9-28-16

9-28-16

FRAN ULMER 4-8-10 - GOOD_NEWS_GREAT_KIDS - by Dave Harbour 066 4-8-2010 6-20-40 PM 1980x2481(1)

Former Alaska Lieutenant Governor Fran Ulmer. Northern Gas Pipelines stock photo by Dave Harbour

White House: No nation an island on Arctic science, Cabinet members and high-ranking science advisors from 25 governments will convene on the White House tomorrow to discuss the Arctic. … Former Alaska Lt. Gov. Fran Ulmer, now chair of the U.S. Arctic Research Commission, says countries well beyond the Arctic are sending science ministers to the conference.

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Looking for targets. Bill Armstrong, CEO and founder of Armstrong Energy LLC, and his team have plans to be one of the only outfits to invest in exploration this winter: drilling two wells south of the company’s previous work in the Pikka Unit. The U.S. Army Corps of Engineers is currently evaluating Armstrong’s development plan for three well pads and a processing facility in the early, scoping phase of the Nanushuk environmental impact statement, or EIS. Despite being an independent player, he looks for big plays in arenas dominated by the majors, in part to weed out competition. “Small and Alaska don’t seem to go together very well,” Armstrong said. If the shallow Nanushuk formation proves to be even half of current expectations, Armstrong, a geologist by trade, believes it will be the next play on the North Slope, which he considers to still be a “target-rich environment.” Headlamp applauds Armstrong’s commitment to exploration in a low-price environment.

According to Business Wire, Fitch Ratings has assigned a ‘AA’ rating to $113.075 million of Alaska Municipal Bond Bank Authority (MBBA) general obligation (GO) and refunding bonds. Oil prices and resource development was a factor that lead to this rating. According to the analysis, “Alaska’s ‘AA+’ Issuer Default Rating (IDR) reflects the state’s maintenance of very substantial reserve balances and conservative financial management practices to offset significant revenue volatility linked to oil production from the North Slope and global petroleum price trends. For many years, the state focused on expected declines in production at its oil fields, prudently dedicating a substantial share of its past oil tax revenue to reserves to ease anticipated revenue loss due to the declines. However, the steep drop in crude oil prices beginning in late 2014 exceeded expectations and significantly reduced tax revenues to the state, requiring sizable use of reserves to fund operations in fiscal years 2015 through 2017.

First Reads:

Five things to know about the proposed Pacific NorthWest LNG project in B.C.
Alaska Highway News, September 27, 2016

Armstrong Energy CEO aims to prove North Slope is still ‘target rich’
Homer News, Elwood Brehmer, September 27, 2016

Market Possibilities for Alaska Gas
Web Center 11, September 27, 2016

Fitch Rates Alaska Municipal Bond Bank Authority’s $113MM GOs ‘AA’; Outlook Negative
Business Wire, September 27, 2016

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About the Author: wpnorthern

Dave Harbour, publisher of Northern Gas Pipelines, is a former Chairman of the Regulatory Commission of Alaska, a Commissioner Emeritus of NARUC, NARUC's Official Representative to IOGCC and Vice Chairman of NARUC's Gas Committee. He served as Gas Committee Chairman of the Western Conference of Public Service Commissioners. He also served as commissioner of the Anchorage Bicentennial Commission and the Anchorage Heritage Land Bank Commission. He earned a Bachelor of Arts Degree: English, at Colorado State University, a Master of Science Degree: Communications-Journalism at Murray State University and graduated from Utility Regulatory School for Commissioners at Michigan State University. He served as a Vice President for Communications and Public Affairs at Alaska Pacific University, taught bank marketing classes at the University of Alaska and was an English teacher at Los Alamos High School. Harbour served in ranks of Private - Captain during a 4-year assignment with the Army in Korea, Idaho, Georgia and Fort Meade and received the Meritorious Service Medal among other commendations. Harbour is also a past Chairman of the Alaska Council on Economic Education, the Alaska Oil & Gas Association Government Affairs Committee, the Anchorage Chamber of Commerce, the Export Council of Alaska and the Department of Commerce's District Export Council. He is a past President of the Alaska Press Club, American Bald Eagle Foundation, Consumer Energy Alliance-Alaska and Common Sense for Alaska. Harbour was instrumental in founding the American Bald Eagle Research Institute (UAS), the Alaska Support Industry Alliance, the Downtown Anchorage Business Partnership, and Arctic Power. He also served as CEO of several small Alaska organizations, including the Anchorage Parking Authority and Action Security, Inc. Harbour is also Chairman Emeritus of the Alaska Oil & Gas Congress. Harbour's wife, Nancy, is a professional, performing arts administrator and his three boys, Todd, Benjamin and William work in the fields of environmental management, energy marketing and medicine.