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NEW YORK ------X CITY of NEW YORK, : : Plaintiff, : No
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------X CITY OF NEW YORK, : : Plaintiff, : No. 18 Civ. 182 (JFK) -against- : : OPINION & ORDER BP P.L.C., CHEVRON CORPORATION, : CONOCOPHILLIPS, : EXXON MOBIL CORPORATION, : and ROYAL DUTCH SHELL, PC, : : Defendants. : ---------------------------------X APPEARANCES FOR PLAINTIFF CITY OF NEW YORK: Zachary W. Carter Susan E. Amron Kathleen C. Schmid Margaret C. Holden Noah Kazis CORPORATION COUNSEL OF THE CITY OF NEW YORK Steve W. Berman Matthew F. Pawa Benjamin A. Krass Wesley Kelman HAGENS BERMAN SOBOL SHAPIRO LLP Christopher A. Seeger Stephen A. Weiss Diogenes P. Kekatos SEEGER WEISS LLP FOR DEFENDANT CHEVRON CORPORATION: Caitlin J. Halligan Andrea E. Neuman Anne Champion Theodore J. Boutrous, Jr. William E. Thomson Joshua S. Lipshitz GIBSON, DUNN & CRUTCHER LLP Herbert J. Stern Joel M. Silverstein STERN & KILCULLEN, LLC Neal S. Manne Johnny W. Carter Erica Harris Steven Shepard Laranda Walker Kemper Diehl Michael Adamson SUSMAN GODFREY LLP FOR DEFENDANT EXXON MOBIL CORPORATION: Theodore V. Wells, Jr. Daniel J. Toal Jaren Janghorbani PAUL, WEISS, RIFKIND, WHARTON & GARRISON, LLP M. Randall Oppenheimer Dawn Sestito O’MELVENY & MYERS LLP Patrick J. Conlon EXXON MOBIL CORPORATION FOR DEFENDANT CONOCOPHILLIPS: John F. Savarese Jeffrey M. Wintner Ben M. Germana Johnathan Siegel WACHTELL, LIPTON, ROSEN & KATZ Tracie J. Renfroe Carol M. Wood KING & SPALDING LLP JOHN F. KEENAN, United States District Judge: Before the Court is a motion by Defendants Chevron Corporation (“Chevron”), ConocoPhillips, and Exxon Mobil Corporation (“Exxon”) (together, the “U.S.-based Defendants”) to dismiss Plaintiff City of New York’s (the “City”) amended complaint under Federal Rules of Civil Procedure 12(b)(1) and 12(b)(6). -
Bakken Production Optimization Program Prospectus
Bakken Production Optimization Program BAKKEN PRODUCTION OPTIMIZATION PROGRAM 2.0 PROSPECTUS PROGRAM INTRODUCTION Led by the Energy & Environmental Research Center (EERC), the highly successful Bakken Production Optimization Program (BPOP), funded by its members and the North Dakota Industrial Commission, is continuing for the time frame of 2017–2020. The goal of this research program, BPOP 2.0, is to improve Bakken system oil recovery and reduce its environmental footprint. The results of the 3-year program will increase well productivity and the economic output of North Dakota’s oil and gas resources, decrease environmental impacts of wellsite operations, and reduce demand for infrastructure construction and maintenance. BPOP 1.0 PARTNERS A premier partnership program was recently completed which has been cited as an exemplary model by others nationwide. It has demonstrated that state lawmakers, state regulators, and industry can work together for positive results for shareholders and taxpayers alike. Phase I partners focused research on industry-driven challenges and opportunities. Continental Resources, Inc. ® Marathon Oil Corporation America’s Oil Champion Whiting Petroleum Corporation North Dakota Oil and Gas Research Program ConocoPhillips Company Nuverra Environmental Solutions Hitachi Hess Corporation Oasis Petroleum, Inc. SM Energy XTO Energy, Inc. BPOP 1.0 ACHIEVEMENTS (2013–2016) Continental’s Hawkinson Project Water Use and Handling Forecast Aimed at significantly increasing total production and A summary of trends in the Bakken, an estimation of production rates from North Dakota oil wells where oil future demand/disposal needs, an overview of treatment reserves of the second and third benches of the Three technologies, recycling/reuse considerations, and a Forks Formation, located just below the Bakken oil summary of implications for BPOP partners were created. -
Climate and Energy Benchmark in Oil and Gas Insights Report
Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems. -
Whiting Petroleum Corporation and Our Ability to Grow MMBOE: One Million BOE
Whiting Petroleum Corporation ANNUAL REPORT 8 0 0 2 NATU RAL HUM+AN Resources ABOUT THE COVER Having assembled a solid foundation of quality assets through acquisition, we are now more focused on organic drilling activity and on the development of previously acquired properties. We believe that our experienced team of management, engineering and geoscience professionals is generating superior results as evidenced by our reserves and production growth in the Bakken formation in North CONTENTS Dakota and our two CO 2 enhanced oil recovery projects. Corporate Profile 1 From our Bakken play in North Dakota, our average net daily production jumped 516% to 14,165 BOE in December 2008 Financial and Operations Summary 2 from 2,300 BOE in December 2007. We also completed Letter to the Shareholders 4 our first two infill wells in the Sanish field, which we believe Drilling and Operations Overview 7 adds a total of 78 potential infill well locations. Also of note was our first Three Forks horizontal well completion in the Northern Rockies 8 Sanish field. Production and pressure data from this well are Central Rockies 10 being analyzed to determine the viability of developing the Three Forks in the Sanish field. EOR Projects 12 Board of Directors 14 At our two EOR projects, our average net daily production Annual Report on Form 10-K 15 from the Postle and North Ward Estes fields increased 26% to 13,700 BOE in December 2008 from 10,900 BOE in Corporate Investor Information Inside back cover December 2007. We expect production from both EOR projects to continue to increase as 2009 progresses. -
Ranking Operator by Gas 1999
PDRANKOP UNITED STATES DEPARTMENT OF THE INTERIOR PRODUCTION MINERALS MANAGEMENT SERVICE 03-AUG-2000 GULF OF MEXICO REGION PAGE: 1 Production by Operator Ranked by Volume (4120) Start Date : 199901 Report Type : Report End Date : 199912 ASCII File Name: C:\TIMSWork\PDRANKOP.DAT Report Option: Order by Total Gas Group By : All Operator Crude Oil Condensate Total Oil Natural Gas Casinghead Total Gas (BBLS) (BBLS) (BBLS) (MCF) (MCF) (MCF) 02140 Shell Deepwater Production Inc. 85,672,533 9,411,739 95,084,272 245,810,790 213,353,317 459,164,107 00078 Chevron U.S.A. Inc. 50,545,262 6,292,709 56,837,971 353,305,284 87,102,210 440,407,494 00689 Shell Offshore Inc. 15,438,780 6,417,500 21,856,280 300,789,310 30,544,202 331,333,512 00003 Union Oil Company of California 6,344,477 2,334,388 8,678,865 253,150,024 15,694,524 268,844,548 00276 Exxon Mobil Corporation 16,626,406 1,243,669 17,870,075 168,330,701 51,313,377 219,644,078 00771 Texaco Exploration and Production Inc 10,785,640 1,908,736 12,694,376 187,865,901 31,396,468 219,262,369 00114 Amoco Production Company 1,853,723 2,410,438 4,264,161 182,121,250 1,573,019 183,694,269 01855 Vastar Resources, Inc. 7,750,730 1,435,200 9,185,930 114,537,982 34,747,390 149,285,372 01364 Newfield Exploration Company 4,368,048 2,162,039 6,530,087 132,431,383 10,633,590 143,064,973 02332 PennzEnergy Exploration and Production 5,772,629 3,160,145 8,932,774 118,870,351 9,572,802 128,443,153 00491 Coastal Oil & Gas Corporation 1,038,860 1,682,412 2,721,272 119,028,667 2,687,097 121,715,764 02219 Kerr-McGee Oil & Gas Corporation 13,307,198 1,569,590 14,876,788 102,681,653 14,762,861 117,444,514 00185 Samedan Oil Corporation 2,673,355 2,285,513 4,958,868 104,938,141 7,424,318 112,362,459 00105 Apache Corporation 6,574,028 1,660,755 8,234,783 92,723,545 12,356,983 105,080,528 00059 Amerada Hess Corporation 9,001,254 7,825,335 16,826,589 76,749,036 23,640,310 100,389,346 00540 MOBIL OIL EXPLORATION & PRODUCING SOUT 8,967,820 1,142,597 10,110,417 88,168,916 11,699,694 99,868,610 01680 BP Exploration & Oil Inc. -
Marathon Oil Corporation Creates Value by Responsibly Producing Oil and Natural Gas Vital to Meeting Growing Global Energy Needs
Create, Grow, Sustain: BUSINESS ROUNDTABLE Celebrating Success 2014 SUSTAINABILITY REPORT Marathon Oil Corporation creates value by responsibly producing oil and natural gas vital to meeting growing global energy needs. In doing so, we act responsibly toward our shareholders and business partners, support those who work for us, and strive to improve the communities where we operate. www.marathonoil.com/lov2012/index.shtml Our goal is to be recognized as the premier independent exploration and production company, and to accomplish this, we must successfully execute the strategic imperatives that guide our efforts. These imperatives begin with an uncompromising focus on our long-standing core values of health and safety, environmental stewardship, honesty and integrity, corporate citizenship, and a high-performance team culture. Our values help us protect our license to operate and drive business performance. We believe that developing oil To achieve sustainable and profitable growth, Marathon Oil is accelerating activity in our U.S. and gas resources in a safe, unconventional resource assets — the South Texas Eagle Ford Shale, North Dakota Bakken Shale and Oklahoma resource basins. These resource plays are at the forefront of the technology-driven environmentally sound and renaissance in the American oil and gas industry, which is making vast hydrocarbon resources available for the economic growth and energy security of our nation. responsible way is not only We recognize that the same spirit of technological discovery and innovation that is driving the possible, but also vital to the renaissance in the oil and gas industry can and will drive our ability to develop these important energy resources with less impact on the environment. -
Quarterly Analyst Themes of Oil and Gas Earnings
Quarterly analyst themes of oil and gas earnings Q2 2021 ey.com/oilandgas Overview The recovery of oil and gas commodity markets and underleveraged and begin to return even more improved company performance continued in the cash to shareholders. As companies grapple with second quarter of 2021 with oil demand and OPEC+ low unlevered returns on renewable energy discipline resulting in a steady reduction in investments relative to oil and gas projects, the inventories and an increase in crude oil prices. matter of gearing is likely to re-emerge. Brent crude averaged US$69/bbl in the second On capital spending, analysts were interested in quarter, up 13% from the previous quarter and companies’ response to the improving macro- twice the average a year ago. Henry Hub averaged environment, specifically whether the companies US$2.95/mmBtu, down from US$3.50/mmBtu in were considering mobilizing additional upstream the first quarter as prices normalized after the investment with commodity prices returning to pre- extreme cold, but were up 50% from the beginning COVID-19 levels. Supply chain interruptions, labor to the end of the quarter, a trend that has market shortages and inflation concerns have continued into Q3. International gas markets begun to take center stage in economic news, and strengthened with northern Asia LNG prices oil and gas industry analysts checked for signs of averaging nearly US$10/mmbtu in 2Q21, driven by pricing pressure in the market for materials and strong growth in Chinese power demand, European services upstream and indications of how inventory rebuild and reduced hydroelectric output companies plan to offset the impact. -
2018 Annual Report
CALIFORNIA RESOURCES CORPORATION 2018 ANNUAL REPORT FINANCIAL AND OPERATIONAL HIGHLIGHTS Amounts in millions, except per-share amounts as of and for the years ended December 31, Financial Highlights 2018 2017 2016 Total Revenue $ 3,064 $ 2,006 $ 1,547 Income (Loss) Before Income Taxes $ 429 $ (262) $ 201 Net Income Attributable to Noncontrolling Interests $ 101 $ (4) $ - Net Income (Loss) Attributable to Common Stock $ 328 $ (266) $ 279 Adjusted Net Income (Loss)(a) $ 61 $ (187) $ (317) Net Income (Loss) Attributable to Common Stock per Share – Basic and Diluted(b) $ 6.77 $ (6.26) $ 6.76 Adjusted Net Income (Loss) per Share – Basic and Diluted(b) $ 1.27 $ (4.40) $ (7.85) Net Cash Provided by Operating Activities $ 461 $ 248 $ 130 Capital Investments $ 690 $ 371 $ 75 Net Payments on Debt $ 26 $ 18 $ 73 Net Cash Provided (Used) by Financing Activities $ 692 $ 73 $ (69) Total Assets $ 7,158 $ 6,207 $ 6,354 Long-Term Debt $ 5,251 $ 5,306 $ 5,168 Deferred Gain and Issuance Costs, Net $ 216 $ 287 $ 397 Equity $ (247) $ (720) $ (557) Weighted-Average Shares Outstanding(b) 47.4 42.5 40.4 Year-End Shares 48.7 42.9 42.5 Operational Highlights 2018 2017 2016 Production: Oil (MBbl/d) 82 83 91 NGLs (MBbl/d) 16 16 16 Natural Gas (MMcf/d) 202 182 197 Total (MBoe/d)(c) 132 129 140 Average Realized Prices: Oil with hedge ($/Bbl) $ 62.60 $ 51.24 $ 42.01 Oil without hedge ($/Bbl) $ 70.11 $ 51.47 $ 39.72 NGLs ($/Bbl) $ 43.67 $ 35.76 $ 22.39 Natural Gas ($/Mcf) $ 3.00 $ 2.67 $ 2.28 Reserves: Oil (MMBbl) 530 442 409 NGLs (MMBbl) 60 58 55 Natural Gas (Bcf) 734 706 626 Total (MMBoe)(c) 712 618 568 Organic Reserve Replacement Ratio(a) 127% 119% 71% PV-10 of Proved Reserves(a) (in billions) $ 9.4 $ 4.5 $ 2.8 Net Mineral Acreage (in thousands): Developed 701 703 717 Undeveloped 1,539 1,550 1,614 Total 2,240 2,253 2,331 Closing Share Price $ 17.04 $ 19.44 $ 21.29 (a) See www.crc.com, Investor Relations for a discussion of these non-GAAP measures, including a reconciliation to the most closely related GAAP measure or information on the related calculations. -
Chevron Sustainability Report 2020
2020 corporate sustainability report for complete reporting, visit chevron.com/sustainability 2020 ESG highlights protecting the empowering getting results environment people the right way $15M climate change resilience increase in our investment advancing a lower-carbon future to address racial equity 40% of our Board were women highlighted three action areas for advancing a lower-carbon future in our Climate Change Resilience report 12 networks 2020 marked the 20th $400M anniversary of our first spent on woman- and formal employee network minority-owned businesses joined the World Bank’s Zero Routine Flaring by 2030 initiative chevron 2020 climate lobbying 40% report targeted reduction in oil carbon intensity 26% issued our first targeted reduction in climate lobbying report gas carbon intensity 51 years of our Employee Assistance Program During the pandemic, it offered virtual programs for our employees and their families, including mindfulness and yoga instruction. 40%+ joined the of outstanding common Environmental, social and governance (ESG) data WBCSD’s Value Chain Carbon are as of December 31, 2020, and exclude spend that stock represented in substantive Transparency Pathfinder is ultimately shared with our partners. ESG engagements message from our chairman and CEO In the face of this environment, our people responded with resilience, embracing adversity as an opportunity to learn and improve. Though we shared hardships, the lessons of 2020 “Over the past year, made us a better company, and strengthened our ongoing we, like every company, commitment to help advance a better future for all. navigated a world We believe energy enables modern life and powers human facing the economic and progress. -
Optimism Returns As the Oil Majors Post Stronger Results Themes from the Oil Majors’ Q2 2021 Earnings Calls
August 2021 Optimism returns as the oil majors post stronger results Themes from the oil majors’ Q2 2021 earnings calls The oil majors reported results for the calls. This remained the case despite the US- second quarter that were typically ahead of based companies being asked fewer questions expectations. Compared to the prior quarter, on the theme this period. management teams were more optimistic on the near-term outlook despite some uncertainty Top five themes from questions asked created by the spread of the Delta variant. by anlysts - number of questions that Companies expressed confidence in both the relate to a theme continuing market recovery and their underlying business performance. 0 Stronger results were widely anticipated 0 on the back of a more supportive macro 0 environment. However, the scale of the increase 20 in shareholder distributions proposed by most companies was above the level expected 10 0 by some analysts. Consequently, a significant 2 2020 2020 2020 1 2021 2 2021 Energy transition Shareholder distributions number of questions were posed around Capital allocation Portfolio optimisation commitments by the oil majors to return some Production outlook of their excess cash generation to shareholders. Analysts sought more detail on the metrics and oil price assumptions used by the companies to Policy frameworks were the main theme arrive at their dividend figure. Some companies explored by analysts, accounting for 44% of all also signalled an intention to commence share questions on the energy transition. Around half buyback programmes. These companies fielded of these questions focused on the European questions on the split between dividends Commission’s 'fit for 55' package of proposals and buybacks going forward and any upside aimed at reducing its greenhouse gas emissions distribution potential if oil prices trend above by 55% by 2030. -
Table of Contents Accounting Auditor
Chevron 2021 annual stockholders meeting – additional questions June 16, 2021 We addressed as many questions during the meeting as time permitted. Responses to other questions are below. A summary or an answer to a question that represents the others has been used where we received multiple inquires on the same topic. We appreciate hearing from our investors. table of contents accounting auditor ..................................................................................................................... 2 advocacy .................................................................................................................................. 2 annual stockholders meeting ........................................................................................................ 2 Board of Directors ..................................................................................................................... 2 China ....................................................................................................................................... 5 climate change and energy transition............................................................................................. 5 climate change litigation ............................................................................................................. 8 corporate headquarters................................................................................................................ 8 COVID-19............................................................................................................................... -
Climate and Energy Benchmark in Oil and Gas
Climate and Energy Benchmark in Oil and Gas Total score ACT rating Ranking out of 100 performance, narrative and trend 1 Neste 57.4 / 100 8.1 / 20 B 2 Engie 56.9 / 100 7.9 / 20 B 3 Naturgy Energy 44.8 / 100 6.8 / 20 C 4 Eni 43.6 / 100 7.3 / 20 C 5 bp 42.9 / 100 6.0 / 20 C 6 Total 40.7 / 100 6.1 / 20 C 7 Repsol 38.1 / 100 5.0 / 20 C 8 Equinor 37.9 / 100 4.9 / 20 C 9 Galp Energia 36.4 / 100 4.3 / 20 C 10 Royal Dutch Shell 34.3 / 100 3.4 / 20 C 11 ENEOS Holdings 32.4 / 100 2.6 / 20 C 12 Origin Energy 29.3 / 100 7.3 / 20 D 13 Marathon Petroleum Corporation 24.8 / 100 4.4 / 20 D 14 BHP Group 22.1 / 100 4.3 / 20 D 15 Hellenic Petroleum 20.7 / 100 3.7 / 20 D 15 OMV 20.7 / 100 3.7 / 20 D Total score ACT rating Ranking out of 100 performance, narrative and trend 17 MOL Magyar Olajes Gazipari Nyrt 20.2 / 100 2.5 / 20 D 18 Ampol Limited 18.8 / 100 0.9 / 20 D 19 SK Innovation 18.6 / 100 2.8 / 20 D 19 YPF 18.6 / 100 2.8 / 20 D 21 Compania Espanola de Petroleos SAU (CEPSA) 17.9 / 100 2.5 / 20 D 22 CPC Corporation, Taiwan 17.6 / 100 2.4 / 20 D 23 Ecopetrol 17.4 / 100 2.3 / 20 D 24 Formosa Petrochemical Corp 17.1 / 100 2.2 / 20 D 24 Cosmo Energy Holdings 17.1 / 100 2.2 / 20 D 26 California Resources Corporation 16.9 / 100 2.1 / 20 D 26 Polski Koncern Naftowy Orlen (PKN Orlen) 16.9 / 100 2.1 / 20 D 28 Reliance Industries 16.7 / 100 1.0 / 20 D 29 Bharat Petroleum Corporation 16.0 / 100 1.7 / 20 D 30 Santos 15.7 / 100 1.6 / 20 D 30 Inpex 15.7 / 100 1.6 / 20 D 32 Saras 15.2 / 100 1.4 / 20 D 33 Qatar Petroleum 14.5 / 100 1.1 / 20 D 34 Varo Energy 12.4 / 100