Mr. Erik Milito - The House Committee on Natural Resources ...

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www.woodmac.com Tax Scenarios – Projected Employment Impacts • Increased taxes will make a number of currently economic fields un-economic, resulting in additional direct job losses of nearly 50,000 in 2014 • Due to the labor intensity of onshore drilling, the L48 would see the largest adverse employment impact • Based upon the potential forecast of direct job losses, the resultant indirect losses is 120,000 in 2014, 35,000 in 2020 and 20,000 in 2025 Direct Job Losses Potential Direct Job Losses due to Increased Taxes 0 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 -10,000 -20,000 -30,000 -40,000 -50,000 -60,000 Job Losses - Incremental At Risk (Production Based Tax) © Wood Mackenzie 21 Delivering commercial insight
www.woodmac.com Tax Scenarios – Government Revenues • Government tax increases* will result in a $16 billion increase in government revenue in the period 2011 to 2015. • However, starting in 2016 government revenue will be reduced (compared to the base case) due to the lost tax income from potential opportunities not being developed • We estimate a cumulative shortfall in government revenue* in the period 2016 to 2025 to potentially reach $144 billion if sub-economic fields do not get developed Estimated Government Revenue Impact due to Increased Taxes 120,000 Government Revenue (US$ Millions) 100,000 80,000 60,000 40,000 20,000 • Considering only incremental sub-economic fields, results in a potential $65 billion cumulative shortfall in government revenue between 2016 and 2025 0 2011 2013 2015 2017 2019 2021 2023 2025 Base Case Total At Risk- Production Based Tax Base Case Less Current At Risk 2027 2029 * Government revenue estimates include fields currently marginal and fields which become marginal under the high tax scenarios © Wood Mackenzie 22 Delivering commercial insight
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Testimony House <s
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oost domestic production by four mi
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astonishing, with an estimated 17,0
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industry’s development costs thro
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Environmental Protection for Onshor
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Environmental Protection for Onshor
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ENVIRONMENTAL PROTECTION FOR ONSHOR
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Hydraulic Fracturing Operations—
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Special Notes API publications nece
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Contents 1 Scope . . . . . . . . .
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Hydraulic Fracturing Operations—W
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HYDRAULIC FRACTURING OPERATIONS—W
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Bibliography [1] Interstate Oil and
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2009 Publications Order Form Effect
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1220 L Street, NW Washington, DC 20
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Contents January 2012 EXECUTIVE SUM
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January 2012 EMPLOYMENT, GOVERNMENT
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January 2012 These
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January 2012 Figure 1: Natural Gas
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1.1 New Federal Drilling Leases Iss
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1.2 Permits to Drill: Down 39% Janu
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1.3 New Wells Drilled on Federal La
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January 2012 2 ADVERSE FEDERAL LAND
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January 2012 3 Economic Projections
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3.1 Overview of Baseline and Altern
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January 2012 TABLE 3 - NET (Alterna
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3.3 January 2012 Increased Producti
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January 2012 The n
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January 2012 Figure 17: Total Emplo
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January 2012 Table 9 shows what the
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January 2012 4 CONCLUSION T
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January 2012 5 APPENDIX: Data and M
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TABLE 11 - Baseline and Alternative
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5.3 Employment January 2012 Employm
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5.4 State Severance and Ad Valorem
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Natural Gas Production, billion cub
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Number of Wells Started (Spud) on F
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Net (Alternative Minus Baseline) Ja
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Net (Alternative Minus Baseline) Ja
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Federal royalties of production of
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Imports from Rest of the World 38%
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Water Management Associated with Hy
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Special Notes API publications nece
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Contents Executive Summary . . . .
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considerations). A hierarchy of pot
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2 API GUIDANCE DOCUMENT HF2 2.8 flo
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4 API GUIDANCE DOCUMENT HF2 2.30 so
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6 API GUIDANCE DOCUMENT HF2 As deve
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8 API GUIDANCE DOCUMENT HF2 Typical
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10 API GUIDANCE DOCUMENT HF2 — St
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12 API GUIDANCE DOCUMENT HF2 seques
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14 API GUIDANCE DOCUMENT HF2 6.2.1
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16 API GUIDANCE DOCUMENT HF2 6.2.2
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18 API GUIDANCE DOCUMENT HF2 fractu
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20 API GUIDANCE DOCUMENT HF2 — av
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22 API GUIDANCE DOCUMENT HF2 <stron
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Bibliography [1] American Petroleum
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26 API GUIDANCE DOCUMENT HF2 [32] H
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THERE’S MORE WHERE THIS CAME FROM
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Practices for Mitigating Surface Im
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ISOLATING POTENTIAL FLOW ZONES DURI
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Annex B (informative) Well Planning
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Annex D 1 (normative) Process Summa
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Bibliography [1] Gai, H., Walz, G.,
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THERE’S MORE WHERE THIS CAME FROM
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Economic Impacts of Oil and Gas Dev
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Administration energy strategy is n
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2012 Administration raises the min
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www.woodmac.com Study Background AP
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Jobs 2010 2011 2012 2013 2014 2015
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www.woodmac.com Key State Results (
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www.woodmac.com Case Development
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www.woodmac.com Current Path Case -
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www.woodmac.com Development Policy
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30°N 45°N 15°N 45°N 30°N 15°N
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www.woodmac.com Scenario Modeling
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www.woodmac.com Methodology - Emplo
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Methodology - Employment Estimation
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www.woodmac.com Gulf of Mexico and
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www.woodmac.com Contents 1 2 Scenar
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mmboed 2010 2011 2012 2013 2014 201
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Jobs 2012 2013 2014 2015 2016 2017
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$Billion per year 2012 2013 2014 20
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Jobs 2012 2013 2014 2015 2016 2017
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$Billion 2012 2013 2014 2015 2016 2
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Jobs 2012 2013 2014 2015 2016 2017
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Jobs 2012 2013 2014 2015 2016 2017
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www.woodmac.com Contents 1 2 Scenar
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Development Policy Case - Annual Jo
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www.woodmac.com Projected Results b
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www.woodmac.com Tax Assumptions •
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www.woodmac.com Wood Mackenzie Disc
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Mr. Erik Milito - The House Committee on Natural Resources ...

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