XOM Exxon Mobil Corp

Golden Pass LNG LLC today announced that it has awarded a lump-sum turnkey contract to Chicago Bridge & Iron Company NV (CB&I) for a liquefied natural gas (LNG) terminal to be built near Sabine Pass, Texas. CB&I's work scope includes the engineering, procurement and construction of facilities with the capacity to process 15.6 million tons per year (MTA) of LNG, which is the equivalent of approximately 2 billion cubic feet of natural gas a day. The scope of the project includes the construction of two ship unloading berths, five full-containment storage tanks, vaporization facilities, gas send-out and ship unloading systems. The contract potentially entails in excess of $1 billion, and is expected to provide a peak employment of more than 1,000 construction workers. The project is expected to provide job opportunities to locally-based subcontractors, suppliers and laborers. Golden Pass LNG LLC, the owner of the Golden Pass LNG terminal, is expected to be 70 percent owned by an affiliate of Qatar Petroleum, with affiliates of ExxonMobil and ConocoPhillips each owning a share in the balance of the interest in the terminal. It is also expected that LNG for the Golden Pass terminal will be supplied primarily from the Ras Laffan 3 and the Qatargas 3 projects in Qatar, which will produce and process natural gas from Qatar's offshore North Field. "We are pleased to announce that Golden Pass LNG has awarded an EPC contract to CB&I for this project," said John Plugge, Golden Pass LNG LLC president. "We are proud to be instrumental in helping to meet the growing natural gas demand in the U.S., and to help provide economic opportunities for the workers and businesses in Southeast Texas." Saad Sherida Al Kaabi, a Qatar Petroleum representative, said, "The progression of the Golden Pass LNG terminal is a major achievement that is designed to provide the United States an important additional source of natural gas from Qatar. A project of this size and complexity, involving multi-billion-dollar investments ranging from the gas fields and liquefaction facilities in Qatar to the LNG receiving terminal in Texas, is only possible through the excellent working relationship that exists between Qatar Petroleum, ExxonMobil and ConocoPhillips." Randy Howard, an ExxonMobil representative, said, "We are proud of our long-standing relationship with the State of Qatar through our Ras Laffan 3 and other ventures, and the construction of the Golden Pass terminal is another important step in strengthening that partnership. I want to thank those in the federal and state governments as well as the many local officials and organizations who worked diligently in the permitting process for the Golden Pass project, which will create employment opportunities for the region, and provide a secure energy supply for U.S. gas consumers." J. Mike Stice, a ConocoPhillips representative, said, "The Golden Pass terminal is expected to be an important distribution center for Qatargas 3 LNG to supply much-needed natural gas to customers along the Texas Gulf Coast and other U.S. markets. Our participation in Golden Pass represents ConocoPhillips' full-chain commitment to bring this important energy source to the United States." CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, capacity 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; timely completion of development projects; technical or operating factors; and other factors.