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IRVING, Texas–ExxonMobil said today that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon.

One train is currently operating at the LNG plant near Port Moresby. The plant’s second train is expected to restart as production is increased over time.

During the period that production was shut-in, ExxonMobil was able to complete unrelated maintenance scheduled for later in the year to allow for more efficient operations in the months ahead.

“Resuming LNG production ahead of our projected eight-week timeframe is a significant achievement for ExxonMobil, our joint-venture partners and our customers,” said Neil W. Duffin, president of ExxonMobil Production Company. “We will continue to support those communities impacted by the earthquake as we work toward fully restoring our operations. We hope our contributions and assistance will provide comfort to those in need.”

ExxonMobil is supporting multiple local and international relief agencies involved in the humanitarian response to the earthquake.

In addition to the company’s previously announced $1 million contribution for humanitarian relief, ExxonMobil crews have donated and delivered more than 37 tons of food, 14 tons of drinking water, 600 tarpaulins used as emergency shelters, 1,000 solar lights for households, 20 larger solar lighting units for institutions, as well as other essential supplies including water purification tablets, cooking aids and hygiene kits.

The company is also assisting with the restoration of health care facilities and community food gardens, and is providing resources to help the government address the significant task of restoring roads in the Highlands region.

“While a lot of work remains to be done, we are confident that with the support of all our partners and stakeholders, we can help our friends and neighbors recover from this tragic natural disaster,” said Andrew Barry, managing director of ExxonMobil PNG.

About ExxonMobil in Papua New Guinea
ExxonMobil has had a presence in Papua New Guinea since the 1920s and currently has a workforce of 2,600 in the country, 80 percent of whom are Papua New Guineans. The company operates the PNG LNG project, an integrated development that includes natural gas production and processing facilities, onshore and offshore pipelines, and liquefaction facilities. Production and processing facilities are located in the Southern Highlands, Hela, Western, Gulf and Central provinces of Papua New Guinea. The company also has interests in oil production and fuels marketing.

About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter at www.twitter.com/exxonmobil.

IRVING, Texas–ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round. The blocks awarded add about 640,000 net acres to the ExxonMobil portfolio. Six of the eight newly awarded blocks will be operated by ExxonMobil.

The additional blocks expand the company’s total position in the country to more than two million net acres, making it one of the largest acreage holders among international companies in Brazil.

“These recent bid round results add highly prospective acreage to ExxonMobil’s deepwater portfolio that we will explore and develop with our partners,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This acreage in Brazil’s pre-salt play will provide excellent opportunities to deploy our deepwater expertise. We will continue working with the government to develop these world-class resources for the benefit of Brazilians for many years to come.”

ExxonMobil and its partners jointly won a total of eight blocks, which include:

Two blocks in the Santos area which ExxonMobil will operate with partner Qatar Petroleum.
Four blocks in the Campos area: ExxonMobil will operate two blocks with partners Petrobras and Qatar Petroleum; Petrobras will operate two blocks with partners ExxonMobil and Statoil.
Two blocks in the Sergipe-Alagoas area which ExxonMobil will operate with partners Queiroz Galvão Exploração e Produção (QGEP) and Murphy Oil Corporation, and which will enhance the value of adjacent blocks already held.
ExxonMobil plans to obtain 3-D seismic coverage in 2018 on more than 4,000 square kilometers, including all of the ExxonMobil-operated exploration blocks announced in 2017, subject to permitting approvals.

The company now has interests in 24 blocks offshore Brazil. ExxonMobil has worked in Brazil for more than 100 years.

About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter at www.twitter.com/exxonmobil.

NEW YORK — ExxonMobil today outlined an aggressive growth strategy to more than double earnings and cash flow from operations by 2025 at today’s oil prices.

“We’ve got the best portfolio of high-quality, high-return investment opportunities that we’ve seen in two decades,” Darren W. Woods, chairman and chief executive officer, said at the company’s annual meeting of investment analysts at the New York Stock Exchange.

“Our plan takes full advantage of the company’s unique strengths and financial capabilities, using innovation, technology and integration to drive long-term shareholder value and industry-leading returns.”

Growth plans include steps to increase earnings by more than 100 percent – to $31 billion by 2025 at 2017 prices – from last year’s adjusted profit of $15 billion, which excluded the impact of U.S. tax reform and impairments.

Woods said this plan projects double-digit rates of return in all three segments of ExxonMobil’s business – upstream, downstream and chemical – which are all three world-class businesses in their own right.

In the upstream, the company expects to significantly increase earnings through a number of growth initiatives involving low-cost-of-supply investments in U.S. tight oil, deepwater and liquefied natural gas (LNG). Growth coming online from new and existing projects is expected to increase production from 4 million oil-equivalent barrels per day to about 5 million.

The company plans to increase tight-oil production five-fold from the U.S. Permian Basin and start up 25 projects worldwide. Those startups will add volumes of more than 1 million oil-equivalent barrels per day. In LNG, the company expects to bring on new production to meet a projected increase in global demand.

Upstream growth will benefit from ExxonMobil’s industry-leading exploration success and strategic acquisitions. In 2017 alone, the company added 10 billion oil-equivalent barrels to its resource base in locations including the Permian, Guyana, Mozambique, Papua New Guinea and Brazil.

Key drivers of growth are in Guyana, where exploration success has added 3.2 billion gross oil equivalent barrels of recoverable resource and plans are in place for development and further exploration, and in the Permian, where the company has increased the size of its resource to 9.5 billion oil-equivalent barrels from less than 3 billion in the past year.

Through its acquisition of several Bass entities in 2017, ExxonMobil added an estimated resource of 5.4 billion oil-equivalent barrels in the Permian. The original resource estimate of 3.4 billion barrels at the time of the purchase was increased through technical evaluation and successful delineation in the Delaware Basin, reducing the acquisition cost to just above $1 per oil-equivalent barrel.

The contiguous stacked pays from the New Mexico acquisition are now estimated to provide more than 4,800 drilling locations with an average lateral length of more than 12,000 feet, enabling capital-efficient execution of Permian volumes growth and the potential to further increase future volumes.

“We are in a solid position to maximize the value of the increased Permian production as it moves from the well head to our Gulf Coast refining and chemical operations, where we are focusing on manufacturing higher-demand, higher-value products,” Woods said.

ExxonMobil’s downstream business is projected to double earnings by 2025 by upgrading its product slate through strategic investments at refineries in Baytown and Beaumont in Texas and Baton Rouge, Louisiana, Rotterdam, Antwerp, Singapore, and Fawley in the U.K.

These projects are expected to result in double-digit returns by enabling increased production of higher-value products, such as ultra-low sulfur diesel, chemicals feedstocks and basestocks for lubricants. As a result of these improvements, the company’s 2025 downstream margins are projected to increase by 20 percent.

Expansion is supported by projected demand growth in emerging markets, and includes entries into new markets such as Mexico and Indonesia. It is supported by integration with chemical manufacturing and upstream production.

In its chemical business, ExxonMobil expects to grow manufacturing capacity in North America and Asia Pacific by about 40 percent. That growth will be achieved in part by adding 13 new facilities, including two world-class steam crackers in the United States. These investments would enable the company to meet increasing demand in Asia and other growing markets.

“We are uniquely positioned to take advantage of the global demand growth for higher-value products in the downstream and chemical,” Woods said. “Our combined strengths in innovative technology, resource and market access, marketing product leadership and integration improve profitability and create significant shareholder value.”

Woods said the company’s overall growth strategy is designed with a key goal in mind – fully leveraging our competitive advantages to grow shareholder value across all three of our world-class businesses. Through higher returns from increased investments, the company has the potential to increase its return on capital employed to about 15 percent by 2025.

“Our existing business and plans for growth are robust to a wide range of price environments, allowing us to maintain a growing dividend and a strong balance sheet while returning excess cash to our shareholders,” said Woods.

About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

IRVING, Texas–Exxon Mobil Corporation (NYSE:XOM) said today it added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183 percent of production. ExxonMobil’s proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57 percent of the reserves, up from 53 percent in 2016. ExxonMobil’s reserves life at current production rates is 14 years.

“Our exploration success and strategic acquisitions made during a period of low commodity prices are adding high-quality resources that are among the lowest cost of supply in the industry,” said Darren W. Woods, chairman and chief executive officer. “ExxonMobil’s portfolio of development opportunities positions us to grow shareholder value as we bring on new supplies of oil and natural gas to meet growing demand.”

During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Additions from liquids-rich unconventional plays in the United States, mainly in the Permian Basin, totaled approximately 800 million oil-equivalent barrels. Additions in the Permian are supported by ExxonMobil’s growth plan and increased drilling activity, expected to increase daily production to more than 600,000 oil-equivalent barrels by 2025.

Other significant new proved reserve additions were made in Guyana, where the company funded the first phase of development last year, and in Mozambique, associated with the project funding of the Coral FLNG project in the gas-rich deepwater Area 4.

Offshore Guyana, ExxonMobil has discovered recoverable resources, including current proved reserves and additional resources, estimated to be 3.2 billion gross oil-equivalent barrels prior to the 2018 Ranger discovery. Production from Liza Phase 1 is expected to begin by 2020, less than five years after discovery. In Mozambique, ExxonMobil acquired a 25 percent indirect interest in Area 4, which contains an estimated 85 trillion gross cubic feet of natural gas in-place.

Reserves additions reflect new developments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance.

Consistent with SEC requirements, ExxonMobil reports reserves based on the average of the applicable market price prevailing on the first day of each calendar month during the year. As a result of higher prices in 2017 relative to 2016, about 900 million oil-equivalent barrels in North America qualified as proved reserves under SEC guidelines due primarily to the extension of the projected economic end-of-field-life.

The annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.

Resource Base

ExxonMobil added 9.8 billion oil-equivalent barrels to its resource base in 2017 through by-the-bit exploration discoveries and strategic acquisitions. This was the largest addition to the resource base since the acquisition of XTO Energy in 2010. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.

Through its acquisition of various entities from the Bass family of Fort Worth, Texas in 2017, ExxonMobil added significant resource in the Permian Basin, with upside potential in multiple additional prospective horizons. The company continues to maximize capital efficiency in its tight oil developments by taking advantage of contiguous acreage to drill long laterals with optimized completion designs.

Key resource additions were also made in deepwater Brazil pre-salt with the acquisition of interest in the two billion gross oil-equivalent-barrel Carcara field, onshore Papua New Guinea with the acquisition of InterOil Corporation, and Mozambique with the purchase of an interest in Area 4.

Three new discoveries offshore Guyana in 2017 also contributed to the by-the-bit resource additions. Additional exploration drilling in Guyana is planned in 2018 on the 11.5 million gross acres currently held offshore.

ExxonMobil’s resource base totaled approximately 97 billion oil-equivalent barrels at year-end 2017, taking into account field revisions, production and asset sales.

About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

IRVING, Texas–ExxonMobil has been named 2017 Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.

“This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not be possible without the dedication of our employees and their daily commitment to safety and operational excellence at every stage of exploration.”

During the year, ExxonMobil announced a number of discoveries, acquisitions and other activities in various countries, including Brazil, Cyprus, Equatorial Guinea, Guyana, Mauritania, Papua New Guinea and Suriname.

Significant exploration activity took place offshore Guyana, where ExxonMobil announced four discoveries in 2017 at Payara, Liza Deep, Snoek, and Turbot. These four discoveries added to the earlier Liza discovery, made in 2015.

Mike Cousins, executive vice president of ExxonMobil Exploration Company, accepted the award on behalf of ExxonMobil at an award dinner in London in December. He was accompanied by a number of company representatives, including Kerry Moreland, Guyana Basin exploration manager.

“Guyana has become an exciting exploration area where we have consistently demonstrated our technical ability in deepwater exploration and operations,” said Moreland. “We are planning for continued success with our drilling program in 2018.”

Since receipt of the award in December 2017, ExxonMobil has announced a sixth discovery offshore Guyana at the Ranger-1 exploration well.

Other notable ExxonMobil exploration highlights throughout the year include:

Brazil

In September and October, the company added 14 blocks comprising more than 1.25 million net acres offshore Brazil through bid rounds and farm-in agreements, bringing its total acreage in the country to more than 1.4 million net acres. These included an agreement to purchase half of Statoil’s interest in an offshore block containing the Carcara field, estimated to contain a recoverable resource of two billion barrels of oil.
In December, ExxonMobil signed a memorandum of understanding with Petrobras to jointly identify and evaluate potential business opportunities.
Cyprus

In April, the company signed an exploration and production sharing contract for offshore Block 10.
Equatorial Guinea

In June, ExxonMobil signed a production sharing contract with the government of Equatorial Guinea for deepwater block EG-11.
Malaysia

In November, ExxonMobil signed production sharing contracts for acreage offshore Sabah, Malaysia.
Mauritania

In December, ExxonMobil signed production sharing contracts for three offshore blocks: C22, C17 and C14.
Papua New Guinea

In June, ExxonMobil announced positive production well tests results from the Muruk-1 sidetrack 3 well. ExxonMobil also drilled the P’nyang South-2 well, which successfully confirmed an extension to the earlier P’nyang discovery.
Across Papua New Guinea, ExxonMobil acquired an additional 5.7 million net acres of prospective acreage, onshore and offshore.
Suriname

In July, ExxonMobil signed a production sharing contract for Block 59 offshore Suriname in the Guyana-Suriname Basin.
United States – Gulf of Mexico

In March and August, ExxonMobil was awarded 25 blocks in the U.S. Gulf of Mexico lease sales.
About ExxonMobil

ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

IRVING, Texas–Petrobras and ExxonMobil today signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

The memorandum of understanding was signed in Rio de Janeiro today by Pedro Parente, president of Petrobras, Brad Corson, president of ExxonMobil Upstream Ventures, and Stephen Greenlee, president of ExxonMobil Exploration Company.

Petrobras and ExxonMobil will evaluate areas of mutual interest that can bring together their world-class experience across all sectors of the oil and gas production value chain, including opportunities for cooperation in exploration, production, gas and chemicals both inside and outside Brazil.

For Petrobras, the formation of alliances is an important strategy in the Business and Management Plan 2017-2021, bringing significant potential benefits, such as risk sharing, augmented investment capacity in the oil and gas chain, technology sharing and strengthening of corporate governance.

This agreement both exemplifies and reinforces ExxonMobil’s strategic relationship with Petrobras and continuing emphasis on growing this relationship and its business in Brazil, building on its more than 100 years in the country.

In September, Petrobras and ExxonMobil jointly acquired six offshore blocks in the Campos Basin in the Brazil National Agency of Petroleum’s 14th tender round.

About Petrobras:
Petrobras is an integrated energy company with focus in oil and gas, recognized as a leader in deep and ultra-deep water exploration and production, operating mainly in Brazil. Currently, Petrobras produces close to 2.8 million barrels of oil equivalent a day. The company’s core values are respect for life, people and the environment; ethics and transparency; market orientation; excellence and trust; and results. For more information, visit www.petrobras.com.br.

About ExxonMobil:
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry leading inventory of resources, is one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

RVING, Texas–Darren W. Woods, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), today presented a $50,000 gift to Promise House to assist in its mission of providing critical services to homeless children and teens in Dallas, Texas.

Established in 1984, Promise House combats youth homelessness with unique programs that address the needs of homeless, runaway and at-risk youth. The organization provides residential services, including emergency shelter and long-term housing to youth in need. Promise House programs develop critical life skills, personal responsibility and financial independence, as well as offer a broad continuum of health, education and counseling services.

Through its community outreach initiatives, Promise House partners with physical and mental health care providers, state and local agencies and schools to offer a range of services to non-residential clients in crisis. Support includes food kits, community counseling, parent education classes and case management.

“More than 1,200 Dallas-area youth do not have a bed to sleep in each night,” Woods said. “Promise House helps the most vulnerable people in our community and guides them toward a brighter, more promising future. We are proud to support them with this year’s gift.”

“For years, ExxonMobil has been a dedicated partner in our mission to end youth homelessness in North Texas,” said Dr. Ashley Lind, chief executive officer of Promise House. “This gift will help us provide hot meals, safe shelter, counseling, education services and much more to our city’s most vulnerable young people. ExxonMobil’s support will be critical as we expand to meet the needs of a growing number of homeless children and teens in our community.”

Created by ExxonMobil in 2006, the annual holiday gift supports a North Texas nonprofit in continuing their important work. Recent grant recipients include The Gatehouse, Jonathan’s Place, ACH Child and Family Services, Grapevine Relief and Community Exchange and Interfaith Housing Coalition.

About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil engages in a range of philanthropic activities that advance education, with a focus on math and science in the United States, promote women as catalysts for economic development, and combat malaria. In 2016, together with its employees and retirees, ExxonMobil, its divisions and affiliates, and the ExxonMobil Foundation provided $242 million in contributions worldwide. Additional information on ExxonMobil’s community partnerships and contribution programs is available at www.exxonmobil.com/community.

About Promise House
Promise House is leading the charge to end youth homelessness in North Texas. Our free programs include lifesaving emergency shelter, transitional housing, pregnant and parenting teen support, counseling, education and outreach services. Since 1984, Promise House has had an open door – 24 hours a day, 365 days a year – to children, teens and families in crisis, serving approximately 1,700 youth and families annually. By improving each client’s chances for long-term stability, Promise House works to prevent chronic homelessness in North Texas.

IRVING, Texas–Exxon Mobil Corporation (NYSE:XOM) announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day.

Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based structure, which supports an integrated topsides deck that includes living quarters and drilling and production facilities. The platform has storage capacity of 1.2 million barrels of oil.

The platform is located about 200 miles (350 kilometers) offshore Newfoundland and Labrador in water depths of about 300 feet (92 meters).

“The successful startup of the Hebron project demonstrates ExxonMobil’s disciplined project management expertise and highlights its ability to execute large-scale energy developments safely and responsibly in challenging operating conditions,” said Liam Mallon, president of ExxonMobil Development Company. “We thank the project’s co-venturers for their expertise and support, as well as the employees and contractors who supported construction of the facility, its tow out to the field and drilling of the initial wells.”

During its eight-year engineering, construction and startup phase, the Hebron project contracted hundreds of vendors throughout the province of Newfoundland and Labrador and created about 7,500 jobs during the peak of the construction phase. The project achieved more than 40 million hours without a lost-time injury during construction.

“The local and international contractors played a critical role in helping to complete the Hebron project ahead of schedule,” Mallon said. “By leveraging their expertise, we were able to bring this world-class platform online safely and successfully.”

Hebron is operated by ExxonMobil affiliate, ExxonMobil Canada Properties, which holds 35.5 percent equity in the project. Chevron Canada Limited holds 29.6 percent interest, Suncor Energy Inc. holds 21 percent, Statoil Canada Ltd. has 9 percent and Nalcor Energy-Oil and Gas Inc. has 4.9 percent.

About ExxonMobil
ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

HOUSTON–Nov. 21, 2017– Enterprise Products Partners L.P. (NYSE:EPD) was among the most honored companies as recognized by Institutional Investor magazine’s 2018 All-America Executive Team rankings, and was one of only five companies that swept their respective sectors. The results of this year’s survey reflect the opinions of more than 4,000 buy-side and sell-side analysts at over 1,200 firms, marking the second year in a row that Enterprise has earned a sweep.
In the Natural Gas Pipeline and Master Limited Partnership sector, Enterprise was the top-ranked Investor Relations Company by both the sell-side and buy-side analyst communities. Individual honors went to A.J. “Jim” Teague, chief executive officer of Enterprise’s general partner, who was selected top-ranked CEO overall and in the sector by both the buy-side and sell-side firms; Bryan F. Bulawa, senior vice president and chief financial officer of Enterprise’s general partner, was voted the top-ranked CFO overall and in the sector by both the buy-side and sell-side firms; and John R. “Randy” Burkhalter, vice president, Investor Relations of Enterprise’s general partner, was voted the top-ranked Investor Relations Professional overall by both the buy-side and sell-side firms. In addition, Enterprise was recognized for hosting the Best Analyst Day event.
“These individual honors reflect the dedication and hard work of our more than 7,000 employees at Enterprise,” said Randa Duncan Williams, chairman of the board of Enterprise’s general partner. “In this challenging environment, we continue to demonstrate our commitment to taking the steps necessary to build value for our investors, and we sincerely appreciate the financial community’s recognition of our efforts.”
The 2018 Executive All-America Team will be published in the January 2018 issue of Institutional Investor and also on their website at www.institutionalinvestor.com. In determining the results of the annual All-America Executive Team, buy-side analysts, portfolio managers and sell-side analysts at securities firms and financial firms across the country were asked to name the best CEOs, CFOs, IR professionals and companies with the best investor relations programs in their sector. All votes were weighted by place and aggregated to produce distinct rankings for each category.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.

IRVING, Texas–Exxon Mobil Corporation (NYSE:XOM) said today it has made a final investment decision to proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana.

The company also announced positive results from the Liza-4 well, which encountered more than 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoirs, which will underpin a potential Liza Phase 2 development. Gross recoverable resources for the Stabroek block are now estimated at 2 billion to 2.5 billion oil-equivalent barrels, which includes Liza and other successful exploration wells on Liza Deep, Payara and Snoek.

The Liza Phase 1 development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day. Production is expected to begin by 2020, less than five years after discovery of the field. Phase 1 is expected to cost just over $4.4 billion, which includes a lease capitalization cost of approximately $1.2 billion for the FPSO facility, and will develop approximately 450 million barrels of oil.

“We’re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment,” said Liam Mallon, president, ExxonMobil Development Company. “We will work closely with the government, our co-venturers and the Guyanese people in developing this world-class resource that will have long-term and meaningful benefits for the country and its citizens.”

The Liza Phase 1 development can provide significant benefits to Guyana, including jobs during installation and operations, workforce training, local supplier development and government revenues to fund infrastructure, social programs and services.

The development received regulatory approval from the government of Guyana.

The Liza field is approximately 190 kilometers offshore in water depths of 1,500 to 1,900 meters. Four drill centers are envisioned with a total of 17 wells, including eight production wells, six water injection wells and three gas injection wells.

The Liza field is part of the Stabroek Block, which measures 6.6 million acres, or 26,800 square kilometers. Esso Exploration and Production Guyana Limited is operator and holds a 45 percent interest in the block.

Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent.

Esso Exploration and Production Guyana Limited is continuing exploration activities and operates three blocks offshore Guyana – Stabroek, Canje and Kaieteur. Drilling of the Payara-2 well on the Stabroek block is expected to commence in late June and will also test a deeper prospect underlying the Payara oil discovery.

CAUTIONARY NOTE:
Statements that reference future events or conditions in this press release are forward-looking statements. Actual future results, including project plans, costs, and schedules, production rates, and resource recoveries may differ significantly from the forecasts, depending on changes in oil or gas prices and other market or economic factors that affect the petroleum industry; the outcome of development programs; reservoir performance; unexpected technical difficulties or other technical or operating factors; the actions of governmental authorities or regulatory agencies; and other factors listed under the heading “Factors Affecting Future Results” on the Investor page at the ExxonMobil website at www.exxonmobil.com and in Item 1A of ExxonMobil’s most recent Form 10-K. References to barrels of oil and other quantities of oil or gas in this release include volumes that are not yet classified as proved reserves under SEC definitions, but that we believe will ultimately be produced.

About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world. Follow ExxonMobil on Twitter at www.twitter.com/exxonmobil.

BOSTON – GE (NYSE: GE) announced today the completion of the previously announced combination of GE’s oil and gas business with Baker Hughes. Baker Hughes, a GE company (NYSE:BHGE) is the first and only company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
BHGE provides differentiated services for customers by combining digital solutions and technology from the GE Store with the domain expertise of Baker Hughes and its culture of innovation in the oilfield services sector. No other company brings together capabilities across the full value chain of oil and gas activities—from upstream to midstream to downstream. This fullstream portfolio positions BHGE to create new sources of value, improving productivity and project economics through integrated equipment and service offerings.
Jeff Immelt, Chairman and CEO of GE and Chairman of BHGE, said, “BHGE is an industry leader positioned to deliver in any economic environment and assist our customers in driving productivity. This deal capitalizes on the current cycle in oil and gas while also strengthening our position for the market recovery. I am extremely proud of the GE and Baker Hughes teams for completing the combination in just eight months, which is a testament to the team’s unwavering focus and dedication since the announcement last October. As we go forward, the new fullstream offering accelerates our ability to extend a digital framework to customers while delivering world-class technical innovation and service execution. We look forward to continuing a seamless integration for our customers.”
Under the terms of the transaction agreement, which was previously announced on October 31, 2016, the transaction resulted in a partnership structure, pursuant to which Baker Hughes was converted to a partnership and GE contributed its Oil & Gas business into that partnership. GE has a 62.5% interest in this partnership and legacy Baker Hughes shareholders have a 37.5% interest through their ownership of BHGE. Former Baker Hughes shareholders, whose shares converted into shares of Class A common stock of BHGE in the transaction, are also entitled to receive a special one-time cash dividend of $17.50 per share (to be paid on July 6, 2017). $7.4 billion was contributed by GE to the new partnership, which will be used to fund the cash dividend to legacy Baker Hughes shareholders.
Baker Hughes, a GE company is dual headquartered in Houston, Texas and London, UK.
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Class A common stock of Baker Hughes, a GE company will begin trading on the New York Stock Exchange (NYSE) under the symbol BHGE on the opening of the NYSE on July 5, 2017. In connection with the completion of the transaction, the shares of common stock of Baker Hughes Incorporated (NYSE: BHI) will continue to trade on the NYSE until the close of the NYSE today, July 3, 2017, at which point BHI will be delisted from the NYSE.
About GE
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

TREVOSE, PA. —Federated Co-Operatives Limited’s Co-op Refinery Complex in Regina, Saskatchewan, was named Industrial Water Project of the Year at the annual Global Water Awards. The award recognizes the project, commissioned in 2016, that represents the most impressive technical or environmental achievement in the field of industrial water.

Using GE Water & Process Technologies’ advanced water recycling equipment, the Co-op Refinery Complex became the first refinery in North America to treat 100 percent of its wastewater on-site and then recycle the treated effluent for steam production. Steam is used for heating, hydrogen production, to power equipment and for cooling towers.

“We are honored that our Co-op Refinery Complex was named Industrial Water Project of the Year. Water is a precious resource and our wastewater improvement project allows us to be efficient and sustainable by recovering every drop of water—2 million gallons of wastewater daily. With GE’s technology, we now recycle all of our wastewater in a socially responsible and environmentally sound way to conserve water for Regina and the entire province of Saskatchewan,” said Gil Le Dressay, vice president, refinery operations, Federated Co-Operatives Limited.

Heiner Markhoff, president and CEO of GE Water & Process Technologies, accepted the award last week in Madrid during Global Water Intelligence’s Global Water Summit 2017.

“We are very proud that this project, which uses our advanced wastewater treatment technologies, has won this prestigious award,” said Markhoff. “Federated Co-Operatives Limited’s outstanding commitment to environmental sustainability should be an enduring example for the entire oil refining industry.”

Several years ago, the refinery expanded its operations to produce 30,000 more barrels of oil per day (BPD) taking it from 100,000 BPD to a 130,000-BPD facility, which increased its water usage. The refinery’s current water source is a blend of well water and city water, and restrictions on water use mandated that the Co-op Refinery Complex find a new source of water. Water & Process Technologies offered a solution combining ZeeWeed* membrane bioreactor technology and a high-efficiency reverse osmosis system to recycle and reuse 2 million gallons of wastewater a day. In addition to the water reuse solution, Water & Process Technologies provides the refinery with wastewater specialty chemicals and monitoring solutions to provide system optimization.

With a fully operational wastewater improvement project, the Co-op Refinery Complex’s reliance on raw water from the city of Regina aquifer will decrease by the equivalent of 3,100 households in Regina on an annual basis. By recycling 100 percent of its wastewater on-site, the Co-op Refinery Complex significantly decreases volatile organic compound emissions from its wastewater ponds and reduces the associated nuisance odors.

Established in 2006 by Global Water Intelligence magazine, the awards recognize the most important achievements in the international water industry within several categories and reward those initiatives in the water, wastewater and desalination sectors that are moving the industry forward through improved operating performance, innovative technology adoption and sustainable financial models.

About Water & Process Technologies
with operations in 130 countries and employing over 7,500 people worldwide, GE’s Water & Process Technologies applies its innovations, expertise and global capabilities to solve customers’ toughest water and process challenges. It offers a comprehensive set of chemical and equipment solutions, as well as predictive analytics, to enhance water, wastewater and process productivity. Water & Process Technologies strives to enable customers to meet increasing demands for clean water, overcome scarcity challenges, strengthen environmental stewardship and comply with regulatory requirements.

About GE
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

FINDLAY, Ohio, – Marathon Petroleum Corp. (NYSE: MPC) and MPLX LP (NYSE: MPLX) today closed a transaction in which MPC contributed certain terminal, pipeline and storage assets to MPLX for total consideration of $2.015 billion.

The assets include 62 light-product terminals with approximately 24 million barrels of storage capacity; 11 pipeline systems consisting of 604 miles of pipeline; 73 tanks with approximately 7.8 million barrels of storage capacity; a crude oil truck unloading facility at MPC’s refinery in Canton, Ohio; and eight natural gas liquids storage caverns in Woodhaven, Michigan, with approximately 1.8 million barrels of capacity.

“This drop-down of additional high-quality logistics assets to MPLX represents the first of several drops expected to occur in 2017, and is an important part of our plan to unlock the value of our midstream business for investors,” said MPC Chairman, President and CEO Gary R. Heminger. “The stable, fee-based earnings from these assets will add scale and diversification to MPLX’s portfolio of high-quality midstream assets.”

MPC is contributing these assets in exchange for the issuance of $504 million in MPLX equity and $1.511 billion in cash. The equity to be issued in the transaction consists of MPLX common units and general partner units to maintain MPC’s 2 percent general partner interest in MPLX. The units will be valued based on the 10-day volume weighted average price of MPLX common units prior to the closing.

The total consideration equates to an 8 times multiple of the $250 million of earnings before interest, taxes, depreciation and amortization these businesses are expected to generate in the next 12 months. The transaction is expected to be immediately accretive to MPLX’s 2017 distributable cash flow.

The terms of the acquisition were approved by the MPLX Board of Directors following the approval of the transaction by its independent conflicts committee. The conflicts committee was advised by Jefferies LLC as to financial matters and Akin Gump Strauss Hauer & Feld LLP as to legal matters.

About Marathon Petroleum Corporation
MPC is the nation’s third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,500 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation’s second-largest convenience store chain, with approximately 2,730 convenience stores in 21 states. MPC owns, leases or has ownership interests in approximately 8,400 miles of crude and light product pipelines and more than 5,600 miles of gas gathering and natural gas liquids (NGL) pipelines. MPC also has ownership interests in 54 gas processing plants, 14 NGL fractionation facilities and two condensate stabilization facilities. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC’s fully integrated system provides operational flexibility to move crude oil, NGLs, feedstocks and petroleum-related products efficiently through the company’s distribution network and midstream service businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast regions.

About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire midstream energy infrastructure assets. We are engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation and storage of crude oil and refined petroleum products. Headquartered in Findlay, Ohio, MPLX’s assets consist of a network of common carrier crude oil and refined products pipeline assets located in the Midwest and Gulf Coast regions of the United States; an inland marine business; a butane storage cavern located in West Virginia with approximately 1 million barrels of storage capacity; crude oil and product storage facilities (tank farms) with approximately 4.5 million barrels of available storage capacity; a barge dock facility with approximately 78,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include more than 5,600 miles of gas gathering and NGL pipelines, 54 gas processing plants, 14 NGL fractionation facilities and two condensate stabilization facilities.

The Canpotex Board of Directors has approved a new methodology for determining the amount of increased productive capacity resulting from such completed major mine expansions as its producers may independently decide to undertake. The aggregate productive capacities of Canpotex producers are used in determining their respective export sales entitlements through Canpotex.

Until now, Canpotex producers have had to demonstrate increases in productive capacity of existing mines from completed major mine expansions through an independently audited sustained production run of 90 operating days, scheduled at the producer’s discretion. The new methodology will instead rely on an independent engineering firm and approved protocols to calculate productive capacity.

Audit protocols employed by the independent engineer will consider historical data and designed increases tested against a set of detailed parameters. Both conventional and solution mine audit protocols will also include a short 10- to 14-day production run scheduled at the producer’s discretion to validate audit results.

Although the new audit procedures are intended to replace the need for a more sustained production run to determine increased productive capacity resulting from a completed major mine expansion, a Canpotex producer which is dissatisfied with the engineering audit results will still be able to thereafter elect to revert to the audited 90-day run procedure and have those operating results used to calculate the increased productive capacity of its mine resulting from the major mine expansion. The new procedures also will not apply to such major mine expansions that have previously completed a 90-day production run to demonstrate the mine’s increased productive capacity, or which may be in the process of conducting a 90-day production run.

Canpotex, with its head office in Saskatoon, is Canada’s largest mineral exporter. With its extensive supply chain network and global reach, Canpotex markets Canadian potash to approximately 40 countries around the world.

NEW YORK & AUSTRALIA- The Victorian and Australian governments and Alcoa Corporation (NYSE:AA) today announced the Portland Aluminium smelter will restart capacity that had been lost due to a December power outage. In addition, Alcoa and energy provider AGL reached an agreement related to the electricity supply for the smelter.

The four-year agreements with the governments and AGL will better position Portland Aluminium against market fluctuations and help maintain more than 500 jobs at the smelter.

“The Victorian State and Australian Federal governments are strong proponents of the Portland Aluminium smelter, our employees, their families and the broader Portland community, and we thank them for their unwavering support,” said Roy Harvey, Chief Executive Officer of Alcoa. “Today’s government and energy agreements will help make the Portland smelter more resilient against market volatility, maintain hundreds of jobs and provide a bridge to a potential long-term energy solution.”

Alcoa of Australia Chairman and Managing Director Michael Parker added: “The recent displays of support have been outstanding, and our sincere thanks go to everyone who has worked with us to make these agreements possible. I acknowledge in particular the State of Victoria for its determination and tireless support and the Australian Federal government in helping us achieve this positive outcome for the Portland community. To our employees, your hard work to stabilise the plant and your flexibility in taking annual leave after the outage is greatly appreciated. Our focus now will be on restoring capacity quickly and safely.”

Alcoa will immediately begin work to restart smelting capacity that was lost due to the fault on the Victorian transmission network in December, which caused a five-hour power outage at the smelter. Restoring the curtailed production is expected to take approximately six months. Prior to the electrical fault, the smelter had been operating at nearly 85 percent of its nameplate capacity of 358,000 metric tons per year.

Terms of the electricity agreement with AGL were not disclosed.

As previously announced, the power outage at Portland Aluminium smelter is not expected to have a significant, unfavorable impact on fourth quarter results.

Portland Aluminium is an unincorporated joint venture between Alcoa of Australia Limited (55 percent), CITIC Nominees Pty Ltd (22.5 percent), and Marubeni Aluminium Australia Pty Ltd (22.5 percent). Alcoa of Australia Limited is owned 60 percent by Alcoa Corporation and 40 percent by Alumina Limited.

On November 1, Alcoa Corporation announced it had completed the separation from its parent company Alcoa Inc. (now named Arconic Inc.) and began operating as an independent, publicly-traded company.

About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products, with a strong portfolio of value-added cast and rolled products and substantial energy assets. Alcoa is built on a foundation of strong values and operating excellence dating back nearly 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since inventing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability and stronger communities wherever we operate. Visit us online on www.alcoa.com, follow @Alcoa on Twitter and on Facebook at www.facebook.com/Alcoa.

BP and Woolworths Group (Woolworths) today announced that they have agreed to enter a strategic partnership that will include BP acquiring, rebranding and operating Woolworths’ existing 527 fuel and convenience sites across Australia, as well as an additional 16 sites currently under construction, for a total consideration of US$1.3 billion.

The partnership is an exciting prospect for Australian customers with BP and Woolworths set to deliver a fuel and convenience store and loyalty offer unlike any other in Australia. Key features of the offer are:

Reinventing convenience with a truly differentiated offer, to be branded Metro at BP, that includes a strong seasonal selection of high quality, ready-to-eat and take home fresh food products.
It is proposed that BP will become a cornerstone partner in Woolworths’ Everyday Rewards loyalty program, inviting customers to earn rewards points on both fuel and in-store purchases at any BP site in Australia.
For the first time, Woolworths’ Everyday Rewards cardholders would also be able to redeem points at the register as discounts on purchases at BP.
BP will maintain the Woolworths’ 4 cent per litre redemption offer in the 527 fuel and convenience sites acquired from Woolworths, and will expand this offer to additional BP sites, giving customers even more reasons to enjoy BP’s quality fuels.
Tufan Erginbilgic, Chief Executive, BP Downstream, commented, “The development of high-quality, differentiated fuel and convenience offers is a key part of BP’s strategy – allowing us to grow our marketing business in important global markets.

“We are excited to be establishing this strategic partnership with Woolworths, one of Australia’s largest supermarket retailers. Globally we have developed a winning retail formula where we partner with strong local brands, like Marks & Spencer in the UK, to provide our customers with a convenience retail offer that meets the needs of their busy lifestyles. The combination of all aspects of this strategic partnership is expected to create significant value for BP.”

Initially, BP and Woolworths will launch a Metro at BP pilot program across 16 BP fuel and convenience sites, allowing both companies to test the offer and generate customer feedback. A second phase will see a further expansion of the Metro at BP format across more than 200 sites.

Andy Holmes, President BP Australia, added, “Over the past three years BP has significantly invested in its fuel and convenience sites across Australia. The opportunity to grow our retail business and work alongside Woolworths, with their strength in grocery and food innovation, will further enhance our customers’ fuel and convenience retail experience.

“We enjoy strong, successful commercial partnerships with our many dealers, distributors and suppliers and we look forward to sharing the benefits this transaction brings to us all.

“While Woolworths fuel business has solid foundations, the future combination of BP’s international experience and expertise in fuel and convenience offers with Woolworths high quality food products and loyalty program means that BP expects to realise significant improvements in value.”

The acquisition of Woolworths’ fuel and convenience sites will add to BP’s existing network of 350 company-owned retail sites across Australia. BP also supplies fuel and branding to a further 1,000 sites owned by independent business partners.

Brad Banducci, Woolworths Group Chief Executive Officer, said, “For Woolworths customers our Strategic Partnership with BP will enable them to enjoy our leading Woolworths Reward program at BP fuel sites and ensure they continue to benefit from the 4cpl fuel discount. Longer term, it will also provide them with a compelling, new “food-on-the go” offering through the roll-out of the “Metro at BP” concept.”

The transaction, which is subject to approval from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB), is expected to complete over the next 12 months.

BP in Australia
There are currently 1,400 BP branded fuel and convenience retail sites across Australia, of which 350 are company-owned. The rest are branded BP but owned by independent business partners.
BP is one of the largest suppliers of fuel to Australia’s industrial and commercial sectors.
BP is one of Australia’s most significant investors, most visibly through our terminals, retail fuel sites and refinery, as founding participants in the North West Shelf and Browse joint ventures and operator of exploration permits in the Carnarvon Basin. We continue to invest in local economies, growing jobs and building infrastructure in metropolitan and regional Australia.
BP is engaged in the exploration and production of oil, natural gas and liquefied natural gas and the refining and marketing of petroleum and lubricant products.
For more information about BP in Australia please visit www.bp.com.au

Woolworths in Australia
Founded in 1924, Woolworths Group is Australia’s largest retailer with more than 3,500 stores across Australia and New Zealand that span food, drinks, petrol, general merchandise and hotels.
Woolworths Group manages some of Australia’s most recognised and trusted brands – including Woolworths, Countdown, Dan Murphy’s, BWS and BIG W – and endeavours to create a world class experience for customers across all of its stores and platforms.
In FY’16, Woolworths Group generated more than $58 billion in revenue.
The Woolworths Group is a proud, home-grown Australian business, an employer of more than 205,000 people, and a committed business partner of many thousands of local farmers, producers and manufacturers.

The 171st Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Wednesday, 30th November 2016, under the Chairmanship of its President, HE Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of the State of Qatar and Head of its Delegation.

The Conference welcomed HE Ignasius Jonan, Indonesia’s Minister of Energy and Mineral Resources, who was attending a meeting of the OPEC Conference for the first time. The Conference extended its appreciation to the work of his predecessor in office, HE Sudirman Said, who oversaw Indonesia’s reactivation of its OPEC Membership at the end of last year.

Furthermore, the Conference welcomed a number of Ministers to a Vienna OPEC Conference for the first time. HE Noureddine Boutarfa, Algeria’s Minister of Energy; HE Etienne Dieudonné Ngoubou, Gabon’s Minister of Petroleum and Hydrocarbons; HE Jabbar Ali Hussein Al-Luiebi, Iraq’s Minister of Oil; and HE Dr. Guillaume Long, Ecuador’s Minister of Foreign Affairs, who was heading his country’s delegation at this Meeting.

The Conference studied the Secretary General’s report, the report and recommendations made by the High-Level Committee that was set up following the ‘Algiers Accord’ that was agreed at the 170th (Extraordinary) Meeting of the OPEC Conference on September 28 in Algeria, the report of the Economic Commission Board, OPEC’s Long-Term Strategy (LTS) document, as well as various administrative matters.

The Conference took note of oil market developments since it last met in Algeria and reviewed the oil market outlook for the remainder of 2016 and 2017. It observed that global economic growth forecasts were reasonable for both 2016 and 2017, at 2.9% and 3.1% respectively, that non-OPEC supply is expected to contract by 0.8 million barrels per day (mb/d) in 2016, before returning to growth of 0.3 mb/d in 2017, and that world oil demand is anticipated to grow at healthy levels of around 1.2 mb/d in both 2016 and 2017.

The numbers underscore that the market rebalancing is underway, but the Conference stressed that OECD and non-OECD inventories still stand well above the five-year average. The Conference said it was vital that stock levels were drawn down to normal levels. The Conference also noted the drop off in investment levels in both 2015 and 2016, as well as the huge layoffs the industry has witnessed in recent years. It emphasized the importance of continued investments for an industry that needs regular and predictable investments to provide the necessary supply in the medium- and longer-terms.

The Conference recorded its deep appreciation to the commitment and valued contribution of the High-level Committee on the implementation of the ‘Algiers Accord’. The Committee’s efforts helped form a consensus among Member Countries on the basis of a proposal put forward by Algeria to implement a new range of targeted production levels.

Accordingly, and in line with the ‘Algiers Accord’, the Conference decided to implement a new OPEC-14 production target of 32.5mb/d, in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward. The Agreement will be effective from January 1, 2017. The Conference also decided to establish a High-level Monitoring Committee, consisting of Oil Ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the Agreement. Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.

In line with recommendations from the High-level Committee of the ‘Algiers Accord’, the Conference also agreed to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis. The Conference underscored the importance of other producing countries joining the Agreement.

The Conference recorded its deep appreciation to the country of Algeria, HE Noureddine Boutarfa and Eng. Mohamed Hamel, Algeria’s Governor for OPEC, for their outstanding contribution to the implementation of the ‘Algiers Accord’.

The Conference considered the report from the Board of Governors on the second five-yearly Review of OPEC’s Long-Term Strategy. The Conference adopted the new Long-Term Strategy that has been produced over the last two years and is the result of exhaustive and robust research and analysis. The Conference recorded the Organization’s particular thanks to OPEC’s Board of Governors and all other delegates to the meetings.

The Conference welcomed the recent early enforcement of the ‘Paris Agreement’ on climate change. It stressed that OPEC will continue to support the successful and comprehensive implementation of the Agreement to ensure a ‘win-win’ outcome for all. In this regard, it stated that it was important to recognize that the Agreement is under the United Nations Framework Convention on Climate Change and should continue to be guided by its principles and provisions. In particular, the unique situation of developing countries should be given the top priority it deserves.

The Conference elected HE Khalid A. Al-Falih, Minister of Energy, Industry & Mineral Resources of Saudi Arabia as President of the Conference for one year, with effect from 1 January 2017, and HE Suhail Mohamed Al Mazrouei, the UAE’s Minister of Energy as Alternate President, for the same period.

The Conference appointed Mr. Estévâo Pedro, Governor for Angola, as Chairman of the Board of Governors for the year 2017, and HE Wilson Pástor Morris, Governor for Ecuador as Alternate Chairman for the same period.

The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on Thursday, 25th May 2017.

Finally, the Conference expressed its continued sincere gratitude to the Government and to the people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and excellent arrangements made for the Conference Meeting

BOSTON & HOUSTON – October 31  – GE (NYSE: GE) and Baker Hughes (NYSE: BHI) today announced that the companies have entered into an agreement to combine GE’s oil and gas business (“GE Oil & Gas”) and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities. The “New” Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue1 and operations in more than 120 countries. By drawing from GE technology expertise and Baker Hughes capabilities in oilfield services, the new company will provide best-in-class physical and digital technology solutions for customer productivity. 
 
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, at the closing of the transaction Baker Hughes shareholders will receive a special one-time cash dividend of $17.50 per share and 37.5% of the new company. GE will own 62.5% of the company. The transaction is expected to close in mid 2017. 
 
“This transaction creates an industry leader, one that is ideally positioned to grow in any market. Oil & gas customers demand more productive solutions. This can only be achieved through technical innovation and service execution, the hallmarks of GE and Baker Hughes,” said Jeff Immelt, Chairman and Chief Executive Officer of GE. “As we built the GE Oil & Gas business, I have always been impressed by the respect our customers have for Baker Hughes. GE Oil & Gas is a key GE business, one that fully leverages the GE Store. As we go forward, this transaction accelerates our capability to extend the digital framework to the oil and gas industry. An oilfield service platform is essential to deliver digitally enabled offerings to our customers. We expect Predix to become an industry standard and synonymous with improved customer outcomes. GE investors will benefit through ownership of a stronger business with substantial synergies and an improved competitive position. The transaction is expected to add approximately $.04 to GE EPS in 2018, $.08 by 2020.”
 
Martin Craighead, Chairman and Chief Executive Officer at Baker Hughes said, “This compelling combination brings together best-in-class oilfield equipment manufacturing and services, and digital technology offerings for the benefit of all customers and stakeholders. The combination of our complementary assets will create a platform capable of seamless integration while we enhance our ability to deliver optimized and integrated solutions and increase touch points with our customers. In addition, Baker Hughes shareholders will receive a special one-time cash dividend of $17.50 per share and benefit from the upside of a stronger, larger business. With employees of Baker Hughes and GE Oil & Gas coming together, the new company will be an industry leader, well-positioned to compete in the oil and gas industry while pushing the boundaries of innovation for our customers.”   
 
Lorenzo Simonelli, who is currently president and CEO of GE Oil & Gas said, “This transformative transaction will create a powerful force in the oil and gas market as we continue to drive long-term value for our customers and shareholders. This transaction is also exciting for employees of both companies. GE Oil & Gas and Baker Hughes are an exceptional cultural fit, sharing a commitment to exceeding customer expectations. Both companies’ employees will benefit significantly from being part of a larger, stronger company that is positioned for long-term growth. We look forward to combining the digital solutions and technology from the GE Store with the domain expertise of Baker Hughes and its culture of innovation in the oilfield services sector.”
 
Compelling Strategic and Financial Benefits of the Transaction
Complementary assets and integrated offerings will provide differentiated services for combined company’s customers. The company will combine the digital solutions, manufacturing expertise and technology from the GE Store and the outstanding track record of success Baker Hughes has in the oilfield services sector. With combined revenue of over $32 billion1 the product portfolio of GE Oil & Gas and Baker Hughes in drilling, completions, production and midstream / downstream equipment and services will create the second largest player in the oilfield equipment and services industry. Customers should expect sustainable innovation and integration that will deliver valuable outcomes. As one company, we will have operations in more than 120 countries. Both companies have invested even in the downturn and have strong, complementary competitive scope across the industry. From GE’s fullstream oil and gas manufacturing and technology solutions spanning across subsea & drilling, rotating equipment, imaging and sensing to the Baker Hughes portfolio in Drilling & Evaluation and Completion & Production, the combined company will be moving beyond oilfield services and into oil and gas productivity solutions.
 
The combination produces substantial synergies through combined efficiency and growth. The companies expect to generate total runrate synergies of $1.6 billion by 2020, which has a net present value of $14 billion. While this is primarily driven by cost out, we believe that the new company is positioned for growth as the industry rebounds.
 
Combination positioned to create value for Baker Hughes shareholders. The diversified portfolio can deliver through the oil and gas cycle. There is a large pool of synergies that will improve operating margins and drive organic growth. The “New” Baker Hughes has a strong balance sheet. 
 
Combination positioned to create value for GE shareholders. The transaction is expected to be accretive to GE’s earnings per share by $.04 by 2018 and $.08 by 2020. This is another step in creating the premium digital industrial company. 
 
The “New” Baker Hughes is expected to be the partner and employer of choice for the industry. Combination is an exceptional cultural fit. Both companies’ employees will benefit significantly from being part of a larger, more diversified company.
1 Based on 2015 combined revenue
 
Financial Structure
 
The transaction will be executed using a partnership structure, pursuant to which GE Oil & Gas and Baker Hughes will each contribute their operating assets to a newly formed partnership. GE will have a 62.5% interest in this partnership and existing Baker Hughes shareholders will have a 37.5% interest through a newly NYSE listed corporation. Baker Hughes shareholders will also receive a special one-time cash dividend of $17.50 per share at closing. The $7.4 billion contributed by GE to the new partnership will be used to fund the cash dividend to existing Baker Hughes shareholders. 
 
Headquarters, Management and Board of Directors
 
The “New” Baker Hughes will have dual headquarters in Houston, Texas and London, UK.  
 
Jeff Immelt, Chairman and CEO of GE will serve as Chairman of the Board of Directors and Lorenzo Simonelli, president and CEO of GE Oil & Gas will serve as President and Chief Executive Officer. Martin Craighead, Baker Hughes Chairman and CEO, will serve as Vice Chairman of the Board. The remainder of the executive leadership team will be a combination of existing leaders from both GE and Baker Hughes. 
 
Upon closing, the “New” Baker Hughes board will consist of nine directors: five of whom, including Chairman Jeff Immelt will be appointed by GE and four, including Vice Chairman Martin Craighead will be appointed by Baker Hughes.
 
About GE 
GE (NYSE:GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
 
About GE Oil & Gas
GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today’s toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas or visit us at www.geoilandgas.com 
 
About Baker Hughes
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry.  The Company’s 34,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information about Baker Hughes, visit: www.bakerhughes.com 

CALGARY, Alberta and HOUSTON, Texas – September 6, 2016 – Enbridge Inc. (TSX, NYSE:ENB) (Enbridge) and Spectra Energy Corp (NYSE:SE) (Spectra Energy) today announced that they have entered into a definitive merger agreement under which Enbridge and Spectra Energy will combine in a stock-for-stock merger transaction (the “Transaction”), which values Spectra Energy common stock at approximately C$37 billion (US$28 billion), based on the closing price of Enbridge’s common shares on September 2, 2016. The combination will create the largest energy infrastructure company in North America and one of the largest globally based on a pro-forma enterprise value of approximately C$165 billion (US$127 billion). The Transaction was unanimously approved by the Boards of Directors of both companies and is expected to close in the first quarter of 2017, subject to shareholder and certain regulatory approvals, and other customary conditions.

Under the terms of the Transaction, Spectra Energy shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own. The consideration to be received by Spectra Energy shareholders is valued at US$40.33 per Spectra Energy share, based on the closing price of Enbridge common shares on September 2, 2016, representing an approximate 11.5 percent premium to the closing price of Spectra Energy common stock on September 2, 2016. Upon completion of the Transaction, Enbridge shareholders are expected to own approximately 57 percent of the combined company and Spectra Energy shareholders are expected to own approximately 43 percent. The combined company will be called Enbridge Inc.

This combination brings together two highly complementary platforms to create North America’s largest energy infrastructure company and meaningfully enhances customer optionality. With an asset base that includes a diverse set of best-in-class assets comprised of crude oil, liquids and natural gas pipelines, terminal and midstream operations, a regulated utility portfolio and renewable power generation, the combined company will be positioned to provide integrated services and first and last mile connectivity to key supply basins and demand markets. On a combined basis for the 12 months ended June 30, 2016, the company would have generated combined revenues in excess of C$40 billion (US$31 billion) and combined Earnings before Interest and Taxes (EBIT) of C$5.8 billion (US$4.4 billion), and will have the scale, balance sheet strength, financial flexibility and free cash flow to comfortably fund future growth.

“Over the last two years, we’ve been focused on identifying opportunities that would extend and diversify our asset base and sources of growth beyond 2019,” said Al Monaco, President and Chief Executive Officer, Enbridge Inc. “We are accomplishing that goal by combining with the premier natural gas infrastructure company to create a true North American and global energy infrastructure leader. This Transaction is transformational for both companies and results in unmatched scale, diversity and financial flexibility with multiple platforms for organic growth.”

Greg Ebel, President and Chief Executive Officer of Spectra Energy, who will become chairman of Enbridge following the closing of the Transaction, said, “The combination of Enbridge and Spectra Energy creates what we believe will be the best, most diversified energy infrastructure company in North America, if not the world. This is an incredible opportunity for both companies and we at Spectra Energy could not be more excited about what it means going forward. Together, the merged company will have what we believe is the finest platform for serving customers in every region of North America and providing investors with the opportunity for superior shareholder returns.”

Mr. Monaco added, “Bringing Enbridge and Spectra Energy together makes strong strategic and financial sense, and the all-stock nature of the Transaction provides shareholders of both companies with the opportunity to participate in the significant upside potential of the combined company. With combined secured projects in execution of C$26 billion (US$20 billion) and another C$48 billion (US$37 billion) of projects under development, the Transaction allows us to extend our anticipated 10-12 percent annual dividend growth through 2024. We believe our combination of best-in-class assets, superior growth and strong commercial underpinning of our business will be unrivaled in our sector. Importantly, we will preserve and enhance our shareholder value proposition, which centers on delivering consistent growth with a low-risk business model.

“This is also a combination of two companies, management and staff that have a shared vision and talented teams that are dedicated to serving customers and providing the energy that people want and need, safely and reliably every day. We look forward to welcoming Spectra Energy employees to Enbridge as we move forward as one company. In building on our existing strengths by joining with Spectra Energy, Enbridge will be very well positioned for future growth and continued value creation.”

Mr. Ebel added, “The strength of the combined company will support a large capital program to fund the continued development of Spectra Energy’s existing, preeminent project inventory in addition to allowing the combined company to compete for and win the most attractive new growth projects – all while maintaining expected strong dividend growth with exceptional coverage. The transaction premium recognizes the strength of Spectra Energy’s world-class natural gas pipeline system and significant expansion program, while providing shareholders the opportunity to participate in the unparalleled value creation potential of the combined company. While our assets are largely complementary, our values are shared, and together we will create a best-in-class company for shareholders, employees, customers, and communities alike.”

Compelling Value Proposition
Six leading strategic growth platforms: The combined company brings together many of the highest quality energy infrastructure assets in North America: liquids and gas pipelines; US and Canadian midstream businesses; a top tier regulated utility portfolio; and a growing renewable power generation business. A map of the assets of the combined entity is available at www.enbridge.com and www.spectraenergy.com.

Secure, low-risk commercial structure with stable long-term cash flow visibility: 96 percent of pro-forma free cash flow is underpinned by long-term commercial agreements (cost-of-service, take-or-pay, of fixed fee); 93 percent of customers are strong, investment grade or equivalent counterparties; less than 5 percent of combined pro-forma cash flow will have direct exposure to commodity price risk.

Largest and most secure program of diversified organic growth projects in the industry: Together, Enbridge and Spectra Energy bring C$26 billion (US$20 billion) in secured capital and a C$48 billion (US$37 billion) inventory of probability weighted projects in development.

Strong balance sheet, growing cash flow and access to capital markets to fund large capital program: The combination is expected to result in sufficient internally generated cash flow to fund growth and improve balance sheet strength. Enbridge will have multiple, cost-effective funding sources and be even more competitive in capturing opportunities.

Attractive dividend yield with visible organic dividend growth: The combined company’s C$74 billion (US$57 billion) organic growth platform is expected to support a highly visible dividend growth rate of 10-12 percent through 2024, including an anticipated aggregate increase of 15 percent in 2017 post closing, while maintaining a conservative payout of 50-60 percent of available cash flow from operations (ACFFO). This provides an industry leading total return driven by a strong, low-risk dividend yield.

Achievable cost synergies: The combination is expected to achieve annual run-rate synergies of C$540 million (US$415 million), the majority of which should be achieved in the latter part of 2018. In addition, approximately C$260 million (US$200 million) of tax savings can be achieved through utilization of tax losses commencing in 2019.

Complementary businesses, shared culture and values support smooth integration: Enbridge and Spectra Energy have similar business and operational models, talented teams, common cultures and values, including shared commitment to safety, stewardship of the environment, meaningful stakeholder engagement and investing in communities.
Leadership, Governance and Structure

Upon closing of the Transaction, Al Monaco will continue to serve as President and Chief Executive Officer of the combined company. Greg Ebel will serve as non-executive Chairman of Enbridge’s Board of Directors.

Enbridge’s Board of Directors is expected to have a total of 13 directors consisting of 8 members designated by Enbridge, including Mr. Monaco, and 5 members designated by Spectra Energy, including Mr. Ebel.

The senior management team of the combined entity will be communicated in due course. On closing, the following appointments will take effect:

Guy Jarvis, President, Liquids Pipelines & Major Projects

Bill Yardley, President, Gas Transmission & Midstream

John Whelen, Executive Vice President & Chief Financial Officer

The headquarters of the combined company will be in Calgary, Alberta. Houston, Texas will be the combined company’s gas pipelines business unit center; Edmonton, Alberta will remain the business unit center for liquids pipelines, with gas distribution continuing to be based in Ontario.

Enbridge and Spectra Energy will immediately establish an integration planning team composed of leaders from both management teams to prepare for and oversee the effective and timely integration of the businesses. The approach to integration planning will be collaborative, drawing on strong participation from both companies, and ensuring continuity for customers and other stakeholders.

On closing the Enbridge common shares to be issued in connection with the Transaction will be listed on the TSX and NYSE. Spectra Energy common stock will be delisted from the NYSE.

Financial Considerations
Enbridge expects the Transaction to be neutral to its 12 percent to 14 percent secured ACFFO per share CAGR guidance through the 2014-2019 time period, and strongly additive to its growth beyond that timeframe. Enbridge is committed to maintaining the financial strength of the combined company. The funding program is designed to ensure strengthening of the balance sheet with the objective of maintaining strong investment grade credit ratings. Enbridge expects it will divest of approximately $2 billion of non-core assets over the next 12 months to provide additional financial flexibility.

At closing, Enbridge Energy Partners, LP and Spectra Energy Partners, LP are expected to continue to be publicly traded partnerships headquartered in Houston, Texas. Enbridge Income Fund Holdings will remain a publicly traded corporation headquartered in Calgary, Alberta.

Timing and Approvals
The Transaction is expected to close in the first quarter of 2017 subject to the receipt of both companies’ shareholder approvals, along with certain regulatory and government approvals, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval under Canada Competition Act, and the satisfaction of other customary closing conditions.

Analysts, members of the media and other interested parties can access the call toll-free at 1-866-610-1072 or within and outside North America at 1-973-935-2840 using the access code of 77468882. The call will be audio webcast live here (http://event.on24.com/r.htm?e=1261390&s=1&k=27BFA58D1E6D82F42F35E52AF74D0395). A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. The replay will be available at toll-free 1-800-585-8367 or within and outside North America at 1-404-537-3406 (access code 77468882) for seven days after the call.

ABOUT ENBRIDGE INC.
Enbridge Inc., a Canadian company, exists to fuel people’s quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past seven years. Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the U.S., and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada’s largest natural gas distribution company, serving residential, commercial, and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in nearly 2,000 megawatts of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs nearly 11,000 people, primarily in Canada and the U.S., and is ranked as one of Canada’s Top Employers for 2016.

Enbridge’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

ABOUT SPECTRA ENERGY CORP
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America’s leading pipeline and midstream companies. Based in Houston, Texas, the company’s operations in the United States and Canada include approximately 21,000 miles of natural gas and crude oil pipelines; approximately 300 billion cubic feet of natural gas storage; 4.8 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy is the general partner of Spectra Energy Partners (NYSE: SEP), one of the largest pipeline master limited partnerships in the United States and owner of the natural gas and crude oil assets in Spectra Energy’s U.S. portfolio. Spectra Energy also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and the largest natural gas processor in the United States. Spectra Energy has served North American customers and communities for more than a century. For more information, visit www.spectraenergy.com.

Kuwait City, – Kuwait’s partial deregulation of gasoline prices represents a politically and economically bold move on energy subsidy reforms, for a country where, on a per capita basis, subsidies are amongst the highest in the world. Energy subsidies in Kuwait represents a major burden on public finances in Kuwait, with estimates ranging from 1.3 percent of GDP to 5.7 percent of GDP, when environmental, health and other externalities are taken into account. Because of the size, they result in major distortions, with extremely high levels of energy consumption, much higher than those driven by demographic and growth trends, and in comparison to other high income countries.

The adoption of an automatic mechanism should be viewed as the first stage of a transition to a fully liberalized pricing and supply regime, which has typically been a more effective approach to avoiding subsidies and protecting the budget. The current environment of low oil prices presents an opportunity to reform energy subsidies with minimal impact on consumers while generating fiscal savings at a time when fiscal pressures are increasing. The decision to remove subsidies is also strategically aligned with the Kuwait’s vision to further diversify the economy and enhance its competitiveness. In the medium and long run, subsidy reforms is expected to encourage a move towards more labor-intensive industries, which is expected to lead to job creation for nationals, a particularly important consideration for Kuwait, where foreign labor has been subsidized.

The impact of higher transport fuel retail prices depends on the short run and long run responsiveness of consumers to the price shocks. International experience shows that consumption of transport fuel is less responsive to price increases than other fuels, such as electricity. While rising retail prices will increase the cost of running a car, Kuwait remains relatively cheap compared to markets in Europe. On a per liter basis, the new retail gasoline price is still less than half of the cost of gasoline in the Europe and still the lowest in the GCC countries. Accordingly, car ownership and use may still increase at least in the short run. International experience suggests that the impact of transport fuel subsidy reforms is more effective when undertaken in conjunction with complementary policies, which Kuwait is also actively pursuing, such as strengthening public transport, which benefit all segments of the population, especially the poor, and improve economic efficiency in other important ways, by reducing congestion and air pollution.

Last but not least, energy subsidy reforms provide a significant opportunity to significantly reform the energy sector and remove the inefficiencies along the value chain. The high subsidies that have been maintained over the years have created significant distortions along the entire value chain, driving extensive use of crude oil in electricity generation, when natural gas would be technically more efficient, use of inefficient power plants and inefficient equipment and appliances, in particular air conditioning, which in turn fuels electricity demand growth. Accordingly, in the case of Kuwait where fuel and power consumption is one of the highest in the world, the impact of energy subsidy reforms would be further enhanced by the introduction of supply and demand side efficiency reforms, together with broader reforms to attract renewable sources of energy.