More Progress on Alaska South Central LNG Project

21.06.2013  |  Business Wire

ExxonMobil,
BP, ConocoPhillips and TransCanada have begun summer field work as part
of their activities associated with a staged pre-FEED (front end
engineering design) for the Alaska South Central LNG (SC LNG) project.
This summer field work will employ approximately 150 people.

Since the joint work began in March 2012, the companies expect to spend
$80 - $100 million by year-end 2013. This builds upon more than $700
million in past work by the collective companies, including the joint
Alaska Gas Producer Pipeline Team effort in 2001-02, the Denali Project
and APP (including the State's contribution through AGIA). This
commitment to summer field work and other activities will enable the
companies to evaluate major future engineering commitments. Towards this
goal, a competitive, predictable and durable oil and gas fiscal
environment will be required for a project of this unprecedented scale,
complexity and cost to compete in global energy markets.

The project companies have completed commercial agreements to support
both the summer field work and other activities to further advance the
project. The planned summer field work consists of studies to collect
and analyze environmental and other scientific data required to support
future regulatory filings that are key to the approval of this $45-65+
billion project. The study area will be along a potential pipeline route
north of Livengood, a distance of approximately 400 miles. This work
provides detailed knowledge of the route, including information on
fisheries, stream hydrology, water resources, wetlands mapping and
socioeconomic assessments to support potential permit applications.

'The summer field work is a key activity to support the project′s
engineering, design and cost estimation work while also gathering data
required for permitting the project,? said Steve Butt, senior project
manager. 'It is another significant step forward for the SC LNG project,
further demonstrating the commitment and capabilities of the sponsor
companies.?

The companies confirmed in a February 15, 2013 letter to Governor
Parnell they had reached an important milestone in selecting a project
concept that includes an 800-mile, 42-inch pipeline, up to eight
compression stations, at least five take-off points for in-state gas
delivery, a gas treatment plant located on the North Slope and a
liquefaction plant in the south-central region. The teams are building
on the agreed concept with technical work to prepare the project for
more detailed engineering and design work, consistent with previously
released plan phases.

The companies remain committed to working with the state to responsibly
develop North Slope resources. A successful project could provide a host
of economic benefits to Alaskans including state revenues, new job
opportunities and access to decades of domestically-produced natural gas
for homes and businesses in Alaska.

EXXONMOBIL

CAUTIONARY STATEMENT:

Estimates, expectations, and business plans in this release are
forward-looking statements. Actual future results, including ultimate
recoveries and project plans and schedules, could differ materially due
to changes in market conditions affecting the oil and gas industry or
long-term oil and gas price levels; political or regulatory
developments; reservoir performance; timely completion of development
projects; technical or operating factors; and other factors discussed
under the heading 'Factors Affecting Future Results' in the Investor
Information section of our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K. References to 'resources'
and similar terms include quantities of oil and gas that are not yet
classified as proved reserves but that we believe will be produced in
the future. The term 'project' as used in this release does not
necessarily have the same meaning as under SEC Rule 13q-1 relating to
government payment reporting. A single project for purposes of that rule
may encompass numerous properties, agreements, investments,
developments, phases, work efforts, activities, and components, each of
which we may also describe informally as a 'project'.

BP

CAUTIONARY STATEMENT

This release contains statements that are forward-looking statements and
involve risks and uncertainties. It is believed that the expectations
reflected in these statements are reasonable, but actual results may
differ from those expressed in such statements, depending on a variety
of factors, including: the specific factors identified in the
discussions accompanying such forward-looking statements; industry
product supply; demand and pricing; political stability and economic
growth in relevant areas of the world; development and use of new
technology and successful commercial relationships; the actions of
competitors; natural disasters and other changes in business conditions;
and wars and acts of terrorism or sabotage.

CONOCOPHILLIPS

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE 'SAFE HARBOR? PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

The following presentation includes forward-looking statements. These
statements relate to future events, such as anticipated revenues,
earnings, business strategies, competitive position or other aspects of
our operations or operating results. Actual outcomes and results may
differ materially from what is expressed or forecast in such
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict such as oil and gas prices;
operational hazards and drilling risks; potential failure to achieve,
and potential delays in achieving expected reserves or production levels
from existing and future oil and gas development projects; unsuccessful
exploratory activities; unexpected cost increases or technical
difficulties in constructing, maintaining or modifying company
facilities; international monetary conditions and exchange controls;
potential liability for remedial actions under existing or future
environmental regulations or from pending or future litigation; limited
access to capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international financial
markets; general domestic and international economic and political
conditions, as well as changes in tax, environmental and other laws
applicable to ConocoPhillips′ business and other economic, business,
competitive and/or regulatory factors affecting ConocoPhillips′ business
generally as set forth in ConocoPhillips′ filings with the Securities
and Exchange Commission (SEC).]

TRANSCANADA

FORWARD LOOKING INFORMATION

This news release contains certain information that is forward-looking
and is subject to important risks and uncertainties (such statements are
usually accompanied by words such as 'anticipate?, 'expect?, 'would?,
'believe?, 'may?, 'will?, 'plan?, 'intend? or other similar words).
Forward-looking statements in this document are intended to provide
TransCanada security holders and potential investors with information
regarding TransCanada and its subsidiaries, including management′s
assessment of TransCanada′s and its subsidiaries′ future financial and
operational plans and outlook. All forward-looking statements reflect
TransCanada′s beliefs and assumptions based on information available at
the time the statements were made and as such are not guarantees of
future performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it is
expressed in this news release, and not to use future-oriented
information or financial outlooks for anything other than their intended
purpose. TransCanada undertakes no obligation to update or revise any
forward-looking information except as required by law. For additional
information on the assumptions made, and the risks and uncertainties
which could cause actual results to differ from the anticipated results,
refer to TransCanada′s Quarterly Report to Shareholders dated April 25,
2013 and 2012 Annual Report on our website at www.transcanada.com
or filed under TransCanada′s profile on SEDAR at www.sedar.com
and with the U.S. Securities and Exchange Commission at www.sec.gov.

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