The Mineral Revenues Stewardship Award was established in 1987 to commend exceptional performance by companies that report production and pay royalties for Federal and Indian mineral leases. More than 2,500 companies report production and pay royalties for Federal and Indian mineral leases. In addition to overall accuracy and timeliness of payments and reports, the four companies receiving the Stewardship Award this year have also demonstrated noteworthy cooperation with the Minerals Revenue Management program in resolving issues related to reporting, compliance and enforcement.
The four companies and examples of their exceptional performance during fiscal year 2005 are listed below:
Exxon Mobil Corporation submitted nearly 100,000 lines of royalty and production data and paid approximately $242.5 million in royalties to MMS. Exxon Mobil demonstrated quality performance by submitting electronic reports and payments with a royalty reporting accuracy rate of 98.7 percent, and a production reporting accuracy rate of 92.1 percent. Exxon Mobil Corporation, headquartered in Houston, conducts operations in nearly 40 countries and is a leading energy producer both onshore and offshore;
Kennecott Energy Company extracted approximately 124 million tons of coal from federal leases in three western states, and paid MMS a total of $216.4 million in mineral royalties. Kennecott achieved an error-free record for reporting acceptance and achieved a 99 percent timeliness rate for submittal of royalty payments. Kennecott, one of the nation's largest coal mining companies, is headquartered in Gillette, Wyoming;
Walter Oil and Gas Corporation submitted more than 6,400 lines of royalty and production data and paid more than $76.6 million in royalties to the MMS. Walter Oil and Gas Corporation maintained quality performance by submitting electronic reports and payments with a royalty reporting accuracy rate of 99.5 percent, and a production reporting accuracy rate of 95.9 percent. Walter Oil and Gas Corporation, headquartered in Houston, is an independent oil and gas producer and lessee of numerous Federal leases; and,
Energen Corporation submitted more than 47,000 lines of royalty and production data and paid $25.6 million in royalties. Energen Oil and Gas Corporation achieved a royalty reporting accuracy rate of 99.2 percent and a production reporting accuracy rate of 97.4 percent. Energen Corporation, headquartered in Birmingham, Alabama, is a diversified energy company focusing on natural gas distribution, as well as oil and gas exploration and production.
Those wishing to attend the annual Industry Awards Program must register by Friday, April 14. Registration can be completed online at the MMS awards web page. Those who require hotel reservations should contact the InterContinental Houston at (713) 627-7600.
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