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New Delhi, Contributing to India’s exploration and production (E&P) activities in the oil and gas sector, GE (NYSE: GE) has signed an exclusive Memorandum of Understanding (MoU) with L&T Hydrocarbon Engineering Limited, a wholly-owned subsidiary of Larsen & Toubro (L&T). Together, the firms will partner in the manufacture of subsea manifolds destined for future deep water projects in the Krishna-Godavari basin on the east coast of India.

The partnership brings together the manufacturing and technological excellence of two leading companies in the oil and gas space, and also marks India’s entrance into local subsea equipment manufacturing.

Spread over an area of 600,000 sq.m. and with an annual capacity of 50,000 MT, L&T’s modular fabrication facility in Tamil Nadu was chosen as the production site after a rigorous qualification process. The plant is equipped with advanced welding and fabrication capabilities along with a 150m jetty, making it an ideal location to manufacture advanced hardware for the seabed. Utilizing a modular approach, GE’s subsea manifolds will provide long-term reliability, safety and quality, while addressing the complexities of the subsea environment.

Ashish Bhandari, CEO, GE Oil & Gas, South Asia said, “GE continues to grow its widespread manufacturing footprint in India and this latest collaboration will continue our contributions towards Make in India. Our strategic partnership with L&T has opened new avenues for us to manufacture highly advanced equipment to serve the needs of India’s oil and gas sector as well as the broader, global industry.”

Commenting on the development, Subramanian Sarma, CEO and MD, L&T Hydrocarbon Engineering, said: “Associating with GE will help L&T to broaden its offering in the deep water space and provide a compelling value proposition to our customers. Projects of such strategic importance and magnitude bring huge responsibility and we are poised to make significant contributions to India’s growth curve going ahead.”

In addition to this MoU, L&T Infotech has also joined the GE Digital Alliance Program, with the organizations collaborating to develop innovative digital industrial solutions powered by GE’s Predix operating system for the Industrial Internet. They will work together to leverage analytics and real-time insights to enhance competitiveness and transform the way companies manage their assets and workforce.
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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 works on the things that matter in the oil and gas industry. In collaboration with our customers, we push the boundaries of technology to bring energy to the world. From extraction to transportation to end use, we address today’s toughest challenges in order to fuel the future. www.geoilandgas.com. Follow GE Oil & Gas on Twitter @GE_OilandGas

About L&T
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 16 billion in revenue. It operates in over 30 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for over seven decades.
About L&T Hydrocarbon Engineering
L&T Hydrocarbon Engineering, a wholly-owned subsidiary of L&T, serves the O&G sector around the world. Organized under Offshore, Onshore, Construction Services, Modular Fabrication and Engineering Services verticals, the company delivers ‘design to build’ engineering and construction solutions across the hydrocarbon spectrum.

Today, in a settlement agreement with the Navajo Nation, the United States agreed to provide funding necessary to continue clean-up work at abandoned uranium mines on the Navajo Nation. Specifically, the United States will fund environmental response trusts to clean up 16 priority abandoned uranium mines located across the Navajo Nation. The agreement also provides for evaluations of 30 more abandoned uranium mines, and for studies of two abandoned uranium mines to determine if groundwater or surface waters have been affected by those mines.

The work to be conducted is subject to the joint oversight and approval of the Navajo Nation Environmental Protection Agency and the United States Environmental Protection Agency (EPA). The United States previously provided funding for evaluations at the 16 priority mines in a “Phase 1” settlement executed in 2015.

“This second phase agreement takes the next step in ensuring the cleanup of abandoned mines that pose the most significant risks to people’s health and initiates the evaluations of additional mines for future cleanup,” said Assistant Attorney General John C. Cruden for the Justice Department’s Environment and Natural Resources Division. “Addressing the legacy of uranium mining on Navajo lands reflects the commitment of the Justice Department and the Obama Administration to fairly and honorably resolve the historic grievances of American Indian tribes and build a healthier future for their people.”

“We’re very pleased to continue this vital work to address the legacy of uranium mining on the Navajo Nation,” said Acting Regional Administrator Alexis Strauss for the EPA’s Pacific Southwest office. “In the last decade, the EPA has remediated 47 homes, provided safe drinking water to 3,013 families in partnership with the Indian Health Service and conducted field screening at all 523 mines.”

The Navajo Nation encompasses more than 27,000 square miles within Utah, New Mexico and Arizona in the Four Corners area. The unique geology of the region makes the Navajo Nation rich in uranium, a radioactive ore in high demand after the development of atomic power and weapons at the close of World War II. Approximately four million tons of uranium ore were extracted during mining operations within the Navajo Nation from 1944 to 1986. The federal government, through the Atomic Energy Commission (AEC), was the sole purchaser of uranium until 1966, when commercial sales of uranium began. The AEC continued to purchase ore until 1970. The last uranium mine on the Navajo Nation shut down in 1986.

Many Navajo people worked in and near the mines, often living and raising families in close proximity to the mines and mills. Since 2008, federal agencies including EPA, the Department of Energy, the Bureau of Indian Affairs, the Department of the Interior, the Nuclear Regulatory Commission and the Indian Health Service have collaborated to address uranium contamination on the Navajo Nation. The federal government has invested more than $100 million to address abandoned uranium mines on Navajo lands. EPA has also compiled a list of 46 “priority mines” for cleanup and performed stabilization or cleanup work at 9 mines. Further, EPA work cleaning up mines has generated 94 jobs for Navajo workers.

This settlement agreement resolves the claims of the Navajo Nation pertaining to costs of engineering evaluations and cost analyses, and cleanups, at the 16 priority mines for which no viable responsible private party has been identified, as well as the costs of evaluations at another 30 such mines, two water studies, and modest costs for pre-assessment of natural resources damages. In April 2014, the Justice Department and EPA announced in a separate matter that approximately $985 million of a multi-billion dollar settlement of litigation against subsidiaries of Anadarko Petroleum Corp. will be paid to EPA to fund the clean-up of approximately 50 abandoned uranium mines in and around the Navajo Nation, where radioactive waste remains from Kerr-McGee mining operations. EPA commenced field work with the proceeds from this settlement earlier this year.

The Department of Justice and the U.S. Environmental Protection Agency (EPA) today announced a $425 million settlement with subsidiaries of Tesoro Corp., and Par Hawaii Refining that resolves alleged Clean Air Act violations and protects public health by reducing air pollution at six refineries. Under the settlement, the two companies will spend about $403 million to install and operate pollution control equipment, and Tesoro will spend about $12 million to fund environmental projects in local communities previously impacted by pollution. Tesoro will also pay a $10.45 million civil penalty.

“This settlement, achieved in partnership with states, will benefit the air quality in communities across the Western United States,” said Assistant Attorney General John C. Cruden for the Justice Department’s Environment and Natural Resources Division. “It uses cutting edge technology to address global environmental issues like climate change by controlling flaring and provides important reductions of harmful air pollution in communities facing environmental and health challenges.”

“The advanced technologies Tesoro and Par are required to implement are the future for protecting people from toxic air emissions,” said Assistant Administrator Cynthia Giles for EPA’s Enforcement and Compliance Assurance. “This settlement puts new enforcement ideas to work that will dramatically cut pollution and protect communities.”

Today’s settlement, a consent decree lodged in U.S. District Court for the Western District of Texas, includes provisions that resolves ongoing Clean Air Act violations at refineries in Kenai, Alaska; Martinez, California; Kapolei, Hawaii; Mandan, North Dakota; Salt Lake City, Utah; and Anacortes, Washington. Of the $10.45 million civil penalty that Tesoro will pay, the United States will receive $8,050,000, and co-plaintiffs including the states of Alaska and Hawaii, and the Northwest Clean Air Agency will share $2.4 million.

Once the companies install the pollution controls required by the settlement, annual emissions reductions at the six refineries will total an estimated 773 tons of sulfur dioxide, 407 tons of nitrogen oxides, 1,140 tons of volatile organic compounds, 27 tons of hazardous air pollutants, 20 tons of hydrogen sulfide and the equivalent of 47,034 tons of carbon dioxide, which is a greenhouse gas. A large number of the emissions reductions will occur in areas with impaired air quality and protect populations at risk for respiratory illnesses. In particular, this settlement will reduce greenhouse gas emissions from flaring at the subject refineries by over 60 percent.

The settlement addresses a range of alleged leak detection and repair and flaring violations under the Clean Air Act at all six refineries as well as violations of the Act’s Prevention of Significant Deterioration, Non-Attainment New Source Review, New Source Performance Standards and National Emission Standards for Hazardous Air Pollutants at certain refineries. The settlement also addresses various violations of state clean air laws, programs and permits.

Refineries process crude oil into products like gasoline, diesel fuel, kerosene, jet fuel, asphalt and liquefied petroleum gas and emit pollutants from a number of different sources. At the refineries subject to this settlement, fluid catalytic cracking units, sulfuric acid plants, heaters, boilers and sulfur recovery units, are substantial emitters of nitrogen oxides (NOx) and sulfur dioxide (SO2). Flaring results in emissions of SO2, greenhouse gases and toxic air pollutants, including volatile organic compounds (VOCs) and hazardous air pollutants. Fugitive emissions of VOCs result from leaking valves and pumps and can result in numerous health effects, including eye, nose and throat irritation, headaches, loss of coordination, nausea and damage to liver, kidney and the central nervous system, among other effects.

Leaks, flares, and excess emissions from refineries emit hazardous air pollutants, or air toxics, that are known or suspected to cause cancer, birth defects, and seriously impact the environment. SO2 and NOx have numerous adverse effects on human health and are significant contributors to acid rain, smog and haze. Refineries also emit greenhouse gases that contribute to climate change, as well as fugitive VOCs.

The settlement incorporates the latest technological approaches to reducing flaring and making the flaring that does occur as efficient as possible. And in addition to installing pollution control equipment, the settlement requires Tesoro to use a series of state-of-the-art Next Generation Compliance tools to monitor pollution. Tesoro will use infrared gas-imaging cameras at four refineries to supplement the company’s enhanced leak detection and repair program. These cameras are able to locate fugitive VOC emissions that may not be otherwise detected and to address these fugitive emissions and in doing so protect refinery employees from them. Tesoro will also pay for third-party auditing of compliance with the enhanced leak detection and repair requirements at all six facilities. EPA’s Next Generation Compliance strategy works to advance the use of state-of-the-art technology to identify and reduce pollution

Under the settlement, Tesoro will also spend about $12.2 million to fund three pollution mitigation projects. In addition to installing infrared cameras, Tesoro will install ultra-low NOx burners on a furnace at its Salt Lake City refinery. Tesoro estimates that the cost of this mitigation project is $10.8 million and is expected to result in significant quantifiable reductions in NOX emissions. Tesoro will also contribute $1 million to fund the replacement of old diesel school buses in Contra Costa County, California, with new compressed natural gas (CNG) school buses. Replacing existing school buses that run on diesel with vehicles that are powered by CNG decreases emissions of NOX, SO2, PM, greenhouse gases and other air pollutants.

This settlement is part of EPA’s National Enforcement Initiative to control harmful emissions from large sources of pollution, which includes refineries, under the Clean Air Act’s Prevention of Significant Deterioration requirements. The total combined SO2 and NOx emission reductions secured from all settlements under this initiative will exceed 2 million tons each year once all the required pollution controls have been installed and implemented.

Tesoro Corp., is headquartered in San Antonio, Texas, and its subsidiaries, Tesoro Alaska Company LLC, Tesoro Logistics L.P. and Tesoro Refining & Marketing Company LLC operate five of the refineries covered by this settlement. Par Pacific Holdings, Inc., formerly known as Par Petroleum Corp. and a parent corporation of Par Hawaii Refining, purchased the Kapolei refinery from Tesoro in 2013.

There will be a 30 day public comment period on the consent decree lodged today. Information on how to comment on the consent decree will be available in the Federal Register and on the Department of Justice’s website: www.justice.gov/enrd/consent-decrees.

The 169th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Thursday, 2nd June 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 congratulated HE Khalid A. Al-Falih on his appointment as Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia. The Conference also paid a special tribute to HE Ali I. Naimi of the Kingdom of Saudi Arabia, for his outstanding contribution to OPEC. HE Naimi’s dedication and commitment to the work of the Organization over the past two decades have left a lasting impression on OPEC’s history.

Furthermore, the Conference expressed its appreciation to HE Wilson Pástor-Morris, Ecuador’s OPEC Governor and the country’s Ambassador to Austria, who was representing his country as its Head of Delegation. The Conference also extended its deepest condolences to the Government and people of the Republic of Ecuador for the tragic losses they suffered following the devastating earthquake that struck the country on April 16th.

The Conference also welcomed HE Fayadh Hassan Nima, Senior Deputy of Iraq’s Minister of Oil, who was representing his country as its Head of Delegation, and HE Mossa Elkony, Vice President of The Presidency Council of The Government of National Accord of Libya, who was present as his country’s Head of Delegation.

The Conference considered Gabon’s request to rejoin the Organization, and decided to approve its admission with effect from 1st July 2016.

The Conference studied the Secretary General’s report, as well as the report of the Economic Commission Board and various administrative matters. The Conference welcomed the Paris Agreement taken at the COP21 meeting in December last year. It stressed that the challenges related to the environment and climate change are a concern for us all. Member Countries are committed to supporting sustainable development and recognize the importance of continually looking to advance the environmental credentials of oil, both in production and use.

Having reviewed the oil market outlook for 2016, the Conference observed that non-OPEC supply, in response to market dynamics, peaked during 2015 and started declining, with supply expected to further decline by 740,000 barrels per day (b/d) in 2016. Today, crude oil alone is lower by more than 1 million b/d from its peak at the beginning of 2015. Global demand is anticipated to expand by 1.2 mb/d after growing at 1.5 mb/d during 2015. This demand growth remains relatively healthy considering recent economic challenges and developments.

The Conference observed that, since its last meeting in December 2015, crude oil prices have risen by more than 80%, supply and demand is converging and oil and product stock levels in the OECD have recently shown relative moderation. This is testament to the fact that the market is moving through the balancing process. The latest numbers, however, still show OECD and non-OECD inventories standing well above the five-year average and these need to be drawn down to normal levels. The Conference also noted the very low investment level currently prevailing in the oil industry and emphasized the need to increase upstream investment in order to achieve long-term balance in the oil markets.

The Conference re-emphasized the coordination between Member Countries and with non-OPEC producers to ensure market stability in the global oil market; to obtain reasonable and sustainable revenue for oil-producing nations; and to provide a stable, reliable, efficient and economic supply to consuming countries and a fair return to investors in the oil industry.

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. While emphasizing its commitment to ensuring a long-term stable and balanced oil market for both producers and consumers, the Conference stressed that, given the current market conditions, the Secretariat should continue to closely monitor developments in the coming months, and if necessary recommend to Member Countries to meet again and suggest further measures according to prevailing market conditions. The Conference also called upon non-OPEC countries to join its endeavours, given the importance of cooperation among all major exporting countries to collectively balance the oil markets.

The Conference decided to appoint Mr. Mohammed Sanusi Barkindo, from Nigeria, as Secretary General of the Organization, with effect from 1st August 2016, for a period of three years. In doing so, the Conference expressed its appreciation to HE Abdalla Salem El-Badri for his leadership of the Secretariat and the Organization during his tenure as Secretary General.

The Conference decided that its next Ordinary Meeting will convene on Wednesday, 30th November 2016 in Vienna, Austria.

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.

The twelfth meeting of the energy dialogue between the European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC) took place in Vienna, Austria.

The EU delegation was headed by Miguel Arias Cañete, Commissioner for Climate Action & Energy at the European Commission. The OPEC delegation was led by Abdalla Salem El-Badri, Acting Secretary General of OPEC.

Both parties emphasised that the Energy Dialogue has come a long way since its establishment in 2005 and is more important than ever in the current context of energy markets. Supported by various roundtables, workshops and studies, the Energy Dialogue has resulted in productive joint activities on a wide range of oil and energy related issues and has brought significant benefits to both sides.

The parties noted that since the last Energy Dialogue meeting in June 2014, there has been a growing challenge in energy markets, particularly for oil. Oil prices have fallen by more than 70%, many investments have been deferred or cancelled, manpower has been laid off, and the market has been searching for a supply-demand balance.

Looking ahead, both the EU and OPEC noted with concern that the current price environment has considerably reduced investments. Such a massive fall in investment could in time lead to a supply shortfall and the risk of a sharp oil price rebound, as has been witnessed in the past.

Although producers and consumers might have different views on what is an adequate oil price level, there was broad agreement that excessive oil price volatility and/or sharp price rises would be harmful for the economies of both the producing and consuming countries. An affordable and stable oil price, alongside a balanced and stable market, is a prerequisite for economic growth for both producers and consumers.

Both the EU and OPEC recognised that through the Energy Dialogue and through initiatives in other global fora and organisations, cooperation should be enhanced, as should understanding of the behaviour of energy and oil markets, something which is important to helping achieve future oil market stability.

The adoption in December 2015 of the ‘Paris Agreement’ to combat climate change was welcomed by both sides.

OPEC presented an assessment of short-term oil market prospects. It emphasised that lower crude oil prices mainly reflect the ongoing excess crude oil supply over global demand. The positive impacts of low oil prices on oil demand in major growth regions remain intact in both the OECD and non-OECD regions. Expected oil demand growth in 2016 is in line with the average seen over the last three years. On the supply side, lower oil prices have reversed the strong growth trend in non-OPEC supply into an expected contraction in 2016. It was noted however, that over the previous three years, non-OPEC supply has increased significantly while on average there was no growth in OPEC crude supply.

OPEC also provided an overview of the long-term oil market outlook. It highlighted that energy demand will increase by almost 50% in the period up to 2040, with oil remaining the fuel with the largest share over the next 20 years. Oil demand reaches almost 110 mb/d by 2040, with developing countries accounting for most of the growth. On the supply side, total non-OPEC supply is expected to increase in the next decade, but declines towards the end of the projection period. OPEC crude supply is anticipated to increase steadily which underscores once again the need for future investments in the industry. However, it was stressed that the Outlook is clouded with uncertainties stemming, in particular, from economic growth and non-OPEC supply prospects.

The EU side presented the latest developments in EU energy policies, focusing on the Communication on the State of the Energy Union of November 2015 and the ‘Security of Supply Package’ adopted by the Commission on 16 February 2016. The package includes initiatives to foster the EU energy security, notably two proposals for the revision of the Regulation on Security of Gas Supply and for a revision of the Decision on Intergovernmental Agreements as well as strategies for LNG & gas storage and for heating & cooling.

The main energy policy initiatives foreseen for 2016 were also presented. Emphasis was given to a package, to be adopted later this year, which will propose initiatives in the energy efficiency sector. Energy efficiency will be a key tool to achieve EU’s decarbonisation objectives and for a more sustainable use of energy. The EU expressed its willingness and availability to share its experience in the area of energy efficiency with the OPEC partners in the framework of the current energy dialogue or in other fora.

The EU side also presented the economic developments and outlook in the EU and in the euro area based on the latest European economic forecasts issued on 4 February 2016. The European economy has now entered its fourth year of recovery and growth is expected to continue increasing at a moderate pace, driven mainly by rising consumption.

The ongoing and future activities of the Energy Dialogue were also discussed. These included a report on a roundtable that discussed the outcomes of a joint study on the ‘Petrochemical Outlook: Challenges and Opportunities’. There was an update on a joint study being undertaken on the prospects for non-crude liquids.

All participants expressed satisfaction with the outcome of the meeting, which was seen as a further important step in the EU-OPEC Energy Dialogue. Both parties expressed their strong commitment to that process, and agreed that the next EU-OPEC Energy Dialogue meeting would take place in the first half of 2017.

HOUSTON — As upstream oil and gas companies scrutinize every dollar invested, they’re spending smarter today on digital technologies, seeking to drive value and reduce costs amid low oil and gas prices, a new survey by Accenture (NYSE: ACN) and Microsoft Corp. (NASDAQ: MSFT) reports. Respondents to the “2016 Upstream Oil and Gas Digital Trends Survey” included international oil companies (IOCs), national oil companies (NOCs), independents and oilfield services firms.

Over the next three to five years, 80 percent of upstream oil and gas companies plan to spend the same, more, or significantly more (30%, 36%, and 14%, respectively) on digital technologies as they do now, according to the survey, now in its fifth edition. This continued investment in digital is due to respondents’ confidence that digital technologies can continue to help them drive leaner, smarter organizations.

More than half (53 percent) of respondents said digital is already adding high to significant value to their businesses. Cost reduction was identified as the biggest challenge that digital technologies can most address today, respondents said. In addition, respondents reported that making faster and better decisions was the greatest benefit digital technologies can deliver (56 percent) and that one of the biggest barriers to realizing value is the lack of a clear strategy or business case, not the technology itself. Today’s digital investments focus more on mobility, with almost three-fifths of respondents (57 percent) reporting having invested in mobile, compared to 49 percent of the respondents in last year’s survey. Next is investing in the Internet of Things (IoT) (44 percent) this year vs. 25 percent in 2015 and the cloud (38 percent), up 8 percent from last year. Over the next three to five years, these investments are expected to shift more to big data and analytics (38 percent), IoT (36 percent) and mobile (31 percent). “In the current challenging environment, the upstream oil and gas industry is focusing digital technologies on areas that help them work smarter and deliver significant efficiencies and savings in the short term while enabling them to make better decisions faster,” said Rich Holsman, global head of Digital in Accenture’s Energy industry group. “So, in the short term we expect these companies will continue to invest in areas that help lower operations costs through technologies like increased worker productivity with mobility, lower infrastructure costs through the cloud and drive better asset management through analytics.” Respondents said digital’s biggest impact to date on the upstream oil and gas workforce has been increased employee productivity and engagement followed by better training and reskilling opportunities. They see the greatest impact from IoT in enabling connected field workers, with 60 percent of respondents planning to have field workers and assets digitally connected with smart devices.

The use of the cloud, respondents said, has shifted from being used primarily for infrastructure to an enabler of mobile tools. This trend is expected to increase in the next three to five years, as companies keep using the cloud to get faster and more value from other digital technologies.

“By taking advantage of the intelligent cloud, greater use of analytics and IoT go hand in hand with what we are seeing in our business today — the advent of the industrial Internet enabling the power of digital across the oil and gas landscape,” said Craig Hodges, general manager of the Gulf Coast District at Microsoft. “You can see this trend gaining traction from connected wells and intelligent pipelines to highly- efficient digital refineries.” While two thirds (66 percent) identified analytics as one of the most important capabilities for transforming their company, only 13 percent felt their firm’s analytical capabilities were mature. Almost two-thirds (65 percent) plan to implement more analytic capabilities in the next three years to help address this need. The “2016 Upstream Oil and Gas Digital and Technology Trends Survey,” sponsored by Accenture and Microsoft and conducted by PennEnergy Research in partnership with the Oil & Gas Journal, surveyed upstream professionals worldwide, including engineers, geologists and mid-level and executive management.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 373,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. Accenture Digital, comprised of Accenture Analytics, Accenture Interactive and Accenture Mobility, offers a comprehensive portfolio of business and technology services across digital marketing, mobility and analytics. Learn more about Accenture Digital at www.accenture.com/digital.

About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.

NEW YORK, N.Y., – Chevron Corporation (NYSE: CVX) hosted its annual security analyst meeting in New York where executives reiterated priorities, expressed confidence in the company’s near term outlook and emphasized an advantaged position when markets rebound.

“We’re completing major projects that have been under construction for several years. This enables us to grow production and reduce spending at the same time, which should improve our net cash flow significantly,” said John Watson, Chevron’s chairman and chief executive officer. Watson reiterated the importance of dividend growth and maintaining a strong balance sheet in the company’s financial priorities, noting the company’s record of 28 consecutive years of dividend increases, and plans to limit debt increases beyond 2016.

“Industry conditions are tough right now, with low oil and natural gas prices. We believe markets will improve, and we’ll be well positioned when they do,” Watson continued. “We have an excellent upstream and downstream portfolio, and we are driving operating and administrative efficiencies across the company.”

Jay Johnson, executive vice president, upstream, highlighted key plans. “We’re focused on safe, reliable operations and effective project start-ups and ramp-ups. At Gorgon, we’re producing LNG and the first cargo is expected to ship next week. With an advantaged position in the Permian and a deep portfolio of operating assets, we’re transitioning our spending to more short-cycle, higher-return activity that utilizes existing infrastructure. We have a portfolio of assets that should allow production growth through the end of the decade, even at moderate prices.”

BHP Billiton is meeting the challenges of the global iron ore market through a focus on productivity and a “relentless pursuit of the basics” in its Western Australia Iron Ore (WAIO) operations.

In a key note address at this year’s Global Iron Ore and Steel Forecast Conference, Asset President WAIO, Edgar Basto, spoke to the global market dynamics affecting one of Australia’s most important exports.

“Following a decade of strong growth driven by fixed assets investments, the Chinese economy is transitioning to a more consumer and services based model, with future growth likely to be inherently less steel intensive,” he said.

“The Chinese Government’s steel industry restructure plans will take time to implement but it’s important to note a reduction in excess capacity will mean improved sustainability of the industry and our customers are likely to benefit from any consolidation.”

Mr Basto reiterated that the mining industry would need to continue to meet the challenges of a lower price environment through productivity.

“Our structured approach to safely increasing the availability, utilisation and rate of our existing infrastructure will support continued productivity improvements at WAIO,” he said.

“We continue to increase our productivity in Port and Rail as we approach our targeted run rate of approximately 270 million tonnes per annum.

“This has been achieved through a range of measures such as the optimisation of our pit-to-port scheduling strategy and alignment of maintenance shutdowns across our mines, port and track.”

Mr Basto said BHP Billiton’s new Operating Model would also support safe delivery of further productivity gains from WAIO’s Tier 1 asset base in the Pilbara.

“Our productivity drive has supported an EBITDA margin of over 50 per cent at WAIO despite the iron ore price halving since 2012,” he said.

“Through the new Operating Model we will deliver faster replication of leading practices and improved technologies across all of BHP Billiton’s global operations as well as a major reduction in the costs of our functions.”

Mr Basto reinforced the Company’s commitment to Western Australia and its local communities.

“WAIO remains a strong supporter of the communities in which we operate, having committed A$300 million over the past five years to health, education and Indigenous development programs and community infrastructure.

“We are proud of the contribution we have made, and continue to make in WA. Despite the challenging market conditions faced by the industry, BHP Billiton is unwavering in its commitment to the State and our local communities.”

IRVING, Texas–Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil said today in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy sources and lower carbon fuels, such as natural gas, are expected to help reduce by half the carbon intensity of the global economy.

During the period, the world’s population will increase by about 2 billion people and emerging economies will continue to expand significantly. Most growth in energy demand will occur in developing nations that are not part of the Organization for Economic Co-operation and Development (OECD). Per capita income in those countries is likely to increase by 135 percent.

Natural gas is expected to meet about 40 percent of the growth in global energy needs and demand for the fuel will increase by 50 percent. Nuclear and renewable energy sources – including bio-energy, hydro, geothermal, wind, and solar – are also likely to account for nearly 40 percent of the growth in global energy demand by 2040. By then, they are expected to make up nearly 25 percent of supplies of which nuclear alone represents about one third.

“ExxonMobil’s analysis and those of independent agencies confirms our long-standing view that all viable energy sources will be needed to meet increasing demand,” said Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation. “The Outlook for Energy is a useful resource to help understand future energy supply and demand, which can aid decisions by individuals, businesses and governments that together will affect the future of energy.”

The outlook projects that global energy-related carbon dioxide emissions will peak around 2030 and then start to decline. Emissions in OECD nations are projected to fall by about 20 percent from 2014 to 2040.

The Outlook for Energy is ExxonMobil’s long-range forecast developed by its economists, engineers and scientists through data-driven analysis. It examines energy supply and demand trends for approximately 100 countries, 15 demand sectors and 20 different energy types.

“Our forecast is used as a foundation for the company’s business strategies and to help guide multi-billion dollar investment decisions,” said William Colton, vice president of ExxonMobil Corporate Strategic Planning, which develops The Outlook for Energy. “For many years the outlook has taken into account policies established to reduce energy-related carbon dioxide emissions. The climate accord reached at the recent COP 21 conference in Paris set many new goals, and while many related policies are still emerging, the outlook continues to anticipate that such policies will increase the cost of carbon dioxide emissions over time.”

Key findings of the report include:

In 2040, oil and natural gas are expected to make up nearly 60 percent of global supplies, while nuclear and renewables will be approaching 25 percent. Oil will provide one third of the world’s energy in 2040, remaining the No. 1 source of fuel, and natural gas will move into second place.
North America, which for decades had been an oil importer, is on pace to become a net exporter around 2020.
India will surpass China as the world’s most populous nation, with 1.6 billion people. The two countries are expected to account for almost half of the growth in global energy demand.
Global demand for electricity is expected to increase by 65 percent, and 85 percent of the increase is in non-OECD nations.
The share of the world’s electricity generated by coal is expected to fall to about 30 percent in 2040 from approximately 40 percent in 2014.
Global energy demand from transportation is projected to rise by about 30 percent, and practically all the growth will be in non-OECD countries.
Sales of new hybrids are expected to jump from about 2 percent of new-car sales in 2014 to more than 40 percent by 2040, when one in four cars in the world will be a hybrid. Average fuel economy will rise from 25 to about 45 miles per gallon.
Already the world’s largest oil-importing region, Asia Pacific’s net imports are projected to rise by more than 50 percent by 2040 as domestic production remains steady and demand increases.
For more information about The Outlook for Energy, visit www.exxonmobil.com/energyoutlook.

Cautionary Statement: Statements in The Outlook for Energy and this release relating to future events or conditions are forward-looking statements. Actual future global or local conditions (including economic conditions and growth, population growth, energy demand growth and mix, energy supply sources, efficiency gains, the impact of technology, and carbon emissions) could differ materially due to changes in supply and demand and market conditions affecting oil, gas, and other energy prices; changes in law or government regulation and other political events; changes in technology; the occurrence and duration of economic recessions; the actions of competitors; the development of new supply sources; demographic changes; and changes in other assumptions or factors discussed in The Outlook for Energy and under the heading “Factors Affecting Future Results” on the Investors page of our website at www.exxonmobil.com. See also Item 1A of ExxonMobil’s latest Form 10-K.

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.

FLORENCE, Italy, — General Electric (NYSE: GE) reaffirmed its commitment to the company’s growth plans in Russia by announcing a $1 billion sourcing program and signing a series of agreements with its Russian strategic partners at the 17th GE Oil & Gas Annual Meeting in Florence. The new initiatives are aimed at accelerating GE’s localization of advanced technology solutions across the oil & gas, power, and transportation industries, as well as driving demand for local suppliers.

GE announced it will work with Russian businesses to develop up to $1 billion in sourcing opportunities by 2020 to better meet its global manufacturing needs by capitalizing on the increased competitiveness of Russian fabrication, forging, and casting. The company is currently working on several key infrastructure projects with Russian producers that meet GE quality and safety standards.

Jeff Immelt, GE Chairman and CEO, said: “We continue to see long-term development opportunities in Russia, including in sourcing from Russian manufacturers for our global businesses. Today, we are also pleased to be strengthening our partnerships with Rosneft and Transmashholding. This is a great example of GE working with leading Russian companies to tackle some of the region’s most technically intensive projects.”

Expanding the scope of their 2013 strategic partnership, GE and Rosneft, Russia’s largest oil company, announced a long-term cooperation program to jointly develop local expertise and advanced solutions, including in marine propulsion and oilfield equipment manufacturing.
In marine:

GE and Rosneft will proceed with preparations for joint work at an industrial shipbuilding cluster in Vladivostok. The cluster is planned to locally produce electrical equipment and steerable pod thrusters based on GE technology – as well as service marine diesel engines produced by a GE‑Transmashholding joint venture – for Rosneft’s fleet and other Russian civil vessels.

At the meeting in Florence, GE, Rosneft, and Transmashholding signed a Letter of Intent providing for the local production of GE V250 marine diesel engines by the GE-Transmashholding JV in Penza, Russia. The delivery of the first units to Rosneft is expected in early 2018.
In oil & gas:
GE and Rosneft will further explore development plans for a facility in Murmansk, Russia to locally assemble GE oil & gas equipment to support Rosneft’s production activities.

The companies will continue joint work on artificial lift technology, with deliveries of GE electric submersible pumps (ESPs) already underway to Rosneft and its subsidiaries for testing and evaluation.

Advancing their collaboration on small-scale LNG technologies, GE and Rosneft’s subsidiary Itera will move forward with development plans for the first small-scale LNG plant in Russia.

The companies will cooperate on a pilot project to leverage GE digital technologies for remote monitoring and control to further optimize operations at Rosneft’s largest refinery, located in Ryazan, Russia.

GE and Rosneft will also evaluate the potential of stationary distributed power solutions based on diesel engines locally produced by GE and Transmashholding in Penza.

Commenting on the program signing, Igor Sechin, Rosneft Management Board Chairman, said: “The implementation of the program signed today with one of the global technology leaders, signifies that our partnership is entering a new stage – industrial cooperation – which will enable us to meet the buoyant demand being formed by the Russian fuel and energy sector with the potential to jointly enter global markets.”
Also in Florence, GE and Transmashholding (TMH), Russia’s leading rail equipment producer, signed a strategic business plan providing for the launch of a 50-50 joint venture, pending final regulatory approvals, to localize manufacturing of advanced GEVO diesel engines at a new facility in Penza, Russia. The project is aimed at addressing the locomotive needs of Russian Railways, as well as providing engine solutions for marine vessels and distributed power applications.

The companies plan to invest over $70 million in the plant and related equipment, training, and technology. The GEVO engines to be produced at the new facility will incorporate advanced GE technologies to lower life-cycle operating costs, while increasing efficiency, reliability, ease of maintenance, and time between overhauls. The agreement envisages initial production of up to 250 engines per year in the 2,900–4,700 kW class, with the potential to expand the venture’s production capacity and product portfolio according to future market demand. The companies also agreed that a priority goal for the joint venture will be identifying export opportunities for its products.

Andrey Bokarev, Transmashholding President, said: “Transmashholding has high expectations for the future of this joint project with GE to develop and produce state-of-the-art diesel engines. It will significantly expand our expertise and the range of products we offer to the market. In combination with our existing solutions, we will be able to offer engines to our customers that precisely meet their needs. It’s particularly noteworthy that the new venture will produce engines not only for the Russian market, but also for export.”
GE’s new agreements with its strategic partners in Russia accelerate the company’s commitment to invest $1 billion in the Russian oil & gas, power, and transportation industries by 2020.

Ron Pollett, President & CEO, GE Russia/CIS, said: “Russia has been an important and strategic market for us for nearly 100 years. Together with Rosneft and Transmashholding, we are moving forward on key projects to support the development of Russian infrastructure and manufacturing capabilities. By strengthening our mutually beneficial strategic partnerships and growing our local supply chains, GE is reaffirming its long-term commitment to the Russian market.”

Today’s announcement is an example of the GE Store at work — connecting knowledge and innovations across industries to drive customer outcomes, move technology forward, and power economic growth.

HOUSTON, — Diamond Offshore Drilling, Inc. (NYSE:DO) and GE Oil & Gas (NYSE:GE) today announced the offshore drilling industry’s first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas. In this Pressure Control by the Hour™ model, Diamond Offshore will compensate GE Oil & Gas only when the BOP is available. This 10-year collaborative arrangement for GE’s engageDrilling™ Services showcases a new way of thinking to drive continuous improvement in deepwater drilling.

The arrangement will include GE purchasing the BOP systems aboard Diamond Offshore’s four drillships, currently located in the U.S. Gulf of Mexico, for a total of $210 million.

“Subsea equipment repair and maintenance is the single largest cause of nonproductive time across our industry, resulting in great expense to both drillers and operators,” said Marc Edwards, President and CEO of Diamond Offshore. “In today’s market, we have to make the economics of offshore drilling more competitive for our clients. The purpose of our new Pressure Control by the Hour service model is to incentivize all parties to prioritize equipment reliability and availability for the ultimate benefit of our customers.”

“To deliver a solution that improves drilling efficiency now and in the future, collaboration is essential,” said Lorenzo Simonelli, President and CEO, GE Oil & Gas. “We are changing the game by building the new blowout preventer service model for the industry. With improved control, maintenance and servicing of our equipment, we are putting skin in the game and guaranteeing performance.”

The GE Oil & Gas engageDrilling™ Services offering enhances BOP system availability by transferring the maintenance and service of pressure control equipment to GE Oil & Gas. This includes on-rig GE Oil & Gas personnel, management of parts, overhaul and repair, continuous certification, data monitoring, and management of change. This new arrangement is a performance-based alliance that leverages the scale of GE data, predictive analytics, insights and continuous certification, positioning GE as a long-term commercial, operational and technical partner.

Under the new service model, Diamond Offshore will begin capturing data through GE’s monitoring and analytics solutions. Over time, this will enable condition-based monitoring and maintenance, which will drive proactive decision-making and planning to address the requirements of industry standards for drilling systems. By transferring the maintenance and service of well control equipment to GE Oil & Gas, Diamond Offshore is simplifying operations and optimizing between well maintenance to reduce the frequency and duration of downtime.

“This is a key part of GE’s business strategy to collaborate with drilling contractors and operators to push the boundaries of our industry,” said Simonelli. “Our new CSA model addresses the current needs of drilling companies, and establishes the roadmap for smart, predictive, condition-based services and maintenance in our digital-industrial future.”

“We look forward to partnering with GE Oil & Gas to lead the way forward in our industry,” said Edwards. “By combining Diamond Offshore’s operational excellence with the guaranteed performance of GE’s BOPs, we are increasing our competitiveness in the market.”

Florence, – Today, in the presence of the Italian Minister of Economic Development Federica Guidi and Chairman and CEO of GE Jeff Immelt, a Memorandum of Understanding was signed between SACE, the Italian export credit company, and GE Oil & Gas to support exports of the leading provider of technologies and services in the oil and gas industry.

The MoU provides that SACE will support exports of GE Oil & Gas in an amount estimated to reach $6 billion for the years 2016-2018 in several markets, with focus on Latin America, North Africa, Sub Saharan Africa, Middle East and Asia.

The cooperation will allow GE Oil & Gas to provide customers with competitive SACE-backed financing to buy its products and services, allowing it to seize new global opportunities and satisfy international demand.

SACE will also provide financial support for the sale of products in the gas turbine family NovaLT, 100% made in Italy turbines recently introduced by GE Oil & Gas. In order to develop and produce new-generation gas turbines and centrifugal compressors, GE Oil & Gas also announced today a 5-year investment plan worth $600 million.

Within this collaboration, SACE and GE Oil & Gas will work together to support the development of innovative solutions, with the aim of continuously improving service efficiency and satisfaction of international customers.

“At GE Oil & Gas we say that “we fuel the future” and having an institutional partner such as SACE means just that: boost energy and invest in the future” said Lorenzo Simonelli, President and CEO of GE Oil & Gas. “Today’s signing supports the strategy to increase exports and to help support growth in emerging markets. This goes beyond the scope of this announcement, in helping to support the people and communities of these impacted countries. The MoU strengthens the presence and leadership of GE Oil & Gas in Italy, the country where our skills were born. It also demonstrates our commitment to provide customers and partners innovative solutions.”

“We are proud to renew today our support for the path of growth and innovation of GE Oil & Gas, a company which has been able to enhance and capitalise on Italian competences and know-how to establish itself as an international centre of excellence,” said Alessandro Castellano, CEO of SACE. “We are committed to boost new export opportunities in high potential markets, with positive impacts on the significant production processes and jobs generated in Italy by GE Oil & Gas and their partner SMEs.”

This MoU represents a new milestone in the path of excellence undertaken by GE Oil & Gas. With this partnership, the company not only expands its horizons and prepares itself to grow in emerging markets with strong growth prospects, but also partners with SACE to support the development of local suppliers and enhanced skills training.

GE Oil & Gas – Nuovo Pignone has approximately 5,400 employees in five sites in Italy. In 2015 it has invested more than $170 million in research and development and in its plants, and $8 million in employee training.

In 2015, GE Oil & Gas in Italy supported more than 1,300 partners, mainly SMEs, at a total amount of around €1 billion.

GE Oil & Gas
GE Oil & Gas works on the things that matter in the oil and gas industry. In collaboration with our customers, we push the boundaries of technology to bring energy to the world. From extraction to transportation to end use, we address today’s toughest challenges in order to fuel the future. www.geoilandgas.com. Follow GE Oil & Gas on Twitter @GE_OilandGas

SACE
SACE, Italy’s export credit company, support the international development of Italian businesses through a wide range of insurance and financial services: export credit, credit insurance, political risk insurance, financial guarantees, surety and factoring. SACE serves over 20,000 Italian companies, mainly SMEs, with over € 78 billion insured transactions in 189 countries.

BHP Billiton notes the range of media reports and public commentary on the composition of the tailings released from the Samarco Fundão dam, in Minas Gerais, Brazil, on 5 November 2015.

The tailings that entered the Rio Doce were comprised of clay and silt material from the washing and processing of earth containing iron ore, which is naturally abundant in the region. Based on available data, the tailings are chemically stable. They will not change chemical composition in water and will behave in the environment like normal soils in the catchment.

The National Water Agency (ANA) and Brazilian Geological Service (CPRM) are continuing to collect, analyse and report water and sediment samples in the Rio Doce.

Results from these samples on 14 November 2015 indicate “that concentrations of metals obtained at these sites do not significantly differ from the results produced by CPRM in 2010”. The results, published on 20 November, can be found online.

In addition, Samarco has issued a statement today indicating that further tests carried out by SGS GEOSOL Laboratórios after the incident confirm the waste from the Fundão dam is not hazardous to human health.

Samarco statements can be found at www.samarco.com and in other online channels.

INEOS today announced that it has agreed to acquire a strong portfolio of natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of the LetterOne Group.

INEOS Upstream will acquire gas fields, including the Breagh and Clipper South fields in the Southern North Sea which are well positioned close to INEOS’ sites in the North East and Scotland. The annual production from these fields account for 8% of the UK’s annual gas production, enough gas to warm 1 in 10 British homes.

INEOS is a new entrant to the North Sea. However, the company has extensive experience in operating chemical plants of similar complexity to these offshore platforms.

As one of the world’s largest operators of chemical plants and a huge consumer of hydrocarbons these assets should make a significant contribution to INEOS’s European energy and feedstock strategy.

The company operates Scotland’s largest manufacturing complex at Grangemouth which is the only refining / petrochemicals complex directly attached to the North Sea.

INEOS has recently announced its intention to be the leading UK player in onshore gas development and, as part of the company’s growing interest in energy production, is now evaluating additional opportunities in the offshore area.

As part of the company’s ongoing business planning, it has set up INEOS Upstream, a new oil and gas subsidiary of INEOS AG and is working with a number of top class North Sea oil and gas professionals. Their first task has been to conduct a strategic review of the potential opportunities in the North Sea to see whether these are suitable to play a part in the development of the INEOS Upstream business.

Rob Nevin, Chairman INEOS Upstream, says, “INEOS and its JV partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas can make a significant contribution to providing these feedstocks as well as servicing our energy needs.”

INEOS also owns a number of Shale gas licences in England and Scotland and is investing a further $1 billion in an ambitious project to bring US Shale gas to the UK and to Norway.

Jim Ratcliffe, INEOS chairman adds, “The acquisition of these North Sea gas fields is a great entry point for the INEOS Upstream business. They are high quality, low risk assets and they come with a highly experienced management team. Whilst no decisions have yet been made, we will continue to evaluate other opportunities in the North Sea”.

HOUSTON- Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI) today announced that the companies will market for sale additional businesses in connection with Halliburton’s pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton’s acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton’s expandable liner hangers business, which is part of the company’s Completion & Production Division; Baker Hughes’ core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes’ offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom.

The divestitures process for the previously announced divestitures of Halliburton’s Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) businesses is continuing, and Halliburton is pleased that last Friday it received proposals from multiple interested parties for each business.

The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2 billion. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company’s Board of Directors, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.

There is no agreement to date with any competition enforcement authority as to the adequacy of the proposed divestitures. The companies will continue to work constructively with all competition enforcement authorities that have expressed an interest in the proposed transaction. The pending acquisition has received unconditional regulatory clearances in Canada, Kazakhstan, South Africa, and Turkey.

Halliburton and Baker Hughes have also amended their timing agreement with the Antitrust Division of the U.S. Department of Justice (DOJ) to extend the earliest closing date by three weeks, to the later of Dec. 15, 2015 (from the current date of Nov. 25, 2015) or 30 days following the date on which both companies have certified final, substantial compliance with the DOJ second request. Timing agreements are often entered into in connection with large, complex transactions, and provide the DOJ additional time to review responses to its second requests. In light of the timing agreement, Halliburton and Baker Hughes have agreed to extend the time period for closing of the acquisition pursuant to the Merger Agreement to no later than Dec. 16, 2015. The Merger Agreement also provides that the closing can be extended into 2016, if necessary.

About Halliburton
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 70,000 employees, representing 140 nationalities in over 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Oilpro and YouTube.

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 49,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes, visit: www.bakerhughes.com.

Glencore is announcing today a 500,000 tonne reduction of contained zinc metal mine production across its operations in Australia, South America & Kazakhstan. The main reason for the reduction is to preserve the value of Glencore’s reserves in the ground at a time of low zinc and lead prices, which do not correctly value the scarce nature of our resources.

These changes, which represent around one-third of Glencore’s annual zinc production, will reduce fourth quarter 2015 mine production by approximately 100,000 tonnes of contained zinc metal.

Glencore’s operations at Lady Loretta in Australia and Iscaycruz in Peru will be suspended and operations at George Fisher and McArthur River in Australia and various mine operations in Kazakhstan will reduce production levels.

Glencore remains positive about the medium and long term outlook for zinc, lead and silver prices. This decision will ensure that our zinc operations are sustainable well into the future, providing jobs in the communities where we operate and returns to shareholders.

These changes, although temporary, will unfortunately affect employees at our operations. This decision has not been taken lightly. In the coming days we will engage with all employees and put in place support services to assist people who may be affected as a result of these changes.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 181,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

BHP Billiton today released its Climate Change Portfolio Analysis report which explains how it could continue to create shareholder value in a carbon constrained world.

Chief Commercial Officer Dean Dalla Valle said the Company had published details of its scenario analysis as part of its ongoing program of engagement with investors.

“With the release of this document, we are providing more information than ever before about how we are responding to climate change and how climate risk might affect the portfolio. The opportunities and risks associated with climate change will not be spread evenly between businesses or sectors. More disclosure will allow investors, policy makers and regulators to make more informed decisions. By sharing our analysis of BHP Billiton’s portfolio in a 2°C world, we believe investors will be able to decide how well BHP Billiton is equipped to manage climate risk.”

Helen Wildsmith, Stewardship Director – Climate Change, at charity specialist CCLA, said: “As long-term investors the ‘Aiming for A’ coalition supports diversified miners, oil and gas majors, and electrical utilities as they face the challenge of demonstrating their strategic resilience through the low carbon transition. Today we applaud BHP Billiton for proactively improving their disclosure. In co-ordination with the global Carbon Asset Risk investor initiative, representing over US$3.5 trillion of collective assets, we will be proposing further shareholder resolutions at some of the largest companies in these sectors in 2016 to promote similar stress testing.

“Like BHP Billiton, the ‘Aiming for A’ coalition believes key stakeholders need to work together through periods of systemic change. We encourage BHP Billiton to play an active role in building a cross-sectoral coalition of the willing to accelerate CCS and other low emissions technologies becoming commercially viable at scale.”

“BHP Billiton has shown real leadership by publishing its climate change portfolio analysis ahead of COP21 in Paris. This provides an excellent starting point for more detailed dialogue with investors on portfolio stress testing and future cap-ex decisions in a carbon efficient manner.” said Stephanie Maier, Head of Responsible Investment Strategy & Research at Aviva Investors, and Chair of the Institutional Investors Group on Climate Change’s member-led corporate engagement group.

BHP Billiton’s portfolio in a 2°C world
Speaking in London, Mr Dalla Valle said: “The world faces two critical challenges. As the global population steadily grows, the continued development of emerging economies depends on access to affordable energy and resources. At the same time, responding to climate change requires the global average temperature increase to remain below 2°C relative to pre-industrial levels.

“Achieving these goals would entail substantial changes to the global economy. Companies in all sectors will have new market opportunities, face new competitors and all will need to find new ways of working. In a well-managed transition, the most efficient producers in growth markets will do best.

“In our scenario analysis we consider a range of potential pathways and outcomes. This provides deeper, more valuable insights into the potential impacts on our portfolio and improves our ability to respond and adapt our portfolio where we see key signposts and triggers.

“In a 2°C scenario, we expect the demand for most of BHP Billiton’s products will continue to rise in absolute terms. As the energy mix changes, copper, gas and uranium could see stronger demand than otherwise would have been the case. Measures to reduce emissions in steel manufacturing could also increase prices for the Company’s higher-quality iron ore.

“Together these factors would help offset weaker demand, lower prices or higher costs in other areas of our portfolio such as energy coal. Group margins would remain strong, reflecting BHP Billiton’s focus on low cost production. The average rate of return on investment in our growth projects would fall slightly but remain at approximately 20 per cent. The Company could create value by bringing on production into growing markets.

“This helps ensure the value of BHP Billiton’s portfolio would remain robust if emissions decline to levels consistent with a 2°C world after 2030, as well as in a stress test that models the implications of more rapid change. In both cases, Group EBITDA would continue to grow over the next fifteen years and BHP Billiton’s commodity diversification, competitive production, high quality resource base, and the rapid payback periods of growth projects minimise the risk of stranded assets.”

BHP Billiton has also joined a growing number of leading businesses in disclosing the Company’s assumptions on global carbon price ranges which it applies to its investments and portfolio evaluation to inform decision making.

Our action on climate change
Mr Dalla Valle described how BHP Billiton is supporting the move to limit global temperature increases to 2°C.

“We are investing in the development of low-emissions technologies and supporting market mechanisms that provide financial incentives for emissions reductions and sustainable development.”

“We believe that a range of measures are needed to address climate change. First and foremost we are reducing our own emissions and improving our energy efficiency, with a target of keeping greenhouse gas emissions below our 2006 baseline.

“We also seek to enhance the global response to climate change by actively engaging with governments to provide our perspective while recognising that each government will formulate its own policy to reduce emissions in line with its own circumstances and the need for meaningful action.

Mr Dalla Valle concluded: “As climate change continues to evolve, so too will our approach and we will continue to engage with our investors and other stakeholders to keep improving our disclosure.

About ‘Aiming for A’ in the UK: ‘Aiming for A’ was launched by CCLA in 2012. The Church Investor Group members currently involved are: the three Church of England National Investing Bodies (the Church Commissioners, the Church of England Pensions Board and the CBF Church of England Funds) and the Central Finance Board of the Methodist Church. The other five partners in this £230bn UK initiative are the Local Authority Pension Fund Forum, Rathbone Greenbank Investments, Sarasin & Partners, Hermes Investment Management, and the Pensions Trust. The last three joined the initiative after supporting the ‘Aiming for A’ BP and Shell strategic resilience resolutions, which achieved >98% of the vote at the companies’ AGMs earlier this year. The ‘A’ within ‘Aiming for A’ refers to the best A-E CDP performance band. Within the scoring methodology considerable weight is given to operational emissions management, alongside the strategic and governance issues covered in the ‘Aiming for A’ 2015 shareholder resolutions.

TORRANCE, Calif.- ExxonMobil has reached an agreement with PBF Energy, Inc. for the sale and purchase of its refinery in Torrance, California, a lubricants distribution center at Vernon, products terminals at Vernon and Atwood, and associated California pipelines and other logistics assets, including facilities at the Southwest terminal.

“The sale results from a strategic assessment of the site and how it fits with our refining portfolio,” said Jerry Wascom, president of ExxonMobil Refining & Supply Company.

“ExxonMobil regularly adjusts its portfolio through investment, restructuring or divestment consistent with overall global and regional business strategies. We remain committed to a large, global refining portfolio as part of our integrated business strategy. We will continue to make significant investments across the globe to strengthen our facilities which are often advantaged by scale and integration with chemicals and lubricant manufacturing.”

Approximately 700 employees and 700 contractors work at the refinery and associated facilities. Employees are expected to be offered positions with PBF and existing third-party supply agreements, obligations, terms and conditions remain unchanged.

Subject to repairs to the refinery’s electrostatic precipitator and regulatory approval, change-in-control is anticipated to take place by mid-2016.

ExxonMobil is retaining a presence in California through ongoing production of oil and natural gas and sales of fuels and lubricant products. Exxon- and Mobil-branded retail sites in the state are unaffected by the agreement.

PBF recently contracted to purchase the Chalmette refinery in Louisiana through a separate, independent bidding process, in which ExxonMobil holds 50 percent interest.

Cautionary Note: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including future business plans and closing of the sale and purchase agreement, may differ depending on political and regulatory events, including granting of regulatory approvals for closing of the agreement; satisfaction of other conditions specified in the agreement; the outcome of commercial negotiations; and other factors discussed under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and in Item 1A of ExxonMobil’s most recent Annual Report on Form 10-K.

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 and is one of the world’s largest integrated refiners, marketers of petroleum products and chemical manufacturers. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

HOUSTON – Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI) today announced that the companies will market for sale additional businesses in connection with Halliburton’s pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton’s acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton’s expandable liner hangers business, which is part of the company’s Completion & Production Division; Baker Hughes’ core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes’ offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom.

The divestitures process for the previously announced divestitures of Halliburton’s Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) businesses is continuing, and Halliburton is pleased that last Friday it received proposals from multiple interested parties for each business.

The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2 billion. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company’s Board of Directors, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.

There is no agreement to date with any competition enforcement authority as to the adequacy of the proposed divestitures. The companies will continue to work constructively with all competition enforcement authorities that have expressed an interest in the proposed transaction. The pending acquisition has received unconditional regulatory clearances in Canada, Kazakhstan, South Africa, and Turkey.

Halliburton and Baker Hughes have also amended their timing agreement with the Antitrust Division of the U.S. Department of Justice (DOJ) to extend the earliest closing date by three weeks, to the later of Dec. 15, 2015 (from the current date of Nov. 25, 2015) or 30 days following the date on which both companies have certified final, substantial compliance with the DOJ second request. Timing agreements are often entered into in connection with large, complex transactions, and provide the DOJ additional time to review responses to its second requests. In light of the timing agreement, Halliburton and Baker Hughes have agreed to extend the time period for closing of the acquisition pursuant to the Merger Agreement to no later than Dec. 16, 2015. The Merger Agreement also provides that the closing can be extended into 2016, if necessary.

About Halliburton
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 70,000 employees, representing 140 nationalities in over 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Oilpro, and YouTube.

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 49,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes, visit: http://www.bakerhughes.com/.

Shell today provides an update on the Burger J exploration well, located in Alaska’s Chukchi Sea. The Burger J well is approximately 150 miles from Barrow, Alaska, in about 150 feet of water. Shell safely drilled the well to a total depth of 6800 feet this summer in a basin that demonstrates many of the key attributes of a major petroleum basin. For an area equivalent to half the size of the Gulf of Mexico, this basin remains substantially under-explored.
Shell has found indications of oil and gas in the Burger J well, but these are not sufficient to warrant further exploration in the Burger prospect. The well will be sealed and abandoned in accordance with U.S. regulations.

“The Shell Alaska team has operated safely and exceptionally well in every aspect of this year’s exploration program,” said Marvin Odum, Director, Shell Upstream Americas. “Shell continues to see important exploration potential in the basin, and the area is likely to ultimately be of strategic importance to Alaska and the US. However, this is a clearly disappointing exploration outcome for this part of the basin.”

Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska.

The company expects to take financial charges as a result of this announcement. The balance sheet carrying value of Shell’s Alaska position is approximately $3.0 billion, with approximately a further $1.1 billion of future contractual commitments. An update will be provided with the third quarter 2015 results.

Shell holds a 100% working interest in 275 Outer Continental Shelf blocks in the Chukchi Sea.

Operations will continue to safely de-mobilize people and equipment from the Chukchi Sea.