» Long-term challenges that will affect rail
volumes and margins:
Pipeline expansions
Bakken-WTI price equilibrium
Any significant narrowing of price differential between
Brent and WTI
$6.50
$11.50 $10.50
$14.70
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
Pipeline toCushing
Rail to Cushing Pipeline to PtArthur
Rail to PtArthur
Do
lla
rs P
er
Ba
rre
l
Source: PLG analysis
35
Crude Oil by Rail
Volume Growth
36
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2008 2009 2010 2011 2012
Car
load
s
Quarterly Data
BNSF
UP
CPRS
CN
CSXT
KCS
NS
Source - US Rail Desktop
37
Shale Development Impact on
Crude Oil Market Dynamics
Key Drivers
Destination Markets
Price
Logistics
Capital
» Crude oil will find its way to market one way or
another Price differentials
– Bakken and WTI trading at ~$20/bbl less than Brent
– Alberta Bitumen trading at ~$40/bbl less than Brent
E&P, midstream players willing to rapidly deploy significant
capital to enable access
– Multi-modal logistics hubs in shale plays
– New multi-modal terminals/trading hubs at destination markets (i.e.
Cushing, OK, St. James, LA, Pt. Arthur, TX, Albany, NY, Bakersfield, CA)
– Lease and purchase of railcar fleets
– Pipeline expansions, reversals, new construction
Refineries installing unit train receiving capability
– Particularly coastal refineries previously captive to waterborne imports (i.e.
Philadelphia, PA, St. John, NB, Anacortes, WA, Ferndale, WA)
» However, not all crudes are created equal Light/sweet vs. heavy/sour
– Brent, WTI, and US shale play crudes (Bakken, Permian, Niobrara,
Permian) are light/sweet
– Heavy/sour crudes include Western Canada, Venezuela, Mexico, Alaska
North Slope (ANS), Middle East (light/sour)
– Light/sweet requires less downstream processing
– Heavy/sour has higher sulfur content
– Bakken has higher gas, jet, and distillate yield than peer crudes37
38
Shale Development Impact on Crude
Oil Market Dynamics (continued)
» Refineries are generally configured to run certain types of crude
Significant investments made ($48B since 2005) at select refineries to install coker units that will allow processing of heavy/sour
Major heavy/sour refining clusters: Corpus Christi, Houston, Chicago, southern Illinois, Ohio, West Coast
» The special case of the Canada Oil Sands
Heavy/sour crude has a natural home in Midwest and US Gulf Coast
Pipeline capacity to US Midwest refining centers is at capacity
As Canada waited for pipelines, Bakken built rail infrastructure to provide 50+% of takeaway capacity
Pipeline developments to coasts, US markets still 2+ years away, while tank car supply constrains rail options
Alberta producers’ opportunity cost at $60MM/day due to Bitumen discounting
Province of Alberta receives 25% of its $40B annual budget from oil royalties
Source: PLG Consulting38
39
Shale Development Impact on Crude
Oil Market Dynamics (continued)
» The gusher of new US light/sweet shale oil production made possible by fracking
has upended the traditional oil logistics and trading patterns Result: “Wrong place/wrong oil” supply displacements, i.e. Cushing overflow
Rapid investment in new logistics infrastructure, routes, modes, and terminals
The biggest current bottleneck: Railcars
– Current order backlog runs to 3Q 2014
– Major purchases by oil majors and midstream companies
– Extremely tight market with very high lease rates
» A “new normal” in crude oil flows will emerge in conjunction with continued North
American oil production over the next five years
39
Looking Ahead: Crude Oil Production
Growth and Anticipated Product Flows
40
= Light/Sweet
= Heavy/Sour
= Pipeline
= Marine
= Rail
= Storage terminal(s)
= Refinery cluster –
Sweet/Intermediate
= Refinery cluster –
Sour/Intermediate
= Current b/d (000)
= Future b/d (000) additional by 2017 +420123
Bakken
+855
704
Oil Sands
+2,3001,615
Eagle Ford
+1,087352
Permian
+607514
Source: BENTEK Energy, CAPP, Railroad Commission of Texas, PLG Consulting
The Shale Development Revolution – Big
Picture for the Railcar Industry
41
Look Beyond Today
Crude Cars
Small Cube Hoppers
Downstream Opportunities
Price
Logistics
CapitalExpect Change
New Energy Paradigms
Rapid Change
Thank You!For follow up questions and information, please contact:
Taylor Robinson, President
+1-508-982-1319 / [email protected]
Graham Brisben, CEO
+1-708-386-0700 / [email protected]
Jean Arndt, Vice President
+1-630-505-0273 / [email protected]
Jeff Dowdell, Senior Consultant
+1-732-995-6696 / [email protected]
Gordon Heisler, Senior Consultant
+1-215-620-4247 / [email protected]
Jeff Rasmussen, Senior Consultant
+1-317-379-5715 / [email protected]
Eric Lamy, Business Manager
+1-508-633-3993 / [email protected]
Jay Olberding, Analyst
+1-636-399-5628 / [email protected]
This presentation is available at:
WWW.PROLOGISTICSGROUP.COM
Professional Logistics Group
42