LONDON--(BUSINESS WIRE)--#GlobalWellheadEquipmentMarket--The wellhead equipment market is poised to grow by USD 0.61 bn during 2020-2024, progressing at a CAGR of over 2% during the forecast period.
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The report on the wellhead equipment market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by rising oil and gas consumption.
The wellhead equipment market analysis includes application segment and geography landscape. This study identifies the increasing number of deep and ultra-deepwater drilling projects as one of the prime reasons driving the wellhead equipment market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The wellhead equipment market covers the following areas:
Wellhead Equipment Market Sizing
Wellhead Equipment Market Forecast
Wellhead Equipment Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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bp to Provide $50 million for Development and Construction of Renewable Natural Gas Production Facilities
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (Nasdaq: CLNE) today announced plans that it will work with BP Products North America Inc., a subsidiary of BP p.l.c. (NYSE: BP), to develop, own and operate new renewable natural gas (RNG) facilities at dairies and other agriculture facilities that will produce one of the cleanest fuels in the world.
Carbon emissions captured from dairies and turned into a transportation fuel reduce the harmful effects on long-term climate change. As a result, the California Air Resources Board gives these carbon-negative RNG projects a CI Score (gCO2e/MJ) of -250 (or lower) compared to 97 for diesel and 46 for electric batteries. The demand for this carbon-negative fuel has significantly accelerated over the last few years. Some of the largest heavy-duty fleets in the world such as UPS, Republic Services, New York Metropolitan Transportation Authority and LA Metro, among others, are currently and successfully operating tens of thousands of vehicles on RNG.
Clean Energy is the largest provider of RNG as a transportation fuel in the United States and Canada, the largest RNG fuel provider under the California LCFS program and currently has a joint RNG marketing agreement with bp established in 2018. In addition to the carbon-negative fuel, Clean Energy will continue to source RNG from other providers to supply its network of 550 fueling stations in North America and maintain its leadership position in the California LCFS market. This also marks another strong step in Clean Energy’s ambition to meet the rapidly growing demand by customers for carbon-negative RNG and to deliver 100% Redeem™ branded RNG to its entire fueling infrastructure by 2025, which Clean Energy is well on its way to achieving.
“Carbon-negative RNG is being used today by thousands of vehicles with more and more fleets requesting it every week,” said Andrew J. Littlefair, CEO and president of Clean Energy. “Taking this next step allows us to expand the availability of the fuel while providing dairy owners with a way to make a significant impact on the environment and create an additional revenue stream.”
Clean Energy has made noteworthy commitments to transforming the way the transportation industry powers vehicles to have less of an impact on long-term climate change and believes the use of carbon-negative RNG is the most immediate, cost-effective and has the greatest effect of any alternative. Clean Energy has already identified potential RNG-producing projects and has plans to deploy funds for development and construction expenses in 2021.
For more information, refer to Clean Energy’s Form 8-K.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of the cleanest fuel for the transportation market in the United States and Canada. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding, among other things: the completion and timing of the JV; Clean Energy’s plans for its RNG business; increased market adoption of carbon-negative RNG as a vehicle fuel; growth in Clean Energy’s customer base for its Redeem™ RNG vehicle fuel; the strength of Clean Energy’s vehicle fueling infrastructure and its ability to leverage this infrastructure to increase sales of Redeem™ vehicle fuel and to deliver 100% Redeem™ branded RNG to its entire fueling infrastructure by 2025; the benefits of RNG as an alternative vehicle fuel, including economic and environmental benefits; and growth in and certainty of supply of RNG. Actual results and the timing of events could differ materially from those expressed in or implied by these forward-looking statements as a result of a variety of factors, including, among others: Clean Energy’s and BP’s ability to close the JV on the timeline anticipated or at all; supply, demand, use and prices of crude oil, gasoline, diesel, natural gas and alternative fuels, as well as heavy-duty trucks and other vehicles powered by these fuels; the willingness of fleets and other consumers to adopt RNG as a vehicle fuel; and general economic, political, regulatory, market and other conditions. The forward-looking statements made in this press release speak only as of the date of this press release and Clean Energy undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) announced today that its board of directors (the “Board”) has approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) to protect stockholder interests and maximize value for all stockholders.
The Rights Plan is similar to plans adopted by other public companies and is designed to ensure that no person or group can gain a control or control-like position in the Company’s stock through open market accumulations or other tactics potentially disadvantaging the interests of the stockholders without negotiating with the Board and without paying an appropriate control premium to all stockholders of the Company. The rights will be issued to stockholders of record on January 4, 2021. The Rights Plan will expire on December 21, 2021. The Board will consider an earlier termination of the Rights Plan if market and other conditions warrant.
The Rights Plan is intended to position the Board to fulfill its fiduciary duties on behalf of all stockholders by ensuring that the Board has sufficient time to make informed judgments that are in the best long-term interests of the Company and its stockholders. The issuance of the rights does not in any way diminish the financial strength of the Company or interfere with its business plans. The Rights Plan is not designed to prevent any action that the Board determines to be in the best interest of the Company and its stockholders.
The Rights Plan provides for the issuance of one right for each outstanding share of the Company’s common stock. In general, the rights will become exercisable only if a person or group acquires beneficial ownership of 45% or more of the Company’s outstanding common stock or announces a tender or exchange offer that would result in beneficial ownership of 45% or more of the Company’s common stock.
If a person or group acquires beneficial ownership of 45% or more of the Company’s outstanding common stock, each right will entitle holders, other than the acquiring person or group, to purchase common stock of the Company having a market value of twice the exercise price. The Rights Plan also includes an exchange option. If a person or group acquires beneficial ownership of 45% or more of the outstanding common stock, the Board may at its option exchange the rights at an exchange ratio of one share of common stock per right.
If a stockholder beneficially owns 45% or more of the Company’s common stock at the time of the adoption of the Rights Plan, such stockholder’s ownership will be grandfathered, but the rights would become exercisable if such stockholder subsequently increases its ownership by one share.
The Rights Plan also includes a qualifying offer provision, which allows stockholders to require the Board to call a special meeting to vote on a pending offer, provided the offer meets certain qualifying criteria.
Additional details regarding the Rights Plan are contained in a Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the SEC at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 (“COVID-19”) pandemic and commodity market disruptions; changes in commodity prices or general market conditions; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19) or acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our or our customers’ operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including litigation regarding the Dakota Access Pipeline; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our revolving credit facility; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; control of costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks and uncertainties associated with the outcome of an appeal of the order confirming our previously completed plan of reorganization; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
The forward-looking statements contained, or incorporated by reference, herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s views as of the date of this press release. The Company undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise. Additional risks and uncertainties are disclosed from time to time in the Company’s filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Nuverra Environmental Solutions, Inc.
Investor Relations
602-903-7802
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DUBLIN--(BUSINESS WIRE)--The "Dyskinesia - Pipeline Review, H2 2020" drug pipelines has been added to ResearchAndMarkets.com's offering.
Dyskinesia - Pipeline Review, H2 2020, provides comprehensive information on the therapeutics under development for Dyskinesia (Central Nervous System), complete with analysis by stage of development, drug target, mechanism of action (MoA), route of administration (RoA) and molecule type. The guide covers the descriptive pharmacological action of the therapeutics, its complete research and development history and latest news and press releases.
The Dyskinesia (Central Nervous System) pipeline guide also reviews of key players involved in therapeutic development for Dyskinesia and features dormant and discontinued projects. The guide covers therapeutics under Development by Companies /Universities /Institutes, the molecules developed by Companies in Pre-Registration, Phase III, Phase II, Phase I, IND/CTA Filed, Preclinical and Discovery stages are 2, 3, 14, 8, 1, 27 and 5 respectively. Similarly, the Universities portfolio in Phase II, Preclinical and Discovery stages comprises 1, 2 and 1 molecules, respectively.
Dyskinesia (Central Nervous System) pipeline guide helps in identifying and tracking emerging players in the market and their portfolios, enhances decision making capabilities and helps to create effective counter strategies to gain competitive advantage.
Reasons to Buy
Key Topics Covered:
Introduction
Dyskinesia - Overview
Dyskinesia - Therapeutics Development
Dyskinesia - Therapeutics Assessment
Dyskinesia - Companies Involved in Therapeutics Development
Dyskinesia - Drug Profiles
Dyskinesia - Dormant Projects
Dyskinesia - Discontinued Products
Dyskinesia - Product Development Milestones
Appendix
Companies Mentioned
For more information about this drug pipelines report visit https://www.researchandmarkets.com/r/1e51f3
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Module-level Rapid Shutdown solution for SMA-powered solar arrays in the United States
SEATTLE--(BUSINESS WIRE)--APsystems welcomes SMA to its growing network of inverter manufacturers compatible with its APsmart brand of Sunspec standard-compliant Photovoltaic Rapid Shutdown Equipment (PVRSE). Solar professionals in the United States can now combine the complete range of SunSpec Rapid Shutdown-certified SMA inverters with a reliable, safe and cost-effective APsmart Rapid Shutdown solution. Available throughout APsmart US distribution partner networks, the APsmart RSD has been certified by CSA to meet the UL 1741 standard for electrical safety and is fully compliant with the National Electric Code (NEC) 2014, 2017 and 2020 690.12 Rapid Shutdown Requirements.
“We are proud to have SMA, one of the most respected and recognized brands in the industry, join our list of inverter manufacturing partners using the APsmart RSD with their products,” said Olivier Jacques, APsystems business unit president and global executive vice president.
Already compatible with leading inverter manufacturers including Chint, CSI, Delta, Fronius, GoodWe, Growatt, Solectria and Solis, the APsmart RSD comes with a 25-year warranty, and tens of thousands of units have already been installed around the world since its launch last year.
“The APsmart RSD is Sunspec certified for rapid shutdown and delivers an easy, reliable and cost-effective solution for code compliance,” said Charles Ellis, VP of sales for the Americas region, SMA America. “When paired with SMA inverters, installers can be confident this technology will deliver best-in-class performance.”
As a result of intensive testing and cooperation from both SMA and APsystems, the approved Rapid Shutdown solution will now be available to customers through the APsmart distribution channel.
“The APsmart RSD solution is quickly being accepted as the new industry benchmark for rapid shutdown devices,” said Dr. Yuhao Luo, APsystems CTO. “We’ve built a powerful, reliable product that through its core function prioritizes the safety of homeowners and first responders.”
Technical documentation on the RSD-S-PLC can be found on the APsmart website where interested installers and SMA channel partners can also register for an upcoming training webinar on the APsmart PVRSE.
About APsystems
APsystems is the #1 global multi-platform MLPE solution provider, offering both AC and DC MLPE power conversion products as well as energy storage and rapid shutdown devices for the global solar PV industry. APsystems microinverters are intelligent, innovative, and the best-selling multi-module microinverters in the world.
Founded in Silicon Valley in 2010, APsystems encompasses 4 global business units serving customers in more than 120 countries. With millions of units sold producing more than 1 TWh of clean, renewable energy, APsystems continues to be a leader in the ever-growing solar MLPE segment.
Information on APsystems can be found at https://APsystems.com.
Information on APsmart Rapid Shutdown Devices can be found at https://apsmartglobal.com/
Press contact: Jason Higginson – This email address is being protected from spambots. You need JavaScript enabled to view it.
TOKYO--(BUSINESS WIRE)--Pacifico Energy K.K. (Head Office: Minato, Tokyo; Representative Director: Hiroki Matsuo) is pleased to announce the commencement of construction of a 77 MW(DC) solar power generation plant (the "Plant") in Ako-gun and Sayo-gun, Hyogo Prefecture from December 2020.
The EPC contractor of the Plant is Sharp Energy Solutions Corporation, who has extensive international experience in this field, and the Plant will be mainly constructed on the site of a golf course. Commercial operations are expected to begin in 2023. Once commissioned, the Plant will generate approximately 93 million kilowatt hours of electricity annually, contributing to a reduction of approximately 500 thousand tons of CO2 emissions for an electricity supply period of around nineteen (19) years.
This project was financed by MUFG Bank, Ltd. with Baker McKenzie acting as legal counsel to Pacifico Energy.
Pacifico Energy has now commenced construction on fourteenth (14) solar power plants throughout Japan (including the Plant) totaling 1,172 MW(DC), nine (9) of which (totaling 716 MW(DC)) have been completed and are now in commercial operation.
Leveraging the know-how and expertise accumulated and refined through extensive experience with development, construction and asset management of utility-scale solar power plants, Pacifico Energy will continue to develop, construct, and operate renewable energy power plants to promote a low-carbon society. Pacifico Energy is committed to its support of renewable energy as a stable, long-term, clean-power solution in Japan, and will continue to cooperate with local and regional communities to realize a more sustainable world.
Contact Information in Japan
Pacifico Energy K.K.
+81-3-4540-7830
Public Relations Division
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https://www.pacificoenergy.jp/en/contact-us/
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that, in connection with the previously announced offers to eligible holders to exchange (each, an “Exchange Offer” and collectively, the “Exchange Offers”) any and all outstanding notes issued by Concho Resources Inc. (“Concho”) as set forth in the table below (the “Existing Concho Notes”) for (1) up to $3,900,000,000 aggregate principal amount of new notes issued by ConocoPhillips and fully and unconditionally guaranteed by ConocoPhillips Company (the “New ConocoPhillips Notes”) and (2) cash, and related consent solicitations by Concho (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the Existing Concho Notes (the “Proposed Amendments”), as of 5:00 p.m., New York City time, on Dec. 18, 2020 (the “Early Tender Date”), the following principal amounts of each series of Existing Concho Notes have been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked):
Title of Series /
|
Aggregate Principal
|
Existing Concho Notes Tendered at
|
||||
Principal Amount |
Percentage |
|||||
3.750% Senior Notes due 2027 / 20605PAH4 |
$1,000,000,000 |
$979,058,000 |
97.91% |
|||
4.300% Senior Notes due 2028 / 20605PAK7 |
$1,000,000,000 |
$970,136,000 |
97.01% |
|||
2.400% Senior Notes due 2031 / 20605PAM3 |
$500,000,000 |
$488,292,000 |
97.66% |
|||
4.875% Senior Notes due 2047 / 20605PAJ0 |
$800,000,000 |
$799,720,000 |
99.97% |
|||
4.850% Senior Notes due 2048 / 20605PAL5 |
$600,000,000 |
$588,979,000 |
98.16% |
|||
In addition, ConocoPhillips announced that it has increased the exchange consideration for Existing Concho Notes validly tendered after the Early Tender Date from $970 principal amount of the New ConocoPhillips Notes per $1,000 principal amount of Existing Concho Notes to $1,000 principal amount of the New ConocoPhillips Notes per $1,000 principal amount of Existing Concho Notes. As previously contemplated, eligible holders tendering after the Early Tender Date will not receive any cash consideration, and as such, it remains the case that the consideration to be paid for Existing Concho Notes validly tendered and not validly withdrawn (i) prior to the Early Tender Date and (ii) following the Early Tender Date will not be the same. All other terms and conditions of the Exchange Offers remain unchanged.
Concho has also received the requisite number of consents to adopt the Proposed Amendments with respect to each of the five outstanding series of Existing Concho Notes that are subject to the Exchange Offers and Consent Solicitations. Concho intends to promptly enter into a supplemental indenture with the trustee for the Existing Concho Notes (the “Supplemental Indenture”) to effect the Proposed Amendments.
Withdrawal rights for the Exchange Offers and Consent Solicitations expired as of the Early Tender Date.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated Dec. 7, 2020 (the “Offering Memorandum and Consent Solicitation Statement”). Each Exchange Offer and Consent Solicitation is conditioned upon the completion of the other Exchange Offers and Consent Solicitations, although ConocoPhillips may waive such condition at any time with respect to an Exchange Offer. Any waiver of a condition by ConocoPhillips with respect to an Exchange Offer will automatically waive such condition with respect to the corresponding Consent Solicitation.
In addition, the Exchange Offers and Consent Solicitations are conditioned upon the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated as of Oct. 18, 2020 (as it may be amended from time to time, the “Merger Agreement”), among ConocoPhillips, Falcon Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”) and Concho, pursuant to which Merger Sub will merge with and into Concho (the “Merger”) with Concho surviving the Merger as a wholly owned subsidiary of ConocoPhillips.
ConocoPhillips, in its sole discretion, may modify or terminate the Exchange Offers and may extend the Expiration Date (as defined herein) and/or the settlement date with respect to the Exchange Offers, subject to applicable law. Any such modification, termination or extension by ConocoPhillips will automatically modify, terminate or extend the corresponding Consent Solicitation, as applicable.
The Exchange Offers and Consent Solicitations will expire at 5:00 p.m., New York City time, on Jan. 15, 2021, unless extended (the “Expiration Date”). The settlement date will be promptly after the Expiration Date and is expected to be within two business days after the Expiration Date.
Documents relating to the Exchange Offers and Consent Solicitations will be distributed only to eligible holders of Existing Concho Notes who certify that they are either (a) “Qualified Institutional Buyers” as that term is defined in Rule 144A under the Securities Act of 1933 (the “Securities Act”), or (b) persons that are outside the “United States” and that (i) are not “U.S. persons,” as those terms are defined in Rule 902 under the Securities Act, (ii) in the case of persons located in the European Economic Area or the United Kingdom, are not “Retail Investors” (as defined in the Offering Memorandum and Consent Solicitation Statement), (iii) in the case of persons located in the United Kingdom, are “Relevant Persons” (as defined in the Offering Memorandum and Consent Solicitation Statement) and (iv) are not located in Canada. The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Offering Memorandum and Consent Solicitation Statement, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866) 470-3800 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or This email address is being protected from spambots. You need JavaScript enabled to view it.. The eligibility form is available electronically at: https://gbsc-usa.com/eligibility/conocophillips.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement as amended by this press release and only to such persons and in such jurisdictions as is permitted under applicable law.
The New ConocoPhillips Notes have not been and will not be registered under the Securities Act or any state securities laws. Therefore, the New ConocoPhillips Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
All statements other than historical facts may be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations and business strategies, statements regarding the Merger, including the anticipated benefits of the Merger, the anticipated impact of the Merger on ConocoPhillips’ business and future financial and operating results, the expected amount and timing of synergies from the Merger, and the anticipated closing date for the Merger and other aspects of operations or operating results. All statements, other than statements of historical fact, that address activities, events or developments that ConocoPhillips or Concho expects, believes or anticipates will or may occur in the future are forward-looking statements. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, ConocoPhillips or Concho expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond ConocoPhillips’ and Concho’s control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results or events to differ materially from those included in this press release. These include the ability to successfully integrate Concho’s businesses and technologies; the risk that the expected benefits and synergies of the Merger may not be fully achieved in a timely manner, or at all; the risk that ConocoPhillips or Concho will be unable to retain and hire key personnel; the risk associated with ConocoPhillips’ and Concho’s ability to obtain the approvals of the respective stockholders required to consummate the Merger and the timing of the closing of the Merger, including the risk that the conditions to the Merger are not satisfied on a timely basis or at all or the failure of the Merger to close for any other reason or to close on the anticipated terms; unanticipated difficulties or expenditures relating to the Merger, the response of business partners and retention as a result of the announcement and pendency of the Merger; uncertainty as to the long-term value of ConocoPhillips common stock; the diversion of management time on Merger-related matters; the inability to realize anticipated cost savings and capital expenditure reductions; the inadequacy of storage capacity for ConocoPhillips and Concho products, and ensuing curtailments, whether voluntary or involuntary, required to mitigate this physical constraint; the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; fluctuations in crude oil, bitumen, natural gas, LNG and NGLs prices, including a prolonged decline in these prices relative to historical or future expected levels; the impact of significant declines in prices for crude oil, bitumen, natural gas, LNG and NGLs, which may result in recognition of impairment charges on ConocoPhillips’ or Concho’s long-lived assets, leaseholds and nonconsolidated equity investments; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in reserves replacement rates, whether as a result of the significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; unexpected changes in costs or technical requirements for constructing, modifying or operating E&P facilities; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal; lack of, or disruptions in, adequate and reliable transportation for ConocoPhillips’ or Concho’s sales volumes, including crude oil, bitumen, natural gas, LNG and NGLs; the inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or the inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; the failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future E&P and LNG development in a timely manner (if at all) or on budget; potential disruption or interruption of ConocoPhillips’ or Concho’s operations due to accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks, and information technology failures, constraints or disruptions; changes in international monetary conditions and foreign currency exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs relating to ConocoPhillips’ or Concho’s sales volumes, including crude oil, bitumen, natural gas, LNG, NGLs and any materials or products (such as aluminum and steel) used in the operation of ConocoPhillips’ or Concho’s business; substantial investment in, and development and use of, competing or alternative energy sources, including as a result of existing or future environmental rules and regulations; liability for remedial actions, including removal and reclamation obligations, under existing and future environmental regulations and litigation; significant operational or investment changes imposed by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce GHG emissions; liability resulting from litigation, including litigation related to the Merger, or ConocoPhillips’ or Concho’s failure to comply with applicable laws and regulations; general domestic and international economic and political developments, including armed hostilities; expropriation of assets; changes in governmental policies relating to crude oil, bitumen, natural gas, LNG and NGLs pricing, regulation or taxation, and other political, economic or diplomatic developments; volatility in the commodity futures markets; changes in tax and other laws, regulations (including alternative energy mandates), or royalty rules applicable to ConocoPhillips’ or Concho’s business; competition and consolidation in the oil and gas E&P industry; any limitations on ConocoPhillips’ or Concho’s access to capital or increase in ConocoPhillips’ or Concho’s cost of capital, including as a result of illiquidity or uncertainty in domestic or international financial markets; ConocoPhillips’ or Concho’s inability to execute, or delays in the completion of, any asset dispositions or acquisitions ConocoPhillips or Concho elects to pursue; potential failure to obtain, or delays in obtaining, any necessary regulatory approvals for pending or future asset dispositions or acquisitions, or that such approvals may require modification to the terms of the transactions or the operation of ConocoPhillips’ or Concho’s remaining business; potential disruption of ConocoPhillips’ or Concho’s operations as a result of pending or future asset dispositions or acquisitions, including the diversion of management time and attention; the inability to deploy the net proceeds from any asset dispositions that are pending or that ConocoPhillips or Concho elects to undertake in the future in the manner and timeframe ConocoPhillips or Concho currently anticipates, if at all; the inability to liquidate the common stock issued to ConocoPhillips by Cenovus Energy as part of ConocoPhillips’ sale of certain assets in western Canada at prices ConocoPhillips deems acceptable, or at all; the operation and financing of ConocoPhillips’ or Concho’s joint ventures; and the ability of ConocoPhillips or Concho customers and other contractual counterparties to satisfy their obligations to ConocoPhillips or Concho, including ConocoPhillips’ ability to collect payments when due from the government of Venezuela or PDVSA.
Additional important risks, uncertainties and other factors are described in the Offering Memorandum and Consent Solicitation Statement, ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and ConocoPhillips’ Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings ConocoPhillips makes with the SEC and in Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Concho’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings Concho makes with the SEC.
Except as required by law, neither ConocoPhillips nor Concho undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Additional Information about the Merger and Where to Find It
In connection with the Merger, ConocoPhillips filed with the SEC a registration statement on Form S-4 on November 18, 2020 (as amended on December 7, 2020), that includes a joint proxy statement of ConocoPhillips and Concho and that also constitutes a prospectus of ConocoPhillips. The registration statement was declared effective by the SEC on December 10, 2020, and on December 11, 2020 ConocoPhillips and Concho each filed the definitive joint proxy statement/prospectus in connection with the Merger with the SEC. ConocoPhillips and Concho commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about December 11, 2020. Each of ConocoPhillips and Concho will also file other relevant documents with the SEC regarding the Merger. This document is not a substitute for the registration statement, the definitive joint proxy statement/prospectus or any other document that ConocoPhillips or Concho has filed or may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders are able to obtain free copies of the registration statement and all other documents containing important information about ConocoPhillips, Concho and the Merger, once such documents are filed with the SEC, including the definitive joint proxy statement/prospectus, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by ConocoPhillips may be obtained free of charge on ConocoPhillips’ website at http://www.conocophillips.com or by contacting ConocoPhillips’ Investor Relations Department by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 281-293-5000. Copies of the documents filed with the SEC by Concho may be obtained free of charge on Concho’s investor relations website at https://ir.concho.com/investors/.
Participants in the Solicitation
ConocoPhillips, Concho and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information about the directors and executive officers of ConocoPhillips, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ConocoPhillips’ proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2020, and ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 18, 2020, as well as in Forms 8-K filed by ConocoPhillips with the SEC on May 20, 2020 and September 8, 2020, respectively. Information about the directors and executive officers of Concho, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Concho’s proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 16, 2020, and Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 19, 2020. Investors may obtain additional information regarding the interests of those persons and other persons who may be deemed participants in the Merger by reading the definitive joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Merger when such materials become available. Investors should read the definitive joint proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from ConocoPhillips or Concho using the sources indicated above.
John C. Roper (media)
281-293-1451
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Investor Relations
281-293-5000
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Receives regulatory approvals, finalizes midstream transaction
ANCHORAGE, Alaska--(BUSINESS WIRE)--Harvest Alaska (Harvest), completed its acquisition of BP Pipelines (Alaska) Inc.’s (BP) midstream ownership interests today, following approval by the Regulatory Commission of Alaska on December 14th. Harvest immediately acquires BP’s approximately 49 percent interest in the Trans-Alaska Pipeline System (TAPS) and 49 percent of Alyeska Service Company (Alyeska) and other Alaska midstream interests. Alyeska will continue to operate the pipeline as it has for decades.
“The completion of this acquisition is a critical milestone for Harvest,” said Jason Rebrook, Chief Executive Officer of Harvest Midstream. “TAPS is an icon of American ingenuity and has a proven track record of safe and responsible operations with strong relationships in the communities it touches. We are committed to positively building upon this great legacy and we look forward to partnering with Alyeska, other TAPS owners, and the State of Alaska for years to come.”
The 800-mile-pipeline system, one of the largest pipelines in the world, transports oil from the North Slope of Alaska to the northern most ice-free port in Valdez, Alaska. The system has a capacity of approximately 1.1 million barrels per day and runs from the Prudhoe Bay oilfield to the Valdez Marine Terminal. To date, the TAPS system has transported more than 18 billion barrels of product.
"Harvest has achieved several significant milestones this year including this historic acquisition as well as our first public bond offering, raising $600 million in new capital,” Rebrook continued. "I’m proud of our team for their hard work and look forward to continuing to build Harvest together as a leading midstream operator in Alaska for years to come.”
Harvest Alaska
Harvest Alaska, a subsidiary of Harvest Midstream, is a privately held midstream services provider based in Anchorage, AK. Harvest Alaska currently operates pipeline systems in Alaska's Cook Inlet and on the North Slope. Harvest Midstream operates crude oil and natural gas gathering, storage, transportation, treatment and terminalling interests across the Lower 48 and Alaska. To learn more visit www.harvestmidstream.com.
Justin Furnace
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LIVONIA, Mich.--(BUSINESS WIRE)--Utilities that develop digital touchpoints are being rewarded with stronger relationships with their business clients. A historic number of businesses report contacting their utility via digital channels for service (79%) or recall utility communications via digital channels (60%) this year. These digital interactions have led to stronger customer engagement, evident by a 24-point YOY increase in the industry’s business Engaged Customer Relationship (ECR) index. These and other findings are from the 2020 Cogent Syndicated Utility Trusted Brand & Customer Engagement™: Business study by Escalent, a top human behavior and analytics firm.
Escalent’s ECR score is a composite index of Service Satisfaction, Brand Trust and Product Experience. Satisfaction with digital outreach, communication and service support boosted each of these component measures, leading to an overall industry business ECR score of 786 (on a 1,000-point-maximum scale) for the year. Among customers who reported having a digital interaction with their utility, ECR and all three component scores were even higher, showing the power of digital interactions to further build these relationships.
|
2019 |
2020 |
Change |
Among those who had digital interactions |
||||
Engaged Customer Relationship (ECR) |
762 |
786 |
+24 |
805 |
||||
Brand Trust |
745 |
774 |
+29 |
796 |
||||
Product Experience |
755 |
779 |
+24 |
801 |
||||
Service Satisfaction |
780 |
801 |
+21 |
815 |
Scoring based upon a 1,000-point-maximum scale; interactions for service or communications
“Business customers became much more engaged with their utilities during this trying year. Utilities increased digital experiences and spending on communications to support these customers,” said Chris Oberle, senior vice president at Escalent. “This year, omniservice became a reality for the utility industry as businesses used an average of three service channels, all including some type of digital access. With high preference for digital service, businesses are more likely to use these channels in the future.”
Escalent congratulates the 23 utilities designated 2020 Business Customer Champions. These utilities earned the industry’s highest ECR scores by providing world-class customer experiences during a time of greatest customer need.
2020 Cogent Syndicated Business Utility Customer Champions |
|
AEP Ohio |
Kentucky Utilities |
CenterPoint Energy – Midwest |
Los Angeles Department of Water & Power |
CenterPoint Energy – South |
National Grid |
Con Edison |
NV Energy |
Consumers Energy |
PECO Energy |
Dominion Energy Virginia |
PSE&G |
DTE Energy |
Public Service Company of Oklahoma |
Duke Energy Carolinas |
Puget Sound Energy |
Duke Energy Florida |
Southern California Edison |
Duke Energy Midwest |
TECO Tampa Electric |
Florida Power & Light |
Xcel Energy - West |
Georgia Power |
|
The following charts reflect the ECR scores for the 77 utilities covered in the study.
East Region Utility Brands |
Engaged Customer Relationship index |
|
Con Edison |
833 |
|
PECO |
825 |
|
National Grid |
809 |
|
PSE&G |
807 |
|
PPL Electric Utilities |
783 |
|
BGE |
778 |
|
West Penn Power |
769 |
|
PSEG Long Island |
763 |
|
Jersey Central Power & Light |
762 |
|
Appalachian Power |
757 |
|
Eversource |
755 |
|
NYSEG |
744 |
|
Penelec |
723 |
Midwest Region Utility Brands |
Engaged Customer Relationship index |
|
AEP Ohio |
829 |
|
Duke Energy Midwest |
818 |
|
DTE Energy |
811 |
|
Consumers Energy |
805 |
|
CenterPoint Energy – Midwest |
803 |
|
Ameren Missouri |
799 |
|
Dayton Power & Light |
791 |
|
Nicor Gas |
782 |
|
Indiana Michigan Power |
782 |
|
Xcel Energy – Midwest |
782 |
|
Alliant Energy |
778 |
|
Ameren Illinois |
776 |
|
ComEd |
773 |
|
Dominion Energy Ohio |
772 |
|
Indianapolis Power & Light |
771 |
|
We Energies |
767 |
|
Ohio Edison |
764 |
|
MidAmerican Energy |
762 |
|
Wisconsin Public Service |
758 |
|
The Illuminating Company |
756 |
|
Evergy |
756 |
|
OPPD |
752 |
|
NIPSCO |
751 |
South Region Utility Brands |
Engaged Customer Relationship index |
|
Dominion Energy Virginia |
829 |
|
Public Service Company of Oklahoma |
813 |
|
Kentucky Utilities |
810 |
|
Duke Energy Carolinas |
808 |
|
TECO Tampa Electric |
807 |
|
Florida Power & Light |
805 |
|
CenterPoint Energy – South |
802 |
|
Duke Energy Florida |
801 |
|
Georgia Power |
800 |
|
Dominion Energy North Carolina |
796 |
|
El Paso Electric |
794 |
|
Virginia Natural Gas |
793 |
|
Duke Energy Progress |
793 |
|
Chattanooga Gas Company |
790 |
|
Entergy |
789 |
|
Southwest Electric Power Company |
783 |
|
Mississippi Power |
776 |
|
CPS Energy |
776 |
|
Alabama Power |
770 |
|
Louisville Gas & Electric |
770 |
|
Dominion Energy South Carolina |
763 |
|
OG&E |
756 |
|
Gulf Power |
741 |
West Region Utility Brands |
Engaged Customer Relationship index |
|
Xcel Energy – West |
825 |
|
NV Energy |
820 |
|
Puget Sound Energy |
814 |
|
Southern California Edison |
807 |
|
Los Angeles Department of Water & Power |
804 |
|
Salt River Project |
796 |
|
Portland General Electric |
793 |
|
SDG&E |
792 |
|
Idaho Power |
786 |
|
SMUD |
784 |
|
Dominion Energy West |
773 |
|
APS |
772 |
|
NorthWestern Energy |
768 |
|
PNM |
768 |
|
PG&E |
767 |
|
Pacific Power |
764 |
|
Rocky Mountain Power |
718 |
About Utility Trusted Brand & Customer Engagement™: Business
Escalent conducted surveys among 14,980 business electric, natural gas and combination utility customers of the 77 largest US utility companies (based on business customer counts). Utilities are given equal weight to balance the influence of each utility’s customers on survey results. Escalent will supply the exact wording of any survey question upon request.
About Escalent
Escalent is a top human behavior and analytics firm specializing in industries facing disruption and business transformation. As catalysts of progress for more than 40 years, we tell stories that transform data and insight into a profound understanding of what drives human beings. And we help businesses turn those drivers into actions that build brands, enhance customer experiences and inspire product innovation. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.
Sarah Keller, 734.779.6847
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for December 2020. The net profits interest calculation represents reported oil production for the month of September 2020 and reported natural gas production during August 2020. The calculation includes accrued costs incurred in October 2020.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.2 million. As a result of the cumulative outstanding net profits shortfall of approximately $1.7 million, however, no distribution will be paid to the Trust’s unitholders of record on December 31, 2020 in January 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which now totals approximately $1.5 million, is eliminated.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||||||||
Current Month |
|
44,612 |
|
1,487 |
|
158,152 |
|
5,113 |
|
$ |
39.63 |
|
$ |
1.45 |
||||||
Prior Month |
|
43,598 |
|
1,406 |
|
337,966 |
|
10,902 |
|
$ |
39.84 |
|
$ |
1.45 |
||||||
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $1.6 million for the current month on realized wellhead prices of $39.63/Bbl, down $0.1 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.2 million for the current month, a decrease of $0.3 million from the prior month’s distribution period.
Total accrued operating expenses for the period were $1.7 million, a $0.3 million decrease month-over-month from November 2020. Capital expenditures remained consistent with the prior period, at less than $0.1 million.
The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 6, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
OAKLAND, Calif.--(BUSINESS WIRE)--In an unprecedented year for nearly every market, the ocean shipping industry was no exception. The new landscape, accelerated by the pandemic, has brought the ocean shipping industry new opportunities for growth in 2021 and has made stakeholders reevaluate current strategies they have had in place for years. Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, has identified its top predictions and trends that will drive the industry in 2021 and the technology that will be most impactful for meaningful operations in the coming year.
Navis’ predictions for the cargo supply chain include:
For more information visit www.navis.com.
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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PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power commends the Government of Canada and the Department of Natural Resources (NRCan) for the release of its Small Modular Reactor (SMR) Action Plan, which acknowledges the role that SMR technologies can play in achieving the country’s clean energy goals and sets forth a pathway to advancing nuclear technology in Canada.
“We are excited about the launch of Canada’s SMR Action Plan and applaud the Canadian government for taking this significant step towards seeing SMR technologies actualized as a key part of its energy sector,” said NuScale Power Chairman and Chief Executive Officer John Hopkins. “NuScale will support this action plan with our proven, reliable, and scalable technology that is suited to meet the specific power needs of regions across Canada.”
With its U.S. Nuclear Regulatory Commission-approved SMR technology, which is also currently in the pre-licensing vendor design review process with the Canadian Nuclear Safety Commission, NuScale’s advanced technology is ready to support the Canadian market. This will aid in the job creation, intellectual property and supply chains in Canada that the SMR Action Plan prioritizes. The advanced nature of NuScale’s SMR technology also means that NuScale, in cooperation with Canadian firms, stands ready to support Canada in bringing its first SMR units to operation by the late 2020s.
As Canada continues to make progress toward phasing out coal-fired electricity generation and invests in new, clean technology, NuScale SMR power plants offer an affordable, emission-free, and carbon-free clean energy solution. The scalable multi-module design and characteristics of NuScale’s power plants are well configured to replace the retiring stations, as many are between 300 MWe and 600 MWe. NuScale SMR technology can also complement solar and wind to not only mitigate climate change, but to serve as a reliable and flexible resource to support Canada’s clean energy goals and Climate Plan, such as achieving 90 percent of electricity coming from non-emitting sources by 2030. Additionally, NuScale power plants can employ wet or dry cooling to meet the clean energy needs of Canada’s diverse geographic and climatic regions.
“NuScale is eager to play a part in helping Canada become a world leader in SMR development,” added Hopkins. “We have strong partnerships in the Canadian energy sector that augment our technology’s alignment with Canadian needs and look forward to strengthening them as the SMR Action Plan is implemented. This includes supply chain partnerships across Canada that we are prepared to leverage for projects in Canada, and around the world.”
NuScale has signed Memoranda of Understandings with Ontario Power Generation and Bruce Power.
About NuScale Power
NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale’s website.
Media Contact:
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(C) (503)-270-9329
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress”) announced today that it has signed two long-term liquefied natural gas (“LNG”) supply agreements to support the Company’s natural gas and electricity businesses in Puerto Rico, Mexico, and Nicaragua. With these purchases and the previous purchases of LNG for the Company’s Jamaican operations, NFE has purchased LNG volumes equal to about 80% of its expected needs across its current portfolio of terminals and assets.
“As a company, our goal is to match our LNG purchases as much as possible with our customer volumes, thus reducing our exposure to changes in the market price for LNG across our portfolio,” said New Fortress Chairman and CEO Wes Edens. “Approximately 70% of our gas contracts with our customers are indexed to Henry Hub and with the contracts signed today, we will match most of those volumes with these commitments that are also indexed to Henry Hub.”
About New Fortress Energy Inc.
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including the plans for continued growth of New Fortress’ customer base and projects, efforts to spur economic growth, reduce emissions and make energy more affordable and cleaner, and the growth of our portfolio. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk that our customer base and projects will not grow or be successful in line with our expectations or plans, the risk that our projects will not result in cleaner, more affordable or more reliable energy and the risk that the our portfolio will not grow in the way we expect. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus included in the registration statement filed with the SEC in connection with the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.
IR:
Alan Andreini
(212) 798-6128
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LONDON--(BUSINESS WIRE)--#GlobalSubseaProductionSystemsMarket--The subsea production systems market is poised to grow by USD 1 bn during 2020-2024, progressing at a CAGR of almost 3% during the forecast period.
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The report on the subsea production systems market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by rising deep and ultra-deepwater drilling projects.
The subsea production systems market analysis includes type segment and geography landscape. This study identifies the different reservoir characteristics as one of the prime reasons driving the subsea production systems market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The subsea production systems market covers the following areas:
Subsea Production Systems Market Sizing
Subsea Production Systems Market Forecast
Subsea Production Systems Market Analysis
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Company prepares to transition to growth phase
BOSTON--(BUSINESS WIRE)--Dive Technologies, Inc., a Boston-based subsea robotics designer and manufacturer, today announced a new round of equity funding of $4mm, bringing total funds raised to date to $9.5mm. Dive’s financing was led by Tanis Venture Management which was joined by other investors including Virginia Tech Carilion Innovation Fund, Mill Town Capital, Virginia Tech Carilion Seed Fund, Cavalier Angels, and Charlottesville Angel Network. Dive’s venture debt financing is through MassDevelopment’s Emerging Technology Fund.
“We’re pleased to continue to grow our partnership with Tanis Ventures through this financing round. Our team is fortunate to have a strong syndicate of experienced funds and angel investors that have supported us through our technology development and have helped us to position the company to build upon our successes going forward,” says Sam Russo, COO at Dive Technologies.
“Tanis is thrilled to continue working with Dive as it transitions from successful prototyping to commercial implementation of the DIVE-LD platform,” says Jack Seaver, Managing Director at Tanis Venture Management. “We look forward to Dive demonstrating the innovative capabilities of its product across the defense and commercial sectors.”
“Our team is very excited to bring in additional funding that affords us the runway to continue to grow our business in 2021 and beyond,” says Jerry Sgobbo, CEO at Dive Technologies. “Our engineers worked tirelessly over the last two years to bring a highly capable autonomous underwater vehicle (AUV) to the market and as we look to 2021, we will deepen our customer partnerships by delivering on our Robot-as-a-Service business model. We are very pleased to have early adopters of our technology already onboard and we look forward to scaling our technology and business to meet their needs and the quickly emerging needs of others.”
The new round of funding will be used to realize sales opportunities in 2021 and accelerate efforts to expand geographically and through new partnerships. Dive is poised for increased demand for Robot-as-a-Service work with commercial customers in offshore wind, oil and gas, and deep-sea exploration as well as with government customers.
Dive’s first commercial autonomous underwater vehicle offering to the market, the DIVE-LD, is a 4’ diameter, 19’ long vehicle designed for up to ten days of mission endurance and ocean depths of 6,000 meters. The company also boasts a novel commercial AUV Kit that allows customers to customize an AUV to their liking and mission needs easily by leveraging Dive’s cutting-edge manufacturing processes.
About Dive Technologies: Founded in 2018, Dive Technologies designs, develops, and deploys premier autonomous underwater vehicles for large-scale commercial and defense data collection. Utilizing deep domain expertise, Dive Technologies is building a lowest-cost, fastest to the sea, and best-in-class large displacement AUV platform that combines purpose-driven technology with an intuitive, elegant exterior design and internal architecture to help customers rapidly and efficiently collect underwater data. For more information please visit www.divetechnologies.com.
Media Contact:
Sam Russo
Dive Technologies, Inc.
617.275.5500
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LONDON--(BUSINESS WIRE)--#Floating--The floating wind turbine market is expected to grow by 582 MW, decelerating at a CAGR of about 58% during the forecast period.
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Favorable government regulations for floating wind is one of the major factors propelling market growth. However, factors such as competition from alternative technologies may hamper growth.
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Floating Wind Turbine Market: Foundation Landscape
Based on the foundation, the spar-buoy segment led the market in 2019. Spar-buoy foundation has a simple design that is amenable to the serial fabrication process, which is one of the key factors driving the segment growth. The market growth in the segment will be significant over the forecast period.
Floating Wind Turbine Market: Geographic Landscape
By geography, Europe is going to witness lucrative growth during the forecast period. About 58% of the market’s overall growth is expected to originate from Europe. Rising investments in floating offshore wind plants in countries such as France, Norway, and Portugal are driving the growth of the market in Europe. The UK, Portugal, Norway, and France are the key markets for floating wind turbines in Europe.
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Executive Summary
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Market Segmentation by Foundation
Customer Landscape
Geographic Landscape
Vendor Landscape
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Piloting of blockchain technology affirms commitment to innovation, sustainability, and transparent biomass supply chains
BETHESDA, Md. & RENO, Nev.--(BUSINESS WIRE)--Today, Enviva, a leading global energy company specializing in sustainable wood bioenergy, and GoChain, a blockchain company that drives the adoption of impactful technology for the betterment of society and our habitat, announced the initial results of a pilot program designed to enhance the traceability of sustainable biomass.
The pilot program identified a select group of suppliers from Enviva’s wood sourcing regions in the U.S. Southeast to monitor various data elements such as: forest tract locations, load weights, fiber commodity types, and forest types. Leveraging GoChain’s blockchain, Enviva was able to monitor the movement of wood fiber in real-time from select forest tracts at the time of harvest to Enviva’s wood pellet production plants with a unique QR code. The pilot provided real-time geofencing, data analytics, and notification capabilities. In total, more than 1,000 loads of biomass were delivered from the forest to the production plant and recorded “on-chain” during the pilot.
The results of the pilot yielded considerable insights and the pilot has the potential to further augment the accuracy of Enviva’s proprietary Track & Trace® (T&T®) system, which provides publicly available data and tracks exactly where the low-value wood used in the production of Enviva biomass comes from. The initial pilot is among the largest-scale, if not the largest-scale, pilot of blockchain technology to date in the global biomass industry. Given the pilot’s success, Enviva anticipates further exploration and piloting of blockchain technology.
Enviva elected to partner with GoChain on the pilot program because of their dedication to sustainability and innovative green technologies. GoChain has developed a unique, highly scalable and secure blockchain solution that is among the greenest and most energy efficient on the market. It uses a ‘Proof of Reputation’ consensus model for processing transactions. GoChain partners with highly reputable institutions such as universities, global enterprises, and NGOs, which function as blockchain signing nodes for the GoChain blockchain protocol. These organizations have set high business standards and believe in the use of technology for the improvement of society and the environment.
Blockchain has emerged as a powerful solution for realizing data-driven insights and granular transparency of global value chains. The use of blockchain technology as a single source of truth not only serves to eliminate unnecessary middlemen and provide transparency in supply chains but also enables the robust real-time audit of secure, time-stamped transactions recorded on an immutable ledger. Blockchain helps to proliferate trust and to verify claims among multiple stakeholders, particularly when relying on legacy, centralized systems with opaque, siloed data. This is especially true when verifying and evaluating claims and certifications within a supply chain. Blockchain is quickly proving to be essential for accelerating certification milestones and ensuring the validity of sustainability governance such as verifying claims of organic and chemical-free products, ethically-sourced seafood or beef, or in the case of Enviva, the sustainability signature of its responsibly sourced wood.
About Enviva Holdings, LP
Enviva Holdings, LP is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source used to generate electricity and heat. Through its subsidiaries, Enviva Holdings, LP owns and operates wood pellet processing plants and deep-water export terminals in the U.S. Southeast. We export our pellets primarily to power plants in the United Kingdom, Europe and Japan that previously were fueled by coal, enabling them to reduce their lifetime carbon footprint by more than 85 percent. We make our pellets using sustainable practices that protect Southern forests and employ about 1,100 people and support many other businesses in the U.S. Southeast. Enviva Holdings, LP conducts its activities primarily through two entities: Enviva Partners, LP, a publicly traded master limited partnership (NYSE: EVA), and Enviva Development Holdings, LLC, a wholly owned private company. To learn more about Enviva Holdings, LP, please visit our website at www.envivabiomass.com and follow us on social media @Enviva.
About GoChain
GoChain believes in driving the adoption of impactful technology for the betterment of society and our habitat. GoChain partners with companies in all industries to quickly launch and manage their own scalable, low-cost blockchain solutions, run distributed applications and to deploy smart contracts. At 1,300 transactions per second, GoChain’s network is the fastest, most reliable, web3 based public and private blockchain protocol. GoChain’s Proof of Reputation (PoR) consensus algorithm relies on a decentralized consortium of Fortune 500 companies, NGOs, and nonprofits to validate transactions. GoChain also supports its designated public cryptocurrency, which has the ticker symbol GO. For more information, visit gochain.io or follow GoChain on LinkedIn, Twitter, and Facebook.
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE:KSU) will release its fourth quarter 2020 financial results on Friday, January 22, 2021, before the opening of trading on the New York Stock Exchange.
KCS will also hold its fourth quarter 2020 earnings conference call on Friday, January 22, 2021 at 8:45 a.m. eastern time. Shareholders and other interested parties are invited to participate via live webcast or telephone. To participate in the live webcast and to view accompanying presentation materials, please log into investors.kcsouthern.com immediately prior to the presentation. To join the teleconference, please call (844) 308-6428 from the U.S., or (412) 317-5409 from all other countries.
A replay of the presentation will be available by calling (877) 344-7529 from the U.S., (855) 669-9658 from Canada or (412) 317-0088 from all other countries and entering conference ID 10150484. The webcast replay and presentation materials will be archived on the company’s website.
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) 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.
KCS: Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.
• The Company generated net sales of $20.3 million for the third quarter
• Net loss was $2.9 million in the third quarter
• Backlog stood at $47.7 million on October 31, 2020 compared to $46.7 million on January 31, 2020
NILES, Ill.--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the third quarter ended October 31, 2020.
“Third quarter revenue was $20.3 million, $14.2 million below the same quarter last year, and net loss was $2.9 million compared to a net loss of $0.1 million in the same quarter of 2019,” noted President and CEO David Mansfield.
"During the quarter the impact of the COVID-19 pandemic has continued to negatively impact our revenues. In the current environment, capital spending in the oil and gas industry remains low, and project schedules in the construction industry continue to be delayed. These are important drivers of Perma-Pipe’s markets. The medium term view however remains the same, and many delayed projects are awaiting the recovery and the easing of restrictions brought about by the pandemic. In recent weeks, we have seen an increase in the level of bidding activity and project awards, and major projects that were stalled appear to now be reinvigorated. While there is news that an effective COVID-19 vaccine might be on the near horizon, it is difficult to determine the timing of any recovery of the global economy.” Mr. Mansfield continued.
"In response to these changing conditions, we have implemented and continue to maintain cost control measures which have helped partially offset the negative impact of the significant reductions in revenue. Our focus on cost control efforts will continue while market conditions remain depressed, and we will manage our business to the current activity level with a goal to be positioned to take advantage of the recovery.” Mr. Mansfield continued.
“Some positive news to report is that we continue with our longer term plans that are focused on future growth. We recently commissioned a new custom coating plant at our UAE facility that will serve the oil and gas and water industries with products and services not previously provided by Perma-Pipe. We have already secured our first contract, which should be executed during the forthcoming quarter, and which serves as confirmation that we are filling a needed gap in capabilities to serve those markets. We are also currently in the process of installing a similar plant at our facility in India.” added Mr. Mansfield
"Our backlog currently stands at $47.7 million, which reflects an increase of $1.0 million from the backlog at January 31. After a quarter of increased bidding activity, there has been a meaningful increase to the backlog for our MENA region, particularly at our recently established plant in Egypt.” Mr. Mansfield concluded.
Third Quarter Fiscal 2020 Results
Net sales were $20.3 million in the current quarter, a decrease of $14.2 million, or 41%, from $34.5 million in the prior year quarter. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices, combined with a reduction in sales in the Company's U.S. and Middle East district heating and cooling businesses caused by project delays arising as a result of the COVID-19 pandemic.
Gross profit decreased to $2.9 million, or 14% of net sales, in the current quarter from $7.6 million, or 22% of net sales, in the prior year quarter. This decrease was driven primarily by lower sales volumes.
General and administrative expenses decreased to $4.5 million in the current quarter from $4.6 million in the prior year quarter. This decrease was driven primarily by cost cutting measures enacted as a result of the COVID-19 pandemic.
Selling expenses decreased to $1.2 million in the current quarter, compared to $1.4 million in the prior year quarter due primarily to lower personnel costs.
Net interest expense decreased to $0.1 million in the current quarter, compared to $0.2 million in the prior year quarter. This decrease was due to lower borrowings during the period.
Other income/(expense) decreased to an expense of less than $0.1 million in the current quarter, compared to income of $0.1 million in the prior year quarter. This decrease was driven by the encashment of a $0.6 million performance bond securing one of the Company's contracts with a customer in Qatar. The Company believes the customer's claims of non-performance under the contract are invalid and that the customer's actions were themselves a breach of the contract. The Company has engaged local counsel to seek reimbursement as well as additional compensation for lost profits suffered as a result of cancellation of certain work orders under the contract. This expense was partially offset by funds received under the CEWS program in Canada.
Income/(loss) from operations before income taxes decreased by $4.4 million to a loss of $2.9 million in the current quarter from income of $1.5 million in the prior year quarter. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices, combined with a reduction in sales in the Company's U.S. and Middle East district heating and cooling businesses caused by project delays arising as a result of the COVID-19 pandemic.
The Company's worldwide effective tax rates ("ETR") were 0.8% and 127.8% in the current quarter and the prior year quarter, respectively. The change in the ETR from the prior year quarter to the current year quarter is due to the impact of tax rates in various jurisdictions and the changing mix of taxable income and loss in those jurisdictions, as well as the impact of the lower current quarter pre-tax income as compared to the prior year quarter.
The resulting net loss of $2.8 million in the current quarter was a decline of $2.7 million over the net loss of $0.1 million in the prior year quarter. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices, combined with a reduction in sales in the Company's U.S. and Middle East district heating and cooling businesses caused by project delays arising as a result of the COVID-19 pandemic.
Year-to-Date October 31, 2020 Results
Net sales were $63.4 million in the current year-to-date, a decrease of $32.0 million, or 34%, from $95.4 million in the prior year year-to-date. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices combined with project delays in the Company's U.S. and Middle East district heating and cooling businesses arising as a result of the COVID-19 pandemic.
Gross profit decreased to $8.8 million, or 14% of net sales, in the current year-to-date from $22.0 million, or 23% of net sales, in the prior year year-to-date. This decrease was driven primarily by lower sales volumes.
General and administrative expenses decreased to $13.3 million in the current year-to-date from $13.9 million in the prior year year-to-date. This decrease was driven primarily by cost cutting measures enacted as a result of the COVID-19 pandemic.
Selling expenses increased to $4.2 million in the current year-to-date, compared to $4.0 million in the prior year year-to-date, an increase of $0.2 million, or 3%. This increase was primarily due to the addition of new sales employees and severance payments for terminated employees.
Net interest expense decreased to $0.4 million in the current year-to-date, compared to $0.6 million in the prior year year-to-date. This decrease was due to lower borrowings during the period.
Other income/(expense) increased to income of $3.7 million in the current year-to-date, compared to income of $0.4 million in the prior year year-to-date, an increase of $3.3 million. This increase was primarily the result of recognition of the Company's reasonable expectation of forgiveness of its PPP loan proceeds during the period of $3.2 million, as well as funds received under the CEWS program in Canada. These amounts were offset partially by the encashment of a performance bond securing one of the Company's contracts with a customer in Qatar. The Company believes the customer's claims of non-performance under the contract are invalid and that the customer's actions were themselves a breach of the contract. The Company has engaged local counsel to seek reimbursement as well as additional compensation for lost profits suffered as a result of cancellation of certain work orders under the contract.
Income/(loss) from operations before income taxes decreased by $9.2 million to a loss of $5.4 million in the current year-to-date from income of $3.8 million in the prior year year-to-date. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices, combined with a reduction in sales in the Company's U.S. and Middle East district heating and cooling businesses caused by project delays arising as a result of the COVID-19 pandemic.
The Company's worldwide ETRs were 6.2% and 48.6% in the current year-to-date and the prior year year-to-date, respectively. The change in the ETR from the prior year year-to-date to the current year year-to-date is due to the impact of tax rates in various jurisdictions and the changing mix of taxable income and loss in those jurisdictions.
The resulting net loss of $5.1 million in the current year-to-date was a decline of $7.2 million over the net income of $2.1 million in the prior year year-to-date. The decrease was a result of lower sales volumes in the Company's Canadian and offshore Gulf of Mexico businesses driven by the impact of lower oil prices, combined with a reduction in sales in the Company's U.S. and Middle East district heating and cooling businesses caused by project delays arising as a result of the COVID-19 pandemic.
Percentages set forth above in this press release have been rounded to the nearest percentage point and may not exactly correspond to the comparative data presented.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at eight locations in six countries.
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “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, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus (COVID-19) on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) risks and uncertainties related to the Company's newly reported material weakness in its internal control over financial reporting; (vi) risks and uncertainties related to the Company's receipt of funding under the Paycheck Protection Program; (vii) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (viii) the impact of global economic weakness and volatility; (ix) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (x) the timing of orders for the Company’s products; (xi) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xvi) reductions or cancellations of orders included in the Company’s backlog; (xvii) risks and uncertainties related to the Company's international business operations; (xviii) the Company’s ability to attract and retain senior management and key personnel; (xiv) the Company’s ability to achieve the expected benefits of its growth initiatives; (xx) the Company’s ability to interpret changes in tax regulations and legislation; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; and (xxii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)
The Company's Form 10-Q for the quarter ended October 31, 2020 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.
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Nine Months Ended October 31, |
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||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net sales |
|
$ |
20,294 |
|
|
$ |
34,457 |
|
|
$ |
63,399 |
|
|
$ |
95,400 |
|
Cost of sales |
|
|
17,356 |
|
|
|
26,814 |
|
|
|
54,630 |
|
|
|
73,382 |
|
Gross profit |
|
|
2,938 |
|
|
|
7,643 |
|
|
|
8,769 |
|
|
|
22,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
4,528 |
|
|
|
4,636 |
|
|
|
13,320 |
|
|
|
13,907 |
|
Selling expenses |
|
|
1,174 |
|
|
|
1,354 |
|
|
|
4,153 |
|
|
|
4,030 |
|
Total operating expenses |
|
|
5,702 |
|
|
|
5,990 |
|
|
|
17,473 |
|
|
|
17,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from operations |
|
|
(2,764 |
) |
|
|
1,653 |
|
|
|
(8,704 |
) |
|
|
4,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
107 |
|
|
|
194 |
|
|
|
411 |
|
|
|
612 |
|
Other income/(expense) |
|
|
(2 |
) |
|
|
95 |
|
|
|
3,672 |
|
|
|
351 |
|
Income/(loss) from operations before income taxes |
|
|
(2,873 |
) |
|
|
1,554 |
|
|
|
(5,443 |
) |
|
|
3,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)/expense |
|
|
(23 |
) |
|
|
1,699 |
|
|
|
(339 |
) |
|
|
1,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
(2,850 |
) |
|
$ |
(145 |
) |
|
$ |
(5,104 |
) |
|
$ |
2,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,165 |
|
|
|
8,037 |
|
|
|
8,113 |
|
|
|
7,970 |
|
Diluted |
|
|
8,165 |
|
|
|
8,037 |
|
|
|
8,113 |
|
|
|
8,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.35 |
) |
|
|
(0.02 |
) |
|
|
(0.63 |
) |
|
|
0.26 |
|
Diluted |
|
|
(0.35 |
) |
|
|
(0.02 |
) |
|
|
(0.63 |
) |
|
|
0.25 |
|
Note: Earnings per share calculations could be impacted by rounding. |
||||||||||||||||
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except per share data) |
||||||||
|
||||||||
|
|
October 31, 2020 |
|
|
January 31, 2020 |
|
||
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,593 |
|
|
$ |
13,371 |
|
Restricted cash |
|
|
1,154 |
|
|
|
1,287 |
|
Trade accounts receivable, less allowance for doubtful accounts of $411 at October 31, 2020 and $407 at January 31, 2020 |
|
|
26,441 |
|
|
|
29,402 |
|
Inventories, net |
|
|
12,094 |
|
|
|
14,498 |
|
Prepaid expenses and other current assets |
|
|
5,022 |
|
|
|
3,531 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
|
|
1,362 |
|
|
|
2,166 |
|
Total current assets |
|
|
52,666 |
|
|
|
64,255 |
|
Property, plant and equipment, net of accumulated depreciation |
|
|
26,958 |
|
|
|
28,629 |
|
Other assets |
|
|
|
|
|
|
|
|
Operating lease right-of-use asset |
|
|
13,762 |
|
|
|
11,475 |
|
Deferred tax assets |
|
|
604 |
|
|
|
293 |
|
Goodwill |
|
|
2,237 |
|
|
|
2,254 |
|
Other assets |
|
|
3,532 |
|
|
|
5,319 |
|
Total other assets |
|
|
20,135 |
|
|
|
19,341 |
|
Total assets |
|
$ |
99,759 |
|
|
$ |
112,225 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
7,905 |
|
|
$ |
9,577 |
|
Accrued compensation and payroll taxes |
|
|
1,760 |
|
|
|
1,190 |
|
Commissions and management incentives payable |
|
|
322 |
|
|
|
1,759 |
|
Revolving line - North America |
|
|
1,803 |
|
|
|
8,577 |
|
Current maturities of long-term debt |
|
|
1,732 |
|
|
|
1,458 |
|
Customers' deposits |
|
|
2,098 |
|
|
|
2,202 |
|
Outside commission liability |
|
|
1,661 |
|
|
|
1,755 |
|
Operating lease liability short-term |
|
|
1,408 |
|
|
|
1,040 |
|
Other accrued liabilities |
|
|
3,002 |
|
|
|
3,444 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
672 |
|
|
|
1,173 |
|
Income taxes payable |
|
|
1,000 |
|
|
|
664 |
|
Total current liabilities |
|
|
23,363 |
|
|
|
32,839 |
|
Long-term liabilities |
|
|
|
|
|
|
|
|
Long-term debt, less current maturities |
|
|
6,194 |
|
|
|
6,717 |
|
Deferred compensation liabilities |
|
|
4,487 |
|
|
|
4,199 |
|
Deferred tax liabilities |
|
|
583 |
|
|
|
1,052 |
|
Operating lease liability long-term |
|
|
13,477 |
|
|
|
11,214 |
|
Other long-term liabilities |
|
|
661 |
|
|
|
575 |
|
Total long-term liabilities |
|
|
25,402 |
|
|
|
23,757 |
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, authorized 50,000 shares; 8,165 issued and outstanding at October 31, 2020 and 8,048 issued and outstanding at January 31, 2020 |
|
|
82 |
|
|
|
80 |
|
Additional paid-in capital |
|
|
60,595 |
|
|
|
60,024 |
|
Accumulated deficit |
|
|
(5,819 |
) |
|
|
(715 |
) |
Accumulated other comprehensive loss |
|
|
(3,864 |
) |
|
|
(3,760 |
) |
Total stockholders' equity |
|
|
50,994 |
|
|
|
55,629 |
|
Total liabilities and stockholders' equity |
|
$ |
99,759 |
|
|
$ |
112,225 |
|
Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
(847) 929-1200
This email address is being protected from spambots. You need JavaScript enabled to view it.
New facility at Kyocera Kokubu Campus will expand R&D speed, capabilities
KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (President: Hideo Tanimoto, hereafter “Kyocera”) today announced it will begin construction of a new research and development center in January 2021 at its Kokubu campus in Kirishima City, Kagoshima, Japan. Kyocera has executed a location agreement with the mayor of Kirishima City for the new R&D center, which will focus on new innovations in the fields of information and communications, environmental preservation, and smart energy.
The Kokubu campus is already an innovation hub and site of three strategic R&D groups: Kyocera’s Monozukuri R&D Laboratory, which focuses on advanced material technologies; its Production Technology Division, focusing on manufacturing process innovation; and its Analysis Center, which develops simulation and evaluation technologies. R&D programs at the campus currently include 5G smartphone technologies, electronic and semiconductor components used in IoT devices, and key components for new smart energy technologies, such as cell stacks for Solid Oxide Fuel Cells (SOFCs). Intellectual property developed there has found a wide range of other applications as well, in the automotive, aerospace, medical and healthcare fields.
Through greater collaboration among these R&D operations, Kyocera will establish a new platform to accelerate development and production efforts, with comprehensive support for manufacturing new products, promoting factory automation, and improving manufacturing efficiencies. Kyocera will position the new facility specifically as an incubator for open innovation, sharing technical information for human resource development, and networking with inventors outside of Kyocera.
Outline of Kyocera’s New R&D Center
Name |
(To be announced) |
Location |
Kyocera’s Kagoshima Kokubu Plant Campus 1450-1 Azadainomaru, Kokubukamikogawa, Kirishima-shi, Kagoshima Prefecture, Japan |
Total investment |
Approximately 10 billion yen (approx. 96 million U.S. dollars) |
Building area |
5,990 m2 steel construction with 5 stories |
Total floor space |
22,902 m2 |
Construction plan |
Construction begins: January 2021 Facility opens: September 2022 |
Main R&D activities |
Development of laminated ceramic capacitors, ceramic packages for electronic devices, cell stacks for SOFCs |
Kyocera Corporation (TOKYO:6971, https://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of industrial and automotive components, semiconductor packages, electronic devices, smart energy systems, printers, copiers, and mobile phones. During the year ended March 31, 2020, the company’s consolidated sales revenue totaled 1.6 trillion yen (approx. US$14.7 billion). Kyocera is ranked #549 on Forbes magazine’s 2020 “Global 2000” list of the world’s largest publicly traded companies.
KYOCERA Corporation (Japan), Corporate Communications
Kenichi Hara, Tel: +81-(0)75-604-3416
Fax: +81-(0)75-604-3516
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