Table of Contents
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 11
2 Michigan Energy Sector 12
2.1 Michigan Energy Sector, Market Overview
12
2.2 Michigan Energy Sector, Crude Oil 13
2.2.1 Michigan Crude Oil,
Overview 13
2.2.2 Michigan Crude Oil, Supply and Demand Balance 13
2.2.3 Michigan Crude Oil, Regulatory Structure 17
2.2.4 Michigan Crude
Oil, Infrastructure 17
3 US Michigan Fiscal Regime 19
3.1 US Michigan
Petroleum Fiscal Environment 19
3.2 License Terms 19
3.3 Key Fiscal
Terms 20
3.4 Sample Cashflows Calculations 23
4 US Michigan Oil
Upstream Investment Environment Benchmarking 24
4.1 Introduction 24
4.2 The Overall Ranking 24
4.3 Upstream Fiscal Attractiveness 25
4.3.1
Revenue Protection 26
4.3.2 Fiscal Flexibility 26
4.4 Oil Sector
Performance 27
4.4.1 Oil Production 29
4.4.2 Oil Reserves 29
4.4.3
Oil Consumption 30
4.4.4 Refining Industry 30
5 US Michigan
Exploration and Production Sector 31
5.1 US Michigan Exploration and
Production Sector, Country Snapshot 31
5.1.1 US Michigan Exploration and
Production Sector, Key Data 31
5.1.2 US Michigan Exploration and
Production Sector, Crude Oil Assets Map 31
5.2 US Michigan Exploration and
Production Sector, Gross Crude Oil Production 32
5.2.1 US Michigan
Exploration and Production Sector, Gross Crude Oil-Historical Production
32
5.2.2 US Michigan Exploration and Production Sector, Gross Crude Oil
Production by Assets 33
5.2.3 US Michigan Exploration and Production
Sector, Gross Equity Weighted Crude Oil Production by Company 35
5.2.4 US
Michigan Exploration and Production Sector, Market Share (%) based on Gross
Equity Weighted Crude Oil Production 37
5.3 US Michigan Exploration and
Production Sector, Gross Crude Oil Forecasts 39
5.3.1 US Michigan
Exploration and Production Sector, Gross Crude Oil Forecasted Production
39
6 US Michigan Pipeline Sector 42
6.1 US Michigan Pipeline Sector,
Key Data 42
6.2 US Michigan Pipeline Sector, An Overview 42
6.3 US
Michigan Pipeline Sector, Crude Oil Pipelines 42
6.4 US Michigan Pipeline
Sector, Petroleum Product Pipelines 43
7 US Michigan Refining Sector
44
7.1 US Michigan Refining Sector, Key Data 44
7.2 US Michigan
Refining Sector, An Overview 44
7.2.1 US Michigan Refining Sector, Total
Refining Capacity 44
7.3 US Michigan Refining Sector, Crude Distillation
Unit Capacity 45
7.4 US Michigan Refining Sector, Coking Capacity 46
7.5 US Michigan Refining Sector, Fluid Catalytic Cracking Capacity 46
7.6
US Michigan Refining Sector, Hydrocracking Capacity 46
8 US Michigan Oil
and Chemicals Storage Sector 47
8.1 US Michigan Oil and Chemicals Storage
Sector, Key Data 47
8.2 US Michigan Oil and Chemicals Storage Sector, An
Overview 47
8.2.1 US Michigan Oil and Chemicals Storage Sector, Total
Storage Capacity 47
8.3 US Michigan Oil and Chemicals Storage Sector,
Storage Capacity 49
9 Profile of BP p.l.c. 50
9.1 BP p.l.c., Key
Information 50
9.2 BP p.l.c., Company Overview 50
9.3 BP p.l.c.,
Business Description 50
9.3.1 BP p.l.c., Business Description, Business
Overview 50
9.3.2 BP p.l.c., Business Description, Exploration and
Production 51
9.3.3 BP p.l.c., Business Description, Other Businesses and
Corporate Segment 52
9.3.4 BP p.l.c., Business Description, Refining and
Marketing 53
9.4 BP p.l.c., Value Chain Analysis 55
9.4.1 BP p.l.c.,
Value Chain Analysis, Upstream 56
9.4.2 BP p.l.c., Value Chain Analysis,
Midstream 56
9.4.3 BP p.l.c., Value Chain Analysis, Downstream 57
9.4.4 BP p.l.c., Value Chain Analysis, Retail 57
9.5 BP p.l.c., SWOT
Analysis 57
9.5.1 BP p.l.c., SWOT Analysis, Overview 57
9.5.2 BP
p.l.c., SWOT Analysis, Strengths 58
9.5.3 BP p.l.c., SWOT Analysis,
Weaknesses 59
9.5.4 BP p.l.c., SWOT Analysis, Opportunities 59
9.5.5
BP p.l.c., SWOT Analysis, Threats 60
9.6 BP p.l.c., Revenue Analysis
61
9.6.1 BP p.l.c., Revenue by Segment 61
9.6.2 BP p.l.c., Revenue by
Geography 62
9.7 BP p.l.c., Financial and Operational Review 63
9.7.1
Financial Statements 63
9.7.2 Financial Ratios 64
10 Profile of
ConocoPhillips 65
10.1 ConocoPhillips, Key Information 65
10.2
ConocoPhillips, Company Overview 65
10.3 ConocoPhillips, Business
Description 65
10.3.1 ConocoPhillips, Business Description, Business
Overview 65
10.3.2 ConocoPhillips, Business Description, Chemicals Segment
66
10.3.3 ConocoPhillips, Business Description, Emerging Businesses
Segment 66
10.3.4 ConocoPhillips, Business Description, Exploration and
Production Segment 68
10.3.5 ConocoPhillips, Business Description, LUKOIL
Investment 69
10.3.6 ConocoPhillips, Business Description, Midstream
Segment 69
10.3.7 ConocoPhillips, Business Description, Refining,
Marketing and Transportation 70
10.3.8 ConocoPhillips, Business
Description, Major Products and Services 71
10.4 ConocoPhillips, Value
Chain Analysis 72
10.4.1 ConocoPhillips, Value Chain Analysis, Upstream
72
10.4.2 ConocoPhillips, Value Chain Analysis, Midstream 73
10.4.3
ConocoPhillips, Value Chain Analysis, Downstream 74
10.4.4 ConocoPhillips,
Value Chain Analysis, Retail 74
10.5 ConocoPhillips, SWOT Analysis 75
10.5.1 ConocoPhillips, SWOT Analysis, Overview 75
10.5.2 ConocoPhillips,
SWOT Analysis, Strengths 76
10.5.3 ConocoPhillips, SWOT Analysis,
Weaknesses 77
10.5.4 ConocoPhillips, SWOT Analysis, Opportunities 77
10.5.5 ConocoPhillips, SWOT Analysis, Threats 78
10.6 ConocoPhillips,
Revenue Analysis 79
10.7 ConocoPhillips, Revenue Analysis, Revenue by
Segment 79
10.7.1 ConocoPhillips, Revenue Analysis, Revenue by Geography
80
10.8 ConocoPhillips, Financial and Operational Review 81
10.8.1
Financial Statements 81
10.8.2 Financial Ratios 82
11 Profile of Exxon
Mobil Corporation 83
11.1 Exxon Mobil Corporation, Key Information 83
11.2 Exxon Mobil Corporation, Company Overview 83
11.3 Exxon Mobil
Corporation, Business Description 83
11.3.1 Exxon Mobil Corporation,
Business Description, Business Overview 83
11.3.2 Exxon Mobil Corporation,
Business Description, Chemical 83
11.3.3 Exxon Mobil Corporation, Business
Description, Downstream 85
11.3.4 Exxon Mobil Corporation, Business
Description, Upstream 86
11.4 Exxon Mobil Corporation, Value Chain
Analysis 88
11.4.1 Exxon Mobil Corporation, Value Chain Analysis, Upstream
88
11.4.2 Exxon Mobil Corporation, Value Chain Analysis, Midstream 89
11.4.3 Exxon Mobil Corporation, Value Chain Analysis, Downstream 90
11.4.4
Exxon Mobil Corporation, Value Chain Analysis, Retail 90
11.5 Exxon Mobil
Corporation, SWOT Analysis 91
11.5.1 Exxon Mobil Corporation, SWOT
Analysis, Overview 91
11.5.2 Exxon Mobil Corporation, SWOT Analysis,
Strengths 92
11.5.3 Exxon Mobil Corporation, SWOT Analysis, Weaknesses
93
11.5.4 Exxon Mobil Corporation, SWOT Analysis, Opportunities 94
11.5.5 Exxon Mobil Corporation, SWOT Analysis, Threats 96
11.6 Exxon Mobil
Corporation, Revenue Analysis 97
11.6.1 Exxon Mobil Corporation, Revenue
by Segment 97
11.6.2 Exxon Mobil Corporation, Revenue by Geography 97
11.7 Exxon Mobil Corporation, Financial and Operational Review 99
11.7.1
Financial Statements 99
11.7.2 Financial Ratios 100
12 Financial Deals
Landscape 101
12.1 Detailed Deal Summary 101
12.1.1 Acquisition
101
12.1.2 Private Equity 108
12.1.3 Equity Offerings 111
12.1.4
Debt Offerings 118
12.1.5 Partnerships 125
12.1.6 Asset Transactions
127
13 Recent Developments 134
13.1 License Rounds 134
13.1.1 Jun
11, 2009: BLM Delays Oil, Gas Lease Sales In South County 134
13.2 License
Awards 135
13.2.1 Jun 16, 2009: Tricor Ten Section Files Application With
FERC For Gas Storage Facility In Kern County, California 135
13.2.2 Jun
11, 2009: ELK Petroleum Receives APD Approval For Grieve #39A Well In Wyoming
136
13.2.3 Jun 08, 2009: ATP Oil & Gas Wins Green Canyon Block 344 In
Central Gulf Of Mexico Offshore Lease Sale 208 136
13.3 Strategy and
Business Expansion 136
13.3.1 Jun 04, 2009: Valero Energy Suspends
Hydrocracker Project At Its Port Arthur Refinery In Texas 136
13.3.2 Jun
01, 2009: Kinder Morgan Energy Announces Open Season For Crude Oil Shipments
On Cochin Pipeline 137
13.3.3 Jun 01, 2009: Tricor Ten Section Announces
Non-Binding Open Season For Natural Gas Storage Facility In California 138
13.3.4 May 28, 2009: Cabot Oil & Gas Opens New Regional Office In Pittsburgh
138
13.4 Recent Discoveries 139
13.4.1 Jun 17, 2009: American Energy
Resources Strikes Oil At Bonita Springs 4A Well In Gove County, Kansas 139
13.4.2 Jun 09, 2009: Antares Energy Finds Gas At Frances Dilworth No. 2 Well
In McMullen County, Texas 140
13.4.3 Jun 04, 2009: KFG Resources Discovers
Oil At Fayette Field In Jefferson County, Mississippi 141
13.4.4 Jun 03,
2009: American Energy Resources Finds Oil Reserve In Lane County, Kansas
142
13.4.5 Jun 02, 2009: Stone Energy Announces Deepwater Discovery In
Pyrenees Prospect, Gulf Of Mexico 142
13.5 Drilling and Production Updates
143
13.5.1 Jun 16, 2009: American Petro-Hunter To Place #1 Lutters Well
Into Production 143
13.5.2 Jun 16, 2009: Daytona Energy' s Walker #1H Well
Flowing Gas To Sales 144
13.5.3 Jun 15, 2009: Golden Gate Petroleum
Updates On Jumonville #2 Bullseye Prospect In Iberville Parish, Louisiana
144
13.5.4 Jun 15, 2009: Pryme Oil and Gas Commences Production From
Crosby 16 No.1 Well In Four Rivers Project, Louisiana 145
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 146
13.6 Financial Announcements
147
13.6.1 Jun 15, 2009: Green Star Energies Posts $1.67 Million Net Gain
In Q1 2009 147
13.6.2 May 21, 2009: Beard Reports Net Loss Of $266,000 In
Q1 2009 148
13.6.3 May 20, 2009: PrimeEnergy Posts Net Loss Of $3.5
Million In Q1 2009 148
13.6.4 May 19, 2009: John D. Oil and Gas Posts
Revenue Of $1.4 Million In Q1 2009 149
13.6.5 May 18, 2009: Frontera
Resources Reports $7.9 Million Net Loss In Q1 2009 149
13.7 Other
Significant Developments 153
13.7.1 Jun 16, 2009: GMX Resources Provides
Operations Update 153
13.7.2 Jun 16, 2009: StatoilHydro Signs LNG Deal
With RasGas For Cove Point Terminal In US 153
13.7.3 Jun 16, 2009: Duke
Energy Appoints Lynn J. Good As Group Executive And CFO 154
13.7.4 Jun 16,
2009: Energy Partners Wins Court Approval For Its Disclosure Statement 154
13.7.5 Jun 15, 2009: Circumpacific Energy President Peter Simpson Resigns
155
13.8 New Contracts Announcements 155
13.8.1 Jun 16, 2009:
ForeRunner Wins Three Natural Gas Storage Projects In Western US 155
13.8.2 Jun 10, 2009: Clean Energy Wins Natural Gas Fuel Supply Contract From
City Of Phoenix Public Transit Department 156
14 Appendix 157
14.1
Methodology 157
14.1.1 Coverage 158
14.1.2 Secondary Research 159
14.1.3 Primary Research 159
14.1.4 E&P Forecasts 159
14.1.5 Midstream
Forecasts 161
14.1.6 Expert Panel Validation 161
14.2 Contact Us
161
14.3 About GlobalData 162
14.4 Disclaimer 162
1.1 List of
Tables
Table 1: US Michigan, Historical and Forecasted Production and
Consumption of Crude Oil, 1996-2020 14
Table 2: US Michigan, Historical
Reserves of Crude Oil, 1996-2008 16
Table 3: US Michigan Bonds, Michigan
20
Table 4: US Michigan Severance Tax, Oil, Michigan 21
Table 5: US
Michigan Severance Tax, Natural Gas, Michigan 21
Table 6: US, Investment
Benchmarking, Overall State Rankings, 2008 24
Table 7: US, Investment
Benchmarking, Upstream Fiscal Attractiveness, 2008 25
Table 8: US,
Investment Benchmarking, Oil Sector Performance, 2008 27
Table 9: US
Michigan, Crude Oil Key Statistics, 2008 31
Table 10: US Michigan, Total
Gross Crude Oil Production (MMBBLs), 2001-2008 32
Table 11: US Michigan,
Gross Crude Oil Production (MMBBLs), by Major Assets, 2001-2008 33
Table
12: US Michigan, Gross Equity Weighted Crude Oil Production (MMBBLs), by Major
Companies, 2001-2008 35
Table 13: US Michigan, Market Share (%) based on
Gross Equity Weighted Crude Oil Production, 2001-2008 37
Table 14: US
Michigan, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2015
39
Table 15: US Michigan, Gross Crude Oil Production (MMBBLs), Forecast by
Assets, 2009-2015, (Contd.) 40
Table 16: US Michigan, Gross Crude Oil
Production (MMBBLs), Forecast by Assets, 2009-2015, (Contd.) 41
Table 17:
US Michigan, Pipeline Key Statistics, 2008 42
Table 18: US Michigan, Crude
Oil Pipelines, 2008 42
Table 19: US Michigan, Petroleum Products
Pipelines, 2008 43
Table 20: US Michigan, Refinery Key Statistics, 2008
44
Table 21: US Michigan, Total Refining Capacity (MMTPA), 2000- 2013
44
Table 22: US Michigan, Crude Distillation Unit Capacity (MMTPA),
2000-2013 45
Table 23: US Michigan, Coking Unit Capacity (MMTPA),
2000-2013 46
Table 24: US Michigan, Fluid Catalytic Cracking Unit Capacity
(MMTPA), 2000-2013 46
Table 25: US Michigan, Hydrocracking Unit Capacity
(MMTPA), 2000-2013 46
Table 26: US Michigan, Oil and Chemicals Storage Key
Statistics, 2008 47
Table 27: US Michigan, Total Oil and Chemicals Storage
Capacity (Thousand M3), 2000- 2013 47
Table 28: US Michigan, Oil and
Chemicals Storage Capacity (Thousand M3), 2000-2013 49
Table 29: BP
p.l.c., Key Facts 50
Table 30: BP p.l.c., SWOT Analysis 58
Table 31:
BP p.l.c., Revenue by Segment, USD Million, 2003-2007 61
Table 32: BP
p.l.c., Revenue by Geography, USD Million, 2003-2007 62
Table 33: BP
p.l.c., Financial Statements, USD Million, 2003-2007 63
Table 34: BP
p.l.c., Financial Ratios, USD Million, 2003-2007 64
Table 35:
ConocoPhillips, Key Facts 65
Table 36: ConocoPhillips, SWOT Analysis
76
Table 37: ConocoPhillips, Revenue by Segment, USD Million,
2003-2007 80
Table 38: ConocoPhillips, Revenue by Geography, USD
Million, 2003-2007 81
Table 39: ConocoPhillips, Financial Statements,
USD Million, 2003-2007 81
Table 40: ConocoPhillips, Financial Ratios,
USD Million, 2003-2007 82
Table 41: Exxon Mobil Corporation, Key
Facts 83
Table 42: Exxon Mobil Corporation, SWOT Analysis 91
Table 43: Exxon Mobil Corporation, Revenue by Segment, USD Million,
2003-2007 97
Table 44: Exxon Mobil Corporation, Revenue by Geography,
USD Million, 2003-2007 98
Table 45: Exxon Mobil Corporation,
Financial Statements, USD Million, 2003-2007 99
Table 46: Exxon Mobil
Corporation, Financial Ratios, USD Million, 2003-2007 100
Table 47: Forest
Gate Resources Terminates Acquisition Of 90% Stake In Atlantis Deepwater
Production And Impact Exploration & Production 101
Table 48: Ford Spoleti
Holdings Acquires Eagle Oil Holding 102
Table 49: Lighthouse Petroleum
Acquires 20% Ownership Stake In Williston Basin Acquisition 103
Table 50:
Spectra Energy Partners Acquires NOARK Pipeline System From Atlas Pipeline
Partners 104
Table 51: Doral Energy To Acquire Two Unnamed Permian Basin
Oil And Gas Corporations 105
Table 52: AMG Oil To Acquire Adira Energy
106
Table 53: TEPPCO Partners Rejects Bid From Enterprise Products
Partners 107
Table 54: KKR Invests $350 Million In East Resources 108
Table 55: U.S. Drilling Capital Management To Invest In Development Drilling
Activities Of SandRidge Energy 109
Table 56: MarkWest Energy To Acquire
50% Interest In Arkoma Connector Pipeline 110
Table 57: EV Energy Partners
Completes Public Offering Of Common Units For $82.11 Million 111
Table 58:
Whiting Petroleum Prices Public Offering Of Convertible Perpetual Preferred
Stock For $300 Million 113
Table 59: ONEOK Partners Prices Common Units
Public Offering For $229.05 Million 115
Table 60: FairWest Announces
Private Placement Of $1.77 Million 116
Table 61: Duncan Energy Partners
Prices Public Offering Of Common Units For $128 Million 117
Table 62:
Quicksilver Resources Announces Public Offering Of Senior Notes For $425
Million 118
Table 63: South Texas Oil Issues 14% Secured Convertible Notes
Due In 2011 For $0.56 Million 119
Table 64: Mariner Energy Issues 11.75%
Senior Unsecured Notes Offering For $300 Million 120
Table 65: Dominion
Resources Completes 8.37% Debenture Offering For $625 Million 121
Table
66: Anadarko Petroleum Prices 5.75% Senior Notes Offering For $275 Million
122
Table 67: Anadarko Petroleum Prices 6.95% Senior Notes Offering For
$300 Million 123
Table 68: Western Refining Issues Senior Secured Floating
Rate Notes For $275 Million 124
Table 69: EnerJex Resources Enters Into A
Joint Venture With Pharyn Resources 125
Table 70: Atlas Pipeline Partners
Forms Joint Venture With The Williams Companies 126
Table 71: Nighthawk
Production And Running Foxes Terminate The Sale Of 20% Interest In Jolly Ranch
Project 127
Table 72: TransCanada Pipelines To Acquire Remaining Interest
Of ConocoPhillips In Keystone Pipeline 128
Table 73: Bill Barrett Acquires
Piceance Basin Acreage For $60 Million 129
Table 74: Precision Petroleum
To Acquire 88% Of Producing Well In Pottawatomie County, Oklahoma 130
Table 75: Miller Petroleum Acquires 35,325 Shale Acres And 173 Wells In
Tennessee 131
Table 76: BayHill Capital To Acquire Oil and Gas Properties
For $23.54 Million 132
1.2 List of Figures
Figure 1: US Michigan
Energy Sector Break-up, 2008 12
Figure 2: US Michigan, Crude Oil
Production And Consumption, Thousand Barrels Per Day, 1996-2020 15
Figure
3: US Michigan, Crude Oil Reserves, Million Barrels, 1996-2008 17
Figure
4: US Michigan, Upstream Oil & Gas Fiscal Regime (Royalty/Tax), Sample
Cashflows, 2005-2016 23
Figure 5: US, States Standings, Upstream Fiscal
Attractiveness, 2008 26
Figure 6: US, State Standings, Oil Sector
Performance, by Reserves & Production, 2008 28
Figure 7: US, State
Standings, Oil Sector Performance, by Production-Consumption & Refining, 2008
29
Figure 8: US Michigan, Crude Oil Assets Map, 2008 31
Figure 9: US
Michigan, Total Gross Crude Oil Production (MMBBLs), 2001-2008 32
Figure
10: US Michigan, Gross Equity Weighted Crude Oil Production (MMBBLs), by Major
Companies, 2001-2008 37
Figure 11: US Michigan, Market Share (%) based on
Gross Equity Weighted Crude Oil Production, 2008 38
Figure 12: US
Michigan, Total Refining Capacity (MMTPA), 2000- 2013 45
Figure 13: US
Michigan, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013
48
Figure 14: BP p.l.c., Value Chain Analysis 55
Figure 15:
ConocoPhillips, Value Chain Analysis 72
Figure 16: Exxon Mobil
Corporation, Value Chain Analysis 88
Figure 17: GlobalData Methodology
158
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