HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) today announced that the Partnership filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, with the U.S. Securities and Exchange Commission (“SEC”). The Partnership’s Annual Report on Form 10-K is available through its website at www.usdpartners.com by selecting the “SEC Filings” sub-tab under the “Investors” tab, as well as on the SEC’s website at www.sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including the Partnership’s financial statements, free of charge by writing to Investor Relations, USD Partners LP, 811 Main Street, Suite 2800, Houston, Texas 77002.
Additionally, the Partnership’s 2020 tax package, which includes the Schedule K-1 (Form 1065), is available and may be accessed on the Partnership’s website at www.usdpartners.com by selecting the “K-1 Tax Information” sub-tab under the “Investors” tab. Printed copies of the tax package were mailed during the week of March 8, 2021. For additional information or assistance, unitholders may contact the toll free USD Partners LP Tax Support Line at 1-844-275-9876.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s network of crude oil terminals facilitates the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal, which is expected to be placed into service late in the second quarter or early in the third quarter of 2021. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Category: Earnings
Adam Altsuler
Senior Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting & Investor Relations
(281) 991-8383
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WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today announced an increase to its fiscal 2021 net financial earnings (NFE) guidance to a range of $1.85 - $1.95 per share, from the previously announced range of $1.55 - $1.65 per share.
The increase in guidance is due primarily to better-than-anticipated results at NJR Energy Services (Energy Services). During the second quarter of fiscal 2021, a period of widespread cold across the U.S. led to unusually high demand for natural gas. Energy Services’ geographically diverse storage and transportation assets enabled that business to meet the needs of its customers during a time of unprecedented volatility. Leaf River, NJR’s natural gas storage facility located in Mississippi, also performed well, providing uninterrupted service to its customers under challenging circumstances. The updated NFE guidance range of $1.85 - $1.95 per share is net of estimated reserves for bad debt exposure.
The chart below represents the NFE contributions NJR currently expects from its businesses in fiscal 2021:
|
Previous Fiscal 2021E NFE Contribution |
Updated Fiscal 2021E
|
New Jersey Natural Gas |
65% - 72% |
56% - 61% |
Clean Energy Ventures |
15% - 20% |
10% - 15% |
Storage & Transportation |
8% - 10% |
7% - 11% |
Energy Services |
3% - 4% |
18% - 23% |
Home Services |
0% - 2% |
0% - 2% |
“Surrounding our core utility with a diversified group of complementary businesses has benefited NJR over the years and this guidance increase is no exception. This result is a credit to the deep experience and hard work of the Energy Services team,” said Steve Westhoven, president and CEO of New Jersey Resources.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s fiscal 2021 NFE guidance, forecasted contribution of business segments to NJR’s NFE for fiscal 2021 and the risks associated with bad debt expense.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Financial Information:
This release includes the non-GAAP financial measure NFE per share. As an indicator of NJR’s operating performance, this measure should not be considered an alternative to, or more meaningful than, net income per share as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G. NFE excludes unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to Energy Services.
Management uses this non-GAAP financial measure as a supplemental measure to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes this non-GAAP financial measure is more reflective of NJR’s business model, provides transparency to investors and enables period-to-period comparability of financial performance. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2020 Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
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Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to present at Gabelli Funds 7th Annual Waste & Environmental Services Symposium, which is being held virtually on March 18, 2021.
B&W management is scheduled to present on March 18, 2021 at 4:15 p.m. Eastern time, with one-on-one meetings throughout the conference. To receive additional information, request an invitation or to schedule a one-on-one meeting, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
About the Gabelli Securities Waste & Environmental Services Symposium
Gabelli Funds, LLC, will host the 7th Annual Waste & Environmental Services Symposium on Thursday, March 18, 2021, via webcast. This timely conference will feature presentations by senior management of several leading companies, with an emphasis on industry dynamics, new technologies, and company fundamentals.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.
Investor:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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Media:
Ryan Cornell
Public Relations
Babcock & Wilcox
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Four award-winning nanotech, clean-energy experts join new tech startup
SKOKIE, Ill.--(BUSINESS WIRE)--#catalysis--Stoicheia, a new technology startup that uses a nanotechnology-based approach to ultrahigh throughput materials discovery, today announced the first four members of its scientific advisory board.
Bringing expertise in nanotechnology, materials science and clean energy, Richard Crooks, Vinayak Dravid, Edward Sargent and Peidong Yang joined the Stoicheia team, effective February 17.
With the ability to perform millions of experiments simultaneously, Stoicheia’s technology can rapidly identify new materials with ideal properties for numerous applications, including for the energy, transportation, petrochemical and pharmaceutical industries.
Stoicheia launched in January 2021, after closing a $5 million venture-backed seed financing round.
“After we launched Stoicheia, we hit the ground running,” said Stoicheia co-founder Chad A. Mirkin. “Each member of our advisory board offers a deep expertise and passion for finding new materials to solve pressing global issues, such as sustainability, climate change and incurable disease. This board will ensure that Stoicheia continues the momentum that we have already built.”
As one of the foremost experts in electrochemistry, nanocatalysis, and nanoparticle synthesis, Crooks is the Robert A. Welch Chair in Materials Chemistry at the University of Texas-Austin. His research group develops basic science and technologies for a cleaner planet. He has received multiple awards, including the Faraday Medal of the Royal Society of Chemistry and the Carl Wagner Memorial Award of the Electrochemical Society.
Dravid is the Abraham Harris Chaired Professor of Materials Science and Engineering at Northwestern University and founding director of the Northwestern University Atomic and Nanoscale Characterization Center. He also leads the SHyNE Resource, an NSF center of excellence in infrastructure and facilities in the Midwest. A world-class electron microscopist, Dravid has developed a wide range of materials important in solving environmental problems, including reusable, highly porous sponge/membrane-based technologies that can selectively remove oil and other pollutants from water for environmental cleanup.
An expert in renewable energy and catalysis, Sargent is the Canada Research Chair in Nanotechnology at the University of Toronto, where he leads research into advanced materials, such as quantum dots, perovskite crystals and multi-metal crystals. His research group has set world records for using quantum dots to harvest solar energy. Sargent cofounded four startup companies, including CERT Technologies, which won the Breakthrough Energy Solutions Canada competition in 2020.
Yang, the S.K. and Angela Chan Distinguished Professor of Energy at the University of California, Berkeley, is a world-renowned expert in nanoparticle catalysis and renewable energy research. His research focuses on developing new classes of materials and nanostructures. Yang, a MacArthur Fellow, received the Global Energy Prize in 2020 for inventing a biohybrid system for artificial photosynthesis and was named among the top 10 chemists of the decade (2000-10) by Thomson Reuters.
Andrew Mirkin at 805-705-2444 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Program Housed by Chicago-Based Medical Facilities:
Rush University Medical Center and Lurie Children’s Hospital
Students to Gain Training, Support, Professional Experience and Certification in Revenue Cycle Management
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE:CR) today announced that the Crane Foundation, Inc., the company’s charitable nonprofit corporation, has donated $105,215 to fund a Revenue Cycle Management Certification Program for students and alumni of the company’s namesake Chicago, IL.-based Richard T. Crane Medical Prep High School (RTC).
The program, which will be housed at Rush University Medical Center and Lurie Children’s Hospital in Chicago, will provide training, support, and professional experience to participants, who will gain employable skills in the healthcare industry, and, upon receiving their certifications in Revenue Cycle Management, will be well positioned for strong career opportunities.
“We are incredibly grateful to the Crane Foundation for its support of our students, who are passionate about science and medicine but may not otherwise have the resources to pursue their career goals,” said Fareeda Shabazz, Principal of Richard T. Crane Medical Prep High School. “We are equally thrilled to launch this program to develop important, real-world career skills as students earn certifications in Revenue Cycle Management, one of the fastest-growing fields in healthcare today.”
The program will begin in the summer of 2021 and will consist of a six-week internship, including shadowing sessions with medical professionals, workforce development sessions and lecture series on a variety of healthcare professions, and clinical workshops. All course materials and equipment will be provided to participants free of charge by the Crane Foundation, Inc.
“We are extremely pleased with the success of RTC, which has achieved 100% graduation rates for three years in a row and has placed students in some of the best colleges in the country,” said Richard Maue, Senior Vice President and Chief Financial Officer of Crane Co., and a trustee of the Crane Foundation, Inc. “We look forward to continuing to extend our values of leadership and responsibility to our communities, by better equipping more and more students not just for college, but for a competitive job market.”
Dedicated exclusively to making charitable contributions for religious, educational and scientific purposes, the Crane Foundation is one of three charitable institutions affiliated with Crane Co., which also include The Crane Fund, a charitable trust dedicated to former Crane Co. employees in need of financial aid who are unable to be fully self-supporting due to age or physical disability, and The Crane Fund for Widows and Children, which makes contributions to charitable organizations that provide direct assistance to underserved populations in the communities where Crane Co. operates. In total, these three funds donate approximately $17 million each year to assist more than 500 charitable organizations and over 1,200 former associates and their family members around the world.
About Crane Co.
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: Fluid Handling, 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.
About The Crane Foundation, Inc.
Created in 1951, the Crane Foundation, Inc. is a non-profit corporation organized exclusively to make charitable contributions for religious, educational and scientific purposes.
About Richard T. Crane (RTC) Medical Preparatory High School
RTC is a magnet high school that offers a full and articulated college preparatory curriculum and rigorous career coursework focused on the health sciences to students across the city. RTC Medical Preparatory High School will meet the growing demand for medical professionals by preparing a diverse student body to go on to the best colleges and universities. RTC's college preparatory curriculum, which includes a rigorous science and mathematics sequence and competitive dual enrollment and Advanced Placement courses, arm students with an essential academic foundation. All students participate in an innovative four-year health sciences program, which provides students with practical learning experiences under the supervision and guidance of health professionals in the classroom and through the Illinois Medical District. Founded in 1890 as the English Manual and Training School, the school was renamed in honor of Richard T. Crane, the founder of Crane Co., in recognition of his long history of support for education in Chicago.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that it has repaid its 2019 Term Loan in full after making a voluntary prepayment of approximately $38 million using cash on hand. As a result of this prepayment, Tellurian has reduced its outstanding debt balance to approximately $21 million.
President and CEO Octávio Simões said, “Tellurian continues to deleverage the balance sheet and make progress on our commercial efforts. We are planning to pay off the remaining $21 million in debt obligations from upstream generated cash flows and cash on hand in the coming months.”
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, future debt levels and Tellurian’s business. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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Promotions recognize the significant financial and operational improvements achieved by the company since the GulfMark Offshore Merger
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide today announced the promotion of two key members of the company’s executive team, Sam R. Rubio and David E. Darling.
“I am tremendously proud to announce the promotions of Sam to the position of Chief Financial Officer and David to the position of Chief Operating Officer,” said Quintin Kneen, Tidewater’s President and Chief Executive Officer. “The leadership and ingenuity these two individuals have demonstrated by helping to reshape our operations in response to the pandemic epitomizes the Tidewater culture. For all intents and purposes, Sam and David have been performing in these roles since early 2020 – and these promotions recognize and reward them for their valuable contributions.”
“Since the 2018 merger with GulfMark Offshore, Sam has served as the company’s Chief Accounting Officer and has been instrumental in the design and implementation of our new accounting and financial infrastructure. Sam drove the significant cost savings and increase in administrative efficiency the company has demonstrated following the merger and was instrumental in adjusting the shore base organization to reflect the changing market conditions. The company also reduced long-term debt by over $250 million since the merger, and Sam will lead the continued management of our industry-leading balance sheet. Sam was previously the Chief Financial Officer of GulfMark Offshore and brings 16 years of industry experience, as well as 40 years of accounting and finance experience, to the role.
“David has over 30 years of experience in offshore vessel industry operations. He began his career as a vessel Captain in 1984 and first joined Tidewater upon its merger with Zapata Gulf Marine in 1991. David assumed executive responsibility for our safety program for 2020 and we achieved the best annual safety record in the history of the company with no loss time incidents for the year. He also has been instrumental in the implementation of our revised geographic footprint, reducing operating locations while simultaneously increasing operational efficiency. David has served in multiple executive roles and has been stationed in multiple countries around the world for Tidewater, GulfMark Offshore, and Zapata Gulf Marine. David is a demonstrated leader in the offshore industry and his experience as a vessel Captain gives him unmatched insight into day-to-day operations.”
Mr. Rubio has been promoted to Executive Vice President and Chief Financial Officer, following his accomplishments serving as the Company’s Chief Accounting Officer and Controller since joining Tidewater following the combination with GulfMark Offshore, Inc. in 2018. Previous to joining the Company, he served as GulfMark’s Senior Vice President and Chief Financial Officer, after holding the position of Chief Accounting Officer for over 10 years. Mr. Rubio earned a Bachelor of Business Administration degree from Sul Ross State University and is a Certified Public Accountant and a member of both the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. In addition, he has 40 years of experience in accounting at both operating division and corporate levels as well as the management of accounting organizations.
Mr. Darling has been promoted to Executive Vice President and Chief Operating Officer, after leading the Company’s substantial organizational restructuring in the role of Chief Human Resources Officer since joining Tidewater in early 2018. He has contributed to the development and implementation of numerous operational and performance enhancing initiatives over the past several years, and in his new role he will be responsible for global vessel operational uptime and cost efficiency, including dry dock activities and the optimization of the fleet in lay-up. Mr. Darling has over 25 years of domestic and international human resources and operations leadership experience, including serving as GulfMark Offshore’s Chief Human Resources Officer prior to joining Tidewater. He also held various executive human resources roles at Rigdon Marine, a subsidiary of Ford Motor Company and gained offshore vessel industry experience as a vessel master and operations manager. Mr. Darling earned his Bachelor of Science in Human Resources Management from Brenau University and his Master of Science in Human Resources Management and Labor Relations from the New York Institute of Technology.
About Tidewater
Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
Forward-Looking Statements
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.
Important Additional Information
Tidewater Inc., its directors and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater’s stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater’s directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater’s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission (“SEC”) on June 18, 2020, and in other filings with the SEC. To the extent holdings of Tidewater’s securities have changed since the amounts set forth in Tidewater’s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC’s website at www.sec.gov.
Tidewater intends to file a proxy statement and accompanying BLUE proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater’s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying BLUE proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of Tidewater’s corporate website at www.tdw.com or by contacting Tidewater’s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater’s Corporate Secretary at (713) 470-5310.
Jason Stanley
Vice President ESG & Investor Relations
+1.713.470.5292
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HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) will hold a webcast on Wednesday, April 21, 2021 to discuss the results for the first quarter ending March 31, 2021. The webcast is scheduled to begin at 8:00 a.m. Eastern Time (7:00 a.m. Central Time). A press release announcing the results will be issued at 6:30 a.m. Eastern Time (5:30 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
+1 713-879-2862
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2020.
SUMMARY OF FINANCIAL RESULTS
“Based on all measures 2020 was an extremely challenging year and business activity for the last three quarters of the year was depressed, with our oil-focused Bakken region hurt the most. We saw pressure on both pricing and volumes to varying degrees across all our businesses in all three regions. We managed to reduce costs across the board and generated cash as the balance sheet decreased as a function of lower sales. In addition we refinanced all of our term debt and ended the year in a healthy liquidity position. While commodity prices have recovered over recent months, our customers have been maintaining strict capital spending discipline and, as a result, we thus far have seen limited improvement in activity or pricing. We are reviewing our strategic and geographic positioning and are committed to making any adjustments to continue serving the customers that are important to our franchise,” said Charlie Thompson, Chief Executive Officer.
FOURTH QUARTER 2020 RESULTS
For the fourth quarter of 2020 when compared to the same quarter in 2019, revenue decreased by 35.4%, or $13.2 million, resulting primarily from lower water transport services in the Rocky Mountain and Northeast divisions and lower disposal services in all three divisions, partially offset by an increase in water transport services in the Southern division. The economic impact of COVID-19 was the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions. Commodity prices for crude oil decreased 25% over this time while rig count during the fourth quarter of 2020 compared to the fourth quarter of 2019 declined 79% in the Rocky Mountain division, 38% in the Northeast division and 29% in the Southern division.
The Rocky Mountain division experienced a significant slowdown, with producers reducing rigs due to the decline in WTI crude oil price per barrel, which averaged $42.52 in the fourth quarter of 2020 versus an average of $56.84 for the same period in 2019, resulting in a rig count decline of 79% from 53 during the fourth quarter of 2019 to 11 during the same period in 2020. Revenues for the Rocky Mountain division decreased by $9.3 million, or 43%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 primarily due to a $3.8 million, or 30%, decrease in water transport revenues from lower trucking volumes. Revenue from company-owned trucking revenue declined $3.9 million or 37%, while third-party trucking revenue increased 12%, or $0.2 million. Average total billable hours were down 27% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels, thereby resulting in meaningful revenue reduction coupled with an increase in competition for this service resulting in unfavorable pressure on trucking rates. Though third-party trucking saw a slight increase during the quarter on account of some plug and abandonment projects and well completion work, which boosted production water hauling and winch trucks demand above our driver count capabilities at the time. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented equipment. Our landfill revenues decreased 89%, or $0.9 million, compared to prior year due primarily to a 92% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $1.7 million, or 56%, compared to prior year as rig count reductions and lower completion activity led to a 46% decrease in average barrels per day disposed during the current year.
Revenues for the Northeast division decreased by $3.2 million, or 29%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 due to decreases in water transport and disposal services. This decrease was partially due to prices of natural gas which remained at historically low levels, averaging $2.52 and $2.38 respectively, for the fourth quarter of 2020 and the same period in 2019, contributing to a 38% rig count reduction in the Northeast operating area from 52 during the fourth quarter of 2019 to 32 during the fourth quarter of 2020. In addition, as a result of the low oil prices experienced earlier in the year, many of our customers who had historically focused on production of liquids-rich areas of the basin reduced new drilling activity and temporarily shut in some production in our operating area. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 5% from the prior year which was partially offset by a 5% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 34% decrease in average barrels per day, coupled with lower revenue per barrel.
The Southern division experienced the lowest revenue decline relative to the other business units, driven by its focus on servicing customers who are themselves focused on dry natural gas, which has experienced a relatively smaller impact from the 2020 downturn in commodity prices. Revenues for the Southern division decreased by $0.7 million, or 16%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region, as evidenced by fewer rigs operating in the area as well as lower revenue per barrel. Rig count declined 29% in the area, from 55 during the fourth quarter of 2019 to 39 during the fourth quarter of 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 7,743 barrels per day, or 29% during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 8,305 barrels per day, or 20% during the current year. Offsetting the declines in disposal well revenues was a 9% increase in water transport services. Subsequent to the year end, the Southern division experienced unprecedented winter weather in February that shutdown the business for several days. We are expecting this to have a significant impact on the first quarter of 2021 revenue.
Total costs and expenses for the fourth quarter of 2020 and 2019 were $30.4 million and $73.9 million, respectively. Total costs and expenses, adjusted for special items, for the fourth quarter of 2020 were $30.4 million, or a 29% decrease, when compared with $43.1 million in the fourth quarter of 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services coupled with company initiatives to match trucking capacity to demand, resulting in a 27% and 34% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as declines in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses.
Net loss for the fourth quarter of 2020 was $7.2 million, an increase of $30.3 million as compared to a net loss for the fourth quarter of 2019 of $37.5 million. For the fourth quarter of 2020, the Company reported a net loss, adjusted for special items, of $6.0 million. This compares with a net loss, adjusted for special items, of $7.0 million in the fourth quarter of 2019.
Adjusted EBITDA for the fourth quarter of 2020 was $1.4 million, a decrease of 55% as compared to adjusted EBITDA for the fourth quarter of 2019 of $3.1 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. Fourth quarter of 2020 adjusted EBITDA margin was 5.8%, compared with 8.2% in the fourth quarter of 2019 driven primarily by declines in revenue, partially offset by cost reductions in 2020.
YEAR-TO-DATE (“YTD”) RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2020
When compared to 2019, 2020 revenue decreased by 34%, or $58.0 million, due primarily to decreases in the available market for water transport services, disposal services and third-party rentals in all three divisions. The major underlying driver for this decrease was lower commodity prices for both crude oil and natural gas, which decreased 31% and 21%, respectively, over this time period. The economic impact of COVID-19 is the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions and significant well shut-ins primarily in the Rocky Mountain division. Rig count during the year 2020 compared to 2019 declined 56% in the Rocky Mountain division, 27% in the Northeast division and 18% in the Southern division.
Of our three divisions, the Rocky Mountain division experienced the most significant slowdown, with rig count declining 56% from 52 during the year ended December 31, 2019 to 23 during the year ended December 31, 2020. In addition, beginning in April 2020, some producers shut in many wells due to the decline in WTI crude oil price per barrel, which averaged $39.16 in 2020 versus an average of $56.98 for the same period in 2019, resulting in their cash costs of operations exceeding revenues per barrel. Revenues for the Rocky Mountain division decreased by $44.2 million, or 43%, during 2020 as compared to 2019 primarily due to a $24.3 million, or 37.8%, decrease in water transport revenues from lower trucking volumes. Company-owned trucking revenue declined $10.7 million or 25%, and third-party trucking revenue decreased $12.0 million, or 60%. Average total billable hours were down 19% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which declined to historically low levels, thereby resulting in meaningful third-party revenue reduction. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented rental equipment. Our landfill revenues decreased 62%, or $3.2 million, compared to prior year due primarily to a 61% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $6.4 million, or 50%, compared to prior year as well shut-ins and lower completion activity led to a 37% decrease in average barrels per day disposed during the current year, with water from producing wells continuing to maintain a base level of volume activity.
Revenues for the Northeast division decreased by $9.8 million, or 22%, during 2020 as compared to 2019 due to decreases in water transport services of $5.6 million, or 19%, and disposal services of $3.9 million, or 32%. Natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, decreased 21% from an average of $2.56 for 2019 to an average of $2.03 for 2020, contributing to a 27% rig count reduction in the Northeast operating area from 52 during the year ended December 31, 2019 to 38 during the year ended December 31, 2020. Additionally, as a result of the 31% decline in WTI crude oil prices experienced during the period, many of our customers who had historically focused on production of liquids-rich gas wells also reduced activity levels and shut-in some production in our operating area due to lower realized prices for these products. This led to lower activity levels for both water transport services and disposal services despite the relatively lower decrease in natural gas prices versus crude oil prices. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 7% from the prior year, which was partially offset by a 6% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 5% decrease in average barrels per day.
Revenues for the Southern division decreased by $4.0 million, or 19%, during 2020 as compared to 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from a drilling and completion activity slowdown in the region, as evidenced by fewer rigs operating in the area, as well as lower revenue per barrel. Rig count declined 18% in the area, from 49 during the year ended December 31, 2019 to 40 during the year ended December 31, 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 8,644 barrels per day, or 30%, during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 7,557 barrels per day, or 17% during the current year.
Total costs and expenses for 2020 and 2019 were $150.5 million and $218.3 million, respectively. Total costs and expenses, adjusted for special items, for 2020 were $131.7 million, or a 30% decrease, when compared with $187.5 million for 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services and company initiatives to match trucking capacity to demand, resulting in a 19% and 20% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as a decline in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses.
Net loss for 2020 was $44.1 million, an increase of $10.8 million as compared to a net loss for 2019 of $54.9 million. For 2020, the Company reported a net loss, adjusted for special items, of $25.4 million. This compares with a net loss, adjusted for special items, of $23.9 million for YTD 2019.
Adjusted EBITDA for 2020 was $7.3 million, a decrease of 58% as compared to adjusted EBITDA for 2019 of $17.4 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. During 2020, adjusted EBITDA margin was 7%, compared with 10% in 2019 driven primarily by declines in revenue partially offset by cost reductions in 2020.
CASH FLOW AND LIQUIDITY
Net cash provided by operating activities for 2020 was $13.2 million, mainly attributable to a decline in sales, which contributed to a decrease of $11.2 million in accounts receivable, while capital expenditures net of asset sales consumed cash of $0.2 million. Asset sales were related to unused or under-utilized assets. Gross capital expenditures for 2020 of $3.4 million primarily included the purchase of property, plant and equipment as well as expenditures to extend the useful life and productivity of our fleet, equipment and disposal wells.
Total liquidity available as of December 31, 2020 was $17.9 million. This consisted of $12.9 million of cash and $5.0 million available under our operating line of credit. As of December 31, 2020, total debt outstanding was $35.0 million, consisting of $13.0 million under our equipment term loan, $9.9 million under our real estate loan, $4.0 million under our Paycheck protection Program loan, $0.4 million under our vehicle term loan, $0.2 million under our equipment finance loan, and $7.6 million of finance leases for vehicle financings and real property leases.
On November 24, 2020, the Company closed on a multi-faceted debt refinancing with First International Bank and Trust based in Watford City, North Dakota. The Company executed a $13.0 million equipment term loan financed under the Main Street Priority Lending program, a $10.0 million real estate loan, a $5.0 million operating line of credit and a $4.839 million letter of credit facility. Proceeds from the real estate loan and the equipment term loan financing repaid all outstanding obligations owed under our First Lien Credit Agreement (which included the outstanding letters of credit) and all outstanding obligations under our Second Lien Term Loan Credit Agreement.
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and commodity market disruptions; changes in commodity prices or general market conditions; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19), acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including vacated easements, environmental impact studies, forced shutdown by governmental agencies and litigation affecting the Dakota Access Pipeline; bans on drilling and fracking leases and permits on federal land; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our operating line of credit; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; our ability to control costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our business strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water or water sharing in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
Nuverra Environmental Solutions, Inc.
Investor Relations
602-903-7802
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today it will host virtual investor meetings at the following conferences:
A copy of the slides that may be used during the meetings will be available on the Enterprise website at www.enterpriseproducts.com under the Investors tab.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations, (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.
Customers Without Rooftop Solar Are Paying $3 Billion More Annually for Electric Grid Services on Behalf of Solar Customers
Proposal Does Not Impact Existing Rooftop Solar Customers
SAN FRANCISCO & SAN DIEGO & ROSEMEAD, Calif.--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E), San Diego Gas & Electric Company (SDG&E) and Southern California Edison (SCE) together proposed to modernize California’s 25-year-old rooftop solar program to support customer equity and help continue California’s success toward a clean energy future.
Submitted today to the California Public Utilities Commission, the joint proposal lays out a new approach for compensating future rooftop solar customers who export excess solar energy to the electric grid. This proposal would only apply to future, new rooftop solar customers, not current solar customers.
The heart of this modernization effort addresses an unfair and growing inequity stemming from earlier versions of the rooftop solar Net Energy Metering (NEM) program. This cost shift leads to electricity customers without solar systems paying about $3 billion more annually in their electricity bills to subsidize existing rooftop solar customers. This represents each customer without solar paying as much as $240 extra every year, or more for some customers with higher energy needs. The subsidy represents the costs of the electric grid that solar customers use, but for which they do not pay. Oftentimes, those left paying these higher costs are lower-income customers.i
This proposal to modernize the 25-year-old NEM program would accomplish the following objectives:
Joint Proposal from PG&E, SDG&E and SCE
The joint proposal for future rooftop solar customers:
While the $3 billion cost shift from existing solar customers would continue, the joint utility proposal, if adopted, would ensure that this burden does not increase as new customers adopt rooftop solar.
Background on California’s Current Solar Incentive Program
The NEM program was established in 1995 to incentivize Californians to install rooftop solar panels to help jumpstart the solar industry, drive down costs and facilitate the transition to a clean energy future – and it worked.
How the Current NEM Program Works
A customer’s rooftop solar equipment is connected to the electric grid. Solar customers use energy produced by their solar panels during the day when solar power is available and from the utilities at night or whenever their solar system is not generating enough power. Even when their solar panels produce energy, customers rely on the electric grid for power and for exporting their excess solar generation to the grid. Customers with both rooftop solar and battery storage systems are also connected to and rely upon the grid.
Rooftop solar customers receive a credit on their electric bills when their system generates more power than they need, and that power is sent to the electric grid. The original goal of the credit was to help customers pay off their system over a reasonable period. Since the NEM program was established, solar costs have fallen dramatically:
The result of this high credit is that rooftop solar customers do not pay their full share for use of the grid that they rely on or for state-mandated, public policy programs that support energy efficiency or lower-income customers.
To view the joint proposal, click here.
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.
About SDG&E
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing natural gas pipelines; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California. For more information, visit newsroom.edison.com or energized.edison.com, or connect with SCE on Twitter (@SCE), Instagram (@SCE) and Facebook.
i “Designing Electricity Rates for An Equitable Energy Transition,” Energy Institute at Haas and Next10, February 2021, bar chart on page 28 on per customer cost impact.
ii “Tracking the Sun Pricing and Design Trends for Distributed Photovaltaic Systems in the United States,” (Data supporting report: “Distributed Solar 2020 Data Update”) Lawrence Berkeley National Laboratory, December 2020, Data: https://eta-publications.lbl.gov/sites/default/files/tts_2019_summary_data_tables.xlsx)
iii “CEC Tracking Progress Report: Renewable Energy,” California Energy Commission, February 18, 2020, page 5.
MEDIA RELATIONS:
415-973-5930
MANCHESTER, England--(BUSINESS WIRE)--Luxfer Holdings PLC (NYSE:LXFR), a global manufacturer of highly-engineered materials, today announced it has acquired the Structural Composites Industries (“SCI”) business of Worthington Industries, Inc. (NYSE: WOR) for $20 million in cash.
SCI strengthens Luxfer’s composite cylinder offering and aligns with recent investments to enhance its alternative fuel capabilities to capitalize on the growing compressed natural gas (CNG) and Hydrogen opportunities. The SCI team will join the Luxfer Gas Cylinder’s team located in Riverside, CA, and complements Luxfer’s additional locations in Nottingham, UK, Calgary, Canada and Shanghai, China. SCI will become an integral part of Luxfer’s Gas Cylinders and all SCI products will transition to the Luxfer brand name.
“We welcome the SCI employees to the Luxfer team. The addition of SCI significantly enhances our product offering and fortifies our capabilities in alternative fuels and aerospace applications. The newly combined business will result in higher levels of innovation, expanded manufacturing capacity and enhanced service offerings to our customers worldwide,” said Alok Maskara, Luxfer Chief Executive Officer. “With the recently announced intent to divest the majority of our Aluminum operations and today’s announcement, we are continuing to actively reshape our portfolio and opening new avenues of growth.”
Compelling Strategic and Financial Benefits
“The Luxfer Gas Cylinders brand and product offering is synonymous with quality, reliability and innovation, and the acquisition of SCI will further strengthen our reputation,” stated Andy Butcher, President of Luxfer Gas Cylinders. “We look forward to providing our customers with an expanded portfolio of innovative solutions, technical expertise and the highest levels of service and support that they have come to expect from Luxfer, the world’s leading provider of high-pressure carbon composite cylinders.”
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.
About Luxfer Gas Cylinders
Luxfer Gas Cylinders is the world’s largest manufacturer of light weight, high-pressure gas cylinders. With more than 70 million Luxfer cylinders in service around the world, Luxfer Gas Cylinders has an exemplary record for dependability and safety. Luxfer cylinders are used in a variety of applications, including firefighter and first-responder life support, medical, fire extinguishers, alternative fuel, specialty gas, beverage, aerospace, inflation and SCUBA. An operating company of Luxfer Holdings PLC, Luxfer Gas Cylinders is based in Riverside, California and has manufacturing facilities in the U.S., England, Canada, and China. For more information, visit www.luxfercylinders.com.
About Structural Composites Industries
Structural Composites was founded in 1971 as a spin off from Aerojet and became one of the world's first producers of DOT approved composite cylinders for commercial, military, and aerospace applications. Today, the business employs over 130 people in its Pomona, CA location, and supplies customers with high pressure cylinders around the world, for applications including Alternative Fuels (for hydrogen and compressed natural gas storage and transportation) and Life Support (for firefighters breathing apparatus, emergency escape equipment, and medical oxygen).
Forward-Looking Statements
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Examples of such forward-looking statements include but are not limited to: (i) statements regarding the Company’s results of operations and financial condition; (ii) statements of plans, objectives or goals of the Company or its management, including those related to financing, products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “forecasts” and “plans,” and similar expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. The Company cautions that several important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: (i) lower than expected future sales; (ii) increasing competitive industry pressures; (iii) general economic conditions or conditions affecting demand for the products and services the Company offers, both domestically and internationally, including as a result of the Brexit referendum being less favorable than expected; (iv) worldwide economic and business conditions and conditions in the industries in which we operate; (v) fluctuations in the cost of raw materials, utilities and other inputs; (vi) currency fluctuations and hedging risks; (vii) our ability to protect our intellectual property; (viii) the significant amount of indebtedness we have incurred and may incur and the obligations to service such indebtedness and to comply with the covenants contained therein; (ix) our ability to remediate the material weakness in our internal controls over financial reporting; and (x) risks related to the impact of the global COVID-19 pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, supply chain disruptions and other impacts to the business, and the Company’s ability to execute business continuity plans, as a result of the COVID-19 pandemic. The Company cautions that the foregoing list of important factors is not exhaustive. These factors are more fully discussed in the sections entitled “Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the U.S. Securities and Exchange Commission on March 2, 2021. When relying on forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and events. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update or revise any of them, whether because of new information, future events or otherwise.
Press and Investor Contacts
Heather Harding
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and full year ending December 31, 2020. NFE also announced today that its Board of Directors has declared a first quarter 2021 common stock dividend of $0.10 per Class A common share.
Business Highlights
Fast LNG
NFE announced that it has made a final investment decision (“FID”) on an innovative “Fast LNG” 1.4 million tonnes per annum capacity modular liquefaction facility to provide a low-cost supply of liquefied natural gas for its growing customer base. The “Fast LNG” design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar floating infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels. A permanently moored FSU will serve as an LNG storage facility alongside the floating liquefaction infrastructure, which can be deployed anywhere there is abundant and stranded natural gas.
“Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world,” said NFE CEO and Chairman Wes Edens. “This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy. Alongside our terrific partners, we look forward to deploying one of the world’s lowest-cost LNG production facilities by 2022.”
NFE has issued a limited notice to proceed to Fluor (NYSE:FLR), Chart Industries Inc. (NASDAQ:GTLS) and Baker Hughes Company (NYSE:BHGE) for the construction of the first “Fast LNG” project, which is anticipated to become Operational in an estimated 20 months.
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Revenues |
$136.9 |
$145.7 |
|||
Net Loss |
($36.7) |
($0.5) |
|||
Operating Margin* |
$51.4 |
$60.9 |
|||
Average Volumes (k GPD) |
1,535 |
1,410 |
|||
*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.
Please refer to our Q4 2020 Investor Presentation for further information about the following terms:
1) “Operational” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date. We cannot assure you if or when such projects will reach full commercial operations. Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals.
2) “In Development” or similar statuses means that we have taken steps and invested money to develop a facility, including procuring land rights and entitlements, negotiating or signing construction contracts, and undertaking active engineering, procurement and construction work. Our development projects are in various phases of progress, and there can be no assurance that we will continue progress on each development as we expect or that each development will be completed or enter full commercial operations. There can be no assurance that we will be able to enter into the contracts required for the development of these facilities on commercially favorable terms or at all. If we are unable to enter into favorable contracts or to obtain the necessary regulatory and land use approvals on favorable terms, we may not be able to construct and operate these assets as expected, or at all. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays, and these risks of delay are exacerbated by the COVID-19 pandemic. If we are unable to construct, commission and operate all of our facilities as expected, or, when and if constructed, they do not accomplish our goals, or if we experience delays or cost overruns in construction, our business, operating results, cash flows and liquidity could be materially and adversely affected.
3) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made an FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
4) “Committed” means our expected volumes to be sold to customers under binding contracts, awards under requests for proposals, and the agreement being finalized in for our project in Southeast Asia as of the period specified in the press release. There can be no assurance that we will enter into binding agreements for the awards we have under requests for proposals or our project in Southeast Asia on a particular timeline or at all. Some, but not all, of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in our “Committed Volumes” are substantially in excess of such minimum volume commitments. Our near-term ability to sell these volumes is dependent on our customers’ continued willingness and ability to continue purchasing these volumes and to perform their obligations under their respective contracts. If any of our customers fails to continue to make such purchases or fails to perform its obligations under its contract, our operating results, cash flow and liquidity could be materially and adversely affected. References to Committed Volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
5) “In Discussion” refers to potential customers (i) with whom we are in active negotiations, (ii) for whom there is a request for proposals or competitive bid process, or (iii) for whom we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer as of date of this press release. We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some, but not all, of our contracts contain minimum volume commitments, and our expected sales to customers reflected in any volumes referenced is substantially in excess of potential minimum volume commitments. References to these volumes and percentages of these volumes should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
6) “Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Loss on extinguishment of debt, net, and (vii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which will be available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on Tuesday, March 16, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter 2020 Earnings Call.”
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A replay of the conference call will also be available after 11:00 A.M. on Tuesday, March 16, 2021 through 11:00 A.M. on Tuesday, March 23, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 2548857.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) 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.
Non-GAAP Financial Measure
Operating Margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP financial measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.
As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; our expected volumes for Committed and In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; our expectations regarding our growth opportunities and the full capacity of our existing infrastructure, the key markets we may enter, and our expectations regarding our Fast LNG project, green hydrogen investment and pilot projects. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. 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 our development, construction or commissioning schedules will take longer than we expect, the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply, the risk that our expectations about the price at which we purchase LNG, the price at which we sell LNG, the cost at which we produce, ship and deliver LNG, and the margin that we receive for the LNG that we sell are not in line with our expectations, the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project, risks that our operating or other costs will increase and our expected funding of projects may not be possible, the risk that the foregoing or other factors negatively impact our liquidity, the risk that our organic and inorganic growth opportunities do not materialize due to our inability to reach commercial arrangements on terms that are acceptable to us or at all, the risk that organic and inorganic growth opportunities do not offer the Operating Margin that we expect due to higher costs of LNG, higher costs of infrastructure for inorganic growth, competitive pressures on our pricing, or other factors, and the risk that our investment and pilot projects in green hydrogen do not advance NFE’s transition to zero emissions on the timeline we expect or at all. 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 included in 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.
Exhibits – Financial Statements
| Consolidated Statements of Operations and Comprehensive Loss For the three months ended September 30, 2020 and December 31, 2020 |
||||||
(Unaudited, in thousands of U.S. dollars, except share and per share amounts) |
||||||
|
For the Three Months Ended |
|||||
|
September 30,
|
|
December 31,
|
|||
Revenues |
|
|
||||
Operating revenue |
$ |
83,863 |
$ |
94,769 |
||
Other revenue |
|
52,995 |
|
50,927 |
||
Total revenues |
|
136,858 |
|
145,696 |
||
|
|
|
||||
Operating expenses |
|
|
||||
Cost of sales |
|
71,665 |
|
68,987 |
||
Operations and maintenance |
|
13,802 |
|
15,796 |
||
Selling, general and administrative |
|
30,849 |
|
32,869 |
||
Depreciation and amortization |
|
9,489 |
|
10,013 |
||
Total operating expenses |
|
125,805 |
|
127,665 |
||
Operating income |
|
11,053 |
|
18,031 |
||
Interest expense |
|
19,813 |
|
14,822 |
||
Other expense, net |
|
2,569 |
|
826 |
||
Loss on extinguishment of debt, net |
|
23,505 |
|
- |
||
Loss before taxes |
|
(34,834) |
|
2,383 |
||
Tax expense |
|
1,836 |
|
2,868 |
||
Net loss |
|
(36,670) |
|
(485) |
||
Net loss attributable to non-controlling interest |
|
312 |
|
655 |
||
Net (loss) income attributable to stockholders |
$ |
(36,358) |
$ |
170 |
||
|
|
|
||||
Net (loss) income per share – basic and diluted |
$ |
(0.21) |
$ |
0.00 |
||
|
|
|
||||
Weighted average number of shares outstanding – basic and diluted |
|
170,074,532 |
|
170,855,679 |
||
|
|
|
||||
Other comprehensive loss: |
|
|
||||
Net loss |
$ |
(36,670) |
$ |
(485) |
||
Unrealized (gain) on currency translation adjustment |
|
(971) |
|
(883) |
||
Comprehensive (loss) income |
|
(35,699) |
|
398 |
||
Comprehensive (income) attributable to non-controlling interest |
|
(926) |
|
(131) |
||
Comprehensive (loss) income attributable to stockholders |
$ |
(36,625) |
$ |
267 |
||
Non-GAAP Operating Margin
|
||||
|
|
|
|
|
We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expense, depreciation and amortization, interest expense, other expense, loss on extinguishment of debt, net and tax expense. |
||||
|
For the three months ended, |
|
||||
|
September 30, 2020 |
|
|
December 31, 2020 |
|
|
Net loss |
$ (36,670) |
|
$ (485) |
|
||
Add: |
|
|
|
|
||
Selling, general and administrative |
30,849 |
|
32,869 |
|
||
Depreciation and amortization |
9,489 |
|
10,013 |
|
||
Interest expense |
19,813 |
|
14,822 |
|
||
Other expense, net |
2,569 |
|
826 |
|
||
Loss on extinguishment of debt, net |
23,505 |
|
- |
|
||
Tax expense |
1,836 |
|
2,868 |
|
||
Non-GAAP operating margin |
$ 51,391 |
|
$ 60,913 |
|
||
| Consolidated Balance Sheets As of December 31, 2020 and 2019 |
||||||
(in thousands of U.S. dollars, except share and per share amounts) |
||||||
|
|
|
|
|||
|
December 31,
|
|
December 31,
|
|||
Assets |
|
|
|
|||
Current assets |
|
|
|
|||
Cash and cash equivalents |
$ |
601,522 |
|
$ |
27,098 |
|
Restricted cash |
|
12,814 |
|
|
30,966 |
|
Receivables, net of allowances of $98 and $0, respectively |
|
76,544 |
|
|
49,890 |
|
Inventory |
|
22,860 |
|
|
63,432 |
|
Prepaid expenses and other current assets, net |
|
48,270 |
|
|
39,734 |
|
Total current assets |
|
762,010 |
|
|
211,120 |
|
|
|
|
|
|||
Restricted cash |
|
15,000 |
|
|
34,971 |
|
Construction in progress |
|
234,037 |
|
|
466,587 |
|
Property, plant and equipment, net |
|
614,206 |
|
|
192,222 |
|
Right-of-use assets |
|
141,347 |
|
|
- |
|
Intangible assets, net |
|
46,102 |
|
|
43,540 |
|
Finance leases, net |
|
7,044 |
|
|
91,174 |
|
Deferred tax assets, net |
|
2,315 |
|
|
34 |
|
Other non-current assets, net |
|
86,030 |
|
|
84,166 |
|
Total assets |
$ |
1,908,091 |
|
$ |
1,123,814 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|||
Current liabilities |
|
|
|
|||
Accounts payable |
$ |
21,331 |
|
$ |
11,593 |
|
Accrued liabilities |
|
90,352 |
|
|
54,943 |
|
Current lease liabilities |
|
35,481 |
|
|
- |
|
Due to affiliates |
|
8,980 |
|
|
10,252 |
|
Other current liabilities |
|
35,006 |
|
|
25,475 |
|
Total current liabilities |
|
191,150 |
|
|
102,263 |
|
|
|
|
|
|||
Long-term debt |
|
1,239,561 |
|
|
619,057 |
|
Non-current lease liabilities |
|
84,323 |
|
|
- |
|
Deferred tax liabilities, net |
|
2,330 |
|
|
241 |
|
Other long-term liabilities |
|
15,641 |
|
|
14,929 |
|
Total liabilities |
|
1,533,005 |
|
|
736,490 |
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|||
|
|
|
|
|||
Stockholders’ equity |
|
|
|
|||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 174.6 million issued and outstanding as of December 31, 2020 |
|
1,746 |
|
|
- |
|
Class A shares, 0 shares issued and outstanding as of December 31, 2020; 23.6 million shares issued and outstanding as of December 31, 2019 |
|
- |
|
|
130,658 |
|
Class B shares, 0 shares issued and outstanding as of December 31, 2020; 144.3 million shares issued and outstanding as of December 31, 2019 |
|
- |
|
|
- |
|
Additional paid-in capital |
|
594,534 |
|
|
- |
|
Accumulated deficit |
|
(229,503) |
|
|
(45,823) |
|
Accumulated other comprehensive income (loss) |
|
182 |
|
|
(30) |
|
Total stockholders' equity attributable to NFE |
|
366,959 |
|
|
84,805 |
|
Non-controlling interest |
|
8,127 |
|
|
302,519 |
|
Total stockholders' equity |
|
375,086 |
|
|
387,324 |
|
Total liabilities and stockholders' equity |
$ |
1,908,091 |
|
$ |
1,123,814 |
|
Consolidated Statements of Operations and Comprehensive Loss |
||||||||||
For the years ended December 31, 2020, 2019 and 2018 |
||||||||||
(in thousands of U.S. dollars, except share and per share amounts) |
||||||||||
|
Year Ended December 31, |
|
||||||||
|
2020 |
|
2019 |
|
2018 |
|
||||
Revenues |
|
|
|
|
|
|
||||
Operating revenue |
$ |
318,311 |
|
$ |
145,500 |
|
$ |
96,906 |
|
|
Other revenue |
|
133,339 |
|
|
43,625 |
|
|
15,395 |
|
|
Total revenues |
|
451,650 |
|
|
189.125 |
|
|
112,301 |
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|
||||
Cost of sales |
|
278,767 |
|
|
183,359 |
|
|
95,742 |
|
|
Operations and maintenance |
|
47,581 |
|
|
26,899 |
|
|
9,589 |
|
|
Selling, general and administrative |
|
124,170 |
|
|
152,922 |
|
|
62,137 |
|
|
Contract termination charges and loss on mitigation sales |
|
124,114 |
|
|
5,280 |
|
|
- |
|
|
Depreciation and amortization |
|
32,376 |
|
|
7,940 |
|
|
3,321 |
|
|
Total operating expenses |
|
607,008 |
|
|
376,400 |
|
|
170,789 |
|
|
Operating loss |
|
(155,358) |
|
|
(187,275) |
|
|
(58,488) |
|
|
Interest expense |
|
65,723 |
|
|
19,412 |
|
|
11,248 |
|
|
Other expense (income), net |
|
5,005 |
|
|
(2,807) |
|
|
(784) |
|
|
Loss on extinguishment of debt, net |
|
33,062 |
|
|
- |
|
|
9,568 |
|
|
Loss before taxes |
|
(259,148) |
|
|
(203,880) |
|
|
(78,520) |
|
|
Tax expense (benefit) |
|
4,817 |
|
|
439 |
|
|
(338) |
|
|
Net loss |
|
(263,965) |
|
|
(204,319) |
|
|
(78,182) |
|
|
Net loss attributable to non-controlling interest |
|
81,818 |
|
|
170,510 |
|
|
106 |
|
|
Net loss attributable to stockholders |
$ |
(182,147) |
|
$ |
(33,809) |
|
$ |
(78,076) |
|
|
|
|
|
|
|
|
|
||||
Net loss per share – basic and diluted |
$ |
(1.71) |
|
$ |
(1.62) |
|
|
|
||
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic and diluted |
|
106,654,918 |
|
|
20,862,555 |
|
|
|
||
|
|
|
|
|
|
|
||||
Other comprehensive loss: |
|
|
|
|
|
|
||||
Net loss |
$ |
(263,965) |
|
$ |
(204,319) |
|
$ |
(78,182) |
|
|
Unrealized (gain) loss on currency translation adjustment |
|
(2,005) |
|
|
219 |
|
|
- |
|
|
Unrealized loss on available-for-sale-investment |
|
- |
|
|
- |
|
|
2,677 |
|
|
Comprehensive loss |
|
(261,960) |
|
|
(204,538) |
|
|
(80,859) |
|
|
Comprehensive loss attributable to non-controlling interest |
|
80,025 |
|
|
170,699 |
|
|
106 |
|
|
Comprehensive loss attributable to stockholders |
$ |
(181,935) |
|
$ |
(33,839) |
|
$ |
(80,753) |
|
|
IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) announced today that its board of directors has approved a 20% increase to its quarterly cash dividend to $0.12 per share, which will be payable on April 9, 2021 to shareholders of record on March 26, 2021.
“We are committed to returning capital to our shareholders, while maintaining the financial flexibility to invest in organic and strategic opportunities that drive sustained growth over the long-term,” stated Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. “This dividend increase reflects our confidence in the future growth potential of our company.”
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com.
Information Relating to Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our commitment to returning capital, our ability to invest in opportunities that drive growth and our confidence in our future growth potential. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the loss of, or reduced sales to a significant government customer, such as the North Atlantic Treaty Organization as a result of the ongoing troop withdrawal in Afghanistan, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, our ability to effectively utilize the proceeds from the sale of the Multi Service payment solutions business and derive the expected benefits, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, notices from customers, suppliers and other third parties asserting force majeure or other bases for their non-performance, potential liabilities and the extent of any insurance coverage, actions that may be taken under the new administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, our failure to effectively hedge certain financial risks associated with the use of derivatives, the impact of climate change and natural disasters, and other risks detailed from time to time in our SEC filings. In addition, other current or potential risks and uncertainties related to the coronavirus pandemic include, but are not limited to: losses on hedging transactions with customers, heightened risk of cybersecurity issues as digital technologies may become more vulnerable and experience a higher rate of cyber-attacks in a remote connectivity environment, reduction of our global workforce to adjust to market conditions, including increased costs associated with severance payments, retention issues, and an inability to hire employees when market conditions improve, the impact of asset impairments, including any impairment of the carrying value of our goodwill, as well as other accounting charges if expected future demand for our products and services materially decreases, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.
Ira M. Birns, Executive Vice President & Chief Financial Officer
Glenn Klevitz, Vice President, Treasurer
305-428-8000
TORONTO--(BUSINESS WIRE)--$DYA #CityofWoodstock--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that it has been invited by the Government of the Province of Ontario, Canada (“Ontario Government”) to participate in the Hydrogen Strategy Working Group of the Ontario Government under the guidance of the Ministry of the Environment, Conservation and Parks.
Jean-Pierre Colin, Executive Vice President of dynaCERT, and Jim Payne, CEO of dynaCERT, will continue to attend Ontario Government strategy meetings in furthering the Ontario Government’s development of a hydrogen strategy.
Hydrogen Strategy Working Group
The Ontario Government established a new Hydrogen Strategy Working Group to help inform the development of the hydrogen strategy for the Province of Ontario.
This working group is intended to build on the input that the Ontario Government received through the public consultation process and Ontario’s hydrogen discussion paper. Members of the Hydrogen Strategy Working Group will also provide advice on how to use hydrogen across various sectors and help Ontario compete in the global hydrogen market. The Ontario Government has invited 21 Ontario Hydrogen Economy participants to Hydrogen Strategy Working Group which consists of experts from industry and academia. See: https://www.ontario.ca/page/low-carbon-hydrogen#section-5
Sales in the Global Mining Industry
In Q1 2021, dynaCERT has shipped or received confirmed orders of its flagship HG-1 HydraGEN™ Technology Units as well as its sister HydraGEN™ HG2 and HG-4C and HydraGEN™ HG-6C large capacity Units to international mining companies operating in Russia, China, Brazil and Peru through sales to its arms-length dealer H2Tek specializing in the sale of HydraGEN™ Technology in the mining industry. H2Tek is sponsored internationally by Export Development Corporation, a Crown Corporation of Canada, and dynaCERT’s currently sole Asian dealer, Puma HydroCarbons, who operates in China. Diamond Mines, Coal Mines, Copper Mines and Gold Mines are adopting dynaCERT’s proprietary HydraGEN™ Technology globally. The HydraGEN™ HG-4C and HydraGEN™ HG-6C large capacity Units will soon be deployed in open pit mining operations on large 50-litre diesel engines that operate in hostile climates such as open pit mines where temperatures deep lower than -40 degrees Celsius and are located in very remote areas of the planet.
Growing Sales in the Trucking Industry in North America
Q1 2021, dynaCERT has received purchase orders with advanced payment of twenty (20) of the Company’s 20 newest 2021 model HG-1 units for the North American continental trucking customers of KarbonKleen which is furthering its successful trials to its trucking and logistics clients.
In Q1 2021, dynaCERT has sold and installed our HG-2 units to a midsize Dodge truck and Ford F-350 delivery truck in Ontario through the Company’s dealer H2Tek.
City of Woodstock Success
dynaCERT has just completed Emission Tests on the City of Woodstock’s entire bus and garbage truck fleet to showcase reductions of greenhouse gases and fuel savings with very solid results from its initial previously announced pilot project. The City of Woodstock reduced fuel consumption by a significant factor in its recent Garbage Trucks Trials featuring dynaCERT’s HydraGEN™ “Carbon Emission Reduction Technology”.
dynaCERT is also working with several municipalities across Ontario supplying quotes and extensive analyst reports for their fleets showing the potential fuel savings and more importantly the emission reductions and Green House Gas reductions that can be realized with the utilization of HydraGEN™ “Carbon Emission Reduction Technology”.
dynaCERT and its Dealer in Negotiations with the World’s Largest Transportation Polluters
dynaCERT’s Canadian Dealer, Mobile Emissions Testing Inc. (“Mobile Emissions”) along with dynaCERT is in negotiations with one of the world’s largest transporters of goods which is committed to reducing its Carbon Footprint. As well, Mobile Emissions is assisting the Company with its Ontario Government initiatives and is also focussing on some of Ontario’s largest Municipal accounts.
Non-Core Electrolyser Research & Development
With 17 plus years of Research and Development, scientific knowledge, and design advancements within hydrogen generation, dynaCERT intends to expand and leverage their expertise and knowledge to form the basis for future decades to advance the Company’s goal to adapt its HydraGEN™ Technology to numerous markets, globally. dynaCERT’s Hydrogen electrolysers have gone through a series of transformations to meet the market demand. dynaCERT’s existing Alkaline Hydrogen electrolysers are best suited for non-pressurized Hydrogen production up to 500 litres per hour and can be stacked for higher Hydrogen demand.
Gurjant Singh, dynaCERT’s Head of Research and Development stated, “dynaCERT’s upcoming products such as the Anion Exchange Membrane and the Cation Exchange Membrane electrolysers will produce pressurized Hydrogen to meet the global demand. Pressurized Hydrogen will significantly cut down the compression cost making it affordable to use in small- and large-scale applications such as off-grid power supply, fuel cells etc. dynaCERT’s smart ECU will enable consumers to control Hydrogen production remotely and simplify data management.
dynaCERT is committed to achieve and participate in net zero emissions goal by 2050. Exponential growth in Hydrogen production over the past few years by conventional methods have further impacted the environment adversely. In 2019, more than 550 million tons of Carbon Dioxide were released in the atmosphere because of hydrogen production via Methane Reforming Process. At $50 per ton Carbon Credit, there is potential for more than $27 Billion worth of yearly savings. Carbon Credits remain a huge future revenue stream for dynaCERT with our Patent Pending Carbon Capturing Methodology while capturing credits for the Carbon Saved with our Hydrogen Generating electrolysers.”
Jim Payne, CEO of dynaCERT, stated, “dynaCERT fully supports the Ontario Government initiatives related to the development of its hydrogen strategy. The Hydrogen Strategy Working Group of the Ontario Government is an important step in the process of developing a workable hydrogen strategy. We applaud all the dedicated people involved in this Ontario Government initiative and thank all participants within the government and within the private sector for their commitment to making hydrogen an important part of our collective future.”
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
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nmassicotte@dynaCERT.com
Dŵr Cymru Welsh Water to Deploy Itron’s Cloud-based Mobile Meter Data Collection and Management Solution to Automate Meter Reading
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#itron--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that it signed a contract to deploy Temetra, Itron’s intelligent cloud-based mobile meter management solution, for Dŵr Cymru Welsh Water to improve water data management and automate meter reading. With Itron’s solution, the utility will be equipped to efficiently read its 750,000 meters across the country of Wales in the United Kingdom.
Providing water to 3 million customers, Dŵr Cymru will take advantage of Itron’s Temetra solution to automate meter reading using both automated and manual meter data collection methods. With Temetra, the utility will improve meter reading efficiency with map-assisted meter reading on mobile devices; collect and upload data in real time; and securely store and manage data in the cloud.
“At Itron, we are committed to providing modern water solutions to help utilities gain actionable understanding of water metering and use, water distribution, water leakage and more,” said Don Reeves, senior vice president of Outcomes at Itron. “With our next-generation Temetra solution, Dŵr Cymru Welsh Water will be able to optimize its operations and improve customer engagement to make every drop of water count.”
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
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Senior Manager, Corporate Communications
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The automotive industry must take swift action now to decarbonize and prepare for increased mobility demands
NEW YORK--(BUSINESS WIRE)--The adoption of circular economy practices combined with accelerated electrification in the automotive industry has the potential to reduce carbon emissions by up to 75% and non-circular resource consumption by up to 80% per mile by 2030, according to a report from Accenture (NYSE: ACN), the World Economic Forum, and the World Business Council for Sustainable Development.
The report, “Raising Ambitions: A new roadmap for the automotive circular economy,” is based on an Accenture analysis that finds mobility demand — in terms of both passenger miles and predicted vehicle stock — is expected to increase 70% globally by 2030. The automotive industry can prepare for this demand, while also decarbonizing to contribute to limiting global warming to less than 1.5°C, by achieving circularity through the lens of energy, water, waste, materials, vehicle lifetime and use.
“Circular cars will be a key building block to serve the growing mobility demand, while at the same time reducing resource consumption and carbon emissions to a level that is truly sustainable,” said Axel Schmidt, a senior managing director at Accenture who leads its Automotive industry group globally. “While many vehicle manufacturers have already set net-zero goals toward carbon neutrality, the roadmap for automotive circularity must be a core element of this transformation and ambition.”
According to the report, circularity in the automotive ecosystem can be accomplished through four key transformation pathways:
“The circular car is now on its way to becoming a core component of the automotive future,” said Christoph Wolff, global head of mobility and member of the executive committee at the World Economic Forum. “Companies across the industry must consider how technology and business levers can maximize the resource value of the car, minimize life-cycle emissions and unlock new opportunities along the value chain.”
The primary barriers to circularity in the automotive industry are related to customers and use patterns, business models, production methods and technology, and regulatory hurdles. The report outlines key recommendations to overcome challenges along the automotive value chain:
The report is the result of Accenture’s work with the World Economic Forum Circular Cars Initiative (CCI), which consists of 40-plus member companies and organizations from the automotive value chain, jointly laying out a systemic approach to automotive sustainability and circularity. The goal of the initiative is to foster collaboration and kick-start a system transformation toward a circular economy.
“The automotive industry along with the mobility sector will have to profoundly change if it is to provide for the forecasted 2.5x fold increase in road transport demand by 2050 at net-zero carbon emissions”, said Thomas Deloison, director of mobility, World Business Council for Sustainable Development. “We believe that the Circular Cars Initiative will help to find the collaborative pathways to accelerate this transformation.”
For more information and to view a copy of the report, please visit: accenture.com/AutoWEFreport.
About the Research
The World Economic Forum and the World Business Council for Sustainable Development formed the Circular Cars Initiative (CCI), which takes a systemic approach to accelerate the transformation to automotive sustainability. It looks at how technology and business levers can maximize the resource value of the car, minimize life-cycle emissions and unlock new opportunities. Within the CCI, 40 companies from the automotive value chain, several research institutes, international organizations, governmental bodies and think tanks are charting the course toward a zero-emission future through new technology, materials innovation, efficient vehicle usage and full life-cycle management. The CCI represents the first organized industry effort to systematically address the opportunities and challenges of circularity, with an eye toward fundamentally remaking automotive value chains and business models.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
About the World Economic Forum
The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
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HOUSTON--(BUSINESS WIRE)--AECOM, the world’s premier infrastructure consulting firm, has partnered with Houston METRO, the region’s largest public transit provider, to accelerate deployment of automated technology in transit vehicles. Funded through a $1.5 million grant from the Federal Transit Administration (FTA), the team will pilot one of the nation’s first automated electric shuttle buses that will serve Texas Southern University, University of Houston, and Houston’s Third Ward neighborhood.
AECOM worked with METRO to develop the grant application, which was awarded through the FTA’s Accelerating Innovative Mobility (AIM) initiative to support transit mobility and innovation. The project, which is expected to be fully operational in spring 2022, was one of only 25 initiatives across the U.S. to receive FTA funding.
“We’re thrilled to work with our longtime partner, METRO, on this exciting AIM initiative and to further progress mobility and innovation in the transit industry while helping our clients achieve their sustainability goals,” said Andrew Bui, AECOM’s vice president of global transportation electrification.
The shuttle bus will be the first transit vehicle with automation deployed in real-life traffic conditions that meets FTA guidelines. These guidelines include the Americans with Disabilities Act and Buy America requirements.
“The shuttle will connect to METRO buses and light rail and be studied for potential use in urban, suburban, and rural environments,” said Kim Williams, METRO’s Chief Innovation Officer. “Our industry continues to evolve with new technology that prioritizes clean air quality.”
AECOM will provide management, planning, and engineering services for the project. METRO is also a founding member of AECOM’s Automated Bus Consortium, which investigates the feasibility of implementing pilot automated bus projects across the U.S. “This project will strengthen our ongoing efforts through our Automated Bus Consortium and contribute to Houston’s already expansive work in deploying emerging technologies,” Bui added.
Additional partners on the project include Phoenix Motorcars, the leading developer of zero emission, all-electric vehicles, which will deliver the pilot vehicle utilizing software from EasyMile, a leader in cutting-edge autonomous technology.
About AECOM
AECOM is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we deliver what others can only imagine at aecom.com and @AECOM.
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TORONTO--(BUSINESS WIRE)--$LGO #largo--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce the first sale of iron ore from the Maracás Menchen Mine.
The Company finalized a sales contract for 14,000 tonnes of iron ore to a leading steel producer on March 12, 2021. Transport of the contracted material has commenced, and full delivery is expected by the end of March 2021. To date in 2021, the Company is currently producing iron ore at a rate that would result in the generation of approximately 500,000 tonnes per annum and has accumulated a total stockpile of approximately 2 million tonnes.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “Our first sale of iron ore was a key step in validating the commercial viability of this material. This sale also highlights the added benefits of our newly established internal sales division and capitalizes on the higher iron ore price environment. He continued: “It is also a diversification of sources of revenue for the Company as up until now, 100% of the Company’s revenues have been derived from the sale of vanadium products. Material mined from the Maracás Menchen Mine contains vanadium, iron ore and titanium. We will continue to explore the economic feasibility of extracting additional value from the Company’s mineral resource.”
About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; the iron ore price environment and the extent and overall impact of the COVID-19 pandemic in Brazil and globally. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to complete a listing on the Nasdaq, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE± battery system, our ability to produce iron ore and the adoption of VFRB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
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NEW DELHI--(BUSINESS WIRE)--ReNew Power (“ReNew” or “the Company”), India’s leading renewable energy company, today announced that it has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which recognizes companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth. In announcing ReNew’s appointment, the WEF specifically noted the Company’s recent investments in digital analytics and machine learning to increase the power yield, and decrease the downtime, of its solar and wind generation assets, as factors in its appointment. ReNew is one of only two Indian companies to be recognized by the Global Lighthouse Network this year.
As announced on February 24, 2021, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB, RMGBW, RMGBU), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.
ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its groundbreaking work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets. The technology deployment helped ReNew improve employee productivity by 31% and reduce downtime for its assets by 31%, without incurring any additional capital expenditure.
Speaking about the honor, Mr. Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said, “We are delighted to be named a Global Lighthouse company by the World Economic Forum. The recognition is a testament to our transformation efforts as we embark on our journey to become a data driven, clean energy enterprise supporting India’s clean energy transition. As we gain scale, we will embrace technology even further, in a manner that helps us respond better to disruptions, prepare for shifts in supply-demand balance, and prioritize workforce development.”
The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.
Speaking about the Global Lighthouse Network, Mr. Enno de Boer, Partner, McKinsey & Company and Global Lead of its manufacturing work remarked, “The 69 Lighthouse manufacturers open a window into the future of operations. Though no industry is immune from digital transformation, four sectors are resetting benchmarks - Advanced Industries, Consumer Packaged Goods, Pharmaceutical and Medical products, and Heavy Industries. We are seeing a paradigm shift emerge, from reducing cost to more focus on enabling growth and environmental sustainability. The Lighthouses are proving that unlocking smart capacity through digital technologies is more effective than spending on capital infrastructure.”
Speaking about the Lighthouse program, Mr. Francisco Betti, Head of Shaping the Advanced Manufacturing and Production, World Economic Forum said, “This is a time of unparalleled industry transformation. The future belongs to those companies willing to embrace disruption and capture new opportunities. Today’s disruptions, despite their challenges, are a powerful invitation to re-envision growth. The lighthouses are illuminating the future of manufacturing and the future of the industry.”
ReNew Power, along with the World Economic Forum’s entire group of Global Lighthouse Network companies will be officially recognized at the “Lighthouse Live: Reimagining Operations for Growth” online event on March 17, 2021 at 8:00 am EST / 2:00 pm CET /6:30 pm IST. Interested parties may register for and attend the online event by clicking the link below: https://broadcast.mckinsey.com/332/4794/microsite/global-lighthouse-network-awards-2021.asp
About ReNew Power
ReNew Power Private Limited is India’s leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, as well as distributed solar energy projects that generate electric power for commercial and industrial customers. As of December 31st 2020, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew has a strong track record of organic and inorganic growth. ReNew’s current group of stockholders contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power
About Global Lighthouse Network
The Global Lighthouse Network is a community of production sites and other facilities that are world leaders in the adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution (4IR). Lighthouses apply 4IR technologies such as artificial intelligence, 3D-printing and big data analytics to maximize efficiency and competitiveness at scale, transform business models and drive economic growth, while augmenting the workforce, protecting the environment, and contributing to a learning journey for all-sized manufacturers across all geographies and industries. The Global Lighthouse Network is a World Economic Forum project in collaboration with McKinsey & Co, factories and value chains that join the Network are designated by an independent panel of experts.
No Offer or Solicitation
This press release is for informational purposes only and shall neither 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 the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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