CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO):

• Third quarter net income of $908 million
• Strong integrated performance and commodity prices generated cash flow from operating activities of $1,947 million and free cash flow¹ of $1,688 million
• Highest third quarter production in over 30 years, driven by continued strong production at Kearl
• Downstream capacity utilization of 94% in the quarter, highest since the fourth quarter of 2018
• Announced plans to construct a world-class renewable diesel complex at Strathcona refinery
• Highest quarterly and year-to-date Chemical net income in over 30 years
• Returned over $500 million in the quarter and over $2 billion year-to-date to shareholders through dividend payments and share repurchases
• Declared fourth quarter dividend of 27 cents per share

Imperial reported estimated net income in the third quarter of $908 million and cash flow from operating activities of $1,947 million, up from net income of $366 million and cash flow from operating activities of $852 million in the second quarter of 2021. Third quarter results reflect increased production and throughput, the absence of significant planned turnaround activity and continued strength in commodity prices.

“Imperial’s strong operational performance enabled the company to capture significant value from the current commodity price environment,” said Brad Corson, chairman, president and chief executive officer. “Combined with our disciplined approach to cost management and capital spending, Imperial generated robust free cash flow¹ of $1,688 million in the quarter.”

Upstream production for the third quarter averaged 435,000 gross oil-equivalent barrels per day, the highest third quarter production in over 30 years. At Kearl, quarterly total gross production averaged 274,000 barrels per day, benefiting from the elimination of its third quarter turnaround and achieving the facility’s second highest-ever quarterly production. At Cold Lake, quarterly gross production averaged 135,000 barrels per day, reflecting continued strong production performance partly offset by the completion of planned maintenance activity.

Following successful completion of the planned turnaround at Strathcona in the second quarter of 2021, overall refinery throughput in the third quarter increased to an average of 404,000 barrels per day with quarterly capacity utilization increasing to 94%. This represents the highest quarterly utilization since the fourth quarter of 2018. In addition, demand for fuel products continued to recover in the third quarter, with petroleum product sales averaging 485,000 barrels per day.

In August, Imperial announced plans for the construction of a world-class renewable diesel complex at the Strathcona refinery, leveraging blue hydrogen to help Canada meet its low-carbon fuel standards. “The Strathcona renewable diesel project not only demonstrates Imperial’s commitment and support for Canada’s ambition to achieve net-zero by 2050 and transition to lower-emission fuels, but is also expected to generate significant value for our company and shareholders” said Corson.

Chemical third quarter net income was $121 million, the highest quarterly net income in over 30 years. Chemical net income through the first nine months of 2021 was $297 million, exceeding the previous record set in 2018. Chemical results were primarily driven by continued strength in polyethylene margins and strong operating performance.

During the quarter, Imperial returned $508 million to shareholders through dividend payments and share repurchases, with year-to-date shareholder returns now exceeding $2 billion. The company also declared a fourth quarter dividend of 27 cents per share. “The steps the company has taken to increase production, reduce its cost structure and progress sustainability initiatives continue to strategically position Imperial to benefit from market conditions and create long-term value for shareholders,” said Corson.

Third quarter highlights

• Net income of $908 million or $1.29 per share on a diluted basis, up from $3 million or $0.00 per share in the third quarter of 2020.
• Cash flows from operating activities of $1,947 million, up from $875 million in the same period of 2020. Cash flows from operating activities excluding working capital¹ of $1,504 million, up from $533 million in the same period of 2020.
• Capital and exploration expenditures totalled $277 million, up from $141 million in the third quarter of 2020. Full-year 2021 capital and exploration expenditures are now expected to be around $1.1 billion, down from previous guidance of $1.2 billion.
• The company returned $508 million to shareholders in the third quarter of 2021, including $313 million in share repurchases and $195 million in dividends paid.
• Production averaged 435,000 gross oil-equivalent barrels per day, up from 365,000 barrels per day in the same period of 2020. Increased production was driven by strong operating performance and the absence of planned turnaround activity compared to the third quarter of 2020. Quarterly production represents the highest third quarter production in over 30 years.
• Total gross bitumen production at Kearl averaged 274,000 barrels per day (194,000 barrels Imperial's share), up from 189,000 barrels per day (134,000 barrels Imperial's share) in the third quarter of 2020 and represents the second highest-ever quarterly production. Higher production is primarily driven by the absence of the prior year outage of a third-party pipeline and impacts associated with planned turnaround activities. As planned, maintenance intervals at Kearl have been extended and the third quarter turnaround was eliminated.
• Gross bitumen production at Cold Lake averaged 135,000 barrels per day, up from 131,000 barrels per day in the third quarter of 2020. Higher production was primarily driven by continued production optimization and reliability enhancements, partly offset by planned maintenance.
• The company's share of gross production from Syncrude averaged 78,000 barrels per day, up from 67,000 barrels per day in the third quarter of 2020. Higher production was primarily driven by the absence of planned turnaround activity in the third quarter of 2020.
• Syncrude operatorship successfully transferred from Syncrude Canada to Suncor. With the transition completed, additional synergies are expected to be captured, maximizing profitability and improving reliability.
• Refinery throughput averaged 404,000 barrels per day, up from 341,000 barrels per day in the third quarter of 2020. Capacity utilization was 94 percent, up from 81 percent in the third quarter of 2020 and represents the highest quarterly utilization since the fourth quarter of 2018. Higher throughput was driven by increased demand.
• Petroleum product sales were 485,000 barrels per day, up from 449,000 barrels per day in the third quarter of 2020. Higher petroleum product sales were mainly due to increased demand.
• Announced plans to construct a world-class renewable diesel complex at Strathcona refinery. The facility is expected to produce more than 1 billion litres per year of renewable diesel from locally grown feedstocks and has the potential to reduce annual greenhouse gas emissions by about 3 million tonnes compared to conventional fuels. A final investment decision will be based on several factors.
• Chemical net income of $121 million in the quarter, the highest quarterly net income in over 30 years, up from $27 million in the third quarter of 2020. Chemical net income through the first nine months of 2021 was $297 million, exceeding the previous record set in 2018. Improved results were driven by continued strength in polyethylene margins and strong operating performance.

   

Operating Results

In early 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly through most areas of the world resulting in substantial reductions in consumer and business activity and significantly reduced demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and petroleum products.

Through 2021, demand for petroleum and petrochemical products has continued to recover, with each of the company’s sequential quarterly financial results benefiting from stronger prices when compared to the prior quarter. The company continues to closely monitor industry and global economic conditions, including recovery from the COVID-19 pandemic.

Looking beyond the volatility marking recent economic conditions, the company’s annual planning process provides an opportunity to re-affirm the fundamentals of supply and demand that underpin our businesses. Consideration is given to a diverse set of risks and other factors that may influence future energy supply and demand trends, including technological advancements, regulation and government policies, climate change, greenhouse gas restrictions, and other general economic conditions. The company views climate change risks as a global issue that requires collaboration among governments, private companies, consumers and other stakeholders to create meaningful solutions. These should meet the world’s increasing demand for affordable and reliable energy while creating opportunities to transition to a lower carbon future. The variety of potential transition pathways for society to a lower-carbon future, influenced by assumptions regarding economic growth, technology and governmental policy, indicates a wide range of uncertainty for the types and demand levels of energy.

The board of directors evaluates climate change risk in the context of overall enterprise risk, including other operational, strategic, and financial risks. The company considers the interactions among these factors as it pursues a strategy that is resilient to a wide range of potential pathways for society’s energy transition while continuing to grow shareholder value. It takes into account emerging industry and economic conditions and market and government policy uncertainties in developing its strategic plans and longer-term price views as part of its annual business planning process. The company continues to make progress on its greenhouse gas emission reduction plans and efforts to position the company for success in a lower-carbon energy future. It expects to play an important role in providing energy and products that are critical to economic growth while minimizing environmental impacts and supporting society’s ambition to achieve a lower-carbon energy future. The company continues to analyze internal and external scenarios of future energy markets to create a deeper understanding of what resiliency requires and which opportunities could emerge, but the assumptions and outcome of any given scenario or set of scenarios come with a high degree of uncertainty.

To the extent the planning process results in any significant changes to the company’s current development plans for its portfolio, certain assets could be at risk for impairment. The company will complete any required asset recoverability assessments in connection with the preparation and review of the company’s year-end financial statements for inclusion in its 2021 Form 10-K. Until these activities are complete, it is not practicable to reasonably estimate the existence or range of potential future impairments.

Third quarter 2021 vs. third quarter 2020

The company recorded net income of $908 million or $1.29 per share on a diluted basis in the third quarter of 2021, up from net income of $3 million or $0.00 per share in the same period of 2020.

Upstream recorded net income of $524 million in the third quarter of 2021, compared to a net loss of $74 million in the same period of 2020. Improved results reflect higher realizations of about $730 million and higher volumes of about $350 million. These items were partially offset by higher operating expenses of about $210 million, higher royalties of about $190 million and unfavourable foreign exchange impacts of about $60 million.

West Texas Intermediate (WTI) averaged US$70.52 per barrel in the third quarter of 2021, up from US$40.93 per barrel in the same quarter of 2020. Western Canada Select (WCS) averaged US$57.08 per barrel and US$31.81 per barrel for the same periods. The WTI / WCS differential averaged approximately US$13 per barrel for the third quarter of 2021, up from around US$9 in the same period of 2020.

The Canadian dollar averaged US$0.79 in the third quarter of 2021, an increase of US$0.04 from the third quarter of 2020.

Imperial’s average Canadian dollar realizations for bitumen increased in the quarter, generally in line with WCS. Bitumen realizations averaged $60.44 per barrel in the third quarter of 2021, up from $35.95 per barrel in the third quarter of 2020. The company’s average Canadian dollar realizations for synthetic crude increased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $85.94 per barrel in the third quarter of 2021, up from $50.79 per barrel in the same period of 2020.

Total gross production of Kearl bitumen averaged 274,000 barrels per day in the third quarter (194,000 barrels Imperial’s share), up from 189,000 barrels per day (134,000 barrels Imperial’s share) in the third quarter of 2020. Higher production was primarily driven by the absence of a prior year third-party pipeline outage, market-demand production balancing, and impacts associated with planned turnaround activities.

Gross production of Cold Lake bitumen averaged 135,000 barrels per day in the third quarter, up from 131,000 barrels per day in the same period of 2020.

The company's share of gross production from Syncrude averaged 78,000 barrels per day, up from 67,000 barrels per day in the third quarter of 2020. Higher production was primarily driven by the absence of the prior year turnaround.

Downstream recorded net income of $293 million in the third quarter of 2021, compared to net income of $77 million in the same period of 2020. Improved results primarily reflect higher margins of about $280 million.

Refinery throughput averaged 404,000 barrels per day, up from 341,000 barrels per day in the third quarter of 2020. Capacity utilization was 94 percent, up from 81 percent in the third quarter of 2020. Higher throughput was driven by increased demand.

Petroleum product sales were 485,000 barrels per day, up from 449,000 barrels per day in the third quarter of 2020. Improved petroleum product sales were mainly due to increased demand.

Chemical net income was $121 million in the third quarter, up from $27 million in the same quarter of 2020, primarily due to higher polyethylene margins.

Corporate and other expenses were $30 million in the third quarter, up from $27 million in the same period of 2020.

Cash flow generated from operating activities was $1,947 million in the third quarter, up from $875 million in the corresponding period in 2020, primarily reflecting higher Upstream realizations and Downstream margins.

Investing activities used net cash of $259 million in the third quarter, compared with $125 million used in the same period of 2020. Full-year 2021 capital and exploration expenditures are now expected to be around $1.1 billion, down from previous guidance of $1.2 billion.

Cash used in financing activities was $589 million in the third quarter, compared with $166 million used in the third quarter of 2020. Dividends paid in the third quarter of 2021 were $195 million. The per share dividend paid in the third quarter was $0.27, an increase of $0.05 from the same period of 2020. During the third quarter, the company, under its share purchase program, purchased about 9.0 million shares for $313 million, including shares purchased from Exxon Mobil Corporation. In the third quarter of 2020, the company did not purchase any shares under its share purchase program.

The company’s cash balance was $1,875 million at September 30, 2021, versus $817 million at the end of third quarter 2020.

Nine months highlights

• Net income of $1,666 million, compared to net loss of $711 million in 2020.
• Net income per share on a diluted basis was $2.31, compared to net loss per share of $0.97 in 2020.
• Cash flow generated from operating activities was $3,844 million, compared to $482 million in 2020.
• Capital and exploration expenditures totalled $699 million, up from $679 million in 2020.
• Gross oil-equivalent production averaged 423,000 barrels per day, up from 377,000 barrels per day in 2020.
• Refinery throughput averaged 367,000 barrels per day, up from 334,000 barrels per day in 2020.
• Petroleum product sales were 442,000 barrels per day, up from 423,000 barrels per day in 2020.
• Per share dividends declared during the year totalled $0.76, up from $0.66 per share in 2020.
• Returned $2,002 million to shareholders through dividends and share purchases.

Nine months 2021 vs. nine months 2020

Net income in the first nine months of 2021 was $1,666 million, or $2.31 per share on a diluted basis, compared to a net loss of $711 million or $0.97 per share in the first nine months of 2020.

Upstream recorded net income of $850 million for the first nine months of the year, compared to a net loss of $1,126 million in 2020. Improved results reflect higher realizations of about $2,570 million and higher volumes of about $620 million. These items were partially offset by higher royalties of about $490 million, higher operating expenses of about $490 million, and unfavourable foreign exchange impacts of about $180 million.

West Texas Intermediate averaged US$65.04 per barrel in the first nine months of 2021, up from US$38.10 per barrel in 2020. Western Canada Select averaged US$52.45 per barrel and US$24.72 per barrel for the same periods. The WTI / WCS differential of approximately US$13 per barrel in the first nine months of 2021, was generally in line with the same period of 2020.

The Canadian dollar averaged US$0.80 in the first nine months of 2021, an increase of US$0.06 from 2020.

Imperial's average Canadian dollar realizations for bitumen increased in the first nine months of 2021, generally in line with WCS. Bitumen realizations averaged $55.30 per barrel, up from $22.24 per barrel in the same period of 2020. The company's average Canadian dollar realizations for synthetic crude increased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $77.62 per barrel, up from $49.06 per barrel in the same period of 2020.

Total gross production of Kearl bitumen averaged 260,000 barrels per day in the first nine months of 2021 (185,000 barrels Imperial's share), up from 202,000 barrels per day (143,000 barrels Imperial's share) in the same period of 2020. Higher production was primarily driven by the absence of prior year production balancing with market demands and the outage of a third-party pipeline.

Gross production of Cold Lake bitumen averaged 139,000 barrels per day in the first nine months of 2021, up from 131,000 barrels per day in the same period of 2020.

During the first nine months of 2021, the company's share of gross production from Syncrude averaged 68,000 barrels per day, up from 63,000 barrels per day in the same period of 2020.

Downstream net income was $645 million for the first nine months of the year, up from $447 million in the same period of 2020. Results have improved due to higher margins of about $330 million, partially offset by unfavourable foreign exchange impacts of about $120 million.

Refinery throughput averaged 367,000 barrels per day in the first nine months of 2021, up from 334,000 barrels per day in the same period of 2020. Capacity utilization was 86 percent, up from 79 percent in the same period of 2020. Higher throughput was driven by reduced impacts associated with the COVID-19 pandemic, partially offset by a planned turnaround at Strathcona.

Petroleum product sales were 442,000 barrels per day in the first nine months of 2021, up from 423,000 barrels per day in the same period of 2020. Improved petroleum product sales were mainly due to reduced impacts associated with the COVID-19 pandemic.

Chemical net income was $297 million in the first nine months of 2021, up from $55 million in the same period of 2020, primarily due to higher polyethylene margins.

Corporate and other expenses were $126 million in the first nine months of 2021, up from $87 million in the same period of 2020, mainly due to higher share-based compensation costs.

Cash flow generated from operating activities was $3,844 million in the first nine months of 2021, up from $482 million in the same period of 2020, primarily reflecting higher Upstream realizations and Downstream margins.

Investing activities used net cash of $613 million in the first nine months of 2021, up from $605 million used in the same period of 2020. Full-year 2021 capital and exploration expenditures are now expected to be around $1.1 billion, down from previous guidance of $1.2 billion.

Cash used in financing activities was $2,127 million in the first nine months of 2021, up from $778 million used in the same period of 2020. Dividends paid in the first nine months of 2021 were $518 million. The per share dividend paid in the first nine months of 2021 was $0.71, up from $0.66 in the same period of 2020. During the first nine months of 2021, the company, under its share purchase program, purchased about 38.5 million shares for $1,484 million, including shares purchased from Exxon Mobil Corporation. In the first nine months of 2020, the company purchased about 9.8 million shares for $274 million, including shares purchased from Exxon Mobil Corporation.

At March 31, 2021, due to the termination of transportation services agreements related to a third-party pipeline project, the company recognized a liability of $62 million, previously reported as a contingent liability in Note 10 of Imperial’s Form 10-K. In connection with the same project, commitments under “Other long-term purchase agreements” as reported in Imperial’s Form 10-K decreased by approximately $2.9 billion. The majority of these commitments related to years 2026 and beyond.

Key financial and operating data follow.

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to plans to construct a renewable diesel complex at Strathcona refinery, including expected production, reduction of greenhouse gas emissions, the company’s commitment to Canada’s ambition to achieve net-zero, the ability to generate company and shareholder value, and factors influencing a final investment decision; the company being strategically positioned to benefit from market conditions and create long-term shareholder value; additional synergies expected from transferring Syncrude operatorship to Suncor, and the ability to maximize profitability and improve reliability; the variety of potential transition pathways for society to a lower-carbon future indicating a wide range of uncertainty for types and demand levels of energy; the company’s efforts with respect to climate risk, including the evaluation of climate risk in the context of overall enterprise risk and the ability to pursue a strategy resilient to a wide range of pathways for society’s energy transition while growing shareholder value; progress on greenhouse gas emission reduction plans and efforts to position the company for success in a lower-carbon energy future; and the company’s role in providing products critical to economic growth, minimizing environmental impacts and supporting society’s ambition to achieve a lower-carbon energy future; and full-year capital and exploration expenditures of $1.

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Supply Demand is creating challenges, but Port Houston is working diligently

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met Tuesday for its regular monthly meeting. Port Houston Chairman Ric Campo opened the meeting by expressing his appreciation for all “the people working together to keep the cargo moving.”

Chairman Campo acknowledged the unprecedented challenges that increased demand in the supply chain has created, but “people show up every day working together to keep cargo moving.”

In his report to the Port Commission, Executive Director Roger Guenther said that Houston is not immune to the challenges that ports across the nation are experiencing, as retailers rebuild their inventory to meet high demand. He noted that Houston docks are full, and the average ship waits about 60 hours before calling the port. However, Port Houston has been able to mitigate significant impacts on truck-turn times despite the increase in historic cargo volumes.

Guenther said, “We are working together with labor to turn ships around as quickly as possible.” He said that since January, the International Longshoremen’s Association (ILA) has been able to increase the numbers of people working ships on both the day and night shifts.

Guenther said he expects “the inherent continued growth of cargo at a rapid pace after the pandemic,” and plans are to sustain the accelerated investment in infrastructure. During the meeting, the Port Commission approved a more than $2 million purchase of 16 additional energy-efficient yard tractors for the container yards, supported by a grant from the Seaport and Rail Yard Areas Emission Reduction Program (SPRY), to help reduce emissions of NOx by 93%.

The Port Commission also authorized up to $400 million bond issuance to support the Houston Ship Channel widening and deepening program, Project 11.

The next Port Commission meeting is Thursday, November 18.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.

Lisa Ashley, Director, Media Relations
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 27 cents per share on the outstanding common shares of the company, payable on January 1, 2022, to shareholders of record at the close of business on December 3, 2021.

This fourth quarter 2021 dividend compares with the third quarter 2021 dividend of 27 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 27 consecutive years.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

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DUBLIN--(BUSINESS WIRE)--The "Coastal Surveillance Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Coastal Surveillance Systems estimated at US$31.2 Billion in the year 2020, is projected to reach a revised size of US$38.9 Billion by 2027, growing at a CAGR of 3.2% over the analysis period 2020-2027.

Command & Control, one of the segments analyzed in the report, is projected to record a 3.3% CAGR and reach US$7.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Communications segment is readjusted to a revised 3.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $9.2 Billion, While China is Forecast to Grow at 3.1% CAGR

The Coastal Surveillance Systems market in the U.S. is estimated at US$9.2 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$6.9 Billion by the year 2027 trailing a CAGR of 3.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Computers Segment to Record 2.7% CAGR

In the global Computers segment, USA, Canada, Japan, China and Europe will drive the 2.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.8 Billion in the year 2020 will reach a projected size of US$3.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.3 Billion by the year 2027.

Select Competitors (Total 41 Featured):

• CONTROP Precision Technologies Ltd.
• Elbit Systems Ltd.
• Frequentis AG
• Indra Sistemas SA
• Kelvin Hughes Ltd.
• Kongsberg Gruppen ASA
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Raytheon Company
• Rolta India Ltd.
• SAAB AB
• Selex ES SpA
• Signalis
• Terma A/S
• Thales Group
• Tokyo Keiki, Inc.
• Vissim AS

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• Influencer Market Insights
• World Market Trajectories
• Rise in Coastal Security Amidst Growing Terrorism Threats and Regional Conflicts Creates Growth Opportunities for Coastal Surveillance Market
• Impact of COVID-19 and a Looming Global Recession
• Increasing Cases of Illegal Coastal Activities Make Implementation of Coastal Surveillance a Must
• Rapid Growth in Situational Awareness Drives Costal Surveillance Operations
• Increase in Asymmetric Warfare Offers Immense Potential for Growth of Coastal Surveillance Market
• Efficient Maritime Traffic Management System - Need of the Hour
• Surge in Demand for Submarine Periscope and Radar Antennas in Coastal Surveillance Centers
• Challenges
• Emergence of Stealth Technology: A Major Challenge
• Defense Budget Cuts: Another Growth Restraint

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/4k5f3y

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• New Schneider Electric report outlines “Back to 2050” decarbonization scenarios
• Schneider experts on the ground in Glasgow to advance decarbonization insights and solutions with business partners, climate experts and influencers

BOSTON--(BUSINESS WIRE)--#Hashtags--Schneider Electric, the leader in the digital transformation of energy management and automation, is actively supporting global climate change efforts at the upcoming COP26 meeting, with experts on the ground and the release of a flagship report that offers fresh perspectives on our planet’s pathway to decarbonization.

The 26th United Nations Climate Change Conference of the Parties (COP26) taking place in Glasgow on 31 October - 12 November is widely considered critical to accelerating global action to tackle the climate emergency.

Many climate experts, campaigners, and corporates including Schneider Electric are urgently calling on governments, businesses and societies do much more – and act much faster – to ramp up the adoption of clean-energy, electrification, energy-efficiency and other climate-positive technologies.

“We welcome the commitments already made by numerous governments around the world, and hope that COP26 will deliver more concrete actions in support of an accelerated transition to net zero,” says Olivier Blum, Chief Strategy and Sustainability Officer at Schneider Electric. “The private sector is key in this race to a greener and fairer economy. That’s why we continue to lead the charge, as a practitioner and an enabler, to meet the goal of keeping global temperatures from rising more than 1.5ºC, in line with the Paris Agreement.”

Ranked the world’s most sustainable corporation by media and research company Corporate Knights earlier this year, Schneider Electric helps customers reduce their carbon footprints via products and software tools that optimize energy management and industrial processes. The company has a decades-long track-record of spearheading and advocating action on environmental, social and governance issues, and recently announced it is also expanding its sustainability consulting practice.

To coincide with COP26, the Schneider Electric ™ Sustainability Research Institute is releasing a major new report on how we could achieve net-zero by 2050 and limit global warming to the critical 1.5ºC threshold.

Entitled “Back to 2050” and conducted with energy intelligence company Enerdata, it assesses the long-term impact on energy usage and associated CO₂ emissions of changing social expectations and up-and-coming, disruptive technologies such as autonomous driving, decentralized clean-energy generation, smart EV charging stations in buildings and the use of more digital tools in infrastructure construction, among others.

“Our key finding is that changing consumption patterns, driven by an appetite for the progress that new technologies herald, will help bring about a less carbon-intensive economy. In other words, keeping global warming to 1.5ºC may be more feasible than we think, because as the economy modernizes and provides increased benefits to people, it also decarbonizes,” says Vincent Petit, Head of the Schneider Electric ™ Sustainability Research Institute and SVP of Global Strategy Prospective and External Affairs at Schneider Electric. “What we need, however, is to accelerate this trend by shifting the policy focus from being purely infrastructure-centric to being more consumer-centric.”

While in Glasgow, Schneider experts will meet customers and business partners to help them better understand the tools that already exist to help decarbonize infrastructure, buildings, data centers, industries, and cities.

They will also participate in panels and roundtables with artists, campaigners, climate scientists, policy makers, influencers, entrepreneurs, and innovators such as Bertrand Piccard, Founder and Chairman of the Solar Impulse Foundation, which is supported by the Schneider Electric Foundation.

The Schneider Electric Foundation, under the aegis of Fondation de France, will also work with Art of Change 21 to highlight the important role that artists play in the ecological transition by mobilizing youth and creating a dialogue between art, technology, innovation and climate.

Note to Editors:

The Schneider Electric ™ Sustainability Research Institute is the internal strategy think tank of Schneider Electric. Its team of analysts conduct scenario modeling to enrich our understanding of current and future sustainability landscapes, highlighting obstacles and opportunities to accelerate global and local transitions to a climate positive future.

Related resources:

• “Back to 2050” executive summary report can be read here.
• The Open Letter on Sustainability Reporting to the European Commission, the Council of the European Union and the European Parliament can be found here.
• The Open Letter “CEO Climate Alliance to world leaders: We support you in taking decisive climate steps at COP26” can be found here.
• Schneider Electric’s latest sustainability commitments can be viewed here.
• For more on the numerous sustainability-related (and other) awards and rankings obtained by Schneider, go here.
• Schneider’s top thought leadership content, including reports by the Schneider Electric ™ Sustainability Research Institute, can be found on the newly-launched Schneider Electric Insights website.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the third quarter ended September 30, 2021.

Highlights include:

• Reported third quarter revenues of $155.1 million, net income of $0.1 million and operating cash flow of $33.9 million;
• Delivered third quarter Adjusted EBITDA of $26.2 million and free cash flow of $31.0 million;
• Reduced net leverage ratio to 1.86x as of September 30, 2021 from 1.98x as of June 30, 2021;
• Completed a replacement and refinancing of its entire credit agreement to, among other things, extend the maturity date of all of the Company's total debt outstanding to September 8, 2025; and
• Announced recently that its Board of Directors authorized the Company to repurchase up to 5% of its total common shares outstanding, or approximately 715,000 common shares, over the next twelve months.

“In the third quarter of 2021, Civeo made significant progress towards our financial objectives. We replaced and refinanced our entire credit agreement, announced the board authorization of a share repurchase program and generated significant free cash flow in a tough operating environment. During the quarter we reduced our total leverage ratio below 2.0x and reduced our aggregate total debt below $200 million" stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "While we are encouraged by these significant achievements, the Company remains focused on operating safely, generating free cash flow and reducing our debt balance."

Carolyn Stone, Civeo's Senior Vice President and Chief Financial Officer, added “We were pleased to announce our new bank agreement, which provides the Company with four years of tenor. This longer tenor affords us the flexibility to evaluate other capital allocation priorities, such as our recently announced share repurchase program and potential growth opportunities."

Third Quarter 2021 Results

In the third quarter of 2021, Civeo generated revenues of $155.1 million and reported a net income of $0.1 million, or $0.00 per diluted share. During the third quarter of 2021, Civeo produced operating cash flow of $33.9 million, Adjusted EBITDA of $26.2 million and free cash flow of $31.0 million.

By comparison, in the third quarter of 2020, Civeo generated revenues of $142.9 million and reported net income of $6.5 million, or $0.39 per diluted share. During the third quarter of 2020, Civeo produced operating cash flow of $35.4 million, Adjusted EBITDA of $36.0 million and free cash flow of $34.4 million.

Overall, the increase in revenues in the third quarter of 2021 compared to 2020 was primarily due to an increase in billed rooms in the oil sands lodges and Canadian mobile camp activity. The decrease in Adjusted EBITDA in the third quarter to 2021 compared to 2020 was primarily driven by $3.6 million of other income in the third quarter of 2020 related to proceeds from the Canadian Emergency Wage Subsidy ("CEWS") program and increased labor costs in our Australian business during the third quarter of 2021.

(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Please see the reconciliations to GAAP measures at the end of this news release.)

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the third quarter of 2021 to the results for the third quarter of 2020.)

Canada

During the third quarter of 2021, the Canadian segment generated revenues of $84.1 million, operating income of $6.1 million and Adjusted EBITDA of $19.8 million, compared to revenues of $71.8 million, operating income of $1.0 million and Adjusted EBITDA of $21.3 million in the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 did not include any other income related to proceeds from CEWS. The third quarter of 2020 Adjusted EBITDA included $3.6 million of other income related to proceeds from CEWS. Results from the third quarter of 2021 reflect the impact of a strengthened Canadian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $4.4 million and $1.0 million, respectively.

On a constant currency basis, the Canadian segment experienced an 11% period-over-period increase in revenues largely driven by a 21% year-over-year increase in billed rooms, primarily in the oil sands lodges, related to increased customer activity as a result of the recovery of oil prices from the impact of COVID-19. Adjusted EBITDA for the Canadian segment decreased 7% year-over-year primarily due to the lack of other income related to proceeds from CEWS, partially offset by an increase in billed rooms coupled with increased mobile camp activity.

Australia

During the third quarter of 2021, the Australian segment generated revenues of $65.1 million, operating income of $4.4 million and Adjusted EBITDA of $14.8 million, compared to revenues of $64.7 million, operating income of $9.9 million and Adjusted EBITDA of $21.5 million in the third quarter of 2020.

On a constant currency basis, the Australian segment experienced 2% lower period-over-period revenues, driven by a 4% year-over-year decrease in billed rooms due to subdued customer maintenance activity in the Bowen Basin. Adjusted EBITDA from the Australian segment decreased 31% year-over-year due to lower village occupancy in the Bowen Basin, as well as higher labor costs across the village and integrated services businesses.

U.S.

The U.S. segment generated revenues of $5.9 million, operating loss of $2.1 million and negative Adjusted EBITDA of $0.5 million in the third quarter of 2021, compared to revenues of $6.4 million, operating loss of $3.2 million and negative Adjusted EBITDA of $1.5 million in the third quarter of 2020. Revenues and Adjusted EBITDA increased year-over-year primarily due to increased occupancy in the U.S. lodges.

Financial Condition

As of September 30, 2021, Civeo had total liquidity of approximately $78.2 million, consisting of $73.3 million available under its revolving credit facilities and $4.9 million of cash on hand.

Civeo’s total debt outstanding on September 30, 2021 was $195.2 million, a $31.6 million decrease since June 30, 2021. The decrease consisted of $25.1 million in debt payments from cash flow generated by the business and favorable foreign currency translation of $6.5 million.

Civeo reduced its net leverage ratio to 1.86x as of September 30, 2021 from 1.98x as of June 30, 2021.

During the third quarter of 2021, Civeo invested $3.4 million in capital expenditures, up from $2.4 million during the third quarter of 2020.

Full Year 2021 Guidance

For the full year of 2021, Civeo is raising the lower end of its previously provided revenue and Adjusted EBITDA guidance range to $570 million to $580 million and $95 million to $100 million, respectively. This guidance is based on our expectations as of today and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic. The Company is maintaining its full year 2021 capital expenditure guidance to $15 million to $20 million.

Conference Call

Civeo will host a conference call to discuss its third quarter 2021 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and using the conference ID 13724492#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13724492#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 29,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

- Financial Schedules Follow -

Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company”) today announced that the Board of Directors of the Company (the “Board”) has determined to postpone the 2021 Annual Meeting of Stockholders (“the 2021 Annual Meeting”) from November 16, 2021 to December 29, 2021. The Board has also fixed the close of business on November 29, 2021 as the new record date for the determination of stockholders entitled to notice of and to vote at the 2021 Annual Meeting or any adjournments thereof.

The Board decided to postpone the 2021 Annual Meeting in order to provide the Company with additional time to review and respond to stockholder proposals that have been received by the Company.

The Company filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) on October 4, 2021 and an Amendment No. 1 to the definitive proxy statement with the SEC on October 22, 2021. The Company will be filing a second amendment to the definitive proxy statement with the SEC, which will contain information regarding the postponement.

About TPL

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Additional Information

In connection with the 2021 Annual Meeting, the Company filed a definitive proxy statement with the SEC on October 4, 2021 and an Amendment No. 1 to the definitive proxy statement with the SEC on October 22, 2021. The definitive proxy statement, a form of proxy and Amendment No. 1 have been made available to the Company’s stockholders. Stockholders are urged to read the definitive proxy statement, as amended, and any other documents filed by the Company with the SEC in connection with the 2021 Annual Meeting because they contain important information. Stockholders are able to obtain, for free, copies of documents filed with the SEC at the SEC’s website at http://www.sec.gov.

Investor Relations
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STAMFORD, Conn.--(BUSINESS WIRE)--#TraditionEnergy--Tradition Energy announces it was awarded the energy consulting contract for Market Research, Risk Management, Sustainability, and Procurement Solutions by Harris County, Texas. The award, which designates Tradition as the lead consultant for developing a comprehensive energy strategy, results from Harris County’s Request for Proposals for the services issued in December 2020. Nineteen energy consulting firms from across the country competed for the right to advise the County on its energy.

As the nation’s third-largest county and home to the City of Houston, Harris County is one of the largest energy consumers in the state of Texas and the nation, and it intends to make a significant impact on renewable energy development, consumption, and availability at every level, including the development of additional extensive energy infrastructure. In addition, the County operates hundreds of buildings across nearly 1,800 square miles.

Tradition Energy will lead the collaborative effort with the County to create an overall energy risk management strategy and request for proposal process that will incorporate energy procurement, energy capacity, distributed energy, renewable energy, and behind-the-meter technology. Tradition will also evaluate opportunities for increased energy efficiency, demand response, or other load control measures. Tradition will serve as the technical advisor to analyze and evaluate proposals from energy suppliers and service companies and make recommendations to the County on which proposal(s) offer the best value and achieve the County’s policy objectives.

“We are honored to have been chosen by Harris County for this award,” said Alan Kurzer, CEO, Tradition Energy. “Having a Houston office and county presence since 2005 makes this opportunity to lead and improve energy management for the County even more special.”

About Tradition Energy

Tradition Energy is the nation’s largest and most experienced independent energy risk management and procurement advisor, serving more than 1,300 commercial, industrial and governmental clients ranging from Fortune 500 global companies to medium-sized businesses to local municipalities. Tradition Energy is part of the Tradition Group, a leading global institutional broker of financial and commodity products. Tradition employs over 2,300 people in 29 countries around the world and is publicly listed on the Swiss stock exchange (CFT). www.TraditionEnergy.com

G. Scott Merrell, Senior Director, Marketing
713-609-9922
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Represents 100% backlog growth from 2020 and 600% backlog growth from 2019 .

WILLISTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced preliminary operating results for the third quarter ending September 30, 2021, of its recently acquired residential and commercial subsidiary, SunCommon.

Highlights:

• Acquisition brings total Commercial and Industrial backlog to $90.3 million, including $6.2 and $3.4 million of new business in Vermont and New York, respectively.
• Residential backlog of $22.1 million includes $14.9 and $7.2 million of new business in Vermont and New York, respectively.
• Diversified product mix enhances profitability
• Residential and small commercial sales cycle normalizes iSun’s revenue stream across calendar year
• Growth accelerates iSun’s expansion into new geographic markets

Residential, commercial and industrial backlog increases to $112.4 million as the acquisition of SunCommon adds $31.7 million to iSun’s existing $80.7 million as of September 30 ,2021. With this addition, iSun’s Commercial and Industrial backlog increases to $90.3 million and is anticipated to be completed over the next twelve to eighteen months, while iSun’s residential backlog of $22.1 million is anticipated to be completed over the next four to six months. Commercial and industrial backlog was $56 million for the same period in 2020 and $16 million for the same period in 2019.

Remarks

“These results perfectly illustrate why SunCommon was an ideal candidate for our accretive M&A growth strategy,” commented Jeff Peck, iSun’s Chief Executive Officer. “SunCommon’s values-led business and marketing capabilities enabled them to grow at a remarkable pace and expand into new geographic markets in a challenging operating environment, all while maintaining some of the lowest customer acquisition costs in the industry. These capabilities, when coupled with the composition of their business, will not only enhance iSun’s operating margins, but also provide a platform we can use to accelerate residential and commercial solar adoption in new markets. We’re proud to have them as a partner.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

About SunCommon

SunCommon is a market-solution to climate change. Operating in New York's Hudson Valley and as the market-leading provider of residential, community and commercial solar in Vermont -- we believe that everyone has the right to a healthy environment and brighter future – and renewable energy is where it starts. SunCommon is a Certified B Corp based on a rigorous third-party assessment of our commitment to the triple bottom line of people, planet and profit. Our 200 employees are passionate about our values-led business and the positive impact we're creating. For more information, go to https://suncommon.com or connect with us on Facebook and Twitter @suncommon.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of

1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

IR:
Tyler Barnes
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802-289-8141

ROSEMEAD, Calif.--(BUSINESS WIRE)--The Board of Directors of Southern California Edison today declared the following quarterly dividends, payable on December 15, 2021, to shareholders of record on December 14, 2021, on the:

• Series G preference stock, which would result in a distribution of $0.31875 per security on SCE Trust II’s 5.10% Trust Preference Securities
• Series H preference stock, which would result in a distribution of $0.359375 per security on SCE Trust III’s 5.75% Trust Preference Securities
• Series J preference stock, which would result in a distribution of $0.3359375 per security on SCE Trust IV’s 5.375% Trust Preference Securities
• Series K preference stock, which would result in a distribution of $0.340625 per security on SCE Trust V’s 5.45% Trust Preference Securities
• Series L preference stock, which would result in a distribution of $0.3125 per security on SCE Trust VI’s 5.00% Trust Preference Securities

About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

Investor Relations: Sam Ramraj, (626) 302-2540
Media Contact: Jeff Monford, (626) 476-8120

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) announced today the publication of its 2021 Climate Risk Report. This report increases the transparency of Pioneer’s progress toward integrating climate-related risks and opportunities into the Company’s governance structure, business strategy and planning process and risk management practice. The report is structured in accordance with the four core principles of the Task Force on Climate-related Financial Disclosures (TCFD): governance, strategy, risk management, and metrics and targets.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.

Pioneer Natural Resources Contacts:

Investors
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Greg Wright – 972-969-1770

Media and Public Affairs
Tadd Owens – 972-969-5760

DUBLIN--(BUSINESS WIRE)--The "Global Power Generation Industry Guide - Market Summary, Competitive Analysis and Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Global Power Generation industry profile provides top-line qualitative and quantitative summary information including: Industry size (value and volume 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the Industry.

Key Highlights

• The power generation industry volume is defined as the total electrical energy (TWh) generated within a country over the course of each calendar year.
• The value of the industry is obtained by multiplying volume of generated energy by the appropriate annual average non-household power price, or equivalent, excluding taxes and levies.
• The power generation industry is segmented by volume into electricity produced from nuclear, conventional (thermal generation from fossil fuels), and renewable (hydropower, wind, solar PV, biomass, and geothermal) sources.
• All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all currency conversions used in the creation of this report have been calculated using constant 2020 annual average exchange rates.
• Forecast figures presented in this report are calculated using crisis scenarios for the market. The length of the pandemic and restrictions introduced by various countries are still difficult to predict. Many governments had introduced the national lockdowns and temporarily banned sales of products that are deemed "non-essential". As the length of the pandemic and its impact on this market is not certain, the data used in this report has been modeled taking forecast impacts on national economics into consideration.
• The global power generation industry had total revenues of $2,480.3bn in 2020, representing a compound annual growth rate (CAGR) of 3.6% between 2016 and 2020.
• Industry consumption volume increased with a CAGR of 1.8% between 2016 and 2020, to reach a total of 23,241.7 TWh in 2020.
• Renewables have recorded the highest output growth among energy sources in recent years, as a result of a pledges for low-carbon economies, increasing their share in the power energy mix against fossil fuels.

Reasons to Buy

• What was the size of the global power generation Industry by value in 2020?
• What will be the size of the global power generation Industry in 2025?
• What factors are affecting the strength of competition in the global power generation Industry?
• How has the Industry performed over the last five years?
• What are the main segments that make up the global power generation Industry?

Key Topics Covered:

1 Executive Summary

2 Introduction

3 Global Power Generation

3.1. Market Overview

3.2. Market Data

3.3. Market Segmentation

3.4. Market outlook

3.5. Five forces analysis

3.6. Macroeconomic Indicators

4 Power Generation in Asia-Pacific

5 Power Generation in Europe

6 Power Generation in France

7 Power Generation in Germany

8 Power Generation in Italy

9 Power Generation in Japan

10 Power Generation in Australia

11 Power Generation in Canada

12 Power Generation in China

13 Power Generation in The Netherlands

14 Power Generation in Spain

15 Power Generation in The United Kingdom

16 Power Generation in The United States

17 Company Profiles

17.1. Electricite de France SA

17.2. China Power Investment Corporation (Inactive)

17.3. Huaneng Power International, Inc.

17.4. The Tata Power Company Limited

17.5. E.ON SE

17.6. EnBW Energie Baden-Wuerttenberg AG

17.7. RWE AG

17.8. Vattenfall AB.

17.9. A2A SpA

17.10. Enel SpA

17.11. Chubu Electric Power Company, Incorporated

17.12. The Kansai Electric Power Co, Incorporated

17.13. The Tokyo Electric Power Company Holdings., Incorporated

17.14. Tohoku Electric Power Company, Incorporated

17.15. CLP Holdings Limited

17.16. Ergon Energy Corporation Limited (Inactive)

17.17. Engie SA

17.18. Origin Energy Limited

17.19. BC Hydro

17.20. Hydro-Quebec

17.21. Ontario Power Generation Inc.

17.22. China Datang Corporation

17.23. China Huadian Corporation

17.24. China Energy Investment Corp Ltd

17.25. Endesa SA

17.26. Naturgy Energy Group SA

17.27. Iberdrola, S.A.

17.28. Centrica plc

17.29. Scottish Power Ltd

17.30. SSE Plc.

17.31. Dominion Energy Inc.

17.32. Duke Energy Corporation

17.33. Southern Company

17.34. NextEra Energy, Inc.

18 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/putyg3

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Firm signs on to Science Based Targets initiative to help ensure environmental progress

CHICAGO--(BUSINESS WIRE)--Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., has committed to a science-based goal of achieving net zero greenhouse gas (GHG) emissions by 2030. This commitment is part of the global effort to limit the planet’s temperature rise to 1.5 degrees or less.

To ensure it meets its goal, Grant Thornton has formally signed on to the Science Based Targets initiative (SBTi) to validate that Grant Thornton’s carbon-reduction goals are in line with scientific recommendations to address climate change.

Grant Thornton plans to achieve its net zero goal by reducing business travel, better using its office space and increasing energy efficiency across its operations. The firm may also use carbon credits and other investments in the future to account for any residual carbon emissions.

The net zero goal complements a range of firmwide sustainability efforts described in Grant Thornton’s 2020 sustainability report. In addition, earlier this year, Grant Thornton committed to an absolute reduction of GHG emissions by 55% by 2030.

“The time for strong and clear action to limit climate change has arrived,” said Brad Preber, CEO of Grant Thornton. “By adopting a net zero emissions goal, Grant Thornton is fully committing to a science-based strategy to sustainably serve our clients and our communities by the end of this decade. We understand the need to act quickly to reduce our environmental footprint in a timeframe that maximizes the benefit.”

According to Beatrix Bernauer, chief risk and compliance officer at Grant Thornton: “In recent years, Grant Thornton has made sustainability central to our operating philosophy and fully integrated it into our growth strategy. Our new net zero emissions goal represents the maturation of this effort.”

Grant Thornton’s efforts are consistent with Grant Thornton International Ltd.’s recent commitment under the Net Zero Financial Service Providers Alliance — an effort linked to the Glasgow Financial Alliance for Net Zero, or GFANZ.

About Grant Thornton LLP
Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton, which has revenues of $1.97 billion and operates more than 50 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.

Jon Rucket
T +1 404 984 6249
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Largest acquisition in company history will drive scale and operating synergies in North American Land platform

• Accelerates strategy to drive higher and more ratable returns
• Will drive significant margin, earnings per share and cash flow accretion
• Liquidity profile will remain strong post-acquisition

MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT) today announced that a wholly-owned subsidiary of the company has signed a definitive agreement to acquire Flyers Energy Group (“Flyers”) from the Dwelle family, who have been engaged in the petroleum marketing industry for more than 40 years. The total purchase price for the acquisition will be approximately $775 million, of which $675 million will be paid at closing, consisting of cash and at the company’s option, up to $50 million of World Fuel Services common stock. The remaining $100 million will be paid in equal installments over the two years following completion of the transaction. The transaction will be principally funded with cash-on-hand with the balance drawn from the company’s revolving credit facility.

Flyers is headquartered in Auburn, California with 475 employees and 2021 estimated revenue of $2.4 billion. The company provides fleet fueling, fuel supply and lubricants distribution to more than 12,000 customers across the United States. Flyers’ leading national network of cardlock locations facilitates high volume - high frequency fueling to meet the needs of commercial fleets, 24 hours a day/365 days a year.

This acquisition is a reflection of World Fuel Services’ ongoing strategy to accelerate growth in its core business activities, drive enhanced operating efficiencies and generate long-term shareholder value. The addition of Flyers’ cardlock network will also provide a highly efficient, low-cost operating model with stable and ratable business activity to complement the company’s Land segment activities in North America.

“The acquisition of Flyers will significantly expand the breadth of our land business in North America, further enhancing our supply and distribution capabilities as well as our fleet fueling platform,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation.

“The Flyers business is a perfect business and cultural fit for World Fuel given the relative markets in which we operate, and we are comfortable that our phenomenal Flyers team members will be at home with World Fuel,” said Walt Dwelle, Managing Partner, Flyers Energy Group.

“Our continued strong cash flow generation contributed to a $796 million cash position at the end of the third quarter. This positions us well to complete this strategic acquisition while continuing to maintain a strong and liquid balance sheet to further grow our core businesses and capitalize on additional strategic investment opportunities,” said Ira M. Birns, executive vice president and chief financial officer.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected be completed within 60 to 90 days.

BofA Securities, Inc. acted as exclusive financial advisor to World Fuel Services in the transaction, and Norton Rose Fulbright and Kirkland & Ellis acted as legal advisors. DCA Partners acted as financial advisor to Flyers Energy Group, and Weintraub Tobin acted as legal advisor.

World Fuel Services’ management will further discuss and review a presentation about the transaction on this evening’s earnings conference call scheduled for 5:00pm Eastern Time. The live conference call will be accessible by telephone and via webcast. Instructions on how to join this evening’s call is available on the company’s website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations with respect to the impact of the acquisition on our land business, supply and distribution capabilities and our fleet fueling platform, Flyers’ ability to provide a highly efficient, low-cost operating model with stable and ratable business activity, our position to complete the transaction while maintaining a strong and liquid balance sheet, as well as the timing for closing and funding of the purchase price. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to obtain required consents and regulatory approvals as well as satisfy closing conditions, our ability to effectively integrate and derive the expected benefits from the acquisition, our ability to capitalize on new market opportunities, potential liabilities, limited indemnities and the extent of any insurance coverage, our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, particularly for those customers most significantly impacted by the pandemic, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, adverse conditions in the markets or industries in which we or our customers and suppliers operate such as the current global economic environment as a result of the coronavirus pandemic, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to capitalize on new market opportunities, risks related to the complexity of U.S. tax legislation and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the current administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

Ira M. Birns, Executive Vice President & Chief Financial Officer

Glenn Klevitz, Vice President, Treasurer & Investor Relations
(305) 351-4763

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a third quarter 2021 common unit distribution of $0.40 per unit. The third quarter common unit distribution will be paid on November 12, 2021 to holders of record as of November 8, 2021.

NuStar Energy L.P.’s Board of Directors also declared a third quarter 2021 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on December 15, 2021 to holders of record as of December 1, 2021.

A conference call with management is scheduled for 10:00 a.m. CT on Thursday, November 4, 2021, to discuss the financial and operational results for the third quarter of 2021. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 9989773. International callers may access the discussion by dialing 661/378-9931, passcode 9989773. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 9989773. International callers may access the playback by dialing 404/537-3406, passcode 9989773. The playback will be available until 12:00 p.m. CT on December 4, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/qiscvwwz or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at www.nustarenergy.com/Sustainability.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar Energy L.P.’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar Energy L.P., are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

VALLEY FORGE, Pa.--(BUSINESS WIRE)--#InvestorDay--UGI Corporation (NYSE: UGI) announced today that it will host an investor day virtually on December 2, 2021 from 10:00 a.m. to 12:00 p.m. ET. Roger Perreault, President and CEO, and other key members of the executive leadership team will outline the company’s strategic plan, growth drivers and financial objectives.

Participants are invited to pre-register at https://ugiinvestorday.gcs-web.com/investor-day. A replay of the webcast and the slide presentation will be available after the meeting on UGI’s corporate website at https://www.ugicorp.com/investors/financial-reports/events-and-presentations.

INVESTOR DAY WEBCAST AND DIAL-IN DETAILS
Webcast Link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=CF0124F6-6BAB-4BFA-9898-BA2D1ABF16AE
Toll-Free Attendee Dial-In: (833) 942-2352
International/Toll Attendee Dial-In: (206) 596-9809
Event Plus Passcode: 5317909

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

Investor Relations
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202

ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc. (OTCQB: CRTG), developers of engineered silicon and 3D volumetric displays, has announced a shareholder call for November 17, 2021 at 10 AM EST. The company will host a Q&A conference call to discuss the company’s accomplishments and future initiatives.

Matthew Kappers, Chief Executive Officer, Matthew Hoffman, Chief Financial Officer, and Simon Calton, Director, will discuss the company’s recent achievements and future plans, as well as answer questions from the investment community and news media.

As described in the recent press releases, The Coretec Group has made significant progress including a $6 million investment in the company. It has entered into research agreements with key partners and expanded its patent portfolio. In addition, the company has made key additions to its management team and board of directors. These successes will be further explained on the call.

At a later date, the company will be providing the necessary information for participating in the shareholder call.

About The Coretec Group

The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.

For more information, please visit www.thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.

Forward-Looking Statements:

The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.

The Coretec Group, Inc.
Lindsay McCarthy
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+1 (866) 916-0833

SCE Talent Fills Senior Management Positions, Ensuring a Seamless Transition

ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison (SCE), the principal subsidiary of Edison International (NYSE: EIX), today announced a series of senior executive changes.

After a 35-year career at the utility, Kevin Payne, president and chief executive officer of SCE, will retire effective Dec. 1. SCE Executive Vice President of Operations Steven Powell will succeed Payne as president and CEO of SCE.

Jill Anderson, currently senior vice president of Customer Service at SCE, will succeed Powell as executive vice president of Operations. Lisa Cagnolatti, a 22-year career veteran at SCE before retiring in 2018, will return to the company and fill the role of senior vice president of Customer Service. These changes take effect Dec. 1.

“Kevin has had a profound impact on SCE as its president and CEO, particularly with his customer-centric focus and in leading our significant efforts in wildfire risk mitigation and transforming our safety culture. He made important and impactful contributions advocating for and advancing the company’s clean energy strategy to benefit all customers,” said Pedro Pizarro, president and CEO of Edison International. “During his 35 years at SCE, we all benefited from Kevin’s wisdom, support and positive influence. His most lasting impact is his caring — as a dynamic, thoughtful and incredibly well-respected leader who championed diversity, equity and inclusion and modeled our values.”

“I am extremely grateful and humbled by the privilege I have had to lead 13,000 dedicated SCE employees in safely delivering clean and reliable electric service to our 15 million customers,” Payne said. “I have great confidence in Steve, Jill and Lisa’s abilities to lead SCE now and well into the future.”

Powell has held a variety of positions of progressing responsibility since joining SCE in 2000, including leadership positions in resource planning and strategy, gas and power procurement and SCE’s plug-in electric vehicle readiness efforts. He has a Bachelor of Science degree in chemical engineering from the University of California, Los Angeles (UCLA) and earned an MBA from the UCLA Anderson School of Management.

“I look forward to partnering with Jill, Lisa and my talented co-workers as we work together to decarbonize electricity and partner with customers to electrify transportation and buildings and ensure no communities are left behind in creating a clean energy future,” Powell said.

Anderson was previously senior vice president of Strategic Planning and Power Supply at SCE, where she drove strategy, resource planning, energy procurement and management, and the operations of the company’s power generation fleet. Anderson earned her MBA from New York University and a Bachelor of Science degree in mechanical engineering from Boston University. She joined SCE in 2018.

At SCE, Cagnolatti held a series of leadership roles in Transmission and Distribution and Customer Service. She served as the vice president of the Customer Service Operations Division and also the vice president of Business Customer Division. Since retiring from SCE, she has been an executive-in-residence at Arizona State University’s W.P. Carey School of Business. Cagnolatti received her MBA from Pepperdine University and Bachelor of Science degree in engineering from UCLA.

“Steve, Jill and Lisa bring exceptional experience and qualifications to their new roles. I am excited about them being part of our dedicated and diverse senior management team,” Pizarro added.

About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

Media Contact: Chris Abel, (626) 302-2255

DUBLIN--(BUSINESS WIRE)--The "Power Sector Mergers, Acquisitions and Investment Trend Annual Review - 2020" report has been added to ResearchAndMarkets.com's offering.

"Power Sector Mergers, Acquisitions and Investment Trend Annual Review" report is an essential source of data and trend analysis on the mergers and acquisitions (M&As) and financings in the power industry.

The report provides detailed information on M&As, equity/debt offerings, private equity, venture financing and partnership transactions registered in the power industry in the year 2020.

The report portrays detailed comparative data on the number of deals and their value in the last six months, subdivided by deal types, segments and geographies. Additionally, the report provides information on the top financial advisory firms in the power industry.

Scope

• Analyze market trends for the power market in the global arena
• Review of deal trends in wind, fossil fuels, solar, hydro, biopower, geothermal, energy efficiency, energy storage, energy infrastructure, and nuclear energy markets.
• Analysis of M&A, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships in the power industry
• Summary of power deals globally in the last six months
• Information on the top deals that took place in the power industry
• Geographies covered include - North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa
• League Tables of financial advisors in M&A and equity/debt offerings. This includes key advisors such as Morgan Stanley, Credit Suisse, and Goldman Sachs

Key Topics Covered:

1 Table of Contents

1.1 List of Tables

1.2 List of Figures

2 Power Industry, Global, Deals Summary

2.1 Power Industry, Global, Deals Analysis, 2020

2.2 Power Industry, Global, Deals Analysis, 2020 by Quarter

2.3 Power Industry, Global, Number of Deals by Type, 2020

2.4 Power Industry, Global, Top Deals by Value, 2020

2.5 Power Industry, Global, Top Deals, Summaries, 2020

2.6 Power Industry, Global, Top Deal Makers, 2020

3 Power Industry, Global, Deals Summary, by Type

3.1 Power Industry, Global, Deals by Type, 2016-2020

3.2 Power Industry, Global, Mergers and Acquisition Deals, 2020

3.3 Power Industry, Global, Asset Transaction Deals, 2020

3.4 Power Industry, Global, Asset Finance Deals, 2020

3.5 Power Industry, Global, Project Finance Deals, 2020

3.6 Power Industry, Global, Self Funded Projects, 2020

3.7 Power Industry, Global, Equity Offering Deals, 2020

3.8 Power Industry, Global, Debt Offering Deals, 2020

3.9 Power Industry, Global, Private Equity Deals, 2020

3.10 Power Industry, Global, Venture Capital Deals, 2020

3.11 Power Industry, Global, Partnership Deals, 2020

4 Power Industry, Global, Deals Summary, by Sector

4.1 Power Industry, Global, Solar Deals, 2020

4.2 Power Industry, Global, Wind Deals, 2020

4.3 Power Industry, Global, Biopower Deals, 2020

4.4 Power Industry, Global, Fossil Fuels Deals, 2020

4.5 Power Industry, Global, Hydro Deals, 2020

4.6 Power Industry, Global, Energy Efficiency Deals, 2020

4.7 Power Industry, Global, Energy Infrastructure Deals, 2020

4.8 Power Industry, Global, Geothermal Deals, 2020

4.9 Power Industry, Global, Nuclear Deals, 2020

4.10 Power Industry, Global, Energy Storage Deals, 2020

5 Power Industry, Deals Summary, by Geography

5.1 Power Industry, North America Deals, 2020

5.2 Power Industry, Europe Deals, 2020

5.3 Power Industry, Asia-Pacific Deals, 2020

5.4 Power Industry, Rest of the World Deals, 2020

6 Power Industry, Global, Top Financial Advisors

6.1 Power Industry, Global, Top Financial Advisors, Mergers and Acquisitions, 2020

6.2 Power Industry, Global, Top Financial Advisors, Equity Offerings, 2020

6.3 Power Industry, Global, Top Financial Advisors, Debt Offerings, 2020

7 Power Industry, Global, Top Legal Advisors

7.1 Power Industry, Global, Top Legal Advisors, 2020

For more information about this report visit https://www.researchandmarkets.com/r/1a9rcc

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT)

Third-Quarter 2021 Highlights

• Total gross profit of $197.5 million, down 8% year-over-year
• GAAP net income of $21.7 million, or $0.34 per diluted share
• Adjusted net income of $22.7 million, or $0.36 per diluted share
• Adjusted EBITDA of $63.4 million

“A strengthening economy combined with easing global travel restrictions contributed to another strong year-over-year increase in aviation activity,” stated Michael J. Kasbar, chairman and chief executive officer. “Despite lingering effects of the pandemic and ongoing supply chain disruptions, we are well positioned to drive growth in our core business activities while serving the evolving energy requirements of our customers.”

For the third quarter, our aviation segment generated gross profit of $113.0 million, an increase of 16% year-over-year, principally related to increased volumes driven by the continued recovery in demand for travel, partially offset by a reduction in our government-related activity in Afghanistan which concluded in the quarter. Our marine segment generated gross profit of $21.9 million, a decrease of 32% year-over-year, driven by a decline in average margins in the core resale business. Our land segment generated gross profit of $62.6 million, a decrease of 26% year-over-year, principally related to the sale of the MultiService payment solutions business last year.

“Despite steadily increasing fuel prices, we generated $83 million of cash flow from operations during the third quarter and $223 million during the first nine months of the year,” said Ira M. Birns, executive vice president and chief financial officer. “Our solid balance sheet enables us to fund today’s announced acquisition of Flyers Energy, while still maintaining significant liquidity to support future growth and deliver long-term shareholder value.”

COVID-19 Update

Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular, which has continued into 2021. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns. The ultimate global recovery from the pandemic will be dependent on, among other things, actions taken by governments and businesses to contain and combat the virus, including any variant strains, the speed and effectiveness of vaccine production and global distribution, as well as how quickly, and to what extent, normal economic and operating conditions can resume on a sustainable basis globally.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures (collectively, the “Non-GAAP Measures”), including adjusted net income attributable to World Fuel Services, adjusted diluted earnings per common share, and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Non-GAAP Measures exclude acquisition and divestiture related expenses, restructuring costs, impairments, gains or losses on the extinguishment of debt and gains or losses on business dispositions primarily because we do not believe they are reflective of our core operating results.

We believe that the Non-GAAP Measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance of the Company and to provide greater transparency as supplemental information to our GAAP results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of the Non-GAAP Measures may not be comparable to the presentation of such metrics by other companies. Adjusted diluted earnings per common share is computed by dividing adjusted net income attributable to World Fuel Services and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested restricted stock units outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Investors are encouraged to review the reconciliation of these Non-GAAP Measures to their most directly comparable GAAP financial measures in this press release and on our website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations about our position to drive growth in our core business activities, our ability to support future growth and deliver long term shareholder value, as well as the ultimate impact of the coronavirus pandemic on us. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, particularly for those customers most significantly impacted by the pandemic, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, adverse conditions in the markets or industries in which we or our customers and suppliers operate such as the current global economic environment as a result of the coronavirus pandemic, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to capitalize on new market opportunities, risks related to the complexity of the U.S. and foreign tax legislation and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the new administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. In addition, other current or potential risks and uncertainties related to the coronavirus pandemic include, but are not limited to: notices from customers, suppliers and other third parties asserting force majeure or other bases for their non-performance, losses on hedging transactions with customers arising from the volatility in fuel prices, heightened risk of cybersecurity issues as digital technologies may become more vulnerable and experience a higher rate of cyber-attacks in a remote connectivity environment, reduction of our global workforce to adjust to market conditions, including increased costs associated with severance payments, retention issues, and an inability to hire employees when market conditions improve, the impact of asset impairments, including any impairment of the carrying value of our goodwill in our aviation and land segments, as well as other accounting charges if expected future demand for our products and services materially decreases, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

-- Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts --