Report from the 2016 - 2017 Annual Shareholders Meeting
August 1, 2017
While 2016 and the first half of 2017 have been challenging for the industry, and Termo, the news from Termo’s recent shareholders meeting showed that business, and prospects, are on the upswing.
Termo made it through the downturn without lay-offs and with a minor amount of asset divestment. The Company participated in fifteen wells in 2015 and 2016, primarily in the Bakken but also an exploratory well in Louisiana.
The Company’s debt level has continued to decline and is now almost 30% below its 2015 peak. While the 2017 CapEx budget remains modest, it has been bumped up 40% over 2016 levels.
Most significantly, operated and non-operated oil production is nearing its highest levels in seventeen years, just as oil is beginning what appears to be a sustained price recovery.
Find Us on Social Media
June 5, 2016
We may be old (83 this year!) but you can find @TheTermoCompany with the rest of them kids on social media. Visit us on Facebook (www.facebook.com/TheTermoCompany) for inspiring stories and updates and Twitter (www.twitter.com/TheTermoCompany) for the latest news and policy debates. We are still working on developing an Instagram account.
We look forward to hearing from you!
Termo Postpones Release of Environmental Impact Report for Project
January 7, 2016
After a thorough review of the current situation in Aliso Canyon, its potential effect on the community of Porter Ranch, the current economics of oil production and after discussions with Supervisor Antonovich, Councilman Englander and Porter Ranch Neighborhood Council leaders, The Termo Company (Termo) has decided to postpone the release of the Public Draft Environmental Impact Report (DEIR) for the North Aliso Canyon Project. Termo intends to resume the LA County EIR process sometime in the future.
Termo is very saddened to announce the passing of Bob "Trout" Armantrout.
January 4, 2016
Robert L. Armantrout Obituary (1943 – 2015) Robert L. Armantrout passed away on 29 December 2015 at Hoag Memorial Hospital in Newport Beach, California. He was born on 2 April 1943 in Lima, Ohio, to Henry W. Armantrout and Dorothy Ann (Foltz) Armantrout, as one of three brothers. Bob graduated with the Lima Senior High Class of 1961 and then attended Ohio State University. He later moved with his parents in 1962 to Southern California, where he found work with a title company in Los Angeles and was recognized for his attention to detail. His father, who was a big band leader and owner of the Zender Music Store in Lima, helped Bob to learn to play jazz on the acoustic guitar. Bob joined a small combo led by organist, Lee Durley, and traveled up and down California with the “Three Easy Pieces” group playing at various night clubs. Realizing the limitations of what he could earn as a road musician, he then found work “running title” for an oil and gas lease acquisition firm in California that later led to his becoming an independent title consultant. Bryan Stanek, a close friend and colleague, contributed much to this obituary on how Bob consulted for many companies of varying sizes including Buttes Resources, Exxon, Mobil Oil and finally The Termo Company in Long Beach, California. In the early years, his consulting work required him to be on the road more often than not, tackling projects as varied and widespread as oil and gas plays in Washington, geothermal in Nevada, coal in North Dakota, Rights of Way in Connecticut, and uranium in New Mexico. During later years, he enjoyed a steady diet of desk jobs in Denver, Houston and Long Beach, primarily working on oil and gas projects in the Rockies, Texas and California. Bryan Stanek introduced him to David Combs, President of The Termo Company and Bob was hired and remained as a consultant for more than 15 years. Bob will long be remembered in the oil community for his professionalism as an “oil and gas” landman, as well as for his kindness, sincerity and generosity. David Combs wrote to his employees “Bob had a wide variety of oil industry contacts across the country and these were so valuable to your company on many occasions. He was so capable of analyzing lease submittals that we often received on our mineral holdings around the country. I am confident that Bob not only saved your company money, but made us money. Bob labored through agreements with other industry partners that may have been unfair to us and usually negotiated a fair middle ground.” Bob will be sorely missed in many ways, not the least of which was his ever-present sense of humor. He resided in Costa Mesa, California, from 1999 – 2015 and is survived by an elder brother, Jon Armantrout of Mountain View, California. He was predeceased by a younger brother, James Armantrout in 2010, his mother, Dottie Armantrout in 2010 and his father, Hank Armantrout in 2007, of Costa Mesa, California. He was a member of Orange County Musicians’ Association Local 7, American Federation of Musicians. Bob made many friends throughout the country wherever he went. He was always first to raise a toast to the good times that carried him through thick and thin. He loved being able to finally move back to Orange County to help care for his parents in their later years and his younger brother. His family was well known in local music circles since his father was a former President of Local 7, AFM.
Termo to Pursue Complete Environmental Impact Review for Aliso Canyon Project
April 7, 2015
Termo Announces Plans to Pursue Complete Environmental Impact Review Process for Planned Project in Current Aliso Canyon Oil Field
Long Beach, CA — Representatives from The Termo Company announced today that they would be conducting a complete environmental impact report (EIR) for its proposed project on private property in the northern portion of the Aliso Canyon Oil Field. Termo made the announcement following ongoing engagement with leaders from Porter Ranch, Los Angeles County and City. As part of today’s announcement, Termo also reiterated that it has committed to not use hydraulic fracturing on any of the expanded operations.
Although not required for the proposed project, Termo elected to perform a complete EIR because it will provide the community with a forum to engage in a discussion about the added oil and gas operations and to study the proposed project in a transparent manner. As proposed, the project would add three new pads—roughly an acre in size—for expanded oil and gas operations. These expanded operations are more than a mile away from the nearest home; will not be visible to the community; and have been designed to minimize impact to the surrounding habitat. “We are proud to have been a part of the Porter Ranch community for more than 26 years,” said Ralph Combs, project manager for The Termo Company.
“We are committed to ensuring that our new proposed project moves forward in a respectful manner towards the community and natural habitat. It is our hope that the community and interested stakeholders will be an engaged and active part of the EIR process.”
Since 1989, Termo has been operating oil and gas recovery facilities in the private Aliso Canyon Oil Field. In that time, the company has registered no significant incidents and no complaints from the community. Termo operates 24 total wells on the site—all are more than a mile from the nearest home. The northern Aliso Canyon oil field is predominantly occupied by gas facilities operated by the Southern California Gas Company.
Later this spring, the EIR process will begin for the proposed project in the existing Aliso Canyon Oil Field. The process will provide multiple opportunities for the community to discuss the project and any concerns. As well, it will evaluate Termo’s project design and alternative approaches. Currently, it is expected that the first public hearing will occur sometime in Spring 2015 and that a draft report will be available for review in Summer 2015.
Throughout the process, interested parties will be able to review all materials and get the latest information at www.northalisoproject.com.
# # # #