Export Application Filed with U.S. Department of Energy for Alaska LNG Project

  Export Application Filed with U.S. Department of Energy for Alaska LNG
  Project

Business Wire

ANCHORAGE, Alaska -- July 21, 2014

In another important step forward for the Alaska LNG project, an application
to export liquefied natural gas (LNG) was submitted to the U.S. Department of
Energy.

The export application requests authorization to export up to 20 million
metric tons per year of LNG for a period of 30 years to countries that have
existing free trade agreements with the U.S., as well as to non-free trade
agreement countries.

“This is a significant milestone for the Alaska LNG project and demonstrates
continued progress toward developing Alaska’s resources,” said Steve Butt,
senior project manager. “Filing of an export application is a critical step in
commercializing North Slope natural gas.”

The Alaska LNG project would provide significant 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.

According to a study by NERA Economic Consulting, submitted in support of the
application, the Alaska LNG project would have “unequivocally positive”
economic impacts in Alaska and the United States. The Alaska LNG project is
anticipated tocreate up to 15,000 jobs during construction and approximately
1,000 jobs for operation of the project.

The proposed project facilities include: a liquefaction plant and terminal in
the Nikiski area on the Kenai Peninsula; an 800-mile, 42-inch pipeline; up to
eight compression stations; at least five take-off points for in-state gas
delivery; and a gas treatment plant located on the North Slope.

The Alaska LNG project participants are the Alaska Gasline Development
Corporation (AGDC) and affiliates of TransCanada, BP, ConocoPhillips, and
ExxonMobil. The project is now in the pre-front-end engineering and design
phase, which is expected to be completed in 2016. For more information on
Alaska LNG, visit ak-lng.com.

EXXONMOBIL

CAUTIONARY STATEMENT

Estimates, expectations, and business plans in this release are
forward-looking statements. Actual future results, including ultimate
recoveries, actual export volumes, and project plans, costs, 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
Investors section of our website (www.exxonmobil.com) and in Item 1A of our
most recent Form 10-K. 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.

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

This release 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
or the industries or markets in which we operate or participate in general.
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 may prove to be incorrect and 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). We caution you not to place undue reliance on
our forward-looking statements, which are only as of the date of this
presentation or as otherwise indicated, and we expressly disclaim any
responsibility for updating such information.

Use of non-GAAP financial information – This presentation may include non-GAAP
financial measures, which help facilitate comparison of company operating
performance across periods and with peer companies. Any non-GAAP measures
included herein will be accompanied by a reconciliation to the nearest
corresponding GAAP measure in an appendix.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in
their filings with the SEC, to disclose only proved, probable and possible
reserves. We use the term "resource" in this presentation that the SEC’s
guidelines prohibit us from including in filings with the SEC. U.S. investors
are urged to consider closely the oil and gas disclosures in our Form 10-K and
other reports and filings with the SEC. Copies are available from the SEC and
from the ConocoPhillips website.

TRANSCANADA

FORWARD LOOKING INFORMATION

This publication 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 May 1, 2014 and 2013 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.

ALASKA GASLINE DEVELOPMENT CORPORATION

CAUTIONARY STATEMENT

As an instrumentality of the State of Alaska, the Alaska Gasline Development
Corporation (AGDC) is not subject to oversight by the U.S. Securities and
Exchange Commission. However, AGDC notes that all forward-looking statements
reflect AGDC’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. AGDC undertakes no
obligation to update or revise any forward-looking information except as
required by law.

Contact:

Alaska Gasline Development Corporation
Miles Baker, 907-330-6360
Mbaker@agdc.com
or
ConocoPhillips Alaska
Natalie Lowman, 907-263-4153
n.m.lowman@cop.com
or
TransCanada Media Relations
Shawn Howard, 800-608-7859
or
BP Press Office
907-564-5143/907-301-8726
Dawn.Patience@bp.com
or
ExxonMobil Media Relations
Kim Jordan, 832-624-3780
Kimberly.a.jordan@exxonmobil.com
 
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