Systems will provide clean, renewable energy to select California restaurants
ATLANTA--(BUSINESS WIRE)--#SolMicroGrid--SolMicroGrid, an Energy-as-a-Service microgrid company, announced plans today to deploy a solar-enabled microgrid solution to provide energy resiliency and renewable energy to three Chick-fil-A® restaurants in California. SolMicroGrid’s innovative systems address the issue of planned and unplanned power outages and the need for greater renewable energy.
Through a combination of solar, natural gas generators, and on-site storage controlled by an AI dashboard, the microgrids will provide the reliability of continuous power during local utility outages. The microgrids are designed to produce clean, cost reducing, reliable and “always on” energy.
“This new system will allow us to reduce energy costs while helping us continue to serve our guests even through power outages,” said April Farage, a Chick-fil-A Operator in Stockton, California. “This solution will allow us to provide a place where guests in the community can convene, enjoy a meal and plug in when power may not be available to their homes.”
SolMicroGrid is a developer and operator of microgrid systems for commercial and industrial customers across North America who seek a comprehensive Energy-as-a-Service solution to their power needs. The senior management team, led by Matt Ward and Joyce Bone, worked alongside Chick-fil-A, Inc. to develop the first-of-its-kind energy system, which can be used at restaurants, gas stations, grocery stores, pharmacies and other community-essential businesses.
“The intention from the inception of SolMicroGrid was to provide community-critical businesses with the clean, renewable energy they need to serve their customers even during times of crisis, as well as to address the trend of increasing costs in energy,” said Ward, co-founder and CEO of SolMicroGrid.
Bone, co-founder and President of SolMicroGrid, added, “We could not be more excited to be associated with such a stellar organization as Chick-fil-A. Our corporate goals align closely with Chick-fil-A’s own commitment to the communities that Chick-fil-A restaurants serve and we both want to do our part in making this world a better place through greater use of carbon-free, renewable solar energy.”
Upon completion of the initial installations in California, Chick-fil-A, Inc. and SolMicroGrid, with support from its financial partner, Morgan Stanley Energy Partners, through their managed investment funds, intend to explore microgrid solutions for additional Chick-fil-A restaurant locations across North America.
About SolMicroGrid
Headquartered in Alpharetta, Georgia, SolMicroGrid is a differentiated developer and operator of solar-enabled microgrid systems offering energy resiliency and efficiency to commercial and industrial customers. SolMicroGrid is a portfolio company of Morgan Stanley Energy Partners. For further information about SolMicroGrid, please visit www.solmicrogrid.com.
About Chick-fil-A
Atlanta-based Chick-fil-A, Inc. is a family owned and privately held restaurant company founded in 1967 by S. Truett Cathy. Devoted to serving the local communities in which its franchised restaurants operate, and known for its original chicken sandwich, Chick-fil-A serves freshly prepared food in more than 2,600 restaurants in 47 states, Washington, D.C., and Canada. A leader in customer service satisfaction, Chick-fil-A was named top fast food restaurant in Newsweek’s 2019 America’s Best Customer Service report and received several honors in QSR’s 2019 Reader’s Choice Awards, including “The Most Respected Quick-Service Brand” and “Best Brand for Overall Experience”. Additionally, Glassdoor named Chick-fil-A, Inc. one of the top 100 best places to work in 2020. More information on Chick-fil-A is available at www.chick-fil-a.com.
Kaitlin Jarvis
The Brandware Group on behalf of SolMicroGrid
This email address is being protected from spambots. You need JavaScript enabled to view it.
770-649-0880 ext. 317
Joint venture with Crowheart Energy transitions the upstream asset to a proven operator, enhances utilization of Williams’ midstream infrastructure, creates operating efficiencies, and positions the Wamsutter Field for growth
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that it has finalized an upstream joint venture with Crowheart Energy (Crowheart) in the Wamsutter Field of the Greater Green River Basin of Wyoming. The joint venture involves the consolidation of three legacy operating assets consisting of over 1.2 million net acres, over 3,500 operating wells, and more than 3,000 potential development locations. The transaction consolidates the legacy BP, Southland and Crowheart upstream assets into one contiguous footprint, delivering operational cost savings and synergies, while unlocking significant long lateral development inventory. Williams’ strategic efforts to combine the Wamsutter Field reserves will enhance the value of its midstream and downstream natural gas and NGL infrastructure.
“We are excited to enter into this joint venture with a strong and well-capitalized operator with an ownership structure that will reduce costs, stimulate development activity, drive volumes and position our midstream and downstream assets for growth,” said Chad Zamarin, Williams Senior Vice President of Corporate Strategic Development. “Today’s announcement is the culmination of Williams’ consolidation efforts in the Wamsutter Field. With Crowheart as our operating partner, we position the upstream platform with a proven in-basin operator who is committed to optimizing and developing the consolidated assets.”
Under the joint venture, Crowheart will operate the parties’ consolidated upstream position and Williams will continue to operate and retain full ownership of its midstream assets. Williams will also retain real estate, surface and other rights designed to enable further expansion of midstream and renewable energy opportunities in Wyoming. The existing large scale and efficient infrastructure will allow this resource to be produced in an environmentally responsible manner.
Other key highlights of the joint venture include the following:
“The Wamsutter Field consolidation is a transformational milestone for the Greater Green River Basin. It provides the corporate scale, field operating efficiencies, water infrastructure backbone and new well development platform needed to make our basin an important and growing source of natural gas, natural gas liquids and oil,” said Crowheart Chairman Robb Turner. “Our team looks forward to working with Williams, our local communities, regulators and service providers to realize the full potential of this exciting transaction.”
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
About Crowheart
Crowheart Energy is a Denver, Colorado based upstream oil and gas company focused on the safe, efficient and environmentally-friendly development of operated assets in Wyoming's Greater Green River Basin. The company was founded in 2017 in partnership with The Madava Group.
MEDIA:
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(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
HOUSTON--(BUSINESS WIRE)--MV Oil Trust (NYSE: MVO) announced the Trust distribution of net profits for the second quarterly payment period ended June 30, 2021.
Unitholders of record on July 16, 2021 will receive a distribution amounting to $3,450,000 or $0.300 per unit payable July 23, 2021.
Volumes, average price and net profits for the payment period were:
Volume (BOE) |
|
166,357 |
|
|
Average price (per BOE) |
|
$ |
58.05 |
|
Gross proceeds |
|
$ |
9,657,182 |
|
Costs |
|
$ |
5,062,304 |
|
Net profits |
|
$ |
4,594,878 |
|
Percentage applicable to Trust’s 80% |
|
|
|
|
Net profits interest |
|
$ |
3,675,902 |
|
MV Partners reserve for capital expenditures |
|
$ |
-- |
|
Total cash proceeds available for the Trust |
|
$ |
3,675,902 |
|
Provision for estimated Trust expenses |
|
$ |
(225,902 |
) |
Net cash proceeds available for distribution |
|
$ |
3,450,000 |
|
This press release contains forward-looking statements. Although MV Partners, LLC has advised the Trust that MV Partners, LLC believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended June 30, 2021. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
MV Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
JACKSONVILLE, Fla. & CARY, N.C.--(BUSINESS WIRE)--Surge Transportation, Inc., a leading hybrid digital brokerage, today announced a technology integration and partnership with MercuryGate International, Inc., a leader in Transportation Management System (TMS) solutions, to offer Real-Time pricing capabilities for shippers looking to automate their capacity sourcing when there are gaps in the routing guide. The partnership integrates API enabled Real-Time rates when shippers need them, especially during peak, seasonal, short lead time, expedited, or other surge capacity needs.
“Finding capacity continues to be a challenge for many shippers,” said Kevin Land, Executive Vice President of Sales at MercuryGate. “Our partnership with Surge Transportation provides an efficient and cost-effective way for companies to find capacity, while also ensuring high levels of service. And, perhaps most importantly, this can all be done within the MercuryGate TMS to create a strategic and proactive workflow.”
By quoting Real-Time rates that reflect current market conditions, without having to go to the spot market, Surge Transportation ensures MercuryGate users have access to the most strategic rates with guaranteed capacity and service. Real-Time pricing allows companies to award business not just dependent on price, but more strategically by factoring in KPIs such as on-time delivery, EDI compliance, tracking compliance and more.
Customers benefit from improved efficiency and guaranteed service. The integration allows for Surge Transportation's Real-Time, bookable rates to appear in MercuryGate’s TMS application as an option before sending loads to auction or included as a part of the routing guide. As a result, shippers can make strategic capacity decisions proactively by design and with a provider who can meet their highest service expectations.
“We are so excited to partner with MercuryGate to give shippers access to real-time rates for guaranteed capacity,” said Omar Singh, President of Surge Transportation. “Combining our rating tool with MercuryGate’s TMS enables shippers to design a strategic option before going to the spot market and overcome the volatile pricing and inconsistent service levels often found in auction.”
About Surge Transportation
Surge Transportation provides critical carrier capacity for shippers like Anheuser-Busch, KraftHeinz, and Graphic Packaging during challenging times when the routing guide breaks down. Surge recognizes that there is a fundamental problem with routing guide strategy in that forecasts are linear, but demand is not. The result is that about half of the time in day-to-day execution, either shippers do not have enough trucks, or, carriers to not have enough loads. Surge’s solution is to provide the industry’s best Real-Time price engine, supported by their network of 30,000 carriers, to match shippers with capacity when it is needed the most. Find out how Surge can add value to your routing guide, by visiting http://www.surgetransportation.com or contact us directly at: This email address is being protected from spambots. You need JavaScript enabled to view it..
About MercuryGate
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs. Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at http://www.mercurygate.com or on Twitter at @MercuryGate.
Tadina Ross
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571-222-4100
HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) announced today that it has been awarded a four-well contract with BP offshore Mauritania and Senegal for drillship, VALARIS DS-12. The contract is expected to commence in the first quarter of 2022 with an estimated duration of 285 days.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10- Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contact: Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
DUBLIN--(BUSINESS WIRE)--The "Global Frac Services Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The publisher has been monitoring the frac services market and it is poised to grow by $2.70 billion during 2021-2025, progressing at a CAGR of almost 3% during the forecast period.
The report on the frac services market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the rising investments in shale oil and gas and increasing focus on unconventional oil and gas E&P activities.
The frac services market analysis includes the application segment and geographic landscape. This study identifies increasing upstream investments as one of the prime reasons driving the frac services market growth during the next few years.
Companies Mentioned
The report on frac services market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Application
6. Customer Landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/3uofsc
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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PLANO, Texas--(BUSINESS WIRE)--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) plans to issue its second quarter 2021 financial and operating results prior to the market opening on Thursday, August 5, 2021. On the same day, the Company is scheduled to host a webcast and conference call at 11:00 a.m. Central Time (12 p.m. Eastern Time). The presentation webcast will be available, both live and for replay, on the Investor Relations page of the Company’s website at www.denbury.com. Individuals who would like to participate in the conference call should dial in shortly before the scheduled start time.
What: Denbury 2Q 2021 Results Conference Call |
|
Date: Thursday, August 5, 2021 |
|
Time: 11:00 a.m. Central Time (12 p.m. Eastern Time) |
|
Dial-in numbers: 877.705.6003 (domestic) and 201.493.6725 (international) |
|
Conference ID number: 13696088 |
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO2 in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO2. The Company currently injects over three million tons of captured industrial-sourced CO2 annually, and its objective is to fully offset its Scope 1, 2, and 3 CO2 emissions within this decade, primarily through increasing the amount of captured industrial-sourced CO2 used in its operations. For more information about Denbury, visit www.denbury.com.
Brad Whitmarsh, Executive Director, Investor Relations, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Susan James, Manager, Investor Relations, 972.673.2593, This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Ground Mounted PV Utility Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global ground mounted PV utility market is expected to grow at a compound annual growth rate of 9.85% over the forecast period to reach a market size of US$9.534 billion in 2026 from US$4.939 billion in 2019.
Companies Mentioned
The market of ground mounted photovoltaic utility market is estimated to grow in the coming years. The growing concerns for the environment and the depletion of natural resources has boosted the demand for renewable sources of energy. The demand for solar energy has therefore been increasing. A grid-connected photovoltaic power system is a solar photovoltaic plant that generates electricity and is connected to the utility grid.
Impact of COVID-19
The ground mounted solar photovoltaic utility market was severely affected by the outbreak of COVID-19. The lockdown restrictions across various countries caused various solar projects to come to a halt. The market witnessed a significant decline in 2020. It is estimated that post COVID, with the revival of the economy around the world the demand for ground mounted solar photovoltaic utility will increase and the market will witness significant growth
Market Dynamics
In the year 2019, the Cabinet Committee on Economic Affairs (CCEA) in India approved a financial support of more than Rs. 46,000 crores by 2022, in order to promote the use of solar energy among farmers and to support the rooftop solar program of the country. With the help of this program the government proposes to add 25.75 GW of solar capacity by 2022. It is promoting the installation of 17.5 lakh standalone solar-powered agricultural pumps, 10 GW worth of decentralized ground mounted and grid-connected renewable power plants
Countries around the world are fighting against the rising global warming and the use of renewable energy plays an important role in the reduction of carbon dioxide emissions. Several countries are revising their energy policies to encourage the installation of solar PV. The growing trend of shift towards renewable energy will boost the demand for ground mounted PV utility. Shell, a major oil and gas company has announced on 11th Feb, 2021 about its plan to spend annually US$ 2 billion to US$ 3 billion on renewable energy and energy solutions in order to help attain a net zero status by the year 2050. The U.S. has recorded a new achievement in case of renewables in the year 2020 by adding a combined 33.6 GW of solar and wind capacity.
Policies like Feed in Tariff program and Power Purchase Agreement will foster growth in the market of ground mounted photovoltaic utility. The fall in the prices of PV components combined with strict renewable energy goals has greatly driven development in the solar photovoltaic mounting systems market. Moreover, a number of initiatives would boost the demand for ground mounted PV utility installations, such as tax rebates, assets and financial leverage, combined with increasing spending from public and private funding institutions. The installation cost of solar PV panels is quite expensive therefore acting as a barrier in the growth of the market
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Ground Mounted PV Utility Market Analysis, By Technology
5.1. Introduction
5.2. Fixed
5.3. Tracking
6. Ground Mounted PV Utility Market Analysis, by End-User
6.1. Introduction
6.2. Residential
6.3. Commercial
6.4. Industrial
6.5. Utility
7. Ground Mounted PV Utility Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/cgroj0
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Quarterly interim dividend of 12.5 cents per ordinary share, to be payable on August 4, 2021, to shareholders of record at close of business on July 16, 2021. Luxfer to report 2021 second quarter results on July 26th and host conference call on July 27th.
MANCHESTER, England--(BUSINESS WIRE)--Luxfer Holdings PLC (NYSE: LXFR), a global manufacturer of highly-engineered industrial materials (the “Company”), today announced that its Board of Directors has declared a regular quarterly dividend of 12.5 cents per ordinary share.
The dividend will be payable on August 4th, 2021, to shareholders of record at close of business on July 16th, 2021.
All holders of NYSE-listed ordinary shares will be paid in U.S. dollars through the Company’s dividend disbursing agent.
For holders of ordinary shares not directly listed on the NYSE, the dividend will be paid directly by the Company. Payment will be made in U.S. dollars, but holders of ordinary shares can elect to receive their dividend payment in respect of those ordinary shares in pounds sterling. If a holder of ordinary shares has previously requested and received a dividend payment in pounds sterling, the holder will receive this dividend payable on August 4th, 2021, in pounds sterling, unless an election in writing to change the currency of payment is received by the Company Secretary by July 19th, 2021. Holders of ordinary shares electing to receive their dividend in pounds sterling will have the U.S. dollar amount converted to pounds sterling at the spot rate reported in the Financial Times for the record date.
The Company also announced that it will release financial results for the second quarter of 2021 after the market closes on Monday, July 26th, 2021. Luxfer has scheduled a conference call at 8:30 a.m. U.S. Eastern Daylight Time on Tuesday, July 27th, 2021, during which management will provide a review of the Company’s second-quarter results.
Conference Call Information
U.S. participants may access the conference call by telephoning +1-877-341-8545. Participants from other countries may call +1-908-982-4601. The participant conference ID code is 6047794.
Please begin the call-in procedure at least 15 minutes before the conference call starts. The call is expected to last approximately one hour.
Please use the following link to access the webcast for the conference call:
https://event.on24.com/wcc/r/3308114/C1138386411DE4658DBB86D26C2E1B3C
A recording of the conference call will be available for replay two hours after the completion of the call and will remain accessible until the next quarterly report is released. To hear the recording, call +1-855-859-2056 in the U.S. and +1-404-537-3406 in other countries. Enter conference ID code 6047794 when prompted.
Slides used in the presentation and a recording of the call will also be available in the investor relations section of the Luxfer website at www.luxfer.com.
About Luxfer
Luxfer is a global manufacturer of highly-engineered industrial materials, which focuses on value creation by using its broad array of technical knowhow and proprietary technologies. Luxfer’s high-performance materials, components, and high-pressure gas containment devices are used in defense and emergency response, healthcare, transportation, and general industrial applications. For more information, visit www.luxfer.com.
Luxfer is listed on the New York Stock Exchange and its ordinary shares are traded under the symbol LXFR.
Luxfer Holdings PLC
Heather Harding – Chief Financial Officer
+1 414-269-2419
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE: CR) announces the following schedule and teleconference information for its second quarter 2021 earnings release:
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Process Flow Technologies, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) today announced that Greg McCamus retired as President of Superior Propane on June 30, 2021. Rick Carron, Superior Propane’s Senior Vice President of Sales and Operations, has been named as the new President of Superior Propane following Mr. McCamus’ retirement.
Mr. McCamus joined Superior Plus Corp. in 2005 as the President of Superior Energy Management, and served as President of U.S. Refined Fuels before being appointed President, Superior Propane and Energy Distribution (North America) in 2012. During that time, oversaw Superior’s significant expansion and growth strategy in the Canadian and U.S. propane marketplaces.
During Mr. McCamus’ tenure, Superior Propane made a significant digital transformation that dramatically improved the company’s operating efficiency, reinvigorated the customer experience and modernized the propane business. Superior Propane’s first-class safety culture, modern metrics for customer service (Net Promotor Score) and industry-leading employee engagement are only a few more of Mr. McCamus’ valuable contributions.
“I want to thank Greg for being not only an outstanding leader and business executive, but also a trusted advisor,” said Luc Desjardins, President and CEO. “He always promoted what was best for all the stakeholders, including our customers, employees, communities and shareholders.”
Mr. Carron has served as Senior Vice President of Sales and Operations at Superior Propane since 2019 and has successfully delivered on key sales and operational initiatives. Previously, Mr. Carron served as Superior Propane’s Vice President, Sales since 2011. Since joining Superior, Mr. Carron has developed a best in class sales team that has increased commercial and residential sales in Canada as well as building the foundation for the sales structure of the U.S. Propane Distribution.
Prior to joining Superior, Mr. Carron held executive and senior leadership positions in different industries for more than 20 years, including key roles with Direct Energy, Bell Canada and Evoco Inc.
“I feel very fortunate to have worked closely with Greg during my time at Superior,” says Superior Propane President, Rick Carron. “Greg’s accomplishments are many and I am indebted to him for the mentorship that he has provided me, not only throughout my career, but especially over the past six months as he has helped me prepare to take on the role of President.”
Mr. Carron will focus on evolving Superior Propane’s proven and successful operating platform and capitalizing on new opportunities to invest in technology and innovation to further improve the customer experience.
About Superior Propane
Superior Propane is Canada's only national provider of portable fuels, equipment and service delivered locally to residential, commercial, agricultural and industrial customers in over 10,000 communities nationwide. In business since 1951, Superior is headquartered in Mississauga, ON and is part of the Energy Distribution division of Superior Plus Corp. Superior Propane employs more than 1,000 Canadians and delivers over 1.2 billion litres of propane annually.
For further information about Superior Propane, please contact Teresa Crosato, Senior Manager, Marketing Communications, Tel: (416) 460-9186, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
About Superior Plus
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
For Superior Propane:
Teresa Crosato, Senior Manager, Marketing Communications
Tel: (416) 460-9186
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
For Superior:
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
Qualified Kandi NEV and Powersports customers can receive up to 72 and 84-month payment installments, respectively
DALLAS--(BUSINESS WIRE)--$KNDI #APR--Kandi America, the U.S. subsidiary of Kandi Technologies Group Inc. (NASDAQ GS: KNDI), an international electric vehicle and powersports manufacturer, today announced it has entered into an agreement with Synchrony, a premier consumer financial services company, to provide retail financing on all Kandi Neighborhood Electric Vehicles (NEV) and Kandi Powersports off-road vehicles.
Effective on July 1, 2021, eligible Kandi America customers can receive a 72-month installment financing offering on Kandi NEVs and up to 84 months on Kandi Powersports off-road vehicles with an APR as low as 2.99%.
“Recognizing the importance of retail financing, our team has been working diligently to partner with the right company to ensure our NEVs and powersports vehicles are accessible for all,” said Johnny Tai, CEO of Kandi America. “The relationship with Synchrony marks a significant moment in time for Kandi America as we provide customers the opportunity to have low monthly payments while enjoying their Kandi vehicles.”
In addition to partnering with Synchrony to provide retail financing, Kandi is working with Wells Fargo Commercial Distribution Finance and Northpoint Commercial Finance to provide inventory financing to the company’s network of dealers. The move of both wholesale financing and retail financing in place is designed to allow Kandi to expand its footprint and approve more applications for dealerships across the country.
Priced at $22,499 and $15,499, respectively, the Kandi NEV K23 and NEV K27 models are eligible for tax incentives that vary by state. While customers can still secure their own loan, financing through Kandi is a quick and easy process that significantly reduces the up front and month-to-month cost of owning a Kandi NEV or Powersports vehicle.
Unique to the NEV market, Kandi’s NEV K23 and NEV K27 models contain safety features such as seatbelts and airbags, much-desired HVAC, and can comfortably fit up to four passengers. The back seats fold down completely to provide ample cargo space, making it perfect for active lifestyles and running errands around town. Both models come standard with a backup camera, Bluetooth capability and a high-tech touchscreen – everything the modern driver needs.
To learn more about Kandi America and Kandi Powersports, visit KandiAmerica.com and KandiPowersports.com.
About Kandi America
Kandi America is the U.S. subsidiary of Kandi Technologies Group, Inc. (NASDAQ GS:KNDI). Headquartered in Dallas, Texas, Kandi America is primarily engaged in the wholesale distribution of off-road vehicle products and electric vehicles. Since 2008, Kandi Technologies has been publicly traded on the Nasdaq Stock Exchange under the symbol KNDI. For more information, visit KandiAmerica.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
Bryan Grissom
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Industry group develops pre-storm preparedness program; details best practices to avoid carbon monoxide and other hazards
CLEVELAND--(BUSINESS WIRE)--Weather experts predict a dangerous and active hurricane season, a time when usage of portable generators peaks. And Tropical Storm Elsa is already here.
Unfortunately, the storms themselves are not the only risk factor—and, in fact, are not always the leading cause of injury or death.
Portable generators are life-saving emergency safety tools; however, because of improper consumer use, people suffer carbon monoxide poisoning year after year. To put this into perspective, when Hurricane Laura hit Louisiana in August 2020, 26 people died due to various circumstances, with carbon monoxide poisoning claiming the most lives—nine.
The Portable Generator Manufacturers’ Association (PGMA) wants to rewrite the news story in advance of this season’s first storm.
Take it Outside™ is a program developed to help keep owners of portable generators and their families safe by encouraging at-risk residents to start thinking about where generators can be safely used. Much like preparing families for a fire and creating a strategy in advance of calamity, actions are needed—and can be taken—before a storm strikes.
Specifically, the Take it Outside program emphasizes that the only safe way to operate a portable generator is by taking it outside. Planning for (1) where you will position your alternative energy source and (2) ensuring you have enough extension cord length to accommodate the safe distance is mandatory to keep people safe from the colorless, odorless threat of carbon monoxide.
Complete primer notes are available at PGMA’s public safety site. Inevitably, storms will come, and power outages will happen. What can and does help is preparedness! Please consider reviewing our safety materials, make a plan, and practice the plan.
About PGMA
The Portable Generator Manufacturers’ Association (PGMA) is a trade association that seeks to develop and influence safety and performance standards for our industry’s products. Formed in 2009, PGMA members include major manufacturers of portable generators sold in North America and a significant majority of the industry. www.pgmaonline.com.
Pete Zeller
216.579.6100 ext. 2
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DUBLIN--(BUSINESS WIRE)--The "Global Calcium Silicate Insulation Market by Temperature (High-Temperature & Mid-Temperature), End-use Industry (Metals, Industrial, Power Generation, Petrochemical, Transport), and Region (Europe, North America, APAC, MEA, South America) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global calcium silicate insulation market size is estimated to be USD 256 million in 2021 and is projected to reach USD 320 million by 2026, at a CAGR of 4.6% between 2021 and 2026.
The growth of the calcium silicate insulation market is primarily triggered by its increasing use in the transport and power generation industries. The major restraint for the market will be low awareness regarding the use of insulation products. However, rising demand for green building materials from developed regions will act as an opportunity for the market.
The high temperature is the largest calcium silicate insulation temperature for calcium silicate insulation market in 2020
The growing aluminum, cement, glass, and petrochemical industries in developing economies and rebound in power generation and other industrial activities in developed economies are expected to drive the market for the high temperature range segment. The need for sustainable thermal insulation in high temperature processing industries and increased regulations supporting the same are driving the calcium silicate insulation market.
Metals is estimated to be the largest end-use industry of calcium silicate insulation market between 2021 and 2026
Calcium silicate insulation is used in metal processing industries for steel, aluminium, and ferrous & non-ferrous casting application such as billet and ingot casting as transition plates, floats, spouts; head boxes for continuous casters; tips for continuous sheet casters; sprue bushes, tubes, nozzles and feeder box liner in low pressure die casting; hot face linings for dosing/holding furnaces and in launders & dams. It is also used for thermal insulation of liquid metals, for instance, it is used in direct contact with liquid aluminium alloys for transport, distribution and flow control of the metal. In order to achieve fire resistance rating, steel structures are cladded around with calcium silicate to provide thermal insulation.
Other applications in the metal industry includes providing components for the manufacturing of bolts and ingots in horizontal and vertical casting, for example nozzles, floats, stoppers and hot top rings. It is also used as an insulating medium for metal cladding.
APAC is expected to be the largest calcium silicate insulation market during the forecast period, in terms of value
APAC has dominated the global calcium silicate insulation market due to the growing investments in developing countries and manufacturing capacity additions across end-use industries, especially power generation, petrochemical, transport, metal processing and industrial infrastructure activities is increasing in developing economies such as China and India. This drives demand for thermal insulation, which has contributed significantly to the growth of the calcium silicate insulation market in APAC. China is the key market for calcium silicate insulation in the APAC due to its increasing industrialization and low-cost manufacturing technology. Most key players operating in the calcium silicate insulation market have their production capacities in APAC since the region's production cost is lower than that in other regions.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/bzs57r
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON & NEW YORK--(BUSINESS WIRE)--Carrier Energy Partners II, LLC (“Carrier” or the “Company”) has closed a new Senior Secured First Lien Term Loan (the "Term Loan"). Proceeds from the Term Loan will be used to retire existing borrowings under Carrier’s maturing reserve-based loan (“RBL”) facility.
“This financing strengthens the Company's balance sheet and minimizes future uncertainty as it relates to the previous semi-annual RBL redetermination process,” said Mark Clemans, President and Chief Executive Officer of Carrier.
Energy Capital Solutions, LLC acted as financial advisor and placement agent to Carrier and Thompson & Knight LLP acted as legal advisor to Carrier.
About Carrier Energy Partners II, LLC
Carrier Energy Partners II is a private oil and gas company led by Mark Clemans (CEO) and Christina Chen (CFO) focused on the acquisition and exploitation of upstream assets. Backed with an equity commitment from Riverstone Holdings LLC, its primary objective is to partner with select operators that are developing unconventional reservoirs in North America.
For more information, visit www.carrierenergy.com.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with over $42 billion of equity capital raised to date. Riverstone conducts buyout, growth capital, and credit investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston, Menlo Park, Mexico City and Amsterdam, the firm has committed approximately $43 billion to more than 200 investments in North America, South America, Europe, Africa, Asia, and Australia.
For more information, visit www.riverstonellc.com.
For Carrier Energy Partners II, LLC
Ryan Poole, 713-234-7631
or
For Riverstone Holdings LLC
Kekst CNC, Daniel Yunger, 212-521-4800
WASHINGTON--(BUSINESS WIRE)--The Propane Education & Research Council (PERC) launched a new identity for propane that signals a seismic change in how to view this reliable energy source.
The new brand, PROPANE Energy for Everyone™, highlights propane’s role in ensuring energy equity and reducing carbon emissions.
“Americans are beginning to appreciate the value of propane in a wider energy mix after seeing the vulnerabilities of the electric grid in Texas and California and around the country,” says PERC President and CEO Tucker Perkins. “Propane is clean, affordable, and available right now. Unlike the electric grid, it does not require trillions of dollars in infrastructure investment that will create a burden on those who can least afford it. Propane offers solutions for climate, health, and equity.”
The PROPANE Energy for Everyone™ brand was created by PERC’s newly selected creative agency of record, Elevation Advertising, after a competitive review. It is rolling out to propane industry partners in anticipation of consumer and market-specific campaigns this fall.
“As we familiarized ourselves with the energy sector as part of the competitive review, we realized that propane has a remarkable story that’s not being told,” says Elevation’s co-founder and executive creative director, Aaron Dotson. “Propane is part of a clean energy mix that complements other renewable systems to help reduce carbon emissions today, right now. With the national energy conversation shifting more toward sustainable solutions every day, it’s the perfect time to share propane’s story.”
The PROPANE Energy for Everyone™ brand was the top performer in testing with homeowners, business owners, energy influencers, and propane professionals. Millions of Americans use propane for heat, hot water, cooking, and power generation at home and at work. It is also a popular fuel for school buses, emergency first-responder equipment, high-end restaurants, remote farms, and countless other applications.
“That’s why propane is energy for everyone,” adds Dotson. “Because everyone deserves access to energy. Everyone.”
“The Pro-Energy Icon that forms part of the logo is designed to recall the many users and uses of propane,” Dotson says. “But it’s also calling to mind a stylized landscape of the cleaner world it’s helping to create.”
The new brand platform is being introduced to national propane providers and state associations with video, direct mail, and marketing collateral that they can use to communicate the benefits of propane to their customers.
“The many propane industry volunteers who helped us choose a new agency and develop the new brand proved themselves to be extremely strategic thinkers,” says Erin Hatcher, senior vice president of marketing and communications at PERC. “With their help, Elevation accomplished an incredible amount of thoughtful work in a short amount of time. We’re excited to be forming this partnership as we continue to educate people about the many benefits of clean propane, the energy for everyone.”
Propane Education & Research Council (PERC)
Authorized by the U.S. Congress in 1996, PERC is a Washington, D.C.-based not-for-profit charged with leading propane safety and training programs. With collaboration and funds from the propane industry, the organization also invests in research and innovation for propane applications in the transportation, agriculture, power, residential, and commercial construction sectors.
Erin Hatcher
804-814-1235
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has reached an agreement for liquefied natural gas (LNG) supply that will cover the remaining volumes for NFE’s existing natural gas and electricity businesses through the end of 2027.
“This transaction secures our LNG supply for the next several years across our existing portfolio of terminals and customers,” said Wes Edens, Chairman and CEO of NFE. “With commercial operations expected to begin within days in Mexico and next month in Nicaragua, this will ensure we provide our customers a reliable and affordable supply of cleaner energy. We will look to secure additional volumes later this year ahead of commencing our Brazil operations and as we continue to grow our customer base across all our terminals.”
With this gas supply in place, NFE will have purchased LNG volumes equal to approximately 100% of its expected needs for its current portfolio of five terminals and assets across the Caribbean, Mexico and Central America for the next six years. The Company anticipates securing additional LNG supply volumes later in 2021 to support NFE’s four terminals in Brazil, which are all expected to be operational in 2022.
“We executed our strategy to neutralize LNG exposure by securing LNG supply contracts that meet our downstream needs,” said Kasciandro Senem, LNG Managing Director of NFE. “Our next step is to extend this strategy to our Brazilian terminals. This work is well under way and will be executed in coordination with NFE’s downstream developments in the country.”
This agreement is subject to customary documentation.
About New Fortress Energy
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Language Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including obtaining customary approvals of definitive terms, management’s estimates of gas supply needed for the Company’s expected volumes through 2027, the timing for commencing commercial operations in Mexico and Nicaragua, the plans for continued growth of New Fortress’ customer base and projects, efforts to spur economic growth, reduce emissions and make energy more affordable and cleaner, and the growth of our portfolio. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk that we are not able to obtain approvals for the commercial terms of the gas supply we expect to obtain, the risk that our customer base and projects will not grow or be successful in line with our expectations or plans, the risk that our projects will not result in cleaner, more affordable or more reliable energy and the risk that the portfolio will not grow in the way we expect. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus included in the registration statement filed with the SEC in connection with the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.
IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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Other COVID-19 Emergency Customer Protections Have Ended, With Changes to be Rolled Out in Phases
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) announced today that it will extend the moratorium on utility service disconnections through September 30, 2021. The moratorium was put in place in March 2020 by the California Public Utilities Commission (CPUC).
“We believe extending the service disconnection moratorium for all customers allows for additional relief efforts from the state to take shape while protecting our customers who are financially struggling,” said Marlene Santos, PG&E Executive Vice President and Chief Customer Officer.
As part of the company’s ongoing efforts to help customers manage their bills, PG&E will auto-enroll eligible customers in new extended payment plans by the end of September to coincide with the potential ending of the moratorium.
Additional Changes to COVID-19 Emergency Customer Protections
While the moratorium has been extended, other emergency customer protections put in place by the CPUC during the pandemic have expired.
Recertifications and Post-Enrollment Verifications for the California Alternate Rates for Energy (CARE) and Family Electric Rate Assistance (FERA) programs have resumed.
PG&E has helped almost 300,000 residential customers enroll in CARE since February 2020 providing income-qualified customers with a monthly discount.
In addition, Medical Practitioner Certifications for the Medical Baseline Program have resumed.
In 2020, 192,000 customers were enrolled in PG&E’s Medical Baseline Program. As of June 2021, there are more than 256,000 PG&E residential customers signed up for Medical Baseline.
PG&E has proactively reached out to almost 400,000 impacted customers since the start of the pandemic and continues to partner with local Community Based Organizations to support customers.
PG&E is dedicated to helping customers as the company slowly moves back to more normal billing operations later this year. For more information log onto pge.com/covid19. We are here to help.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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415-973-5930
DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) today provided an operational update on its production, development and exploration activities. This is in advance of the Company’s second quarter results, which are scheduled for release on August 9, 2021.
Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos said: “Kosmos had a solid second quarter, generating positive cash flow which reduced net debt by around $100 million, driven by higher sales volumes, strong operational performance in Ghana and improving realized oil prices. We continue to see momentum build across our producing hubs with new wells drilled in Ghana and the U.S. Gulf of Mexico during the quarter and the arrival of the rig for development drilling in Equatorial Guinea.
“In Mauritania and Senegal, the Greater Tortue Ahmeyim project continued to make steady progress during the quarter with key milestones achieved across all major workstreams. However, we are seeing cost inflation and supplier delays in the current environment together with some scope growth and, as a result, we are updating our estimates, with first gas now expected in the third quarter of 2023. Tortue is the right project at the right time with Phases 1 & 2 expected to deliver attractive returns in a strengthening LNG market.
“Kosmos has an active second half of the year with planned infill wells in all three hubs supporting our near-term production growth. We also expect to restart exploration and appraisal drilling in the U.S. Gulf of Mexico this quarter with the Winterfell appraisal and Zora ILX wells.
With rising oil prices and a robust financial position, we are well placed to create shareholder value through the rest of 2021.” 1
Operational Update
Sales volumes in the second quarter averaged around 66,000 barrels of oil equivalent per day (boepd) with 4.5 cargos lifted, in line with guidance.
Total net production in the second quarter averaged approximately 52,000 boepd, slightly below prior guidance primarily due to lower production in Equatorial Guinea.
Full year company production guidance of 53,000-57,000 boepd is unchanged with a year-end exit rate of approximately 60,000 boepd expected as new wells come online.
Ghana
In Ghana, performance in the quarter was strong with gross production of approximately 106,000 barrels of oil per day (bopd) in the second quarter (22,000 bopd net) including 71,000 bopd at Jubilee and 35,000 bopd at TEN.
The first two wells in our four-well campaign have been drilled and the rig has now begun completion operations. The first Jubilee producer well (J-56P) is expected online shortly and the Jubilee injector well (J-55W) is expected online later in the third quarter. These wells are expected to add gross production of around 15,000-20,000 bopd. The rig is then scheduled to drill and complete a TEN gas injector well and a second Jubilee producer well later in the year with the Jubilee producer well expected online around the end of the year.
The reliability of the Ghana production facilities continues to improve, with uptime of the Jubilee and TEN floating production, storage and offtake vessels (FPSOs) averaging about 98% year-to-date.
Consistently high levels of water injection (>200,000 barrels/day) and gas offtake from the Government of Ghana (>110 mmscf/day) are helping to optimize reservoir performance at Jubilee, which is expected to support long-term production levels.
Equatorial Guinea
In Equatorial Guinea, gross production averaged around 29,000 bopd in the second quarter with significant downtime related to facilities upgrades which are now substantially complete. Net production was 9,400 bopd, also impacted by lower entitlement as a result of higher oil prices. The drilling rig arrived in late June and has started drilling the first of three infill wells planned for 2021. Once online, these wells are expected to add gross production of around 4,000 bopd.
U.S. Gulf of Mexico
In the U.S. Gulf of Mexico, net production averaged around 20,300 boepd in the second quarter, in line with the first quarter. In April, the Kodiak-3 infill well was brought online with one of two zones intermittently producing. We are currently working with our partners to evaluate the best intervention options to enhance production from the first zone and enable production from the second zone. In June, the operator announced the successful drilling of the Tornado-5 infill well, with results consistent with expectations. The well is expected to add around 8,000-10,000 boepd gross with planned start-up in the third quarter.
Earlier in the year, Kosmos and its partners made the Winterfell discovery in the U.S. Gulf of Mexico with the first appraisal well planned for the third quarter.
Kosmos also plans to drill the Zora infrastructure-led exploration (ILX) well early in the third quarter and a rig has been contracted for this activity.
Mauritania & Senegal
The Greater Tortue Ahmeyim (“GTA”) liquified natural gas (LNG) project has made steady progress year-to-date with the following milestones achieved in the second quarter:
Project partners have received a revised forecast from the EPCIC contractor, TechnipFMC, that the delivery of the FPSO is likely to be slightly delayed due to labor shortages at the COSCO yard in China following a ramp up in activity at the shipyard as the pandemic recedes. This delay, currently anticipated to be around three months, is expected to push the timing of first gas to the third quarter of 2023.
BP, as operator of the GTA project, has informed partners that due to the impacts of COVID-19 (including the FPSO delay), cost inflation and scope growth, Phase 1 project costs are expected to increase. On the basis of the revised schedule, Kosmos currently expects the gross cost for the project to be approximately 15% higher, resulting in an estimated increase of Phase 1 costs to first gas net to Kosmos of around $100 million, coming primarily in 2023.
The FPSO sale and lease back transaction is now expected to close this quarter upon the finalization of the documentation between the governments and partners. Following the closing of the FPSO sale and lease back transaction, the company will work to complete the re-financing of the National Oil Company loans.
In addition, partners continue to make progress on Phase 2 of the GTA LNG project and we are targeting a final investment decision in late 2022 as previously communicated.
Financial Update
Following the completion of the $450 million senior notes issuance in March and the reserve-based lending amendment and extension in May, Kosmos has a robust financial position and increased liquidity. At the end of the second quarter, Kosmos had total liquidity of over $775 million.
The Company is currently around 60% hedged for the remainder of 2021 with growing exposure to higher oil prices as hedges roll off. We have taken advantage of rising oil prices to hedge 4.5 million barrels of 2022 production.
1. The Company defines net debt as the sum of notes outstanding issued at par and borrowings on the RBL Facility and Corporate revolver less cash and cash equivalents and restricted cash.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
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DUBLIN--(BUSINESS WIRE)--The "Flare Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The flare monitoring market is expected to grow at a CAGR of 8% during the forecast period, 2021 - 2026.
Companies Mentioned
Key Market Trends
Oil & Gas Industry to Account for Maximum Share
North America To Account for Largest Market Share
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Stringent Government Environmental Regulations Related to Industrial Gas Emission
4.2.2 Expansion of Oil, Gas, and Petrochemicals Industries
4.3 Market Restraints
4.3.1 Initiative of Zero Routine Flaring by 2030
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of Covid-19 on the Flare Monitoring Market
5 MARKET SEGMENTATION
5.1 Mounting Method
5.1.1 In-process mounting
5.1.1.1 Gas Analyzer
5.1.1.2 Calorimeter
5.1.1.3 Mass Spectrometer
5.1.1.4 Gas Chromatograph
5.1.2 Remote Mounting
5.1.2.1 Multi Spectrum Infrared (MSIR)
5.1.2.2 Thermal Imager (IR)
5.1.2.3 Others
5.2 End-User
5.2.1 Refinery
5.2.2 Landfill
5.2.3 Petrochemical
5.2.4 Oil & Gas
5.2.5 Other End Users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/11sbbz
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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