20112001 ANNUAL ANNUL REPORTREPORT —— ForFor thethe FiscalFiscal YearYear JulyJuly 1,1, 2010 2001 toto JuneJune 30,30, 2011 2001 —— The American Association of Petroleum Geologists The American Association of Petroleum The Association also publishes special • Disseminating information relating Geologists was founded in 1917 during scientific publications and research data, to the geology and associated the infancy of the petroleum industry. provides student scholarships, presents technology of petroleum, natural Today the Association has approximately highly regarded education programs and gas, other subsurface fluids, and 30,000 members worldwide. Through its schools for professional geologists, and mineral resources headquarters staff, AAPG provides many offers a program of distinguished lecturers • Inspiring and maintaining a high membership services and strives to to organizations and communities. standard of professional conduct on the facilitate advancement of knowledge in AAPG was founded, and continues, as part of its members petroleum geology through publications a scientific organization dedicated to • Providing the public with means and education programs. • Advancing the science of geology, of recognition of adequately trained The monthly AAPG Bulletin is widely especially as it relates to petroleum, and professionally responsible considered a leading scientific journal in natural gas, other subsurface fluids, and petroleum geologists petroleum geology. The AAPG Explorer, a mineral resources • Advancing the professional well-being monthly tabloid, is the Association’s • Promoting technology for exploring of its members vehicle for timely information and for, finding, and producing these materials AAPG does not “speak” for the oil insights into the industry in general. The in an economically and environmentally industry, but for its individual AAPG Web site, located at www.aapg.org, sound manner members—explorationists who seek provides association and professional • Fostering the spirit of scientific and find hydrocarbon resources. information. research throughout its membership Founders of AAPG William F. Absher E. DeGolyer L.L. Hutchison Forest R. Rees Walter J. Allen Alexander Deussen C.E. Hyde Robert J. Riggs J.M. Armstrong W.E. Dodge Harry R. Johnson Charles H. Row F.L. Aurin L.G. Donnelly William Kennedy Paul Ruedemann R.F. Baker N.F. Drake Grady Kirby J.M. Sands John G. Bartram H.D. Easton Charles T. Kirk E.W. Scudder Mowry Bates Charles R. Eckes William C. Kite C.L. Severy C. Max Bauer A.E. Fath Marvin Lee C.W. Shannon Albert L. Beekly Otto A. Fischer Raymond Leibensperger Walter M. Small Walter R. Berger F. Julius Fohs J. Whitney Lewis Carl D. Smith W. Grant Blanchard Thomas J. Galbraith Harve Loomis L.B. Snider Ed Bloesch James H. Gardner Hugh J. Mackay L.C. Snider James P. Bowen D.L. Garrett Alex W. McCoy W.C. Spooner Robert Wesley Brown Robert E. Garrett Edgar W. McCrary Dean M. Stacy Alan Bruyer H.B. Goodrich A. Stafford McCullough Charles H. Taylor Frank Bryan Charles N. Gould H. Harper McKee J. Elmer Thomas H.A. Buehler Frank C. Greene M.G. Mehl L.E. Trout George E. Burton Dorsey Hager George H. Meyers Johan A. Udden Frank Buttram Chester A. Hammil William J. Millard Herbert N. Uri W.R. Calvert Burton Hartley V.E. Monnett M.M. Valerius Everett Carpenter Huntsman Haworth Raymond C. Moore W.A.J.M. van Water Albert S. Clinkscales R.S. Hazeltine Francis P. Mulky schoot van der Gracht R.A. Conkling K.C. Heald M.J. Munn V.V. Waite Clifton S. Corbett Bryan Hendon Jerry B. Newby Lucian Walker G.H. Cox John M. Herald D.W. Ohern K.D. White E.J. Cragoe Earle P. Hindes E.C. Parker Earl V. Whitwell A.F. Crider Charles W. Honess Irving Perrine A.J. Williams C.L. Cumming Joseph S. Hook G.C. Potter E.G. Woodruf Edward Hardin Davis J.V. Howell Sidney Powers W.E. Wrather L.R. Dawson Richard Hughes Wallace E. Pratt Harry F. Wright Charles E. Decker V.H. Hughes Sylvan S. Price These names are taken from the bronze plaque in the AAPG Headquarters building, Tulsa, Oklahoma, dedicated on March 20, 1953, to the Founders of the Association—Lawrence Tenney Stevens, sculptor. AAPG BULLETIN, V. 95, NO. 12 (DECEMBER 2011), PP. 2119–2189 2119 Reports of the Officers, Advisory Council, and House of Delegates President special publications and the publications of now available to individuals for a modest This year began with the Macondo over 30 of our affiliated societies. Members annual fee. blowout and ends with the search for a have had full access to the Bulletin We have received a proposal from the new AAPG executive director. In between archives as a benefit of membership, but Columbian Association of Geologists and these benchmarks was an eventful year. the rest of the database has been largely Geophysicists to open a Latin American We began this year with about a half of a restricted to corporations and universities office in Bogota, Columbia. That offer is dozen goals and I think we have fulfilled in a subscription basis. That database is under review. most of them. This has been a good year financially. Thanks to successful conferences in Calgary and Houston, we should have an Statement of Income and Expenses operating net profit for this fiscal year. General Fund General Fund Budget AAPG is a not-for-profit organization, but FY 2009-10 FY 2010-11 FY 2010-11 that does not mean we do not want to show a profit periodically to balance Operating Income those years when we close the year with Dues $1,946,891.00 $2,277,034.00 $2,461,866.00 a loss. On balance, AAPG spends every BULLETIN Subscriptions 267,850.00 261,975.00 301,200.00 dollar that comes in the door. Advertising Income 1,500,346.00 1,576,026.00 1,521,216.00 AAPG has always been and always will Sales of Publications 587,292.00 526,430.00 644,800.00 be about the science of petroleum Interest and Dividends 195,691.00 354,315.00 221,000.00 geology. Our Executive Committees are Investment Income from NAPE 477,727.00 540,626.00 480,000.00 dedicated to augmenting and assuring the Education and Misc. Service Fees 2,940,852.00 3,209,971.00 4,029,759.00 continuation of that mission. We also are Conferences and Meetings 5,991,218.00 6,483,115.00 6,104,049.00 dedicated to service to our members and Page Contributions 5,186.00 4,820.00 5,040.00 the long-term viability of the Association. Gain (Loss) on Datapages (131,315).00 170,998.00 69,817.00 Gain (Loss) on International Pavilion 5,955.00 35,400.00 30,000.00 The Science Grant Income 1,024,834.00 1,030,385.00 1,064,390.00 The Bulletin continues to be our Miscellaneous 397,469.00 804,003.00 806,412.00 flagship publication and the most cited journal in petroleum geology. The TOTAL OPERATING INCOME: 15,209,996.00 17,275,098.00 17,739,549.00 Association has been blessed with the Operating Expenses service of highly capable and dedicated Salaries $3,437,822.00 3,864,380.00 3,865,850.00 editors whose tireless efforts have Employee Benefits 1,646,479.00 1,655,516.00 1,404,084.00 maintained the high standards our Publishing Cost of BULLETIN 208,900.00 218,993.00 264,000.00 members have come to expect. Publishing Cost of EXPLORER 197,222.00 198,438.00 245,280.00 Member Service Cost of Special Publications Sold 177,817.00 237,135.00 195,976.00 We have tried to provide you with General Office Expense 1,022,298.00 1,032,947.00 1,117,834.00 some new member services this year. Postage and Shipping 635,149.00 642,718.00 737,976.00 We launched Search and Discovery Building Expense 248,856.00 296,513.00 243,554.00 Professional Fees 1,861,412.00 1,971,971.00 1,947,892.00 Digest, and we opened up Datapages to Staff Travel 404,920.00 357,403.00 415,051.00 individual subscriptions. Professional Travel 1,033,001.00 1,379,618.00 1,215,812.00 We initiated a new digital publication Conferences and Meetings 5,038,756.00 3,223,687.00 4,707,027.00 this year that focuses attention on our Depreciation 163,141.00 167,062.00 204,780.00 Search and Discovery website. The AGI Dues 70,599.00 12,455.00 60,000.00 Search and Discovery Digest is a quarterly Meeting Presence / Display 30,922.00 5,917.00 45,955.00 publication that focuses on a specific Miscellaneous Grants and Awards 344,017.00 224,728.00 491,847.00 play-based theme. The first issue was on Miscellaneous 464,595.00 492,869.00 537,027.00 shale gas and the second issue was on TOTAL OPERATING EXPENSES: 16,985,906.00 15,982,350.00 17,699,945.00 oil shale. The content for each issue is pulled from the relevant submissions to Income (loss) from Operations $(1,775,910.00) $1,292,748.00 $39,604.00 Search and Discovery. For those unfamiliar BALANCE SHEET SUMMARY with Search and Discovery, it is our online, open access database containing Assets $14,679,625.00 $17,158,053.00 more than 4,300 articles. Most of the Liabilities 6,567,699.00 4,835,049.00 content of Search and Discovery comes Fund Balance 8,111,926.00 12,323,004.00 from speakers and poster presenters at AAPG meetings.