MMS Names Mineral Revenues Stewardship Award Winners

Tuesday, April 03, 2007
Timely payment of royalties and accurate reporting have earned four energy companies the Mineral Revenues Stewardship Award, the Department of the Interior’s Minerals Management Service (MMS) announced today. The oil and gas industry places a high value on the award. “We are recognizing these companies for their exceptional performance in production reporting and timely payment of royalties to the Federal Government,” MMS Director Johnnie Burton said. “They have also demonstrated noteworthy cooperation with the Minerals Revenue Management Program in resolving issues related to reporting and compliance.”

The award recipients are ConocoPhillips, Shell Exploration and Production Company, XTO Energy Inc., and Foundation Wyoming Land Company. They will be receiving the Stewardship Award during the annual MMS Industry Awards Ceremony on April 17, 2007, in Houston, Texas. The Mineral Revenues Stewardship Award was established in 1987 to commend exceptional performance by companies that report production and pay royalties for Federal and American Indian mineral leases. All told, more than 2,500 companies submit monthly reports of mineral sales and production, and pay royalties for minerals that are produced from Federal and American Indian leases.

“By recognizing the achievements of companies that strive for excellence,” Burton noted, “the MMS Industry Awards Program ultimately benefits the American public by encouraging companies to timely report production and promptly and accurately pay their royalties.” ConocoPhillips submitted more than 1.5 million transactions of royalty and production data during Fiscal Year 2006 and paid approximately $540 million in royalties to the MMS. The company demonstrated quality performance by submitting electronic reports and payments with a royalty reporting accuracy rate of 99.2 percent, and a production reporting accuracy rate of 98.5 percent. Headquartered in Houston, Texas, ConocoPhillips conducts operations in more than 40 countries.

Shell Exploration and Production Company submitted nearly 40,000 transactions of royalty and production data during Fiscal Year 2006 and paid more than $175 million in royalties to MMS. The company submitted electronic reports and payments with a royalty reporting accuracy rate of 96 percent, and a production reporting accuracy rate of 96.4 percent. Shell Exploration and Production Company, also headquartered in Houston, is part of a global group of energy and petrochemical companies operating in more than 140 countries.

XTO Energy Inc. submitted more than 137,000 transactions of royalty and production data during the fiscal year and paid approximately $62.7 million in royalties. XTO Energy boasted a royalty reporting accuracy rate of 99.8 percent, and a production reporting accuracy rate of 96.6 percent. Headquartered in Fort Worth, Texas, XTO Energy Inc. is a domestic natural gas producer with operations throughout Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah and Louisiana. Foundation Wyoming Land Company extracted approximately 50 million tons of coal from Federal leases and paid MMS a total of $40 million in rents, royalties and bonuses during 2006. The company boasted an error-free record for reporting, and achieved a 100 percent timeliness rate for submittal of royalty payments. Foundation Wyoming Land Company is a subsidiary of Foundation Coal Holdings Inc., a coal producer that operates a group of 14 mines located in Wyoming, Pennsylvania, West Virginia, and Illinois.

In addition to the Stewardship Award, the MMS Industry Award Program also recognizes recipients of the Corporate Leadership Award (CORLA), presented to individuals who perform an act or service that enhances MMS’s mission objectives, along with the Safety Awards for Excellence (SAFE); and the Safe Operations and Accurate Reporting (SOAR) Award.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Navy

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

HMS Prince of Wales Bridge Sets Sail

The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth.   Upper Block 07 is where

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2576 sec (4 req/sec)