Table of Contents
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 11
2 US California Energy Sector 12
2.1 US California Energy Sector, Market
Overview 12
2.2 US California Energy Sector, Crude Oil 13
2.2.1 US
California Crude Oil, Overview 13
2.2.2 US California Crude Oil, Supply
and Demand Balance 13
2.2.3 US California Crude Oil, Regulatory Structure
17
2.2.4 US California Crude Oil, Infrastructure 17
3 US California
Fiscal Regime 19
3.1 US California Petroleum Fiscal Environment 19
3.2
License Terms 19
3.3 Key Fiscal Terms 20
3.4 Sample Cashflows
Calculations 22
4 US California Upstream Investment Environment
Benchmarking 23
4.1 Introduction 23
4.2 The Overall Ranking 23
4.3
Upstream Fiscal Attractiveness 24
4.3.1 Revenue Protection 25
4.3.2
Fiscal Flexibility 25
4.3.3 Oil Sector Performance 26
4.3.4 Oil
Production 27
4.3.5 Oil Reserves 28
4.3.6 Oil Consumption 28
4.3.7
Refining Industry 28
5 US California Exploration and Production Sector
29
5.1 US California Exploration and Production Sector, Country Snapshot
29
5.1.1 US California Exploration and Production Sector, Key Data 29
5.1.2 US California Exploration and Production Sector, Crude Oil Assets Map
29
5.2 US California Exploration and Production Sector, Gross Crude Oil
Production 30
5.2.1 US California Exploration and Production Sector, Gross
Crude Oil-Historical Production 30
5.2.2 US California Exploration and
Production Sector, Gross Crude Oil Production by Assets 31
5.2.3 US
California Exploration and Production Sector, Gross Equity Weighted Crude Oil
Production by Company 33
5.2.4 US California Exploration and Production
Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production
35
5.3 US California Exploration and Production Sector, Gross Crude Oil
Forecasts 36
5.3.1 US California Exploration and Production Sector, Gross
Crude Oil Forecasted Production 36
5.4 US California Exploration And
Production Sector, Crude Oil Asset Details 39
5.4.1 US California
Exploration And Production Sector, Crude Oil Asset Details 39
6 US
California Pipeline Sector 43
6.1 US California Pipeline Sector, Key Data
43
6.2 US California Pipeline Sector, An Overview 43
6.3 US California
Pipeline Sector, Crude Oil Pipelines 44
6.4 US California Pipeline Sector,
Petroleum Product Pipelines 45
7 US California Refining Sector 46
7.1
US California Refining Sector, Key Data 46
7.2 US California Refining
Sector, An Overview 46
7.2.1 US California Refining Sector, Total Refining
Capacity 46
7.3 US California Refining Sector, Crude Distillation Unit
Capacity 48
7.4 US California Refining Sector, Coking Capacity 49
7.5
US California Refining Sector, Fluid Catalytic Cracking Capacity 49
7.6 US
California Refining Sector, Hydrocracking Capacity 50
8 US California Oil
and Chemicals Storage Sector 51
8.1 US California Oil and Chemicals
Storage Sector, Key Data 51
8.2 US California Oil and Chemicals Storage
Sector, An Overview 51
8.2.1 US California Oil and Chemicals Storage
Sector, Total Storage Capacity 51
8.3 US California Oil and Chemicals
Storage Sector, Storage Capacity 53
9 Profile of BP p.l.c. 56
9.1 BP
p.l.c., Key Information 56
9.2 BP p.l.c., Company Overview 56
9.3 BP
p.l.c., Business Description 56
9.3.1 BP p.l.c., Business Description,
Business Overview 56
9.3.2 BP p.l.c., Business Description, Exploration
and Production 57
9.3.3 BP p.l.c., Business Description, Other Businesses
and Corporate Segment 58
9.3.4 BP p.l.c., Business Description, Refining
and Marketing 59
9.4 BP p.l.c., Value Chain Analysis 61
9.4.1 BP
p.l.c., Value Chain Analysis, Upstream 62
9.4.2 BP p.l.c., Value Chain
Analysis, Midstream 62
9.4.3 BP p.l.c., Value Chain Analysis, Downstream
62
9.4.4 BP p.l.c., Value Chain Analysis, Retail 63
9.5 BP p.l.c.,
SWOT Analysis 63
9.5.1 BP p.l.c., SWOT Analysis, Overview 63
9.5.2 BP
p.l.c., SWOT Analysis, Strengths 64
9.5.3 BP p.l.c., SWOT Analysis,
Weaknesses 65
9.5.4 BP p.l.c., SWOT Analysis, Opportunities 65
9.5.5
BP p.l.c., SWOT Analysis, Threats 66
9.6 BP p.l.c., Revenue Analysis
67
9.6.1 BP p.l.c., Revenue by Segment 67
9.6.2 BP p.l.c., Revenue by
Geography 68
9.7 BP p.l.c., Financial and Operational Review 69
9.7.1
Financial Statements 69
9.7.2 Financial Ratios 70
10 Profile of
ConocoPhillips 71
10.1 ConocoPhillips, Key Information 71
10.2
ConocoPhillips, Company Overview 71
10.3 ConocoPhillips, Business
Description 71
10.3.1 ConocoPhillips, Business Description, Business
Overview 71
10.3.2 ConocoPhillips, Business Description, Chemicals Segment
72
10.3.3 ConocoPhillips, Business Description, Emerging Businesses
Segment 72
10.3.4 ConocoPhillips, Business Description, Exploration and
Production Segment 74
10.3.5 ConocoPhillips, Business Description, LUKOIL
Investment 75
10.3.6 ConocoPhillips, Business Description, Midstream
Segment 75
10.3.7 ConocoPhillips, Business Description, Refining,
Marketing and Transportation 76
10.3.8 ConocoPhillips, Business
Description, Major Products and Services 77
10.4 ConocoPhillips, Value
Chain Analysis 78
10.4.1 ConocoPhillips, Value Chain Analysis, Upstream
78
10.4.2 ConocoPhillips, Value Chain Analysis, Midstream 79
10.4.3
ConocoPhillips, Value Chain Analysis, Downstream 80
10.4.4 ConocoPhillips,
Value Chain Analysis, Retail 81
10.5 ConocoPhillips, SWOT Analysis 81
10.5.1 ConocoPhillips, SWOT Analysis, Overview 81
10.5.2 ConocoPhillips,
SWOT Analysis, Strengths 82
10.5.3 ConocoPhillips, SWOT Analysis,
Weaknesses 83
10.5.4 ConocoPhillips, SWOT Analysis, Opportunities 83
10.5.5 ConocoPhillips, SWOT Analysis, Threats 84
10.6 ConocoPhillips,
Revenue Analysis 85
10.7 ConocoPhillips, Revenue Analysis, Revenue by
Segment 86
10.7.1 ConocoPhillips, Revenue Analysis, Revenue by Geography
86
10.8 ConocoPhillips, Financial and Operational Review 88
10.8.1
Financial Statements 88
10.8.2 Financial Ratios 89
11 Profile of Exxon
Mobil Corporation 90
11.1 Exxon Mobil Corporation, Key Information 90
11.2 Exxon Mobil Corporation, Company Overview 90
11.3 Exxon Mobil
Corporation, Business Description 90
11.3.1 Exxon Mobil Corporation,
Business Description, Business Overview 90
11.3.2 Exxon Mobil Corporation,
Business Description, Chemical 90
11.3.3 Exxon Mobil Corporation, Business
Description, Downstream 92
11.3.4 Exxon Mobil Corporation, Business
Description, Upstream 93
11.4 Exxon Mobil Corporation, Value Chain
Analysis 95
11.4.1 Exxon Mobil Corporation, Value Chain Analysis, Upstream
95
11.4.2 Exxon Mobil Corporation, Value Chain Analysis, Midstream 96
11.4.3 Exxon Mobil Corporation, Value Chain Analysis, Downstream 97
11.4.4
Exxon Mobil Corporation, Value Chain Analysis, Retail 97
11.5 Exxon Mobil
Corporation, SWOT Analysis 97
11.5.1 Exxon Mobil Corporation, SWOT
Analysis, Overview 97
11.5.2 Exxon Mobil Corporation, SWOT Analysis,
Strengths 98
11.5.3 Exxon Mobil Corporation, SWOT Analysis, Weaknesses
100
11.5.4 Exxon Mobil Corporation, SWOT Analysis, Opportunities 101
11.5.5 Exxon Mobil Corporation, SWOT Analysis, Threats 102
11.6 Exxon
Mobil Corporation, Revenue Analysis 104
11.6.1 Exxon Mobil Corporation,
Revenue by Segment 104
11.6.2 Exxon Mobil Corporation, Revenue by
Geography 104
11.7 Exxon Mobil Corporation, Financial and Operational
Review 106
11.7.1 Financial Statements 106
11.7.2 Financial Ratios
107
12 Financial Deals Landscape 108
12.1 Detailed Deal Summary
108
12.1.1 Acquisition 108
12.1.2 Private Equity 115
12.1.3 Equity
Offerings 118
12.1.4 Debt Offerings 125
12.1.5 Partnerships 132
12.1.6 Asset Transactions 134
13 Recent Developments 141
13.1 License
Rounds 141
13.1.1 Jun 11, 2009: BLM Delays Oil, Gas Lease Sales In South
County 141
13.2 License Awards 142
13.2.1 Jun 16, 2009: Tricor Ten
Section Files Application With FERC For Gas Storage Facility In Kern County,
California 142
13.2.2 Jun 11, 2009: ELK Petroleum Receives APD Approval
For Grieve #39A Well In Wyoming 143
13.2.3 Jun 08, 2009: ATP Oil & Gas
Wins Green Canyon Block 344 In Central Gulf Of Mexico Offshore Lease Sale 208
143
13.3 Strategy and Business Expansion 143
13.3.1 Jun 04, 2009:
Valero Energy Suspends Hydrocracker Project At Its Port Arthur Refinery In
Texas 143
13.3.2 Jun 01, 2009: Kinder Morgan Energy Announces Open Season
For Crude Oil Shipments On Cochin Pipeline 144
13.3.3 Jun 01, 2009: Tricor
Ten Section Announces Non-Binding Open Season For Natural Gas Storage Facility
In California 145
13.3.4 May 28, 2009: Cabot Oil & Gas Opens New Regional
Office In Pittsburgh 145
13.4 Recent Discoveries 146
13.4.1 Jun 17,
2009: American Energy Resources Strikes Oil At Bonita Springs 4A Well In Gove
County, Kansas 146
13.4.2 Jun 09, 2009: Antares Energy Finds Gas At
Frances Dilworth No. 2 Well In McMullen County, Texas 147
13.4.3 Jun 04,
2009: KFG Resources Discovers Oil At Fayette Field In Jefferson County,
Mississippi 148
13.4.4 Jun 03, 2009: American Energy Resources Finds Oil
Reserve In Lane County, Kansas 149
13.4.5 Jun 02, 2009: Stone Energy
Announces Deepwater Discovery In Pyrenees Prospect, Gulf Of Mexico 149
13.5 Drilling and Production Updates 150
13.5.1 Jun 16, 2009: American
Petro-Hunter To Place #1 Lutters Well Into Production 150
13.5.2 Jun 16,
2009: Daytona Energy' s Walker #1H Well Flowing Gas To Sales 151
13.5.3 Jun
15, 2009: Golden Gate Petroleum Updates On Jumonville #2 Bullseye Prospect In
Iberville Parish, Louisiana 151
13.5.4 Jun 15, 2009: Pryme Oil and Gas
Commences Production From Crosby 16 No.1 Well In Four Rivers Project,
Louisiana 152
13.5.5 Jun 15, 2009: Harvest Natural Resources Begins
Drilling Operations At Bar F No. 1-20-3-2 Well In Antelope Project, Utah
153
13.6 Financial Announcements 154
13.6.1 Jun 15, 2009: Green Star
Energies Posts $1.67 Million Net Gain In Q1 2009 154
13.6.2 May 21, 2009:
Beard Reports Net Loss Of $266,000 In Q1 2009 155
13.6.3 May 20, 2009:
PrimeEnergy Posts Net Loss Of $3.5 Million In Q1 2009 156
13.6.4 May 19,
2009: John D. Oil and Gas Posts Revenue Of $1.4 Million In Q1 2009 156
13.6.5 May 18, 2009: Frontera Resources Reports $7.9 Million Net Loss In Q1
2009 156
13.7 Other Significant Developments 160
13.7.1 Jun 16, 2009:
GMX Resources Provides Operations Update 160
13.7.2 Jun 16, 2009:
StatoilHydro Signs LNG Deal With RasGas For Cove Point Terminal In US 160
13.7.3 Jun 16, 2009: Duke Energy Appoints Lynn J. Good As Group Executive And
CFO 161
13.7.4 Jun 16, 2009: Energy Partners Wins Court Approval For Its
Disclosure Statement 162
13.7.5 Jun 15, 2009: Circumpacific Energy
President Peter Simpson Resigns 162
13.8 New Contracts Announcements
163
13.8.1 Jun 16, 2009: ForeRunner Wins Three Natural Gas Storage
Projects In Western US 163
13.8.2 Jun 10, 2009: Clean Energy Wins Natural
Gas Fuel Supply Contract From City Of Phoenix Public Transit Department
163
14 Appendix 164
14.1 Methodology 164
14.1.1 Coverage 165
14.1.2 Secondary Research 166
14.1.3 Primary Research 166
14.1.4 E&P
Forecasts 166
14.1.5 Midstream Forecasts 168
14.1.6 Expert Panel
Validation 168
14.2 Contact Us 168
14.3 About GlobalData 169
14.4
Disclaimer 169
1.1 List of Tables
Table 1: US California,
Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020
14
Table 2: US California, Historical Reserves of Crude Oil, 1996-2008
16
Table 3: US, Investment Benchmarking, Overall State Rankings, April
2008 23
Table 4: US, Investment Benchmarking, Upstream Fiscal
Attractiveness, April 2008 24
Table 5: US, Investment Benchmarking, Oil
Sector Performance, April 2008 26
Table 6: US California, Crude Oil Key
Statistics, 2008 29
Table 7: US California, Total Gross Crude Oil
Production (MMBBLs), 2001-2008 30
Table 8: US California, Gross Crude Oil
Production (MMBBLs), of Major Assets, 2001-2008 31
Table 9: US California,
Gross Equity Weighted Crude Oil Production (MMBBLs), of Major Companies,
2001-2008 33
Table 10: US California, Market Share (%) based on Gross
Equity Weighted Crude Oil Production, 2001-2008 35
Table 11: US
California, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2015
36
Table 12: US California, Gross Crude Oil Production (MMBBLs), Forecast
by Assets, 2009-2015 (Contd.) 37
Table 13: US California, Gross Crude Oil
Production (MMBBLs), Forecast by Assets, 2009-2015 (Contd.) 38
Table 14:
US California, Major Oil Field Assets Details 39
Table 15: US California,
Major Oil Field Assets Details (Contd.) 40
Table 16: US California,
Major Oil Field Assets Details (Contd.) 41
Table 17: US California, Major
Oil Field Assets Details (Contd.) 42
Table 18: US California, Pipeline Key
Statistics, 2008 43
Table 19: US California, Crude Oil Pipelines, 2008
44
Table 20: US California, Petroleum Products Pipelines, 2008 45
Table 21: US California, Refinery Key Statistics, 2008 46
Table 22: US
California, Total Refining Capacity (MMTPA), 2000- 2013 46
Table 23: US
California, Crude Distillation Unit Capacity (MMTPA), 2000-2013 48
Table
24: US California, Coking Unit Capacity (MMTPA), 2000-2013 49
Table 25: US
California, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 49
Table 26: US California, Hydrocracking Unit Capacity (MMTPA), 2000-2013 50
Table 27: US California, Oil and Chemicals Storage Key Statistics, 2008 51
Table 28: US California, Total Oil and Chemicals Storage Capacity (Thousand
M3), 2000- 2013 51
Table 29: US California, Oil and Chemicals Storage
Capacity (Thousand M3), 2000-2013 53
Table 30: US California, Oil and
Chemicals Storage Capacity (Thousand M3), 2000-2013 (Contd — )
54
Table 31: US California, Oil and Chemicals Storage Capacity (Thousand
M3), 2000-2013 (Contd — ) 55
Table 32: BP p.l.c., Key
Facts 56
Table 33: BP p.l.c., SWOT Analysis 64
Table 34: BP p.l.c.,
Revenue by Segment, USD Million, 2003-2007 67
Table 35: BP p.l.c., Revenue
by Geography, USD Million, 2003-2007 68
Table 36: BP p.l.c., Financial
Statements, USD Million, 2003-2007 69
Table 37: BP p.l.c., Financial
Ratios, USD Million, 2003-2007 70
Table 38: ConocoPhillips, Key Facts
71
Table 39: ConocoPhillips, SWOT Analysis 82
Table 40:
ConocoPhillips, Revenue by Segment, USD Million, 2003-2007 86
Table 41:
ConocoPhillips, Revenue by Geography, USD Million, 2003-2007 87
Table
42: ConocoPhillips, Financial Statements, USD Million, 2003-2007 88
Table 43: ConocoPhillips, Financial Ratios, USD Million, 2003-2007 89
Table 44: Exxon Mobil Corporation, Key Facts 90
Table 45: Exxon
Mobil Corporation, SWOT Analysis 98
Table 46: Exxon Mobil
Corporation, Revenue by Segment, USD Million, 2003-2007 104
Table 47:
Exxon Mobil Corporation, Revenue by Geography, USD Million, 2003-2007 105
Table 48: Exxon Mobil Corporation, Financial Statements, USD Million,
2003-2007 106
Table 49: Exxon Mobil Corporation, Financial Ratios,
USD Million, 2003-2007 107
Table 50: Forest Gate Resources Terminates
Acquisition Of 90% Stake In Atlantis Deepwater Production And Impact
Exploration & Production 108
Table 51: Ford Spoleti Holdings Acquires
Eagle Oil Holding 109
Table 52: Lighthouse Petroleum Acquires 20%
Ownership Stake In Williston Basin Acquisition 110
Table 53: Spectra
Energy Partners Acquires NOARK Pipeline System From Atlas Pipeline Partners
110
Table 54: Doral Energy To Acquire Two Unnamed Permian Basin Oil And
Gas Corporations 112
Table 55: AMG Oil To Acquire Adira Energy 113
Table 56: TEPPCO Partners Rejects Bid From Enterprise Products Partners
114
Table 57: KKR Invests $350 Million In East Resources 115
Table 58:
U.S. Drilling Capital Management To Invest In Development Drilling Activities
Of SandRidge Energy 116
Table 59: MarkWest Energy To Acquire 50% Interest
In Arkoma Connector Pipeline 117
Table 60: EV Energy Partners Completes
Public Offering Of Common Units For $82.11 Million 118
Table 61: Whiting
Petroleum Prices Public Offering Of Convertible Perpetual Preferred Stock For
$300 Million 120
Table 62: ONEOK Partners Prices Common Units Public
Offering For $229.05 Million 122
Table 63: FairWest Announces Private
Placement Of $1.77 Million 123
Table 64: Duncan Energy Partners Prices
Public Offering Of Common Units For $128 Million 124
Table 65: Quicksilver
Resources Announces Public Offering Of Senior Notes For $425 Million 125
Table 66: South Texas Oil Issues 14% Secured Convertible Notes Due In 2011 For
$0.56 Million 126
Table 67: Mariner Energy Issues 11.75% Senior Unsecured
Notes Offering For $300 Million 127
Table 68: Dominion Resources Completes
8.37% Debenture Offering For $625 Million 128
Table 69: Anadarko Petroleum
Prices 5.75% Senior Notes Offering For $275 Million 129
Table 70: Anadarko
Petroleum Prices 6.95% Senior Notes Offering For $300 Million 130
Table
71: Western Refining Issues Senior Secured Floating Rate Notes For $275
Million 131
Table 72: EnerJex Resources Enters Into A Joint Venture With
Pharyn Resources 132
Table 73: Atlas Pipeline Partners Forms Joint Venture
With The Williams Companies 133
Table 74: Nighthawk Production And Running
Foxes Terminate The Sale Of 20% Interest In Jolly Ranch Project 134
Table
75: TransCanada Pipelines To Acquire Remaining Interest Of ConocoPhillips In
Keystone Pipeline 135
Table 76: Bill Barrett Acquires Piceance Basin
Acreage For $60 Million 136
Table 77: Precision Petroleum To Acquire 88%
Of Producing Well In Pottawatomie County, Oklahoma 137
Table 78: Miller
Petroleum Acquires 35,325 Shale Acres And 173 Wells In Tennessee 138
Table
79: BayHill Capital To Acquire Oil and Gas Properties For $23.54 Million
139
1.2 List of Figures
Figure 1: US California, Energy Sector
break-up, 2008 12
Figure 2: US California, Crude Oil Production And
Consumption, Thousand Barrels Per Day, 1996-2020 15
Figure 3: US
California, Crude Oil Reserves, Million Barrels, 1996-2008 17
Figure 4:
US California, Upstream Oil & Gas Fiscal Regime (Royalty/Tax), Sample
Cashflows, 2005-2016 22
Figure 5: US, State Standings, Upstream Fiscal
Attractiveness, April 2008 25
Figure 6: US, State Standings, Oil Sector
Performance, by Reserves & Production, April 2008 26
Figure 7: US, State
Standings, Oil Sector Performance, by Production-Consumption & Refining, April
2008 27
Figure 8: US California, Crude Oil Assets Map, 2008 29
Figure
9: US California, Total Gross Crude Oil Production (MMBBLs), 2001-2008 30
Figure 10: US California, Gross Equity Weighted Crude Oil Production
(MMBBLs),of Major Companies, 2001-2008 34
Figure 11: US California, Market
Share (%) based on Gross Equity Weighted Crude Oil Production, 2008 35
Figure 12: US California, Total Refining Capacity (MMTPA), 2000- 2013 47
Figure 13: US California, Total Oil and Chemicals Storage Capacity (Thousand
M3), 2000- 2013 52
Figure 14: BP p.l.c., Value Chain Analysis 61
Figure 15: ConocoPhillips, Value Chain Analysis 78
Figure 16: Exxon Mobil
Corporation, Value Chain Analysis 95
Figure 17: GlobalData Methodology
165
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