Dive into more details around some of RBN's recent consulting projects.
In-Depth Consulting Case Studies by Theme
- FERC Market Studies - When the FERC certificate for a major supply pipeline into a large Midwestern city was vacated by a Court of Appeals for an inadequate showing of need, RBN prepared the extensive market study necessary to support a refiling of the pipeline’s application. RBN’s study helped carry the day in regaining a permanent certificate. Such market studies are a frequent activity of RBN’s Advisory Practice to support the approval of natural gas infrastructure.
- Royalty Litigation - Rick Smead supported the winning parties in Utica royalty litigation involving the treatment of certain cost elements in the royalty calculation. RBN’s Advisory practice is active in providing expert advice and testimony regarding royalties for the production of NGL-rich shale gas.
- Winter Storm Uri Prudence Testimony - For multiple MidContinent and Rockies utilities, Rick Smead provided analysis and testimony supporting the prudence of the utilities’ programs and practices in procuring supplies during the severe price fly-up caused by Winter Storm Uri, helping the utilities avoid as much as one billion dollars in cost disallowance.
- Winter Storm Uri Breach of Supply Contracts - Rick Smead was the expert witness for the winning party in a major Winter Storm Uri case in federal court, involving the gas supplier’s obligation to serve.
- Small Gas Pipeline Rate Cases - For small, producer-heavy natural gas pipelines regulated by FERC, RBN has provided comprehensive filing and successful resolution of FERC rate cases, the equivalent of the full rate department for larger pipelines.
- RBN was retained by a natural gas marketing company for an analysis of the south Louisiana natural gas market. We analyzed the impact of increasing LNG exports, the availability of supplies into the South Louisiana supply/demand region to meet export volume requirements, and the potential for pipeline capacity constraints across the region which could significantly impact price differentials.
- A private equity firm commissioned a structured assessment of natural gas supply dynamics and risks for a major LNG export facility on the U.S. East Coast. The initial phase included a Red Flag Assessment to highlight key concerns, followed by a comprehensive Mid-Atlantic natural gas market analysis covering supply, demand, flows, pricing, and competitive positioning. The work also examined the interplay between U.S. Gulf Coast LNG exports and regional markets, while evaluating supply adequacy, infrastructure developments, and price differentials. A second phase deepened the analysis with a rigorous review of pipeline flows and global LNG demand impacts.
- An oil and gas major retained RBN to complete an analysis of Texas and Louisiana natural gas markets in order to assess gas supply options for a LNG facility with specific attention given to options from the Permian basin, Katy/Houston Ship Channel area, and Gillis. In this we created a supply and demand model with flows and price differentials for Texas and Louisiana. We examined the impact of LNG exports on the South Louisiana and Texas Gulf Coast natural gas markets. We forecasted regional natural gas supply and demand balances along with a pipeline flow and capacity analysis. Next, we evaluated the natural gas basis impact at regional hubs including Waha, South Louisiana Gillis region, and Katy. Finally, we had an outlook for gas supply options to the LNG facility.
- Tellurian selected RBN to complete its Statement of Purpose and Need for the Driftwood Pipeline Line 200 and Line 300 project (public knowledge). This included an analysis of the greater Louisiana region natural gas market, our assessment of pipeline capacity bottlenecks likely to develop due to rapidly growing demand in South Louisiana, and the implications for needed pipeline capacity from the Ragley/Gillis area north of Lake Charles, LA to feed new centers of demand in, around and south of Lake Charles.
- RBN was engaged by a commodities trading firm to participate in commercial due diligence for the possible investment in midstream assets located in the Permian basin. This analysis included a macro assessment of the North American natural gas markets, an analysis of Permian markets, and a market assessment of producer contracts committed to the midstream assets, and gas gathering/processing arrangements.
- A major propane retail market participant active in the Northeast U.S. and Canada contracted with RBN to assist management in completing a comprehensive analysis of the Northeast NGL/propane market and flag key components of a successful propane acquisition strategy. The engagement included quantifying the benefits, risks and upsides for the different strategic components as well as RBN recommendations for implementation.
- In 2020, RBN completed a consulting engagement for the Propane Education & Reliability Council (“PERC”) focused on measuring propane supply risk . The assessment was based on looking at (1) the proximity of the market region to the region’s sources of propane supply, (2) the region’s diversity of supply source types (pipeline, rail, truck, barge, ship, etc.), and (3) the relationship of peak season demand to annualized season demand.
- One of the largest propane retailers retained RBN to assess the competitiveness of the company’s supply contracting practices compared to industry peers. This analysis was based on interviews with a wide range of suppliers and customers, considering term, volume shaping (higher volume in winter vs. summer), pricing, transportation and other services.
- A major international ethane consumer engaged RBN to perform an analysis of the U.S. ethane market, focusing on production forecasts across major basins under various price scenarios. We assessed ethane supply, demand, balances, and flows, including rejection dynamics and petrochemical demand. The relationship between ethane prices, natural gas prices, and other petrochemical feedstock prices was analyzed to provide insights into petchem margins. Export routes via the Gulf Coast, East Coast, and pipelines to Canada were evaluated, along with PADD level supply/demand balances and their impact on inventories. Infrastructure constraints in fractionation capacity, Y-grade/ethane pipeline capacity, and export capabilities were identified, and new and existing projects, including upcoming terminal expansions, were reviewed.
- In 2024, RBN prepared a strategic market analysis of the U.S. NGL market for one of the largest NGL midstream companies. This project included (a) the RBN production outlook for NGLs, (b) a review of U.S. NGL supply infrastructure, including capacity, and expansion plans, (c) U.S. LPG and ethane seaborne export infrastructure, and (d) overall NGL market assessment and price outlook for both the U.S. supplies and Canadian imports.
- RBN provided an assessment of the marketability and value of Uinta Waxy crude oil, focusing on both yellow and black wax for a regional producer. Our analysis identified and prioritized refinery customers based on geographic location, configuration, and competitive supply alternatives, with distinct lists for fuels- and lubes-focused refineries. In addition, the work included a 20-year forecast of relative refining values against a WTI marker crude, alongside a historical review of recent refining values, offering insight into long-term trends and evolving refined product demand.
- RBN delivered an in-depth assessment of the Louisiana crude oil market, emphasizing infrastructure, flows, and pricing around specific midstream assets to a midstream company. Analysts reviewed current market dynamics at key terminals, provided maps and historical flow data, and evaluated crude price differentials and quality relationships across regional benchmarks. The work also addressed U.S. Gulf Coast export trends, highlighting the role of Permian supply and the potential market impact of a new offshore SPM facility on existing export terminals.
- We also delivered a comprehensive assessment of North American crude oil markets, covering production outlooks, infrastructure developments, and export dynamics across both the U.S. and Canada. The analysis evaluated regional supply and demand balances, price differentials, and potential pipeline capacity constraints, while also exploring crude flow scenarios and market implications for refining and logistics. In addition, the study assessed strategic opportunities tied to evolving transportation networks and contracting frameworks, highlighting competitive positioning and long-term value drivers in a shifting market environment.
- RBN provided an updated market assessment of Gulf Coast crude oil and NGL dynamics with a focus on the Permian Basin and Corpus Christi for an export terminal operator. Analysts delivered production outlooks by sub-basin for crude oil and NGLs, reviewed pipeline takeaway routes and capacities, and assessed strategic positioning of Corpus Christi relative to Houston. The study also examined the company’s role in the Permian-to-Corpus value chain.
- Our team delivered a two-part assessment of Gulf Coast crude oil exports and South Texas NGL markets. The first part reviewed regional export dynamics, competitive positioning among key terminals, long-term supply and demand outlooks, and potential impacts of new offshore infrastructure. The second part examined NGL supply sources, infrastructure trends, and market opportunities in the Corpus Christi area, with a focus on natural gasoline and light naphtha.
- RBN produced an Independent Market Report to support the refinancing efforts of a major grassroots standalone alkylation complex on the U.S. Gulf Coast. This ongoing engagement involves continued support and interaction with potential lenders as the project moves forward.
- RBN was also retained by a major logistics company to provide a broad-based assessment of opportunities in the growing renewable fuels markets. Our analysis included supply and demand forecasts for North America, detailed projections of renewable fuels trade flows, an assessment of potential policy impacts on the market outlook, and the identification of specific opportunities where the client’s assets and capabilities provide a competitive advantage.
- For a major U.S. midstream-focused company, we conducted a comprehensive assessment of petroleum products storage, transportation, and processing opportunities, as well as market challenges. This work included a detailed supply and demand outlook for both heavy crude and asphalt, an impact analysis of potential policy and market developments on the client’s operations, and an evaluation of opportunities in new and emerging markets.
- RBN also provided independent market valuations of two key gasoline blendstocks produced as byproducts at a U.S. Gulf Coast petrochemical complex. These valuations, prepared monthly through 2042, were designed to support the client’s financing efforts and provided lenders with a transparent, independent market perspective.
- Our team was engaged to assist a client in restarting a large refinery in the Western Hemisphere. This project involved developing detailed operating plans for the restart, evaluating the economics of multiple operating scenarios, analyzing relevant policy and regulatory issues, and helping the client secure the financing needed to bring the facility back online.
- In addition, RBN has developed and published multiple editions of Future of Fuels, a comprehensive report providing forecasts and analysis of global liquid fuels markets. The report includes both short- and long-range (20-year) forecasts of prices across a wide range of crudes, refined products, alternative fuels, and blendstocks, as well as outlooks for petroleum demand, production capacity, projects, and crude production. In a short period of time, this biannual report has built a broad and growing subscriber base that includes major refiners, integrated oil companies, midstream operators, and industry trade organizations.
- An international trading firm received a comprehensive North American NGL market study designed to support new business development opportunities. The analysis included an update and forecast of U.S. NGL and LPG supply, demand, and pricing trends, as well as a detailed mapping of infrastructure across the U.S., Canada, and Mexico. It further examined profit pools and bottlenecks in processing, transportation, and fractionation, assessed capital and operating cost considerations for midstream participants, and compared the positioning of key industry players. The study concluded with strategic recommendations informed by evolving market dynamics and competitive pressures.
- A foreign company commissioned a market assessment of U.S. NGL and propane markets with a focus on evaluating alternative purchasing and pricing structures. The study examined LPG market dynamics under different crude and gas price scenarios, including the outlook for Mont Belvieu and Brent price relationships. It also identified criteria for prospective counterparties, assessed both conventional and unconventional propane pricing structures, and developed models and materials to support unique transaction opportunities. The work concluded with recommended approaches for launching the unique indexing strategy to capture new market opportunities.
- RBN provided a review of a trading company’s natural gas supply arrangements with a U.S. LNG developer, set within the broader context of U.S. gas trading fundamentals. The study outlined how natural gas transactions are structured and priced in key U.S. hubs, including the use of indices and standard contract frameworks. It also evaluated both the original and amended supply agreements, including pricing competitiveness, infrastructure connections, and contractual considerations. The analysis concluded with recommendations and observations on market appetite, risks, and strategic implications for the trading company’s position.
- Our team delivered a long-term assessment of the Northeast natural gas market, with a focus on supply and demand balances, infrastructure, and pricing dynamics. The analysis covered Marcellus and Utica production outlooks, regional gas flows, and basis trends at major trading hubs, while also evaluating infrastructure developments and regulatory considerations. It further examined the impact of growing LNG export capacity on certain regional markets, as well as the role of emerging demand drivers such as electrification and data centers. The study concluded with insights into risks, opportunities, and long-term market implications for the region.
