19651970197519801985199019952000 15 10 5 0 Yearly Inflation Rate - 1960 to 2001 1960 Oil Price...

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1965 1970 1975 1980 1985 1990 1995 2000

15

10

5

0

Yearly Inflation Rate - 1960 to 2001Yearly Inflation Rate - 1960 to 2001

1960

Oil Price “Shocks” 1973-1974

Oil Price “Shocks” 1979-1980 Consumer Price Index

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

3.2%

5.7%

4.4%

9.1%

5.8%6.5%

7.6%

11.3%

13.5%Inflation Over TimeInflation Over Time

1979 Ford Mustang1979 Ford Mustang1974 Ford Mustang1974 Ford Mustang1974 Ford Mustang1971 Ford Mustang

OIL PRICE “SHOCKS”OIL PRICE “SHOCKS”

6.2%

11%

OIL PRICE “SHOCKS”OIL PRICE “SHOCKS”

$1.32

$2,700 $3,500 $5,012

$1.39 $1.50

$42,500 $47,432 $73,327

25¢ 28¢ 40¢

Natural

Gas 91¢

Natural

Gas $1.13

Natural

Gas $2.31

19711971 19741974 19791979

(5.3%)

(12%)

(24%)

(13.6%)

(60%)

(154%)

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

5.7%

19701970

ARCO diversifies into coal. Core

sampling showed Powder River Basin, in Wyoming, to be a

strong resource

ARCOARCO

SPSSPS

SPS decides to build an electric generation plant

(Harrington Station) using coal vs.

natural gas

Powder River Basin

Harrington Station

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019731973

Powder River Basin

Harrington Station

ARCOARCO

SPSSPS

Original Harrington Agreement

$2.00 per ton

3.2%

5.7%

4.4%

19731973

Original Harrington Agreement

Show Document

$2.00/ton$2.00/ton

$2.00 per ton

___ yr. Contract

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019731973

Original Harrington Agreement

$2.00 per ton

SPSSPS

ARCOARCO

3.2%

5.7%

4.4% SPS begins construction of

Harrington Station

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019731973

Original Harrington Agreement

$2.00 per ton

SPSSPS

ARCOARCO

OIL PRICE “SHOCKS”

3.2%

5.7%

4.4%

6.2%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019741974

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

OIL PRICE “SHOCKS”

SPS creates TUCO, a

wholly owned subsidiary

6.2%

3.2%

5.7%

4.4%

TUCOTUCO

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019741974

ARCO and SPS/TUCO reopen negotiations regarding Harrington Agreement

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”ARCO’s new core

samples show lower quality

Sierra Club Litigation begins

ARCO recognizes

• Skyrocketing inflation

• Sierra Club lawsuit

• New regulations

• Lower coal quality

11%

3.2%

5.7%

4.4%

TUCOTUCO

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 1980198019751975

ARCO proposes frequent contract price reopeners to SPS/TUCO

NEGOTIATIONSNEGOTIATIONSOriginal

Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

XX SPS/TUCO SPS/TUCO rejects offerrejects offer

TUCOTUCO

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

19751975

TUCOTUCO

NEGOTIATIONSNEGOTIATIONS

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

19761976

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

TUCOTUCO

NEGOTIATIONSNEGOTIATIONS

Injunction prohibits mining on Federal land

19761976

Revised Harrington Agreement

Show Document

$2.698/ton$2.698/ton

$2.698 per ton

___ yr. Contract

19761976

State Agreement

Show Document

$6.50/ton$6.50/ton

$6.50 per ton

___ yr. Contract

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

NEGOTIATIONSNEGOTIATIONS

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19761976

5.8%

TUCOTUCO

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19771977

5.8%

Tolk Agreement

$7.50 per ton

TUCOTUCO

Powder River Basin

Harrington StationTolk Station

NEGOTIATIONSNEGOTIATIONS

19771977

Tolk Agreement

Show Document

$7.50/ton$7.50/ton

$7.50 per ton

___ yr. Contract

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19771977

5.8%

Tolk Agreement

$7.50 per ton

6.5%

ARCO starts delivering coal to TUCO from State land

TUCOTUCO

NEGOTIATIONSNEGOTIATIONS

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19781978

5.8%6.5%

Tolk Agreement

$7.50 per ton

7.6%

TUCOTUCO

STATESTATE

NEGOTIATIONSNEGOTIATIONS

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

TUCOTUCO

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19791979

5.8%6.5%

Tolk Agreement

$7.50 per ton

7.6%

SPS sells TUCO to Cabot Corporation

TUCO TUCO (Cabot)(Cabot)

STATESTATE

NEGOTIATIONSNEGOTIATIONS

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

TUCOTUCO

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19791979

5.8%6.5%

Tolk Agreement

$7.50 per ton

7.6%

TUCO TUCO (Cabot)(Cabot)

11.3%

OIL PRICE “SHOCKS”

STATESTATE

NEGOTIATIONSNEGOTIATIONS

9.1%

19701970 19711971 19721972 19731973 19741974 19751975 19761976 19771977 19781978 19791979 19801980

Original Harrington Agreement

$2.00 per ton

ARCOARCO

SPSSPS

TUCOTUCO

6.2%

OIL PRICE “SHOCKS”

11%

3.2%

5.7%

4.4%

Sierra Club

Revised Harrington Agreement

$2.698 per ton

State Agreement

$6.50 per ton

19801980

5.8%6.5%

Tolk Agreement

$7.50 per ton

7.6%

TUCO TUCO (Cabot)(Cabot)

11.3%

OIL PRICE “SHOCKS”

13.5%

STATESTATE

NEGOTIATIONSNEGOTIATIONS

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

19821982

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

ARCO starts delivering coal to TUCO under Tolk Agreement

Sierra Club Litigation resolved

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

19821982

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

6.2%Letter of Agreement -

Labor and Fringe Benefits adjusted by

indices

Letter of Agreement

Labor & Fringe

Benefits

TOLKTOLK

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

19831983

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

ARCO starts delivering coal to TUCO under Revised Harrington Agreement

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

TOLKTOLK

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

19851985

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO & TUCO negotiate and agree on price reduction to

Tolk Agreement

ARCO Pays ARCO Pays $300 Million$300 Million

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

19851985

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

1.9%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

1.9%

3.6%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

1.9%

3.6%4.1%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

1.9%

3.6%4.1%

4.8%

TOLKTOLK R. HAR.R. HAR.

19801980 19811981 19821982 19831983 19841984 19851985 19861986 19871987 19881988 19891989 19901990

Sierra Club

TUCO TUCO (Cabot)(Cabot)

13.5%

ARCOARCO

10.3%

Tolk Agreement

$7.50 per ton

Letter of Agreement

Labor & Fringe

Benefits

6.2%

3.2%

4.3%

ARCO Pays ARCO Pays $300 Million$300 Million

3.6%

1.9%

3.6%4.1%

4.8%5.4%

TOLKTOLK R. HAR.R. HAR.

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 19901990

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 19901990

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 19901990

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0%

___? Million Tons of coal delivered between 1977 and 1993

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 1990199019931993

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0%

TUCO refuses full deliveries of coal from ARCO

XX

ARCO sues TUCO for

reneging on contract

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 1990199019931993

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

3.0%

4.2%

ARCO sues TUCO for

reneging on contract

Court Judgement in favor of ARCO - Contract Enforced

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

XX

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 1990199019931993

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 2000200019941994

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

TUCO attends Jay Roman

seminar

Jay Roman Seminar

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 2000200019941994

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

TUCO sues ARCO- “Pricing Claims”

TUCO TUCO sues sues

ARCOARCOCourt orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 2000200019941994

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6%

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6% 2.8%

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6% 2.8% 2.9%

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6% 2.8% 2.9%

19971997

Revised Harrington Agreement

$2.698 per ton

Revised Harrington Agreement

ends

TOLKTOLK

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6% 2.8% 2.9%

19971997

Revised Harrington Agreement

$2.698 per ton

2.3%

TOLKTOLK

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%2.6% 2.8% 2.9%

Revised Harrington Agreement

$2.698 per ton

2.3%1.6%

TOLKTOLK

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%2.6% 2.8% 2.9%

Revised Harrington Agreement

$2.698 per ton

2.3%1.6%

2.2%

TOLKTOLK

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

19901990 19911991 19921992 19931993 19941994 19951995 19961996 19971997 19981998 19991999 20002000

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

5.4%

4.2%

3.0% 3.0%

Jay Roman Seminar

2.6% 2.8% 2.9%

Revised Harrington Agreement

$2.698 per ton

2.3%1.6%

2.2%

3.4%

TOLKTOLK

Court orders Court orders TUCO to pay TUCO to pay $20 Million $20 Million to ARCOto ARCO

TUCO TUCO sues sues

ARCOARCO

20002000 20012001 20022002 20032003 20042004 20052005 20062006 20072007 20082008 20092009 20102010

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

3.4%

20002000 20012001 20022002 20032003 20042004 20052005 20062006 20072007 20082008 20092009 20102010

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

3.4%2.8%

20002000 20012001 20022002 20032003 20042004 20052005 20062006 20072007 20082008 20092009 20102010

TUCO TUCO (Cabot)(Cabot)

ARCOARCO

3.4%2.8%

TUCO asserts “True Up”

theory

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