ASRC disagrees with judge's ruling: Arctic Slope Regional Corp. expects to top 2004's revenues.
Author | Martin, Gary L. |
Arctic Slope Regional Corp. is back on track following a decision by an administrative law judge for the Federal Energy Regulatory Commission that changed 2004 from the best operating performance ever to its worst.
A year ago last August, FERC's administrative law judge, Edward M. Silverstein, issued a ruling in the long-running Trans-Alaska Pipeline Quality Bank. The TAPS Quality Bank adjusts for differences in the values of different oils shipped through the TAPS and determines how much Petro Star, ASRC's refining subsidiary, must pay to ship oil from its refineries at North Pole and Valdez. Under Silverstein's decision, Petro Star's payments would be raised retroactively all the way back to 1993.
UNEXPECTED RAISE
As of July 2004, Petro Star and ASRC had set aside about $60 million to cover retroactive payments, but Silverstein's decision set payments higher than anyone expected and increased Arctic Slope's liability by $37.7 million. "What happened," said Mark Kroloff, ASRC's chief operating officer, "is the ruling went further back in time. So the amount is bigger than had been asked for and extended further back in time than the accrual had been provided for. For us, we don't think there should be a retroactive adjustment that goes back so far in time (1993); that upsets reasonable commercial expirations and planning."
According to Kristin Mellinger, ASRC's vice president and chief financial officer, the parties affected by Silverstein's ruling are seeking to have FERC reject it, and they will appeal to the courts if necessary. She said the judge's recommendations will not take affect until the FERC makes its own final decision.
"The ruling will affect every entity that has oil shipped...
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