HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) announced today that it expects fourth quarter 2020 revenue and earnings to be below prior guidance. On a consolidated basis, the Company expects to report revenues of $1.33 billion, a GAAP operating loss of $327 million and Adjusted EBITDA of $17 million.
“While rising North American activity levels drove higher revenues in the U.S. for our shorter-cycle businesses, international markets and demand for capital equipment remained soft through year-end, which led to fourth quarter results that were below our expectations for our three segments,” commented Clay Williams, Chairman, President, and CEO. “The resurgence of COVID-19 caused customers to defer orders and resulted in a slower pace of bookings in the second half of the quarter; however, we still achieved a sequential increase in orders of 27 percent for our Completion & Production Solutions segment and a 105 percent book-to-bill for our Rig Technologies segment.”
“Despite the challenging operating environment for our later-cycle business and our ongoing investments in developing new products and technologies, free cash flow remained healthy and in-line with prior guidance. While we expect continued softness in our first quarter 2021 results, we are optimistic that improving commodity prices, rising activity, and the actions we are taking to position NOV for the future will result in improved profitability over the course of 2021.”
The Company is finalizing its financial close process for the fourth quarter and full year 2020 and will provide complete results in a press release issued after market close on Thursday, February 4, 2021. NOV will conduct its fourth quarter 2020 conference call on Friday, February 5, 2021 at 10 a.m. (Central Time). The call will be webcast live on www.nov.com/investors.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Adjusted EBITDA is operating loss of approximately $327 million, plus depreciation and amortization of $82 million and other items of $262 million. The Company discloses Adjusted EBITDA in its periodic earnings press releases and other public disclosures to provide investors additional information about the results of ongoing operations and uses it internally to evaluate and manage the business. Adjusted EBITDA is not intended to replace GAAP financial measures.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV Inc. with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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VantageCare Provides Continuous Intersection Monitoring and Optimization to Transportation Agencies
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has launched VantageCare™, a new managed service for smart mobility infrastructures operated by state and local transportation agencies.
VantageCare is a software-enabled smart mobility infrastructure managed service that utilizes process virtualization to continuously and proactively monitor intersections and arterials that are equipped with Iteris’ advanced detection sensor systems.
Transportation agencies using Iteris' VantageCare to augment their existing traffic management operations will receive data-driven analysis and management reports to improve performance at key signalized intersections equipped with Iteris detection technology. The solution helps agencies proactively identify and address a variety of opportunities to optimize detection.
VantageCare is a key component of Iteris’ ClearMobility™ Platform, the most complete solution for continuously monitoring, visualizing and optimizing mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. The ClearMobility Platform applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility.
“We are thrilled to announce the launch of VantageCare, a software-enabled managed service that utilizes process virtualization to enable transportation agencies nationwide to proactively optimize and maintain the health of their Iteris detection systems,” said Todd Kreter, senior vice president and general manager, Roadway Sensors at Iteris. “With the addition of VantageCare, transportation agencies can augment their existing traffic management operations, giving them peace of mind and the ability to focus on other priorities, as performance and safety are improved throughout their transportation network.”
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the capabilities and benefits of our VantageCare solution. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to provide our services in a cost-efficient manner; our ability to introduce, market and gain broad acceptance of our new and existing product and service offerings in the transportation industry; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
Media Contact
David Sadeghi
Tel: (949) 270-9523
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) today announced the early tender results of its wholly owned subsidiary, EQM Midstream Partners, LP’s (the Partnership) previously announced tender offers (each, an Offer and, collectively, the Offers) to purchase up to $500 million in aggregate principal amount (as such amount may be increased or eliminated by the Partnership pursuant to the terms of the Offers, the Aggregate Maximum Principal Amount) of its outstanding notes listed in the table below.
The terms and conditions of the Offers are set forth in the Partnership’s Offer to Purchase, dated January 4, 2021, as amended by ETRN’s news release, dated January 4, 2021 (as amended, the Offer to Purchase). The Offer to Purchase relates to two separate Offers, one for each series of notes (each series, a Series of Notes, and such notes, collectively, the Notes).
As of 5:00 p.m., New York City time, on January 15, 2021 (such time and date, the Early Tender Deadline), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Offers, an aggregate principal amount of $754,693,000 of 4.750% notes due 2023 (the 2023 Notes) had been validly tendered and not validly withdrawn in the Offer for such Notes. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on January 15, 2021.
Notes |
CUSIP Numbers |
Principal Amount Outstanding |
Acceptance Priority Level |
Tender Consideration(1)(2) |
Early Tender Premium(1) |
Total Consideration(1)(2)(3) |
||||||
|
|
|
|
|
|
|
||||||
4.750% notes due 2023 |
26885B AD2 |
|
$1,100,000,000 |
|
1 |
|
$1,042.50 |
|
$30 |
|
$1,072.50 |
|
4.000% notes due 2024 |
26885B AA8 |
|
$500,000,000 |
|
2 |
|
$1,030.00 |
|
$30 |
|
$1,060.00 |
| ________________ | ||
(1) |
Per $1,000 principal amount of the Notes validly tendered and not validly withdrawn and accepted for purchase. |
|
(2) |
Excludes accrued interest, which will be paid on the Notes accepted for purchase as described in the Offer to Purchase. |
|
(3) |
Includes the Early Tender Premium (as defined in the Offer to Purchase) for the Notes validly tendered at or prior to the Early Tender Deadline (as defined above) (and not validly withdrawn) and accepted for purchase. |
|
The Aggregate Maximum Principal Amount has been fully subscribed by the 2023 Notes tendered as of the Early Tender Deadline. In accordance with the Aggregate Maximum Principal Amount set forth above, the 2023 Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline will be subject to proration as further described in the Offer to Purchase, and no 4.000% notes due 2024 will be accepted for purchase. The Partnership expects to accept for purchase in the Offers an aggregate principal amount of $500 million of 2023 Notes using a proration rate of ~66%. The Partnership does not anticipate accepting for purchase any Notes validly tendered after the Early Tender Deadline.
The applicable Total Consideration (as defined in the Offer to Purchase) for each $1,000 of principal amount of the 2023 Notes validly tendered and not validly withdrawn and accepted for purchase is set forth in the table above. Only holders of the 2023 Notes who validly tendered and did not validly withdraw their 2023 Notes at or prior to the Early Tender Deadline are eligible to receive the applicable Total Consideration, which includes the Early Tender Premium for the 2023 Notes of $30 per $1,000 principal amount of 2023 Notes tendered. In addition, such Holders will also be entitled to receive accrued and unpaid interest, if any, from the last interest payment date for the 2023 Notes up to, but not including, the Early Settlement Date (as defined below).
It is anticipated that the settlement date for the 2023 Notes validly tendered and accepted for purchase will be January 20, 2021 (the Early Settlement Date).
Barclays Capital Inc. is acting as Dealer Manager and D.F. King & Co., Inc. is acting as the Tender Agent and Information Agent for the Offers. Requests for documents may be directed to D.F. King & Co., Inc. at (866) 751-6313 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions regarding the Offers may be directed to Barclays Capital Inc. collect at (212) 528-7581 or toll-free at (800) 438-3242.
This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities, including in connection with the Offers. The Offers to purchase the Notes are only being made pursuant to the terms of the Offer to Purchase. The Offers are not being made in any state or jurisdiction in which such Offers would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. None of the Partnership, the Dealer Manager, or the Tender Agent and Information Agent is making any recommendation as to whether or not Holders should tender their Notes in connection with the Offers.
Cautionary Statement Regarding Forward-Looking Information
Disclosures in this news release contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements relating to the tender offers, including the expected timing thereof. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ETRN and the Partnership have based these forward-looking statements on current expectations and assumptions about future events. While ETRN and the Partnership consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond ETRN’s and the Partnership’s control. The risks and uncertainties that may affect the operations, performance and results of ETRN’s and the Partnership’s business and forward-looking statements include, but are not limited to, those set forth in ETRN’s and the Partnership’s respective publicly filed reports with the Securities and Exchange Commission (the SEC), including those set forth under Item 1A, “Risk Factors” of ETRN’s Annual Report on Form 10-K for the year ended December 31, 2019, as updated by Part II, Item 1A, "Risk Factors," of ETRN’s subsequent Quarterly Reports on Form 10-Q filed with the SEC, and those set forth under Item 1A, “Risk Factors” of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 and under Part II, Item 1A, "Risk Factors," of EQM’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 14, 2020.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. ETRN and the Partnership assume no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Source: Equitrans Midstream Corporation
Analyst/Investor inquiries:
Nate Tetlow — Vice President, Corporate Development and Investor Relations
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Media inquiries:
Natalie A. Cox — Communications and Corporate Affairs
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WATSONVILLE, Calif.--(BUSINESS WIRE)--#SafetyByChoice--The joint venture team comprised of Granite (NYSE: GVA) and Healy Tibbitts Builders, Inc. is one of five contractors selected to participate in a $750 million Waterfront Multiple Award Construction Contract (MACC) by the Naval Facilities Engineering Command, Southwest (NAVFAC SW). The indefinite delivery/indefinite quantity (IDIQ) competitive MACC is comprised of task orders ranging from $50,000 to $100 million, for two base years plus three option years through 2025.
Task order proposals will be submitted for new construction, repair, and renovation of waterfront facilities by design-build or design-bid-build to support Navy vessels and port operations in California, Arizona, Nevada, Utah, Colorado, and New Mexico.
“We look forward to expanding our relationship with NAVFAC SW to construct critical waterfront infrastructure for the U.S. Navy through our joint venture partnership with Healy Tibbitts Builders, Inc. and design partnership with Moffatt and Nichol,” said Matt Tyler, vice president of Granite’s federal operations. “Our firms have a long history of collaboration to deliver the Department of Defense projects and we are pleased to continue this tradition.”
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.
Media
Erin Kuhlman 831-768-4111
Investors
Lisa Curtis 831-728-7532
Order for 60 LionC buses is the largest order for all-electric school buses yet from a North American operator
SAINT-JÉRÔME, Québec--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, Lion Electric (Lion), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, and Autobus Groupe Séguin (Autobus Séguin), a transportation operator headquartered in Laval, Quebec, announced the signing of an order for the acquisition of 60 zero-emission LionC electric school buses over a five-year period. Autobus Séguin will integrate the all-electric buses into the company's current fleet of vehicles, one of the largest in Quebec. This milestone order is the single largest to date in the electric school bus industry in North America. The first 10 buses will be delivered throughout the 2021 calendar year, and will be used from the start of the 2021-2022 school year, through the seven service centers operated by Autobus Séguin. Subject to continued satisfaction of certain conditions, the remaining 50 buses will be delivered through 2026.
"We are happy to continue the pioneering tradition established at Autobus Séguin by participating in this current wind of change, and by making this important shift towards the electrification of school transportation. Lion Electric, which will assist us in the transition and integration of these new buses, is an ideal partner for the success of this project. Ultimately, our ambition is to electrify our entire fleet of more than 310 school buses by 2030," said Stéphane Boisvert, President at Autobus Groupe Séguin.
“Autobus Séguin is showing its clear leadership in migrating to electrification, and this initiative serves as proof that it is possible for fleet operators to electrify a large number of vehicles. We are happy to support the Autobus Séguin team, thus optimizing the success of the transition to emission-free school transportation, for the benefit of children's health and safety,” said Marc Bédard, CEO and Founder of Lion Electric.
A school bus emits 23 tons of greenhouse gases (GHG) per year on average. With this initiative, 1,380 tons of GHG per year will be eliminated by Autobus Séguin.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
Transaction with Northern Genesis
On December 31, 2020, Lion filed with the U.S. Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form F-4 (the “Registration Statement”), which includes a preliminary proxy statement of Northern Genesis, in connection with their proposed business combination.
Upon closing of the proposed business combination, a wholly-owned subsidiary of Lion Electric will merge with and into Northern Genesis, and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.
The business combination has been unanimously approved by the Boards of Directors of both Northern Genesis and Lion Electric and is expected to close in the first quarter of 2021, subject to the Registration Statement being declared effective by the SEC, approval by Northern Genesis stockholders as well as other customary closing conditions.
Important Information and Where to Find It
The Registration Statement filed by Lion Electric with the SEC includes a preliminary prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction, and a preliminary proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement. After the Registration Statement has been cleared by the SEC and declared effective, Northern Genesis will mail a definitive proxy statement to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement, the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://sec.report or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Northern Genesis’ IPO Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.
Lion Electric:
Patrick Gervais
Vice President of Marketing and Communications
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514-992-1060
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Northern Genesis:
Investor Relations
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816-514-0324
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from November 15, 2020 through February 14, 2021. This distribution will be payable on February 16, 2021 to Series A preferred unitholders of record as of the opening of business on February 1, 2021.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800
Colleen Calhoun Named VP & General Manager of XL Grid After 25 Years as a Leader in GE’s Energy, Power and Finance Businesses
Jim Berklas Appointed General Counsel & VP of Corporate Development After 11 Years of Public Company Leadership and Closing Over 200 Acquisition and Financing Transactions
BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced two additions to its executive leadership team designed to support the Company’s rapid expansion plans in 2021 and beyond.
Colleen Calhoun, a clean energy executive who spent over two decades at GE in senior leadership roles across its energy, power and finance businesses, has joined XL Fleet as Vice President and General Manager of the Company’s XL Grid division. In this role, Colleen will be responsible for leading and growing the XL Grid business, which provides commercial and municipal fleet customers with charging infrastructure, energy storage and power solutions for fleets, and advances XL Fleet’s Electrification as a Service Offering.
During her tenure at GE, Colleen held key leadership positions across several successful business units. She served as the head of GE Energy Ventures, leader of Marketing & Strategy for GE’s Power & Water business and head of the Global Growth Markets platform for Energy Financial Services. Colleen was also a senior member of the GE team that launched Current, a leading provider of energy efficiency and digital productivity solutions for commercial buildings and cities. Colleen served as Chief Marketing Officer and head of Business Development and was instrumental in the divesture of the business from GE in 2019. Most recently, Colleen has been a strategic advisor to Commonwealth Fusion, Quaise Inc. and several other corporations, helping them grow and scale their energy-focused businesses. She is a member of the Board of Directors for Quaise, Inc. and the Clean Energy Trust.
XL Fleet also announced it has appointed Jim Berklas, a senior legal and M&A executive, as the Company’s General Counsel & Vice President of Corporate Development. In this role, Jim will oversee the Company’s legal and compliance functions and help execute upon its corporate development initiatives, including strategic M&A investments. Prior to joining XL Fleet, Jim founded a boutique investment bank representing smaller domestic manufacturers and served as the Chief Growth Officer, head of M&A and general counsel of medical device and packaging manufacturer Westfall Technik, where he led the acquisition of 17 companies and improved profitability by over 40%. Jim brings 25 years of legal experience with 11 years of public company leadership and has closed over 200 acquisition and financing transactions.
“One of XL Fleet’s earliest post-merger priorities is to add the key leadership talent needed to help the Company execute on its rapid growth plans,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “Colleen and Jim bring a wealth of new experience and leadership capabilities to XL Fleet, and we are excited to bring them on board as we begin scaling the organization in 2021.”
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 140 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.
Media Contact:
Eric Foellmer, Director of Marketing
(617) 648-8555
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Investor Contact:
Marc Silverberg, Partner (ICR)
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Itron’s Multi-Purpose IoT Solution to Lay the Foundation for Smart Grid Program
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, today announced that Versant Power, an electric transmission and distribution utility serving nearly 160,000 customers in northern and eastern Maine, will deploy Itron’s multi-purpose solution, including an IoT network and more than 160,000 distributed intelligence-enabled meters, to modernize its electricity grid. Versant Power plans to initiate some project activities in 2021 and meter installations are scheduled to begin in 2022.
Versant Power will deploy Itron’s Advanced Metering Infrastructure (AMI) solution across its service territory for data management, analytics, grid performance, increased operational efficiency and a better customer experience. With Itron’s intelligently connected network and high-performance endpoints, the utility will be equipped with better outage management capability and the foundation for future customer programs.
“At Versant Power, we are committed to being a progressive energy leader in our region by advancing solutions that improve the lives of our customers and communities,” said John Flynn, president of Versant Power. “With Itron’s solution, we will be able to continue to ensure that electricity is more acceptable, available and affordable to more people than before.”
“Itron is delivering smarter solutions to revolutionize energy services around the world by connecting critical infrastructure for enhanced visibility and control,” said John Marcolini, senior vice president of Networked Solutions at Itron. “With our globally proven, multi-purpose platform and smart meters, Versant Power will be able to lay the groundwork for the utility’s smart grid program and deliver more efficient, reliable and resilient services.”
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Oil and Gas Upstream Development Outlook, 2020-2024" report has been added to ResearchAndMarkets.com's offering.
Globally, during the outlook period 2020-2024, a total of 316 key crude and natural gas offshore projects are expected to start operations in 46 countries.
Among these, 131 represent the number of planned offshore projects with identified development plans (post-FID) and 185 represent the number of early-stage announced offshore projects that are undergoing conceptual studies and that are yet to be approved for development (pre-FID). The key offshore projects across the globe are expected to contribute about 26.6 million barrels of oil per day (mmbd) of global crude and condensate production and about 133.2 billion cubic feet per day (bcfd) of global gas production in 2024.
Scope
Reasons to Buy
Key Topics Covered:
1. Overview
2. Key Highlights
3. Global Development Trends
3.1 Production outlook
3.2 Capex Outlook
3.3 Development Outlook
3.4 Project Starts by Region
3.5 Major Project Count by Country
3.6 Major Project Count by Terrain
3.7 Major Projects by Facility Type
3.8 Latest Project Updates
4. Oil Development Focus
4.1 Crude & Condensate Production Outlook by Region
4.2 Crude & Condensate Production Outlook by Country
4.3 Crude & Condensate Production Outlook by Company
4.4 Upcoming Oil Projects
4.5 Key Economic Metrics of Major Upcoming Oil Projects
5. Gas Development Focus
5.1 Natural Gas Outlook by Region
5.2 Natural Gas Outlook by Country
5.3 Natural Gas Outlook by Company
5.4 Upcoming Gas Projects
5.5 Key Economic Metrics of Major Upcoming Gas Projects
6. Expenditure Outlook
6.1 New Project Expenditure Outlook by Region
6.2 New Project Expenditure Outlook by Country
6.3 New Project Expenditure Outlook by Company
6.4 New Project Expenditure Outlook by Field Terrain
6.5 New Project Expenditure Outlook by Facility Type
7. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/p4f2gl
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Broad based weakness pulls construction starts lower in December
HAMILTON, N.J.--(BUSINESS WIRE)--Total construction starts lost 5% in December, falling to a seasonally adjusted annual rate of $784.3 billion. Nonresidential building starts fell 11% during the month, while nonbuilding starts were 5% lower. Residential starts were essentially flat over the month. Starts were lower in three of the four regions in December; the South Central was the only region to post an increase.
For the full year, total construction starts fell 10% to $766.3 billion. Nonresidential building starts saw the steepest drop, losing 24%, while nonbuilding starts fell 14%. Residential construction starts ended 2020 up 4% thanks to strong single-family activity. In December, the Dodge Index fell 5% to 166 (2000=100) from the 174 reading in November. For the full year, the Dodge Index averaged 163, a 10% decline from 2019’s average.
“The roller coaster year of 2020 is over, but not forgotten,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. “The scars from the pandemic and recession will be long-lasting and resulted in significant declines across most construction sectors. Single family housing, warehouse, and highway and bridge starts were bright spots that cannot be understated for their gains. There will be difficult months ahead for the economy and for construction starts as COVID-19 cases mount. However, the continued rollout of vaccines means 2021 will be a better year.”
Nonbuilding construction fell 5% in December to a seasonally adjusted annual rate of $185.3 billion. Declines were broad based across the sector, with highways & bridges, environmental public works and miscellaneous nonbuilding starts all falling in December. The utility/gas plant category rose 70% in the month due to the start of two large power generation facilities.
The largest nonbuilding project to break ground in December was the $1.2 billion Traverse Wind Energy Center, a 999 MW wind facility spread across Blaine, Custer, and Kingfisher counties, OK. Also starting during the month was the $1.0 billion Three Rivers Natural Gas Power Generating Energy Center in Morris, IL and the $555 million West Lake Corridor Project, which is an 8-mile extension of the Northern Indiana Commuter District’s South Shore rail line in Dyer, IL.
For the full year, nonbuilding starts fell 14% from 2019 to $181.5 billion. Significant pullbacks in starts were seen in the utility/gas plant category as well as in miscellaneous nonbuilding. Environmental public works starts dropped 5% in 2020, while the highway and bridge category saw an 8% increase in starts.
Nonresidential building moved 11% lower in December to a seasonally adjusted annual rate of $225.3 billion following a sizeable increase in the previous month. Commercial starts fell 23% over the month as office, hotel, and warehouse starts all posted double-digit declines. Institutional starts fell 5%, while manufacturing starts rose 59%, thanks to the largest nonresidential building project to get started in December, the $600 million Gulf Coast Ammonia Plant in Texas City, TX. Also starting in December were the $341 million Orlando Health Jewett Orthopedic Hospital in Orlando, FL and the $325 million University of Massachusetts Education and Research Building in Worcester, MA.
In 2020, nonresidential building starts lost 24% to $239.9 billion — the lowest level since 2015. Commercial starts tumbled 26% over the year, with warehouse construction eking out a 1% gain in 2020. Institutional starts fell 13% last year, while manufacturing starts dropped 59%.
Residential building starts fell by less than one percentage point in December to a seasonally adjusted annual rate of $373.7 billion. Multifamily starts posted a solid 24% increase for the month, while single family dropped 7%.
The largest multifamily structure to break ground in December was the $400 million second phase of the Veyoel Moshe Gardens Residential building in Kiryas Joel, NY. Also starting were the $200 million 300M NE Street mixed-use building in Washington, D.C. and the $167 million AVA Arts District Live/Work Complex in Los Angeles, CA.
For the full year, residential starts were 4% higher than in 2019 at $344.8 billion. Single family starts were up 11%, while multifamily starts were 11% lower.
About Dodge Data & Analytics: Dodge Data & Analytics is North America’s leading provider of analytics and software-based workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities and execute on those opportunities for enhanced business performance. Whether it’s on a local, regional or national level, Dodge makes the hidden obvious, empowering its clients to better understand their markets, uncover key relationships, size growth opportunities, and pursue those opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its 100-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. To learn more, visit www.construction.com.
Media Contact: Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK & ALISO VIEJO, Calif.--(BUSINESS WIRE)--Macquarie’s Green Investment Group (GIG) today announced that it will make an investment in esVolta, a developer and owner of utility-scale energy storage projects across North America.
The investment will support the continued North American expansion of esVolta and finance its portfolio of over 600 MWh of contracted energy storage projects, primarily in California, and an additional development pipeline of more than 2 GWh.
The relationship brings together esVolta’s project origination, development and delivery capabilities with GIG’s financial, technical and structuring expertise. The investment will initially take the form of a bridge loan but will convert to equity upon receipt of regulatory approvals, including the approval of The Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission.
“esVolta is a leading storage developer with an outstanding management team and significant growth potential across new markets. GIG is perfectly positioned to accelerate that growth and help deliver esVolta’s substantial development pipeline,” said Greg Callman, Global Head of Energy Technology at GIG. “Energy storage is critical to enabling increased renewables deployment, and we’re looking forward to leveraging our capabilities with esVolta to accelerate the energy transition across California and beyond.”
This investment is being led by a purpose-built team within GIG that focuses on investing in key, emerging aspects of the energy transition, including grid scale storage, distributed energy and fleet electrification, across both infrastructure and growth equity.
With The 100 Percent Clean Energy Act, California is aiming to meet targets of 60% renewable power by 2030 and 100% by 2045. The expected addition of more solar on the system will lead to overproduction and curtailment during the day, while requiring ramping and peaking capacity in the evening when solar power is not available. GIG’s investment in esVolta and its pipeline of utility-scale energy storage projects will help add the flexibility required to achieve its renewable energy targets.
“With this agreement and support from the Green Investment Group, we are positioned to rapidly grow our energy storage business across North America,” said Randolph Mann, founder and chief executive officer of esVolta. “Demand for energy storage in our home state of California remains strong, and we see vast opportunities for geographic expansion as well as additional product and service offerings. Our relationship with GIG will further broaden our expertise and unlock additional growth opportunities.”
RBP Partners will remain a substantial shareholder in the business post transaction. “This investment from GIG is a significant endorsement of the high-quality team, portfolio and pipeline esVolta has assembled,” said Digby Beaumont, Managing Director at RBP Partners. “We are looking forward to working closely with GIG and the esVolta team in coming years to take maximum advantage of the opportunities ahead for the business.”
About the Green Investment Group
Green Investment Group (GIG) is a specialist developer, sponsor and investor with a mission to accelerate the transition to a greener global economy. GIG supports the growth of the global green economy by making new green infrastructure investments and developing new projects. Working across the full project lifecycle, including early-stage development, GIG offers clients and partners expertise in principal investment, project and portfolio management, advisory services and access to flexible capital. GIG is part of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.
About esVolta, LP
esVolta is a developer, owner, and operator of utility-scale energy storage projects across North America. The company’s portfolio of operational plus contracted projects totals over 600 MWh of storage capacity, and the firm is developing a large pipeline of future storage projects. Additional information about esVolta is available at www.esVolta.com.
Macquarie media inquiries
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+1 212 231 1310
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esVolta media inquiries
Wendy Prabhu
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Transaction included a US$1.76 Billion Debt Raise Comprising a US$710 Million Bond Offering and US$1.05 Billion Bank Debt Package
NEW YORK--(BUSINESS WIRE)--EnfraGen, LLC (“EnfraGen” or the “Company”) and its joint owners, Glenfarne Group, LLC and Partners Group, acting on behalf of its clients, announced today that its recently completed refinancing transaction has been awarded the “LatAm Power Deal of the Year” by Project Finance International (“PFI”). PFI cited the deal as “the largest and most impressive debt deal this year in the power space in Latin America” and also said, “The size and complexity of this deal, the various geographies, and the two markets of execution made this the region’s best.”
“This award is a tribute to the talented team that worked countless hours to make this refinancing a success,” said Brendan Duval, EnfraGen CEO and Founder and Managing Partner of Glenfarne Group. “This transaction has created substantial financial flexibility for the EnfraGen business so that we can continue pursuing the significant market opportunities in front of us and advancing the energy transition process.”
Ed Diffendal, Managing Director, Private Infrastructure Americas, Partners Group and EnfraGen Board Member added, “Partners Group is extremely proud of this significant achievement and congratulates everyone involved in the transaction on this award. We look forward to furthering the growth and transformation of the EnfraGen business on behalf of all its stakeholders through our continued active partnership with Glenfarne and the EnfraGen management team."
On December 10, EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., (the “Issuers”) announced the pricing of their US$710 million 5.375% senior secured notes due 2030 (the "Notes") to be issued on December 17, 2020 pursuant to a Rule 144A/Regulation S transaction. The Issuers are indirect subsidiaries of EnfraGen, a developer, owner, and operator of grid stability and renewable energy infrastructure businesses in Latin America. The primary use of proceeds from the Notes, combined with a pari passu US$1.05 billion bank debt package for a total of US$1.76 Billion, will be to refinance EnfraGen's existing debt portfolio and to fund EnfraGen's additional growth.
Disclaimer: This is not an offer of securities for sale in the United States. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.4 GW of installed capacity. The company, including its affiliates and subsidiaries, is supported by a team of approximately 275 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Panama City, Panama; Santiago, Chile and Bogota, Colombia. Glenfarne's seasoned executives, asset managers and operators develop, acquire, manage and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 135 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 96 billion in assets under management as of 30 June 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
Kris Cole
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(310) 652-1411
HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast to discuss operational and financial results for the fourth quarter and full year 2020 on Tuesday, February 23 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
Join the webcast by visiting Magnolia’s website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. Materials related to Magnolia’s fourth quarter and full year 2020 financial results to be discussed during the webcast will be made available in the Investors section of the website prior to the call. The company will post a replay of the webcast on its website following the call.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.
Brian Corales
713-842-9036
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $2,731,234.93 or $0.058599 per Unit, based primarily upon production during the month of November 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable February 12, 2021, to Unit Holders of record as of January 29, 2021.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 1,428,504 Mcf (1,587,227 MMBtu) for November 2020, as compared to 1,440,001 Mcf (1,600,001 MMBtu) for October 2020. Dividing revenues by production volume yielded an average gas price for November 2020 of $3.14 per Mcf ($2.83 per MMBtu), as compared to an average gas price for October 2020 of $1.52 per Mcf ($1.37 per MMBtu).
Hilcorp has advised the Trust that the November 2020 reporting month included additional profits of $717,922 gross ($538,441 net to the Trust) based on true-ups for the June 2018, July 2018, August 2018, September 2018, and July 2020 production months.
Hilcorp also reported that for the reporting month of November 2020, revenue included an estimated $100,000 for non-operated revenue. For the month ended November 2020, Hilcorp reported to the Trust capital costs of $81,845, lease operating expenses and property taxes of $1,240,063, and severance taxes of negative $441,074 (credit to the Trust due to true-ups).
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Houston, TX 77056 |
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Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources |
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Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |
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Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
DUBLIN--(BUSINESS WIRE)--The "Global Crude Oil Refinery Maintenance Review, 2020 - Asia and North America Witness the Highest Maintenance in the Year" report has been added to ResearchAndMarkets.com's offering.
In 2020, Asia had the highest refining capacity under maintenance (both planned and unplanned) globally with 11,524 mbd. In terms of highest capacity under planned maintenance, Asia led among the regions again with 11,319 mbd, while North America had the highest capacity under unplanned maintenance with 5,520 mbd.
Among countries, the US, South Korea, and China were the top three countries globally in terms of refining capacity under maintenance (both planned and unplanned) for 2020. Ulsan refinery in South Korea, Ruwais in United Arab Emirates, and Yeosu in South Korea were the top three refineries in terms of refining capacity under maintenance (both planned and unplanned) in 2020.
Scope
Reasons to Buy
Key Topics Covered:
1. Global Refinery Maintenance Review, 2020
1.1 Key Highlights
1.2 Major Outages in 2020 vis-a-vis 2019
1.3 Regional Maintenance Briefs
1.4 Factors Responsible for Unplanned Maintenance by Region, 2020 vis-a-vis 2019
2. Global Upcoming Planned Maintenance, 2021
3. Global Refinery Maintenance by Region
3.1 Global Refining Capacity under Maintenance by Region, 2020 vis-a-vis 2019
3.2 Global Coking Capacity under Maintenance by Region, 2020 vis-a-vis 2019
3.3 Global Fluid Catalytic Cracking (FCC) Capacity under Maintenance by Region, 2020 vis-a-vis 2019
3.4 Global Hydrocracker Capacity under Maintenance by Region, 2020 vis-a-vis 2019
3.5 Global Hydrotreater Capacity under Maintenance by Region, 2020 vis-a-vis 2019
3.6 Global Reformer Capacity under Maintenance by Region, 2020 vis-a-vis 2019
4. Refinery Maintenance by Petroleum Administration for Defense Districts (PADD) Regions in the US
4.1 Refining Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
4.2 Coking Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
4.3 FCC Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
4.4 Hydrocracker Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
4.5 Hydrotreater Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
4.6 Reformer Capacity under Maintenance by PADD Regions in the US, 2020 vis-a-vis 2019
5. Global Refinery Maintenance by Operator
5.1 Global Refining Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
5.2 Global Coking Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
5.3 Global FCC Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
5.4 Global Hydrocracker Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
5.5 Global Hydrotreater Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
5.6 Global Reformer Capacity under Maintenance by Operator, 2020 vis-a-vis 2019
For more information about this report visit https://www.researchandmarkets.com/r/mhwpyo
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Terminal will be the first customer in Europe to implement the cloud-based TOS
OAKLAND, Calif.--(BUSINESS WIRE)--Octopi, part of Navis and Cargotec Corporation, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today that MBOX Terminals has selected Octopi by Navis for its new intermodal terminal located in Nis, Serbia, making it the first Octopi customer in Europe. The terminal selected Octopi’s cloud-based TOS because it provided a modern, comprehensive solution that would optimize operations and increase visibility for stakeholders of the terminal.
As the first intermodal terminal in South and Central Serbia, MBOX Terminals DOO offers direct access to regions of Central and Southern Serbia, Western Bulgaria and the Northern part of North Macedonia. With a capacity of 50,000 TEUs annually, MBOX Intermodal Terminal will operate as the new gateway to the Serbian market and will open the door for new ports to the region via ocean and rail connections. MBOX Terminals selected Octopi by Navis for the TOS at its intermodal location because it is a contemporary platform that will help their team increase visibility of cargo movements for all carriers and other clients, with no additional IT investment, which will help them be a strong competitor in the industry. Additionally, DSP Data and System Planning, certified partner for Navis, will design the Business Process Management, contributing to the operations start-up of the new terminal.
“When we needed a TOS for our new intermodal terminal, we knew we would get the best results with Octopi by Navis due to their stellar reputation and proven track record in the industry,” said Dejan Nikolic, CEO of MBOX Terminals. “We are looking forward to implementing Octopi at MBOX Intermodal to help give us a competitive edge and achieve our goal of becoming the main point in container transportation in the region.”
“As a result of the changing industry landscape, we are seeing more customers looking for cloud-based solutions to manage their operations,” said Martin Bardi, Vice President of Global Sales, Octopi by Navis. “We are thrilled to be expanding our customer base to Europe and are eager to help MBOX Terminals reach their short and long term business and operational goals with Octopi.”
For more information visit www.navis.com and www.octopi.co.
About Octopi
Octopi is the leading developer of cloud-based software solutions for port terminal operators. The Octopi Terminal Operating System (TOS) helps seaport terminal operators manage their operations, track their cargo, and communicate electronically and in real-time with their commercial partners. The Octopi TOS provides small terminal operators the agility and adaptability required to modernize and efficiently run their operational ecosystem. www.octopi.co
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimize global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totaled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE: KSU) announced that it has submitted a commitment letter to the Science Based Targets Initiative (SBTi) pledging to set a science-based greenhouse gas emissions reduction target. KCS’ science-based target will align with what climate scientists say is needed to meet the Paris Agreement goal of limiting global warming to well below 2°C above pre-industrial levels.
Railroads are already one of the most efficient modes of transportation. Moving freight by rail instead of truck reduces greenhouse gas emissions by up to 75 percent. By committing to the SBTi, KCS is building on steps already taken to lower its greenhouse gas emissions, including actions taken during its Precision Scheduled Railroading implementation to improve fuel efficiency and investments in fuel-saving technologies.
“Kansas City Southern has long recognized the important role that rail plays in lowering overall transportation emissions,” stated president and chief executive officer Patrick J. Ottensmeyer. “Our pledge to issue a science-based target reinforces our commitment to further improving fuel efficiency and lowering emissions in support of a more sustainable North American supply chain.”
Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com
Forward-Looking Information
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. In addition, management may make forward-looking statements orally or in other writing, including, but not limited to, in press releases, quarterly earnings calls, executive presentations, in the annual report to stockholders and in other filings with the Securities and Exchange Commission. Readers can usually identify these forward-looking statements by the use of such words as "may," "will," "should," "likely," "plans," "projects," "expects," "anticipates," "believes" or similar words. These statements involve a number of risks and uncertainties. Actual results could materially differ from those anticipated by such forward-looking statements as a result of a number of factors or combination of factors including, but not limited: public health threats or outbreaks of communicable diseases, such as the ongoing COVID-19 pandemic and its impact on KCS’s business, suppliers, consumers, customers, employees and supply chains; rail accidents or other incidents or accidents on KCS’s rail network or at KCS’s facilities or customer facilities involving the release of hazardous materials, including toxic inhalation hazards; legislative and regulatory developments and disputes, including environmental regulations; loss of the rail concession of Kansas City Southern’s subsidiary, Kansas City Southern de México, S.A. de C.V.; domestic and international economic, political and social conditions; disruptions to the Company’s technology infrastructure, including its computer systems; increased demand and traffic congestion; the level of trade between the United States and Asia or Mexico; fluctuations in the peso-dollar exchange rate; natural events such as severe weather, hurricanes and floods; the outcome of claims and litigation involving the Company or its subsidiaries; competition and consolidation within the transportation industry; the business environment in industries that produce and use items shipped by rail; the termination of, or failure to renew, agreements with customers, other railroads and third parties; fluctuation in prices or availability of key materials, in particular diesel fuel; access to capital; climate change and the market and regulatory responses to climate change; dependency on certain key suppliers of core rail equipment; changes in securities and capital markets; unavailability of qualified personnel; labor difficulties, including strikes and work stoppages; acts of terrorism or risk of terrorist activities, war or other acts of violence; and other factors affecting the operation of the business; and other risks identified in this news release, in KCS's Annual Report on Form 10-K for the year ended December 31, 2019, and in other reports filed by KCS with the Securities and Exchange Commission.
Forward-looking statements reflect the information only as of the date on which they are made. KCS does not undertake any obligation to update any forward-looking statements to reflect future events, developments, or other information.
Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.
More than 911,000 barrels of ethane bound for Lianyungang, China on world’s largest VLEC
Orbit’s ethane export terminal at Nederland is one of only three in the U.S.
DALLAS--(BUSINESS WIRE)--#ET--Dallas-based Energy Transfer LP (NYSE: ET) today announced the first Very Large Ethane Carrier (VLEC) has been loaded under its previously announced joint venture with Satellite Petrochemical USA Corp., Orbit Gulf Coast NGL Exports, LLC (Orbit). The Seri Everest, the world’s largest VLEC, departed from Orbit’s newly constructed export facilities at Energy Transfer’s Nederland Terminal in Nederland, Texas, on Jan. 17, 2021, to complete its maiden voyage. The vessel was loaded with more than 911,000 barrels of ethane destined for Satellite’s Lianyungang ethane cracker in northeastern Jiangsu Province, China, the largest single shipment of ethane to date. Its anticipated arrival at Lianyungang Port is mid-February 2021.
Orbit’s export terminal at Nederland, one of only three U.S. ethane export terminals, includes a 1.2 million barrel ethane storage tank and an estimated 180,000 barrel per day ethane refrigeration facility. Energy Transfer’s Marcus Hook facility in Pennsylvania is also capable of handling VLECs. The combination of the two terminals represent over 50 percent of the U.S. waterborne export capacity. Under the joint venture with Satellite, Energy Transfer is the operator of Orbit’s assets, which also include a newly constructed 20-inch pipeline originating at Energy Transfer’s fractionation and storage facilities in Mont Belvieu, Texas, for ethane deliveries to the Nederland export terminal as well as domestic markets in the region. In association with Orbit, Energy Transfer also completed its build-out of wholly owned infrastructure at Mont Belvieu to supply ethane to Orbit’s pipeline, and at Nederland to load the ethane onto VLECs. Under separate agreements, Energy Transfer will provide Satellite with approximately 150,000 barrels per day of ethane under a long-term, demand-based agreement, along with storage and marketing services.
Energy Transfer (via Sunoco Logistics) was the first company to export ethane out of the U.S. by pipeline. Its Mariner West pipeline first transported ethane to Canada in January of 2013. Energy Transfer was also the first to export ethane out of the U.S. via ship in March of 2016 from its Marcus Hook Terminal in Pennsylvania.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
Forward Looking Statement:
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission, including the Partnership’s Quarterly Report on Form 10-Q to be filed for the current period. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic and the recent decline in commodity prices, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.energytransfer.com.
Energy Transfer Media Relations
Vicki Granado, Lisa Coleman
214.840.5820
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Energy Transfer Investor Relations
Bill Baerg, Brent Ratliff, Lyndsay Hannah
214.981.0795
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LOS ANGELES--(BUSINESS WIRE)--Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced its wholly owned subsidiary D&V Electronics, based in Woodbridge, Ontario, has established a non-exclusive strategic distribution partnership with Singapore-based TME Systems Pte Ltd. Terms were not disclosed.
“The partnership enhances our presence within Southeast Asia and leverages D&V’s reputation for leading-edge testing and diagnostic equipment utilized in the development and production of electric vehicles,” said Selwyn Joffe, chairman, president and chief executive officer.
“Expanding our global presence through commercial distribution partnerships complements our ongoing strategic growth initiatives and provides strong local support for our products and services. We look forward to working with TME systems to take advantage of the exciting opportunities in Southeast Asia,” said Bill Hardy, chief executive officer of D&V Electronics.
“With the ongoing transformation of the automotive industry, we are extremely excited to establish a partnership with DV Electronics. DV Electronics and TME Systems Pte Ltd share the same vision to expand our presence in Southeast Asia. With the rapid adoption of electric and autonomous vehicles in this region, we see immense growth opportunities for both companies,” said Ronald Soo, managing director of TME Systems Pte Ltd.
About TME Systems
Based in Singapore with a 30-year history and branches and affiliated offices in The Philippines, Thailand, Vietnam, Malaysia, and Indonesia, TME Systems is an ISO 9001-certified premier high-tech solutions and service provider -- including digital solutions for car connectivity applications, hardware in-the-loop simulation, automotive acoustic testing and vibration and sound sensor applications. Additional information is available at www.tmesystems.net.
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearing and hub assemblies, brake calipers, brake master cylinders, brake power boosters, rotors, brake pads and turbochargers utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. In addition, the company designs and manufactures test solutions for performance, endurance and production testing of electric motors, inverters, alternators, starters, and belt starter generators for the OE, aerospace, and aftermarket. Motorcar Parts of America’s products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in New York, California, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. Additional information is available at www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2020 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
Gary S. Maier
(310) 972-5124
Mitsubishi Power’s Smart Enhanced-Response Gas Turbine Provides
LAKE MARY, Fla.--(BUSINESS WIRE)--#ChangeInPower--El Paso Electric (EPE) has selected Mitsubishi Power’s 228 megawatt (MW) Smart M501GAC enhanced-response (SmartER) gas turbine as part of EPE’s long-term energy supply resource plan to make its power generation cleaner and more sustainable. This gas turbine will enable EPE to triple its renewable energy portfolio and reduce carbon emissions. The SmartER M501GAC complements renewable energy sources by starting up and shutting down rapidly to respond to customer energy usage and renewable energy variability. The gas turbine will replace three units EPE has deemed less efficient and less reliable after more than 60 years in operation. In addition, the gas turbine is hydrogen ready for future deep decarbonization. With New Mexico legislation moving toward 100 percent carbon-free emissions by 2045, EPE joins a growing list of utilities creating future economic value for their customers with Mitsubishi Power’s decarbonization solutions.*
The SmartER M501GAC selection addresses EPE’s commitment to providing responsible, sustainable energy to meet the increased needs of its growing region while protecting the environment. EPE is adding 200 MW of large-scale solar power and 50 MW of battery storage at the same time and is counting on the gas turbine’s rapid dispatch capability to respond to the intermittency of these renewables. The gas turbine’s quick startup and fast ramp rate will ensure grid stability and enable EPE to maximize power generation. The gas turbine combined with the renewable resources is expected to save 600 million gallons per year of water, which is a precious resource in EPE’s arid region.
Mitsubishi Power’s technology will enable EPE to reduce emissions and support renewables immediately, while having equipment in place to implement green hydrogen as a form of long-duration energy storage as more renewables are added to the grid. The gas turbine is capable of operating on natural gas, or on a mixture of natural gas and up to 30 percent hydrogen for further decarbonization. The gas turbine can be configured in the future to operate on up to 100 percent hydrogen for zero-carbon emissions. EPE and Mitsubishi Power are exploring a joint development agreement in the coming months to create a green hydrogen infrastructure roadmap.
The SmartER M501GAC is an integration of Mitsubishi Power’s reliable G-Series turbine technology, which has amassed 5.7 million operating hours, and its TOMONI™ digital solutions that provide world-class analytics and artificial intelligence. Mitsubishi Power has implemented improvements at gas turbine plants worldwide to achieve faster startup, faster ramp rates, and better efficiency. These benefits will help EPE maintain a reliable grid and avoid outages as it increases renewables and accommodates rapid growth in energy demand, such as last year’s highest level of growth on record at EPE.
“To help achieve our bold vision of reducing our carbon footprint 40 percent below 2015 levels by 2035, we sought a partner that could deliver a gas turbine with flexible and reliable power to complement renewables, as well as deep industry expertise in renewable integration,” said Steve Buraczyk, Senior Vice President of Operations at El Paso Electric. “Mitsubishi Power delivers both. The G-Series advanced class gas turbines offer flexibility and a proven record. Those features combined with Mitsubishi Power’s extensive experience as a systems integrator and its advanced hydrogen-capable gas turbine design made Mitsubishi Power’s solution our top choice.”
Paul Browning, President and CEO of Mitsubishi Power Americas said, “Like many of our customers throughout the United States, EPE is replacing carbon-intensive assets with a combination of renewables, storage and natural gas power generation to meet the growing demand for cleaner affordable and reliable electricity. Our gas turbine will enable EPE’s current decarbonization plan, integrating seamlessly with the utility’s renewable energy sources. In addition, its green hydrogen compatibility provides a path toward zero-carbon emissions in the future. We are enabling EPE to achieve a Change in Power.”
*More about how Mitsubishi Power Americas is providing decarbonization solutions for customers:
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
Sharon Prater
+1 407-688-6200
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