Private Empire: ExxonMobil and American Power
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14. Interviews with executives and analysts familiar with ExxonMobil’s natural gas strategy. Gold: Wall Street Journal, July 10, 2009.
15. New York Times (Deal Book Blog), December 14, 2009.
16. Conference call transcript, December 14, 2009, produced by ExxonMobil and filed with the Securities and Exchange Commission.
17. Form S-4, op. cit.; for consulting agreements and compensation, see p. 94.
18. Business Wire, February 15, 2011.
19. “Doubts About Shale Plays: Implications of ExxonMobil Acquisition of XTO Energy,” Society of Petroleum Evaluation Engineers, February 2010.
20. New York Times, July 30, 2010.
21. Transcript from Chevron Corporation’s 2011 Security Analyst Meeting, March 14, 2011.
22. Interview with Mark Gilman.
23. Barclays valuation: Form S-4, op. cit., p. 58. Interviews with former ExxonMobil executives and consultants.
24. Transcript from ExxonMobil’s Analyst Meeting, March 9, 2011, op. cit.
25. The Oil Drum, February 22, 2010.
26. Memo obtained by the author. Also, interviews with former ExxonMobil executives familiar with the discussions after the XTO deal.
27. Business Wire, February 16, 2009.
28. Financial Times, February 16, 2011.
29. Promise to increase production: Fortune, July 28, 2006. Actual production in 2009: ExxonMobil 10-K, filed February 26, 2010.
30. Interviews by Ann O’Hanlon with eight students and World Affairs Council staff who participated.
31. “The Future of Energy and the Role of Corporate Citizenship,” remarks by Rex Tillerson, April 19, 2010.
32. “Deep Water: The Gulf Oil Disaster and the Future of Offshore Drilling.” Report to the President, National Commission on the B.P. Deepwater Horizon Oil Spill and Offshore Drilling, January 2011, p. 4.
CHAPTER TWENTY-EIGHT: “IT JUST HAPPENED”
1. Safina, A Sea in Flames, pp. 37–43, and “Deep Water: The Gulf Oil Disaster and the Future of Offshore Drilling,” Report to the President, National Commission on the B.P. Deepwater Horizon Oil Spill and Offshore Drilling, January 2011, pp. 8–17.
2. “Deep Water,” ibid., p. vii.
3. Ibid., p. 23.
4. Ibid., pp. 25–26.
5. Ibid., pp. 28–29.
6. Outer Continental Shelf Lands Act: Ibid., pp. xl and 58.
7. U.S. Department of the Interior News, November 20, 2008: http://www.boemre.gov/ooc/press/2008/pressDOI1120.htm
8. New York Times, June 20, 2010.
9. WEST Engineering Services, “Shear Ram Capabilities Study for U.S. Minerals Management Service,” September 2004.
10. “Long-term consequences . . . moratorium”: 2008 Obama campaign speech in Florida as quoted in A Sea in Flames, p. 46. “I don’t agree . . . very advanced”: “Remarks by the President in the Discussion on Jobs and the Economy in Charlotte, North Carolina,” April, 2, 2010: http://www.whitehouse.gov/the-press-office/remarks-president-a-discussion-jobs-and-economy-charlotte-north-carolina.
11. “Gulf of Mexico Regional Oil Spill Response Plan,” ExxonMobil developed by The Response Group, filed with M.M.S.
12. Hearing on “Drilling Down on America’s Energy Future: Safety, Security, and Clean Energy,” Subcommittee on Energy and Environment, June 15, 2010.
13. Testimony of Rex Tillerson, ibid.
14. Chairman Bart Stupak’s Opening Statement, ibid.
15. Ibid.
16. “For us . . . cheaper”: Chief Executive, April 1, 2001.
17. National Commission on the B.P. Deepwater Horizon, pp. 50–51, op. cit.
18. Bower, Oil, p. 350.
19. New York Times, May 8, 2010.
20. ABC News, May 27, 2010.
21. Safina, A Sea in Flames, p. 16.
22. National Commission on the B.P. Deepwater Horizon, op. cit.
23. Testimony of Rex Tillerson, Hearing on “Drilling Down on America’s Energy Future” op. cit.
24. Notes from the Center for Strategic and International Studies dinner, provided to the author by a participant.
25. Reuters, January 6, 2011.
26. “Drilling Down on America’s Energy Future,” op. cit.
27. Ibid.
28. Stern, “Stern Review: The Economics of Climate Change,” 2007 (final).
29. http://www.climatecentral.org/blogs/climate-in-context-bps-energy-outlook-shines-light-on-future-for-carbon/.
30. CNN, July 2, 2011.
31. Baltimore Sun, July 1, 2011.
32. Associated Press, July 8, 2011; Jakarta Post, August 9, 2011. “nothing to do”: E-mail from spokesman David Eglinton to Upstreamonline.com.
33. U.S. Geological Survey Newsroom, July 23, 2008.
34. National Snow and Ice Data Center, Arctic Sea Ice News, nside.org.
35. “scary to utter”: New York Times, August 30, 2011.
36. Ibid., August 19, 2011.
37. Negative $5.7 trillion: figure calculated using “Monthly Receipts, Outlays, and Deficit or Surplus, Fiscal Years 1981–2010,” published by the Financial Management Service. Positive $493 billion: ExxonMobil 10-Ks, 2000 to 2010, and 10-Q for the second quarter of 2011. The merger closed November 30, 1999. The corporation’s operating cash flow for December 1999 and the period from July 1 to August 5, 2011, is extrapolated from the average monthly rates of 2000 and the first six months of 2011, respectively.
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