More Progress on Alaska South Central LNG Project

  More Progress on Alaska South Central LNG Project

Business Wire

ANCHORAGE, Alaska -- June 21, 2013

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

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

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

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

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

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

EXXONMOBIL

CAUTIONARY STATEMENT:

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

BP

CAUTIONARY STATEMENT

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

CONOCOPHILLIPS

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

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

TRANSCANADA

FORWARD LOOKING INFORMATION

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

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