Business Wire | Page 1328

: Business Wire; Posted On Feb 19, 2021

Rogers Corporation Announces Retirement of Chief Financial Officer

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) announced today that Michael M. Ludwig, Senior Vice President, Chief Financial Officer and Treasurer, intends to retire from the Company in 2021. Mr. Ludwig has not given notice of a specific retirement date and he intends to continue in his role until his successor is appointed. The process to identify a successor will begin immediately.

“I want to thank Mike for his leadership and his many contributions to Rogers,” commented Bruce D. Hoechner, Rogers’ President and CEO. “Mike has been a trusted strategic partner, helping to drive significant improvements in profitability and cash flow, while maintaining a focus on growth. We appreciate Mike continuing to drive Rogers’ strategic priorities forward and facilitating a seamless transition to his successor.”

About Rogers Corporation

Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect, and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable the company’s growth drivers -- advanced connectivity and advanced mobility applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.

Safe Harbor Statement

This release contains forward-looking statements, which may concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to attract and retain management and skilled technical personnel; employee benefit costs and other risks applicable to our business. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent quarterly reports on Forms 10-Q filed with the Securities and Exchange Commission. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Contacts

Media Contact:
Amy Kweder
Director, Corporate Communications
Phone: 480.203.0058
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact:
Steve Haymore
Director, Investor Relations
Phone: 480.917.6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website address: https://www.rogerscorp.com

: Business Wire; Posted On Feb 19, 2021

Halliburton Declares Dividend and Announces Annual Shareholders' Meeting

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors has declared a 2021 first quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on March 24, 2021, to shareholders of record at the close of business on March 3, 2021.

The Company’s annual meeting of shareholders will take place on May 19, 2021. The record date for determination of shareholders entitled to vote at the meeting is March 22, 2021.

About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Contacts

For Investors:
Abu Zeya
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2688

For News Media:
Emily Mir
External Affairs
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281-871-2601

: Business Wire; Posted On Feb 19, 2021

Universal Display Corporation Announces Fourth Quarter and Full Year 2020 Financial Results

EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today reported financial results for the fourth quarter and full year ended December 31, 2020.

“2020 was an unprecedented year. The tremendous and commendable agility and execution focus of everyone at UDC enabled us to continue to build upon our first-mover advantage in the OLED ecosystem and we believe that we are well positioned to emerge an even stronger company when this global health crisis ends,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the year, we announced long-term agreements with China Star Optoelectronics, achieved record quarterly revenue of $141.5 million in the fourth quarter, celebrated the 20-year anniversary of our strategic partnership with PPG, and established OVJP Corporation to advance the commercialization of our groundbreaking OLED TV manufacturing technology. In addition, we expanded our corporate social responsibility initiatives, and were recognized by Fortune as one of the world’s 100-Fastest Growing Companies and Newsweek as one of America’s Most Responsible Companies.”

Rosenblatt continued, “Our outlook for 2021 anticipates another year of meaningful growth and performance, while also continuing to invest in near-term and long-term opportunities to fortify our pathway for growth. As the adoption of OLEDs in the consumer landscape is forecasted to broaden in the coming years, we are investing in our people, our infrastructure and our innovation to advance our leadership position and to further enable our customers and the OLED ecosystem.”

Financial Highlights for the Fourth Quarter of 2020

Total revenue in the fourth quarter of 2020 was $141.5 million as compared to $101.7 million in the fourth quarter of 2019.
Revenue from material sales was $62.5 million in the fourth quarter of 2020 as compared to $60.8 million in the fourth quarter of 2019.
Revenue from royalty and license fees was $75.0 million in the fourth quarter of 2020 as compared to $37.8 million in the fourth quarter of 2019.
Cost of materials was $24.6 million in the fourth quarter of 2020 as compared to $16.3 million in the fourth quarter of 2019.
Operating income was $65.8 million in the fourth quarter of 2020 as compared to $34.5 million in the fourth quarter of 2019.
Net income was $53.9 million or $1.13 per diluted share in the fourth quarter of 2020 as compared to $26.4 million or $0.56 per diluted share in the fourth quarter of 2019.

Revenue Comparison

($ in thousands)	Three Months Ended December 31,
	2020			2019
Material sales	$	62,538		$	60,752
Royalty and license fees		75,046			37,800
Contract research services		3,959			3,177
Total revenue	$	141,543		$	101,729

Cost of Materials Comparison

($ in thousands)	Three Months Ended December 31,
	2020			2019
Material sales	$	62,538		$	60,752
Cost of material sales		24,602			16,281
Gross margin on material sales		37,936			44,471
Gross margin as a % of material sales		61	%		73	%

Financial Highlights for the Full Year of 2020

Total revenue for the full year of 2020 was $428.9 million as compared to $405.2 million for the full year of 2019.
Revenue from material sales was $229.7 million for the full year of 2020 as compared to $243.4 million for the full year ended 2019.
Revenue from royalty and license fees was $185.1 million for the full year of 2020 as compared to $150.0 million for the full year of 2019.
Cost of materials was $75.9 million for the full year of 2020 as compared to $66.5 million for the full year of 2019.
Operating income was $157.5 million for the full year of 2020 as compared to $158.3 million for the full year of 2019.
Net income was $133.4 million or $2.80 per diluted share for the full year of 2020 as compared to $138.3 million or $2.92 per diluted share for the full year of 2019.

Revenue Comparison

($ in thousands)	Full Year Ended December 31,
	2020		2019
Material sales	$	229,749	$	243,413
Royalty and license fees		185,054		150,022
Contract research services		14,064		11,742
Total revenue	$	428,867	$	405,177

Cost of Materials Comparison

($ in thousands)	Full Year Ended December 31,
	2020			2019
Material sales	$	229,749		$	243,413
Cost of material sales		75,939			66,482
Gross margin on material sales		153,810			176,931
Gross margin as a % of material sales		67	%		73	%

2021 Guidance

The Company believes that its 2021 revenue will be approximately in the range of $530 million to $560 million. The OLED industry remains at a stage where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly.

Dividend

The Company also announced a first quarter 2021 cash dividend of $0.20 per share on the Company’s common stock. The dividend is payable on March 31, 2021 to all shareholders of record on March 16, 2021.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, February 18, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data)

	December 31, 2020			December 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	630,012		$	131,627
Short-term investments		99,996			514,461
Accounts receivable		82,261			60,452
Inventory		91,591			63,953
Other current assets		20,746			21,946
Total current assets		924,606			792,439
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $72,493 and $57,276		102,113			87,872
ACQUIRED TECHNOLOGY, net of accumulated amortization of $153,050 and $132,468		70,253			90,774
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $6,155 and $4,768		10,685			12,072
GOODWILL		15,535			15,535
INVESTMENTS		5,000			5,000
DEFERRED INCOME TAXES		37,695			30,375
OTHER ASSETS		103,341			86,090
TOTAL ASSETS	$	1,269,228		$	1,120,157
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	13,801		$	13,296
Accrued expenses		41,404			49,022
Deferred revenue		105,215			97,333
Other current liabilities		4,540			1,857
Total current liabilities		164,960			161,508
DEFERRED REVENUE		57,086			47,529
RETIREMENT PLAN BENEFIT LIABILITY		78,527			51,117
OTHER LIABILITIES		55,941			48,554
Total liabilities		356,514			308,708
SHAREHOLDERS’ EQUITY:
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500)		2			2
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 49,013,476 and 48,852,193 shares issued, and 47,647,828 and 47,486,545 shares outstanding at December 31, 2020 and December 31, 2019, respectively		490			489
Additional paid-in capital		635,595			620,236
Retained earnings		353,930			249,003
Accumulated other comprehensive loss		(36,019	)		(16,997	)
Treasury stock, at cost (1,365,648 shares at December 31, 2020 and December 31, 2019)		(41,284	)		(41,284	)
Total shareholders’ equity		912,714			811,449
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,269,228		$	1,120,157

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2020			2019			2020				2019
	(Unaudited)
REVENUE:
Material sales	$	62,538		$	60,752		$	229,749		$	243,413
Royalty and license fees		75,046			37,800			185,054			150,022
Contract research services		3,959			3,177			14,064			11,742
Total Revenue		141,543			101,729			428,867			405,177
COST OF SALES		26,998			18,202			85,478			75,374
Gross margin		114,545			83,527			343,389			329,803
OPERATING EXPENSES:
Research and development		22,186			19,827			83,894			71,276
Selling, general and administrative		16,217			19,082			61,346			59,613
Amortization of acquired technology and other intangible assets		5,495			5,493			21,969			21,962
Patent costs		1,938			1,688			7,529			6,833
Royalty and license expense		2,930			2,948			11,125			11,776
Total operating expenses		48,766			49,038			185,863			171,460
OPERATING INCOME		65,779			34,489			157,526			158,343
Interest income, net		695			2,459			5,139			10,795
Other income, net		230			27			864			767
Interest and other income, net		925			2,486			6,003			11,562
INCOME BEFORE INCOME TAXES		66,704			36,975			163,529			169,905
INCOME TAX EXPENSE		(12,802	)		(10,547	)		(30,157	)		(31,601	)
NET INCOME	$	53,902		$	26,428		$	133,372		$	138,304
NET INCOME PER COMMON SHARE:
BASIC	$	1.13		$	0.56		$	2.80		$	2.92
DILUTED	$	1.13		$	0.56		$	2.80		$	2.92
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC		47,241,078			46,997,368			47,198,982			46,959,775
DILUTED		47,298,692			47,031,759			47,236,994			46,995,462
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.15		$	0.10		$	0.60		$	0.40

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Year Ended December 31,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	133,372		$	138,304
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables		(183,997	)		(135,368	)
Depreciation		15,217			12,456
Amortization of intangibles		21,969			21,962
Change in excess inventory reserve		1,114			5,938
Amortization of premium and discount on investments, net		(4,960	)		(6,643	)
Stock-based compensation to employees		26,631			16,148
Stock-based compensation to Board of Directors and Scientific Advisory Board		1,647			1,548
Deferred income tax benefit		(4,446	)		(5,776	)
Retirement plan expense		5,656			5,818
Decrease (increase) in assets:
Accounts receivable		(21,809	)		(17,323	)
Inventory		(28,752	)		109
Other current assets		6,497			(15,238	)
Other assets		(13,481	)		(13,291	)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses		(8,305	)		15,516
Other current liabilities		2,683			(5,183	)
Deferred revenue		192,369			157,321
Other liabilities		7,387			17,614
Net cash provided by operating activities		148,792			193,912
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(27,991	)		(30,059	)
Purchase of intangibles		(60	)		(401	)
Purchases of investments		(604,153	)		(931,854	)
Proceeds from sale and maturity of investments		1,023,460			723,600
Net cash provided by (used in) investing activities		391,256			(238,714	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		1,176			889
Repurchase of common stock		—			(649	)
Payment of withholding taxes related to stock-based compensation to employees		(14,394	)		(15,980	)
Cash dividends paid		(28,445	)		(18,853	)
Net cash used in financing activities		(41,663	)		(34,593	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		498,385			(79,395	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		131,627			211,022
CASH AND CASH EQUIVALENTS, END OF YEAR	$	630,012		$	131,627
The following non-cash activities occurred:
Unrealized (loss) gain on available-for-sale securities	$	(118	)	$	241
Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period		300			300
Net change in accounts payable and accrued expenses related to purchases of property and equipment		(1,468	)		(530	)
Cash paid for income tax		36,269			46,602

Contacts

Universal Display Contact:
Darice Liu
This email address is being protected from spambots. You need JavaScript enabled to view it.
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+1 609-964-5123

: Business Wire; Posted On Feb 19, 2021

Sunnova Secures Capacity Position in ISO New England Auction

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, announced it has secured a position of 85 megawatts in the recent ISO-New England Forward Capacity Auction (“FCA15”). Sunnova’s aggregated residential solar portfolio will offer competitive renewable energy capacity to help meet the region’s future energy needs. The company expects the complete portfolio to begin participating with the FCA15 commitment year beginning June 2024.

“Our ability to win capacity in a competitively priced auction with the largest aggregation of distributed renewables to date demonstrates our commitment to leading the energy transition in the region,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “More importantly, Sunnova is looking forward to supporting ISO-NE on their path to a clean resilient grid and providing homeowners with the affordable and reliable energy they deserve.”

“Sunnova’s continued high growth in New England, and our strong dealer relationships allowed us to bid tens of thousands of new rooftop solar services into the auction,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “The participation of Sunnova’s portfolio secures the long-term involvement of our assets in the New England capacity program.”

Overall, Sunnova’s commitment priced at nearly $3/kW-mo across the region. The company expects the first-year value to be approximately $2 million and the gross value across the term to be approximately $38 million¹. The final pricing for FCA15 increased from prior years with systems in the surrounding Boston area (Northeast Massachusetts and Boston, Southeast Massachusetts, and Rhode Island) securing $3.98/kW-mo, Connecticut and Western Massachusetts clearing $2.61/kW-mo, and New Hampshire pricing at $2.48/kW-mo.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding expectations regarding timing of participation in FCA15; statements on the offer of competitive renewable energy and helping to meet New England’s future energy needs; and expectations on the first year and gross values. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov.The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

¹ Sunnova’s portion of the value is net of fees paid for participation in the market that the company may be subject to and assumes the subsequent 19 contracted capacity years are priced at the same average value.

Contacts

Alina Eprimian
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: Business Wire; Posted On Feb 19, 2021

Rogers Corporation Reports Fourth Quarter and Full Year 2020 Results

Excellent Q4 Results Driven By Advanced Mobility Growth and Strong Operational Execution

CHANDLER, Ariz.--(BUSINESS WIRE)--Rogers Corporation (NYSE:ROG) today announced financial results for the full year and fourth quarter of 2020.

“Accelerating growth in Advanced Mobility markets, combined with continued improvements in operational execution, drove fourth quarter results above the top end of our guidance,” stated Bruce D. Hoechner, Rogers' President and CEO. “Despite the challenges of the past year, 2020 was a year of substantial progress for Rogers. We advanced our positions in strategic growth markets, achieved sustainable improvements to gross margins, and significantly strengthened our balance sheet. Looking ahead, we remain enthusiastic about the growth outlook in Advanced Mobility, and particularly the EV/HEV market where momentum is accelerating. We are confident that our innovative solutions and deep materials expertise will enable Rogers to continue to play a leading role in the global transition to clean technologies and in other markets across our diversified portfolio.”

Financial Overview

GAAP Results	Q4 2020	Q3 2020	Q4 2019	2020	2019
Net Sales ($M)	$210.7	$201.9	$193.8	$802.6	$898.3
Gross Margin	38.3%	37.4%	33.1%	36.4%	35.0%
Operating Margin	9.5%	4.4%	7.5%	8.4%	12.3%
Net Income ($M)	$15.2	$7.0	$(28.8)	$50.0	$47.3
Diluted Earnings Per Share	$0.81	$0.37	$(1.55)	$2.67	$2.53

Non-GAAP Results¹	Q4 2020	Q3 2020	Q4 2019	2020	2019
Adjusted Operating Margin	18.4%	17.3%	11.6%	15.7%	15.7%
Adjusted Net Income ($M)	$29.7	$27.1	$21.3	$95.0	$114.8
Adjusted Earnings Per Diluted Share	$1.58	$1.45	$1.14	$5.08	$6.14
Adjusted EBITDA ($M)	$53.2	$47.9	$34.5	$177.0	$188.2
Adjusted EBITDA Margin	25.3%	23.7%	17.8%	22.1%	21.0%
Free Cash Flow ($M)	$39.9	$47.9	$32.9	$124.7	$109.7

Net Sales by Operating Segment (dollars in millions)	Q4 2020	Q3 2020	Q4 2019	2020	2019
Advanced Connectivity Solutions (ACS)	$69.5	$63.7	$64.6	$268.7	$316.6
Elastomeric Material Solutions (EMS)	$86.6	$86.4	$80.0	$328.2	$361.6
Power Electronic Solutions (PES)	$50.1	$47.9	$43.9	$190.0	$198.5
Other	$4.5	$3.9	$5.2	$15.7	$21.5

1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below

Q4 2020 Summary of Results

Net sales of $210.7 million increased 4% versus the prior quarter primarily due to higher sales in the ACS and PES business units. ACS net sales increased due to strong automotive demand for ADAS applications, partially offset by a decline in defense market demand. PES net sales increased in the EV/HEV market, partially offset by a decrease in the industrial power and mass transit markets. EMS net sales increased slightly from continued growth in the EV/HEV market and improved demand in the general industrial and traditional automotive markets, partially offset by a decline in portable electronics market sales. Currency exchange rates favorably impacted total company net sales in the fourth quarter of 2020 by $3.1 million compared to prior quarter net sales.

Gross margin was 38.3%, compared to 37.4% in the prior quarter. The increase in gross margin was due to higher volumes, improved productivity and yields and operational cost savings, partially offset by higher freight costs, commodity price increases and unfavorable product mix.

Selling, general and administrative (SG&A) expenses decreased slightly from the prior quarter to $50.0 million. In line with the Company's expectations, $11.8 million of accelerated intangible amortization expense was incurred related to the DSP business in the fourth quarter, compared to $11.7 million of accelerated expense in the prior quarter.

Restructuring and impairment charges of $3.6 million were recognized in the fourth quarter, compared to $9.4 million in the prior quarter. The charges in both the third and fourth quarters were primarily related to manufacturing footprint optimization plans to better align capacity with end market demand, improve factory utilization and increase cost competitiveness.

GAAP operating margin of 9.5% increased by 510 basis points sequentially primarily due to the improved gross margin and lower restructuring related charges. Adjusted operating margin of 18.4% increased by 110 basis points versus the prior quarter, primarily as a result of improved gross margin.

GAAP earnings per diluted share were $0.81, compared to $0.37 per diluted share in the previous quarter. The increase in GAAP earnings resulted from higher net sales, improved gross margin and lower restructuring related expenses, partially offset by higher tax expense. On an adjusted basis, earnings were $1.58 per diluted share compared to adjusted earnings of $1.45 per diluted share in the prior quarter. The increase in adjusted earnings per diluted share resulted from higher net sales and improved gross margin, partially offset by higher tax expense.

Ending cash and cash equivalents were $191.8 million, an increase of $5.7 million versus the prior quarter. The Company generated strong free cash flow of approximately $40 million in the fourth quarter of 2020. Net cash provided by operating activities of $51.4 million was offset by $35.0 million of principal payments made on the outstanding borrowings under the Company’s revolving credit facility and capital expenditures of $11.4 million. At the end of the fourth quarter of 2020, cash exceeded borrowings by $166.8 million.

Full Year 2020 Summary of Results

Net sales of $802.6 million decreased 11% compared to 2019 due to lower sales in all business units. The decline in net sales were mainly due to impacts on market demand from the COVID-19 pandemic and the effects of trade restrictions on the wireless infrastructure market. Currency exchange rates had an immaterial impact on total company net sales during 2020. ACS net sales decreased in the wireless infrastructure and automotive markets, partially offset by strong growth in the defense market. EMS net sales decreased due to lower demand in the general industrial, mass transit, consumer and automotive markets, partially offset by robust growth in the EV/HEV market and slight growth in the portable electronics market. PES net sales decreased due to lower demand in the industrial power, mass transit and vehicle electrification markets, offset by strong growth in the EV/HEV and renewable energy markets.

Gross margin was 36.4% compared to 35.0% in 2019. The increase in gross margin resulted from operational cost savings, lower freight, duties and tariffs costs, productivity and yield improvements and favorable product mix, partially offset by lower volume, increased inventory reserves and higher COVID-19 related costs.

SG&A expenses increased by $13.6 million to $182.3 million from the prior year, primarily from $27.4 million of accelerated intangible amortization expense associated with the DSP business, partially offset by lower travel and other expense reduction actions.

Restructuring and impairment charges were $13.0 million, compared to $2.5 million in 2019. The charges in 2020 were related to manufacturing footprint optimization plans to better align capacity with end market demand, improve factory utilization and increase cost competitiveness.

GAAP operating margin decreased to 8.4%, from 12.3% in the prior year, primarily due to higher SG&A and restructuring related charges, partially offset by gross margin improvement. Adjusted operating margin was 15.7% and unchanged from 2019.

GAAP earnings per diluted share were $2.67, compared to $2.53 per diluted share, for full year 2019. The increase resulted from lower pension settlement charges in 2020, which was partially offset by higher SG&A, restructuring charges and tax expense. On an adjusted basis, earnings were $5.08 per diluted share for full year 2020, compared to $6.14 per diluted share for full year 2019. The decrease in adjusted earnings was from lower revenue and higher tax expense, partially offset by the improvement in gross margin.

Ending cash and cash equivalents of $191.8 million increased by $24.9 million versus the prior year. The Company generated strong operating cash flow of $165.1 million and free cash flow of $124.7 million in 2020.

Financial Outlook

As recently announced, a fire caused extensive damage to Rogers' Utis manufacturing facility in S. Korea on February 9th and operations were disrupted. The Company is considering various recovery options and expects to resume production in S. Korea during the fourth quarter of this year. An estimate of the impact of this event is included in the first quarter financial outlook.

	Q1 2021
Net Sales ($M)	$215 to $225
Gross Margin	38.5% to 39.5%
Earnings Per Share	$1.48 to $1.63
Non-GAAP Earnings Per Share¹	$1.72 to $1.87

	2021
Effective Tax Rate	22% - 23%
Capital Expenditures ($M)	$70 to $80

1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below

About Rogers Corporation

Safe Harbor Statement

This release contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd.; fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, terrorism or public health crises; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Conference call and additional information

A conference call to discuss the results for the fourth quarter and full year 2020 will take place today, Thursday, February 18, 2021 at 5pm ET.

A live webcast of the event and the accompanying presentation can be accessed on the Rogers Corporation website at https://www.rogerscorp.com/investors.

To participate, please dial:

		1-800-574-8929		Toll-free in the United States
		1-973-935-8524		Internationally
		The passcode for the live teleconference is 2598602.

If you are unable to attend, a conference call playback will be available from February 18, 2021 at approximately 8 pm ET through March 5, 2021 at 11:59 pm ET, by dialing 1-855-859-2056 from the United States, and 1-404-537-3406 from outside of the US, each with passcode 2598602.

Additionally, the archived webcast will be available on the Rogers website at approximately 8 pm ET February 19, 2021.

Additional information

Please contact the Company directly via email or visit the Rogers website.

(Financial statements follow)

*Condensed Consolidated Statements of Operations (Unaudited)*

	Three Months Ended						Twelve Months Ended
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
Net sales	$	210,672		$	193,768		$	802,583		$	898,260
Cost of sales	129,969			129,565			510,763			583,968
Gross margin	80,703			64,203			291,820			314,292

Selling, general and administrative expenses	50,029			41,333			182,283			168,682
Research and development expenses	7,135			8,403			29,320			31,685
Restructuring and impairment charges	3,574			—			12,987			2,485
Other operating (income) expense, net	(8		)	(116		)	(104		)	959
Operating income	19,973			14,583			67,334			110,481

Equity income in unconsolidated joint ventures	1,700			1,242			4,877			5,319
Pension settlement charges	—			(53,213		)	(55		)	(53,213		)
Other income (expense), net	2,219			323			3,513			(592		)
Interest expense, net	(596		)	(1,146		)	(7,135		)	(6,869		)
Income before income tax expense	23,296			(38,211		)	68,534			55,126
Income tax expense	8,091			(9,451		)	18,544			7,807
Net income	$	15,205		$	(28,760	)	$	49,990		$	47,319

Basic earnings per share	$	0.82		$	(1.55	)	$	2.68		$	2.55

Diluted earnings per share	$	0.81		$	(1.55	)	$	2.67		$	2.53

Shares used in computing:
Basic earnings per share	18,692			18,587			18,681			18,573
Diluted earnings per share	18,741			18,587			18,706			18,713

*Condensed Consolidated Statements of Financial Position (Unaudited)*

(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE)	December 31, 2020			December 31, 2019
Assets
Current assets
Cash and cash equivalents	$	191,785		$	166,849
Accounts receivable, less allowance for doubtful accounts of $1,366 and $1,691	134,421			122,285
Contract assets	26,575			22,455
Inventories	102,360			132,859
Prepaid income taxes	2,960			4,524
Asbestos-related insurance receivables, current portion	2,986			4,292
Other current assets	13,088			10,838
Total current assets	474,175			464,102
Property, plant and equipment, net of accumulated depreciation of $365,844 and $341,119	272,378			260,246
Investments in unconsolidated joint ventures	15,248			16,461
Deferred income taxes	28,667			17,117
Goodwill	270,172			262,930
Other intangible assets, net of amortization	118,026			158,947
Pension assets	5,278			12,790
Asbestos-related insurance receivables, non-current portion	63,807			74,024
Other long-term assets	16,254			6,564
Total assets	$	1,264,005		$	1,273,181
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	35,987		$	33,019
Accrued employee benefits and compensation	41,708			29,678
Accrued income taxes payable	8,558			10,649
Asbestos-related liabilities, current portion	3,615			5,007
Other accrued liabilities	21,641			21,872
Total current liabilities	111,509			100,225
Borrowings under revolving credit facility	25,000			123,000
Pension and other postretirement benefits liabilities	1,612			1,567
Asbestos-related liabilities, non-current portion	69,620			80,873
Non-current income tax	16,346			10,423
Deferred income taxes	8,375			9,220
Other long-term liabilities	10,788			13,973
Shareholders’ equity
Capital stock - $1 par value; 50,000 authorized shares; 18,677 and 18,577 shares issued and outstanding	18,677			18,577
Additional paid-in capital	147,961			138,526
Retained earnings	873,692			823,702
Accumulated other comprehensive loss	(19,575		)	(46,905		)
Total shareholders' equity	1,020,755			933,900
Total liabilities and shareholders' equity	$	1,264,005		$	1,273,181

Reconciliation of non-GAAP financial measures to the comparable GAAP measures

Non-GAAP financial measures:

This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”):

(1) Adjusted net income, which the Company defines as net income excluding amortization of acquisition intangible assets and discrete items, such as acquisition and related integration costs, changes in foreign jurisdiction tax regulation on equity awards attributable to a prior period, asbestos-related charges, environmental accrual adjustment, gains from indemnity claims, gains or losses on the sale or disposal of property, plant and equipment, pension settlement charges, restructuring, severance, impairment and other related costs, and the related income tax effect on these items (collectively, “discrete items”), and transition services, net;

(2) Adjusted earnings per diluted share, which the Company defines as earnings per diluted share excluding amortization of acquisition intangible assets, discrete items, transition services, net and the impact of including dilutive securities divided by adjusted weighted average shares outstanding - diluted;

(3) Adjusted operating margin, which the Company defines as operating margin excluding acquisition-related amortization of intangible assets, discrete items excluding pension settlement charges, and transition services, net;

(4) Adjusted EBITDA, which the Company defines as net income excluding interest expense, net, income tax expense, depreciation and amortization, stock-based compensation expense, transition services lease income and discrete items;

(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;

(6) Free cash flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.

Management believes adjusted net income, adjusted earnings per diluted share, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.

*Reconciliation of GAAP net income to adjusted net income:*
(amounts in millions)	2020									2019
Net income	Q4			Q3			YTD			Q4			YTD
GAAP net income	$	15.2		$	7.0		$	50.0		$	(28.8	)	$	47.3

Acquisition and related integration costs	$	—		$	0.1		$	1.0		$	0.5		$	1.9
Change in foreign jurisdiction tax regulation on equity awards attributable to a prior period	$	—		$	—		$	—		$	—		$	0.5
Asbestos-related charges	$	(0.7	)	$	—		$	(0.7	)	$	1.7		$	1.7
Environmental accrual adjustment	$	—		$	—		$	(0.2	)	$	0.8		$	0.8
Gain from indemnity claim	$	—		$	—		$	—		$	(0.7	)	$	(0.7	)
Loss on sale or disposal of property, plant and equipment	$	—		$	—		$	—		$	0.4		$	0.6
Pension settlement charges	$	—		$	—		$	0.1		$	53.2		$	53.2
Restructuring, severance, impairment and other related costs	$	4.0		$	10.7		$	16.4		$	0.8		$	7.7
Transition services, net	$	—		$	—		$	—		$	0.1		$	0.9
Acquisition intangible amortization	$	15.4		$	15.4		$	42.0		$	4.4		$	17.6
Income tax effect of non-GAAP adjustments and intangible amortization	$	(4.3	)	$	(6.1	)	$	(13.5	)	$	(11.1	)	$	(16.7	)
Adjusted net income	$	29.7		$	27.1		$	95.0		$	21.3		$	114.8

*Values in table may not add due to rounding.

**Reconciliation of GAAP earnings per diluted share to adjusted earnings per diluted share:***
	2020								2019
Earnings per diluted share	Q4			Q3		YTD			Q4			YTD
GAAP earnings per diluted share	$	0.81		$	0.37	$	2.67		$	(1.55	)	$	2.53

Acquisition and related integration costs	—			0.01		0.04			0.02			0.08
Change in foreign jurisdiction tax regulation on equity awards attributable to a prior period	—			—		—			—			0.02
Asbestos-related charges	(0.03		)	—		(0.03		)	0.07			0.07
Environmental accrual adjustment	—			—		(0.01		)	0.03			0.03
Gain from indemnity claim	—			—		—			(0.03		)	(0.03		)
Loss on sale or disposal of property, plant and equipment	—			—		—			0.02			0.03
Pension settlement charges	—			—		—			2.35			2.35
Restructuring, severance, impairment and other related costs	0.16			0.43		0.67			0.03			0.31
Transition services, net	—			—		—			0.01			0.04
Impact of including dilutive securities^(a)	—			—		—			0.01			—
Total discrete items	$	0.14		$	0.44	$	0.67		$	2.51		$	2.90

Earnings per diluted share adjusted for discrete items	$	0.95		$	0.81	$	3.35		$	0.96		$	5.42

Acquisition intangible amortization	$	0.64		$	0.64	$	1.73		$	0.18		$	0.72

Adjusted earnings per diluted share	$	1.58		$	1.45	$	5.08		$	1.14		$	6.14

Contacts

Investor contact:
Steve Haymore
Phone: 480-917-6026
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website address: http://www.rogerscorp.com

Read full story here

: Business Wire; Posted On Feb 19, 2021

XL Fleet Reminds Investors of Redemption of Public Warrants

Approximately 3 million Public Warrants remain unexercised as of February 16, 2021

Investors are encouraged to exercise outstanding Public Warrants by March 1, 2021 deadline

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions with over 145 million customer miles driven, today announced that as of February 16, 2021, approximately 4.7 million of the total approximately 7.7 million Public Warrants had been exercised. As previously announced on January 28, 2021, the Company provided notice to the holders of the Public Warrants that their warrants will be redeemed in accordance with the terms of such Public Warrants. Holders of the Public Warrants have until 5:00 p.m. Eastern Standard Time (EST) on March 1, 2021 to exercise their Public Warrants.

As a courtesy, the Company would like to remind any remaining holders of Public Warrants that if the remaining approximately 3.0 million Public Warrants are not exercised by 5:00 p.m. EST on March 1, 2021, the redemption date, the Public Warrants will be void and no longer exercisable, and the holders of those Public Warrants will be entitled to receive $0.01 per Public Warrant.

Questions concerning redemption and exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.

Redemption Details

The 4.7 million total Public Warrants that have been exercised as of February 16, 2021 has resulted in cash proceeds to XL Fleet of approximately $53.6 million, based on an exercise price of $11.50 per share. Following the redemption, and assuming all remaining outstanding Public Warrants are exercised, XL Fleet expects to have up to approximately $420 million of cash on the balance sheet and approximately 139 million shares of Common Stock outstanding.

For additional information related to the redemption of the Public Warrants, please reference the redemption announcement press release issued by the Company on January 28, 2021.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of XL Fleet’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 145 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the definitive proxy statement/prospectus filed on December 8, 2020 and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Contacts

Media:
Eric Foellmer, Director of Marketing
(617) 648-8555
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor:
Marc Silverberg, Partner (ICR)
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Feb 19, 2021

Tellurian Strengthens Balance Sheet, Reduces Debt by $57 Million

HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NASDAQ: TELL) today announced it has made a voluntary principal prepayment of $43 million on its 2018 Term Loan. The debt prepayment was funded using cash on hand and from its upstream subsidiary, Tellurian Production Holdings LLC, resulting in interest savings of approximately $2.4 million in 2021. Tellurian Inc. has also made $13.6 million in other debt repayments year to date to other creditors, for a total debt reduction of $57 million.

After today’s prepayment, Tellurian has approximately $80 million in unrestricted cash and $25 million in borrowings that mature in 2021, of which $17 million will be paid from Tellurian production.

President and CEO Octávio Simões said, “Tellurian is delivering on our debt reduction plan and strengthening our balance sheet, with comfortable liquidity for operations and a market capitalization value of over $1 billion. We are producing natural gas from our Haynesville position as we watch the global natural gas market restructure with liquefied natural gas (LNG) supply tightening and prices rising. As an LNG supplier, we are well positioned with our integrated Driftwood partnership to control supply cost, effectively manage emissions through our own production, and produce LNG at a very low and stable cost that is globally competitive.”

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 costs, emissions, market factors and business prospects. 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, 2019, 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.

Contacts

Media:
Joi Lecznar
SVP Public Affairs and Communication
Phone +1.832.962.4044
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Feb 18, 2021

Waste-to-Energy (WtE) Markets, 2025 - Incineration Segment Expected to Rise, Owing to its Ability to Treat Multiple Types of Wastes - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Waste-to-Energy (WtE) Market - Global Industry Analysis (2017-2020). Growth Trends and Market Forecast (2021-2025)" report has been added to ResearchAndMarkets.com's offering.

The global demand for waste-to-energy (WtE) market is expected to witness high surge in demand as governments across the globe invest in developing sustainable solutions for generating energy from waste.

This is being encouraged by improved awareness amongst consumers about the depletion of the non-renewable energy resources and soaring levels of pollution across land, water and air. Collectively, these factors have contributed to rise in demand for the incineration process and public waste-to-energy expenditure.

The positive approach to waste-to-energy technologies has led to its widespread acceptance in various countries. The need to cater to the rising demand of electricity consumption is also triggering the demand for these alternative technologies. Government bodies are increasingly implementing several federal laws and regulations to control usage of non-renewable energy resources. Countries are moving towards achieving the zero emission sources, bolstering the demand for the global waste-to-energy market.

However, there are certain restraints affecting the growth of the global market such as environmental hazards associated with the incineration process.

The type segment in the waste-to-energy market is segregated into thermal and biological. The thermal segment is further segmented into incineration, pyrolysis, and gasification. Among these, the incineration segment is expected to lead the global waste-to-energy market by registering a rising CAGR over the forecast period. There has been a rise in waste generation across the globe leading to increased demand for incineration process globally. This process is increasingly rising in demand as it can treat multiple types of wastes.

North America is expected to lead the global waste-to-energy market as this region has high potential due to developed economies in this region. North America has high potential for growth with steady installations of waste to energy plants. The government policies in this region are strict, adhering to the Paris Climate Change Agreement, hence bolstering demand for better alternatives of non renewable energy sources.

Europe is also expected to rise in demand during the forecast period as this region is heavily focusing on an energy system that depends lesser on fossil fuels.

Key players in the market are actively focusing on strategies such as mergers and acquisitions. There has been a rise in investment for research and development activities as investors are actively seeking reliable sources of energy conversion to create lucrative market growth opportunities.

The key players operating in the global waste-to-energy market are Covanta Energy Corporation, Veolia, Seuz Environment, China Everbright International Limited, EDF, AVR, EQT AB, Wheelabrator, Hitachi Zosen Inova AG, Babcock & Wilcox Vølund A/S, Viridor, Ramboll Group and GCL Poly.

Key Highlights

Rise in demand for sustainable energy sources to boost the demand for the global market.
Stricter government laws and regulations are forcing the key players to invest in alternative sources of energy generation.
The incineration segment expected to rise, owing to its ability to treat multiple types of wastes.
Players to focus on investing in research and development activities to stay at the top of the game.

Key Topics Covered:

1. Executive Summary

1.1. Global Waste to Energy (WtE) Market Snapshot

1.2. Future Projections

1.3. Key Market Trends

1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations

2.2. Market Dynamics

2.2.1. Drivers

2.2.2. Restraints

2.2.3. Market Opportunities

2.3. Value Chain Analysis

2.4. Porter's Five Forces Analysis

2.5. COVID-19 Impact Analysis

2.5.1. Supply Chain

2.5.2. Demand

2.6. Economic Overview

2.6.1. Microeconomic Trends

2.6.2. Macroeconomic Trends

2.7. Raw Materials Impact Analysis

3. Price Trends Analysis and Future Projects, 2017-2025

3.1. Key Highlights

3.2. By Technology/By Application

3.3. By Region

4. Global Waste to Energy (WtE) Market Outlook, 2017-2025

4.1. Global Waste to Energy (WtE) Market Outlook, by Technology, Volume (Million Tons) and Value (US$ Mn), 2017-2025

4.1.1. Key Highlights

4.1.1.1. Thermal

4.1.1.1.1. Incineration

4.1.1.1.2. Pyrolysis

4.1.1.1.3. Gasification

4.1.1.2. Biological

4.1.2. BPS Analysis/Market Attractiveness Analysis

4.2. Global Waste to Energy (WtE) Market Outlook, by Application, Volume (Million Tons) and Value (US$ Mn), 2017-2025

4.2.1. Key Highlights

4.2.1.1. Electricity Generation

4.2.1.2. Steam Exports

4.2.1.3. Combined Heat & Power (CHP)

4.2.2. BPS Analysis/Market Attractiveness Analysis

4.3. Global Waste to Energy (WtE) Market Outlook, by Region, Volume (Million Tons) and Value (US$ Mn), 2017-2025

4.3.1. Key Highlights

4.3.1.1. North America

4.3.1.2. Europe

4.3.1.3. Asia Pacific

4.3.1.4. Rest of the World (RoW)

4.3.2. BPS Analysis/Market Attractiveness Analysis

5. North America Waste to Energy (WtE) Market Outlook, 2017-2025

6. Europe Waste to Energy (WtE) Market Outlook, 2017-2025

7. Asia Pacific Waste to Energy (WtE) Market Outlook, 2017-2025

8. Rest of the World (RoW)Waste to Energy (WtE) Market Outlook, 2017-2025

9. Competitive Landscape

9.1. Company Market Share Analysis, 2019

9.2. Product Heatmap

9.3. Strategic Collaborations

9.4. Company Profiles

AVR
Babcock & Wilcox Enterprises, Inc.
China Everbright Environment Group Limited
Covanta Energy Corporation
EQT AB
Hitachi Zosen Inova AG
Ramboll Group
Sembcorp Industries
Seuz
Veolia
Viridor
Wheelabrator Technologies Inc.

For more information about this report visit https://www.researchandmarkets.com/r/2jlivw

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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: Business Wire; Posted On Feb 19, 2021

Hannon Armstrong Announces Fourth Quarter and Full Year 2020 Results, Dividend Increase, and New Guidance

ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today reported results for the fourth quarter and full year of 2020.

Financial Highlights

Delivered $1.10 GAAP EPS on a fully diluted basis in 2020, compared with $1.24 in the same period in 2019
Delivered $1.55 Distributable (Core Pre-CECL) EPS on a fully diluted basis in 2020, compared to $1.40 Distributable (Core Pre-CECL) EPS in 2019, representing 11% year-on-year growth and a 7% three-year compound annual growth rate - exceeding the high end of previously communicated three-year guidance
Grew balance sheet portfolio 38% year-on-year to $2.9 billion and managed assets 16% to $7.2 billion as of the end of 2020
Closed $1.9 billion of transactions in 2020, compared to $1.3 billion in 2019 and representing a 48% year-on-year increase
Established $50 million sustainability-linked unsecured revolving credit facility with J. P. Morgan in the first quarter of 2021
Increased dividend to $0.35 per share for the first quarter of 2021

Guidance

Established new guidance expecting that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share

ESG Highlights

Declared Social Dividend of $1 million in the first quarter of 2021 to capitalize newly formed Hannon Armstrong Foundation
Enhanced disclosures on Diversity, Equity, Inclusion, and Justice in annual SEC filing
Recognized by Institutional Investor Research for Best Financially Material ESG Disclosure
Recorded highest annual CarbonCount^® score in company history with an estimated 2.0 million metric tons of annual carbon emissions that will be avoided annually by our transactions closed in 2020 - equating to a CarbonCount^®score of 1.03 metric tons per $1,000 invested

"Despite Covid-19, Hannon Armstrong had an outstanding year. We grew our distributable earnings per share above guidance, increased our investment pipeline, and significantly grew our portfolio and resulting net investment income. With the progress we made in 2020, we are issuing new three-year guidance of 7% to 10% compound annual growth in distributable earnings per share, from the 2020 base," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer.

"Leveraging our climate solutions investing focus and leadership on ESG, we are declaring a Social Dividend to capitalize the newly formed Hannon Armstrong Foundation, which, along with several other initiatives, will allow us to contribute to meaningful and sustained impact at the intersection of climate change and social justice."

A summary of our results is shown in the tables below:

	For the three months ended December 31, 2020				For the three months ended December 31, 2019
	$ in thousands		Per Share (Diluted)		$ in thousands		Per Share (Diluted)
GAAP Net Income	$	24,925	$	0.32	$	46,076	$	0.66
Distributable earnings ⁽¹⁾	29,325		0.37		26,755		0.40

	For the year ended December 31, 2020				For the year ended December 31, 2019
	$ in thousands		Per Share (Diluted)		$ in thousands		Per Share (Diluted)
GAAP Net Income	$	82,416	$	1.10	$	81,564	$	1.24
Distributable earnings ⁽¹⁾	117,500		1.55		92,746		1.40

(1)

Beginning with this quarter, we are changing the name of our primary Non-GAAP earnings metric from Core (Pre-CECL) earnings to distributable earnings with no change in the historical method of calculation. We will no longer be reporting a Core earnings metric which includes the CECL provision. Reconciliations of our GAAP EPS to our Distributable EPS and our GAAP-based Net Investment Income to our Distributable Net Investment Income are included below in this press release.

Financial Results

"In 2020, we achieved significant growth in our balance sheet portfolio, which is currently $2.9 billion, and we capitalized on favorable market conditions and our leading ESG position to raise significant capital and deploy it to fund climate solutions with attractive risk-adjusted returns," said Hannon Armstrong Chief Financial Officer and Chief Operating Officer Jeffrey A. Lipson.

"With our new $50 million sustainability-linked unsecured revolving credit facility with J.P. Morgan, and our demonstrated access to the capital markets, we are well-positioned to fund our forward flow investment commitments in addition to other anticipated growth opportunities."

Comparison of the year ended December 31, 2020 to the year ended December 31, 2019

Total revenue increased by $45 million, or 32%. Gain on sale and fee income increased by $26 million and interest and rental income increased by $19 million. These increases were primarily driven by the addition of higher yielding assets to an overall larger portfolio as well as a change in the volume and mix of assets being securitized.

Interest expense increased $28 million, or 43%, primarily as a result of a higher outstanding balance, including $775 million in unsecured debt raised in the second and third quarters. We recorded a $10 million provision for loss on receivables based on loans and loan commitments made during the year in accordance with the new CECL standard, as opposed to an $8 million provision in 2019 on two commercial receivables that were previously placed on non-accrual. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $9 million primarily due to an increase in our employee headcount and incentive compensation.

We recognized $48 million in income using the hypothetical liquidation at book value method (HLBV) for our equity method investments in 2020, compared to approximately $64 million of HLBV income in 2019. Lower equity method investment income in 2020 is a result of a gain recognized on the sale of an equity investment in 2019, which did not recur in 2020.

Income tax expense decreased by approximately $11 million in 2020 primarily as a result of the aforementioned sale of an equity investment in 2019 that did not recur, which decreased taxable income in 2020.

GAAP net income in 2020 was $82 million, approximately the same as 2019. Distributable earnings in 2020 was approximately $118 million, or an increase of approximately $25 million from 2019 due primarily to an increase in distributable earnings from equity method investments.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of December 31, 2020 and 2019 are shown in the chart below:

	December 31, 2020		% of Total		December 31, 2019		% of Total
	($ in millions)				($ in millions)
Floating-rate borrowings ⁽¹⁾	$	23	1	%	$	33	2	%
Fixed-rate debt ⁽²⁾	2,166		99	%	1,360		98	%
Total	$	2,189	100	%	$	1,393	100	%
Leverage ⁽³⁾	1.8 to 1				1.5 to 1

(1)		Floating-rate borrowings include borrowings under our floating-rate credit facilities.
(2)		Fixed-rate debt also includes the present notional value of non-recourse debt that is hedged using interest rate swaps. Debt excludes securitizations that are not consolidated on our balance sheet.
(3)		Leverage, as measured by our debt-to-equity ratio.

Portfolio

Our balance sheet portfolio totaled approximately $2.9 billion as of December 31, 2020, which included approximately $1.4 billion of behind-the-meter assets and approximately $1.5 billion of grid-connected assets. The following is an analysis of the performance our portfolio as of December 31, 2020:

	Portfolio Performance
	Government			Commercial
	1⁽¹⁾			1⁽¹⁾			2⁽²⁾			3⁽³⁾			Total
Total receivables	248			984			10			8			1,250
Less: Allowance for loss on receivables	—			(24)			(4)			(8)			(36)
Net receivables ⁽⁴⁾	248			960			6			—			1,214
Investments	35			20			—			—			55
Real estate	—			359			—			—			359
Equity method investments ⁽⁵⁾	—			1,255			25			—			1,280
Total	$	283		$	2,594		$	31		$	—		$	2,908
Percent of Portfolio	10		%	89		%	1		%	—		%	100		%
Average remaining balance ⁽⁶⁾	$	7		$	14		$	12		$	4		$	12

(1)		This category includes our assets where based on our credit criteria and performance to date we believe that our risk of not receiving our invested capital remains low.
(2)		This category includes our assets where based on our credit criteria and performance to date we believe there is a moderate level of risk to not receiving some or all of our invested capital.
(3)		This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Included in this category are two commercial receivables with a combined total carrying value of approximately $8 million as of December 31, 2020 which we have held on non-accrual status since 2017. We recorded an allowance for the entire asset amounts as described in our Annual Report on Form 10-K filed with the SEC on February 25, 2020. We expect to continue to pursue our legal claims with regards to these assets.
(4)		Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets
(5)		Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately.
(6)		Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 143 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $56 million.

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share. The Company also expects that annual dividends per share will grow at a compound annual rate of 3% to 5% from 2021 to 2023, relative to the 2020 baseline of $1.36 per share, which is equivalent to a 2023 midpoint of $1.53 per share. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing Portfolio; (ii) yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations, (vi) the ongoing impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions and (vii) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.35 per share of common stock. This dividend will be paid on April 12, 2021, to stockholders of record as of April 5, 2021.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, February 18, 2021, at 5:00 p.m. eastern time. The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10151938. The replay will be available until February 25, 2021.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $7 billion in managed assets as of December 31, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

Forward-Looking Statements:

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the ongoing impact of the current outbreak of the novel coronavirus (COVID-19), on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in the Form 10-K and in our subsequent filings under the Securities Exchange Act of 1934, as amended. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity including the timing of the successful distribution of an effective vaccine.

Statements regarding the following subjects, among others, may be forward-looking:

negative impacts from continued spread of COVID-19, including on the U.S. or global economy or on our business, financial position or results of operations;
our expected returns and performance of our investments;
the state of government legislation, regulation and policies that support or enhance the economic feasibility of projects that reduce carbon emissions or increase resilience to climate change, which we refer to as climate change solutions, including energy efficiency and renewable energy projects and the general market demands for such projects;
market trends in our industry, energy markets, commodity prices, interest rates, the debt and lending markets or the general economy;
our business and investment strategy;
availability of opportunities to invest in climate change solutions including energy efficiency and renewable energy projects and our ability to complete potential new opportunities in our pipeline;
our relationships with originators, investors, market intermediaries and professional advisers;
competition from other providers of capital;
our or any other company’s projected operating results;
actions and initiatives of the federal, state and local governments and changes to federal, state and local government policies, regulations, tax laws and rates and the execution and impact of these actions, initiatives and policies;
the state of the U.S. economy generally or in specific geographic regions, states or municipalities and economic trends;
our ability to obtain and maintain financing arrangements on favorable terms, including securitizations;
general volatility of the securities markets in which we participate;
the credit quality of our assets;
changes in the value of our assets, our portfolio of assets and our investment and underwriting process;
the impact of weather conditions, natural disasters, accidents or equipment failures or other events that disrupt the operation of our investments or negatively impact the value of our assets;
rates of default or decreased recovery rates on our assets;
interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
changes in interest rates and the market value of our assets and target assets;
changes in commodity prices, including continued low natural gas prices;
effects of hedging instruments on our assets or liabilities;
the degree to which our hedging strategies may or may not protect us from risks, such as interest rate volatility;
impact of and changes in accounting guidance;
our ability to maintain our qualification as a real estate investment trust for U.S. federal income tax purposes;
our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended;
availability of and our ability to attract and retain qualified personnel;
estimates relating to our ability to generate sufficient cash in the future to operate our business and to make distributions to our stockholders; and
our understanding of our competition.

The risks included here are not exhaustive. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. Any forward- looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this earnings release, whether as a result of new information, future events or otherwise.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	For the Three Months Ended December 31,				For the Year Ended December 31,
	2020		2019		2020		2019
Revenue
Interest income	$	24,512	$	21,930	$	95,559	$	76,200
Rental income	6,470		6,469		25,878		25,884
Gain on sale of receivables and investments	15,439		7,704		49,887		24,423
Fee income	2,468		2,225		15,583		15,074
Total revenue	48,889		38,328		186,907		141,581
Expenses
Interest expense	26,299		17,381		92,182		64,241
Provision for loss on receivables	4,467		—		10,096		8,027
Compensation and benefits	10,542		7,495		37,766		28,777
General and administrative	3,665		3,875		14,846		14,693
Total expenses	44,973		28,751		154,890		115,738
Income before equity method investments	3,916		9,577		32,017		25,843
Income (loss) from equity method investments	15,457		46,060		47,963		64,174
Income (loss) before income taxes	19,373		55,637		79,980		90,017
Income tax (expense) benefit	5,640		(9,396)		2,779		(8,097)
Net income (loss)	$	25,013	$	46,241	$	82,759	$	81,920
Net income (loss) attributable to non-controlling interest holders	88		165		343		356
Net income (loss) attributable to controlling stockholders	$	24,925	$	46,076	$	82,416	$	81,564
Basic earnings (loss) per common share	$	0.33	$	0.70	$	1.13	$	1.25
Diluted earnings (loss) per common share	$	0.32	$	0.66	$	1.10	$	1.24
Weighted average common shares outstanding—basic	75,400,321		65,173,294		72,387,581		63,916,440
Weighted average common shares outstanding—diluted	84,843,939		71,668,124		74,373,169		64,771,491

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	December 31, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	286,250	$	6,208
Equity method investments	1,279,651		498,631
Government receivables	248,455		263,175
Commercial receivables, net of allowance of $36 million and $8 million, respectively	965,452		896,432
Real estate	359,176		362,265
Investments	55,377		74,530
Securitization assets	164,342		123,979
Other assets	100,364		162,054
Total Assets	$	3,459,067	$	2,387,274
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	59,944	$	54,351
Credit facilities	22,591		31,199
Non-recourse debt (secured by assets of $723 million and $921 million, respectively)	592,547		700,225
Senior unsecured notes	1,283,335		512,153
Convertible notes	290,501		149,434
Total Liabilities	2,248,918		1,447,362
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding	—		—
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 76,457,415 and 66,338,120 shares issued and outstanding, respectively	765		663
Additional paid in capital	1,394,009		1,102,303
Accumulated deficit	(204,112)		(169,786)
Accumulated other comprehensive income (loss)	12,634		3,300
Non-controlling interest	6,853		3,432
Total Stockholders’ Equity	1,210,149		939,912
Total Liabilities and Stockholders’ Equity	$	3,459,067	$	2,387,274

Contacts

Investor Relations:

Chad Reed
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410-571-6189

Media:

Gil Jenkins
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443-321-5753

Read full story here

: Business Wire; Posted On Feb 18, 2021

Global VOC Gas Monitor Market Outlook 2021-2025 - Growth in Water and Wastewater Treatment Industry Driving VOC Gas Monitor Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global VOC Gas Monitor Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The VOC gas monitor market is poised to grow by $50.05 million during 2021-2025, progressing at a CAGR of 5% during the forecast period. The report on VOC gas monitor market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as key vendor analysis.

The market is driven by the increasing awareness of low-cost gas sensor technology among end-users and regulatory compliance increasing the adoption of VOC monitoring equipment.

The study identifies growth in the water and wastewater treatment industry as another prime reason driving VOC gas monitor market growth during the next few years.

The VOC gas monitor market analysis includes the end-user segment and geographical landscapes.

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading VOC gas monitor market vendors that include Aeroqual Ltd., Dragerwerk AG & Co. KGaA, Endee Engineers Pvt. Ltd., FLIR Systems Inc., Halma Plc, Honeywell International Inc., KWJ Engineering Inc., Siemens AG, Teledyne Technologies Inc., and Thermo Fisher Scientific Inc. Also, the VOC gas monitor market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

Key Topics Covered:

Executive Summary

Market Overview

Market Landscape

Market ecosystem
Market characteristics
Value chain analysis

Market Sizing

Market definition
Market segment analysis
Market size 2020
Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition

Market Segmentation by End-user

Market segments
Comparison by End-user
Paints and coatings - Market size and forecast 2020-2025
Chemical - Market size and forecast 2020-2025
Petroleum - Market size and forecast 2020-2025
Pharmaceuticals - Market size and forecast 2020-2025
Others - Market size and forecast 2020-2025
Market opportunity by End-user

Customer Landscape

Geographic Landscape

Geographic segmentation
Geographic comparison
North America - Market size and forecast 2020-2025
Europe - Market size and forecast 2020-2025
APAC - Market size and forecast 2020-2025
South America - Market size and forecast 2020-2025
MEA - Market size and forecast 2020-2025
Key leading countries
Market opportunity by geography
Market drivers
Market challenges
Market trends

Vendor Landscape

Competitive scenario
Vendor landscape
Landscape disruption

Vendor Analysis

Aeroqual Ltd.
Dragerwerk AG & Co. KGaA
Endee Engineers Pvt. Ltd.
FLIR Systems Inc.
Halma Plc
Honeywell International Inc.
KWJ Engineering Inc.
Siemens AG
Teledyne Technologies Inc.
Thermo Fisher Scientific Inc.

For more information about this report visit https://www.researchandmarkets.com/r/h9log

About ResearchAndMarkets.com

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: Business Wire; Posted On Feb 19, 2021

VSE Corporation Announces Fourth Quarter and Full-Year 2020 Results Conference Call Date

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced that it will issue fourth quarter and full-year 2020 results after market close on Thursday, March 4, 2021. A conference call will be held Friday, March 5, 2021 at 8:30 A.M. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the live teleconference:

Domestic Live:	(877) 407-0789
International Live:	(201) 689-8562
Audio Webcast:	http://public.viavid.com/index.php?id=143279

To listen to a replay of the teleconference through March 19, 2021:

Domestic Replay:	(844) 512-2921
International Replay:	(412) 317-6671
Replay PIN Number:	13715744

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.

FORWARD LOOKING STATEMENTS

This release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward-looking statements in this news release, see VSE’s public filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and VSE specifically disclaims any obligation to update these statements in the future.

Contacts

INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Feb 18, 2021

Genesis Energy, L.P. Reports Fourth Quarter 2020 Results

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced its fourth quarter results.

We generated the following financial results for the fourth quarter of 2020:

Net Loss Attributable to Genesis Energy, L.P. of $85.2 million for the fourth quarter of 2020, compared to Net Income Attributable to Genesis Energy, L.P. of $22.4 million for the same period in 2019.
Cash Flows from Operating Activities of $1.1 million for the fourth quarter of 2020 compared to $50.6 million for the same period in 2019.
Total Segment Margin in the fourth quarter of 2020 of $137.0 million.
Available Cash before Reserves to common unitholders of $52.4 million for the fourth quarter of 2020, which provided 2.85X coverage for the quarterly distribution of $0.15 per common unit attributable to the fourth quarter.
We declared cash distributions on our preferred units of $0.7374 for each preferred unit, which equates to a cash distribution of approximately $18.7 million and is reflected as a reduction to Available Cash before Reserves to common unitholders.
Adjusted EBITDA of $134.6 million in the fourth quarter of 2020.
Adjusted Consolidated EBITDA of $602.4 million for the year ended December 31, 2020 and a bank leverage ratio of 5.57X, both calculated in accordance with our credit agreement and are discussed further in this release.

Grant Sims, CEO of Genesis Energy, said, “2020 was understandably a challenging year for our businesses due to the Covid-19 related demand destruction, lower refinery utilization and crude differentials as well as an unprecedented hurricane season. Despite these challenges, we were able to generate approximately $602 million of Adjusted Consolidated EBITDA, as calculated under our senior secured credit facility, hitting the mid-point of our previously announced guidance. In fact, we were able to reduce Total Adjusted Debt by approximately $62 million despite having to pay approximately $45 million of financing fees associated with two unsecured re-financings and $50 million from the fourth quarter of 2019 common unit distributions that was actually paid in the first quarter of 2020.

To better position the partnership for long term success, we took several proactive steps during the year, including significantly reducing our common distribution, implementing significant cost cutting measures and opportunistically refinancing two of our near term unsecured maturities. While we expect 2021 to be somewhat a year of transition as our base businesses continue to recover and we move ever closer to the significant contribution from several contracted offshore projects, we are increasingly confident in the long-term fundamentals of our businesses and our significant operating leverage to the upside as the global economy continues to improve.

Our offshore pipeline transportation segment was challenged in 2020 from an unprecedented hurricane season, but the outlook remains strong. Over the last ten years through 2019, Genesis had never experienced more than 13 days of named storm downtime in a single year. This past year, we experienced approximately 28 days of named storm downtime and minor structural damage to one of our platforms. This downtime and the non-recurring costs associated with platform inspections and repairs, negatively impacted 2020 Segment Margin by some $40 million. That being said, the CHOPS pipeline was up and running as of February 4^th and the first quarter of 2021 remains on track to generate a more normalized earnings profile of approximately $85 million per quarter from our industry critical infrastructure assets in the central Gulf of Mexico.

In regards to the new administration’s most recent Executive Order, which directs the Department of the Interior to temporarily pause new oil and natural gas leasing on federal lands, it is very important to note the targeted pause by the Department of Interior “does not impact existing operations or permits for valid, existing leases, which are continuing to be reviewed and approved.” From January 21^stto February 16^th, the Bureau of Ocean Energy Management has issued 63 new permits, including 38 revised new well permits and 4 new well permits.

In fact, each of the operators of our larger, contracted offshore projects, Argos and King’s Quay, has just recently publicly confirmed that both projects remain on track for first oil in 2022. We anticipate that these two fields, when fully ramped up, will generate in excess of $25 million a quarter, or over $100 million a year, in additional segment margin. Also, we remain in active discussions with three separate new stand-alone deepwater production hubs, in various stages of sanctioning and with first oil starting in the late 2024-2025 time frame totaling more than 220,000 barrels a day of potential new Gulf of Mexico production.

If the temporary ban on new leases were to be extended or become permanent, which we believe would require a change in the law, we have the equivalent of hundreds of thousands of acres that are dedicated to our offshore pipeline systems under life of lease dedications, all of which are existing, valid leases under primary term, previously granted extensions of their primary term or held by production in perpetuity, alone or in recognized units. We believe there is a tremendous inventory of incremental drilling and sub-sea tie back opportunities on these existing, valid leases that can keep our base production levels flat to slightly growing for many years, if not decades, to come.

Our soda ash business continues to improve from one of the most challenging operating environments in recent history with soda ash sales volumes down approximately 23% year over year. To put it in perspective, this was the first year since 2010 that we did not run at 100% utilization. Global demand for soda ash continues to recover but total demand remains below pre-pandemic levels driven by the wide ranging impact on demand from Covid-19. As a result, we expect both domestic and export prices in 2021 will be marginally lower than those we experienced this past year.

That being said, we were sold out in the fourth quarter and currently expect to be sold out of 100% of our production from our Westvaco facility in 2021. This incremental volume over 2020 will drive a growth in Segment Margin contribution and allow for greater fixed cost absorption and an improved cost structure. We believe all natural producers globally are in a similar situation. As we progress through this year and demand continues to recover, the incremental tons must be supplied with synthetic production, which in general is twice as expensive to make as natural soda. This dynamic is why we believe prices will rise as we go through the year and the market will continue to tighten, especially towards the end of the year when we would otherwise re-determine most of our contract prices for the majority of our sales in 2022.

Our legacy refinery services business continued to improve during the quarter, as we have moved past certain supply disruptions in our supply chain caused by the active hurricane season along the Gulf Coast. Demand for NaHS has returned almost all the way to pre-pandemic levels, driven in large part by pulp and paper as well as our mining customer’s production levels returning to pre-pandemic levels driven by the recent dramatic run up in copper prices, which we think is driven by rapid economic recoveries in the world’s economies.

Our onshore facilities and transportation segment was challenged in 2020 from lower upstream activity around our legacy systems, unfavorable crude-by-rail economics and lower refinery utilization. Looking forward, we continue to see steady crude-by-rail volumes at our scenic station as the differential between WCS and the Gulf Coast continues to support rail movements. While we do not expect any financial impact to us in the first half of 2021 as our main customer works through pre-paid credits, if the current market conditions persist we could see incremental margin contribution from these activities in late 2021 and potentially on into 2022.

Despite a relatively strong first half of 2020, our marine transportation segment continues to be negatively impacted by lower refinery utilization in the Midwest and Gulf Coast which has pressured both rates and utilization within our brown water fleet. The tight supply and demand dynamic that drove our improved results in the first half of the year could return as refineries return to more normalized run rates in the second half of 2021 and more intermediate products need to be moved from location to location. The pace of this recovery could potentially be aided by the equipment retirements that took place in 2020 along with the limited number of new builds over the past few years. As we have mentioned in the past, 2020 was also a challenging contracting environment for the American Phoenix, and we contracted her at a lower rate during the fourth quarter of 2020 and first quarter of 2021. More recently, we were able to re-contract her at a higher rate starting in the second quarter of 2021 through the first quarter of 2022 with an investment grade refining company.

In addition to the successful refinancing of our 2022 notes earlier in the year, in December 2020 we successfully accessed the unsecured bond market and completed an upsized $750 million note offering to fully call and redeem our 2023 notes. The remaining proceeds were used to pay down our senior secured credit facility by approximately $350 million, leaving us with ample capacity heading into 2021. Our nearest unsecured maturity is now June of 2024. Our senior credit facility matures in May of 2022, and we anticipate extending it during the first half of this year.

Our reported leverage ratio increased in the quarter primarily due to the $40 million in weather related impacts we incurred in the second half of the year in the Gulf of Mexico. If only we had experienced a more “normalized” hurricane season, our total leverage ratio at the end of 2020 would have been closer to 5.22X versus the reported 5.57X.

Looking forward to 2021, we would reasonably expect to generate Adjusted Consolidated EBITDA in 2021, as calculated under our senior secured credit facility, between $630 and $660 million¹, which includes some $30 to $40 million of pro forma adjustments. We currently expect cash obligations for 2021 totaling approximately $500 million, which includes all, among others, cash taxes, interest on bank debt and bonds, all maintenance capital spent, growth capital spent, asset retirement obligations, financing fees, estimated changes in working capital, preferred cash distributions and common distributions at the current $0.15 per unit quarterly payout. At this point, we have budgeted approximately $40 million of growth capital outside of the Granger expansion, which dollars are expected to be paid via the redeemable preferred structure at the soda ash operational level. This minimal growth capital is predominantly allocated to the offshore segment for additional upgrades to our existing system for anticipated future volumes. Importantly, we expect to generate free cash flow after these identified cash obligations of $80 to $110 million which we intend to use to repay debt.

Turning to the increasingly important topic of the energy transition, while we are highly confident that crude oil will have a significant role to play for the foreseeable future, we continue to look at ways to position ourselves to operate and participate in a lower carbon world. The Gulf of Mexico is already one of the most highly regulated upstream basins in North America, with no fracking or flaring, and has some of the lowest carbon intensity on a per barrel basis of any production in the world. Our soda ash business should increasingly participate in multiple renewable energy themes moving forward including the production of new LEED certified glass windows to retro-fit older buildings, manufacturing of glass for solar panels and the production of lithium carbonate and lithium hydroxide, some of the building blocks of lithium ion/phosphate batteries used in both the electrification of vehicles and long-term battery storage. Our refinery service business continues to help its host refineries lower their emissions by processing their sour gas stream using our proprietary, closed-loop, non-combustion technology to remove sulfur from their H2S stream. In addition, we sell both produced soda ash and sodium hydrosulfide from our sulfur removal services into certain downstream applications that help reduce customer’s carbon footprints. We are also pleased to announce that we are very near to launching our ESG web site which will greatly increase our disclosures and illustrate to investors that we are committed to operating our business in an ESG responsible manner.

In summary, we are highly encouraged by the rebound in our businesses, and we still believe we have a clear line of sight to $700 million¹ plus in annual Adjusted Consolidated EBITDA in the coming years. Just a return to 2018-2019 soda ash pricing combined with the incremental contribution margin from our contracted offshore volumes, would add upwards of $100 million of additional Segment Margin to the 2021 guidance described above. With this accelerating ability to pay down debt and with relatively de minimus capital requirements to realize the financial benefits of these improving business conditions, we remain steadfast in our commitment to achieving our long-term target leverage ratio of 4.0X.

I would like to once again recognize our entire workforce, and especially our miners, mariners and offshore personnel who live and work in close quarters during this time of social distancing. I am extremely proud to say we have safely operated our assets under our own Covid-19 safety procedures and protocols with no impact to our business partners and customers. As always, we intend to be prudent, diligent and intelligent and focus on delivering long-term value for everyone in our capital structure without ever losing our commitment to safe, reliable and responsible operations."

¹Adjusted Consolidated EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted Consolidated EBITDA projections contained in this press release to its respective most directly comparable GAAP financial measure because the information necessary for quantitative reconciliations of the Adjusted Consolidated EBITDA measures to its respective most directly comparable GAAP financial measure is not available to us without unreasonable efforts. The probable significance of providing these forward-looking Adjusted Consolidated EBITDA measures without directly comparable GAAP financial measures may be materially different from the corresponding GAAP financial measures.

Financial Results

Segment Margin

Variances between the fourth quarter of 2020 (the “2020 Quarter”) and the fourth quarter of 2019 (the “2019 Quarter”) in these components are explained below.

Segment Margin results for the 2020 Quarter and 2019 Quarter were as follows:

	Three Months Ended December 31,
	2020		2019
	(in thousands)
Offshore pipeline transportation	$	52,304	$	86,045
Sodium minerals and sulfur services	40,726		52,306
Onshore facilities and transportation	36,642		25,060
Marine transportation	7,331		16,356
Total Segment Margin	$	137,003	$	179,767

Offshore pipeline transportation Segment Margin for the 2020 Quarter decreased $33.7 million, or 39%, from the 2019 Quarter, primarily due to lower overall volumes on our crude oil and natural gas pipeline systems and a relative increase in operating costs. During the 2020 Quarter, our Gulf of Mexico assets continued to experience unplanned maintenance downtime from certain fields connected to our assets and the continued interruption from weather events, including Hurricanes Delta and Zeta, as a result of producers shutting in during the storm and us taking the necessary precautions to remove all personnel from the platform assets that we operate and maintain. In addition to the majority of our assets being shut in for approximately 15 days, our 100% owned CHOPS pipeline, although not damaged, has been out of service since August 26, 2020 due to damage at a junction platform that the CHOPS system goes up and over. During the 2020 Quarter, we were able to successfully divert all CHOPS barrels to our 64% owned and operated Poseidon oil pipeline system, but continued to incur our fixed costs associated with the CHOPS pipeline. On February 4, 2021, we placed the CHOPS pipeline back into service upon the installation of a bypass that allows our pipeline to operate around the junction platform. We expect volumes on our other offshore pipeline transportation assets to return to normal pre-hurricane levels in the first quarter of 2021.

Sodium minerals and sulfur services Segment Margin for the 2020 Quarter decreased $11.6 million, or 22% from the 2019 Quarter, primarily due to lower volumes and pricing in our Alkali Business and lower NaHS volumes in our refinery services business. During the 2020 Quarter, we experienced lower ANSAC and domestic sales volumes of soda ash relative to the 2019 Quarter primarily due to the absence of production volumes from our Granger facility, which was put in cold standby earlier in 2020 due to the demand destruction from the Covid-19 pandemic. We began to see an uptick in demand both domestically and on ANSAC volumes relative to the proceeding two quarters as certain regions of the world began to re-open their economies and we expect continued demand recovery as we enter 2021. We sold 100% of the production from our Westvaco facility in the 2020 Quarter and expect to do so in 2021. These lower volumes were coupled with lower export pricing due to supply and demand imbalances that existed at the time of our re-contracting phase for 2020 volumes in December 2019 and January 2020. In our refinery services business, we experienced lower NaHS volumes during the 2020 Quarter due to lower demand from our mining customers, primarily in Peru. We have begun to see some recovery in demand from previous customer shut-ins amidst the spread of Covid-19 and we expect these volumes to continue recovering to their normal levels as we enter 2021.

Onshore facilities and transportation Segment Margin for the 2020 Quarter increased by $11.6 million, or 46%, from the 2019 Quarter. On October 30, 2020, we reached an agreement with a subsidiary of Denbury Inc. to transfer to them the ownership of our remaining CO2 assets, including the NEJD and Free State pipelines. As a part of the agreement, we received $22.5 million in cash proceeds for the Free State pipeline (which is included in segment margin during the 2020 Quarter) and will receive $70 million in equal installments during each quarter of 2021 for the remaining principal payments associated with NEJD. This increase of $22.5 million to segment margin was partially offset by lower principal payments received in the 2020 Quarter from NEJD as we did not receive any in the 2020 Quarter compared to $5.2 million received during the 2019 Quarter. Additionally, we had lower volumes throughout our onshore facilities and transportation asset base, primarily in Louisiana at our Baton Rouge corridor assets and our Raceland rail facility. The volumes at our Baton Rouge facilities were below our minimum take-or-pay levels and we were only able to recognize our minimum volume commitment in segment margin during the 2020 Quarter. Additionally, the volumes on our Texas pipeline were lower during the 2020 Quarter as a result of less receipts originating from the Gulf of Mexico, primarily due to our CHOPS pipeline being out of service.

Marine transportation Segment Margin for the 2020 Quarter decreased $9.0 million, or 55%, from the 2019 Quarter, primarily due to lower utilization and day rates in our inland business. We continued to face pressure on our utilization and spot rates in our inland business as refinery utilization remained low due to weakened demand from Covid-19 and hurricanes impacting the Gulf Coast during the 2020 Quarter. Additionally, we re-contracted our M/T American Phoenix tanker beginning in the fourth quarter of 2020 at a lower rate and shorter term than the previous five year contractual term. We have continued to enter into short term contracts (less than a year) in both the inland and offshore (including the M/T American Phoenix) markets because we believe the day rates currently being offered by the market have yet to fully recover from their cyclical lows.

Other Components of Net Income

In the 2020 Quarter, we recorded Net Loss Attributable to Genesis Energy, L.P. of $85.2 million compared to Net Income Attributable to Genesis Energy, L.P. of $22.4 million in the 2019 Quarter. Net Loss Attributable to Genesis Energy, L.P. in the 2020 Quarter was impacted, relative to the 2019 Quarter, by: (i) lower Segment Margin of $42.8 million, which is inclusive of the $22.5 million in cash receipts associated with the sale of our Free State pipeline received in the 2020 Quarter; (ii) a loss on sale of assets of $22.0 million; (iii) an unrealized loss of $18.3 million on the valuation of the embedded derivative associated with our Class A Convertible Preferred Units recorded in other expense, net, compared to an unrealized loss of $9.3 million recorded during the 2019 Quarter; (iv) lower non-cash revenues of $9.3 million within our offshore pipeline transportation and onshore facilities and transportation segments as a result of how we recognize revenue in accordance with GAAP on certain contracts; and (v) a loss of $8.2 million associated with the tender of certain of our 2023 Notes during the 2020 Quarter recorded in other expense, net. These decreases were partially offset by (i) lower depreciation, depletion and amortization expense of $6.2 million during the 2020 Quarter due to lower depreciation expense on our rail logistics assets as they were impaired during the second quarter of 2020; and (ii) cancellation of debt income of $6.8 million associated with the repurchase of certain of our senior unsecured notes on the open market during the 2020 Quarter.

Earnings Conference Call

We will broadcast our Earnings Conference Call on Thursday, February 18, 2021, at 8:30 a.m. Central time (9:30 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event and remain available on our website for 30 days. There is no charge to access the event.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico.

GENESIS ENERGY, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(in thousands, except per unit amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
REVENUES	$	453,140		$	604,329		$	1,824,655		$	2,480,820

COSTS AND EXPENSES:
Costs of sales and operating expenses		377,853			441,507			1,415,500			1,835,624
General and administrative expenses		11,062			12,590			56,920			52,687
Depreciation, depletion and amortization		73,112			79,293			295,322			319,806
Impairment expense		—			—			280,826			—
Loss on sale of assets		22,045			—			22,045			—
OPERATING INCOME (LOSS)		(30,932	)		70,939			(245,958	)		272,703
Equity in earnings of equity investees		22,803			16,611			64,019			56,484
Interest expense		(51,884	)		(53,559	)		(209,779	)		(219,440	)
Other expense, net		(20,383	)		(9,332	)		(7,269	)		(9,026	)
INCOME (LOSS) BEFORE INCOME TAXES		(80,396	)		24,659			(398,987	)		100,721
Income tax (expense) benefit		(752	)		1			(1,327	)		(655	)
NET INCOME (LOSS)		(81,148	)		24,660			(400,314	)		100,066
Net income attributable to noncontrolling interests		(289	)		(331	)		(251	)		(1,834	)
Net income attributable to redeemable noncontrolling interests		(3,719	)		(1,961	)		(16,113	)		(2,233	)
NET INCOME (LOSS) ATTRIBUTABLE TO GENESIS ENERGY, L.P.	$	(85,156	)	$	22,368		$	(416,678	)	$	95,999
Less: Accumulated distributions attributable to Class A Convertible Preferred Units		(18,684	)		(18,684	)		(74,736	)		(74,467	)
NET INCOME (LOSS) AVAILABLE TO COMMON UNITHOLDERS	$	(103,840	)	$	3,684		$	(491,414	)	$	21,532
NET INCOME (LOSS) PER COMMON UNIT:
Basic and Diluted	$	(0.85	)	$	0.03		$	(4.01	)	$	0.18
WEIGHTED AVERAGE OUTSTANDING COMMON UNITS:
Basic and Diluted		122,579			122,579			122,579			122,579

Contacts

Genesis Energy, L.P.
Ryan Sims
SVP - Finance and Corporate Development
(713) 860-2521

Read full story here

: Business Wire; Posted On Feb 19, 2021

GeoPark Announces 2020 Certified 2P Reserves of 175 Million Boe With Net Present Value (After Tax) of $2.5 Billion

In Colombia:

199% Reserve Replacement Grew Certified 2P Reserves to 141 Million Boe With Net Present Value (After Tax) of $2.1 Billion

Exploration Resources Over 750 Million Barrels in Colombia

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2020.

All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 11.

Year-End Certified 2020 D&M Oil and Gas Reserves and Highlights:

Building on GeoPark’s core base Llanos 34 block (GeoPark operated, 45% WI), adding Amerisur’s growing production and reserves, and following a limited 2020 work program with a focus on lower risk projects, the Company reports:

Colombia Reserves

PD Reserves: Proven developed (PD) reserves in Colombia increased 13% to 48.0 mmboe, with a PD reserve life index (RLI) of 3.9 years

1P Reserves: Proven (1P) reserves in Colombia remained steady at 95.2 mmboe, with a 1P RLI of 7.8 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves decreased by 6% to $1.5 billion due to a lower price deck

2P Reserves: Proven and probable (2P) reserves in Colombia increased 9% to 141.0 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves increased by 3% to $2.1 billion

3P Reserves: Proven, probable and possible (3P) reserves in Colombia increased 28% to 216.4 mmboe, with a 3P RLI of 17.8 years. NPV10 after tax of 3P reserves increased by 17% to $3.1 billion

CPO-5 Block Reserves: Gross 2P and 3P reserves in the CPO-5 block (GeoPark non-operated, 30% WI) of 70.5 mmbbl and 167.0 mmbbl, respectively, reflecting the significant potential of the existing Indico and Mariposa light oil fields in the CPO-5 block - with net 2P and 3P reserves of 21.1 mmbbl and 50.1 mmbbl, respectively

Reserve Additions and Replacement Ratios: After record production of 12.2 mmbbl, the Company added 17.8 mmboe of PD reserves and 24.2 mmboe of 2P reserves, achieving 146% and 199% reserve replacement of PD and 2P reserves, respectively

Consolidated Reserves¹

PD Reserves: PD reserves increased 12% to 58.5 mmboe, with a PD RLI of 4.0 years

1P Reserves: 1P reserves decreased 2% to 109.3 mmboe, with 1P RLI of 7.4 years. NPV10 after tax of 1P reserves decreased by 10% to $1.6 billion

2P Reserves: 2P reserves increased 6% to 174.7 mmboe, with a 2P RLI of 11.9 years. NPV10 after tax of 2P reserves remained steady at $2.5 billion

3P Reserves: 3P reserves increased 19% to 270.9 mmboe, with a 2P RLI of 18.4 years. NPV10 after tax of 2P reserves increased by 12% to $3.7 billion

Reserve Additions and Replacement Ratios: After record production of 14.7 mmboe, the Company added 20.8 mmboe of PD reserves and 24.0 mmboe of 2P reserves, achieving, respectively, 141% and 163% replacement of PD and 2P reserves

Net Present Value and Value Per Share

GeoPark’s 2P NPV10 after tax of $2.5 billion

GeoPark’s net debt-adjusted 2P NPV10 after tax of $31.3 per share ($25.5 per share corresponding to Colombia)

Enhanced Exploration Inventory with Over 750 Million Bbl Recoverable Resource Potential in Colombia

CPO-5 block²: 400-900 mmbbl gross recoverable exploration resources, or 120-270 mmbbl net to GeoPark
Other Llanos basin blocks²: 110-210 mmbbl recoverable exploration resources, net to GeoPark
Putumayo basin blocks²: 150-300 mmbbl recoverable exploration resources, net to GeoPark
Oriente basin (Ecuador) blocks²: 14-29 mmbbl recoverable exploration resources, net to GeoPark

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks and congratulations to our team for these strong 2020 results in a remarkably challenging year with so much of our focus on keeping our people and communities safe and healthy and with significantly reduced work programs. We previously reported on our success in growing production in 2020 for the 18^th straight year. So, after a record production year (and after adjusting for the divestment of our non-producing Morona block), we were able to replace all of our produced oil and gas and continue growing our total PD, 2P and 3P reserves. This again highlights the quality of our assets, the benefits of our self-funded flexible work program, and our ability to effectively allocate capital even in the toughest environments. Our large, certified reserve base gives us a powerful inventory of low-risk, low-cost development drilling opportunities to continue to generate and grow cash flow over the short and medium-term. Additional good news is the big exploration resource certification on our expanded acreage in Colombia that demonstrates the attractiveness of our land position—as well as the extensive running room we have in the short, medium, and long-term.”

¹ Reserves and NPV10 after tax comparisons against 2019 refer to 2019 pro forma figures, which exclude reserves from the Morona block in Peru and in the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves and NPV10 after tax corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.

² Corresponds to GeoPark’s aggregate Mean-P10 unrisked recoverable oil volumes in leads and prospects individually audited by Gaffney & Cline as of December 31, 2020.

2019 Year-End to 2020 Year-End D&M Certified Reserves Evolution

Colombia (mmboe)	PD	1P	2P	3P
2019 Year-End Reserves (as reported)	42.4	95.9	129.0	168.9
2020 Production	-12.2	-12.2	-12.2	-12.2
Net Change	12.4	3.1	-2.5	1.0
Acquisitions⁴	5.4	8.3	26.7	58.7
2020 Year-End Reserves	48.0	95.2	141.0	216.4
Reserve Replacement, including acquisitions	146%	94%	199%	490%
Reserve Life (years)	3.9	7.8	11.6	17.8

Total (mmboe)	PD	1P	2P	3P
2019 Year-End Reserves (as reported)	52.4	130.6	197.3	351.2
Excluding Morona and REC-T-128 blocks³	-	-19.2	-31.9	-123.6
2019 Year-End Reserves (pro forma)	52.4	111.4	165.4	227.6
2020 Production	-14.7	-14.7	-14.7	-14.7
Net Change	15.4	4.3	-2.7	-0.7
Acquisitions⁴	5.4	8.3	26.7	58.7
2020 Year-End Reserves	58.5	109.3	174.7	270.9
Reserve Replacement, including acquisitions	141%	85%	163%	394%
Reserves Life (years)	4.0	7.4	11.9	18.4

Net Present Value per Share by Country

The table below presents GeoPark’s 2P NPV per share, by country, as of December 31, 2020.

2020 Net Present Value per Share	Colombia	Chile	Argentina	Brazil	Total
2P Reserves (mmboe)	141.0	25.5	5.5	2.6	174.7
2P NPV10 after tax 2020 ($ mm)	2,136	291	38	29	2,493
Shares Outstanding (mm)	61.0	61.0	61.0	61.0	61.0
($/share)	35.0	4.8	0.6	0.5	40.9

³ On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.

⁴ Corresponds to 2020 Year-End Reserves related to the Amerisur Resources Plc (“Amerisur”) acquisition in Colombia.

The table below illustrates the details of the net debt adjusted 2P NPV10 after tax per share:

2020 Net Debt Adjusted 2P NPV10 After Tax per Share	Colombia	Total
2P NPV10 after tax ($ mm)	2,136	2,493
Shares Outstanding (mm)	61.0	61.0
Subtotal ($/share)	35.0	40.9
Net Debt^a/Share ($/share)	-9.5	-9.5
Net Debt Adjusted 2P NPV10 After Tax per Share ($/share)	25.5	31.3

(a) Net debt adjusted 2P NPV10 after tax per share is shown on a consolidated basis. As of December 31, 2020, net debt is calculated considering unaudited financial debt of $784.6 million, less unaudited $201.9 million of cash and cash equivalents.

Future Development Capital – D&M Report (Undiscounted)

The tables below present D&M’s best estimate of future development capital (undiscounted) and the unit value per boe by category of certified reserves as of December 31, 2020:

Colombia	PD	1P	2P	3P
Future Development Capital ($ mm)	6.2	178.8	235.4	327.5
Reserves (mmboe)	48.0	95.2	141.0	216.4
Future Development Capital ($/boe)	0.1	1.9	1.7	1.5

Total	PD	1P	2P	3P
Future Development Capital ($ mm)	6.6	232.6	382.6	546.5
Reserves (mmboe)	58.5	109.3	174.7	270.9
Future Development Capital ($/boe)	0.1	2.1	2.2	2.0

2020 Year-End Reserves Summary

Following record oil and gas production of 14.7 mmboe in 2020, D&M certified 2P reserves of 174.7 mmboe (88% oil and 12% gas) as of December 31, 2020. By country, the 2P reserves were: 81% in Colombia, 15% in Chile, 3% in Argentina and 1% in Brazil.

Reserves Summary by Country and Category

Country	Reserves Category		December 2020 (mmboe)	% Oil	December 2019 (mmboe)	% Change
Colombia		PD	48.0	99%	42.4	13%
		1P	95.2	100%	95.9	-1%
		2P	141.0	100%	129.0	9%
		3P	216.4	100%	168.9	28%
Chile		PD	5.1	20%	3.4	50%
		1P	7.3	33%	7.4	-1%
		2P	25.5	34%	24.6	4%
		3P	44.2	34%	41.1	8%
Argentina		PD	3.0	57%	3.3	-12%
		1P	4.3	68%	4.9	-12%
		2P	5.5	66%	8.5	-35%
		3P	7.3	60%	14.2	-49%
Brazil⁵		PD	2.5	1%	3.2	-22%
		1P	2.5	1%	3.2	-22%
		2P	2.6	1%	3.8	-32%
		3P	3.0	1%	5.6	-46%
Peru		PD	-	-	-	-
		1P	-	-	19.2	-
		2P	-	-	31.4	-
		3P	-	-	121.4	-
Total (2019 as reported)		PD	58.5	86%	52.4	12%
(D&M Certified)		1P	109.3	92%	130.6	-16%
		2P	174.7	88%	197.3	-11%
		3P	270.9	87%	351.3	-23%
Total (2019 Pro Forma⁶)		PD	58.5	86%	52.4	12%
(D&M Certified)		1P	109.3	92%	111.4	-2%
		2P	174.7	88%	165.4	6%
		3P	270.9	87%	227.6	19%

⁵Includes 0.5 mmbbl of 2P and 2.2 mmbbl of 3P reserves corresponding to the REC-T-128 block.

⁶Excludes reserves from the Morona block in Peru and the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.

Analysis by Country

Colombia

2020 Drilling Activity in the Llanos 34 block

GeoPark’s capital expenditures in 2020 in its core Llanos 34 block were limited due to the low oil price environment, which included temporary production shut-ins, minimum maintenance works and the suspension of drilling activities during 2Q2020, which gradually resumed in 2H2020 with the partial recovery in oil prices. Resulting from this, the 2020 drilling plan was mainly focused on lower risk development projects that resulted in PD reserve additions with a reserve replacement of over 100%.

Amerisur Acquisition

The Amerisur acquisition incorporated 13 production, development and exploration blocks, including the CPO-5 block in the Llanos basin and 12 operated blocks in the Putumayo basin, and the OBA pipeline (an export oil pipeline from Colombia to Ecuador).

Amerisur’s reported reserves, certified by McDaniel & Associates as of end-July 2019, were 21.8 mmbbl of net 2P and 31.1 mmbbl of net 3P reserves of light oil, including 9.5 mmbbl net 2P reserves and 14.9 mmbbl net 3P reserves in the CPO-5 block and 12.3 mmbbl 2P reserves and 16.2 mmbbl of 3P reserves in the Platanillo block (GeoPark operated, 100% WI).

2P and 3P Reserves Growth in the CPO-5 Block

As part of the 2020 reserve certification, D&M reviewed all relevant information in the CPO-5 block and certified 2P and 3P gross reserves of 70.5 mmbbl and 167.0 mmbbl in the CPO-5 block (21.1 mmbbl and 50.1 mmbbl of 2P and 3P reserves, net to GeoPark), a significant increase with respect to the previous certification, providing meaningful information with respect to field size and upside potential in this block.

Including acquisitions, for each barrel of oil extracted in Colombia, GeoPark added 1.5 barrels of PD reserves, the equivalent of a PD RRR of 146%. Similarly, for each barrel of oil extracted, GeoPark added 2.0 barrels of 2P reserves and 4.9 barrels of 3P reserves, resulting in a 2P RRR of 199% and a 3P RRR of 490%, respectively.

The 1P RLI was 7.8 years, while the 2P RLI was 11.6 years.

The Llanos 34, CPO-5, Llanos 32 and Platanillo blocks represented 76%, 15%, 5% and 4% of GeoPark 2P D&M certified reserves in Colombia, respectively.

GeoPark’s 2P D&M reserves in Colombia were 100% oil.

Chile

GeoPark’s 2P D&M certified reserves in Chile increased by 4% to 25.5 mmboe compared to 24.6 mmboe in 2019, resulting from the Jauke Oeste gas field discovery in early 2020 and enhanced reservoir performance in the Fell block (GeoPark operated, 100% WI), partially offset by oil and gas production of 1.2 mmboe.

For each barrel of oil extracted in Chile, GeoPark added 2.4 barrels of PD reserves, the equivalent of a PD RRR of 240%. Similarly, for each barrel of oil extracted, GeoPark added 1.8 barrels of 2P reserves, resulting in a 2P RRR of 179%.

The 1P RLI was 6.1 years. The 2P RLI was 21.5 years.

The Fell block represented 99% of GeoPark 2P D&M certified reserves in Chile.

The 2P D&M reserves in Chile were 34% oil and 66% gas.

Argentina

GeoPark’s 2P D&M certified reserves in Argentina decreased by 35% to 5.5 mmboe compared to 8.5 mmboe in 2019, resulting from the impact of lower gas prices, delayed development plans and oil and gas production of 0.8 mmboe during 2020.

The 1P RLI was 5.1 years, while the 2P RLI was 6.6 years.

The Aguada Baguales, El Porvenir and Puesto Touquet blocks (GeoPark operated, 100% WI) represented 100% of GeoPark Argentina 2P D&M certified reserves.

The 2P D&M reserves in Argentina were 66% oil and 34% gas.

Brazil

GeoPark’s 2P D&M certified reserves in Brazil decreased by 32% to 2.6 mmboe compared to 3.8 mmboe in 2019, mainly reflecting production of 0.5 mmboe during 2020 and 0.5 mmbbl of 2P reserves in the REC-T-128 block booked in 2019 that were excluded from the 2020 reserve certification as GeoPark initiated a farm-out process to sell its 70% WI in the block.

The 1P RLI was 4.7 years and the 2P RLI was 5.0 years.

The Manati field represented 100% of GeoPark Brazil 2P D&M certified reserves.

The 2P D&M reserves in Brazil were 1% oil and condensate, and 99% gas.

Agreement to sell 10% WI in the Manati gas field: On November 23, 2020, GeoPark announced an agreement to sell its 10% non-operated WI in the Manati gas field to Gas Bridge for a total consideration of R$144.4 million (approximately $27 million), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, which is subject to obtaining certain regulatory approvals. The transaction was agreed with an effective date of December 31, 2020 and is subject to certain conditions.

For further details, please refer to the release published on November 23, 2020.

Net Present Value After Tax Summary

The table below details D&M certified NPV10 after tax as of December 31, 2020 as compared to 2019:

Country	Reserves Category	NPV10 After Tax 2020 ($mm)	NPV10 After Tax 2019 ($mm)
Country	Reserves Category
Colombia	1P	1,477	1,574
	2P	2,136	2,075
	3P	3,094	2,645
Peru	1P	-	222
	2P	-	336
	3P	-	1,385
Chile	1P	71	121
	2P	291	308
	3P	533	514
Argentina	1P	28	40
	2P	38	57
	3P	45	97
Brazil⁷	1P	27	51
	2P	29	62
	3P	32	87
Total (2019 as reported)	1P	1,603	2,008
(D&M Certified)	2P	2,493	2,839
	3P	3,703	4,727
Total (2019 Pro Forma⁸)	1P	1,603	1,786
(D&M Certified)	2P	2,493	2,497
	3P	3,703	3,313

⁷ 2019 includes $6.0 million of 2P NPV10 after tax and $29.4 million of 3P NPV10 after tax corresponding to the REC-T-128 block.

⁸ Excludes NPV10 after tax related to the Morona block in Peru and to the REC-T-128 block in Brazil. On July 15, 2020, GeoPark notified its irrevocable decision to retire from the non-producing Morona block (Block 64) in Peru, due to extended force majeure, which allows for the termination of the license contract. Also, in July 2020, GeoPark initiated a farm-out process to sell its 70% WI in the currently non-producing REC-T-128 block in Brazil. Resulting from the above, reserves and related NPV10 after tax corresponding to the Morona block and the REC-T-128 block were excluded from the 2020 D&M certification.

Lower Oil Price Forecast

Brent oil prices in the 2020 D&M report are significantly lower than the 2019 D&M report. The price assumptions used to estimate the feasibility of PRMS reserves and NPV10 after tax in 2020 and 2019 D&M reports for the period 2021-2018 are detailed in the table below:

Brent Oil Price ($/bbl)	2021	2022	2023	2024	2025	2026-2028
2020 Reserves Report	55.0	60.0	65.0	67.5	68.8	70.2-72.9
2019 Reserves Report	69.0	71.6	73.1	74.6	76.5	78.2-81.3

OTHER NEWS / RECENT EVENTS

Reporting Date for 4Q2020 Results Release, Conference Call and Webcast

GeoPark will report its 4Q2020 and Annual 2020 financial results on Wednesday, March 10, 2021 after the market close.

In conjunction with the 4Q2020 results press release, GeoPark management will host a conference call on March 11, 2021 at 10:00 am (Eastern Standard Time) to discuss the 4Q2020 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com.

To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3025676/EB89DBA8EDDE93E7204B5A41AED946E0

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 833-945-1670
International Participants: +1 929-517-9721
Passcode: 2093194

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.


GLOSSARY
1P			Proven Reserves
2P			Proven plus Probable Reserves
3P			Proven plus Probable plus Possible Reserves
Amerisur			Amerisur Resources Plc
Amerisur Acquisition			Amerisur Resources Plc acquisition
boe			Barrels of oil equivalent (6,000 cf gas per bbl of oil equivalent)
boepd			Barrels of oil equivalent per day
bopd			Barrels of oil per day
Certified Reserves			Refers to GeoPark working interest reserves before royalties paid in kind, independently evaluated by the petroleum consulting firm, DeGolyer and MacNaughton Corp. (D&M)
F&D Cost			Finding and Development Cost, calculated as the unaudited cash flow from investing activities divided by the applicable net reserves additions before changes in Future Development Capital
mboed			Thousands of Barrels of oil equivalent per day
mmboed			Millions of Barrels of oil equivalent per day
mmbbl			Millions of Barrels of oil
mcfpd			Thousands of standard cubic feet per day
mmcfpd			Millions of standard cubic feet per day
NPV10 After Tax			Net Present Value after tax discounted at 10% rate
PD			Proven Developed Reserves
PUD			Proven Undeveloped Reserves
PRMS			Petroleum Resources Management System
RLI			Reserve Life Index
RRR			Reserve Replacement Ratio
sqkm			Square kilometers
WI			Working Interest

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section of the website at www.geo-park.com

The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.

Gas quantities estimated herein are reserves to be produced from the reservoirs, available to be delivered to the gas pipeline after field separation prior to compression. Gas reserves estimated herein include fuel gas.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.

All evaluations of future net revenue contained in the D&M Reports are after the deduction of cash royalties, development costs, operating expenses, production and profit taxes, fees, earn out payments, well abandonment costs, and country income taxes from the future gross revenue. It should not be assumed that the estimates of future net revenues presented in the tables represent the fair market value of the reserves. The actual production, revenues, taxes and development, and operating expenditures with respect to the reserves associated with the Company's properties may vary from the information presented herein, and such variations could be material. In addition, there is no assurance that the forecast price and cost assumptions contained in the D&M Report will be attained, and variances could be material.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including NPV10 after tax and NPV10 after tax/share estimations, our reserves, estimated future revenues, and oil price forecast. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).

Information about oil and gas reserves: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC's definitions for such terms.

Contacts

INVESTORS:
Stacy Steimel This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600

Miguel Bello This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600

Diego Gully This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department This email address is being protected from spambots. You need JavaScript enabled to view it.

Read full story here

: Business Wire; Posted On Feb 18, 2021

IDACORP, Inc. Announces Fourth Quarter and Year-End 2020 Results, Initiates 2021 Earnings Guidance

BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) reported fourth quarter 2020 net income attributable to IDACORP of $37.5 million, or $0.74 per diluted share, compared with $47.1 million, or $0.93 per diluted share, in the fourth quarter of 2019. IDACORP reported 2020 net income attributable to IDACORP of $237.4 million, or $4.69 per diluted share, compared with $232.9 million, or $4.61 per diluted share, in 2019.

“I am proud to announce IDACORP has achieved its 13th straight year of growth in earnings per share," said IDACORP President and Chief Executive Officer Lisa Grow. “Continued robust customer growth of 2.7% over the previous year for Idaho Power was a significant driver of this accomplishment. This growth, combined with lower operating and maintenance expenses, led to IDACORP's success amidst a year of challenges and unpredictable customer usage resulting from COVID-19. As Idaho Power earned a nearly 10% return on year-end equity in its Idaho jurisdiction, this also means we have once again preserved the full $45 million of additional tax credits for future earnings support.

"I want to thank our employees for the incredible job they did during unprecedented circumstances last year. We look forward to the projected continued economic growth in our service area and believe we are in a strong position heading into 2021."

IDACORP is initiating its full-year 2021 earnings guidance in the range of $4.60 to $4.80 per diluted share, and Idaho Power does not expect to use any of the additional accumulated deferred investment tax credits available under the Idaho regulatory stipulation. This guidance assumes normal weather conditions over the balance of the year and includes customer usage returning closer to pre-COVID-19 levels as we progress through the year.

Performance Summary

A summary of financial highlights for the periods ended December 31, 2020 and 2019 is as follows (in thousands, except per share amounts):

	Three months ended December 31,				Year ended December 31,
	2020		2019		2020		2019
Net income attributable to IDACORP, Inc.	$	37,507	$	47,136	$	237,417	$	232,854
Average outstanding shares – diluted (000’s)	50,617		50,566		50,572		50,537
IDACORP, Inc. earnings per diluted share	$	0.74	$	0.93	$	4.69	$	4.61

The table below provides a reconciliation of net income attributable to IDACORP for the three and twelve months ended December 31, 2020, from the same period in 2019 (items are in millions and are before related income tax impact unless otherwise noted).

	Three months ended					Year ended
Net income attributable to IDACORP, Inc. - December 31, 2019			$	47.1				$	232.9
Increase (decrease) in Idaho Power net income:
Customer growth, net of associated power supply costs and power cost adjustment mechanisms	3.2					14.0
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms	0.6					0.9
Idaho fixed cost adjustment (FCA) revenues	(0.9	)				(1.0	)
Retail revenues per megawatt-hour (MWh), net of associated power supply costs and power cost adjustment mechanisms	1.0					(2.6	)
Transmission wheeling-related revenues	(0.2	)				(2.2	)
Other operations and maintenance (O&M) expenses	(3.6	)				3.7
Other changes in operating revenues and expenses, net	(0.8	)				(1.7	)
(Decrease) Increase in Idaho Power operating income	(0.7	)				11.1
Non-operating income and expenses	(0.9	)				(0.2	)
Income tax expense	(5.0	)				(2.1	)
Total (decrease) increase in Idaho Power net income			(6.6		)			8.8
Other IDACORP changes (net of tax)			(3.0		)			(4.3		)
Net income attributable to IDACORP, Inc. - December 31, 2020			$	37.5				$	237.4

Net Income - Fourth Quarter 2020

IDACORP's net income decreased $9.6 million for the fourth quarter of 2020 compared with the fourth quarter of 2019, primarily due to lower net income at Idaho Power and at IDACORP Financial Services, Inc. (IFS).

Customer growth increased operating income by $3.2 million in the fourth quarter of 2020 compared with the fourth quarter of 2019, as the number of Idaho Power customers grew by 2.7 percent during the twelve months ended December 31, 2020. Higher sales volumes on a per-customer basis increased operating income by $0.6 million in the fourth quarter of 2020 compared with the fourth quarter of 2019, primarily related to higher usage per residential customer, offset partially by decreased usage per commercial customer. Residential customers used more energy due to spending more time at home due to the COVID-19 public health crisis, which increased usage per residential customer by 2 percent in the fourth quarter of 2020 compared with the fourth quarter of 2019. A decrease of 2 percent in usage per commercial customer in the fourth quarter of 2020 compared with the fourth quarter of 2019 was largely due to the economic impacts of the COVID-19 public health crisis. The increase in sales volumes per residential customer was partially offset by the FCA mechanism (applicable to residential and small general service customers), which decreased revenues in the fourth quarter of 2020 by $0.9 million as compared with the fourth quarter of 2019.

The net increase in retail revenues per MWh increased operating income by $1.0 million in the fourth quarter of 2020 compared with the fourth quarter of 2019. This increase was largely driven by changes in the customer sales mix, as volumes sold to residential customers in the fourth quarter of 2020 made up a greater portion of the customer sales mix compared with the fourth quarter of 2019. Residential customers generally pay a higher per-MWh rate than other customers.

Other O&M expenses were $3.6 million higher in the fourth quarter of 2020 compared with the fourth quarter of 2019, partially due to the effects of the COVID-19 public health crisis, which includes higher bad debt costs.

Income tax expense was $5.0 million higher during the fourth quarter of 2020 when compared with the fourth quarter of 2019. Amortization of vintage investment tax credits that became available in 2019 lowered income tax expense in the fourth quarter of 2019, which did not recur in the fourth quarter of 2020.

At IFS, a decrease in distributions from the sale of low-income housing properties led to $3.0 million lower net income at IDACORP in the fourth quarter of 2020 compared with the fourth quarter of 2019.

Net Income - Full-Year 2020

IDACORP's net income increased $4.5 million for 2020 compared with 2019, due to higher net income at Idaho Power, offset partially by lower net income at IFS.

Idaho Power's customer growth of 2.7 percent added $14.0 million to Idaho Power's operating income compared with 2019. Higher sales volumes on a per-customer basis increased operating income by $0.9 million in 2020 compared with 2019, as higher usage per residential and irrigation customers was mostly offset by decreased usage per commercial and industrial customer. Residential customers used more energy due to spending more time at home during the COVID-19 public health crisis combined with weather variations that caused residential customers to use more energy at home for cooling, and offset by reduced usage for heating, which increased usage per residential customer by an estimated 1 percent in 2020 compared with 2019. Also, less precipitation in Idaho Power's service area during the spring and early summer of 2020 compared with the same time period in 2019 led to an 11 percent increase in usage per irrigation customer in 2020. A decrease of 4 percent in usage per commercial customer and 1 percent per industrial customer in 2020 compared with 2019 was largely due to the economic impacts of the COVID-19 public health crisis. The increase in sales volumes per residential customer was partially offset by the FCA mechanism (applicable to residential and small general service customers), which decreased revenues in 2020 by $1.0 million as compared with 2019.

The net decrease in retail revenues per MWh reduced operating income by $2.6 million in 2020 compared with 2019. The Idaho-jurisdiction PCA mechanism includes a cost or benefit ratio that allocates the deviations in certain net power supply expenses between customers (95 percent) and Idaho Power (5 percent). In 2019, net power supply expenses were reduced by significant wholesale energy sales. Higher wholesale energy prices during 2019 led to greater wholesale energy sales by Idaho Power, of which 95 percent benefited customers and 5 percent benefited Idaho Power under the PCA mechanism and were the primary cause of the variance in net retail revenues per MWh between the comparison periods.

During 2020, transmission wheeling-related revenues decreased $2.2 million compared with 2019, due mostly to Idaho Power's open access transmission tariff (OATT) rates decreasing approximately 13 percent during the period from October 1, 2019 to September 30, 2020, as compared with the rates in effect from October 1, 2018, to September 30, 2019, and to a lesser extent due to lower transmission loss settlement rates in 2020 compared with 2019. These rate decreases were offset partially by an increase in wheeling volumes as warmer weather in the southwest United States and California in the summer of 2020 led to higher wholesale energy prices in those areas, which increased wholesale energy market activity in 2020. Also, Idaho Power’s OATT increased 10 percent in October 2020.

Other O&M expenses were $3.7 million lower in 2020 compared with 2019, primarily due to lower costs related to discretionary maintenance projects at Idaho Power's jointly-owned thermal generation plants. Also, other O&M expenses decreased in 2020 compared with 2019 as a result of Idaho Power's December 2019 exit from participation in unit 1 of its North Valmy plant and a decrease in labor-related costs from lower performance-based variable compensation accruals.

Based on its return on year-end equity in the Idaho jurisdiction, Idaho Power recorded no additional accumulated deferred investment tax credit (ADITC) amortization or provision against revenues for sharing of earnings with customers in 2020 or 2019 under the regulatory settlement stipulations in Idaho.

The $2.1 million increase in Idaho Power income tax expense in 2020 compared with 2019 was primarily due to higher pre-tax earnings.

At IFS, a decrease in distributions from the sale of low-income housing properties led to an offsetting decrease to IDACORP net income in 2020 compared with 2019.

2021 Annual Earnings Guidance and Key Operating and Financial Metrics

IDACORP is initiating its earnings guidance estimate for 2021. The 2021 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):

	2021 Estimate⁽¹⁾	2020 Actual
IDACORP Earnings Guidance (per share)	$ 4.60 – $ 4.80	$ 4.69
Idaho Power Additional Amortization of ADITCs	None	None
Idaho Power Operating & Maintenance Expense	$ 345 – $ 355	$ 352
Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction⁽²⁾	$ 320 – $ 330	$ 311
Idaho Power Hydropower Generation (MWh)	6.0 – 8.0	7.0

⁽¹⁾		As of February 18, 2021.
⁽²⁾		On an accrual basis.

To-date, Idaho Power has not experienced significant disruption to its business operations, critical supply chain shortages, or major declines in customer usage related to COVID-19, with the exception of decreases in commercial and industrial customer usage. Authorities have implemented various measures to reduce the spread of the virus, such as travel bans and restrictions, quarantines, and other restrictive orders and mandates (including those in effect in Idaho Power's service are in the states of Idaho and Oregon), as well as business and government shutdowns. While governmental authorities have eased some restrictions, it is possible that an increase in COVID-19 cases could prompt a return to tighter restrictions. Idaho Power has taken a number of actions to protect its employees, customers, operations, financial condition and liquidity in light of COVID-19. However, if circumstances associated with COVID-19 were to deteriorate in the company’s service area or nationally, resulting in increased or prolonged adverse economic impacts on our customers or important suppliers, Idaho Power could experience more substantial load declines, increases in uncollectible accounts, and supply chain challenges, which could affect financial projections and results and could require Idaho Power to use additional tax credits available under its Idaho earnings support mechanism to achieve earnings in the range set forth above. Although it is difficult to predict the long-term impact of weakened and evolving economic conditions due to the pandemic on Idaho Power's customers, and the associated potential impact to the earnings guidance range, as of today Idaho Power does not expect to utilize any of the additional tax credits in 2021.

More detailed information on Idaho Power’s actions in response to COVID-19, as well as operational and financial risks associated with COVID-19, are described in IDACORP’s and Idaho Power’s Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at www.idacorpinc.com.

Web Cast / Conference Call

IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP’s website (www.idacorpinc.com), or by calling (833) 759-1159 for listen-only mode. The passcode for the call is 8561488. The conference call logistics are also posted on IDACORP’s website and will be included in IDACORP's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/default.aspx. A replay of the conference call will be available on the company's website for a period of 12 months and will be available shortly after the call.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 580,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.

Forward-Looking Statements

In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects or projected," "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investments; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) the impacts of the COVID-19 pandemic on the global and regional economy and on Idaho Power's employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, and other aspects of the economy and the companies' business; (d) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, the loss or change in the business of significant customers, or the addition of new customers, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes; (e) abnormal or severe weather conditions, including conditions and events associated with climate change, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (f) advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may affect Idaho Power's sale or delivery of electric power or introduce operational or cyber-security vulnerability to the power grid; (g) acts or threats of terrorist incidents, acts of war, social unrest, cyber-attacks, the companies' failure to secure data or to comply with privacy laws or regulations, physical security breaches, or the disruption or damage to the companies' business, operations, or reputation resulting from such events; (h) the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or may not be deemed prudent by regulators; (i) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River basin, which may impact the amount of power generated by Idaho Power's hydropower facilities; (j) the ability of Idaho Power to acquire fuel, power, and transmission capacity on reasonable terms, particularly in the event of unanticipated power demands, price volatility, lack of physical availability, transportation constraints, climate change, or a credit downgrade; (k) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems may constrain resources or cause Idaho Power to incur repair costs and purchase replacement power or lease transmission at increased costs; (l) accidents, terrorist acts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, mechanical breakdowns, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages, reduce generating output, damage company assets, operations, or reputation, subject Idaho Power to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, and regulatory fines and penalties for which Idaho Power may have inadequate insurance coverage; (m) the increased purchased power costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (n) failure to comply with state and federal laws, regulations, and orders, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, and remediation; (o) changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends; (p) adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates; (q) the inability to obtain or cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (r) failure to comply with mandatory reliability and security requirements, which may result in penalties, reputational harm, and operational changes; (s) the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables; (t) the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance; (u) changes in the method for determining LIBOR and the potential replacement of LIBOR and the impact on interest rates for IDACORP's and Idaho Power's credit facilities; (v) the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended; (w) changes in actuarial assumptions, changes in interest rates, increasing healthcare costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (x) the assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and collateral requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants; (y) the ability to continue to pay dividends and target payout ratio based on financial performance and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; (z) Idaho Power's concentration in one industry and one region and the lack of diversification, and the resulting exposure to regional economic conditions and regional legislation and regulation; (aa) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to attract and retain skilled workers and third-party vendors, and the ability to adjust the labor cost structure when necessary; and (bb) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new U.

Contacts

Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: (208) 388-2728
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Media Contact
Jordan Rodriguez
Corporate Communications
Phone: (208) 388-2460
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Read full story here

: Business Wire; Posted On Feb 19, 2021

Triton International to Present at the BofA Securities SMID Cap Ideas 2021 Virtual Conference

HAMILTON, Bermuda--(BUSINESS WIRE)--February 18, 2021 – Triton International Limited (NYSE:TRTN) today announced that Brian Sondey, Chairman and Chief Executive Officer, will be presenting at the BofA Securities SMID Cap Ideas 2021 Virtual Conference on Tuesday, February 23, 2021 at 1:25 p.m. Eastern Time. A live webcast of the presentation and an archived replay will be available to the public on the Investors section of Triton’s website at www.trtn.com.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.2 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Contacts

Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations

: Business Wire; Posted On Feb 18, 2021

Eaton’s Vehicle Group Launches Electric Vehicle E-Drive Gearing Design, Development and Manufacturing

GALESBURG, Mich.--(BUSINESS WIRE)--#automotivesuppliers--Power management company Eaton today announced its Vehicle Group is developing gearing solutions for electrified vehicles (EVs). Leveraging its expertise in producing transmissions and contract manufactured gear-sets for passenger and commercial vehicles, the Vehicle Group aims to be a leader in the global design, development and supply of EV reduction gearing. The new technology complements Eaton’s eMobility power electronics portfolio in the electrified vehicle powertrain market.

Eaton meets electrified vehicle challenges

Automakers face many challenges when developing an electrified vehicle, such as optimizing efficiency, weight, noise, vibration and harshness (NVH), and dealing with packaging constraints. Eaton can help manufacturers meet these challenges by applying its many years of experience and in-house capability in design, validation and manufacturing of high-precision, high-quality gearing systems for transmissions and powertrains.

“We are partnering with OEM customers to leverage our expertise in simulation, design and manufacturing to optimize the efficiency, NVH and weight of high-precision gearing systems tailored to specific customer needs,” said Anthony Cronin, director, EV gearing, Eaton’s Vehicle Group.

Whether a large-scale industrialization project or a niche-market application, Eaton can partner with customers on joint-development programs or serve as a single service provider of EV reduction gearing components or systems. Eaton’s expertise in both design and manufacturing allows us to optimize solutions from a technical, commercial and production aspect, reducing the risk of multi-iteration design and enabling shortened development times.

Eaton transmission experience drives efficiency

Eaton conducts a total system analysis, using state-of-the-art tools and in-house expertise, to design EV gearing solutions that are optimized for efficiency and reliability, with low noise and manufacturing costs. A full-system approach is essential when tailoring a design to a specific customer need, as several factors influence the development of gearing solutions. Chief among those factors are the gears, bearings and lubrication system. To achieve optimization in these three areas, Eaton applies a series of in-house design and manufacturing techniques, including:

Gear root geometry optimization for maximum strength.

Micro and macro gear geometry modelling to improve NVH, efficiency and reliability.

Thrust load and bearing loss minimization to improve reliability and simplify or downsize bearings.

Simulation and selection of lubrication solutions for full-system reliability and efficiency.

Optimized transmission lowers development costs

Eaton engineers evaluate existing layouts or develop “clean-sheet” solutions that work within a customer’s packaging constraint. The Eaton team also provides solutions for scaling the EV gearing layout for platforms with multiple torque requirements.

By combining system design expertise and manufacturing know-how in high-quality precision gears, Eaton has identified opportunities to improve gearing system efficiency by up to 1 percent, reduce weight by up to 20 percent and size by up to 10 percent. These benefits can be applied to both light-duty and commercial electrified vehicles.

Additionally, by applying its manufacturing expertise, including power honing, power skiving, grinding and superfinishing, Eaton can manage the relative production cost of high-quality precision gears. With electrified vehicles, even small efficiency improvements provide vehicle manufacturers new opportunities to manage vehicle range or improve cost and weight.

“The development of EVs is pushing the boundaries of EV gearing. Reliable, efficient and quiet gearing systems are critical to high-speed motor adoption in electric drives,” said Cronin.

Learn more about Eaton’s Vehicle Group EV Gearing solutions.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit www.eaton.com.

Contacts

Thomas Nellenbach
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(216) 333-2876 (cell)

: Business Wire; Posted On Feb 19, 2021

Future Energy Jobs Act Delivering Clean Energy Benefits and Savings for ComEd Customers

ComEd reports results to Illinois Commerce Commission: benefits continue to outweigh costs

CHICAGO--(BUSINESS WIRE)--ComEd this week reported to the Illinois Commerce Commission (ICC) that residential customers are receiving savings and clean energy benefits from the Future Energy Jobs Act (FEJA) and that these benefits are greater than the costs to customers. Enacted by the Illinois General Assembly in 2016, FEJA is jumpstarting renewable energy and increasing savings through new energy efficiency solutions for less than the caps established by the legislation.

“FEJA is making good on its promise to help our customers and communities gain access to clean and more efficient energy, and the benefits continue to outweigh the costs,” said ComEd CEO Joe Dominguez. “Since the state passed FEJA, energy efficiency investments have saved customers almost as much energy as they saved in the 10 years before FEJA at about half the cost.”

ComEd’s annual reports to the ICC detail the total cumulative average investment costs and benefits in the first four years of FEJA. From 2017 through 2020, residential customers realized average monthly savings of more than $1.30 per month when factoring in the benefits of investments in energy efficiency and solar energy adoption. The net costs and benefits for commercial customers remain below the legislated cost cap of 0.12 cents per kilowatt (kWh). As of 2020, the net costs and benefits for nonresidential customers, who are exempt from energy efficiency programs, remain below the legislated cost cap of 0.078 cents per kWh.

Customer access to renewable energy is gaining traction under FEJA. In 2020, a record 10,250 ComEd residential customers connected energy resources like private solar to the ComEd grid. Commercial and industrial businesses and community supply projects brought the total to more than 10,500 interconnections, representing 183 megawatts of distributed generation. ComEd also connected 20 community solar projects in 2020, and 55 more projects are under construction. The distributed generation rebate program for commercial and industrial customers grew from $8 million in payments in 2019 to $21 million in 2020.

FEJA also is creating opportunities for underrepresented populations, including members of diverse environmental justice communities and returning citizens, through training provided by trade and community groups. More than 1,300 trainees have completed the Craft Apprenticeship Program led by the IBEW Electrical Workers Renewable Energy Fund, as well as the Solar Pipeline and Multi-cultural Job Training programs; more than 25 percent secured jobs in solar panel installation, or serving as energy brokers, site surveyors, training instructors or other positions.

FEJA enables Illinois utilities, like those in many other states, to treat energy efficiency like other utility investments, and amortize them over the course of their useful lives. For example, the cost of ComEd rebates to customers for new LED lighting is amortized over the expected useful life of the new bulbs. This allows the company to increase customer rebates and make other investments needed to achieve Illinois’ aggressive energy efficiency goals while reducing the impact on monthly bills.

FEJA will be in place through 2031 and is designed to strengthen and expand funding for Illinois’ Renewable Portfolio Standard by establishing a long-term procurement process and providing up to $220 million per year in funding for wind and solar development.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

Contacts

ComEd Media Relations
(312) 394-3500

: Business Wire; Posted On Feb 18, 2021

Wall Street Journal and Bidgely Showcase the Power of Data and Artificial Intelligence to Create a Clean Energy Future

New article series highlights growing adoption of data-driven strategies by leading utilities to accelerate personalization, digitalization and clean energy initiatives

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--The Wall Street Journal, in collaboration with Bidgely, today introduced an article series showcasing how data and applied artificial intelligence (AI) are powering the clean energy future. Featuring real-world examples from utilities like Duke Energy, Duquesne Light Company, Ameren and Hydro Ottawa, the articles showcase how these progressive energy providers are prioritizing data-driven solutions that both create personalized energy experiences for customers as well as new opportunities to accelerate electrification, decarbonization and energy efficiency initiatives. The new Biden Administration’s unprecedented net-zero emissions goals for the U.S. are regarded as an accelerator in the article series, prompting energy providers to more actively embrace AI technologies that leverage customer data to advance energy and digital transformation.

“Transitioning to a clean energy economy will require every consumer to consciously re-evaluate their personal energy consumption and make changes. Utilities are in a unique position to help customers understand their current impact on the environment, and then motivate, challenge and guide those customers to take the next step,” said Abhay Gupta, CEO of Bidgely. “Smart meters are already collecting a tremendous amount of valuable customer information, and through AI, utilities can transform this usage data into actionable insights that advance net-zero goals for every consumer.”

The article, Green Innovation Starts With Data, emphasizes the ways in which energy providers are leveraging their investments in smart meter, or advanced metering infrastructure (AMI), technologies. Duke Energy and Duquesne Light Company are featured for their innovative use of customer data to become trusted energy advisors and to drive smart energy decisions with their customers. Such data-driven approaches are giving energy providers new insights into the way electrification and clean energy technologies are impacting the grid, aiding in their load forecasting, rate designs and overall approach to achieving aggressive net-zero emissions targets.

In the article Leading With Intelligence, evolving consumer demands are explained as a driving force among utilities to implement machine learning and AI techniques to their AMI data, fostering a customer-centric, data-driven culture within their organizations. Ameren and Hydro Ottawa explain how the smart grid is the center of value creation for customers, giving them more choice, convenience and control over their energy as competition for customers to generate their own energy is increasing. The article also shows how utilities can develop new solutions based on hard data, greatly improving their ability to innovate for future initiatives.

Read each Wall Street Journal article in its entirety at: Green Innovation Starts With Data and Leading With Intelligence. To learn more about how Bidgely is bolstering green energy innovation in partnership with utilities, visit www.bidgely.com/utilityai.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Contacts

Christine Bennett
Bidgely
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: Business Wire; Posted On Feb 19, 2021

Rio Tinto connects the Pilbara to Asia with new direct freight shipping service

MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto has secured a new commercial freight shipping service connecting Western Australia’s Pilbara region to the major international shipping hub of Singapore. The service will provide the company with a quicker, cheaper and cleaner alternative to the existing freight delivery route via Perth, helping to drive regional economic development and local job creation.

The regular freight service commenced with the arrival of the MCP Graz at the Port of Dampier from Singapore today. The vessel delivered essential maintenance supplies for Rio Tinto Iron Ore’s operations in the Pilbara, including rail wagon wheels, wagon parts, oil and lubricants. Future shipments are expected to include tyres for heavy earth moving equipment, conveyor belts, rail wagon and locomotive parts and mining consumables.

The service is also open for use by local businesses in the north-west of Australia, providing companies operating in the region with better access to international markets and more efficient movement of freight.

Rio Tinto Iron Ore managing director of Port, Rail and Core Services, Richard Cohen, said, “This is an important new service that connects the Pilbara to the rest of the world via the major international shipping hub of Singapore. It will provide a number of benefits by delivering cheaper, cleaner and faster freight to the region.

“It is an important breakthrough not only for our business, but it will also provide a great opportunity for the local Pilbara economy by helping to unlock small business growth and supporting job creation.”

Rio Tinto expects the service to reduce the lead-time for goods in to the Pilbara by six to 10 days compared with freight via Fremantle. Additionally, it’s expected to provide an annual saving of around three million litres of diesel fuel by reducing road train travel from Perth by more than 3.8 million kilometres.

Over time, Rio Tinto is hopeful that more than 50 per cent of its freight requirements to the Pilbara will utilise this service, increasing the speed of delivery and lowering costs. The vessel capacity of the freight service will be 350 TEUs (twenty-foot equivalent) with Toll Global Forwarding and other freight forwarders offering a service for smaller volumes on the vessel.

Peter Stokes, President Global Logistics Toll Group, said, “This dedicated container vessel service from Singapore to Dampier will enable enormous possibilities to deliver more efficient supply chains to the Pilbara region.

“Toll Group is heavily invested in the north of Western Australia and is one of the largest employers in the Pilbara region. We are proud to be partnering with Rio Tinto on this landmark project which will provide businesses in the north with a significant opportunity to access international imports and exports.”

Viva Energy, the supplier of fuels and lubricants and supply partner to Rio Tinto, expects to reduce its road transport travel by 350,000 kilometres a year through use of the new service.

Viva Energy Sales Manager Gavin Syminton said, “Over and above any commercial benefits there are also a number of other positive aspects to the initiative including increased opportunities for local employment through infrastructure investment, the reduction of our carbon footprint and, a shorter, more efficient supply chain. As we continue to work closely with Rio Tinto we hope to further connect our business and community through this opportunity while making the region a more sustainable place to live.”

Contacts

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riotinto.com

Follow @RioTinto on Twitter

Media Relations, United Kingdom
Illtud Harri
M +44 7920 503 600

David Outhwaite
T +44 20 7781 1623
M +44 7787 597 493

Media Relations, Americas
Matthew Klar
T +1 514 608 4429

Media Relations, Asia
Grant Donald
T +65 6679 9290
M +65 9722 6028

Media Relations, Australia
Jonathan Rose
T +61 3 9283 3088
M +61 447 028 913

Matt Chambers
T +61 3 9283 3087
M +61 433 525 739

Jesse Riseborough
T +61 8 6211 6013
M +61 436 653 412

Investor Relations, United Kingdom
Menno Sanderse
T: +44 20 7781 1517
M: +44 7825 195 178

David Ovington
T +44 20 7781 2051
M +44 7920 010 978

Clare Peever
M: +44 7788 967 877

Investor Relations, Australia
Natalie Worley
T +61 3 9283 3063
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Amar Jambaa
T +61 3 9283 3627
M +61 4 7286 5948

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

Category: General

: Business Wire; Posted On Feb 18, 2021

Water Quality Platform Backed by KKR and XPV Water Partners Unveils Axius Water Brand and Appoints Two Industry Experts to Board of Directors

BOSTON--(BUSINESS WIRE)--#KKRGrants--Axius Water, the leading water quality solutions platform created by KKR and XPV Water Partners to address pressing water quality challenges across the globe, today unveiled its new corporate name and announced the appointment of Gretchen McClain and Debra Coy to the Company’s Board as Independent Directors.

Axius Water is the new name for the platform established by KKR’s Global Impact Fund and XPV Water Partners in December 2019 with the foundational acquisitions of Nexom and Environmental Operating Solutions, Inc (EOSi), and the subsequent acquisition of Environmental Dynamics International (EDI) in June 2020. The platform is led by veteran executive Chris McIntire who joined Axius Water as CEO in August 2020. Winnipeg, Manitoba-based Nexom, Pocasset, Massachusetts-based EOSi and Columbia, Missouri-based EDI will continue to trade under their existing names and brands as part of Axius Water’s growing portfolio.

“We are delighted to unveil the new platform name and to welcome Debra and Gretchen to the board of Axius Water,” said Robert Antablin of KKR Global Impact and David Henderson of XPV Water Partners. “We believe the addition of two highly accomplished industry experts to our board will support our continued ambitions to bring together world-class water quality products and services to create a leading end-to-end solutions platform.”

“We want the Axius Water name to represent the very best in nutrient management,” said Chris McIntire, CEO of Axius Water. “With Gretchen and Debra on our board of directors, we have added well-known industry experts who have the experience and wisdom to support that mission.”

Gretchen W. McClain Biography:

Ms. McClain has had an illustrious career in the water industry and more broadly in the industrial and transportation sectors. She previously served as the founding President and CEO of Xylem Inc. (NYSE: XYL), a global water technology company with over $5 billion of revenue, where she oversaw the successful spin-off of Xylem from ITT Corporation to become a standalone company. Prior to Xylem, Ms. McClain was Senior Vice President at ITT Corporation and President of ITT Fluid Motion & Control, a $4.5 billion diversified manufacturer of highly engineered technology and equipment, where she led the organization to double-digit revenue growth.

Earlier in her career, Ms. McClain held a number of executive positions at Honeywell Aerospace (formerly AlliedSignal), including Vice President & General Manager of the Business, General Aviation and Helicopters Electronics Systems. Prior to that, Ms. McClain spent nine years with NASA, including serving in the top management position responsible for NASA’s International Space Station (ISS). In this capacity, she played a pivotal leadership role in the successful development and launch of the ISS program and Shuttle/Mir missions. Ms. McClain received the NASA Distinguished Service Medal for her service.

Ms. McClain holds a B.S. degree in mechanical engineering from the University of Utah and is a member of the University of Utah Engineering National Advisory Council. She is currently an Operating Executive at The Carlyle Group and serves on the boards of AMETEK, Inc. (NYSE: AME), Booz Allen Hamilton (NYSE: BAH) and J.M. Huber Corporation.

Debra Coy Biography:

Ms. Coy is a capital markets expert and leading advisor to water industry companies. She currently serves as Executive-in-Residence with XPV Water Partners and has served as an advisor to XPV Capital since 2010. Ms. Coy began her career on Wall Street and worked as an equity research analyst for approximately 20 years, developing a leading franchise and expertise in covering the global water sector for investors at firms including Janney Montgomery Scott, Schwab Capital Markets, and HSBC Securities. She was named a Financial Times/Starmine “Best Brokerage Analyst” in 2008 and 2009 and a Forbes “Best Brokerage Analyst” in 2010 for water utilities coverage.

Ms. Coy is a regular speaker and columnist on water industry finance and innovation and currently serves on the Board of Directors for Global Water Resources Inc. (NASDAQ: GWRS) and Willdan Group Inc. (NASDAQ: WLDN). She previously served on the Board of Directors for AquaVenture Holdings before it was acquired by Culligan in early 2020. Ms. Coy received an M.A. degree in Journalism from the University of Maryland.

About Axius Water

Axius Water was founded in 2019 by KKR, in partnership with XPV Water Partners. This wastewater treatment platform aims to become the leading provider of nutrient management solutions for municipal and industrial wastewater treatment facilities. Through the foundational acquisitions of EOSi and Nexom, and the subsequent acquisition of EDI (Environmental Dynamics International) the platform aims to address nutrient contamination of water globally by building a diversified and growing portfolio of leading solutions. For additional information about Axius Water, please visit www.axiuswater.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.

About XPV Water Partners

XPV Water Partners is comprised of experienced water entrepreneurs, operators, and investment professionals dedicated to make a difference in the water industry. They invest in and actively supports water-focused companies to enable them to grow and deliver value for all stakeholders. Over $400 million USD are managed by XPV in investment capital from institutional investors in North America, Europe and Asia. For more information about XPV Water Partners, please visit www.xpvwaterpartners.com.

Contacts

Media Contacts
Axius Water
Philip Wiebe
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KKR
Miles Radcliffe-Trenner
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XPV Water Partners
Esther Doss
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