Humber Industrial Strategy Prospectus June 2019
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2019 Annual Report Are Commission-Free
Table of Contents 1 Letter to Our Shareholders 4 Financial Highlights 6 Our Businesses Midstream Chemicals Refining Marketing and Specialties 7 Our Value Chain 8 Our Strategy Operating Excellence Growth Returns Distributions High-Performing Organization 28 Board of Directors 30 Executive Leadership Team 31 Non-GAAP Reconciliations 32 Form 10-K | ON THE COVER AND TABLE OF CONTENTS Lake Charles Refinery WESTLAKE, LA In 2019, Lake Charles Manufacturing Complex achieved a sustained safety record of more than 55 months, equivalent to 7.5 million safe work hours. 2019 PHILLIPS 66 ANNUAL REPORT 1 To Our Shareholders We have the right strategy in place to create shareholder value, and our employees are executing it well. Phillips 66 achieved 34% total shareholder return during 2019, which exceeded our peer group average and the S&P 100. In 2019, we delivered earnings of $3.1 billion and earnings per share of $6.77. Adjusted earnings were $3.7 billion or $8.05 per share. During the year, we generated $4.8 billion of operating cash flow. We reinvested $3.9 billionback into the business and returned $3.2 billion of capital to shareholders through dividends and share repurchases. We increased our quarterly dividend 12.5% and announced a $3 billion increase to our share repurchase program. Since our formation, we have returned $26 billion to shareholders through dividends, share repurchases and exchanges, reducing our initial shares outstanding by 33%. Operating excellence is our No. 1 priority and core to everything we do. Our goal is zero incidents, zero accidents and zero injuries. We believe this is attainable, and we strive for it daily. -
2020 Fact Book 2 Our Businesses Our Strategy Midstream Chemicals Refining Marketing and Specialties Energy Research & Innovation Global Asset Map General Information
Cover Photo: Taft Storage Facility at Gray Oak Pipeline TAFT, TX Contents 3 4 5 OUR BUSINESSES OUR STRATEGY MIDSTREAM Ferndale Ferndale Rail Terminal* Renton North Spokane Tacoma (MT) Yellowstone Cut Bank Moses Lake Thompson 17Falls Rail 24 14 Spokane Terminal Palermo* UROPE DLE EA Portland D Great Falls E I ST Portland (MT) Missoula Rail Terminal M Yello Glacier Sacagawea* Missoula wsto Helena Roundup Keene CDP* ne Billings Crude* Bozeman Billings Billings Humber SPCo & S-Chem ooth Sheridan* Semino Bakk Beart en Bayway MiRO CHEMICALS REFINING * MARKETING AND SPECIALTIES Bighorn e* Linden* Q-Chem I & II Casper* Tremley Pt. (MT)* * Po Rock Springs wd Bayway Rail eminoe er Ri Terminal* S Harbor Red Line Oil North Salt Lake Pioneer ve Des Moines s r Sacramento Rockies Expr Hartford Lincoln ess Line 20 ess Richmond (MT) Rockies Expr San Francisco Denver Borg Conway Kansas City* Po 0 Rockies Expres to Wichita wd Paola er-Den Gold Line* Wood River er Riv Wichita N.* Products* HeartlandPaola* Blue Line 0 Wichita S.* E. St. ver Jeerson City* Junction er Louis* Southern Hills* m Cherokee North* r*Hartford* Line 30 re Line 40 ol Standish* La Junta * h Ponca City* Explo his Ponca City ld Line C Crude* Go 0 Los Angeles Medford* eeMount Vernon* ok t Los Angeles Borger CherEas Torrance Cherokee Colton Borger to Amarillo* Blue LineSouth* Glenpool* Ponca Selmer Line O* * CushPo* Albuquerque* K PL Sk AC ATA Line* elly ST Cushing City SA Oklahoma City* Amarillo* -Belvieu Los Angeles AL Borger Oklahoma Crude* * Explor Wichita Falls* Lubbock* Savannah North -
Long-Term Prospects for Northwest European Refining
LONG-TERM PROSPECTS FOR NORTHWEST EUROPEAN REFINING ASYMMETRIC CHANGE: A LOOMING GOVERNMENT DILEMMA? ROBBERT VAN DEN BERGH MICHIEL NIVARD MAURITS KREIJKES CIEP PAPER 2016 | 01 CIEP is affiliated to the Netherlands Institute of International Relations ‘Clingendael’. CIEP acts as an independent forum for governments, non-governmental organizations, the private sector, media, politicians and all others interested in changes and developments in the energy sector. CIEP organizes lectures, seminars, conferences and roundtable discussions. In addition, CIEP members of staff lecture in a variety of courses and training programmes. CIEP’s research, training and activities focus on two themes: • European energy market developments and policy-making; • Geopolitics of energy policy-making and energy markets CIEP is endorsed by the Dutch Ministry of Economic Affairs, the Dutch Ministry of Foreign Affairs, the Dutch Ministry of Infrastructure and the Environment, BP Europe SE- BP Nederland, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ('Rabobank'), Delta N.V., ENGIE Energie Nederland N.V., ENGIE E&P Nederland B.V., Eneco Holding N.V., EBN B.V., Essent N.V., Esso Nederland B.V., GasTerra B.V., N.V. Nederlandse Gasunie, Heerema Marine Contractors Nederland B.V., ING Commercial Banking, Nederlandse Aardolie Maatschappij B.V., N.V. NUON Energy, TenneT TSO B.V., Oranje-Nassau Energie B.V., Havenbedrijf Rotterdam N.V., Shell Nederland B.V., TAQA Energy B.V.,Total E&P Nederland B.V., Koninklijke Vopak N.V. and Wintershall Nederland B.V. CIEP Energy -
Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Millions of Dollars 2011 2012 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD Revenues and Other Income Sales and other operating revenues* 56,530 65,627 62,784 59,872 244,813 56,132 56,132 Equity in earnings of affiliates 1,017 1,160 1,298 602 4,077 1,220 1,220 Gain on dispositions 616 78 (480) 1,793 2,007 942 942 Other income 84 96 27 122 329 60 60 Total Revenues and Other Income 58,247 66,961 63,629 62,389 251,226 58,354 58,354 Costs and Expenses Purchased crude oil, natural gas and products 42,376 50,133 47,597 45,761 185,867 41,889 41,889 Production and operating expenses 2,628 2,606 2,768 2,768 10,770 2,696 2,696 Selling, general and administrative expenses 499 514 466 599 2,078 685 685 Exploration expenses 176 264 266 360 1,066 679 679 Depreciation, depletion and amortization 2,070 2,075 1,870 1,919 7,934 1,838 1,838 Impairments - 2 486 304 792 259 259 Taxes other than income taxes* 4,364 4,830 4,579 4,534 18,307 4,521 4,521 Accretion on discounted liabilities 112 115 114 114 455 114 114 Interest and debt expense 262 247 235 228 972 209 209 Foreign currency transaction (gains) losses (36) (17) 68 (31) (16) (11) (11) Total Costs and Expenses 52,451 60,769 58,449 56,556 228,225 52,879 52,879 Income before income taxes 5,796 6,192 5,180 5,833 23,001 5,475 5,475 Provision for income taxes 2,754 2,773 2,549 2,423 10,499 2,520 2,520 Net Income 3,042 3,419 2,631 3,410 12,502 2,955 2,955 Less: net income attributable to noncontrolling interests (14) (17) (15) (20) (66) (18) (18) Net -
Ørsted Annual Report 2018 Ørsted Annual Report 2018 Contents
Ørsted Annual report 2018 Ørsted Annual report 2018 Contents Our vision Let’s create a world that runs entirely on green energy Ørsted Annual report 2018 Contents Content Management’s review Financial statements Overview 4 Consolidated financial statements 72 Chairman’s statement 5 Income statement 73 CEO’s review 6 Statement of comprehensive income 74 Performance highlights 10 Balance sheet 75 Outlook 2019 12 Statement of changes in equity 76 Financial estimates and policies 14 Statement of cash flows 77 Note summary 78 Our business 15 Notes 79 The green transformation 16 Our strategic playing field 18 Consolidated ESG statements (additional information) 167 Our markets 19 Basis of reporting 168 Our strategy 22 Environment 169 Our business model 25 Social 171 Strategic targets 26 Governance 172 Our geographic footprints 28 Parent company financial statements 175 Results 30 Income statement 176 Results 31 Balance sheet 176 Five-year summary 35 Statement of changes in equity 177 Fourth quarter 36 Notes 178 Quarterly summary, 2017-18 38 Management statement, Business units 39 auditor’s reports and glossary 185 Our business units 40 Statement by the Executive Board Offshore 41 and the Board of Directors 186 Onshore 46 Independent Auditors’ report 187 Bioenergy 49 Limited assurance report of the independent auditor 191 Customer Solutions 52 Glossary 192 Governance 55 Board of Directors 56 Group Executive Management 58 Corporate governance 59 Remuneration report 63 Risk and risk management 66 Shareholder information 70 3 / 193 Ørsted Annual -
Final Annual Load Factors for 2018/19 Tnuos Tariffs
Final Annual Load Factors for 2018/19 TNUoS Tariffs October 2017 NGET: Final ALFs for 2018/19 TNUoS Tariffs October 2017 1 Final Annual Load Factors for 2018/19 TNUoS Tariffs This information paper contains the Final Annual Load Factors (ALFs) that National Grid will use in the calculation of Generation TNUoS charges from April 2018. October 2017 October 2017 Contents Executive Summary 4 Annual Load Factors For The 2018/19 Charging Year 5 Table 1: Annual Load Factors By Generating Station 5 Table 2: Generic Annual Load Factors For The 2018/19 Charging Year 10 Changes to the Draft ALFs 11 The Onshore Wind Generic ALF has changed 11 Edinbane 11 Pen Y Cymoedd 11 Inactive Generators 12 How Are ALFs Calculated? 13 Five Years Of Data 13 Four Years Of Data 14 Three Years Of Data 14 Fewer Than Three Years Of Data 14 Calculation Of Partial Year ALFs 15 Generic ALFs 15 Next Steps 15 Appendix A: Generation Charging Principles 16 CMP268 16 The TNUoS Wider Tariff 16 Other Charges 17 Contact Us If you have any comments or questions on the contents or format of this report, please don’t hesitate to get in touch with us. Team Email & Phone [email protected] 01926 654633 NGET: Final ALFs for 2018/19 TNUoS Tariffs October 2017 3 Executive Summary This document contains the Final Annual Load Factors (ALFs) to be used in the calculation of generator Transmission Network Use of System (TNUoS) tariffs for 2018/19, effective from 1 April 2018. The ALFs are based on generation data for five years from 2012/13 until 2016/17. -
Case Study on Co2 Transport Pipeline Network Design for Humber Region in the Uk
CASE STUDY ON CO2 TRANSPORT PIPELINE NETWORK DESIGN FOR HUMBER REGION IN THE UK Tihomir Lazica, Eni Okoa,b and Meihong Wanga,b,* aProcess Systems Engineering Group, School of Engineering, Cranfield University, Bedfordshire, MK43 0AL, UK bSchool of Engineering, University of Hull, HU6 7RX, UK *Corresponding author. Tel.: +44 1482 466688. E-mail address: [email protected] ABSTRACT Reliable, safe and economic CO2 transport from CO2 capture points to long term storage/enhanced oil recovery (EOR) sites is critical for commercial deployment of carbon capture and storage (CCS) technology. Pipeline transportation of CO2 is considered most feasible. However, in CCS applications there is concern about associated impurities and huge volumes of high pressure CO2 transported over distances likely to be densely populated areas. On this basis, there is limited experience for design and economic assessment of CO2 pipeline. The Humber region in the UK is a likely site for building CO2 pipelines in the future due to large CO2 emissions in the region and its close access to depleted gas fields and saline aquifers beneath the North Sea. In this paper, various issues to be considered in CO2 pipeline design for CCS applications are discussed. Also, different techno- economic correlations for CO2 pipelines are assessed using the Humber region as case study. Levelized cost of CO2 pipelines calculated for the region range from 0.14 to 0.75 GBP per tonne of CO2. This is a preliminary study and is useful for obtaining quick techno-economic assessment of CO2 -
The Low Carbon Energy & Industry Investment Opportunity
Greater Lincolnshire UK The Low Carbon Energy & Industry Investment Opportunity Greater Lincolnshire UK The Low Carbon Energy & Industry Investment Opportunity 03 Business Location Guide Contents Contents Contents 03 The Low Carbon Investment Opportunity 04 The UK Low Carbon Market Opportunity 06 The Low Carbon Industrial Investment Opportunity 08 The Circular Economy Investment Opportunity 10 The Offshore Renewable Energy Investment Opportunity 12 Low Carbon & Related Industry Clusters 14 Low Carbon Knowledge, Research & Technologies 16 Workforce, Education & Skills for Low Carbon Sectors 18 Industrial Sites & Property Solutions 26 Humber Freeport Sites & Benefits28 Ports & Logistics Infrastructure 30 Fast UK & Global Market Access 32 Greater Lincolnshire’s Location & Connectivity 34 UK Market Access 35 Support for Your Low Carbon Sector Business Investment 36 Greater Lincolnshire UK The Low Carbon Energy & Industry Investment Opportunity 04 Greater Lincolnshire UK The Low Carbon Energy & Industry Investment Opportunity 05 Business Location Guide Business Location Guide Growth opportunities aligned with Greater ambitious UK sustainability goals Lincolnshire UK: UK-leading industry clusters The Low Carbon in Low Carbon energy and industrial sectors Investment Building on established strengths in energy generation, energy-intensive industries, and port logistics, including within the Humber Energy Advanced Low Carbon research, Estuary, the area is home to the UK’s most Opportunity ambitious Industrial Decarbonisation project, a innovation -
Explosion at the Conoco Humber Refinery – 16Th April 2001
SYMPOSIUM SERIES NO. 151 # 2006 Crown Copyright EXPLOSION AT THE CONOCO HUMBER REFINERY – 16TH APRIL 2001 Jonathan Carter, Peter Dawson and Robert Nixon Health and Safety Executive, Hazardous Installations Directorate # Crown Copyright 2006. This article is published with the permission of the Controller of HMSO and the Queen’s Printer for Scotland An explosion and fire occurred at the Conoco Humber Refinery on 16th April 2001, following the catastrophic failure of a 600 overhead pipe from a de-ethaniser column on the Saturate Gas Plant. Investigation revealed that the failure of the pipe was due to internal corrosion that had not been identified by the refinery pipework inspection regime. The paper describes the event and the emergency response. It also examines the immediate cause of the event, and how failures of the management of pipework inspection and management of change failed to prevent the accident occurring. The paper concludes with the lessons that can be learned from this event. THE REFINERY The Humber Refinery is located on the south bank of the estuary of the River Humber on the east coast of England, approximately 1.5 km north-west of the town of Immingham and 0.5 km east of the village of Killingholme. In 2001 Conoco Ltd owned the refinery. In August 2002 Conoco merged to form ConocoPhillips Ltd., the current owners of the refinery. The refinery was constructed between 1966 and 1969 and commissioned in 1970. The current capacity of the refinery is about 225,00 US barrels per day of crude oil, or about 11.4 million tonne per year. -
Hornsea Project Three Offshore Wind Farm
Hornsea Project Three Offshore Wind Farm Hornsea Project Three Offshore Wind Farm Funding Statement Annex 2 – Ørsted Annual Report PINS Document Reference: A4.1.2 APFP Regulation 5(2)(h) Date: May 2018 Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report May 2018 Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report Cover Letter to the Planning Inspectorate Report Number: A4.1.2 Version: Final Date: May 2018 This report is also downloadable from the Hornsea Project Three offshore wind farm website at: www.hornseaproject3.co.uk Ørsted 5 Howick Place, London, SW1P 1WG © Orsted (UK) Ltd, 2018. All rights reserved Front cover picture: Kite surfer near a UK offshore wind farm © Orsted Hornsea Project Three (UK) Ltd., 2018 i Compulsory Acquisition Funding Statement Annex 2 – Ørsted Annual Report May 2018 Prepared by: Oliver Palasmith Checked by: Richard Grist Accepted by: Sophie Banham Approved by: Stuart Livesey ii Ørsted Annual report 2017 Ørsted Annual report 2017 Contents The Ørsted Way Let’s create a world that runs entirely on green energy Climate change is one of the biggest challenges for life on Earth. Today, the world mainly runs on fossil fuels. We need to transform the way we power the world; from black to green energy. At Ørsted, our vision is a world that runs entirely on green energy. We want to revolutionise the way we power people by developing green, independent and economically viable energy systems. By doing so, we create value for the societies that we are a part of and for all our stakeholders. The way we work is based on five guiding principles: Integrity Results We are open and trustworthy We set the bar high, take ownership and uphold high ethical standards and get the right things done Passion Safety We are passionate about what We never compromise on health and safety we do and proud of what we achieve standards Team Integrity is our root. -
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Operator Name Location Name Address Name Address Street Address Town Address County Address Postcode 1 Address Postcode 2 Incumbent Duty Type Text Previous Name LA Code Local Authority Country AMG Superalloys UK Limited Rotherham Fullerton Road Rotherham South Yorkshire S60 1DL COMAH Upper Tier Operator (was London & Scandinavian Metallurgical Co Ltd) 4415 Rotherham England Anglian Water Services Limited Wing Water Treatment Works Morcott Road Oakham Rutland LE15 8SA COMAH Upper Tier Operator 2470 Rutland UA England Arch Timber Protection Limited Huddersfield Huddersfield Works Leeds Road Huddersfield West Yorkshire HD2 1YU COMAH Upper Tier Operator (was Arch UK Biocides Ltd) 4715 Kirklees England Argenta Dundee Limited Dundee Dunsinane Industrial Estate Kinnoull Road Dundee Angus DD2 3XR COMAH Upper Tier Operator (was Vericore Limited) 9059 Dundee UA Scotland Associated British Ports Immingham Dock Immingham Dock Immingham Lincolnshire DN40 2NS COMAH Upper Tier Operator 2002 North East Lincolnshire England Associated Petroleum Terminals (Immingham) Limited Immingham Main Terminal Queens Road Immingham North East Lincolnshire DN40 2PN COMAH Upper Tier Operator 2002 North East Lincolnshire England Avanti Gas Limited Ellesmere Port Britannia Road Ellesmere Port Cheshire CH65 4HB COMAH Upper Tier Operator (was Shell Gas Limited) 4325 Wirral England Avara Avlon Pharma Services Limited Avlon Works Severn Road Bristol South Gloucestershire BS10 7ZE COMAH Upper Tier Operator (was AstraZeneca UK Limited) 0119 South Gloucs UA England BAE Systems -
Delivering Value
Delivering Value 2010 SUMMARY ANNUAL REPORT DEBT-TO-CAPITAL RATIO RETURN ON CAPITAL EMPLOYED* TOTAL RECORDABLE RATE (Percent) (Percent) (Safety incidents per 200,000 hours) 33 18 0.52 31 0.40 25 0.31 10 7 2010 2010 2010 2009 2009 2009 2008 2008 2008 *See reconciliation on page 38. 2 Letter to Shareholders Certain disclosures in this Summary Annual Report may be considered “forward-looking” statements. These are made 5 Financial and Operating Highlights pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The “Cautionary Statement” Our Commitments in Management’s Discussion and Analysis in Appendix B 6 Delivering Shareholder Value of ConocoPhillips’ 2011 Proxy Statement should be read in conjunction with such statements. 8 Leveraging Technology 10 Developing Our People “ConocoPhillips,” “the company,” “we,” “us” and “our” are used interchangeably in this report to refer to the businesses Operational Review of ConocoPhillips and its consolidated subsidiaries. 12 Exploration and Production Definition of resources: ConocoPhillips uses the term 22 Refining and Marketing “resources” in this document. The company estimates 28 The Extended Value Chain its total resources based on a system developed by the Society of Petroleum Engineers that classifies recoverable 33 Financial Summary hydrocarbons into six categories based on their status at the time of reporting. Three (proved, probable and possible 40 Board of Directors reserves) are deemed commercial, and three others 42 Company Officers are deemed noncommercial or contingent. The 43 Shareholder Information company’s resource estimate encompasses volumes associated with all six categories. “ We have demonstrated our ability to successfully adapt our traditional, proven business strategies to new realities.” James J.