ConocoPhillips and Peabody Energy Select Site in Muhlenberg County, Ky.
(NYSE: COP) and Peabody Energy (NYSE: BTU) today announced the filing of an
air permit with the Commonwealth of
coal-to-natural-gas facility near
filing is a major step toward advancing development of the project into the
next phase of evaluation.
The facility, to be known as Kentucky NewGas, is expected to produce
enough energy to provide for nearly three quarters of a million Midwest homes.
If approved, the project could also re-energize the regional economy by
creating 1,200 skilled jobs during a four-year construction process, 500 long-
term jobs and nearly
"Greater use of
solution for re-energizing our regional economy, creating thousands of jobs
and billions of dollars in direct economic benefits over the long term," said
global leadership in advancing clean energy projects, and they enjoy rock
solid support: More than 80 percent of
gasification, which mirrors strong national support for coal."
This state-of-the-art "mine-mouth" gasification project would use
ConocoPhillips proprietary E-Gas(TM) technology to produce clean synthesis gas
– virtually free of impurities — that is transformed into clean-burning
natural gas. Kentucky NewGas will meet regulatory standards to protect the
environment, including adoption of low emissions design criteria, anticipated
to be less than 5 percent of the emissions of a comparably sized traditional
coal plant.
"Building energy security and fueling economic growth are top priorities
for America," said Peabody’s Senior Vice President of Btu Conversion and
Strategic Planning Rick A. Bowen. "We’re creating a new model to deliver
stable energy supplies, provide economic benefits and incorporate
environmental solutions at a time when families and businesses are
increasingly looking to clean coal to advance all of these goals."
project offers an excellent opportunity for ConocoPhillips and Peabody to use
their combined capabilities to increase clean energy supplies. Together, we
can successfully develop this complex project in an environmentally
responsible and economically sound manner."
Kentucky NewGas would be carbon storage ready. The technology is capable
of capturing carbon dioxide that ultimately could be permanently stored or
used for enhanced oil recovery.
The companies are working with a diverse group of industry, academic,
governmental and non-governmental organizations to advance development of a
regulatory and legal framework that would make carbon storage viable and
enable competitive project economics. ConocoPhillips and Peabody also are
funding research on carbon storage in
project directed by the Kentucky Geological Survey.
About ConocoPhillips
ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in
employees and
www.conocophillips.com.
About Peabody Energy
Peabody Energy is the world’s largest private-sector coal company. Its
coal products fuel approximately 10 percent of all U.S. electricity generation
and 2 percent of worldwide electricity. For more information, go to
www.PeabodyEnergy.com.
CONTACTS:
For more information, please visit www.kentuckynewgas.com or contact:
ConocoPhillips: Bill Graham, 281-293-1978
Peabody Energy: Beth Sutton, 928-699-8243
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are statements that contain
projections about revenues, income, earnings and other financial items, plans
and objectives for the future, future economic performance, or other
projections or estimates about assumptions relating to these types of
statements. These statements usually relate to future events and anticipated
revenues, earnings, business strategies, competitive position or other aspects
of operations or operating results. In many cases you can identify forward-
looking statements by terminology such as "anticipate," "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential," "predict,"
"should," "will," "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" and other similar words. However,
the absence of these words does not mean that the statements are not forward-
looking. The forward-looking statements are based on the expectations,
estimates and projections of Peabody and ConocoPhillips about their respective
businesses and industries in general on the date this statement was released.
These statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. Therefore, actual outcomes and
results may differ materially from what is expressed or forecast in such
forward-looking statements. Economic, business, competitive and regulatory
factors that may affect Peabody’s and ConocoPhillip’s business are generally
as set forth in their filings with the Securities and Exchange Commission
(SEC). Neither Peabody nor ConocoPhillips are under any obligation (and
expressly disclaim any such obligation) to update or alter these forward-
looking statements whether as a result of new information, future events or
otherwise.
SOURCE ConocoPhillips; Peabody Energy