ConocoPhillips and Peabody Energy Select Kentucky for Siting a Major Commercial Scale Coal-to-Gas Facility.Companies conducting a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. examine development opportunities HOUSTON & ST. LOUIS -- ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP) and Peabody Energy Peabody Energy (NYSE: BTU), previously Peabody Coal Company, is the largest private-sector coal company in the world. In 2006, Peabody sold over 247 million tons of coal. (NYSE:BTU Btu: see British thermal unit. ) today announced they have selected Kentucky as the location to study the development of a major commercial scale coal-to-gas facility. The companies are conducting a feasibility study for a state-of-the-art "mine-mouth" gasification gas·i·fy tr. & intr.v. gas·i·fied, gas·i·fy·ing, gas·i·fies To convert into or become gas. gas project, using ConocoPhillips proprietary E-GAS[TM] technology, which could result in the creation of more than 500 high-wage jobs and future production representing as much as 1.5 trillion cubic feet of natural gas over the life of the project. The study will review optimum project designs and specific sites, and is expected to continue into 2008. "With natural gas demand continuing to grow, turning abundant U.S. coal into synthetic gas represents an exciting new market opportunity," said Peabody President of Generation and Btu Conversion Rick A. Bowen. "We appreciate the effort by Kentucky's elected officials and regulatory bodies in pulling together the balanced legislation and follow on agreements to attract investments and help us with this important decision." Willie Chiang, senior vice president, commercial, ConocoPhillips, added, "We are pleased to work with Peabody Energy to pursue the development of new energy supplies from Kentucky coal. Meeting tomorrow's demand for energy requires innovative ways to use existing resources that meet our needs today. Such efforts help strengthen energy security by increasing and diversifying supplies in an environmentally responsible manner." The feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. will assess design standards Design standards Specifications of materials, physical measurements, processes, performance of products, and characteristics of services rendered. Design standards may be established by individual manufacturers, trade associations, and national or that meet or exceed state and federal regulations to protect the environment, including technology designed to lower the carbon footprint. Peabody Energy and ConocoPhillips are working with Midwest Geological Sequestration sequestration In law, a writ authorizing a law-enforcement official to take into custody the property of a defendant in order to enforce a judgment or to preserve the property until a judgment is rendered. Consortium and Kentucky Geological Survey The Kentucky Geological Survey (KGS) is a department of the University of Kentucky that provides information on the geology of Kentucky. According to its website, the KGS "conducts research, collects data, and serves as the State's official archive for data on petroleum, to examine carbon capture and storage Carbon capture and storage (CCS) is an approach to mitigating global warming by capturing carbon dioxide (CO2) from large point sources such as power plants and subsequently storing it instead of releasing it into the atmosphere. options. About ConocoPhillips ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, Texas, the company had approximately 32,500 employees, $173 billion of assets, and $180 billion of annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues as of September 30, 2007. For more information, go to www.conocophillips.com. About Peabody Energy Peabody Energy is the world's largest private-sector coal company, with 2006 sales of 248 million tons of coal and $5.3 billion in revenues. Its coal products fuel approximately 10 percent of all U.S. electricity generation and more than 2 percent of worldwide electricity. For more information, go to www.peabodyenergy.com. CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 ConocoPhillips' 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. |
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