EIN Presswire: BP Energy Live Feed Press Releases

BP Announces Plan to Sell its Global LPG Bottles and Tank Filling Business

Tue, 07 Feb 2012 12:12:57 +0000

Release date: 07 February 2012

BP announced today that it intends to sell its LPG bottles and tank filling operations in Portugal, UK, Austria, Poland, Netherlands, Belgium, Turkey, China and South Africa, as well as its non refinery-integrated wholesale business.

Also included in the sale are LPG storage terminals, bottle filling plants, customer lists, operating licences and logistics assets.

The decision follows a review of BP’s LPG portfolio last year. As a result of the review, it was concluded that BP is not the natural owner long term of the LPG bottles and tank filling business.

It was felt that the business would offer greater opportunities for other companies wanting to invest allowing BP to continue to focus its refining and marketing businesses where it has leading market positions it can sustain and grow in the long-term.

BP intends to retain its autogas business in Europe and move it into the Fuels Value Chains, and maintain LPG wholesale outlets to support its refinery operations.

Commenting on the divestment, Tufan Erginbilgic, chief operating officer, Refining and Marketing said: “BP intends to remain a key player in the European LPG autogas sector and through the Fuels Value Chains we will have a strategic fit with our forecourt fuels offer. We will also maintain LPG wholesale outlets where they support our refineries.”

He said: “We believe that new owners will be able to build on these good assets, and market positions to grow the businesses further in the best interests of customers and, other stakeholders, including those who work in the business.

We want to develop world class fuels value chains with an integrated offer to our customers utilising our market positions.”

The LPG bottles and tank filling activities will continue to be managed as a global business until sold. BP intends to sell the businesses as going concerns and expects significant market interest.

We expect to complete any deal by the end of 2013, subject to regulatory and other approvals.

Further information:

Office: BP press office
Location: London
Phone : +44 (0)20 7496 4076
Email: bppress@bp.com

In this section

BP Announces Plan to Sell its Global LPG Bottles and Tank Filling Business

BP Raises Dividend as Operational Momentum Returns

BP Fourth Quarter and Full-Year 2011 Results

BP Board Changes

BP to Increase Graduate Recruitment by 50 Per Cent in 2012 and to Give its Graduates the Unique Opportunity to Help Deliver the London 2012 Olympic and Paralympic Games
More

BP Board Changes

Sat, 04 Feb 2012 08:10:00 +0000

Release date: 03 February 2012

The Board of BP p.l.c. announced today that Professor Dame Ann Dowling will join the Board as a non-executive director with immediate effect. Dame Ann is the Head of the Department of Engineering at the University of Cambridge where she is Professor of Mechanical Engineering. Dame Ann has held visiting posts at MIT and Caltech and has had strong links with industry throughout her career.

It was further announced that Sir William Castell has decided not to stand for re-election at the Company’s Annual General Meeting on April 12, 2012. Sir William will have served on the Board for nearly six years. Sir William handed the Chair of the Safety, Ethics & Environment Assurance Committee to Paul Anderson in December 2011.

Andrew Shilston will succeed Sir William as the Senior Independent Director and will be available to shareholders as necessary. He will work closely with Antony Burgmans who, given his length of service on the Board, will respond to any internal board matters.

In addition there are the following changes to Board Committee membership with immediate effect. Andrew Shilston will join and Ian Davis will stand down from the Audit Committee. Dame Ann will join the Safety, Ethics & Environment Assurance Committee. Admiral Skip Bowman will join the Gulf of Mexico Committee.

BP Chairman Carl-Henric Svanberg said: “Bill Castell has given exceptional service to the Board of BP and its shareholders over some six years. He has made a substantial contribution to the Board, not least as Chair of the Safety, Ethics & Environment Assurance Committee. The last two years have been a difficult time for BP. Bill has devoted all the time that was asked of him and more in the service of the Board and the Company. I speak for the whole Board when I thank him sincerely for all he has done.

“I welcome Ann Dowling to the Board. Ann has a strong academic and engineering background and I look forward to her contribution to our discussions.”

BP Group Chief Executive Bob Dudley said: “I want to thank Bill on behalf of the management team for all that he has done in supporting us in our work to further embed safety as the number one priority in BP. He has been tireless in that support both in the UK and in the visits which he has made to our sites across the world.”

Dame Ann Dowling

Ann Dowling is Head of Department of Engineering at the University of Cambridge where she is Professor of Mechanical Engineering. She has held visiting posts at MIT (Jerome C Hunsaker Visiting Professor 1999) and at Caltech (Moore Distinguished Scholar 2001).

Ann Dowling’s research is primarily in the fields of combustion, fluid mechanics, vibration and noise, and is aimed primarily at the transport and energy sectors. She is one of the founders of the Energy Efficient Cities initiative in Cambridge. Ann Dowling is chairman to the University Gas Turbine Partnership (UGTP) with Rolls-Royce in which a range of technologies are researched for the next generations of aero and industrial gas turbines. She was UK lead of the Silent Aircraft Initiative, a collaboration between researchers at Cambridge and MIT, which led to the development of a conceptual design for a novel, ultra-low noise, fuel-efficient aircraft that has helped set the scene for NASA’s long-term vision.

She is a Chartered Engineer, Fellow of the Royal Society, Royal Academy of Engineering, Foreign Member of the US National Academy of Engineering, and of the French Academy of Sciences. She has an Honorary ScD degree from Trinity College Dublin and an Honorary Fellowship from the Institution of Mechanical Engineers. Ann has served on a number of industry and government advisory bodies. She chaired the Royal Society/Royal Academy of Engineering study on Nanotechnology and is chairing the Physical Sciences, Engineering and Mathematics Panel in the Research Excellence Framework – the UK government’s review of research in universities. She was appointed CBE by the Queen for services to Mechanical Engineering in 2002, and DBE for services to Science in 2007.

Photographs of Dame Ann Dowling are available from the BP press office.

Further information:

Office: BP press office
Location: London
Phone : +44 (0)20 7496 4076
Email: bppress@bp.com

In this section

BP Board Changes

BP to Increase Graduate Recruitment by 50 Per Cent in 2012 and to Give its Graduates the Unique Opportunity to Help Deliver the London 2012 Olympic and Paralympic Games

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Halliburton Indemnity in Deepwater Horizon Accident

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

BP Forecasts Robust Global Energy Demand to 2030 Despite Efficiency Gains
More

BP to Increase Graduate Recruitment by 50 Per Cent in 2012 and to Give its Graduates the Unique Opportunity to Help Deliver t

Thu, 02 Feb 2012 17:11:43 +0000

Release date: 02 February 2012

BP, one the UK’s leading graduate recruiters, announced today that it is increasing its annual UK graduate recruitment by 50 per cent, to nearly 250 graduates, in 2012.

BP has also confirmed that it will offer all of these graduate recruits an opportunity to work with the London 2012 Organising Committee (LOCOG) before they start their careers in September. BP is the only UK employer to offer such an experience to graduates, who will start working with LOCOG in June.

LOCOG and BP have agreed to offer up to 100 of the graduates the opportunity to pursue short-term secondments in areas such as the main operations centre, transport or city operations. BP secondment places are being offered on a first-come, first-served basis.

Throughout their secondments, BP will provide the graduates with a BP internship salary, accommodation and transport costs.

Emma Judge, Head of UK Graduate Recruitment, BP said: “BP is hiring more bright young minds than ever before and I’m sure the UK’s young science, technology, engineering and maths (STEM) community will be pleased to hear we are ramping up our recruitment again this year.”

She said: ”Being one of the leading UK graduate employers, and an Official Partner of the London 2012 Games, we wanted a special welcome for the graduates joining BP this year, so what better way than starting their careers with a once-in-a-lifetime opportunity. This will be a memorable experience - a fantastic opportunity for students in a truly unique setting.”

The BP pool of graduates will be trained by BP before they start in the summer, and will be further trained by LOCOG when they undertake their roles. They will work with LOCOG over different periods and stages during the Olympic and Paralympic Games, before starting their full-time roles with BP in September 2012.

Dame Kelly Holmes added: “Throughout my career, focus and determination has played a critical role in my success. It's great to see the UK's next generation of business talent being equally as focussed and determined to achieve their goals. I can't think of a better way for a graduate to start their career than a London 2012 secondment. It's fantastic that one of the Official Partners of the London 2012 Games is giving graduates this exclusive opportunity.”

Seb Coe, Chair of the London Organising Committee of the Olympic Games and Paralympic Games said: “Without the tens of thousands of people working on the London 2012 Games, they simply wouldn’t happen. We look forward to working with BP’s high-calibre graduates who will no doubt help us make the London 2012 Games a great success. We are also glad that these graduates will be gaining skills and experience that they will be able to use for many years to come, helping us leave a lasting legacy long after the Games have finished.”

Claire Madden, a BP 2012 graduate from Imperial College London said: “It will be absolutely fantastic to be a part of the London 2012 Games next year. The BP secondment scheme is an incredible opportunity to get involved in the Games and to help make it the most memorable Games yet!”

Universities and Science Minister David Willetts said: "It is excellent news that BP will be offering more opportunities for graduates this year. They recognise the importance of recruiting the brightest and the best talent in the UK. Working with the London 2012 Organising Committee (LOCOG) will give these graduates a fantastic, once-in-a-lifetime opportunity to experience the Olympics. This will be particularly welcome news for graduates and a reassuring sign that the recruitment market is improving thanks to companies such as BP."

Watch a short film report

Notes to editors:

BP is the Official Oil and Gas Partner for the London 2012 Games, a Premier Partner of the Cultural Olympiad and the Official Carbon Offset Partner with Target Neutral. More information on BP’s London 2012 partnership activities can be found at www.bp.com/2012
BP now recruits 244 graduates in the UK every year, and nearly 1000 worldwide, mostly from STEM backgrounds. It also takes on over 130 summer and one-year paid interns in the UK.
Those interested in a role and BP can apply via www.bp.com/careers
Over 100 current BP employees have applied to be London 2012 Games Makers, each committing to a 10-day volunteering role at Games-time

For further information:

Capital MSL
Liam Clark, Associate Director: liam.clark@capitalmsl.com 020 7307 5345
Michael Kinirons, Senior Consultant: michael.kinirons@capitalmsl.com 020 7307 5336

BP
Sheila Williams, Press Officer: sheila.williams@uk.bp.com 020 7496 4076

LOCOG
Julie Burley, Julie.Burley@london2012.com 020 3201 2432

In this section

BP to Increase Graduate Recruitment by 50 Per Cent in 2012 and to Give its Graduates the Unique Opportunity to Help Deliver the London 2012 Olympic and Paralympic Games

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Halliburton Indemnity in Deepwater Horizon Accident

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

BP Forecasts Robust Global Energy Demand to 2030 Despite Efficiency Gains

BP and Sempra U.S. Gas & Power Announce Plans to Further Expand Strategic Relationship in Wind Business
More

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Halliburton Indemnity in Deepwater Horizon

Wed, 01 Feb 2012 08:10:00 +0000

Release date: 31 January 2012

Today's ruling, together with last week's decision on Transocean's financial obligations stemming from its conduct at the Macondo well, is a strong signal that contractors involved in critical well operations will be held accountable for their actions under the law. All official investigations have concluded that Halliburton played a causal role in the accident, and following this ruling, Halliburton is, at a minimum, responsible for any punitive damages as well as civil penalties to the extent that they may apply under the Clean Water Act. Moreover, the court determined that if Halliburton is found to have committed fraud, then the indemnity could be void.

BP has acknowledged its role in the accident and has paid more than $7.8 billion in claims, advances and other payments to individuals, businesses and governments, regardless of whether third parties ultimately would be responsible for any of that sum or additional liabilities. Our charges and provisions never assumed any recovery from Transocean or Halliburton for pollution-related damages. These two decisions should put an end to the attempts by Transocean and Halliburton to avoid their obligations.

Further information:

Name: BP US Press Office
Phone : (281) 366-4463
Email: uspress@bp.com

In this section

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Halliburton Indemnity in Deepwater Horizon Accident

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

BP Forecasts Robust Global Energy Demand to 2030 Despite Efficiency Gains

BP and Sempra U.S. Gas & Power Announce Plans to Further Expand Strategic Relationship in Wind Business

BP Updates Gulf Restoration Activity in New TV Ad
More

Deadline for BP Oil Spill Settlment Approaches

Tue, 31 Jan 2012 19:30:00 +0000

Deadline for BP Oil Spill Settlment Approaches

PR Newswire

CRESSKILL, N.J., Jan. 31, 2012 /PRNewswire/ -- A settlement between BP and the U.S. Department of Justice is near for all civil and criminal charges related to the Deepwater Horizon drilling rig explosion and Gulf of Mexico oil spill. Estimated at between $20 billion and $25 billion, it will be the second largest settlement in U.S. history. The BP oil spill is considered to be the second worst environmental disaster in the nation's history, second only to the 1920s Dust Bowl.

(Logo: http://photos.prnewswire.com/prnh/20110803/NY45278LOGO )

The settlement is expected between February 7th (when BP releases its year-end results) and February 27th (the scheduled start of legal hearings in New Orleans). It will be months, if not years, before lawyers and plaintiffs receive compensation. However, once settlement amounts are finalized, litigation funding can be obtained immediately from RD Legal Funding, one of the nation's leading providers of plaintiff and attorney post-settlement funding.

About 4.9 million barrels of oil flowed into the Gulf of Mexico from April 20th, 2010, when the Deepwater Horizon drilling rig exploded, until the resulting sea-floor gusher was capped on July 15th, 2010. Eleven rig workers were killed and 17 more injured. Immeasurable damage was done to marine and wildlife habitats, as well as the Gulf's fishing and tourism industries.

The National Resources Defense Council reports that about 1,000 miles of shoreline were affected. Two thousand square miles of Louisiana's coastal wetlands have been lost. An enormous dead zone remains off the mouth of the Mississippi River.

In January 2011 the presidentially appointed National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling released its report blaming BP and its partners for its cost-cutting decisions and the lack of a system to ensure well safety. After an internal review, BP admitted culpability in the disaster and established a $20 billion fund to compensate oil spill victims. As of July 2011 the fund had paid $4.7 billion to 198,475 claimants, although nearly one million claims had been received with thousands more being made each week.

Attorneys representing plaintiffs in the BP Oil Spill Litigation, as well as plaintiffs themselves, should contact RD Legal Funding at 1-800-565-5177 for more information about immediate settlement financing.

Founded in 1997, RD Legal has established itself as one of the nation's leading providers of lawsuit settlement funding to attorneys and plaintiffs. For more information about RD Legal, please visit http://www.legalfunding.com.

SOURCE RD Legal Funding, LLC

China Looking Inwards for Strength - An Opportunity for Global Lubricant Majors, Projects Kline & Company

Tue, 31 Jan 2012 17:13:00 +0000

China Looking Inwards for Strength - An Opportunity for Global Lubricant Majors, Projects Kline & Company

PR Newswire

PARSIPPANY, New Jersey, January 31, 2012 /PRNewswire/ --

Changing market geographies in China are prompting a need for dual strategies for marketers tapping into China's estimated USD 18.7 billion lubricant market, indicates the recently published report Opportunities in Lubricants 2011: China Market Analysis by international consulting and research firm Kline & Company.

As a logistical consequence of China's vast exporting, manufacturing facilities tended to be coastal; however, in an effort to offset declining exports, China is increasingly shifting to a domestic consumption-driven economy. China is also investing significant resources in developing infrastructure within the country's interior, encouraging companies to expand and establish a presence to service what were until recently low priority domestic needs. This realignment affords both opportunities and challenges. Backed by government incentives, the hitherto underdeveloped interior of the country is emerging as a new and hungry market. Astute marketers therefore need to employ dual strategies: one for the traditional and more sophisticated developed regions of China, and another for the upcoming interior regions.

Kline's analysis also finds that China's state-owned players dominate the market, with PetroChina remaining China's leading lubricant supplier, claiming approximately 23% of the market mainly due to its strength in the industrial sector, while Sinopec claims a further 20% market share through its dominance of the automotive sector. These and other domestic companies, with their well-established reach and low price points, hold a distinct advantage in servicing the burgeoning lubricant demand and capturing market share. This is reflected by Shell, the leading foreign supplier in China, securing a relatively modest estimated 7% market share. Kline estimates that the combined sales of lubricants by foreign suppliers amount to around 27% of the total volume.

However, great opportunities exist for foreign lubricant suppliers as global companies increase their investments in China and are likely to choose the same or other trusted Western oil suppliers to fulfill their lubricant needs.

With the expectation that the car population in China will grow on average between 18% to 22% per year between 2010 and 2015, and given that most of the large automotive producers in China are multinational or joint venture companies with global sourcing as a common strategy, multinational lubricant producers can fare well by fostering and emphasizing proven and standardized product performance and value-added relationships. Additionally, with the absence of locally produced ATF and the growing popularity of automatic transmissions, there are largely uncontested opportunities for multinational lubricant suppliers to strengthen their position in the transmission oil market.

Due to increased investments in large power generation projects in recent years and further projects anticipated, more imported power generation equipment and other large electrical equipment will be introduced. "It is expected that this will lead to a rapid growth in demand for high-end lubricants in this market segment, with equipment manufacturers stipulating standardized, tested, and trusted fluids," commented Geeta Agashe, vice president of Kline's Energy Practice. "This is an opportunity for global majors, such as ExxonMobil, Shell, and BP, who have a strong relationship with the OEMs of imported equipment."

China's shifting economy affords considerable opportunities and foreign oil suppliers can significantly benefit by offering value-added services, specialty, proven, or trusted fluids, and capitalizing upon relationships with OEMs of imported equipment and parent companies.

Opportunities in Lubricants 2011: China Market Analysis is a comprehensive analysis of the Chinese lubricant market focusing on market size and growth, quality evolution, key trends, developments, challenges, business opportunities, and threats.

About Kline
Kline is a worldwide consulting and research firm dedicated to providing the kind of insight and knowledge that helps companies find a clear path to success. The firm has served the management consulting and market research needs of organizations in the chemicals, materials, energy, life sciences, and consumer products industries for over 50 years. For more information, visit http://www.KlineGroup.com.

For more information, contact:

Vera Sandarova
Marketing Communications
+420-222-316-282
Vera.Sandarova@klinegroup.com

China Looking Inwards for Strength - An Opportunity for Global Lubricant Majors, Projects Kline & Company

Tue, 31 Jan 2012 16:47:25 +0000

China Looking Inwards for Strength - An Opportunity for Global Lubricant Majors, Projects Kline & Company

PR Newswire

PARSIPPANY, N.J., Jan. 31, 2012 /PRNewswire/ -- Changing market geographies in China are prompting a need for dual strategies for marketers tapping into China's estimated USD 18.7 billion lubricant market, indicates the recently published report Opportunities in Lubricants 2011: China Market Analysis by international consulting and research firm Kline & Company.

About Kline
Kline is a worldwide consulting and research firm dedicated to providing the kind of insight and knowledge that helps companies find a clear path to success. The firm has served the management consulting and market research needs of organizations in the chemicals, materials, energy, life sciences, and consumer products industries for over 50 years. For more information, visit www.KlineGroup.com.

For more information, contact:

Vera Sandarova

Marketing Communications

+420-222-316-282

Vera.Sandarova@klinegroup.com

SOURCE Kline & Company

Investor Demand for World's Energy and Mining Companies Drives Depositary Receipt Trading and Capital Raisings in 2011, Says BNY Mellon

Mon, 30 Jan 2012 12:15:00 +0000

Investor Demand for World's Energy and Mining Companies Drives Depositary Receipt Trading and Capital Raisings in 2011, Says BNY Mellon

Nearly $1.5 trillion of DRs for oil, gas and mining firms traded in 2011, up 23% from 2010; $4.3 billion in capital raised by energy/mining companies outpace all industries

PR Newswire

NEW YORK, Jan. 30, 2012 /PRNewswire/ -- Global investor demand for shares of companies like Gazprom, Vale, Petrobras and BP helped push trading of American and global depositary receipts (DRs) to record levels in 2011, according to BNY Mellon's year-end market update.

The Oil & Gas component of the BNY Mellon ADR Index(SM) posted a 17.59% return for the fourth quarter of 2011, the largest industry gain by far, followed by Industrials at 8.63%. Investor trading in DRs for companies in the Oil & Gas and Metals & Mining sectors surged 23% in 2011 to nearly $1.5 trillion. Firms in all energy and mining industries raised more than $4 billion through initial or secondary DR offerings.

In addition, 24 new DR programs were created for companies in the Oil & Gas and Metals & Mining sectors during 2011, more than for any industry. BNY Mellon serves as depositary for 74% of all oil and gas producers' DR programs globally.

In the worldwide depositary receipt market, 175 billion DRs valued at $3.8 trillion were traded in 2011, while $14.8 billion was raised through 51 depositary receipt IPOs and secondary transactions. Last year, 137 new sponsored DR programs were established, and in total more than 3,500 sponsored and unsponsored DR programs are now available to the world's investors.

"In a year of uncertainty, investors found opportunities to diversify their portfolio and access global growth via DRs, with activity in the energy and mining sectors particularly brisk," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business. "2011 also was a pivotal year for DRs as an investment tool that's become increasingly integral to world markets and economies.

"In the Middle East, DRs played a crucial role allowing Egyptian issuers to continue trading in London when the local stock exchange in Cairo shut down. Thirty U.S. companies are now listed on the Bovespa using Brazilian DRs, and we are seeing strong interest in Hong Kong DR listings. Meanwhile, the first Zambian DR is letting investors take an equity stake in that country's development," Cole-Fontayn said.

Highlights of 2011 include[1]:

175 billion DRs valued at $3.8 trillion traded; increases of 19% and 9%, respectively over 2010
$14.8 billion in capital was raised through 51 DR transactions; decreases of 40% and 51%, respectively over 2010
137 new sponsored DR programs were created, 24% fewer than in 2010
The most actively-traded U.S.-listed DRs by value included China's Baidu, Brazil's Vale and Petrobras, the UK's BP, and Australia's BHP Billiton
Russian issuers continue to dominate the most actively-traded DRs on the International Order Book (IOB), with Gazprom, Lukoil, Norilsk Nickel, Rosneft, and Novatek, the top five
The most active OTC-traded DR issues included Switzerland's Nestle and Roche, Germany's Daimler and BASF, and Russia's Gazprom
The BNY Mellon ADR Index(SM) was down 12.1% for the year ending Dec. 31, 2011. The top performing DR country indices were Norway (+9.6%), New Zealand (+8.4%) and Philippines (+7.3%).

Regional Highlights:

Asia-Pacific
Although the Asian IPO market slowed in the second half of the year, Asia-Pacific DR issuers were active in 2011, trading nearly $972 billion in 2011, up more than 10% over 2010. Issuers in the region also raised one-third of the global capital raised through DRs, a total of $5.6 billion in 35 transactions, down about 18% and 58% year-over-year, respectively. The year also saw several firsts with the first DR for a Vietnamese issuer, HAGL, and BNY Mellon's launch of the first OTC-traded program from Pakistan for Fatima Fertilizer.

Eastern Europe
2011 was an unpredictable year for DRs in Eastern Europe. The first half of the year saw the bulk of activity as all but one company established DR programs in the first six months and the majority raised capital in that time frame. During the second half of 2011, global instability affected the region. Despite the swings, the region, through Russia, was still responsible for the largest global DR capital raising of the year, VTB's secondary offering, as well as one of the most successful OTC-traded DR programs of all time in the newly-established Sberbank program.

Latin America
In 2011, Latin American DR issuers saw about 39 billion DRs valued at nearly $843 billion change hands, down 7% year-over-year, with the top five most actively traded DR programs from the region trading more than $456 billion. Thirteen new programs were established by Latin American DR issuers, slightly down from last year's total of 16. Capital raisings were also down nearly 84% from 2010, a year that included Petrobras's record capital raising. Four issuers switched depositaries to BNY Mellon during 2011, while Petrobras officially moved to BNY Mellon on the first trading day in 2012.

Middle East and Africa
In 2011, financial instability prevailed in the region due to political and market volatility. Despite the global turmoil, six issuers from South Africa and Israel created new DR programs although there were no DR capital raisings from the region. The emerging nations of the Middle East, including Turkey, felt the full impact of risk-averse investors, as evidenced by the shift from equities to bonds. Still, 2011 saw growth in DRs of Turkish companies held by U.S. investors. Despite the recent crisis in Egypt, issuers continue to unlock shareholder equity by announcing spin-off and de-merger transactions.

Western Europe
Increased volatility characterized Western European issuer activity this year due to continued uncertainty in the Euro-zone. Despite this, issuers in the region traded nearly 56 billion DRs valued at $1.34 trillion, compared with last year's 50 billion DRs valued at $1.17 trillion, an increase of 12% and 15%, respectively. The Oil and Gas industry dominated those figures as 32 Oil and Gas DR programs in Western Europe accounted for 19% of the value traded in the region. Thirty-one new DR programs were created. Sequans Communications from France chose to have their IPO on the NYSE, the first French issuer in nearly a decade, and Elster of Germany raised additional capital following their 2010 IPO.

BNY Mellon ADR Index
As the only real-time index to track all ADRs, New York Shares and global registered shares traded on the NYSE, NYSE Amex and NASDAQ, the BNY Mellon ADR Index has become a widely followed international benchmark. On Dec. 31, 2011, the ADR Index closed at 168.33, down 12.10% year-to-date. At year-end, the ADR Index had 371 constituents and a free-float market capitalization, as defined by Dow Jones Indexes, in excess of $4.5 trillion.

BNY Mellon's Depositary Receipt Leadership
In 2011, BNY Mellon acted as depositary for 61% of all new sponsored DR programs, 55% of DR capital raising transactions, and 49% of all DR capital-raising value. BNY Mellon now serves as depositary for 62% of the DR market worldwide. In addition, the company's DR index licenses grew by 38% during the year.

In July 2011, BNY Mellon was appointed to create the first Zambian DR (ZDR) for Canada's First Quantum Minerals, a mining company with operations in Zambia. BNY Mellon worked closely with regulators and advisors in Zambia to understand the intricacies of the local market and find solutions for handling dividend payments, proxy voting, and other requirements. Today, First Quantum's ZDRs are freely-tradable on the Lusaka Stock Exchange in the Zambia's currency, kwacha, and allow investors in Zambia to benefit from their country's mineral resources.

BNY Mellon continues to play a key structural advisory role in the Singapore Stock Exchange's GlobalQuote platform that allows 27 Chinese, Japanese and Korean issuers' ADRs to trade during the Asian trading day in Singapore, and which celebrated its first anniversary in October. SGX plans to quote additional ADRs from European, UK and Asia Pacific issuers early in 2012.

To read BNY Mellon's 2011 DR Market Update, visit www.bnymellon.com/dr.

BNY Mellon acts as depositary for more than 2,500 American and global depositary receipt programs, acting in partnership with leading companies from 65 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.7 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more on www.bnymellon.com or follow us on Twitter@BNYMellon.

[1] Statistics are as of Dec 31, 2011, unless otherwise noted.

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.

SOURCE BNY Mellon

Butamax™ Refutes Unfounded Allegations of Infringement

Mon, 30 Jan 2012 11:00:00 +0000

Butamax™ Refutes Unfounded Allegations of Infringement

PR Newswire

WILMINGTON, Del., Jan. 30, 2012 /PRNewswire/ -- Butamax™ Advanced Biofuels, LLC, the biobutanol technology leader, responded to the latest lawsuit filed by Gevo, Inc. related to isobutanol flash fermentation technology.

"Let us state emphatically, Butamax does not infringe the generic product separation technology claims in Gevo's recent patent, which is already subject to a validity challenge by a Brazilian inventor," declared Paul Beckwith, Butamax™ CEO. "While it does not surprise us that questions are being raised as to the validity of Gevo's latest patent and whether Gevo provided sufficient disclosure in their patent application, Butamax does not use this technology." Butamax has filed a motion to dismiss Gevo's previous case against Butamax, and also will pursue early resolution of this latest suit.

Because vacuum flash fermentation technology was found to require high energy and water consumption to meet commercial productivity, Butamax developed fundamentally different product recovery systems. The Butamax™ approach combines energy integration, reduced environmental impact and attractive production metrics. Butamax™ technology is covered by the 7,993,889 patent which is the subject of the Butamax™ lawsuit against Gevo for their unlawful infringement. This patent has significant priority over all of Gevo's patent filings.

To achieve cost effective commercial scale production for the fuels market, Butamax™ R&D teams recognized the need for broad-based innovation across the entire production chain. As a result, Butamax developed intellectual property for every step of production including feedstock preparation, fermentation, separation, and purification as well as end-use of isobutanol. Butamax™ technology offers a unique synergy between the company's biocatalyst technology and product recovery system.

Butamax is vigorously pursuing its infringement lawsuit against Gevo, initially filed in January 2011. Butamax is seeking an injunction against Gevo which will be considered by the court in March 2012. Butamax will seek a permanent injunction post-trial, set for April 2013.

About Butamax
Butamax™ Advanced Biofuels, LLC was formed to develop and commercialize biobutanol as a next generation renewable biofuel for the transport market. The company benefits from the synergy of DuPont's proven industrial biotechnology experience and BP's global fuels market knowledge. Butamax's proprietary technology offers a cost-advantaged manufacturing process for isobutanol with value from field to pump. For more information, visit www.butamax.com.

Butamax™ is a trademark of Butamax™ Advanced Biofuels, LLC.

SOURCE Butamax Advanced Biofuels, LLC

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

Fri, 27 Jan 2012 08:10:00 +0000

Release date: 26 January 2012

Today's ruling makes clear that contractors will be held accountable for their actions under the law. While all official investigations have concluded that Transocean played a causal role in the accident, the contractor has long contended it is fully indemnified by BP for the liabilities resulting from the oil spill. The Court rejected this view.

Under the decision Transocean is, at a minimum, financially responsible for any punitive damages, fines and penalties flowing from its own conduct. As we have said from the beginning, Transocean cannot avoid its responsibility for this accident.

By contrast, since the spill we have stepped up, acknowledged our role and paid more than $7.8 billion in claims, advances and other payments to individuals, businesses and governments.

Further information:

Name: BP US Press Office
Phone : (281) 366-4463
Email: uspress@bp.com

In this section

BP Statement on U.S. District Court Ruling on Partial Summary Judgment Regarding Indemnity in Deepwater Horizon Accident

BP Forecasts Robust Global Energy Demand to 2030 Despite Efficiency Gains

BP and Sempra U.S. Gas & Power Announce Plans to Further Expand Strategic Relationship in Wind Business

BP Updates Gulf Restoration Activity in New TV Ad

BP and AFS Announce International High School Exchange Scholarship Program
More

Florida Ad Highlights Gulf Restoration Bill Support Before Florida Debate, Primary

Thu, 26 Jan 2012 15:33:47 +0000

Florida Ad Highlights Gulf Restoration Bill Support Before Florida Debate, Primary

PR Newswire

Voters Urged to Support Candidates Who Support Popular RESTORE Act

TALLAHASSEE, Fla., Jan. 26, 2012 /PRNewswire-USNewswire/ -- Environmental Defense Action Fund launched a two-day, $30,000 radio ad blitz in Florida today to highlight strong congressional, editorial and voter support across the political spectrum for a multi-billion dollar Gulf Coast restoration bill funded by BP oil spill fines.

Last week, Reuters reported that BP is likely to agree next month to pay $20-$25 billion to settle all charges around the unprecedented Gulf oil spill — including fines for violating the Clean Water Act (CWA) — before the scheduled start of legal hearings in New Orleans on February 27.

"Florida, the Gulf Coast states, and the nation's economy are still suffering from the BP oil disaster, so we wanted to highlight this vital issue before the nationally televised presidential debate tonight and the first Gulf state primary on Tuesday," said Elizabeth Thompson, director of congressional affairs & president of Environmental Defense Action Fund. "All candidates for public office need to know that newspapers and voters in Florida and the Gulf Coast across the political spectrum consider support for this Gulf restoration bill an important litmus test to determine which candidates they will support."

The bipartisan Gulf restoration bill in the Senate and House — the RESTORE the Gulf Coast States Act (S. 1400/H.R. 3096) — would dedicate the CWA fines for the Gulf oil spill to restoring the Gulf Coast ecosystem and economy.

The Senate Environment and Public Works Committee has approved the RESTORE Act. The bill is cosponsored by nine of the 10 Gulf Coast senators, including Florida Senators Marco Rubio and Bill Nelson. In addition, nine Florida newspapers have endorsed the RESTORE Act, including the Bradenton Herald, Ft. Myers News-Press, Gainesville Sun, Miami Herald, Palm Beach Post (twice), St. Petersburg Times, Tampa Bay Tribune (twice), The [Lakeland] Ledger and The Tallahassee Democrat.

The 60-second ads will air a total of 55 times today and Friday on news-talk radio stations in Jacksonville (WOKV-690AM/106.5FM), Tallahassee (WFLA-100.7FM Tallahassee) and Tampa Bay (WFLA-970AM Tampa). The ad copy is below and you can listen to the ad at: http://www.edactionfund.org/audio/eggers_restore.mp3.

Unbelievable!

Did you know that Florida and other Gulf states will NOT get ANY of the 5 to 20 billion dollars in estimated fines for the BP oil spill, unless Congress takes corrective action?

To right this wrong, Florida Senators Rubio and Nelson have joined over 40 members of Congress to cosponsor the RESTORE Act.

This rare bipartisan bill would ensure that 80 percent of the BP oil spill fines are dedicated to restoring the Gulf Coast's ecosystem and economy.

One study shows that the RESTORE Act could generate jobs in nearly 100 Gulf Coast businesses.

No wonder nine Florida newspapers have endorsed the RESTORE Act.

In fact, a recent poll shows over 70 percent of Florida Republicans, Tea Party supporters, Independents and Democrats are more likely to support candidates who support the RESTORE Act.

Join them.

Tell candidates: if they want your support, they should publicly support the RESTORE Act.

Paid for by Environmental Defense Action Fund.

Environmental Defense Action Fund (www.edactionfund.org) is at the forefront of educating legislators about developing new solutions that protect the natural world while growing the economy. Through grassroots and direct lobbying, EDAF amplifies Environmental Defense Fund's ability to champion laws that are based on science, economic incentives, and, above all, the protection of our environment.

Contact:
Kevin Cate, 850-320-7189, kevin@catecomm.com
Sean Crowley, 202-550-6524, scrowley@edf.org

SOURCE Environmental Defense Action Fund

AEP SWEPCO Signs Wind Power Purchase Agreements for 359 Megawatts

Wed, 25 Jan 2012 16:23:50 +0000

AEP SWEPCO Signs Wind Power Purchase Agreements for 359 Megawatts

SWEPCO, OMPA agreements exceed 400-MW Turk Plant settlement commitment

PR Newswire

SHREVEPORT, La., Jan. 25, 2012 /PRNewswire/ -- American Electric Power (NYSE: AEP) subsidiary Southwestern Electric Power Co. (SWEPCO) has signed long-term power purchase agreements for a total of 358.65 megawatts (MW) of renewable energy from wind projects in Texas, Oklahoma and Kansas. Together with a 49.2-MW agreement signed by the Oklahoma Municipal Power Authority, SWEPCO and its affiliates have exceeded the 400-MW renewable energy commitment in a recent settlement of legal issues involving the John W. Turk Jr. Power Plant.

The agreements will more than quadruple SWEPCO's wind energy portfolio. The new series of 20-year agreements includes:

Three contracts totaling 201.25 MW from Canadian Hills Wind, LLC, owned by Apex Wind Energy Holdings, LLC and located in Canadian County, west of Oklahoma City, Okla.
79.6 MW from High Majestic Wind II, LLC, owned by NextEra Energy Resources, LLC and located in Carson and Potter Counties in the Texas Panhandle.
77.8 MW from Flat Ridge 2 Wind Energy, LLC, owned by BP Wind Energy and Sempra U.S. Gas and Power and located in Barber, Harper, Kingman and Sumner Counties, southwest of Wichita, Kan.

Separately, OMPA, a co-owner of the Turk Plant, has signed a 25-year agreement for 49.2 MW from the Canadian Hills Wind project.

"With these long-term power purchase agreements, we have added a substantial amount of wind energy to serve SWEPCO customers in Arkansas, Louisiana and Texas, and we have combined efforts with a Turk Plant partner to exceed the 400-megawatt commitment in our Turk Plant settlement," said Nicholas K. Akins, AEP president and chief executive officer.

SWEPCO announced on Dec. 22, 2011, that the company had settled all legal actions brought against it by the Sierra Club, the National Audubon Society and Audubon Arkansas related to the Turk Plant under construction in southwest Arkansas. The settlement includes a provision that SWEPCO and its affiliates will construct or secure 400 MW of new renewable energy resources by the end of 2014. The SWEPCO and OMPA agreements total 407.85 MW.

"Through the Louisiana Public Service Commission's recent Renewable Energy Pilot Program and our ongoing efforts to expand our renewable energy portfolio, we were in a good position to pursue additional renewable resources at a good price for customers. I'm pleased that we could secure these agreements in a fairly short time frame to put more wind power to work for our customers," said Venita McCellon-Allen, SWEPCO president and chief operating officer.

The wind resources will be interconnected to SWEPCO through the transmission facilities of the Southwest Power Pool, the regional transmission organization that includes SWEPCO and other utilities across parts of nine states. "Some of the best renewable energy available to serve our customers comes from wind farms in Texas, Oklahoma and Kansas," McCellon-Allen said.

Flat Ridge 2, High Majestic Wind II and Canadian Hills Wind are expected to come on line by the end of 2012.

The combined impact of the new power purchase agreements is expected to slightly lower SWEPCO's projected overall cost to customers. SWEPCO estimates the decrease will average about 0.1 cents per kilowatt-hour over the next 10 years starting in 2013.

Prior to the latest agreements, SWEPCO's wind capacity totaled 110.5 MW. In December 2011, SWEPCO announced a 20-year contract with Flat Ridge 2 for 31 MW as part of the Louisiana Public Service Commission's Renewable Energy Pilot. The latest agreement is for an additional 77.8 MW from the Flat Ridge 2 project. In January 2009, SWEPCO announced a 20-year agreement with Majestic Wind Power LLC, a subsidiary of Babcock & Brown Renewable Holdings Inc, for 79.5 MW from the Majestic Wind Farm near Amarillo in Carson County, Texas. Majestic Wind is now known as High Majestic Wind, owned by NextEra Energy Resources LLC, and SWEPCO's latest purchase of 79.6 MW is from a build-out of the original project.

When the new projects are on line, SWEPCO's total wind capacity will be 469.15 MW.

SWEPCO serves 520,400 retail customers in three states, including 113,700 in western Arkansas, 225,700 in northwest and central Louisiana and 181,000 in north and eastern Texas.

SWEPCO owns 73 percent of the $1.7 billion Turk Plant. Co-owners of the Turk Plant are Arkansas Electric Cooperative Corp. (AECC), 12 percent; East Texas Electric Cooperative (ETEC), 8 percent; and Oklahoma Municipal Power Authority (OMPA), 7 percent. The Arkansas Electric Cooperatives serve more than 490,000 members across the state.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: Electric load and customer growth; weather conditions, including storms; available sources and costs of, and transportation for, fuels and the creditworthiness of fuel suppliers and transporters; availability of generating capacity and the performance of AEP's generating plants; the ability to recover regulatory assets and stranded costs in connection with deregulation; the ability to recover increases in fuel and other energy costs through regulated or competitive electric rates; the ability to build or acquire generating capacity when needed at acceptable prices and terms and to recover those costs through applicable rate cases; new legislation, litigation and government regulation, including requirements for reduced emissions of sulfur, nitrogen, mercury, carbon and other substances; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions (including rate or other recovery for new investments, transmission service and environmental compliance); resolution of litigation (including pending Clean Air Act enforcement actions and disputes arising from the bankruptcy of Enron Corp.); AEP's ability to constrain its operation and maintenance costs; AEP's ability to sell assets at acceptable prices and on other acceptable terms, including rights to share in earnings derived from the assets subsequent to their sale; the economic climate and growth in its service territory and changes in market demand and demographic patterns; inflationary trends; its ability to develop and execute a strategy based on a view regarding prices of electricity, natural gas and other energy-related commodities; changes in the creditworthiness and number of participants in the energy trading market; changes in the financial markets, particularly those affecting the availability of capital and AEP's ability to refinance existing debt at attractive rates; actions of rating agencies, including changes in the ratings of debt; volatility and changes in markets for electricity, natural gas and other energy-related commodities; changes in utility regulation, including membership and integration into regional transmission structures; accounting pronouncements periodically issued by accounting standard-setting bodies; the performance of AEP's pension and other postretirement benefit plans; prices for power that AEP generates and sells at wholesale; changes in technology, particularly with respect to new, developing or alternative sources of generation; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes and other catastrophic events.

SOURCE American Electric Power

Stone Energy Corporation Announces 2011 Reserve Growth, 2012 Capital Expenditure Budget, 2012 Guidance and Operational Update

Mon, 23 Jan 2012 21:03:00 +0000

Stone Energy Corporation Announces 2011 Reserve Growth, 2012 Capital Expenditure Budget, 2012 Guidance and Operational Update

PR Newswire

LAFAYETTE, La., Jan. 23, 2012 /PRNewswire/ -- STONE ENERGY CORPORATION (NYSE: SGY) today announced 2011 year-end estimated reserves, 2012 capital expenditure budget, and 2012 guidance ranges. Stone also provided an operational update. Highlights included:

Estimated proved reserves as of December 31, 2011 increased to 100 million Boe or 602 Bcfe, representing an annual increase of 27% and a production replacement of 264%;
The acquisition of BP's working interest in the deep water Pompano field was completed in December 2011, contributing estimated proved reserves of 17 million Boe as of December 31, 2011, at an adjusted purchase price of $167 million;
The 2012 capital expenditure budget was set at $625 million; and
Production guidance for 2012 is in a range of 240-275 MMcfe per day, representing an annual increase of 12%-29% compared to estimated production for 2011 of approximately 214 MMcfe per day.

Estimated Year-end Reserves

Stone's estimated proved reserves as of December 31, 2011 were 100 MMboe (million barrel of oil equivalent) or 602 Bcfe (billion cubic feet of natural gas equivalent), representing an increase of 27% compared to estimated proved reserves of 79 MMboe (474 Bcfe) as of December 31, 2010. The net increase in estimated proved reserves was the result of increases from drilling additions (net of minor revisions) of 109 Bcfe and acquisitions of 111 Bcfe, offset by 78 Bcfe of production and 14 Bcfe of divestments. Drilling results replaced 140% of 2011 production while acquisition and divestment activity replaced an additional 124% of 2011 production, for a total production replacement of 264%. In addition to the estimated proved reserves there were estimated probable reserves of 319 Bcfe and estimated possible reserves of 476 Bcfe at year-end 2011. All of Stone's 2011 year-end estimated proved, probable and possible reserves were independently engineered by Netherland Sewell & Associates.

The present value of the estimated future net cash flows from estimated proved reserves before income taxes at December 31, 2011 was $2.1 billion, which is a 75% increase over the 2010 value of $1.2 billion. The present value calculations used 12 month average prices of $100.97 per barrel and $4.74 per Mcf for 2011 as compared to $77.68 per barrel and $4.46 per Mcf in 2010. Present values were calculated using a 10% discount rate (PV-10).

Stone's reserve base reflects its commitment to grow the company outside of the conventional shelf of the Gulf of Mexico (GOM), and into the more prolific reserve basins of the GOM deep water and Gulf Coast deep gas as well as onshore oil and gas shale opportunities. The Deep Water and Deep Gas areas, which include reserves associated with the Pompano acquisition, accounted for over 20% of the total estimated proved 2011 reserves compared to less than 2% in 2010. The Marcellus shale accounted for nearly 30% of the total estimated proved 2011 reserves compared to just over 15% in 2010. The GOM conventional shelf, which accounted for over 80% of 2010 estimated proved reserves, accounted for slightly over 50% of 2011 total estimated proved reserves.

The estimated proved reserve growth was balanced across commodities, adding 18.7 million barrels (112 Bcfe) of estimated proved oil reserves and 94 Bcf (15.7 million boe) of estimated proved gas reserves. The year-end 2011 estimated proved reserves of 100 million Boe (602 Bcfe) include estimated proved developed (PD) reserves of 60 million boe or 360 Bcfe (52% oil, 48% gas) and estimated proved undeveloped (PUDs) reserves of 40 million boe or 242 Bcfe (37% oil and 63% gas).

Capital Expenditure Budget

Stone's Board of Directors has authorized a 2012 capital expenditure budget of $625 million, which excludes acquisitions and capitalized SG&A and interest. The budget is spread across Stone's major areas of investment with approximately 34% allocated to the GOM conventional shelf, 24% allocated to Deep Water/Deep Gas projects, 30% allocated to the Marcellus shale and 12% allocated to Onshore Oil projects and new venture opportunities. The allocation of capital across the various areas is subject to change based on several factors including permitting times, rig availability, non-operator decisions, farm-in opportunities and commodity pricing.

The GOM conventional shelf capital budget provides for development drilling, recompletions, facilities and abandonment. Stone plans to drill 3-5 wells in the oil rich Ship Shoal 113 field and 4-6 oil wells across the remainder of the GOM and onshore south Louisiana, representing approximately $90-$100 million in potential expenditures. In addition, Stone has budgeted approximately $55-$60 million for recompletions and facilities improvement to the existing infrastructure. Capital allocation for P&A operations is approximately $55-$60 million.

The Deep Gas capital budget is focused on exploration drilling, development drilling and 3D data acquisition. Stone plans to spend development capital on a second well at its LaPosada/La Cantera discovery which is expected to spud in the second quarter of 2012. Exploration opportunities include the drilling of 1-3 exploration wells, which includes the planned deepening of the Lighthouse Bayou prospect below 25,500 feet. Due to the timing of equipment procurement and permitting, the Lighthouse Bayou deepening operation is currently projected to commence during the second half of 2012, subject to final technical review.

The Deep Water capital budget is focused on lease acquisition, exploration drilling and capital well-work. Stone expects to participate in 2-4 exploration wells including the Apache operated Parmer prospect in Green Canyon 823 and the ENI operated Phinisi prospect in Walker Ridge 719. The Parmer prospect is expected to spud in the second quarter of 2012 and Phinisi is currently scheduled to spud in the third quarter of 2012. Stone has also allocated capital to perform several workover/recompletion operations in the recently acquired Pompano deep water field.

The Marcellus Shale capital budget provides for development drilling, infrastructure investments and acquisition of additional lease-hold interests. The budget includes funds for the drilling of 22-27 wells and the fracturing of 20-26 wells, predominately in the liquids rich Mary and Heather areas. Funds are also allocated for infrastructure to mitigate facility constraints and for new facilities associated with the wells expected to begin producing in 2012.

The remainder of the capital budget is focused on Onshore Oil projects and new venture opportunities. This includes funds for work in Stone's Hatch Point/Cane Creek field in the Paradox basin of its Rocky Mountain region, continued non-operated development drilling in the Eagle Ford Shale formation and other new venture opportunities.

As of December 31, 2011, Stone had $45 million of outstanding borrowings under its bank credit facility and had issued letters of credit totaling $61 million, leaving $294 million of availability under the facility. In addition, Stone had $38 million in cash available as of December 31, 2011. Stone expects to fund its 2012 capital expenditure budget substantially from cash flow as well as its credit facility.

2012 Guidance (Please see "Guidance Disclosure" and "Forward-Looking Statements" below).

Production. Stone expects net daily production for 2012 to be in the range of 240–275 MMcfe per day. The production is estimated to be approximately 50% natural gas and 50% crude oil/natural gas liquids (NGLs) on a btu equivalent basis. For the first quarter of 2012, Stone expects net daily production to average between 220-240 MMcfe per day. There are inherent uncertainties associated with several projects that could have a significant impact on the full year rate. This includes production from two deep water fields, Pyrenees and Wideberth, as well as production from the LaPosada/La Cantera deep gas discovery. In addition, there are uncertainties with respect to the timeline associated with the mitigation of the Caiman facility production constraints in the Mary field in the Marcellus Shale. These events are further discussed in the operational updates below. Finally, there may be unplanned third party pipeline interruptions, which would impact volumes.

Lease Operating Expenses. Stone expects lease operating costs, excluding production taxes and transportation/processing costs, to range between $200-215 million for 2012 based upon current operating conditions and budgeted maintenance activities. The estimate includes approximately $30 million of LOE costs associated with the Pompano acquisition.

Operational Update

2011 Production. Net daily production for full year 2011 is estimated to have been approximately 214 MMcfe per day (35.7 MBoe per day). The production for the fourth quarter of 2011 is estimated to have been approximately 212 MMcfe per day (35.3 MBoe per day).

Appalachian Basin (Marcellus Shale). Stone drilled a total of 27 horizontal Marcellus Shale wells and fractured 16 wells in 2011. During the fourth quarter of 2011, Stone Energy tied 11 horizontal wells into the Caiman mid-stream pipeline from its Mary field in West Virginia. Production tests from the 11 individual wells had volumes of 3 to 5 MMcf per day, condensate yields of 70 to 100 Bbls per MMcf and natural gas liquids (NGL) yields greater than 40 Bbls per Mmcf. The high condensate and NGL yields exceeded facility limitations, thus production has been curtailed until pipeline and facility modifications are completed. Stone is currently reviewing both short term and longer term condensate transportation options for the Mary area. Stone expects to increase net Appalachian volumes to over 50 MMcfe per day in the second half of 2012. The year-end 2011 net production exit rate from Appalachia, including volumes from its Heather, Buddy, Katie and Mary fields was approximately 20 MMcfe per day.

Pompano Field (Deep Water). The acquisition of BP's 75% working interest in the deep water Pompano field in Mississippi Canyon / Viosca Knoll, 51% working interest in the adjacent Mississippi Canyon Block 29, 50% non-operated working interest in the Mica field and 23 exploration blocks in Mississippi Canyon / Viosca Knoll was completed on December 28, 2011 for an adjusted price of $167 million. The estimated proved reserves associated with the acquisition were approximately 17 million Boe and the estimated probable and possible reserves were 6 million Boe and 13 million Boe, respectively. Current production is approximately 3,300 Boe per day. Stone expects to perform several workover/recompletion projects during 2012, followed by a platform drilling program expected in 2013. Additionally, a drilling program utilizing a floating drilling rig is expected to commence in 2014.

Garden Banks 293 – Pyrenees (Deep Water). The project is in its final stages of flow-line and umbilical installation. Liquids-rich gas and condensate production is expected by February 2012 at a gross rate of over 60 MMcfe per day. Stone holds a 30% non-operated working interest in Pyrenees.

Green Canyon 490 – Wideberth (Deep Water). Stone completed the acquisition of a 25% non-operated working interest position in the deep water Wideberth development project in the fourth quarter 2011. First production from this liquids-rich gas tie-back is expected in the second quarter of 2012. Apache is the operator of the field.

LaPosada/La Cantera (Deep Gas). Operations and permitting continue on this development project with first production expected in late March 2012 at a gross rate of approximately 25-30 MMcfe per day, including NGLs and condensate. In addition, a second well, the Broussard #2, is expected to spud in the second quarter of 2012. The second well will target the same pay sands encountered in the initial LaPosada discovery well. Stone holds an approximate 35% working interest at LaPosada.

Conventional Shelf. The Mississippi Canyon 109 (Amberjack) drilling program was completed during the fourth quarter of 2011 and the rig demobilized. All seven wells drilled during the program were successful and the two year program was completed with zero recordable incidents. In addition, the Buzzjet well at the Ship Shoal 113 field was drilled and completed in the fourth quarter of 2011 and is currently producing over 550 barrels of oil per day (BOPD). Three rigs have been secured to begin drilling during the first quarter of 2012. The first rig is scheduled to drill the Lionfish prospect at South Pelto 23, the second rig is expected to begin drilling on a 3-5 well program in Ship Shoal 113 and the third rig is slated for a two-well program in the Weeks Island field.

Onshore Oil. Four wells have been drilled to date on Stone's Eagle Ford Shale acreage with two wells fractured and producing. Stone holds a non-operated 42.5% working interest and approximately 1,600 net acres in this play. In the Hatch Point field in the Paradox Basin, production has resumed from the two wells drilled in 2011 and is being evaluated. A decision on potential project development is expected in early 2012. Stone is the operator and has an approximate 75% working interest in the 46,000 acre project (35,000 net acres).

Other Information

Stone plans to release its year-end results on Wednesday, February 22, 2012 after the close of the market, and will hold its year-end conference call on Thursday, February 23, 2012 at 10:00 a.m. CST. Anyone wishing to participate should visit our website at www.StoneEnergy.com for a live web cast or dial 1-877-228-3598 and request the "Stone Energy Call". In addition, Stone announced that it will hold its 2012 Annual Meeting of Stockholders on Thursday, May 24, 2012, at 10:00 a.m., CDT, at the Windsor Court Hotel, 300 Gravier Street, New Orleans, Louisiana.

Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Our business strategy is to leverage cash flow generated from existing assets to maintain relatively stable GOM shelf production, profitably grow gas reserves and production in price-advantaged basins such as Appalachia and the Gulf Coast Basin, and profitably grow oil reserves and production in material impact areas such as the deep water GOM and onshore oil. For additional information, contact Kenneth H. Beer, Chief Financial Officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com.

Guidance Disclosure

Guidance is subject to all the cautionary statements and limitations described below and under the caption "Forward Looking Statements". Estimates for Stone's future production volumes are based on assumptions of capital expenditure levels and the assumption that market demand and prices for oil and gas will continue at levels that allow for economic production of these products. The production, transportation and marketing of oil and gas are subject to disruption due to transportation and processing availability, mechanical failure, human error, hurricanes and numerous other factors. Stone's estimates are based on certain other assumptions, such as well performance, which may vary significantly from those assumed. Lease operating expenses, which include major maintenance costs, vary in response to changes in prices of services and materials used in the operation of our properties and the amount of maintenance activity required.

Forward Looking Statements

Certain statements in this press release are forward-looking and are based upon Stone's current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that Stone plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future production of oil and gas, future capital expenditures and drilling of wells and future financial or operating results are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil and gas, operating risks, liquidity risks, political and regulatory developments and legislation, including developments and legislation relating to our operations in the Gulf of Mexico and Appalachia, and other risk factors and known trends and uncertainties as described in Stone's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the SEC. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Stone's actual results and plans could differ materially from those expressed in the forward-looking statements.

Non-GAAP Financial Measure

PV-10 is the estimated future net cash flows from estimated proved reserves discounted at an annual rate of 10 percent before giving effect to income taxes. Standardized Measure is the after-tax estimated future cash flows from estimated proved reserves discounted at an annual rate of 10 percent, determined in accordance with GAAP. Stone uses PV-10 as one measure of the value of its estimated proved reserves and to compare relative values of proved reserves among exploration and production companies without regard to income taxes. Stone believes that securities analysts and rating agencies use PV-10 in similar ways. Stone's management believes PV-10 is a useful measure for comparison of proved reserve values among companies because, unlike Standardized Measure, it excludes future income taxes that often depend principally on the characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. Stone cannot reconcile PV-10 to Standardized Measure at this time because final income tax information for 2011 is not yet available.

SOURCE Stone Energy Corporation

Amazon Defense Coalition: Chevron Again Claims Special Treatment Under Ecuadorian Law

Sat, 21 Jan 2012 00:46:04 +0000

Amazon Defense Coalition: Chevron Again Claims Special Treatment Under Ecuadorian Law

PR Newswire

Oil Giant Asks Appellate Court to Violate Legal Requirement That Bond Be Posted to Suspend Enforcement

QUITO, Ecuador, Jan. 20, 2012 /PRNewswire-USNewswire/ -- After being found liable in Ecuador for creating one of the world's worst oil disasters, Chevron filed a notice of appeal today to Ecuador's highest court where it seeks special treatment not afforded any other litigant under the nation's laws -- the waiver of a bond required to suspend enforcement of a judgment during the pendency of any appeal.

It would be illegal under Ecuadorian law for the appellate court to grant Chevron's unusual and unprecedented request to waive the bond requirement, said Pablo Fajardo, the lead attorney for the indigenous and farmer communities who brought suit against the oil giant for the dumping of billions of gallons of toxic waste into the waterways used by several indigenous groups and farmer communities.

"Chevron has every right under the law to seek an extraordinary appeal to the highest court as long as it can cite a proper legal basis," said Fajardo. "But Chevron is yet again seeking a special exemption under Ecuadorian law when it claims the bond requirement should not apply to it, while it applies to every other litigant in the country."

"Chevron behaves in Ecuador as if it is above the law while thousands of people continue to suffer the devastating effects of the company's toxic contamination," said Fajardo. "This abuse of the judicial process must end."

For execution of a court judgment in Ecuador to be suspended pending appeal to the highest court -- called the National Court of Justice -- the losing party must post a bond that is usually calculated at roughly 8% of the amount of damages awarded (roughly $1.5 billion in this case). Chevron is seeking to have enforcement suspended even without posting a bond even though the indigenous and farmer communities continue to suffer grave health effects engendered by the company's delaying tactics, said Fajardo.

Karen Hinton, the U.S. spokesperson for the Ecuadorians, said in a statement that "for almost two decades, Chevron has stood in the way of a comprehensive cleanup of billions of gallons of crude oil and toxic waste water it deliberately dumped into the pristine rainforest of Ecuador."

"Thousands of people have died or suffered from illnesses as Chevron and its army of lawyers have waged a campaign to distract attention from the overwhelming scientific evidence against the company," said Hinton. "Chevron has always believed that Ecuador's many laws prohibiting environmental contamination should not apply to its misconduct."

The bond requirement, typical in countries around the world including the U.S., is intended to protect the winning side from unnecessary delays during appellate review. Ecuador's first-level appellate court already affirmed the trial court judgment that the company is required to pay $18 billion for a clean-up, a relatively modest amount compared to BP's estimated $60 billion liability for the smaller Deepwater Horizon spill in the Gulf of Mexico.

Fajardo also said that an arbitral order cited by Chevron as justification for its request for a bond waiver is not binding on the rainforest communities as they are not a party to that proceeding, which is held in secret pursuant to a U.S.-Ecuador investment treaty.

In any event, the arbitral panel never ordered -- and under the law cannot order -- that Ecuador's courts take steps that would "clearly violate" Ecuador's Constitution and international treaties binding the government to protect the fundamental human rights of its citizens, including the right to life and the right to seek legal redress in national courts, said Fajardo. Further, the arbitral panel has never even held an evidentiary hearing on Chevron's claims that a remediation contract with Ecuador's government released it from liability.

"We believe Chevron clearly is misinterpreting the scope of authority of the arbitration," he added.

"We want to reiterate that Chevron has every right to appeal to Ecuador's National Court of Justice, but it has no right to special treatment during the pendency of the appeal," Fajardo added.

The trial court decision, issued in February 2011, found that Chevron systematically dumped billions of gallons of toxic waste into the Amazon, poisoning waterways that local inhabitants use for drinking water and causing increased cancer rates. Damages were set at $18 billion. In 2002, the case was shifted from U.S. federal court to Ecuador at Chevron's request.

The trial court in Ecuador also repeatedly sanctioned Chevron's legal team for filing frivolous motions intended to delay the proceedings, and for threatening a judge with jail if he did not rule in favor of the company. These actions led to a punitive damages award that accounts for roughly half of the total judgment.

Chevron has roughly two more weeks under Ecuadorian law to determine if it will publicly apologize for its misconduct, which would allow it to eliminate the punitive damages component of the award.

As support for the contention that Chevron believes it does have to adhere to the law in Ecuador, Hinton cited a comment in a 60 Minutes interview where Chevron attorney Silvia Garrigo -- pressed as to why the company said it would never pay any adverse judgment in Ecuador -- said: "We don't believe we should be in any court, much less the courts of Ecuador."

The 188-page trial court judgment is undergirded by a wide body of scientific and testimonial evidence submitted during eight years of proceedings that prove Chevron designed a system of oil extraction that deliberately discharged toxic oil waste into the environment to keep production costs to a minimum. See here and here.

Chevron also has been heavily criticized for trying to defraud the Ecuador court and sabotage the proceedings.

In briefs submitted to U.S. and Ecuadorian courts, the rainforest communities submitted evidence that Chevron technicians staked out "clean" spots at contaminated well sites to test prior to court-supervised judicial inspections; sent dirty soil samples to a secret lab to prevent their disclosure to the court; and doctored a "judicial playbook" document so two academic experts in the U.S. would endorse the company's misleading sampling protocol, among other charges. See here and here.

A separate ruling yesterday by a New York federal appellate court marks Chevron's third consecutive legal setback in its effort to block enforcement of the Ecuador judgment.

In September, a federal appellate panel blocked Chevron's attempt to seek an unprecedented worldwide injunction blocking enforcement. In January, a federal district court judge denied Chevron's illegal attempt to freeze the assets of the plaintiffs. And on January 3, Ecuador's first-level appellate court confirmed the validity of the trial court judgment.

Contact: Karen Hinton, Karen@hintoncommunicatios.com, 703-798-3109

SOURCE Amazon Defense Coalition

BP Forecasts Robust Global Energy Demand to 2030 Despite Efficiency Gains

Thu, 19 Jan 2012 08:10:00 +0000

Release date: 18 January 2012

Global energy demand will continue to grow over the next twenty years, albeit at a slowing annual rate, fuelled by economic and population growth in non-OECD countries. Increased energy efficiency and strong growth for renewable energy are also forecast in BP’s latest Energy Outlook 2030, which is published today.

Global energy demand is likely to grow by 39 per cent by 2030, or 1.6 per cent annually, almost entirely in non-OECD countries; consumption in OECD countries is expected to rise by just 4 per cent in total over the period. Global energy will remain dominated by fossil fuels, which are forecast to account for 81 per cent of global energy demand by 2030, BP forecasts, down about 6 per cent from current levels. The period should also see increased fuel-switching, with more gas and renewables use at the expense of coal and oil.

That gradual switching should see renewables, including biofuels, continue to be the fastest growing sources of energy globally, rising at an annual clip of more than 8 per cent, much quicker even than natural gas, the fastest growing fossil fuel at about 2 per cent a year over the period to 2030.

Presenting the 2030 Energy Outlook, BP chief executive Bob Dudley said: “This report is by turns challenging, fascinating and stimulating for anyone in the energy business. It helps us to be both realistic and optimistic. It shows there are things we can’t change - like the underlying drivers of energy demand - and things we can change – like the way we satisfy that demand.

“The main message is that we need to have an open, competitive energy sector, which encourages innovation and thereby maximises efficiency in order to enjoy energy that is sufficient, secure and sustainable into the future,” he added.

BP chief economist Christof Rühl argues that the impact of globalisation and competition will continue to deliver a remarkable convergence in energy intensity around the world, a measure of energy use per unit of national economic output.

The growth of unconventional supply, including US shale oil and gas, Canadian oil sands, and Brazilian deepwaters, against a background of a gradual decline in oil demand, will see the Western Hemisphere become almost totally energy self-sufficient by 2030. This means that growth in the rest of the world, principally Asia, will depend increasingly on the Middle East in particular for its growing oil requirements.

Oil, the world’s leading fuel today, will continue to lose market share throughout the period although demand for hydrocarbon liquids will still reach 103 million barrels per day (b/d) in 2030, up by 18 per cent from 2010. This means the world will still need to bring on enough liquids - oil, biofuels and others - to meet that forecast 16 million b/d of extra demand by 2030 and replace declining output from existing sources.

While coal is expected to continue gaining market share in the current decade, growth will wane in the 2020-30 decade; gas growth will remain steady and non-fossil fuels are likely to contribute nearly half of the growth after 2020.

Power generation is expected to be the fastest growing user of energy in the period to 2030, accounting for more than half the total growth in primary energy use. And it is in the power sector where the greatest changes in the fuel mix are expected. Renewables, nuclear and hydro-electric should account for more than half the growth in power generation.

This year’s Energy Outlook 2030 examines in more detail several important facets of the global energy story: the pathways for economic development and energy demand in China and India; the factors impacting the energy export prospects of the Middle East; and the “drivers” of energy consumption in road transportation.

In China, growth of energy use is expected to slow significantly after 2020 as the economy matures. Although India’s population is on track to exceed China’s, its energy growth path is unlikely to replicate China’s energy intensive growth path. It will more than double its energy use to 2030, heavily based on coal, but this will still result in consumption of some 1.3 billion tonnes of oil equivalent (toe), or just over one quarter of China’s total.

There will remain a heavy reliance on higher oil exports from Middle East OPEC countries to meet demand. BP’s analysis suggests that the Middle East countries have the capability to bring on the required new production to meet global demand, even though the region’s energy use per capita is expected to remain more than three times as high as the rest of the non-OECD world.

BP says it expects to see steady progress in longstanding efforts to displace oil with gas and to improve the efficiency of energy use within the region. Saudi Arabian, Iraqi, and regional production of gas-related liquids will dominate supply growth as the region’s share of global oil supply rises to 34 per cent by 2030.

Transportation is likely to be the slowest growing sector for global energy consumption; significant improvements in fuel efficiency, including hybridization of vehicles will partly offset continued strong growth in vehicle sales in emerging markets. Hybrid vehicles (including plug-ins) offer consumer flexibility and appear capable of meeting anticipated fuel economy targets in 2030; oil is likely to account for 87 per cent of transport sector energy use, down from 95 per cent today, with biofuels filling most of the gap, and accounting for seven per cent of transport sector energy use.

Global CO2 emissions are likely to rise by about 28 per cent by 2030—slower than the current rate of energy demand growth due to the rapid growth of renewables and natural gas. If more aggressive policies than currently envisioned are introduced, global CO2 emissions could begin to decline by 2030.

By 2030 today’s energy importers will need to import 40 per cent more than they do today, but the experience will vary by region. In North America, efforts to reduce dependence on foreign supplies should show impressive results in the next couple of decades. Bolstered by supply growth from biofuels as well as unconventional oil and gas, North America’s energy deficit will turn into a small surplus by 2030.

In contrast, Europe’s energy deficit remains at current levels for oil and coal but will increase by some two thirds for natural gas, supplied by LNG and pipelines from the Former Soviet Union.

China’s energy deficit across all fuels will widen by more than a factor of five and India’s, mainly of oil and coal, will more than double in the period to 2030.

BP’s work on the Energy Outlook 2030 supplements BP’s Statistical Review of World Energy which will next be published in June 2012.

Note to editors:

The BP Energy Outlook 2030 is available online at www.bp.com/Energyoutlook2030.
We will be live tweeting the presentation of the report from our Twitter handle: http://www.twitter.com/BP_America. You can also follow along and join in the conversation via the following hashtag: #EO2030.

Cautionary statement

This presentation contains forward-looking statements, particularly those regarding global economic growth, population growth, energy consumption, policy support for renewable energies and sources of energy supply. Forward-looking statements involve risks and uncertainties because they relate to events, and depend on circumstances, that will or may occur in the future. Actual results may differ depending on a variety of factors, including product supply, demand and pricing; political stability; general economic conditions; legal and regulatory developments; availability of new technologies; natural disasters and adverse weather conditions; wars and acts of terrorism or sabotage; and other factors discussed elsewhere in this presentation.

Further information:

Name: BP press office
Location: London
Phone : +44 (0) 20 7496 4076

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