Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 US Gulf of Mexico Fiscal Regime 11
2.1 US Gulf of Mexico Petroleum
Fiscal Environment 11
2.2 License Terms 11
2.3 Key Fiscal Terms 12
2.4 Sample Cashflows Calculations 18
3 US Gulf of Mexico Exploration and
Production Sector 19
3.1 US Gulf of Mexico Exploration and Production
Sector, Crude Oil Assets Map 19
3.2 US Gulf of Mexico Exploration and
Production Sector, Gross Crude Oil Production 20
3.2.1 US Gulf of Mexico
Exploration and Production Sector, Gross Crude Oil-Historical Production
20
3.2.2 US Gulf of Mexico Exploration and Production Sector, Gross Crude
Oil Production by Assets 21
3.2.3 US Gulf of Mexico Exploration and
Production Sector, Gross Equity Weighted Crude Oil Production by Company
23
3.2.4 US Gulf of Mexico Exploration and Production Sector, Market Share
(%) based on Gross Equity Weighted Crude Oil Production 25
3.3 US Gulf of
Mexico Exploration and Production Sector, Gross Crude Oil Forecasts 26
3.3.1 US Gulf of Mexico Exploration and Production Sector, Gross Crude Oil
Forecasted Production 26
3.4 US Gulf of Mexico Exploration And Production
Sector, Crude Oil Asset Details 29
3.4.1 US Gulf of Mexico Exploration And
Production Sector, Active and Inactive Crude Oil Asset Details 29
3.4.2 US
Gulf of Mexico Exploration And Production Sector, Planned Oil Field Assets
Details 34
4 US Gulf of Mexico Pipeline Sector 36
4.1 US Gulf of
Mexico Pipeline Sector, Key Data 36
4.2 US Gulf of Mexico Pipeline Sector,
An Overview 36
4.3 US Gulf of Mexico Pipeline Sector, Crude Oil Pipelines
37
5 Profile of BP p.l.c. 38
5.1 BP p.l.c., Key Information 38
5.2
BP p.l.c., Company Overview 38
5.3 BP p.l.c., Business Description 38
5.3.1 BP p.l.c., Business Description, Business Overview 38
5.3.2 BP
p.l.c., Business Description, Exploration and Production 39
5.3.3 BP
p.l.c., Business Description, Other Businesses and Corporate Segment 40
5.3.4 BP p.l.c., Business Description, Refining and Marketing 41
5.4 BP
p.l.c., Value Chain Analysis 43
5.4.1 BP p.l.c., Value Chain Analysis,
Upstream 44
5.4.2 BP p.l.c., Value Chain Analysis, Midstream 44
5.4.3
BP p.l.c., Value Chain Analysis, Downstream 45
5.4.4 BP p.l.c., Value
Chain Analysis, Retail 45
5.5 BP p.l.c., SWOT Analysis 46
5.5.1 BP
p.l.c., SWOT Analysis, Overview 46
5.5.2 BP p.l.c., SWOT Analysis,
Strengths 46
5.5.3 BP p.l.c., SWOT Analysis, Weaknesses 47
5.5.4 BP
p.l.c., SWOT Analysis, Opportunities 48
5.5.5 BP p.l.c., SWOT Analysis,
Threats 48
5.6 BP p.l.c., Revenue Analysis 49
5.6.1 BP p.l.c., Revenue
by Segment 49
5.6.2 BP p.l.c., Revenue by Geography 50
5.7 BP p.l.c.,
Financial and Operational Review 51
5.7.1 Financial Statements 51
5.7.2 Financial Ratios 52
6 Profile of ConocoPhillips 53
6.1
ConocoPhillips, Key Information 53
6.2 ConocoPhillips, Company Overview
53
6.3 ConocoPhillips, Business Description 53
6.3.1 ConocoPhillips,
Business Description, Business Overview 53
6.3.2 ConocoPhillips, Business
Description, Chemicals Segment 54
6.3.3 ConocoPhillips, Business
Description, Emerging Businesses Segment 54
6.3.4 ConocoPhillips, Business
Description, Exploration and Production Segment 56
6.3.5 ConocoPhillips,
Business Description, LUKOIL Investment 57
6.3.6 ConocoPhillips, Business
Description, Midstream Segment 57
6.3.7 ConocoPhillips, Business
Description, Refining, Marketing and Transportation 58
6.4 ConocoPhillips,
Value Chain Analysis 60
6.4.1 ConocoPhillips, Value Chain Analysis,
Upstream 60
6.4.2 ConocoPhillips, Value Chain Analysis, Midstream 61
6.4.3 ConocoPhillips, Value Chain Analysis, Downstream 62
6.4.4
ConocoPhillips, Value Chain Analysis, Retail 62
6.5 ConocoPhillips, SWOT
Analysis 63
6.5.1 ConocoPhillips, SWOT Analysis, Overview 63
6.5.2
ConocoPhillips, SWOT Analysis, Strengths 64
6.5.3 ConocoPhillips, SWOT
Analysis, Weaknesses 65
6.5.4 ConocoPhillips, SWOT Analysis, Opportunities
65
6.5.5 ConocoPhillips, SWOT Analysis, Threats 66
6.6 ConocoPhillips,
Revenue Analysis 67
6.7 ConocoPhillips, Revenue Analysis, Revenue by
Segment 67
6.7.1 ConocoPhillips, Revenue Analysis, Revenue by Geography
68
6.8 ConocoPhillips, Financial and Operational Review 69
6.8.1
Financial Statements 69
6.8.2 Financial Ratios 70
7 Profile of Exxon
Mobil Corporation 71
7.1 Exxon Mobil Corporation, Key Information 71
7.2 Exxon Mobil Corporation, Company Overview 71
7.3 Exxon Mobil
Corporation, Business Description 71
7.3.1 Exxon Mobil Corporation,
Business Description, Business Overview 71
7.3.2 Exxon Mobil Corporation,
Business Description, Chemical 71
7.3.3 Exxon Mobil Corporation, Business
Description, Downstream 73
7.3.4 Exxon Mobil Corporation, Business
Description, Upstream 74
7.4 Exxon Mobil Corporation, Value Chain Analysis
76
7.4.1 Exxon Mobil Corporation, Value Chain Analysis, Upstream 76
7.4.2 Exxon Mobil Corporation, Value Chain Analysis, Midstream 77
7.4.3
Exxon Mobil Corporation, Value Chain Analysis, Downstream 78
7.4.4 Exxon
Mobil Corporation, Value Chain Analysis, Retail 78
7.5 Exxon Mobil
Corporation, SWOT Analysis 78
7.5.1 Exxon Mobil Corporation, SWOT
Analysis, Overview 78
7.5.2 Exxon Mobil Corporation, SWOT Analysis,
Strengths 79
7.5.3 Exxon Mobil Corporation, SWOT Analysis, Weaknesses
81
7.5.4 Exxon Mobil Corporation, SWOT Analysis, Opportunities 82
7.5.5 Exxon Mobil Corporation, SWOT Analysis, Threats 83
7.6 Exxon Mobil
Corporation, Revenue Analysis 85
7.6.1 Exxon Mobil Corporation, Revenue by
Segment 85
7.6.2 Exxon Mobil Corporation, Revenue by Geography 85
7.7
Exxon Mobil Corporation, Financial and Operational Review 87
7.7.1
Financial Statements 87
7.7.2 Financial Ratios 88
8 Financial Deals
Landscape 89
8.1 Detailed Deal Summary 89
8.1.1 Acquisition 89
8.1.2 Private Equity 96
8.1.3 Equity Offerings 99
8.1.4 Debt Offerings
106
8.1.5 Partnerships 113
8.1.6 Asset Transactions 115
9 Recent
Developments 122
9.1 License Rounds 122
9.1.1 Jun 11, 2009: BLM Delays
Oil, Gas Lease Sales In South County 122
9.2 License Awards 123
9.2.1
Jun 16, 2009: Tricor Ten Section Files Application With FERC For Gas Storage
Facility In Kern County, California 123
9.2.2 Jun 11, 2009: ELK Petroleum
Receives APD Approval For Grieve #39A Well In Wyoming 124
9.2.3 Jun 08,
2009: ATP Oil & Gas Wins Green Canyon Block 344 In Central Gulf Of Mexico
Offshore Lease Sale 208 124
9.3 Strategy and Business Expansion 124
9.3.1 Jun 04, 2009: Valero Energy Suspends Hydrocracker Project At Its Port
Arthur Refinery In Texas 124
9.3.2 Jun 01, 2009: Kinder Morgan Energy
Announces Open Season For Crude Oil Shipments On Cochin Pipeline 125
9.3.3
Jun 01, 2009: Tricor Ten Section Announces Non-Binding Open Season For Natural
Gas Storage Facility In California 126
9.3.4 May 28, 2009: Cabot Oil & Gas
Opens New Regional Office In Pittsburgh 126
9.4 Recent Discoveries 127
9.4.1 Jun 17, 2009: American Energy Resources Strikes Oil At Bonita Springs 4A
Well In Gove County, Kansas 127
9.4.2 Jun 09, 2009: Antares Energy Finds
Gas At Frances Dilworth No. 2 Well In McMullen County, Texas 128
9.4.3 Jun
04, 2009: KFG Resources Discovers Oil At Fayette Field In Jefferson County,
Mississippi 129
9.4.4 Jun 03, 2009: American Energy Resources Finds Oil
Reserve In Lane County, Kansas 130
9.4.5 Jun 02, 2009: Stone Energy
Announces Deepwater Discovery In Pyrenees Prospect, Gulf Of Mexico 130
9.5
Drilling and Production Updates 131
9.5.1 Jun 16, 2009: American
Petro-Hunter To Place #1 Lutters Well Into Production 131
9.5.2 Jun 16,
2009: Daytona Energy' s Walker #1H Well Flowing Gas To Sales 131
9.5.3 Jun
15, 2009: Golden Gate Petroleum Updates On Jumonville #2 Bullseye Prospect In
Iberville Parish, Louisiana 132
9.5.4 Jun 15, 2009: Pryme Oil and Gas
Commences Production From Crosby 16 No.1 Well In Four Rivers Project,
Louisiana 133
9.5.5 Jun 15, 2009: Harvest Natural Resources Begins
Drilling Operations At Bar F No. 1-20-3-2 Well In Antelope Project, Utah
134
9.6 Financial Announcements 134
9.6.1 Jun 15, 2009: Green Star
Energies Posts $1.67 Million Net Gain In Q1 2009 134
9.6.2 May 21, 2009:
Beard Reports Net Loss Of $266,000 In Q1 2009 135
9.6.3 May 20, 2009:
PrimeEnergy Posts Net Loss Of $3.5 Million In Q1 2009 136
9.6.4 May 19,
2009: John D. Oil and Gas Posts Revenue Of $1.4 Million In Q1 2009 136
9.6.5 May 18, 2009: Frontera Resources Reports $7.9 Million Net Loss In Q1
2009 137
9.7 Other Significant Developments 140
9.7.1 Jun 16, 2009:
GMX Resources Provides Operations Update 140
9.7.2 Jun 16, 2009:
StatoilHydro Signs LNG Deal With RasGas For Cove Point Terminal In US 141
9.7.3 Jun 16, 2009: Duke Energy Appoints Lynn J. Good As Group Executive And
CFO 141
9.7.4 Jun 16, 2009: Energy Partners Wins Court Approval For Its
Disclosure Statement 142
9.7.5 Jun 15, 2009: Circumpacific Energy
President Peter Simpson Resigns 143
9.8 New Contracts Announcements
143
9.8.1 Jun 16, 2009: ForeRunner Wins Three Natural Gas Storage Projects
In Western US 143
9.8.2 Jun 10, 2009: Clean Energy Wins Natural Gas Fuel
Supply Contract From City Of Phoenix Public Transit Department 143
10
Appendix 145
10.1 Methodology 145
10.1.1 Coverage 146
10.1.2
Secondary Research 147
10.1.3 Primary Research 147
10.1.4 E&P
Forecasts 147
10.1.5 Midstream Forecasts 149
10.1.6 Expert Panel
Validation 149
10.2 Contact Us 149
10.3 About GlobalData 149
10.4
Disclaimer 150
1.1 List of Tables
Table 1: US Gulf of Mexico,
Crude Oil Royalty, Nov 1995 - Nov 2000 13
Table 2: US Gulf of Mexico,
Crude Oil Royalty, Nov 2000 onwards 13
Table 3: US Gulf of Mexico, Royalty
Suspension Volume, November 28, 1995 to November 28, 2000 14
Table 4: US
Gulf of Mexico, Royalty Suspension Volume, November 2000 - March 2002 14
Table 5: US Gulf of Mexico, Royalty Suspension Volume, March 2002-2005 15
Table 6: US Gulf of Mexico, Royalty Suspension Volume, Post March 2005 15
Table 7: US Gulf of Mexico, Minimum Bonus Bid, 2007 16
Table 8: US Gulf of
Mexico, Minimum Annual Rental Rates, 2007 16
Table 9: US Gulf of Mexico,
MACRS Depreciation Factors - 7 year half year Convention, 2007 17
Table
10: US Gulf of Mexico, Total Gross Crude Oil Production (MMBBLs), 2001-2008
20
Table 11: US Gulf of Mexico, Gross Crude Oil Production (MMBBLs), of
Major Assets, 2001-2008 21
Table 12: US Gulf of Mexico, Gross Equity
Weighted Crude Oil Production (MMBBLs), of Major Companies, 2001-2008 23
Table 13: US Gulf of Mexico, Market Share (%) based on Gross Equity Weighted
Crude Oil Production, 2001-2008 25
Table 14: US Gulf of Mexico, Gross
Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2015 26
Table 15:
US Gulf of Mexico, Gross Crude Oil Production (MMBBLs), Forecast by Assets,
2009-2015 (Contd.) 27
Table 16: US Gulf of Mexico, Gross Crude Oil
Production (MMBBLs), Forecast by Assets, 2009-2015 (Contd.) 28
Table 17:
US Gulf of Mexico, Major Active and Inactive Oil Field Assets Details 29
Table 18: US Gulf of Mexico, Major Planned Oil Field Assets Details 34
Table 19: US Gulf of Mexico, Pipeline Key Statistics, 2008 36
Table 20: US
Gulf of Mexico, Crude Oil Pipelines, 2008 37
Table 21: BP p.l.c., Key
Facts 38
Table 22: BP p.l.c., SWOT Analysis 46
Table 23: BP p.l.c.,
Revenue by Segment, USD Million, 2003-2007 50
Table 24: BP p.l.c., Revenue
by Geography, USD Million, 2003-2007 51
Table 25: BP p.l.c., Financial
Statements, USD Million, 2003-2007 51
Table 26: BP p.l.c., Financial
Ratios, USD Million, 2003-2007 52
Table 27: ConocoPhillips, Key Facts
53
Table 28: ConocoPhillips, SWOT Analysis 64
Table 29:
ConocoPhillips, Revenue by Segment, USD Million, 2003-2007 68
Table 30:
ConocoPhillips, Revenue by Geography, USD Million, 2003-2007 69
Table
31: ConocoPhillips, Financial Statements, USD Million, 2003-2007 69
Table 32: ConocoPhillips, Financial Ratios, USD Million, 2003-2007 70
Table 33: Exxon Mobil Corporation, Key Facts 71
Table 34: Exxon
Mobil Corporation, SWOT Analysis 79
Table 35: Exxon Mobil
Corporation, Revenue by Segment, USD Million, 2003-2007 85
Table 36:
Exxon Mobil Corporation, Revenue by Geography, USD Million, 2003-2007 86
Table 37: Exxon Mobil Corporation, Financial Statements, USD Million,
2003-2007 87
Table 38: Exxon Mobil Corporation, Financial Ratios, USD
Million, 2003-2007 88
Table 39: Forest Gate Resources Terminates
Acquisition Of 90% Stake In Atlantis Deepwater Production And Impact
Exploration & Production 89
Table 40: Ford Spoleti Holdings Acquires Eagle
Oil Holding 90
Table 41: Lighthouse Petroleum Acquires 20% Ownership Stake
In Williston Basin Acquisition 91
Table 42: Spectra Energy Partners
Acquires NOARK Pipeline System From Atlas Pipeline Partners 92
Table 43:
Doral Energy To Acquire Two Unnamed Permian Basin Oil And Gas Corporations
93
Table 44: AMG Oil To Acquire Adira Energy 94
Table 45: TEPPCO
Partners Rejects Bid From Enterprise Products Partners 95
Table 46: KKR
Invests $350 Million In East Resources 96
Table 47: U.S. Drilling Capital
Management To Invest In Development Drilling Activities Of SandRidge Energy
97
Table 48: MarkWest Energy To Acquire 50% Interest In Arkoma Connector
Pipeline 98
Table 49: EV Energy Partners Completes Public Offering Of
Common Units For $82.11 Million 99
Table 50: Whiting Petroleum Prices
Public Offering Of Convertible Perpetual Preferred Stock For $300 Million
101
Table 51: ONEOK Partners Prices Common Units Public Offering For
$229.05 Million 103
Table 52: FairWest Announces Private Placement Of
$1.77 Million 104
Table 53: Duncan Energy Partners Prices Public Offering
Of Common Units For $128 Million 105
Table 54: Quicksilver Resources
Announces Public Offering Of Senior Notes For $425 Million 106
Table 55:
South Texas Oil Issues 14% Secured Convertible Notes Due In 2011 For $0.56
Million 107
Table 56: Mariner Energy Issues 11.75% Senior Unsecured Notes
Offering For $300 Million 108
Table 57: Dominion Resources Completes 8.37%
Debenture Offering For $625 Million 109
Table 58: Anadarko Petroleum
Prices 5.75% Senior Notes Offering For $275 Million 110
Table 59: Anadarko
Petroleum Prices 6.95% Senior Notes Offering For $300 Million 111
Table
60: Western Refining Issues Senior Secured Floating Rate Notes For $275
Million 112
Table 61: EnerJex Resources Enters Into A Joint Venture With
Pharyn Resources 113
Table 62: Atlas Pipeline Partners Forms Joint Venture
With The Williams Companies 114
Table 63: Nighthawk Production And Running
Foxes Terminate The Sale Of 20% Interest In Jolly Ranch Project 115
Table
64: TransCanada Pipelines To Acquire Remaining Interest Of ConocoPhillips In
Keystone Pipeline 116
Table 65: Bill Barrett Acquires Piceance Basin
Acreage For $60 Million 117
Table 66: Precision Petroleum To Acquire 88%
Of Producing Well In Pottawatomie County, Oklahoma 118
Table 67: Miller
Petroleum Acquires 35,325 Shale Acres And 173 Wells In Tennessee 119
Table
68: BayHill Capital To Acquire Oil and Gas Properties For $23.54 Million
120
1.2 List of Figures
Figure 1: US Gulf Of Mexico, Upstream Oil
& Gas Fiscal Regime (Royalty/Tax), Sample Cashflows, 2005-2016 18
Figure
2: US Gulf of Mexico, Crude Oil Assets Map, 2008 19
Figure 3: US Gulf of
Mexico, Total Gross Crude Oil Production (MMBBLs), 2001-2008 20
Figure 4:
US Gulf of Mexico, Gross Equity Weighted Crude Oil Production (MMBBLs), of
Major Companies, 2001-2008 24
Figure 5: US Gulf of Mexico, Market Share
(%) based on Gross Equity Weighted Crude Oil Production, 2008 25
Figure 6:
BP p.l.c., Value Chain Analysis 43
Figure 7: ConocoPhillips, Value Chain
Analysis 60
Figure 8: Exxon Mobil Corporation, Value Chain Analysis 76
Figure 9: GlobalData Methodology 146
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