Alaska LNG Project Draft Resource Reports Filed with FERC

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  • Expands FERC public engagement process for Alaska LNG Project

ANCHORAGE, Ala.--(BUSINESS WIRE)-- A series of draft environmental and socioeconomic reports for the Alaska LNG Project has been submitted to the Federal Energy Regulatory Commission (FERC), which is responsible for conducting the environmental review of the project. These reports, located at www.ferc.gov, also launch the pre-file public engagement process and provide preliminary baseline data about the project area and its potential impacts.

“These draft documents, known as Resource Reports, allow Alaska stakeholders to engage early in the regulatory process, so potential environmental and socioeconomic issues and opportunities can be proactively identified and managed,” said Steve Butt, project executive for the Alaska LNG Project. “They set the framework for the permitting process.”

The Alaska LNG Project is currently in the preliminary front end engineering and design (pre-FEED) phase of the project, which is expected to extend into 2016 with a gross spend of more than $500 million.

Because the project is still in the planning phase and details are still under development, the reports only provide preliminary baseline data about the project and its potential impacts. As the Alaska LNG Project design and scope become more defined, specific project impacts and their proposed mitigation measures will be included in second drafts of the Resource Reports, which are expected to be submitted to FERC in the next 12 to 18 months.

As each version of the Resource Reports is filed, there will be opportunity for stakeholders, including Alaskans, government entities and other interested parties to review and provide comments to the FERC. The input collected will be used to prepare a project final permit application, currently anticipated to occur in late 2016. Once the formal application is filed, FERC will begin developing an Environmental Impact Statement.

The FERC’s pre-filing process allows for open and transparent interaction between the FERC staff and stakeholders of the Alaska LNG Project, and is intended for early identification and resolution of environmental and other important issues.

FERC will host formal scoping meetings in communities across Alaska to obtain public input. Once these meetings are scheduled, they will be posted on the FERC website and on the Alaska LNG Project website.

Individuals will be able to file comments electronically with FERC. For more information on the comment process, as well as to access the current and future filing materials for the Alaska LNG Project, go to www.ferc.gov. For additional assistance, contact FERC’s eFiling staff at (202) 502-8258 or efiling@ferc.gov.

The Alaska LNG Project would provide significant economic benefits to Alaskans including state revenues, new job opportunities and access to decades of in-state natural gas for homes and businesses in Alaska. The Alaska LNG project is anticipated to create up to 15,000 jobs during construction and approximately 1,000 jobs for operation of the project.

A competitive, predictable, and durable fiscal and commercial environment is required for this unprecedented project to compete in global energy markets and to position the Alaska LNG project for a successful investment decision.

The Alaska LNG Project participants are the Alaska Gasline Development Corporation (AGDC) and affiliates of ExxonMobil, BP, ConocoPhillips and TransCanada. The U.S. Department of Energy issued a Free Trade Agreement export authorization to the project in November 2014. For more information on Alaska LNG, visit ak-lng.com or call (855) 550-5445.

EXXONMOBIL

CAUTIONARY STATEMENT:

Statements of future events and conditions in this release are forward-looking statements. Actual future results, including project plans, costs, and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments, including the outcome of required regulatory reviews and permitting processes; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" in the Investors section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. The term "project" as used in this release does not necessarily have the same meaning as under any government transparency payment reporting requirements.

BP

CAUTIONARY STATEMENT

This release contains statements that are forward-looking statements and involve risks and uncertainties. It is believed that the expectations reflected in these statements are reasonable, but actual results may differ from those expressed in such statements, depending on a variety of factors, including: the specific factors identified in the discussions accompanying such forward-looking statements; industry product supply; demand and pricing; political stability and economic growth in relevant areas of the world; development and use of new technology and successful commercial relationships; the actions of competitors; natural disasters and other changes in business conditions; and wars and acts of terrorism or sabotage.

ConocoPhillips

CAUTIONARY STATEMENT

This release includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results or the industries or markets in which we operate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes in tax, environmental and other laws applicable to ConocoPhillips’ business and other economic, business, competitive and/or regulatory factors affecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward-looking statements, which are only as of the date of this presentation or as otherwise indicated, and we expressly disclaim any responsibility for updating such information.

Use of non-GAAP financial information – This presentation may include non-GAAP financial measures, which help facilitate comparison of company operating performance across periods and with peer companies. Any non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure in an appendix.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term "resource" in this presentation that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

TRANSCANADA

FORWARD-LOOKING INFORMATION

This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate,” “expect,” “would,” “believe,” “may,” “will,” “plan,” “intend” or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management’s assessment of TransCanada’s and its subsidiaries’ future financial and operational plans and outlook. All forward-looking statements reflect TransCanada’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada’s Quarterly Report to Shareholders dated May 1, 2014 and 2013 Annual Report on our website at www.transcanada.com or filed under TransCanada’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

ALASKA GASLINE DEVELOPMENT CORPORATION

CAUTIONARY STATEMENT

As an instrumentality of the State of Alaska, the Alaska Gasline Development Corporation (AGDC) is not subject to oversight by the U.S. Securities and Exchange Commission. However, AGDC notes that all forward-looking statements reflect AGDC’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. AGDC undertakes no obligation to update or revise any forward-looking information except as required by law.

Alaska Gasline Development Corporation
Miles Baker, 907-330-6360
Mbaker@agdc.com
or
ConocoPhillips Alaska
Natalie M. Lowman, 907-263-4153
n.m.lowman@cop.com
or
BP Press Office
907-564-5143/907-301-8726
Dawn.Patience@bp.com
or
ExxonMobil Media Relations
Aaron Stryk, 832-624-7559
aaron.m.stryk@exxonmobil.com
or
TransCanada Media Relations
Shawn Howard, 800-608-7859

Source: Exxon Mobil Corporation

Released February 11, 2015