REUTLINGEN, Germany--(BUSINESS WIRE)--iPoint-systems Gmbh, a leading global provider of product compliance and sustainability software, is pleased to announce the appointment of Peter Schmidt to the newly created position of Chief Revenue Officer within the Executive Leadership Team. The appointment reconfirms iPoint’s strong ambitions within the global market, supported by Danish private equity investor GRO Capital A/S, its majority shareholder since late 2020, and signals further steps along the company’s future growth path.
GRO Capital’s participation as shareholder, following iPoint’s 20-year owner-driven journey, has marked a new phase in the company’s development, with the clear objective to accelerate growth globally, through product innovation and enhanced sales and marketing efforts. Thanks to the partnership, iPoint benefits from GRO Capital's profound experience in developing and growing innovative technology companies.
The appointment of Peter Schmidt, a proven leader with a strong track record in delivering international customer success, to the new role of Chief Revenue Officer represents a further step along iPoint’s strategic path. Peter Schmidt enjoys an outstanding reputation within the industry and brings to iPoint a wealth of experience in building high-performance teams to deliver rapid growth on an international scale. While working as CCO at Transporeon Group from 2015 to 2019, Peter Schmidt oversaw multifold revenue growth and helped the company to become the leading cloud-based transport management platform. Prior to that, he served as General Manager and VP Enterprise Sales at Adobe and as Senior Vice President for the worldwide emerging geographies at PTC. Before joining iPoint on May 1, 2021, he was responsible for global sales and field operations at In Mind Cloud.
“I am very excited to welcome Peter Schmidt to the iPoint family”, said Joerg Walden, CEO and Founder of iPoint. “Peter is an accomplished leader with an impressive track record of scaling business in the software industry on an international level. His vast experience, skills, and expertise will support us in achieving our ambitious goals, and I’m thrilled to have him on board as we embark on the next step of our growth journey to transform iPoint’s vision of building an integrated digital platform for the Circular Economy into a long-term success story.“
“iPoint has a great digital product and a strong customer base, and is now entering into an exciting phase. I have been hugely impressed by the company’s successful journey so far and its growth ambitions for the future, driven by the increasing importance of sustainability and product regulations, as well as the rising complexity of global supply chains. I very much look forward to helping iPoint scale up its international sales efforts,” said Peter Schmidt, Chief Revenue Officer of iPoint.
iPoint is a leading provider of software and services in the field of product compliance and sustainability with headquarters in Reutlingen, Germany. The company was founded in 2001, currently has around 170 employees and maintains a total of 14 offices in Europe, North America, and Asia. iPoint uses state-of-the-art software solutions to help companies analyze and evaluate the environmental, social, and economic impact of products and production processes in order to meet compliance requirements and sustainability goals, for example in the form of carbon footprint analyses. The company's customers include a wide range of well-known corporations, including Bosch, Ford, Fresenius, Hyundai, Miele, MTU Aero Engines, Panasonic, Roche, thyssenkrupp, and Toyota.
The company continues to explore new areas of business in cooperation with start-ups. The CarbonBlock solution, piloted by start-up and iPoint Group company CircularTree, together with Porsche, BASF and automotive supplier Motherson, enables companies to track CO2 emissions related to individual materials and parts across the entire supply chain, based on Blockchain technology.
About iPoint-systems gmbh
iPoint is a leading provider of software and services for environmental and social product compliance, process compliance, and sustainability. iPoint’s solutions support companies in meeting and staying one step ahead of regulations and requirements such as REACH, RoHS, WEEE, ELV, Conflict Minerals- and Modern Slavery-related laws, as well as other trending developments in the compliance and sustainability arena. Since its founding in 2001, iPoint has been constantly expanding its portfolio to realize its vision of building an integrated digital platform for the Circular Economy. Further information: https://www.ipoint-systems.com/
About GRO Capital
GRO Capital is a leading North European private equity fund with an exclusive focus on mature B2B software and tech enabled companies with strong growth prospects. GRO Capital serves as active owners developing portfolio companies with a view to create long-term value. The partners behind GRO Capital have been investors in more than 20 technology and software related companies. iPoint is the fourth investment in GRO Fund II, a fund with a strategy to accelerate Northern European software companies. For further information about GRO Capital please visit: www.grocapital.dk
IWK Communication Partner
Florian Bergmann / James Gibbs
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today held its Virtual 2021 Annual Meeting of Shareholders.
“2020 was a year filled with innovation and accomplishment, flexibility and determination, as well as with uncertainty and challenge as we navigated the ongoing pandemic,” said Steven V. Abramson, Universal Display's President and Chief Executive Officer. “Last year, we announced long-term agreements with China Star Optoelectronics, achieved record quarterly revenue in the fourth quarter of 2020, celebrated the 20-year anniversary of our strategic partnership with PPG, and established OVJP Corporation to advance the commercialization of our novel and groundbreaking OLED TV manufacturing technology. Due to the tremendous and commendable agility and focus of everyone at UDC in 2020, we secured every customer shipment, strengthened our first-mover advantage in the OLED ecosystem, and positioned the Company to emerge stronger when this global crisis ends.”
Abramson continued, “As we look to 2021, we expect to see meaningful revenue and OLED market growth, and are continuing to invest in our people, infrastructure and innovation to further support our stakeholders and the OLED industry. Year-to-date, we signed new extended long-term agreements with LG Display and Visionox, announced that UDC Ireland Limited and PPG are jointly establishing a new manufacturing site in Shannon, Ireland, that will be designed to double the production capacity and diversify the manufacturing base for UDC’s phosphorescent emitters, celebrated our 25th year as a NASDAQ-listed company with the opening bell ceremony on April 12th, and we were named to Financial Times’ The Americas’ Fastest-Growing Companies 2021 list.”
During the annual meeting, shareholders voted on the three proposals described in the Company’s proxy statement for the meeting. The shareholders re-elected all nine nominees for the Company’s Board of Directors, approved a non-binding, advisory resolution on compensation of the Company’s named executive officers, and ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2021.
The virtual annual meeting was broadcasted over the Internet. An online archive of the meeting will be available on the events page of the Company's Investor Relations website at ir.oled.com.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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Universal Display Contact:
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HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) will hold a webcast on Wednesday, July 21, 2021 to discuss the results for the second quarter ending June 30, 2021. The webcast is scheduled to begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). A press release announcing the results will be issued at 7:00 a.m. Eastern Time (6:00 a.m. Central Time).
To access the webcast, listeners should visit the Baker Hughes website at: investors.bakerhughes.com. An archived version will be available on the website following the webcast.
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
Investor Relations
Jud Bailey
+1 281-809-9088
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Media Relations
Thomas Millas
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PG&E Is Notifying Customers Who Might Be Affected This Afternoon; Outages Could Begin Around 7 p.m.
Outages Could Affect Up to Approximately 121,000 Customers in Rotations of About One to Two Hours; Need for Conservation Remains High
PG&E is Not Calling a Public Safety Power Shutoff
SAN FRANCISCO--(BUSINESS WIRE)--The state’s grid operator issued a Grid Warning this afternoon indicating that some Pacific Gas and Electric Company (PG&E) customers might face rotating outages between 7 p.m. and 9 p.m. this evening, for a period of about one to two hours.
The California Independent System Operator (CAISO), which oversees the larger power grid and balances energy demand with supply, says that the demand for electricity this afternoon and evening, mostly from air conditioners in use due to the triple-digit heat, could exceed the available supply. To be clear, CAISO has not called for rotating outages at this time.
If demand exceeds supply, at the direction of the state’s grid operator, PG&E and other energy companies in the state could be asked to turn off power in order to help prevent larger outages to the grid.
If the CAISO indicates that power needs to be turned off, power could be out for about one to two hours for each block. Up to approximately 121,000 PG&E customers could be impacted. Visit www.pge.com/rotatingoutages to see if your neighborhood might be affected.
In light of the grid operator’s warning, utilities urge Californians to continue to conserve power until 10 p.m. tonight to reduce power use as supplies continue to run tight during the peak period. The grid operator issued a Flex Alert, which asks for voluntary conservation, for 5 p.m. to 10 p.m. today, and for the same time period on Friday.
Rotating outages are not Public Safety Power Shutoffs, which are conducted during specific high fire-threat conditions.
PG&E is notifying customers who might experience these potential rotating outages, which would occur across PG&E's service area.
PG&E already has implemented programs with key customers to reduce power usage today but asks for more voluntary efforts by customers to reduce overall power use.
PG&E’s in-house meteorologists forecasted daytime high temperatures in the 105- to 110-degree range through the San Joaquin and Sacramento valleys, with 90s to near 100 degrees possible across inland Bay Area valleys.
Separate from potential rotating outages, high temperatures have led to heat-related outages in some locations. PG&E has hundreds of crews responding to make the needed repairs.
Energy conservation tips
Here are ways for customers to reduce energy use during the day:
And, during the critical hours of 5 p.m. to 10 p.m., consumers are asked to:
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.
MEDIA RELATIONS:
415-973-5930
WICHITA, Kan.--(BUSINESS WIRE)--Gerald O’Shaughnessy, the co-founder, former Chairman and second largest shareholder of GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK) today issued an open letter to the Board of Directors (“the Board”) of GeoPark.
The full text of the letter follows:
June 18, 2021
Dear Members of the Board:
I am writing you now because I am deeply concerned that GeoPark faces two significant barriers to enhancing shareholder value: (1) Jim Park’s general resistance to full and independent evaluation of strategic alternatives and consistent lack of transparency have led to missed opportunities and call into serious question his performance as CEO and (2) the board has compounded these issues by failing to exert true independent and critical oversight of management. I believe action needs to be taken now to rectify this situation.
Over the past two decades GeoPark has grown into a leading independent oil and gas producer in Latin America, primarily driven by the discovery and development of the Jacana/Tigana field in the Llanos 34 block in Colombia. With the coming plateau in production from that field and GeoPark’s substantial debt, we are now at a crossroads: will we be able to navigate the rapidly changing landscape of our industry, or will we be left behind? That is why it is imperative that the company carefully evaluate all strategic alternatives to ensure that we are best positioned for success.
While our Colombian assets generate attractive returns, many projects in our other jurisdictions lack scale; and the aggregated operations in the other countries in which we operate are of sub-economic value. Supporting these other operations has led to unacceptable annual general and administrative expenses per barrel of oil equivalent produced (BOEP) and total salaries and benefits per BOEP that are significantly higher than several of our peers, including our Llanos 34 partner, Parex Resources. Elevated levels of debt also now restrict our ability to return capital to shareholders and have left us with limited exposure to resurgent commodity prices due to the hedging of production required given our debt load. Shareholders deserve a board that will objectively consider the proper methodology for reflecting the value of these non-Colombian assets on our books, thoroughly evaluate the potential downsides of the company’s high-cost strategy, and promote greater discipline in investment projects and consider all options to maximize shareholder value.
For several years, I have asked our CEO for independent third-party analyses and true collaboration between the board and management in the development of strategic plans. He has consistently resisted these attempts and has chosen to focus almost exclusively on his own management reports and strategic plans. Mr. Park has not done this in the spirit of seeking any sort of critical input, but rather to garner accolades and rubber stamp approvals from the board, which he consistently receives. I could not disagree more strongly with this imperial management style and the board’s lack of critical oversight.
Last month, I was asked by representatives of the board to maintain preliminary discussions with certain parties regarding potential business transactions that would address the strategic challenges GeoPark is facing. However, it soon became clear to me that a major impediment to achieving the best possible transaction for our shareholders is the perception among potential strategic partners and others in the marketplace of our CEO’s insistence that any combination or partnership be led by management under his control.
Within days of sharing this concern with some of you, as well as other related concerns expressed by potential partners about Mr. Park’s lack of transparency, I was asked to resign as Chairman. On June 4, I received a written ultimatum that either I resign as Chair within the next 24 hours or that I would be removed at a board meeting to be held on June 6. I asked for an additional 24 hours to respond, which was denied. I was removed on June 6 and told I would not be nominated at the upcoming annual meeting of shareholders. Despite these circumstances, the company’s public communications since my resignation have attempted to present this as a consensual, orderly succession, rather than a product of dissent within the board regarding its independence from the company’s CEO and the process by which strategic initiatives are pursued. In light of these actions taken by the board, I notified you on June 13 of my resignation from my position as director with immediate effect.
I have been increasingly concerned that our board has been remarkably cavalier in its deference to our CEO. To address this concern, I have proposed highly qualified, independent board candidates to enhance our board’s oversight. These candidates were rejected, informally or formally, I believe, as a result of our CEO’s resistance. My precipitous removal, without any discussion at the NGCC on succession, demonstrates even more clearly that this board is not operating independently. This lack of independence has also been on display in the board’s acquiescence to providing Mr. Park with four or more company-funded residences in locations throughout South America and a travel expense account which is largely unmonitored. To my knowledge, there has never been any disclosure to the Board of the magnitude or nature of all the perquisites provided him. In my experience, not only has the board failed to fully discuss the CEO’s compensation package on an ongoing basis, but information about this compensation and that of other executives has repeatedly been withheld despite specific directors’ requests for this information.
Accordingly, I am formally requesting that you revise the slate that you are proposing for the upcoming annual meeting to re-include me as well as three additional independent candidates to bolster company oversight. I would not serve either as Chair or on any key committees where independence concerns would suggest my participation is inadvisable because of my prior role as Chair. I propose that the board should be constituted so that GeoPark keeps its status as a foreign private issuer and that a majority of its directors be considered independent under prevailing analyses. I believe that Ms. Escovar should remain Chair and that Ms. Suarez should be nominated as you have proposed. The directors who would step off would be discussed, and the number of directors could be increased, if necessary.
Because of the timing of the annual meeting, I ask that you respond to this proposal within two business days. Should you not accept, I plan to vote my shares against certain of the incumbent directors at the upcoming annual meeting and will reserve all options afforded to me as a shareholder to effect the necessary changes to protect shareholder value at GeoPark.
Sincerely,
Gerald E. O’Shaughnessy
Sloane & Company
Dan Zacchei / Joe Germani, 212-486-9500
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AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will participate in the J.P. Morgan 2021 Energy, Power & Renewables Conference. Senior management expects to participate in a series of virtual meetings with members of the investment community on June 23, and presentation materials used during these meetings will be posted to USA Compression’s website prior to the investor meetings. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”
About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
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KENNESAW, Ga.--(BUSINESS WIRE)--Aspiring marine technicians can now become Yamaha-certified by completing and passing Yamaha Marine University™ Maintenance Certification Program (MCP) exams at designated locations nationwide. MCP offers technicians four distinct certifications covering Yamaha outboard products. Those include portable, midrange, inline (four-cylinder), and v-engine platforms.
“By passing these exams and earning Yamaha Marine certifications in each of the four subjects, marine technicians can prove their competence and gain additional confidence as they develop their careers,” said Gregg Snyder, Marine Training Department Manager, Yamaha U.S. Marine Business Unit. “Likewise, marine service employers can feel confident hiring Yamaha Marine-certified technicians who can demonstrate proficiency in real-world, marine service applications.”
Yamaha Marine’s MCP exams test proficiency in technician performance of 20-, 100-, 500- and 1,000-hour service procedures including: outboard oil and filter changes, lower unit gear oil changes, water pump service, spark plug service, timing belt service, valve train adjustments, fuel filter service, compression tests and maintenance charts.
Candidates eligible to take Yamaha Maintenance Certification exams must complete a minimum of 150 hours of marine service instruction or have a minimum of two years of experience in the field as a marine technician. Eligible candidates interested in earning Yamaha Marine certification can contact Yamaha Marine University by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or calling 1-800-854-4876, option 3 to register for an exam, locate a testing center and check available testing dates, or access test preparation materials. For additional information, visit ymutechs.com.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine Engine Systems, based in Kennesaw, Ga., supports its 2,000 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception. Visit www.yamahaoutboards.com.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2021 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
Contact:
Melissa Boudoux
Media Relations and Dealer Education
Yamaha U.S. Marine Engine Systems
Office: (770) 701-3269
Mobile: (404) 381-7593
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Neal Wheaton
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NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--$SPRQ #SPRQ--Spartan Acquisition Corp. II, a publicly traded special purpose acquisition company (“Spartan” or the “Company”) (NYSE: SPRQ), announced today that its registration statement on Form S-4 (File No. 333-254589) (as amended, the “Registration Statement”), relating to the previously announced business combination (the “Business Combination”) with Sunlight Financial LLC (“Sunlight” or “Sunlight Financial”), has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and that it will commence mailing of the definitive proxy statement/prospectus relating to the Special Meeting (the “Special Meeting”) of the Company’s stockholders to be held at 11:00 a.m., Eastern time on July 8, 2021 in connection with the Business Combination. The Special Meeting will be completely virtual.
The proxy statement/prospectus is being mailed to the Company’s stockholders of record as of the close of business on June 1, 2021 (the “Record Date”). Holders of Spartan’s shares of Class A Common Stock and Class B Common Stock at the close of business on the Record Date are entitled to notice of the virtual Special Meeting and to vote at the virtual Special Meeting. Notice of the Special Meeting will be mailed on or about June 18, 2021 to stockholders of record as of the Record Date.
If the proposals at the Special Meeting are approved, Spartan anticipates that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions.
More information about voting and attending the Special Meeting is included in the proxy statement/prospectus originally filed by Spartan with the SEC on March 22, 2021, as amended, which is available without charge on the SEC’s website at http://www.sec.gov or by directing a request to: Geoffrey Strong, Chief Executive Officer and Chairman, c/o Spartan Acquisition Corp. II, 9 West 57th Street, 43rd Floor, New York, New York 10019; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.. Spartan encourages you to read the proxy statement/prospectus carefully. The deadline for Spartan’s public stockholders to exercise their redemption rights in connection with the Business Combination is July 6, 2021 at 5:00 p.m. Eastern time.
If you have any questions or need assistance voting your shares, please e-mail our proxy solicitor, Morrow Sodali LLC, at This email address is being protected from spambots. You need JavaScript enabled to view it.; call at (800) 662-5200 (banks and brokers can call (203) 658-9400), or please visit our website at www.votesunlight.com.
Business Combination
On January 23, 2021, Sunlight entered into a business combination agreement with Spartan. The Business Combination is expected to close early in the third quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the new public holding company’s sole operating subsidiary and Sunlight’s existing management team will continue to lead the business. Sunlight Financial Holdings Inc. expects to be listed on NYSE and has reserved the ticker “SUNL” following completion of the Business Combination with Spartan.
About Sunlight Financial
Sunlight Financial is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.
About Spartan Acquisition Corp. II
Spartan is a special purpose acquisition entity focused on the energy value chain in North America and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor II LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”) (NYSE: APO). For more information, please visit www.spartanspacii.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may include, but are not limited to, statements regarding the commencement of mailing of the proxy statement/prospectus, the Special Meeting and the closing of the Business Combination. These forward-looking statements are not guarantees of future performance, reflect the current views and expectations of Spartan’s management and Sunlight’s management, are based on various assumptions, whether or not identified herein, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by such forward-looking statements. Such risks and uncertainties include, among others: changes in domestic and foreign business, market, financial, political and legal conditions; the inability of Spartan and Sunlight to successfully or timely consummate the Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Business Combination or that the approval of the stockholders of Spartan or equityholders of Sunlight is not obtained; failure to realize the anticipated benefits of the Business Combination; the amount of redemption requests made by Spartan’s public stockholders; the ability of Spartan or the combined company to issue equity or equity-linked securities in connection with the Business Combination or in the future; risks relating to the uncertainty of the projected operating and financial information with respect to Sunlight; risks related to Sunlight’s business and the timing of expected business milestones or results; the effects of competition and regulatory risks, and the impacts of changes in legislation or regulations on Sunlight’s future business; the expiration, renewal, modification or replacement of the federal solar investment tax credit, rebates and other incentives; the effects of the COVID-19 pandemic on Sunlight’s business or future results; Sunlight’s ability to attract and retain its relationships with third parties, including Sunlight’s capital providers and solar contractors; changes in the retail prices of traditional utility generated electricity; the availability of solar panels, batteries and other components and raw materials; and such other risks and uncertainties discussed in the “Risk Factors” section of Spartan’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on March 11, 2021, as amended on May 11, 2021, and Registration Statement on Form S-4 as filed with the SEC on March 22, 2021, as amended on May 12, 2021 and June 1, 2021, and other documents of Spartan filed, or to be filed, with the SEC. All forward-looking statements used herein speak only as of the date they are made and are based on information available at that time. Neither Spartan nor Sunlight assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Important Information for Investors; Participants in Solicitation
In connection with the transactions (the “Transactions”) contemplated by that certain Business Combination Agreement, dated as of January 23, 2021, by and among Sunlight, Spartan and their subsidiaries and affiliates party thereto, Spartan has filed a Registration Statement on Form S-4, as amended (which includes a proxy statement/prospectus of Spartan) and other relevant documents with the SEC. This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication also shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. In addition, nothing contained herein should be construed as legal, financial, tax or other advice. SECURITY HOLDERS OF SPARTAN AND SUNLIGHT ARE URGED TO READ (1) THE REGISTRATION STATEMENT, (2) THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), (3) OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT WILL BE FILED WITH THE SEC BY SPARTAN, AND (4) ADDITIONAL PRESS RELEASES FROM SUNLIGHT AND SPARTAN FOUND ON THEIR RESPECTIVE WEBSITES, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS. Spartan’s and Sunlight’s stockholders can obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about Spartan, Sunlight and the Transactions, without charge, at the SEC’s website located at www.sec.gov. Spartan and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Spartan’s stockholders with respect to the proposed business combination and the other matters set forth in the proxy statement/prospectus. Information regarding Spartan’s directors and executive officers is available under the heading Item 10. “Directors, Executive Officers and Corporate Governance” included in its Annual Report on Form 10-K/A filed with the SEC on May 11, 2021. Information regarding the combined company’s proposed directors and executive officers after the Transactions are consummated, as well as a description of their direct and indirect interests, by security holdings or otherwise is available under the headings “Management After the Business Combination”, “The Business Combination—Interests of Certain Persons in the Business Combination” and “Beneficial Ownership of Securities” included in Spartan’s Registration Statement on Form S-4/A as filed with the SEC on June 1, 2021, and other relevant documents that may be subsequently filed with the SEC.
Sunlight Financial:
Investor Relations
Lucia Dempsey, Sunlight Financial
Garrett Edson, ICR
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888.315.0822
Public Relations
Doug Donsky / Brian Ruby, ICR
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646.677.1844
Spartan Acquisition Corp. II:
Investor Relations:
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Media:
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $821,024.63 or $0.017615 per Unit, based primarily upon estimated production during the month of April 2021, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”), for prior months. The distribution is payable July 15, 2021, to Unit Holders of record as of June 30, 2021.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,498,553 Mcf (2,776,171 MMBtu) for April 2021, as compared to 2,617,042 Mcf (2,907,824 MMBtu) for March 2021. Dividing revenues by production volume yielded an average gas price for April 2021 of $1.67 per Mcf ($1.50 per MMBtu), as compared to an average gas price for March 2021 of $2.07 per Mcf ($1.86 per MMBtu).
Hilcorp informed the Trust that due to Hilcorp’s transition to a new accounting system, the April 2021 reporting month is based on estimated production, estimated prices and estimated costs.
Hilcorp also reported that for the reporting month of April 2021, revenue included an estimated $100,000 for non-operated revenue. For the month ended April 2021, Hilcorp reported to the Trust capital costs of $11,623, lease operating expenses and property taxes of $2,459,029, and severance taxes of $780,743.
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Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Need for Conservation Remains High
State’s Grid Operator Calls for Flex Alert from 6 p.m. to 9 p.m. Friday
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) announced that rotating power outages were not needed today to maintain electric grid stability during the extreme heat that affected much of the state, because California’s grid had adequate power supply to meet consumer demand.
After the California Independent System Operator (CAISO) issued a Grid Warning mid-afternoon, PG&E reached out to public safety partners across its service area and to about 121,000 customers telling them rotating outages were possible. The notification was intended to help those partners and customers begin to prepare.
Thanks to electricity conservation by Californians statewide in response to the CAISO’s Flex Alert, grid demand did not exceed supply despite the widespread triple-digit heat.
Hot weather is expected to continue across the state and the West for another few days. CAISO has called for another Flex Alert on Friday, from 6 p.m. to 9 p.m., asking Californians to voluntarily conserve energy.
Rotating outages are not Public Safety Power Shutoffs, which are conducted during specific high fire-threat conditions.
Visit www.pge.com/rotatingoutages for more information on how and why supply-related rotating outages might happen.
Energy conservation tips
Here are ways for customers to reduce energy use during the day:
In addition, during the critical hours of 6 p.m. to 9 p.m. on Friday, consumers are asked to:
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.
MEDIA RELATIONS:
415-973-5930
DUBLIN--(BUSINESS WIRE)--The "Global Warming Policies in China" report has been added to ResearchAndMarkets.com's offering.
On September 22nd, China announced that China begins to move toward the realization of reducing CO2 emissions by 2030 and reducing to zero emissions of net "carbon neutral" (net zero). How can China achieve Net Zero?
This report is a comprehensive policy analysis report regarding global warming countermeasures in China, which summarized historical and latest policies such as The 10th - 13th Five-Year-Plans (2001-2020), carbon emission trade (CET), Kigali amendment, and taxonomy in China.
Key Topics Covered:
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/e50590
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
GUANGZHOU, China--(BUSINESS WIRE)--XPeng Inc. (“XPeng” or the “Company,” NYSE: XPEV), a leading Chinese smart electric vehicle company, today released its Xmart OS 2.6.0 through an over-the-air (OTA) upgrade, with the Valet Parking Assist (VPA) beta version and over 10 additional new and optimized autonomous driving and voice assistance functions, to P7 customers in China.
Valet Parking Assist (VPA) is XPeng’s new in-house developed automatic parking assistance function, designed for ultraslow-speed driving scenarios such as garages and parking spaces.
VPA is the first auto parking function to perform “last kilometer” automatic parking that does not rely on modifications to parking spaces. VPA is another major breakthrough in ultraslow-speed autonomous driving, reinforcing XPeng’s leading position in the smart EV sector.
VPA can perform memory-based automatic parking on the same level within up to 1,000 meters from the memorized parking space, enhancing comfort and convenience for the driver. Based on the route set by the driver, VPA will automatically drive the vehicle from beginning to end, turning automatically, avoiding pedestrians and other vehicles, bypassing other obstacles, and finally parking automatically in the parking space memorized by the system.
Having set the route in advance, the driver can turn on the VPA function when entering the area where the parking space is located. The vehicle will then locate the parking space and park automatically.
VPA can memorize up to 100 parking spaces, and is able to recognize static elements such as parking spaces, speed bumps, pillars, and parked vehicles, as well as dynamic elements such as moving vehicles and pedestrians. The function does not require modification by installing Bluetooth, LIDAR, WiFi, cameras, or any other sensors and devices, and can be used in ordinary unmodified indoor parking garages.
Through voice, images and other cues, the driver receives a dynamic view of the current driving route, target parking space, and associated actions, allowing a comprehensive understanding of the system and the parking situation.
VPA is able to handle complex parking scenarios with incoming and outgoing traffic, pedestrian shuttles, and multiple dynamic elements.
VPA is available for the XPeng P7 Premium version and the Wing edition, both of which are equipped with the XPILOT 3.0 hardware system with software services activated. Users of VPA will need to pass a driver safety test before activating it for the first time.
About XPeng
XPeng is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley and San Diego. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.
For Media Enquiries:
Marie Cheung
XPeng Inc.
Tel: +852-9750-5170 or +86-1550-7577-546
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
This Weekend, Spend a Little Time with a PG&E Safety Specialist as ‘7 Saturdays to a More Fire-Resistant Home’ Walks California Homeowners Through Steps to Protect Themselves and Their Property from Fires
SAN FRANCISCO--(BUSINESS WIRE)--Before heading to the hardware store this weekend, enjoy a cup of coffee as you watch co-host David Hawks, former CAL FIRE Chief of the Butte Unit and current PG&E Senior Public Safety Specialist, in a brand-new video series, “7 Saturdays to a More Fire-Resistant Home,” where he demonstrates tangible steps that Californians can take to harden their homes against wildfires and help keep their families and communities safe.
With over 90% of California experiencing drought, the state faces unprecedented wildfire risk this year. PG&E can help customers be better prepared for this upcoming wildfire season and for any emergency.
“The little actions we take today can better protect our homes and communities from wildfire,” Hawks said. With over 31 years serving California as a firefighter, Hawks understands simple tasks can help protect homes. In the series he uses his expertise to show Californians:
You can watch the first episode now on the Safety Action Center (safetyactioncenter.pge.com), PG&E’s online preparedness resource which provides information to help customers keep their families, homes, and businesses safe during natural disasters and other emergencies. New episodes will launch every week—for seven weeks, naturally.
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.
MEDIA RELATIONS:
415-973-5930
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE:HESM) (“Hess Midstream”) announced today that John Gatling, President and Chief Operating Officer, Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on June 22-23, 2021 at the J.P. Morgan Energy, Power and Renewables Conference and will participate in a fireside chat on June 22 at 2:40 p.m. Eastern Time.
A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investors:
Jennifer Gordon
(212) 536-8244
Media:
Robert Young
(713) 496-6076
ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG) (the “Company”) has partnered with Eindhoven University of Technology (TU/e), one of the global top 50 universities in the field of Engineering & Technology in the QS World University rankings, to further advance intellectual property patents surrounding The Coretec Group’s Cyclohexasilane (CHS).
TU/e will focus on comparisons of deposition rates and film quality over silane and other higher order silanes in order to quantify the value for use of such materials in semiconductor processing and the manufacturing of photonics.
Dr. Erik Bakkers, Full Professor at TU/e in the Applied Physics Department will lead the research. Dr. Bakkers is one of the world’s foremost researchers in the field of nanomaterials including studies of higher order silanes, nanowires, and light emission from silicon. Dr. Bakkers’ lab has the capability to perform side-by-side comparisons of deposition characteristics of CHS and other silicon precursors and to properly characterize and assess film qualities of all such comparisons.
”For the growth of light-emitting silicon, it is important to work at an as low as possible temperature. CHS could be a game-changer,” said Dr. Bakkers.
The work performed by Dr. Bakkers’ lab includes in depth characterization of the physical properties of CHS as well as growth rate comparisons to other silicon precursors such as porosity, density, and extent of coverage.
“In order to properly validate the deposition characteristics of CHS, we rely on experts like Dr. Bakkers with the necessary facilities and know-how to fabricate the silicon-based films and nanostructures used in our target applications. The researchers at Eindhoven have the scientific expertise to properly make assessments about their quality,” said Ramez Elgammal, VP of Technology, at The Coretec Group.
The Coretec Group is partnered with Evonik, a world leader of specialty chemicals, to produce initial quantities of CHS and continues to work with other globally recognized companies as they evaluate CHS as a key material in their technology. The Coretec Group works with and sponsors research institutions to expand intellectual property rights through provisional patents covering the value of CHS.
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.
About Eindhoven University of Technology
The Eindhoven University of Technology is a research-driven university of international standing, where world-class research and excellent education go hand in hand. In the areas of engineering science and technology, we focus on a balanced approach of education, research and valorization of knowledge.
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.
Corporate contact:
The Coretec Group, Inc.
Lindsay McCarthy
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+1 (866) 916-0833
Media contact:
The Coretec Group, Inc.
Allison Gabrys
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+1 (866) 916-0833
NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Watts Water Technologies, Inc. (NYSE: WTS) – one of the world’s leading manufacturers and providers of plumbing, heating, and water quality products and solutions – today announced the release of its 2020 Sustainability Report, which highlights the Company’s environment, social and governance (ESG) practices and its commitment to best-in-class sustainability performance.
“After a year that challenged us in many ways, I am proud that we never wavered in our commitment to protect and sustain the world’s water supply through our diverse portfolio of water technologies and solutions. As responsible corporate citizens, we continued to make significant gains across each dimension of sustainability while maintaining focus on meeting the needs of our stakeholders,” said CEO and President Robert J. Pagano Jr. “I am deeply grateful to all of our employees around the world for their perseverance and dedication to Watts and our customers throughout the COVID-19 pandemic. They protected themselves and each other, while remaining steadfast in their commitment to supporting the long-term goals of our business.”
Key accomplishments highlighted in the report include:
To download Watts’ 2020 Sustainability Report or learn more about the Company’s ESG programs, visit www.watts.com/our-story/sustainability
About Watts Water Technologies
Watts Water Technologies, Inc., through its family of companies, is a global manufacturer headquartered in the USA that provides one of the broadest plumbing, heating, and water quality product lines in the world. Its subsidiaries and brands offer innovative plumbing, heating, and water quality solutions for commercial, residential and industrial applications. For more information, visit www.watts.com.
Timothy M. MacPhee
Treasurer & VP - Investor Relations
1-978-689-6201
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LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) announced today that Doug Pferdehirt, Chairman and Chief Executive Officer, will address attendees on Tuesday, June 22, at 11:50 a.m. EDT at the following event:
J.P. Morgan 2021 Energy, Power and Renewables Conference
June 22 – 23, 2021
Location: Virtual Conference
The live webcast will be available at the time of the event and can be accessed at the Investor Relations website. There will be no presentation materials associated with the event.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Pony Express Pipeline, LLC (“Pony Express”), operated by Tallgrass Energy, LP, today announced a binding open season soliciting shipper commitments for crude oil transportation utilizing expansion capacity from Pony Express’ Guernsey origin to Sterling, Colo.
Prospective shippers may review details of the open season after executing a confidentiality agreement obtained by contacting Matt Hester at This email address is being protected from spambots. You need JavaScript enabled to view it..
To learn more about Tallgrass Energy, please visit us at www.tallgrassenergy.com.
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this press release contain forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Tallgrass Energy
Investor and Financial Inquiries
Andrea Attel, 913-928-6012
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or
Media and Trade Inquiries
Phyllis Hammond, 303-763-3568
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) today announced that Scott Sheffield, Chief Executive Officer, will participate in a CEO panel discussion at the J.P. Morgan Energy, Power & Renewables Virtual Conference on Tuesday, June 22, at 12:30 p.m. ET.
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 Pioneer’s website at 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
HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG):
PERMIAN BASIN ACQUISITIONS
Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) announced today that it has entered into three definitive agreements to acquire non-operated interests across approximately 2,900 net acres located in the heart of Reeves County, Texas and Lea and Eddy Counties, New Mexico for a combined purchase price of $102.2 million.
May 2021 production on the assets was approximately 2,200 Boe per day (2-stream, 66% oil) and Northern expects average production of 3,700 Boe per day in the second half of 2021, assuming an August 1 closing. The estimated development plan on the properties over the next several years is expected to grow production to approximately 6,500 Boe per day, assuming current strip prices. Under this development scenario, Northern forecasts the assets to generate over $100 million of cumulative free cash flow through 2025.
The assets include 5.3 net producing wells, 5.0 net wells in process and an additional 23.1 net undrilled locations ascribed to the core zones including the Wolfcamp A, Wolfcamp B and 1st through 3rd Bone Springs. The assets are operated primarily by Mewbourne Oil Company, Colgate Energy, ConocoPhillips and EOG Resources.
The effective date for the majority of the transaction value is April 1, 2021. Northern consummated the acquisition of a portion of the assets in June and expects to close on the acquisition of the remaining assets in the third quarter of 2021. Northern estimates approximately $35 million of capital expenditures on the combined properties to be incurred in 2021, inclusive of estimated purchase price adjustments at closing of the acquisitions.
TRANSACTION FINANCING
The pending acquisition is expected to be funded through a combination of a common equity offering and, to the extent necessary, cash on hand and/or borrowings under Northern’s Senior Secured Credit Facility and the transactions are anticipated to be immediately leverage accretive.
MANAGEMENT COMMENTS
“These assets represent the trifecta,” commented Adam Dirlam, Chief Operating Officer of Northern. “We are acquiring high return core properties with top operators, assets with significant inventory and growth potential, and engaging in a transaction expected to meaningfully impact Northern’s free cash flow profile. We expect to generate over $100 million in free cash flow from the assets through 2025, based on current strip prices.”
“Consistent with our fundamental approach to growing our enterprise, these transactions achieve all of our stated goals,” commented Nick O’Grady, Chief Executive Officer of Northern. “These deals are immediately accretive to our enterprise and all relevant per share statistics. As promised, alongside a reduction in leverage ratios, it means an acceleration of our dividend strategy to shareholders, while augmenting our inventory and growth profile.”
UPDATED CAPITAL EXPENDITURES GUIDANCE |
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Northern has experienced significantly improved capital efficiencies year to date, and post-transaction, capital expenditures are expected to increase by only $15–20 million, despite approximately $35 million of development capital on the acquired properties. The implied $15–20 million reduction of Northern’s previous capital expenditure guidance, combined with the additional cash flows from the acquired properties, should serve to bolster Northern’s estimated free cash flow profile at current strip prices.
CONFERENCE CALL
Northern has recorded a conference call discussing the acquisitions. Those wishing to listen to the conference call may do so by calling Toll-Free U.S. 877-660-6853 or International +1 201-612-7415 and providing the Conference ID 13720652.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements, including statements regarding the expected production, drilling locations and free cash flow from the Permian assets, the expected closing date for the pending acquisition, Northern’s expected capital expenditures for 2021 and management’s intention to recommend an increase to Northern’s quarterly dividend. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, Northern’s ability to acquire additional development opportunities, changes in Northern’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern’s ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the pending transaction described herein), Northern’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.
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