Mr. Levine is an expert in the economics of the natural gas, oil, and liquefied natural gas (LNG) industries.

Mr. Levine has 25 years of experience advising clients on complex oil & gas litigation matters, and frequently applies economic and finance principles to estimate damages and value oil & gas assets and contracts. He has worked on cases in legal, arbitration, and regulatory forums in the US and Canada as well as internationally.

He has substantial experience evaluating oil and natural gas contracts, including long-term purchase and sale agreements for natural gas and LNG, oil and natural gas pipeline transportation contracts, natural gas processing contracts, and the oil and gas fiscal regimes between international oil companies and host governments. Mr. Levine was the testifying expert on damages in two recent matters, the first involving a refinery that had to procure more expensive crude oil supplies due to the discriminatory conduct of a US crude oil pipeline and the second involving a breach of contract matter on a US natural gas pipeline. He was also the testifying expert in a dispute involving the valuation of a natural gas storage facility. Mr. Levine has submitted expert evidence in US Federal courts in Louisiana and Utah, and before the Civilian Board of Contract Appeals, the Federal Energy Regulatory Commission, the National Energy Board of Canada, the California Public Utilities Commission, the Public Service Commission of Wisconsin, and the Maine Public Utilities Commission.

He often provides non-testimonial consulting and assists counsel with discovery, depositions, cross-examination, and settlement negotiations. He has been the consulting expert on damages in a dispute between the joint owners of a crude oil pipeline, in a market manipulation matter in US natural gas markets, and in an international arbitration involving LNG prices.

Mr. Levine’s experience in regulatory economics includes analyzing the rates charged by natural gas and oil pipelines, the business risks faced by natural gas pipelines, the economic justification for proposed natural gas pipelines and LNG peak shaving plants, the reasonableness of natural gas procurement and risk management decisions, and competition and market manipulation issues in natural gas markets.

He is an author of “Understanding Natural Gas Markets” and “Understanding Crude Oil and Product
Markets,” both prepared for the American Petroleum Institute in 2014.

Mr. Levine received his BA in economics from Brandeis University and his MBA in finance from Columbia Business School.


Columbia Business School
MBA in Finance

Brandeis University
BA in Economics


May 13, 2022; June 24, 2022
Expert Report and Rebuttal Report of Steven H. Levine on behalf of a midstream company’s marketing affiliate in an arbitration proceeding regarding a contract dispute with a natural gas producer, May 13, 2022, and June 24, 2022.
October 22, 2021; January 21, 2022
Before the Minnesota Public Utilities Commission, Docket No. G002/CI-21-610, Direct Testimony and Rebuttal Testimony of Steven H. Levine on behalf of Northern States Power Company regarding the reasonableness of natural gas procurement decisions before and during Winter Storm Uri, October 22, 2021, and January 21, 2022.
September 9, 2019; April 3, 2020; July 30, 2020
Before the Federal Energy Regulatory Commission, Colonial Pipeline Company, Docket No. OR18-7-002, Direct Testimony, Rebuttal Testimony, and Answering Testimony of Steven H. Levine on behalf of Epsilon Trading, LLC, Chevron Products Company, Valero Marketing and Supply Company, BP Products North America, Inc., Trafigura Trading, LLC, TCPU Inc., Southwest Airlines Co, United Aviation Fuels Corporation, Phillips 66 Company, American Airlines, Inc., and Metroplex Energy, Inc., September 9, 2019; April 3, 2020; and July 30, 2020.
January 30, 2017
Before the Maine Public Utilities Commission, Docket No. 2016-00253, Request for Proposals for Physical Energy Storage Contracts for Liquefied Natural Gas Storage Capacity, Comments of Steven H. Levine and Anul Thapa on Navigant’s December 2016 Report Analyzing Proposals for Liquefied Natural Gas Storage Capacity.