Rick Penfield

Senior Associate

With over thirty-five years’ combined experience at ExxonMobil, its affiliated and predecessor companies, and as a consultant, Rick brings extensive leadership, supply chain planning and analytical knowledge to his clients. He provides a global perspective to crude oil and gas liquids trading and operations gained through assignments in Canada, England, Qatar, and the United States. He excels in building world-class, high-performing teams in a cross-cultural context.

At Imperial Oil, Rick improved diluent supply chain resiliency and economics while meeting demand that more than doubled over a two-year period. Under secondment to the Qatari government, he was instrumental in establishing Qatar International Petroleum Marketing Company (Tasweeq) to consolidate the international marketing of Qatar’s refined products, LPG, condensate, and sulphur, and to maximize value to Qatar and its producing entities. As a consultant, he has also identified and developed many value-added opportunities. He has a strong track record improving logistics access and economics through his leadership of and key contributions to numerous corporate initiatives.

Contributions

Economics

What More Venezuelan Crude Imports Could Mean for the U.S. Crude Slate

October 1, 2025

There is renewed attention on the role of Venezuelan crude in U.S. crude balances as Gulf Coast (USGC) refineries continue to seek heavy sour grades – precisely the type Venezuela produces. With supply constraints from Mexico and increased competition for Canadian barrels, alternative feedstocks are in sharper focus. Some market watchers question whether Venezuelan crude,...

Economics

Open Season for Opportunity: Magellan’s Sun Belt Connector Links Houston Supply to Phoenix Demand

September 25, 2025

Magellan Pipeline Company, L.P. (“Magellan”) has initiated an open season for pipeline capacity between Houston and Phoenix on September 9, 2025. Potential shippers can submit bids for capacity until November 7, 2025. The open season supports the construction of the Sun Belt Connector (“Sun Belt”), an approximately 440-mile pipeline between El Paso, Texas and Phoenix,...