Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Michigan Energy Sector 11
2.1 Michigan Energy Sector, Market Overview
11
2.2 Michigan Energy Sector, Natural Gas 12
2.2.1 Michigan Natural
Gas, Overview 12
2.2.2 Michigan Natural Gas, Supply and Demand Balance
12
2.2.3 Michigan Natural Gas, Regulatory Structure 16
2.2.4 Michigan
Natural Gas, Infrastructure 16
3 Michigan Fiscal Environment 18
3.1
Michigan Petroleum Fiscal Environment 18
3.2 License Terms 18
3.3 Key
Fiscal Terms 19
3.4 Sample Cashflows Calculations 22
4 Michigan Gas
Upstream Investment Environment Benchmarking 23
4.1 Introduction 23
4.2 The Overall Ranking 23
4.3 Upstream Fiscal Attractiveness 23
4.3.1
Revenue Protection 25
4.3.2 Fiscal Flexibility 25
4.4 Gas Sector
Performance 25
4.4.1 Gas Production 27
4.4.2 Gas Reserves 27
4.4.3
Gas Consumption 28
5 US Michigan Exploration and Production Sector 29
5.1 US Michigan Exploration and Production Sector, Country Snapshot 29
5.1.1 US Michigan Exploration and Production Sector, Key Data 29
5.1.2 US
Michigan Exploration and Production Sector, Natural Gas Assets Map 29
5.2
US Michigan Exploration and Production Sector, Marketed Natural Gas Production
30
5.2.1 US Michigan Exploration and Production Sector, Marketed Natural
Gas-Historical Production 30
5.2.2 US Michigan Exploration and Production
Sector, Marketed Natural Gas Production by Assets 31
5.2.3 US Michigan
Exploration and Production Sector, Marketed Equity Weighted Natural Gas
Production by Company 33
5.2.4 US Michigan Exploration and Production
Sector, Market Share (%) based on Marketed Natural Gas Production 35
5.3
US Michigan Exploration and Production Sector, Marketed Natural Gas Forecasts
36
5.3.1 US Michigan Exploration and Production Sector, Marketed Natural
Gas Forecasted Production 36
6 US Michigan Under Ground Storage Sector
39
6.1 US Michigan Under Ground Storage Sector, Key Data 39
6.2 US
Michigan Underground Gas Storage Sector, An Overview 39
6.3 US Michigan
Underground Gas Storage Sector, Storage Capacity 40
7 Profile of BP p.l.c.
42
7.1 BP p.l.c., Key Information 42
7.2 BP p.l.c., Company Overview
42
7.3 BP p.l.c., Business Description 42
7.3.1 BP p.l.c., Business
Description, Business Overview 42
7.3.2 BP p.l.c., Business Description,
Exploration and Production 43
7.3.3 BP p.l.c., Business Description, Other
Businesses and Corporate Segment 44
7.3.4 BP p.l.c., Business Description,
Refining and Marketing 45
7.4 BP p.l.c., Value Chain Analysis 47
7.4.1
BP p.l.c., Value Chain Analysis, Upstream 48
7.4.2 BP p.l.c., Value Chain
Analysis, Midstream 48
7.4.3 BP p.l.c., Value Chain Analysis, Downstream
49
7.4.4 BP p.l.c., Value Chain Analysis, Retail 49
7.5 BP p.l.c.,
SWOT Analysis 50
7.5.1 BP p.l.c., SWOT Analysis, Overview 50
7.5.2 BP
p.l.c., SWOT Analysis, Strengths 50
7.5.3 BP p.l.c., SWOT Analysis,
Weaknesses 51
7.5.4 BP p.l.c., SWOT Analysis, Opportunities 51
7.5.5
BP p.l.c., SWOT Analysis, Threats 52
7.6 BP p.l.c., Revenue Analysis
53
7.6.1 BP p.l.c., Revenue by Segment 53
7.6.2 BP p.l.c., Revenue by
Geography 54
7.7 BP p.l.c., Financial and Operational Review 55
7.7.1
Financial Statements 55
7.7.2 Financial Ratios 56
8 Profile of
ConocoPhillips 57
8.1 ConocoPhillips, Key Information 57
8.2
ConocoPhillips, Company Overview 57
8.3 ConocoPhillips, Business
Description 57
8.3.1 ConocoPhillips, Business Description, Business
Overview 57
8.3.2 ConocoPhillips, Business Description, Chemicals Segment
58
8.3.3 ConocoPhillips, Business Description, Emerging Businesses Segment
58
8.3.4 ConocoPhillips, Business Description, Exploration and Production
Segment 60
8.3.5 ConocoPhillips, Business Description, LUKOIL Investment
61
8.3.6 ConocoPhillips, Business Description, Midstream Segment 61
8.3.7 ConocoPhillips, Business Description, Refining, Marketing and
Transportation 62
8.4 ConocoPhillips, Value Chain Analysis 64
8.4.1
ConocoPhillips, Value Chain Analysis, Upstream 64
8.4.2 ConocoPhillips,
Value Chain Analysis, Midstream 65
8.4.3 ConocoPhillips, Value Chain
Analysis, Downstream 66
8.4.4 ConocoPhillips, Value Chain Analysis, Retail
66
8.5 ConocoPhillips, SWOT Analysis 67
8.5.1 ConocoPhillips, SWOT
Analysis, Overview 67
8.5.2 ConocoPhillips, SWOT Analysis, Strengths
68
8.5.3 ConocoPhillips, SWOT Analysis, Weaknesses 69
8.5.4
ConocoPhillips, SWOT Analysis, Opportunities 69
8.5.5 ConocoPhillips, SWOT
Analysis, Threats 70
8.6 ConocoPhillips, Revenue Analysis 71
8.7
ConocoPhillips, Revenue Analysis, Revenue by Segment 71
8.7.1
ConocoPhillips, Revenue Analysis, Revenue by Geography 72
8.8
ConocoPhillips, Financial and Operational Review 73
8.8.1 Financial
Statements 73
8.8.2 Financial Ratios 74
9 Profile of Exxon Mobil
Corporation 75
9.1 Exxon Mobil Corporation, Key Information 75
9.2
Exxon Mobil Corporation, Company Overview 75
9.3 Exxon Mobil Corporation,
Business Description 75
9.3.1 Exxon Mobil Corporation, Business
Description, Business Overview 75
9.3.2 Exxon Mobil Corporation, Business
Description, Chemical 75
9.3.3 Exxon Mobil Corporation, Business
Description, Downstream 77
9.3.4 Exxon Mobil Corporation, Business
Description, Upstream 78
9.4 Exxon Mobil Corporation, Value Chain Analysis
80
9.4.1 Exxon Mobil Corporation, Value Chain Analysis, Upstream 80
9.4.2 Exxon Mobil Corporation, Value Chain Analysis, Midstream 81
9.4.3
Exxon Mobil Corporation, Value Chain Analysis, Downstream 82
9.4.4 Exxon
Mobil Corporation, Value Chain Analysis, Retail 82
9.5 Exxon Mobil
Corporation, SWOT Analysis 82
9.5.1 Exxon Mobil Corporation, SWOT
Analysis, Overview 82
9.5.2 Exxon Mobil Corporation, SWOT Analysis,
Strengths 83
9.5.3 Exxon Mobil Corporation, SWOT Analysis, Weaknesses
85
9.5.4 Exxon Mobil Corporation, SWOT Analysis, Opportunities 86
9.5.5 Exxon Mobil Corporation, SWOT Analysis, Threats 87
9.6 Exxon Mobil
Corporation, Revenue Analysis 89
9.6.1 Exxon Mobil Corporation, Revenue by
Segment 89
9.6.2 Exxon Mobil Corporation, Revenue by Geography 89
9.7
Exxon Mobil Corporation, Financial and Operational Review 91
9.7.1
Financial Statements 91
9.7.2 Financial Ratios 92
10 Financial Deals
Landscape 93
10.1 Detailed Deal Summary 93
10.1.1 Acquisition 93
10.1.2 Private Equity 100
10.1.3 Equity Offerings 103
10.1.4 Debt
Offerings 110
10.1.5 Partnerships 117
10.1.6 Asset Transactions
119
11 Recent Developments 126
11.1 License Rounds 126
11.1.1 Jun
11, 2009: BLM Delays Oil, Gas Lease Sales In South County 126
11.2 License
Awards 127
11.2.1 Jun 16, 2009: Tricor Ten Section Files Application With
FERC For Gas Storage Facility In Kern County, California 127
11.2.2 Jun
11, 2009: ELK Petroleum Receives APD Approval For Grieve #39A Well In Wyoming
128
11.2.3 Jun 08, 2009: ATP Oil & Gas Wins Green Canyon Block 344 In
Central Gulf Of Mexico Offshore Lease Sale 208 128
11.3 Strategy and
Business Expansion 128
11.3.1 Jun 04, 2009: Valero Energy Suspends
Hydrocracker Project At Its Port Arthur Refinery In Texas 128
11.3.2 Jun
01, 2009: Kinder Morgan Energy Announces Open Season For Crude Oil Shipments
On Cochin Pipeline 129
11.3.3 Jun 01, 2009: Tricor Ten Section Announces
Non-Binding Open Season For Natural Gas Storage Facility In California 130
11.3.4 May 28, 2009: Cabot Oil & Gas Opens New Regional Office In Pittsburgh
130
11.4 Recent Discoveries 131
11.4.1 Jun 17, 2009: American Energy
Resources Strikes Oil At Bonita Springs 4A Well In Gove County, Kansas 131
11.4.2 Jun 09, 2009: Antares Energy Finds Gas At Frances Dilworth No. 2 Well
In McMullen County, Texas 132
11.4.3 Jun 04, 2009: KFG Resources Discovers
Oil At Fayette Field In Jefferson County, Mississippi 133
11.4.4 Jun 03,
2009: American Energy Resources Finds Oil Reserve In Lane County, Kansas
134
11.4.5 Jun 02, 2009: Stone Energy Announces Deepwater Discovery In
Pyrenees Prospect, Gulf Of Mexico 134
11.5 Drilling and Production Updates
135
11.5.1 Jun 16, 2009: American Petro-Hunter To Place #1 Lutters Well
Into Production 135
11.5.2 Jun 16, 2009: Daytona Energy' s Walker #1H Well
Flowing Gas To Sales 135
11.5.3 Jun 15, 2009: Golden Gate Petroleum
Updates On Jumonville #2 Bullseye Prospect In Iberville Parish, Louisiana
136
11.5.4 Jun 15, 2009: Pryme Oil and Gas Commences Production From
Crosby 16 No.1 Well In Four Rivers Project, Louisiana 137
11.5.5 Jun 15,
2009: Harvest Natural Resources Begins Drilling Operations At Bar F No.
1-20-3-2 Well In Antelope Project, Utah 138
11.6 Financial Announcements
139
11.6.1 Jun 15, 2009: Green Star Energies Posts $1.67 Million Net Gain
In Q1 2009 139
11.6.2 May 21, 2009: Beard Reports Net Loss Of $266,000 In
Q1 2009 140
11.6.3 May 20, 2009: PrimeEnergy Posts Net Loss Of $3.5
Million In Q1 2009 140
11.6.4 May 19, 2009: John D. Oil and Gas Posts
Revenue Of $1.4 Million In Q1 2009 141
11.6.5 May 18, 2009: Frontera
Resources Reports $7.9 Million Net Loss In Q1 2009 141
11.7 Other
Significant Developments 145
11.7.1 Jun 16, 2009: GMX Resources Provides
Operations Update 145
11.7.2 Jun 16, 2009: StatoilHydro Signs LNG Deal
With RasGas For Cove Point Terminal In US 145
11.7.3 Jun 16, 2009: Duke
Energy Appoints Lynn J. Good As Group Executive And CFO 145
11.7.4 Jun 16,
2009: Energy Partners Wins Court Approval For Its Disclosure Statement 146
11.7.5 Jun 15, 2009: Circumpacific Energy President Peter Simpson Resigns
147
11.8 New Contracts Announcements 147
11.8.1 Jun 16, 2009:
ForeRunner Wins Three Natural Gas Storage Projects In Western US 147
11.8.2 Jun 10, 2009: Clean Energy Wins Natural Gas Fuel Supply Contract From
City Of Phoenix Public Transit Department 148
12 Appendix 149
12.1
Methodology 149
12.1.1 Coverage 150
12.1.2 Secondary Research 151
12.1.3 Primary Research 151
12.1.4 E&P Forecasts 151
12.1.5 Midstream
Forecasts 153
12.1.6 Expert Panel Validation 153
12.2 Contact Us
153
12.3 About GlobalData 153
12.4 Disclaimer 154
1.1 List of
Tables
Table 1: Michigan, Historical and Forecasted Production and
Consumption of Natural Gas, 1996-2020 13
Table 2: Michigan, Historical
Reserves of Natural Gas, 1996-2008 15
Table 3: Bonds, US Michigan
19
Table 4: Severance Tax, Oil, US Michigan 20
Table 5:
Severance Tax, Natural Gas, US Michigan 20
Table 6: US, Investment
Benchmarking, Overall State Rankings, 2008 23
Table 7: US, Investment
Benchmarking, Upstream Fiscal Attractiveness, 2008 24
Table 8: US,
Investment Benchmarking, Gas Sector Performance, 2008 25
Table 9: US
Michigan, Natural Gas Key Statistics, 2008 29
Table 10: US Michigan, Total
Marketed Natural Gas Production (MMcf), 2001-2008 30
Table 11: US
Michigan, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 31
Table 12: US Michigan, Marketed Equity Weighted Natural Gas Production (MMcf),
by Company, 2001-2008 33
Table 13: US Michigan, Market Share (%) based on
Marketed Natural Gas Production, 2001-2008 35
Table 14: US Michingan,
Natural Gas Production (MMcf), Forecast by Assets, 2009-2014 36
Table 15:
US Michingan, Natural Gas Production (MMcf), Forecast by Assets, 2009-2014
37
Table 16: US Michingan, Natural Gas Production (MMcf), Forecast by
Assets, 2009-2014, (Contd.) 38
Table 17: US Michigan Underground Gas
Storage Key Statistics, 2008 39
Table 18: US Michigan, Asset-wise Gas
Storage Capacity, 2008 40
Table 19: US Michigan, Asset-wise Gas Storage
Capacity,2008 (Contd — ) 41
Table 20: BP p.l.c., Key Facts
42
Table 21: BP p.l.c., SWOT Analysis 50
Table 22: BP p.l.c., Revenue
by Segment, USD Million, 2003-2007 53
Table 23: BP p.l.c., Revenue by
Geography, USD Million, 2003-2007 54
Table 24: BP p.l.c., Financial
Statements, USD Million, 2003-2007 55
Table 25: BP p.l.c., Financial
Ratios, USD Million, 2003-2007 56
Table 26: ConocoPhillips, Key Facts
57
Table 27: ConocoPhillips, SWOT Analysis 68
Table 28:
ConocoPhillips, Revenue by Segment, USD Million, 2003-2007 72
Table 29:
ConocoPhillips, Revenue by Geography, USD Million, 2003-2007 73
Table
30: ConocoPhillips, Financial Statements, USD Million, 2003-2007 73
Table 31: ConocoPhillips, Financial Ratios, USD Million, 2003-2007 74
Table 32: Exxon Mobil Corporation, Key Facts 75
Table 33: Exxon
Mobil Corporation, SWOT Analysis 83
Table 34: Exxon Mobil
Corporation, Revenue by Segment, USD Million, 2003-2007 89
Table 35:
Exxon Mobil Corporation, Revenue by Geography, USD Million, 2003-2007 90
Table 36: Exxon Mobil Corporation, Financial Statements, USD Million,
2003-2007 91
Table 37: Exxon Mobil Corporation, Financial Ratios, USD
Million, 2003-2007 92
Table 38: Forest Gate Resources Terminates
Acquisition Of 90% Stake In Atlantis Deepwater Production And Impact
Exploration & Production 93
Table 39: Ford Spoleti Holdings Acquires Eagle
Oil Holding 94
Table 40: Lighthouse Petroleum Acquires 20% Ownership Stake
In Williston Basin Acquisition 95
Table 41: Spectra Energy Partners
Acquires NOARK Pipeline System From Atlas Pipeline Partners 96
Table 42:
Doral Energy To Acquire Two Unnamed Permian Basin Oil And Gas Corporations
97
Table 43: AMG Oil To Acquire Adira Energy 98
Table 44: TEPPCO
Partners Rejects Bid From Enterprise Products Partners 99
Table 45: KKR
Invests $350 Million In East Resources 100
Table 46: U.S. Drilling Capital
Management To Invest In Development Drilling Activities Of SandRidge Energy
101
Table 47: MarkWest Energy To Acquire 50% Interest In Arkoma Connector
Pipeline 102
Table 48: EV Energy Partners Completes Public Offering Of
Common Units For $82.11 Million 103
Table 49: Whiting Petroleum Prices
Public Offering Of Convertible Perpetual Preferred Stock For $300 Million
105
Table 50: ONEOK Partners Prices Common Units Public Offering For
$229.05 Million 107
Table 51: FairWest Announces Private Placement Of
$1.77 Million 108
Table 52: Duncan Energy Partners Prices Public Offering
Of Common Units For $128 Million 109
Table 53: Quicksilver Resources
Announces Public Offering Of Senior Notes For $425 Million 110
Table 54:
South Texas Oil Issues 14% Secured Convertible Notes Due In 2011 For $0.56
Million 111
Table 55: Mariner Energy Issues 11.75% Senior Unsecured Notes
Offering For $300 Million 112
Table 56: Dominion Resources Completes 8.37%
Debenture Offering For $625 Million 113
Table 57: Anadarko Petroleum
Prices 5.75% Senior Notes Offering For $275 Million 114
Table 58: Anadarko
Petroleum Prices 6.95% Senior Notes Offering For $300 Million 115
Table
59: Western Refining Issues Senior Secured Floating Rate Notes For $275
Million 116
Table 60: EnerJex Resources Enters Into A Joint Venture With
Pharyn Resources 117
Table 61: Atlas Pipeline Partners Forms Joint Venture
With The Williams Companies 118
Table 62: Nighthawk Production And Running
Foxes Terminate The Sale Of 20% Interest In Jolly Ranch Project 119
Table
63: TransCanada Pipelines To Acquire Remaining Interest Of ConocoPhillips In
Keystone Pipeline 120
Table 64: Bill Barrett Acquires Piceance Basin
Acreage For $60 Million 121
Table 65: Precision Petroleum To Acquire 88%
Of Producing Well In Pottawatomie County, Oklahoma 122
Table 66: Miller
Petroleum Acquires 35,325 Shale Acres And 173 Wells In Tennessee 123
Table
67: BayHill Capital To Acquire Oil and Gas Properties For $23.54 Million
124
1.2 List of Figures
Figure 1: Michigan Energy Sector
Break-up, 2008 11
Figure 2: Michigan, Natural Gas Production And
Consumption, Billion Cubic Feet, 1996-2020 14
Figure 3: US Michigan,
Natural Gas Reserves, Billion Cubic Feet, 1996-2008 16
Figure 4: Michigan,
Upstream Oil & Gas Fiscal Regime (Royalty/Tax), Sample Cashflows, 2005-2016
22
Figure 5: US, State Standings, Upstream Fiscal Attractiveness, 2008
24
Figure 6: US, State Standings, Gas Sector Performance, by Reserves &
Production, 2008 26
Figure 7: US, State Standings, Gas Sector Performance,
by Production & Consumption, 2008 27
Figure 8: US Michigan, Natural Gas
Assets Map, 2008 29
Figure 9: US Michigan, Total Marketed Natural Gas
Production (MMcf), 2001-2008 30
Figure 10: US Michigan, Marketed Equity
Weighted Natural Gas Production (MMcf), by Company, 2001-2008 34
Figure
11: US Michigan, Market Share (%) based on Marketed Natural Gas Production,
2008 35
Figure 12: BP p.l.c., Value Chain Analysis 47
Figure 13:
ConocoPhillips, Value Chain Analysis 64
Figure 14: Exxon Mobil
Corporation, Value Chain Analysis 80
Figure 15: GlobalData Methodology
150
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