DOCSLIB.ORG

Mergers in the Petroleum Industry:;

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

'.. ' ~~~). , " cMERGERS IN THE PETROLEUM INDUSTRY:; REPORT OF THE FEDERAL TRADE COMMISSION C'V\UE CUMM/ APR 2 :' 1983 . LrRR A. "\\'l , SEPTEMBER 1982 :'; ACKNOWLEDGMENT This report was jointly prepared by the Bureaus of Competitonand Economics under the supervision of Thomas J. Campbell, Director; Walter T. Winslow, Deputy Director; and Ronald B. Rowe, Assistant Director, Bureau o Competition; and Robert Tollson, Director; John L. Peterman, Deputy Director; and David T. Scheffman, Acting Associate Director for Special Projects, Bureau of Economics. Bureau of Competition Deputy Assistant Director Marc G. Schildkraut supervised the research and drafting of the report by staff attorneys David C. Dickey, DanielP. Ducore, Gregory M. Fox, David Frankel, James M. Giffin, Jeffrey S. Jacobovitz, Wiliam Kovacic, Rhett R. Krulla, Frank Lipson, Arthur J. Nolan and Mark L. Rosenberg; and Research Analysts Harvey Blumenthal, Judith S. Carman, Lawrence R. Kaufman, Eileen C. Reed, Marissa G. Repp and Warren S. Sockwell. , Attorneys Eugene A. Higgins, David Lira, Constance M. Salemi, and John F. Stephens; and Research Analyst Nancy M. Ovuka also contributed to the report. Bureau of Economics Acting Assistant Director fhilp B. Nelson supervised the research and drafting of the report by staff economists Geary H. Gessler, Scott M. Harvey, John M. Howell, James A. Hurdle, Christopher C. Klein, PauL A. Pautler, John Phelps, Charles Pidano , Calvin T. Roush, Jr., and Willam Shughart; and statistical clerks Barbara J. Battle, Lynn Jay Carpenter, Delores A. Munson, Carolyn Samuels, John P. Sharpe, Jr., David L. Wickam , Addie L. Wiliams, and Cheryl G. Wiliams. James M. Ferguson, Assistant Director for Antitrust, provided substantial help in the review process. Bureau of Competition Head Secretary Jeanne M. McGraw supervised the typing and revising of numerous drafts of the study in the Bureau of Competition, as did Deborah Ruggles, Supervisor, Word Processing Center, in the Bureau of Economics. This study would not have been completed but for their dedicated efforts. Others who made substantial typing contributions to the study include JaniceAle ander, Lois E. Baker, Donna L. Joanne Davis, Mary M. Gibson, Cary Hoagland, Janice Johnson, Dianne Jones, Preston, Emily K. Robinson, Kenney, Jacqueline Morson, Nora L. Parker, Yolanda E. Mildred E. Taylor, Jeffrey Wilson and Betsy Zichterman. , r . i , ' ............................................................. .. .- ... .. ... .'. ... ...... .'.. .. .. .. ... ... ..... ....... ..................... .............. ............. .. .,. .... ......... .' . ....................... '. .. .. ........ .. .- . ... .. .. .. .. ...... .. .. ................... .... .. ......... ;. .. .. .' . .... ......... .-.. .. .. .. ......... ... .; . .. ..-. .-. .' . TABLE OP CONTENTS Page INTRODUCTION AND SUMMARY. I ll. OVERVIEW OF THE PETROLEUM INDUSTRY Crude Oil Exploration and Production . 10 Refining Transporta tion Marketing il. MERGERS AND, THEPETROLEUM INDUSTRY SINCE 1971: THE EMPffICAL DATA. 1-8 Acquisitions Involving Large Petroleum Companies Since 1971. .. 19 Methodology Identifying "large petroleum companies" Defining an acquisition. Oil company acquisition activity: 1971-1981. Comparison of Merger Activity Between Large Petroleum Companies and Other Large Companies Methodology 19 . ' 52 The Study . e .0 . e - e . IV., INCENTIVES FOR MERGERS . e . e In troduction . e , . Motives for Mergers . e Economic efficiencies or synergies as a merger ive .. Managerial synergies Productive efficiencies. Market power as an incentive to merge Efficiency Considerations in Some Recent i': . .. .. .................................... .. ..... ... ............. .... .. ............................ ." . .. -.. -... -.. ........................ ........................ ........ ... .. ..-.. '. .......... ... ... ... .. ... .. ......... ... .. ... .. .. ....... .. .. Oil Company Mergers. 8 . Shell' s acquisition of Belridge Mobil' s proposed acquisition of Marathon. The Du Pont acquisition of Conoco Petroleum Price and Allocation Regulations. Historical description. Effects of the price and allocation regula tions. 76 Federal Tax Incentives to Merge. The windfall profits tax incentive Taxable acquisi tiOt1S and stepped-up basis. Diverse Expectations and the Evaluation of Acquisition Targets Valuing a target firm Oil company valuations of target firms Stock market "undervaluation" as an explanation for mergers Financial Considerations as a Motive for Acquisition Activity. Oil company cash flows in the 1970s The use of internal funds in oil industry mergers: five case studies Conclusi-ons MERGER TRANSACTION COSTS The Types of Transaction Costs and the Factors Affecting Their Magnitude Empirical Data Concerning Merger Transaction Costs 104 Costs by category. 104 Two case examples. e 110 - i i - .. .. .. .... .... ....... ....... .. ..'.. ... ..... ....... .-... ...... ..... ... ..... .. ....... - ."..... ......... .. ....., ....... .... ... ....... .... .... .. .... .. ... .... .................... ... ..-. ... .. ... ... ... ... ... ..... ...., .. .... ... .... ... ..... ... ... .... ... ... ... - .... ... ... ... ... ... .- ..... .. ... ... .... ..... ......- .. .- . ... ... ..... ... .. ... .. ...... .... VI. COMPETITE FACTORS IN EXAMINING PETROLEUM MERGERS. ... 113 Overview of Competition Policy. .. 113 Introduction.. 113 The economic rationale for preventing certain horizontal mergers .. 114 Application of Section 7 of the Clayton Act to horizontal mergers. 114 Petroleum merger cases. 121 Crude Oil 126 Overview. 126 Product market 127 The international market for crude oil . 130 The free world as a geographic market. 130 Concentration in the international market 131 Special considerations in the inter- national market. .. 137 Influence of price-conscious company behavior on pricing policy. .. 140 Oil company ties to Saudi Arabia. 143 The effect of mergers in domestic crude oU markets 149 Potential domestic submarkets 149 Concentration in domestic crude oil markets- - . t . 154 Other factors affecting the domestic industry. .. 8: .. 8 . .. 158 Control factors 158 Interdependence factors. 160 Oil reserve acquisitions. 161 Conclusion. .. .. .. .. .. t. 167 -iii- . .. .. .. .. .. .... .. .. .. - ,.. .... ... .. .. .. .. .. .. .. .. .. ...- . .. .- . .. .. .. .. .. .. .. .. .. .. .'. .. ... .-. .... .... .. ... .. .. .... ..... .. ...... Refining 169 Overview. 169 Relevant product market 171 Supply substitutabilty 171 Demand substitutabilty 173 Probable product markets. .. 174 The geographic refining market (for gasoline and middle distilates) 174 Defining the relevant market 174 The Gulf Coast (P ADD un as a distinct market. 177 PADD U, the Midcontinent 178 PADD IV, Rocky Mountain states................... 181 PADD V, the West Coast. .. 182 Sum mary 183 Market share/concentration data. .. 183 Entry conditions. 189 Environmental factors 189 Difficulty of access to crude suppliers. 189 Economies of scale. 191 History of entry into the domestic refining industry. 194 Capacity expansions by existing refiners 20 I Conclusion. 204 Interdependence and competition in the refining industry. 205 Output determined in response to- marginal revenue effects 206 Interrelatiol1ships among major refiners. 208 Intergroup rivalry between majors and j v- ............................................ ..." .. .... ........ ...... .- . -. .................. .. ..'. ...... .... .......... .. .. ........................ .. .. .. .......... .. ... .- .". ... .. ............. ..:. ... .. .. - .. .- . .. ... .. ... .. .. .. .. .. .. .. .. .. ... independent$ 209 The history of major refining acquisitions for the period 1948-1980. 210 Conclusion. 216 Pipelines 217 Overview. 217 Product market definition. 217 Defining a product market 217 Transport of crude oil 219 Crude Qil gathering services 219 Movement of crude oil to refineries. 219 Transport of Pfatroleum products. .. 220 Movement of petroleum products from refineries to central distribution point 220 Distribution of petroleum products 222 Other factors. 223 Conclusion. 223 Geographic market definition 224 Ownership structure 228 Concentration 232 Various aspects of measuring pipeline concentration. 232 Concentration figures for pipeline shipments 234 Federal regulation of pipelines .. 237 Com mon carrier regulation 237 The 1941 Consent Decree. .. 240 Effectiveness of regulation of pipeline rates of return and dividends. 241 . .. .. .. .. ... .. .. .. ... .. .. .. .. .. .. .. .. .. .. ... .. .. .. .. .. .. .. ., .. .. .. .. .. .. .... .. .. .. .. .. .. .. .. .. - .. .. .. .-. .. .. .... .. .. '. .. .. .. .. , ... .. Effectiveness of access regulation. 243 Competitive effects. 243 Entry conditions. 243 , Ii 244 Economies of scale. i I Conclusion 246 i :1 Gasoline Marketing 247 i :1 Overview 247 ill Product markets and geographic markets for gasoline 248 Terminal clusters. 248 Evidence of regional markets 250 Concentration in wholesale gasoline distribution. 251 Changes in market concentration over time. 256 264 Entry cond tions . Pipeline and terminal access . 264 Wholesale supplies to independent marketers 266 Pricing within terminal clusters. 269 Retailng 274 The number of retail outlets. 274 Merger activity 8 8.....................8 8...... 280 Price competition. 285 Eviden( e from economic studies and company documents. 285 PriGe competition among majors. 287 Role of independents . 287 Price leadership. .. 290 Practices tha.t may faciltate price abiljty 291 vi - .. ... .. .... ............ ..
Recommended publications
  • Hess Corporation Is a Leading Global Independent Energy Company Engaged in the Exploration and Production of Crude Oil and Natural Gas

    Hess Corporation Is a Leading Global Independent Energy Company Engaged in the Exploration and Production of Crude Oil and Natural Gas

    2017 ANNUAL REPORT Table of Contents 1 Financial and Operating Highlights 2 Letter to Shareholders 5 Global Operations 9 Sustainability 12 Board of Directors and Corporate Officers Our Company Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. We are committed to meeting the highest standards of corporate citizenship by protecting the health and safety of our employees, safeguarding the environment and making a positive impact on the communities in which we do business. Cover: Drilling Operations, North Dakota Financial and Operating Highlights HESS CORPORATION Amounts in millions, except per share data Financial — for the year 2017 2016 Sales and other operating revenues $ 5,466 $ 4,762 Net income (loss) attributable to Hess Corporation $ (4,074) $ (6,132) Net income (loss) per share diluted (a) $ (13.12) $ (19.92) Common stock dividends per share $ 1.00 $ 1.00 Net cash provided by operating activities $ 945 $ 795 E&P capital and exploratory expenditures $ 2,047 $ 1,871 Midstream capital expenditures $ 121 $ 283 Weighted average diluted shares outstanding 314.1 309.9 Financial — at year end 2017 2016 Total assets $ 23,112 $ 28,621 Cash and cash equivalents $ 4,847 $ 2,732 Total debt $ 6,977 $ 6,806 Total equity $ 12,354 $ 15,591 Debt to capitalization ratio (b) 36.1% 30.4% Common stock price $ 47.47 $ 62.29 Operating — for the year 2017 2016 Net production Crude oil and natural gas liquids (thousands of barrels per day) United States 153 165 International 66 70 Total 219 235 Natural gas (thousands of MCF per day) United States 211 258 International 309 265 Total 520 523 Barrels of oil equivalent (thousands of barrels per day) 306 322 (a) Calculated as net income (loss) attributable to Hess Corporation less preferred stock dividends as applicable, divided by weighted average number of diluted shares.
  • Oil Company Strategies from 1970 to the Present

    Oil Company Strategies from 1970 to the Present

    5.2 Oil company strategies from 1970 to the present Since 1970, the world oil and gas industry has been three-and-a-half decades. The most notable change transformed by a series of massive shifts in the has been the widening international diversity of economic, political and technological environment. the leading companies. The newcomers to the Adapting to these external forces has involved ranks of the major oil and gas companies were major changes in the strategies of the oil and gas primarily state-owned companies that were based companies. The impact of these changes is either in major petroleum producing countries indicated by a comparison of the leading (Pemex of Mexico, Statoil of Norway, PDVSA of companies in the industry in 1970 and in 2004 Venezuela, Gazprom of Russia) or in major (Table 1). In 1970, the industry was dominated by consumer countries (China Petroleum & Chemical the Seven Sisters,1 the leading US and and PetroChina of China, SK Corporation of European-based petroleum companies that South Korea, Indian Oil of India). Indeed, our list pioneered the development of the industry for most grossly understates the importance of the national of the Twentieth century. Five of the sisters were oil companies from several oil producing American: Exxon (then, Standard Oil New Jersey), countries because they do not publish financial Mobil, Chevron (then, Standard Oil California), accounts. On the basis of their estimated revenues, Texaco, and Gulf Oil; the remaining two were Saudi Aramco and National Iranian Oil European: Royal Dutch/Shell Group, the Corporation would certainly be included in our Anglo-Dutch joint venture, and British Petroleum top-20 for 2004.
  • The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital

    The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital

    - Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup­ port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re­ lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex­ change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex­ pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re­ affirm its allegiance to the European monetary agreement and return to a fixed parity.
  • BP Plc Vs Royal Dutch Shell

    BP Plc Vs Royal Dutch Shell

    FEBRUARY 2021 BP plc Vs Royal Dutch Shell 01872 229 000 www.atlanticmarkets.co.uk www.atlanticmarkets.co.uk BP Plc A Brief History BP is a British multinational oil and gas company headquartered in London. It is one of the world’s oil and gas supermajors. · 1908. The founding of the Anglo-Persian Oil Company, established as a subsidiary of Burmah Oil Company to take advantage of oil discoveries in Iran. · 1935. It became the Anglo-Iranian Oil Company · 1954. Adopted the name British Petroleum. · 1959. The company expanded beyond the Middle East to Alaska and it was one of the first companies to strike oil in the North Sea. · 1978. British Petroleum acquired majority control of Standard Oil of Ohio. Formerly majority state-owned. · 1979–1987. The British government privatised the company in stages between. · 1998. British Petroleum merged with Amoco, becoming BP Amoco plc, · 2000-2001. Acquired ARCO and Burmah Castrol, becoming BP plc. · 2003–2013. BP was a partner in the TNK-BP joint venture in Russia. Positioning BP is a “vertically integrated” company, meaning it’s involved in the whole supply chain – from discovering oil, producing it, refining it, shipping it, trading it and selling it at the petrol pump. BP has operations in nearly 80 countries worldwide and has around 18,700 service stations worldwide. Its largest division is BP America. In Russia, BP also own a 19.75% stake in Rosneft, the world’s largest publicly traded oil and gas company by hydrocarbon reserves and production. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index.
  • 12. the Oil-Igarchy

    12. the Oil-Igarchy

    151 12. The Oil-igarchy “Competition is a sin.” - John D. Rockefeller From farm to pharmaceutical, diesel truck to dinner plate, pipeline to plastic products, it is impossible to think of an area of our modern day lives that is not affected by the petrochemical industry. The story of oil, is the story of the modern world. Parts of that story are well known, Rockefeller and Standard Oil, the internal combustion engine and the transformation of global transport, the house of Saudi, and the oil wars in the Middle East. Other parts are more obscure, the quest for oil and the outbreak of World War I, the petrochemical interests behind modern medicine, the big oil money behind the green revolution. But that story, properly told, begins somewhere unexpected, not in Pennsylvania, with the first commercial drilling operation and the first oil boom. But in the rural backwoods of the early 19th century New York state. And it doesn't start with crude oil or its other derivatives, but a different product altogether...snake oil. Dr. Bill Livingston, celebrated cancer specialist was the very image of the traveling snake oil salesman. He was neither a doctor nor a cancer specialist. His real name was not even Livingston. More to the point, the rock oil tonic he pawned was a useless mixture of laxative and petroleum. And had no effect whatsoever on the cancer of the poor townsfolk he conned into buying it. He lived the life of a vagabond, always on the run from the last group of people he had fooled.
  • A Field Guide to Gas Stations in Texas

    A Field Guide to Gas Stations in Texas

    Historical Studies Report No. 2003-03 A Field Guide to Gas Stations in Texas By W. Dwayne Jones A Field Guide to Gas Stations in Texas by W. Dwayne Jones Prepared For Environmental Affairs Division Historical Studies Report No. 2003-3 Prepared by Knight & Associates October 2003 A Field Guide to Gas Stations in Texas Copyright © 2003 by the Texas Department of Transportation (TxDOT) All rights reserved. TxDOT owns all rights, title, and interest in and to all data and other information developed for this project. Brief passages from this publication may be reproduced without permission provided that credit is given to TxDOT and the author. Permission to reprint an entire chapter or section, photographs, illustrations, and maps must be obtained in advance from the Supervisor of the Historical Studies Branch, Environmental Affairs Division, Texas Department of Transportation, 118 East Riverside Drive, Austin, Teas, 78701. Copies of this publication have been deposited with the Texas State Library in compliance with the State Depository requirements. For further information on this and other TxDOT historical publications, please contact: Texas Department of Transportation Environmental Affairs Division Historical Studies Branch Lisa J. Hart, Supervisor Historical Studies Report No. 2003-3 Bruce Jensen, Series Editor Editing and production of this report was directed by Knight & Associates 3470 Jack C. Hays Trail Buda, Texas 78610 ISBN 1-930788-51-7 A Field Guide to Gas Stations in Texas Table of Contents Introduction . 1 Looking at Gas Stations . 11 1910-1920: Drive-Up Gas Stations . 23 1920-1930: Full Service / Corporate Identification Gas Stations . 33 1930-1940: Machine Made / Streamlined – The Depression Era .
  • CALIFORNIA RESOURCES CORPORATION 2019 PROXY REPORT and NOTICE of ANNUAL MEETING Letter to Shareholders from the Chairman of the Board

    CALIFORNIA RESOURCES CORPORATION 2019 PROXY REPORT and NOTICE of ANNUAL MEETING Letter to Shareholders from the Chairman of the Board

    CALIFORNIA RESOURCES CORPORATION 2019 PROXY REPORT AND NOTICE OF ANNUAL MEETING Letter to Shareholders from the Chairman of the Board Dear Shareholders, Strong execution, financial discipline and sustained community engagement are compelling hallmarks of California Resources Corporation (“CRC”), reflecting the Company’s core values of Character, Responsibility and Commitment and the high expectations set by the Board of Directors (the “Board”). In 2018, CRC achieved strong results through the exceptional leadership of our management team and the dedication of our diverse workforce who operate critical infrastructure and supply essential resources to Californians with an innovative and entrepreneurial mindset. With the Board’s active direction, CRC thoughtfully navigated a volatile pricing environment with a dynamic and flexible operating plan that prioritized projects to deliver value both in the immediate and longer term, while continuing to meaningfully strengthen our financial position. We believe this value-driven approach to managing our business truly sets CRC apart. It enables us to capture the full value of our robust portfolio of assets throughout the commodity cycle and ensures effective capital allocation that delivers positive results for our shareholders. Coupled with an unwavering focus on operational excellence that unifies the organization, it is a powerful strategic approach that sustains CRC’s high levels of safety, environmental stewardship, reliability and quality. In 2018, an engaged Board aligned with shareholder priorities brought to bear a wealth of experience and varied perspectives from within the energy industry, as well as from financial services, accounting, real estate, human resources and organizational disciplines. To ensure that CRC continues to attract and maintain the most effective mix of Board talent, we regularly engage in a review process to evaluate desired skill sets that strengthen governance, promote diversity of thought, and align with the evolving demands of our business.
  • Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin

    Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin

    Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin June 19, 2017 NEW YORK--(BUSINESS WIRE)--Jun. 19, 2017-- Hess Corporation (NYSE:HES) today announced it has entered into an agreement to sell its interests in enhanced oil recovery (EOR) assets in the Permian Basin to Occidental Petroleum Corporation (NYSE:OXY) for a total consideration of $600 million, effective June 1, 2017. Proceeds from the sale will be used to fund the company’s strong growth opportunities. The transaction consists of the following Hess-operated assets: the Seminole-San Andres Unit (Hess 34.2% interest) and the Seminole Gas Processing Plant (Hess 46.6% interest) in Texas; the West Bravo Dome C02 field in New Mexico (Hess 100% interest); and a 9.9% non-operated interest in the Bravo Dome unit in New Mexico. These assets produced an average of 8,200 barrels of oil equivalent per day in 2016 net to Hess. The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close August 1, 2017. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com. Cautionary Statements This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance.
  • June 2021 20

    June 2021 20

    Annual Report 2020 June 2021 20 202 Olie Gas Danmark — Annual Report 2020 DBU Employees Offshore Tabel of contents 3 Board of Directors 4 Foreword 7 Key Achievements 2020 Climate and Sustainability Health, Safety and Environment Skills and Capabilities 14 Communication and External Engagement Communication Legal & Regulatory Affairs Partnering and recognition Publications 17 International engagement IOGP Bilateral collaboration around the North Sea 18 Covid-19 related activities 20 Current Oil Gas Denmark Members 21 Committee and Workgroup members 24 Financial Performance 2020 25 Employees Annual Report 2020 — Olie Gas Danmark 3 Board of Directors Martin Rune Pedersen Verner Andersen Christian Krüger Vice President and Country Vice President, Semco VP, Global Account Chair for TotalEnergies Den- Maritime, Vice Chairman of Oil Management, Welltec A/S mark, Chairman of Oil Gas Gas Denmark Denmark Martin is responsible for TotalEnergies’ ac- Verner is VP of Semco Maritime´s Opera- Christian is VP, Global Account Manage- tivities in Denmark, and as Vice President tions Support in the Oil & Gas Division. ment of Welltec. His background is an MSc Offshore Development he is responsible His background is an electrical engineer. in Geology from the University of Copen- for global development support to conven- He joined Semco Maritime after having hagen. He has more than 30 years of expe- tional offshore operation. He holds an MSc held several managerial positions in vari- rience from the oil & gas industry and has in Engineering from Aalborg University as ous offshore companies in Scandinavia. worked both in the field and in managerial well as a Graduate degree in Management He is also member of the Board in Esbjerg positions around the world.
  • In Re: BP P.L.C. Securities Litigation 10-MD-02185-Second Amended

    In Re: BP P.L.C. Securities Litigation 10-MD-02185-Second Amended

    Case 4:10-md-02185 Document 871 Filed in TXSD on 06/09/14 Page 1 of 167 UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION IN RE: BP P.L.C. SECURITIES ) LITIGATION ) No. 4:10-MD-2185 ) THIS DOCUMENT RELATES TO: ) Honorable Keith P. Ellison Ohio Public Employees Retirement System ) No. 4:12–1837 ) OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM, SECOND AMENDED COMPLAINT 277 East Town Street, Columbus, Ohio 43215 AND JURY DEMAND ENDORSED HEREON STATE TEACHERS RETIREMENT SYSTEM OF OHIO, 275 East Broad Street, Columbus, Ohio 43215 AND SCHOOL EMPLOYEES RETIREMENT SYSTEM OF OHIO, 300 East Broad Street, Suite 100, Columbus, Ohio 43215 AND OHIO POLICE AND FIRE PENSION FUND, 140 East Town Street, Columbus, Ohio 43215 PLAINTIFFS, v. BP PLC 1 St. James Square London Case 4:10-md-02185 Document 871 Filed in TXSD on 06/09/14 Page 2 of 167 SW1Y 4PD DEFENDANT Case 4:10-md-02185 Document 871 Filed in TXSD on 06/09/14 Page 3 of 167 TABLE OF CONTENTS Page I. INTRODUCTION............................................................................ ......1 II. JURISDICTION AND VENUE....................................................................6 III. THE PARTIES........................................................................................7 A. Plaintiffs....................................................................................7 B. Defendant.............................................................................. ...8 IV. NON-PARTIES.....................................................................................9
  • Ethecon Black Planet Award 2010

    Ethecon Black Planet Award 2010

    ethecon Black Planet Award 2010 On the bestowal of the International ethecon Black Planet Award 2010 on Tony Hayward, Bob Dudley, Carl-Henric Svanberg, other responsible executives and the major shareholders of the oil- and energy corporation BP/Great Britain Cover Photo The photo depicts a BP company press conference covering the oil disaster in the Gulf of Mexico in the summer of 2010 which took place in front of the seat of the US government, the White House in Wash- ington. At the microphone is chairman of the board Carl-Henric Svanberg, behind him former CEO Tony Hayward (left) and the CEO-designate Bob Dudley (second from left). Publisher Donations Account ethecon EthikBank Germany Foundation Ethics & Economics IBAN DE 58 830 944 95 000 30 45 536 Wilhelmshavener Straße 60 BIC GENODEF1ETK 10551 Berlin/Germany GLS-Bank Germany Phone +49 - 30 - 22 32 51 45 IBAN DE05 430 609 67 6002 562 100 eMail [email protected] BIC GENODEM1GLS Chairman of the Board of Directors Dipl. Kfm. Axel Köhler-Schnura (Founder) P.O.Box 15 04 35 40081 Düsseldorf/Germany Schweidnitzer Str. 41 40231 Düsseldorf/Germany Phone +49 - 211 - 26 11 210 Fax +49 - 211 - 26 11 220 eMail [email protected] Printed on 100% recycled paper / edited November 2010 ethecon Foundation Ethics & Economics ethecon Black Planet Award 2010 on Tony Hayward, Bob Dudley, Carl-Henric Svanberg and other responsibles of the BP corporation Table of contents The Blue Planet Project an the two ethecon Awards Speech by Axel Köhler-Schnura ................................................................................................................... 3 ethecon’s statement justifying the bestowal of the Black Planet Award 2010 on BP Responsibles ................................................................................
  • Phillips Petroleum Company 2001 Annual Report

    Phillips Petroleum Company 2001 Annual Report

    Phillips Petroleum Company 2001 Annual Report NEW EXPECTATIONS PHILLIPS’ MISSION IS TO PROVIDE SUPERIOR RETURNS FOR SHAREHOLDERS THROUGH TOP PERFORMANCE IN ALL OUR BUSINESSES. PHILLIPS PETROLEUM CONTENTS COMPANY IN BRIEF 2 PHILLIPS’WORLDWIDE OPERATIONS Phillips Petroleum Company is a 4 LETTER TO SHAREHOLDERS major integrated U.S. oil and gas CEO Jim Mulva describes Phillips’ journey and explains why the company has company. It is headquartered in new expectations for increased shareholder returns. Bartlesville, Oklahoma. The company 7 THE CHAIRMAN’S PERSPECTIVE was founded in 1917. Phillips’ core Jim Mulva responds to questions about the company as it prepares to enter a new era. activities are: 9 FINANCIAL SUMMARY ■ Petroleum exploration and produc- Phillips remains financially strong despite a challenging economic climate. tion on a worldwide scale. 10 EXPLORATION AND PRODUCTION (E&P) ■ Petroleum refining, marketing and Phillips anticipates increased oil and gas output from existing projects, and is transportation, primarily in the carrying out a balanced and focused exploration program. United States. 18 REFINING, MARKETING AND TRANSPORTATION (RM&T) ■ Chemicals and plastics production Following its acquisition of Tosco, Phillips is capturing synergies and taking advantage and distribution worldwide through of its expanded capabilities as one of the largest U.S. refiners and marketers. a 50 percent interest in Chevron 24 CHEMICALS Phillips Chemical Company Chevron Phillips Chemical Company is weathering a difficult market, holding down (CPChem). costs and carrying out growth projects. ■ Natural gas gathering, processing 26 GAS GATHERING, PROCESSING AND MARKETING and marketing in North America Phillips’ midstream joint venture is making the most of its strengths while through a 30.3 percent interest in pursuing growth opportunities.