Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 US California Energy Sector 11
2.1 US California Energy Sector, Market
Overview 11
2.2 US California Energy Sector, Natural Gas 12
2.2.1 US
California Natural Gas, Overview 12
2.2.2 US California Natural Gas,
Supply and Demand Balance 12
2.2.3 US California Natural Gas, Regulatory
Structure 16
2.2.4 US California Natural Gas, Infrastructure 16
3 US
California Fiscal Regime 18
3.1 US California Petroleum Fiscal Environment
18
3.2 License Terms 18
3.3 Key Fiscal Terms 19
3.4 Sample
Cashflows Calculations 21
4 US California Upstream Investment Environment
Benchmarking 22
4.1 Introduction 22
4.2 The Overall Ranking 22
4.3
Upstream Fiscal Attractiveness 22
4.3.1 Revenue Protection 24
4.3.2
Fiscal Flexibility 24
4.4 Gas Sector Performance 24
4.4.1 Gas
Production 26
4.4.2 Gas Reserves 27
4.4.3 Gas Consumption 27
5 US
California Exploration and Production Sector 28
5.1 US California
Exploration and Production Sector, Country Snapshot 28
5.1.1 US California
Exploration and Production Sector, Key Data 28
5.1.2 US California
Exploration and Production Sector, Natural Gas Assets Map 28
5.2 US
California Exploration and Production Sector, Marketed Natural Gas Production
29
5.2.1 US California Exploration and Production Sector, Marketed Natural
Gas-Historical Production 29
5.2.2 US California Exploration and
Production Sector, Marketed Natural Gas Production by Assets 30
5.2.3 US
California Exploration and Production Sector, Marketed Equity Weighted Natural
Gas Production by Company 33
5.2.4 US California Exploration and
Production Sector, Market Share (%) based on Marketed Natural Gas Production
36
5.3 US California Exploration and Production Sector, Marketed Natural
Gas Forecasts 37
5.3.1 US California Exploration and Production Sector,
Marketed Natural Gas Forecasted Production 37
5.4 US California
Exploration And Production Sector, Natural Gas Asset Details 40
5.4.1 US
California Exploration And Production Sector, Planned Natural Gas Asset
Details 44
6 US California Pipeline Sector 45
6.1 US California
Pipeline Sector, Key Data 45
6.2 US California Pipeline Sector, An
Overview 45
6.3 US California Pipeline Sector, Natural Gas Pipelines
45
7 US California LNG Sector 46
7.1 US California LNG Sector,
Overview 46
7.2 US California LNG Sector, Regasification 46
7.2.1 US
California LNG Sector, Regasification, Total Regasification Capacity 46
7.2.2 US California LNG Sector, Asset- Wise Regasification Capacity 47
8
US California Under Ground Gas Storage Sector 48
8.1 US California Under
Ground Storage Sector, Key Data 48
8.2 US California Underground Gas
Storage Sector, An Overview 48
8.3 US California Underground Gas 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
10.4 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 75
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
80
10.7.1 ConocoPhillips, Revenue Analysis, Revenue by Geography 80
10.8 ConocoPhillips, Financial and Operational Review 82
10.8.1 Financial
Statements 82
10.8.2 Financial Ratios 83
11 Profile of Exxon Mobil
Corporation 84
11.1 Exxon Mobil Corporation, Key Information 84
11.2
Exxon Mobil Corporation, Company Overview 84
11.3 Exxon Mobil Corporation,
Business Description 84
11.3.1 Exxon Mobil Corporation, Business
Description, Business Overview 84
11.3.2 Exxon Mobil Corporation, Business
Description, Chemical 84
11.3.3 Exxon Mobil Corporation, Business
Description, Downstream 86
11.3.4 Exxon Mobil Corporation, Business
Description, Upstream 87
11.4 Exxon Mobil Corporation, Value Chain
Analysis 89
11.4.1 Exxon Mobil Corporation, Value Chain Analysis, Upstream
89
11.4.2 Exxon Mobil Corporation, Value Chain Analysis, Midstream 90
11.4.3 Exxon Mobil Corporation, Value Chain Analysis, Downstream 91
11.4.4
Exxon Mobil Corporation, Value Chain Analysis, Retail 91
11.5 Exxon Mobil
Corporation, SWOT Analysis 92
11.5.1 Exxon Mobil Corporation, SWOT
Analysis, Overview 92
11.5.2 Exxon Mobil Corporation, SWOT Analysis,
Strengths 93
11.5.3 Exxon Mobil Corporation, SWOT Analysis, Weaknesses
94
11.5.4 Exxon Mobil Corporation, SWOT Analysis, Opportunities 95
11.5.5 Exxon Mobil Corporation, SWOT Analysis, Threats 97
11.6 Exxon Mobil
Corporation, Revenue Analysis 98
11.6.1 Exxon Mobil Corporation, Revenue
by Segment 98
11.6.2 Exxon Mobil Corporation, Revenue by Geography 99
11.7 Exxon Mobil Corporation, Financial and Operational Review 101
11.7.1
Financial Statements 101
11.7.2 Financial Ratios 102
12 Financial
Deals Landscape 103
12.1 Detailed Deal Summary 103
12.1.1 Acquisition
103
12.1.2 Private Equity 110
12.1.3 Equity Offerings 113
12.1.4
Debt Offerings 120
12.1.5 Partnerships 127
12.1.6 Asset Transactions
129
13 Recent Developments 136
13.1 License Rounds 136
13.1.1 Jun
11, 2009: BLM Delays Oil, Gas Lease Sales In South County 136
13.2 License
Awards 137
13.2.1 Jun 16, 2009: Tricor Ten Section Files Application With
FERC For Gas Storage Facility In Kern County, California 137
13.2.2 Jun
11, 2009: ELK Petroleum Receives APD Approval For Grieve #39A Well In Wyoming
138
13.2.3 Jun 08, 2009: ATP Oil & Gas Wins Green Canyon Block 344 In
Central Gulf Of Mexico Offshore Lease Sale 208 138
13.3 Strategy and
Business Expansion 138
13.3.1 Jun 04, 2009: Valero Energy Suspends
Hydrocracker Project At Its Port Arthur Refinery In Texas 138
13.3.2 Jun
01, 2009: Kinder Morgan Energy Announces Open Season For Crude Oil Shipments
On Cochin Pipeline 139
13.3.3 Jun 01, 2009: Tricor Ten Section Announces
Non-Binding Open Season For Natural Gas Storage Facility In California 140
13.3.4 May 28, 2009: Cabot Oil & Gas Opens New Regional Office In Pittsburgh
140
13.4 Recent Discoveries 141
13.4.1 Jun 17, 2009: American Energy
Resources Strikes Oil At Bonita Springs 4A Well In Gove County, Kansas 141
13.4.2 Jun 09, 2009: Antares Energy Finds Gas At Frances Dilworth No. 2 Well
In McMullen County, Texas 142
13.4.3 Jun 04, 2009: KFG Resources Discovers
Oil At Fayette Field In Jefferson County, Mississippi 144
13.4.4 Jun 03,
2009: American Energy Resources Finds Oil Reserve In Lane County, Kansas
144
13.4.5 Jun 02, 2009: Stone Energy Announces Deepwater Discovery In
Pyrenees Prospect, Gulf Of Mexico 145
13.5 Drilling and Production Updates
145
13.5.1 Jun 16, 2009: American Petro-Hunter To Place #1 Lutters Well
Into Production 145
13.5.2 Jun 16, 2009: Daytona Energy' s Walker #1H Well
Flowing Gas To Sales 146
13.5.3 Jun 15, 2009: Golden Gate Petroleum
Updates On Jumonville #2 Bullseye Prospect In Iberville Parish, Louisiana
146
13.5.4 Jun 15, 2009: Pryme Oil and Gas Commences Production From
Crosby 16 No.1 Well In Four Rivers Project, Louisiana 147
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 149
13.6 Financial Announcements
149
13.6.1 Jun 15, 2009: Green Star Energies Posts $1.67 Million Net Gain
In Q1 2009 149
13.6.2 May 21, 2009: Beard Reports Net Loss Of $266,000 In
Q1 2009 150
13.6.3 May 20, 2009: PrimeEnergy Posts Net Loss Of $3.5
Million In Q1 2009 151
13.6.4 May 19, 2009: John D. Oil and Gas Posts
Revenue Of $1.4 Million In Q1 2009 151
13.6.5 May 18, 2009: Frontera
Resources Reports $7.9 Million Net Loss In Q1 2009 152
13.7 Other
Significant Developments 155
13.7.1 Jun 16, 2009: GMX Resources Provides
Operations Update 155
13.7.2 Jun 16, 2009: StatoilHydro Signs LNG Deal
With RasGas For Cove Point Terminal In US 156
13.7.3 Jun 16, 2009: Duke
Energy Appoints Lynn J. Good As Group Executive And CFO 156
13.7.4 Jun 16,
2009: Energy Partners Wins Court Approval For Its Disclosure Statement 157
13.7.5 Jun 15, 2009: Circumpacific Energy President Peter Simpson Resigns
158
13.8 New Contracts Announcements 158
13.8.1 Jun 16, 2009:
ForeRunner Wins Three Natural Gas Storage Projects In Western US 158
13.8.2 Jun 10, 2009: Clean Energy Wins Natural Gas Fuel Supply Contract From
City Of Phoenix Public Transit Department 159
14 Appendix 160
14.1
Methodology 160
14.1.1 Coverage 161
14.1.2 Secondary Research 162
14.1.3 Primary Research 162
14.1.4 E&P Forecasts 162
14.1.5 Midstream
Forecasts 164
14.1.6 Expert Panel Validation 164
14.2 Contact Us
164
14.3 About GlobalData 165
14.4 Disclaimer 165
1.1 List of
Tables
Table 1: US California, Historical and Forecasted Production
and Consumption of Natural Gas, 1996-2020 13
Table 2: US California,
Historical Reserves of Natural Gas, 1996-2008 15
Table 3: US, Investment
Benchmarking, Overall State Rankings, April 2008 22
Table 4: US,
Investment Benchmarking, Upstream Fiscal Attractiveness, April 2008 23
Table 5: US, Investment Benchmarking, Gas Sector Performance, April 2008
24
Table 6: US California, Natural Gas Key Statistics, 2008 28
Table
7: US California, Total Marketed Natural Gas Production (MMcf), 2001-2008
29
Table 8: US California, Marketed Natural Gas Production (MMcf), of
Major Assets, 2001-2008 30
Table 9: US California, Marketed Equity
Weighted Natural Gas Production (MMcf), of Major Companies, 2001-2008 33
Table 10: US California, Market Share (%) based on Marketed Natural Gas
Production, 2001-2008 36
Table 11: US California, Marketed Natural Gas
Production (MMcf), Forecast by Assets, 2009-2015 37
Table 12: US
California, Marketed Natural Gas Production (MMcf), Forecast by Assets,
2009-2015, (Contd.) 38
Table 13: US California, Marketed Natural Gas
Production (MMcf), Forecast by Assets, 2009-2015, (Contd.) 39
Table 14: US
California, Major Gas Field Assets Details 40
Table 15: US California,
Major Gas Field Assets Details (Contd.) 41
Table 16: US California, Major
Gas Field Assets Details (Contd.) 42
Table 17: US California, Major Gas
Field Assets Details (Contd.) 43
Table 18: US California, Planned Gas
Field Assets Details 44
Table 19: US California, Pipeline Key Statistics,
2008 45
Table 20: US California, Natural Gas Pipelines, 2008 45
Table
21: US California, Total Regasification Capacity (Bcf), 2000-2015 46
Table
22: US California, Asset Wise Regasification Capacity (Bcf), 2000-2015 47
Table 23: US California Underground Gas Storage Key Statistics, 2008 48
Table 24: US California, Asset-wise Gas Storage Capacity, 2008 49
Table
25: BP p.l.c., Key Facts 50
Table 26: BP p.l.c., SWOT Analysis 58
Table 27: BP p.l.c., Revenue by Segment, USD Million, 2003-2007 61
Table
28: BP p.l.c., Revenue by Geography, USD Million, 2003-2007 62
Table 29:
BP p.l.c., Financial Statements, USD Million, 2003-2007 63
Table 30: BP
p.l.c., Financial Ratios, USD Million, 2003-2007 64
Table 31:
ConocoPhillips, Key Facts 65
Table 32: ConocoPhillips, SWOT Analysis
76
Table 33: ConocoPhillips, Revenue by Segment, USD Million,
2003-2007 80
Table 34: ConocoPhillips, Revenue by Geography, USD
Million, 2003-2007 81
Table 35: ConocoPhillips, Financial Statements,
USD Million, 2003-2007 82
Table 36: ConocoPhillips, Financial Ratios,
USD Million, 2003-2007 83
Table 37: Exxon Mobil Corporation, Key
Facts 84
Table 38: Exxon Mobil Corporation, SWOT Analysis 92
Table 39: Exxon Mobil Corporation, Revenue by Segment, USD Million,
2003-2007 99
Table 40: Exxon Mobil Corporation, Revenue by Geography,
USD Million, 2003-2007 100
Table 41: Exxon Mobil Corporation,
Financial Statements, USD Million, 2003-2007 101
Table 42: Exxon
Mobil Corporation, Financial Ratios, USD Million, 2003-2007 102
Table 43:
Forest Gate Resources Terminates Acquisition Of 90% Stake In Atlantis
Deepwater Production And Impact Exploration & Production 103
Table 44:
Ford Spoleti Holdings Acquires Eagle Oil Holding 104
Table 45: Lighthouse
Petroleum Acquires 20% Ownership Stake In Williston Basin Acquisition 105
Table 46: Spectra Energy Partners Acquires NOARK Pipeline System From Atlas
Pipeline Partners 106
Table 47: Doral Energy To Acquire Two Unnamed
Permian Basin Oil And Gas Corporations 107
Table 48: AMG Oil To Acquire
Adira Energy 108
Table 49: TEPPCO Partners Rejects Bid From Enterprise
Products Partners 109
Table 50: KKR Invests $350 Million In East Resources
110
Table 51: U.S. Drilling Capital Management To Invest In Development
Drilling Activities Of SandRidge Energy 111
Table 52: MarkWest Energy To
Acquire 50% Interest In Arkoma Connector Pipeline 112
Table 53: EV Energy
Partners Completes Public Offering Of Common Units For $82.11 Million 113
Table 54: Whiting Petroleum Prices Public Offering Of Convertible Perpetual
Preferred Stock For $300 Million 115
Table 55: ONEOK Partners Prices
Common Units Public Offering For $229.05 Million 117
Table 56: FairWest
Announces Private Placement Of $1.77 Million 118
Table 57: Duncan Energy
Partners Prices Public Offering Of Common Units For $128 Million 119
Table
58: Quicksilver Resources Announces Public Offering Of Senior Notes For $425
Million 120
Table 59: South Texas Oil Issues 14% Secured Convertible Notes
Due In 2011 For $0.56 Million 121
Table 60: Mariner Energy Issues 11.75%
Senior Unsecured Notes Offering For $300 Million 122
Table 61: Dominion
Resources Completes 8.37% Debenture Offering For $625 Million 123
Table
62: Anadarko Petroleum Prices 5.75% Senior Notes Offering For $275 Million
124
Table 63: Anadarko Petroleum Prices 6.95% Senior Notes Offering For
$300 Million 125
Table 64: Western Refining Issues Senior Secured Floating
Rate Notes For $275 Million 126
Table 65: EnerJex Resources Enters Into A
Joint Venture With Pharyn Resources 127
Table 66: Atlas Pipeline Partners
Forms Joint Venture With The Williams Companies 128
Table 67: Nighthawk
Production And Running Foxes Terminate The Sale Of 20% Interest In Jolly Ranch
Project 129
Table 68: TransCanada Pipelines To Acquire Remaining Interest
Of ConocoPhillips In Keystone Pipeline 130
Table 69: Bill Barrett Acquires
Piceance Basin Acreage For $60 Million 131
Table 70: Precision Petroleum
To Acquire 88% Of Producing Well In Pottawatomie County, Oklahoma 132
Table 71: Miller Petroleum Acquires 35,325 Shale Acres And 173 Wells In
Tennessee 133
Table 72: BayHill Capital To Acquire Oil and Gas Properties
For $23.54 Million 134
1.2 List of Figures
Figure 1: US
California, Energy Sector break-up, 2008 11
Figure 2: US California,
Natural Gas Production And Consumption, Billion Cubic Feet, 1996-2020 14
Figure 3: US California, Natural Gas Reserves, Billion Cubic Feet, 1996-2008
16
Figure 4: US California, Upstream Oil & Gas Fiscal Regime
(Royalty/Tax), Sample Cashflows, 2005-2016 21
Figure 5: US, State
Standings, Upstream Fiscal Attractiveness, April 2008 23
Figure 6: US,
State Standings, Gas Sector Performance, by Reserves & Production, April 2008
25
Figure 7: US, State Standings, Gas Sector Performance, by Production &
Consumption, April 2008 26
Figure 8: US California, Natural Gas Assets
Map, 2008 28
Figure 9: US California, Total Marketed Natural Gas
Production (MMcf), 2001-2008 29
Figure 10: US California, Marketed Equity
Weighted Natural Gas Production (MMcf), of Major Companies , 2001-2008 35
Figure 11: US California, Market Share (%) based on Marketed Natural Gas
Production, 2008 36
Figure 12: US California, Regasification Capacity
(Bcf), 2000-2015 47
Figure 13: BP p.l.c., Value Chain Analysis 55
Figure 14: ConocoPhillips, Value Chain Analysis 72
Figure 15: Exxon Mobil
Corporation, Value Chain Analysis 89
Figure 16: GlobalData Methodology
161
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