DUBLIN--(BUSINESS WIRE)--The "Europe Wind Farms Database" has been added to ResearchAndMarkets.com's offering.
This product is a database of wind farms in Europe. It includes 23762 entries (in 39 countries) and represents 180,5 GW onshore and 122,7 GW offshore.
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Onshore market:
Offshore market:
Provided Content:
Location
Turbines
Players
Status Data
For more information about this database visit https://www.researchandmarkets.com/r/yj5rjj
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LONDON--(BUSINESS WIRE)--#GlobalOffshoreWindPowerMarket--Technavio has been monitoring the offshore wind power market and it is poised to grow by USD 20.06 billion during 2020-2024, progressing at a CAGR of almost 18% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please request Latest Free Sample Report on COVID-19 Impact
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, and Sinovel Wind Group Co. Ltd. are some of the major market participants. Although the declining LCOE of wind power generation will offer immense growth opportunities, competition from alternative energy sources will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Offshore Wind Power Market 2020-2024: Segmentation
Offshore Wind Power Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR45310
Offshore Wind Power Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our offshore wind power market report covers the following areas:
This study identifies the rising popularity of clean energy technologies as one of the prime reasons driving the offshore wind power market growth during the next few years.
Offshore Wind Power Market 2020-2024: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the offshore wind power market, including some of the vendors such as Doosan Heavy Industries & Construction Co. Ltd., Erndtebrücker Eisenwerk GmbH & Co. KG, General Electric Co., Hyundai Heavy Industries Co. Ltd., MHI Vestas Offshore Wind AS, Nexans SA, Nordex SE, Senvion SA, Siemens Gamesa Renewable Energy SA, and Sinovel Wind Group Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the offshore wind power market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Offshore Wind Power Market 2020-2024: Key Highlights
Table Of Contents :
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
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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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, has worked with P97 Networks, a leader in cloud-based mobile commerce, to enable Google Pay across their network of 7,000 sites.
Drivers will be able to locate, fill up and pay for fuel at Phillips 66®, Conoco® and 76® branded stations from within the Google Pay app using P97 Networks’ mobile payment gateway. Google Pay, available on both Android and iOS, is a safe, helpful way to pay and manage money.
“This new capability will dramatically improve the fueling experience for drivers at the pump,” Donald Frieden, founder and CEO of P97 said. “We are excited to be collaborating with Phillips 66 and Google Pay to build the foundation for future innovations in mobility solutions.”
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. Marketing business supplies TOP TIER® Detergent Gasolines under the Phillips 66®, 76® and Conoco® brands. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.
About P97 Networks, Inc.
P97 Networks provides secure, cloud-based mobile commerce, in-vehicle payments, and digital marketing solutions for the convenience retail, fuel, and vehicle manufacturing industries under the brand name PetroZone®. P97’s mCommerce solutions enhance the ability to attract, engage, and retain shoppers by securely connecting millions of individual mobile phones and connected cars with merchants using identity and geolocation-based software that creates a unique mobile consumer experience. For more information, follow us on Twitter @p97networks or visit www.p97.com.
Aaron Mireles
(281) 954-1706
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Company Sets Ambitious Targets for Reducing Plastic Waste, Conserving Water and Improving Oral Health
NEW YORK--(BUSINESS WIRE)--#climate--Colgate-Palmolive Company today announced its 2025 Sustainability & Social Impact Strategy – defining its key actions and setting measurable targets for 2025 and beyond.
Colgate’s 2025 Sustainability & Social Impact Strategy focuses on three ambitions: promoting well-being and inclusivity; helping people develop healthy habits; and preserving and improving the environment. They are supported by actionable targets that uphold Colgate’s continued commitment to building environmental and social consciousness into every decision, which earned the Company recognition on the 2020 Dow Jones Sustainability Indices (DJSI) for the fourth consecutive year. Colgate also was named the top performing Household Products company by the DJSI for the second year in a row and achieved “Industry Best” scores in the Environmental and Social categories.
“Because our Colgate brand is in more homes than any other, we can – and will – create a healthier, more sustainable future for all,” said Noel Wallace, Chairman, President and Chief Executive Officer, Colgate-Palmolive. “We view environmental and social stewardship as enterprise-wide catalysts for growth, and we’re committed to raising the bar and ensuring sustainability is integrated into all aspects of our company – from what we make to how we work to how we go to market.”
Among the company’s social and environmental sustainability actions, key targets are:
Colgate people are already hard at work pursuing these goals. For example, to reach its plastic targets, the company launched its first-of-its-kind recyclable toothpaste tube on three continents and is sharing that technology to speed the industry’s sustainability transformation. With the company’s global leadership in manual toothbrushes, Colgate aims to build on the successful global launches of its bamboo toothbrushes for adults and children with additional advancements to further reduce plastic in toothbrushes. Colgate also currently has 19 certified TRUE Zero Waste facilities across five continents – more than any other company in the world.
“With Colgate’s global reach, we know we have the responsibility and opportunity to make a difference to boost our ambitions as well as to measure and communicate our progress with more frequency and transparency. This strategy reflects our role as a global consumer products company and is informed by all of our stakeholders, both internal and external,” added Ann Tracy, Chief Sustainability Officer.
This announcement comes during a period of purpose-driven commitments that Colgate has advanced in sustainability and social responsibility. In 2020, Colgate has been helping to combat the spread of COVID-19 by producing, donating and distributing 25 million specially-made bars of soap as well as donating more than $20 million in health and hygiene products to health professionals and underserved communities in need.
In addition, Colgate has earned numerous awards for its ongoing commitment to sustainability. Most recently, the Company was named to the prestigious Fortune’s 2020 Change The World List. Moreover, in the past year alone, Colgate received its 10th consecutive ENERGY STAR® Partner of the Year Award, a U.S. Green Building Council Leadership Award, and recognition on EPA’s Green Power Partnership National Top 100.
To learn more about Colgate’s commitment to sustainability, visit: https://www.colgatepalmolive.com/en-us/core-values/sustainability or https://www.linkedin.com/company/colgate-palmolive/.
About Colgate-Palmolive:
Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition and reaching more than 200 countries and territories, Colgate teams are developing and selling health and hygiene products and pet nutrition offerings essential to society through brands such as Colgate, Palmolive, elmex, meridol, Tom’s of Maine, hello, Sorriso, Speed Stick, Softsoap, Irish Spring, Protex, Sanex, Filorga, eltaMD, PCA Skin, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. Colgate seeks to deliver sustainable, profitable growth and superior shareholder returns and to provide Colgate people with an innovative and inclusive work environment. Colgate does this by developing and selling products globally that make people’s lives healthier and more enjoyable and by embracing its sustainability, diversity, equity and inclusion and social responsibility strategies across the organization. For more information about Colgate’s global business, its efforts to improve the oral health of children through its Bright Smiles, Bright Futures program and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-C
Cautionary Statement on Forward-Looking Statements:
This press release, including our 2025 Sustainability & Social Impact Strategy, contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (SEC) in its rules, regulations and releases. These statements are made on the basis of Colgate’s views and assumptions as of this time, and Colgate undertakes no obligation to update these statements except as required by law. Colgate cautions investors that such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from these statements due to a number of factors. For information about factors that could impact Colgate’s business and cause actual results to differ materially from forward-looking statements, consult our filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q).
Robert Goodfellow
Colgate-Palmolive Company
646-277-1218
PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NSYE: NRG) honored its top energy customers in efficiency, sustainability and community through the inaugural Excellence in Energy Awards held on November 18, 2020.
The Excellence in Energy Awards identifies customers by industry that demonstrate a strong commitment to planning and implementation of sustainability and energy efficiency goals and are also engaged in the community. With the launch of these awards, NRG is applauding the energy achievements and milestones of its customers.
“Our customers inspire us every day at NRG,” said Robert Gaudette, Senior Vice President of NRG Energy, Inc. “This event is dedicated to them. We want to recognize our customers for their effort in optimizing their energy solutions and giving back to the community. The awards are about celebrating the ways organizations are taking charge of their energy future and moving toward more multi-faceted approaches benefiting them and their communities.”
NRG is honored to announce its first Excellence in Energy Award winners.
Sustainability
Each organization demonstrated a significant and measurable environmental impact.
Energy Efficiency
Organizations were recognized for achieving success with new technologies, solutions, and upgrades resulting in energy reduction or savings.
Community
Organizations were recognized for their achievements in community involvement.
As a winner of the Excellence in Energy Awards, organizations further demonstrate and certify their excellence as an energy leader responsible with energy consumption and a good neighbor in the community.
Customers, brokers and account managers were invited to submit essay submissions outlining the achievements of the customers based on three categories: Community, Sustainability and Energy Efficiency. To be eligible, candidates needed to be a Reliant Energy or NRG Energy customer categorized as a large business with an active supply contract. Large business Sustainability and Energy Efficiency customers were also eligible.
Congratulations to all the organizations making advances on their energy journeys. NRG is already committed to recognizing excellence again in November 2021 for the next “Excellence in Energy” event.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future.
Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Candice Adams
609.524.5428
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2020 RBC Capital Markets Midstream and Energy Infrastructure Virtual Conference. The conference is being held on November 18th and 19th.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) (the “Company”) today announced that the Company’s consent solicitation of the holders (the “Holders”) of its 8.00% Senior Secured Notes due 2022 (the “Notes”) successfully received the consent of the Holders of a majority of the outstanding principal amount of the Notes on November 17, 2020 (the “Requisite Consents”).
The Company also announced today that pursuant to the previously announced cash tender offer (the “Tender Offer”) for up to $50,000,000 aggregate principal amount of the outstanding Notes (the “Tender Cap”), approximately $145.1 million in aggregate principal amount of the Notes were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on November 17, 2020 (the “Early Tender Time”).
In addition, the Company announced that it has terminated its concurrent tender offer to purchase up to $28,705,881 aggregate principal amount of the Notes through a cash tender offer under the provisions of the Indenture which require the Company to make a cash offer to the Holders within 60 days of the date that the Company realizes proceeds from Asset Sales (as defined in the Indenture) in excess of $25 million (the “Asset Sale Offer”).
The Consent Solicitation
The Company had previously announced a solicitation of consents (the “Consent Solicitation”) from Holders of the Notes to approve a waiver under and amendments to the indenture relating to the Notes (the “Indenture”, and such waiver and amendments collectively, the “Proposed Amendments”).
Following the receipt of the Requisite Consents, the Company entered into a supplemental indenture to the Indenture giving effect to the Proposed Amendments. However, the Proposed Amendments will not become operative until payment of the consent fee to the Holders whose consents have been validly delivered, and satisfaction of other customary closing conditions. The settlement date for the consent fee payment is expected to be November 19, 2020, assuming the satisfaction or waiver of certain conditions that are set forth in the consent solicitation statement, dated November 3, 2020, as amended by Amendment No. 1 thereto dated November 6, 2020 (the “Consent Solicitation Statement”).
For a complete statement of the terms and conditions of the Consent Solicitation and the Proposed Amendments, Holders should refer to the Consent Solicitation Statement. Questions concerning the terms of the Consent Solicitation should be directed to Deutsche Bank Securities Inc., the Solicitation Agent, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527. D.F. King & Co., Inc. has been retained to serve as the information agent for the Consent Solicitation. Requests for copies of the Consent Solicitation Statement should be directed to D.F. King & Co., Inc. at (toll-free) (866) 751-6313 or (collect) (212) 269-5550 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
The Tender Offer
Holders of Notes that validly tendered and did not validly withdraw their Notes prior to the Early Tender Time are eligible to receive the “Total Consideration,” which is equal to $1,005.00 per $1,000.00 principal amount of Notes validly tendered. The Total Consideration is equal to the sum of (i) $955.00 per $1,000.00 in principal amount of Notes validly tendered, or the “Tender Offer Consideration,” plus (ii) $50.00 per $1,000.00 in principal amount of the Notes validly tendered, or the “Early Tender Premium.”
The settlement date for the Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Time is expected to be November 19, 2020, the second business day after the Early Tender Time, assuming the satisfaction or waiver of certain conditions that are set forth in the offer to purchase, dated November 3, 2020 (the “Offer to Purchase”).
As of the Early Tender Time, the Company had been advised by D.F. King & Co., Inc., as the tender agent for the Tender Offer, that Holders of $145,075,229 aggregate principal amount of the outstanding Notes had validly tendered their Notes pursuant to the Tender Offer. The amount of Notes accepted for purchase from each tendering Holder will be determined by multiplying each Holder’s tender of the Notes by the proration factor, and rounding the product down to the nearest $1.00. The proration factor for the Tender Offer will be approximately 34.4649%.
The Company does not expect to accept for purchase any Notes tendered after the Early Tender Time because the aggregate principal amount of Notes tendered would result in an aggregate purchase price that exceeds the Tender Cap. The Tender Offer will expire at 11:59 p.m., New York City Time, on December 2, 2020 (such date and time, as it may be extended, the “Tender Offer Expiration Date”), unless earlier terminated.
For a complete statement of the terms and conditions of the Tender Offer, Holders should refer to the Offer to Purchase. Questions concerning the terms of the Tender Offer should be directed to Deutsche Bank Securities Inc., the Dealer Manager, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527.
D.F. King & Co., Inc. has been retained to serve as tender agent for the Tender Offer. Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. at (toll-free) (866) 751-6313 or (collect) (212) 269-5550 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
The Asset Sale Offer
The Asset Sale Offer commenced on November 3, 2020 and, prior to its termination by the Company, was scheduled to expire at 11:59 p.m., New York City time, on December 2, 2020, unless extended. Any Notes that were validly tendered and not validly withdrawn pursuant to the Asset Sale Offer will not be accepted for purchase, and will be returned to the tendering Holders promptly.
Questions and requests for assistance relating to the procedures for the return of Notes validly tendered and not withdrawn pursuant to the Asset Sale Offer, or for additional copies of the offer documents, including the Offer to Purchase for the Asset Sale Offer, should be directed to Wilmington Trust, National Association, the Depositary and Paying Agent, at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1615, Attention: WorkFlow Management, or DTC Desk (This email address is being protected from spambots. You need JavaScript enabled to view it.). Requests for assistance relating to the terms and conditions of the Asset Sale Offer should be directed to the Company at 6002 Rogerdale Road, Suite 600, Houston, TX 77072, Attention: Treasurer, Telephone: (713) 470-5300. Requests for additional copies of the offer documents may also be directed to your brokers, dealers, commercial banks or trust companies.
Concurrent Transactions
The Consent Solicitation, Tender Offer and Asset Sale Offer are three separate transactions. Each of the transactions was, and the Tender Offer is still, open to all Holders. Prior to the expiration of the Consent Solicitation and termination of the Asset Sale Offer, each Holder was free to participate in any of the Consent Solicitation, the Tender Offer and the Asset Sale Offer. Holders tendering Notes in the Tender Offer are not required to have provided a consent in the Consent Solicitation, and the Consent Solicitation was not conditioned on whether some, all or none of the Holders participated in the Tender Offer or the Asset Sale Offer. However, the acceptance of any tendered Notes and the payment of the Tender Offer Consideration or the Total Consideration, as applicable, was conditioned upon the receipt by the Company of the Requisite Consents to approve the Proposed Amendments on or before the Tender Offer Expiration Date, which has been satisfied. In addition, the Tender Offer is not conditioned upon any minimum principal amount of Notes being tendered. The Company has terminated the Asset Sale Offer, due to its receipt of the Requisite Consents of the Holders in the Consent Solicitation, the execution and delivery of the new Supplemental Indenture giving effect to the Proposed Amendments and the Company’s expectation that cash settlement for the Tender Cap aggregate principal amount of Notes that were validly tendered and not validly withdrawn pursuant to the Tender Offer on or prior to the Early Tender Time, applying the proration factor described above, will occur on or about November 19, 2020.
None of the Company, its subsidiaries or affiliates, the Solicitation Agent, the Dealer Manager, the Information Agent, the Tabulation and Payment Agent or the Depositary and Paying Agent is making any recommendation as to whether holders of the Notes should participate in the Tender Offer. Holders must make their own decision as to whether to participate in the Tender Offer. This press release is not a solicitation of consents with respect to the Notes and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Consent Solicitation was made solely by the Consent Solicitation Statement, which sets forth the complete terms of the Consent Solicitation. The Tender Offer is being made solely by the Offer to Purchase, which sets forth the complete terms of the Tender Offer. The Asset Sale Offer has been terminated and was made solely by the Offer to Purchase, dated November 3, 2020, which sets forth the complete terms of the Asset Sale Offer.
Cautionary Statement on Forward-Looking Language
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release provide other than historical information and are forward looking. The unfolding of future economic or business developments may happen in a way not as anticipated or projected by Tidewater and may involve numerous risks and uncertainties that may cause Tidewater’s actual achievement of any forecasted results to be materially different from that stated or implied in the forward-looking statement. Those risks and uncertainties, many of which are beyond the control of Tidewater, include, without limitation, fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our limited capital resources available to replenish our asset base, as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings; and. Readers should consider all of these risk factors, as well as other information contained in Tidewater’s Form 10-K and Form 10-Qs.
About Tidewater
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
To learn more, visit the Tidewater website at: www.tdw.com.
Jason Stanley
Vice President Investor Relations & ESG
+1-713-470-5292
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SOURCE: Tidewater Inc.
Ms. Poppe Brings Deep Industry Knowledge; Decades of Operational, Safety and Leadership Experience; and a Demonstrated Commitment to Clean Energy
SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) today announced the appointment of Patricia K. “Patti” Poppe as Chief Executive Officer and member of its Board of Directors as well as of the Board of Directors of Pacific Gas and Electric Company. Ms. Poppe currently serves as President and Chief Executive Officer of CMS Energy Corporation and its principal subsidiary, Consumers Energy Company, an investor-owned utility that provides electricity and natural gas to 6.7 million Michigan residents. She will take over from Interim PG&E CEO William “Bill” Smith on January 4, 2021.
“Patti is an exceptional leader with the experience, drive, and character to lead PG&E through its next chapter. She knows the utility industry top to bottom and has a deep understanding of what it takes to provide safe, reliable, affordable, and clean energy to millions of customers,” said Robert Flexon, Chairman of PG&E Corporation’s Board of Directors. “We all recognize that PG&E must continue to improve, adapt, and become more resilient to the changing climate. As the leader of Michigan’s largest utility, Patti has embraced technology and put the company on a course to achieving its ambitious clean energy goals while maintaining steady and safe performance, prioritizing customer service, and advancing workplace equity. We are delighted to welcome her to PG&E and look forward to working closely with her to meet the challenges ahead as we continue to enhance the company’s culture and improve its operations.”
Ms. Poppe was appointed President and CEO of CMS Energy and Consumers Energy in 2016 and has resigned with an effective date of December 1, 2020. Under her leadership, CMS Energy and Consumers Energy earned consistent industry recognition and maintained strong operational and financial performance. Ms. Poppe continuously prioritized safety, with safety incidents decreasing by 70% since 2008. In fact, in 2019, Consumers Energy was ranked top quartile by Edison Electric Institute’s utility standards in safety performance. Among her other achievements: Consumers Energy was ranked #1 overall in the Midwest Large Segment for the 2019 Gas Residential Customer Satisfaction Study by JD Power & Associates, and in 2019, customers saved nearly $600,000 on their energy bills through energy efficiency programs, boosting total customer savings to $3.1 billion since 2009.
Additionally, Ms. Poppe was ranked by Institutional Investor magazine as second of 44 utility CEOs and third of 47 utility CEOs for 2020 and 2021, respectively. Among other appointments, Ms. Poppe currently serves as a member of the Board of Directors and Executive Committee of both the Edison Electric Institute and the American Gas Association.
“I am honored by this appointment and look forward to working alongside PG&E’s 23,000 employees to deliver for our customers in Northern and Central California,” said Ms. Poppe. “As California’s largest utility, PG&E has the privilege of powering one of the world’s largest economies and the opportunity to help lead the state’s clean energy future. It also faces significant challenges. I am eager to get to know the PG&E team and to join in the critical work of strengthening PG&E for California’s next generation and earning back the community’s trust.”
During her tenure at CMS Energy and Consumers Energy, Ms. Poppe has been a leader in clean energy, developing a broad coalition of support and putting in place ambitious clean energy plans to reduce emissions, eliminate coal, and increase renewable energy. She has led a significant push into renewables as part of the integrated resource planning for Consumers Energy, including a net zero carbon target by 2040. She has also overseen substantial progress toward CMS Energy and Consumers Energy’s near-term goals to save water, reduce landfill waste, and protect, enhance or restore land.
Ms. Poppe’s championing of workplace equity has earned Consumers Energy significant recognition as an employer, including as the top employer for women in the utility industry (Forbes, 2020), as one of the top 50 employers for diversity (Forbes, 2020), as the top utility company in Michigan for diversity (Forbes, 2019), as the recipient of a Gold Veteran-Friendly Employer distinction (Michigan Veteran Affairs Agency, 2018), and as one of the top 50 globally in Military Times’ Best for Vets: Employers (2019).
Throughout her tenure at CMS Energy and Consumers Energy, Ms. Poppe developed strong working relationships with labor, a critical workforce that delivers for PG&E customers across the state. She also worked closely and collaboratively with Michigan regulators in mutual service for the people of Michigan, and will look to do the same at PG&E.
Prior to her role as President and CEO of CMS Energy, Ms. Poppe held other leadership positions in the utility, including Senior Vice President of Distribution Operations, Engineering and Transmission, with overall responsibility for Consumers Energy's electric and natural gas distribution systems, energy operations, and electric transmission. Her earlier roles at the utility focused on operations and customer experience.
Before joining CMS Energy, Ms. Poppe worked for DTE Energy for five years, first as a Power Plant Director, then as a Director of Regulated Marketing and Energy Optimization. Prior to her time at DTE, Ms. Poppe worked at General Motors for 15 years in various roles. Ms. Poppe holds bachelor’s and master’s degrees in industrial engineering from Purdue University, as well as a master’s degree in management from Stanford’s Graduate School of Business.
The PG&E Corporation Board of Directors appointed Ms. Poppe following a broad national search that looked at candidates both inside and outside of the utility and energy industries. The Board thoroughly evaluated candidates over the last several months.
“I have every confidence Patti will hit the ground running and lead PG&E forward,” said Bill Smith, PG&E Corporation’s Interim CEO. “She is incredibly smart, knows the operations side of this business, and brings to her work curiosity, dedication, and warmth. These qualities will serve her well as she brings PG&E into the future. I look forward to introducing Patti to our talented workforce, welcoming her to California, and working closely with her in the years ahead.”
Mr. Smith will remain on the PG&E Corporation and Pacific Gas and Electric Company Boards of Directors following Ms. Poppe’s arrival. Mr. Flexon added: “On behalf of the full Boards of Directors, I want to thank Bill for his service as interim CEO since earlier this year. His leadership has been invaluable in taking the company forward since emergence, and we are grateful his experience will continue to inform us as a member of the Boards.”
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity and is subject to separate laws, rules and regulations. For more information, visit pgecorp.com.
Investor Relations Contact: 415.972.7080
Media Inquiries Contact: 415.973.5930
www.pgecorp.com
ABERDEEN, Scotland--(BUSINESS WIRE)--
Highlights
For the three months ended September 30, 2020, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other events:
Financial Results Overview
Total revenues were $71.3 million for the three months ended September 30, 2020 (the “third quarter”) compared to $70.3 million for the three months ended June 30, 2020 (the “second quarter”). The increase was mainly related to one extra operational day during the third quarter compared to the second quarter and 100% utilization in the third quarter compared to 99.7% utilization in second quarter.
Vessel operating expenses for the third quarter of 2020 were $16.7 million, an increase of $3.6 million from $13.1 million in the second quarter of 2020. The increase is mainly due to higher crew expenses for the fleet in the third quarter related to crew changes and increased travel costs due to the COVID-19 pandemic and a claim of $0.6 million related to offhire for the Tordis Knutsen in the second quarter of 2019, which was claimed by the charterer this quarter.
General and administrative expenses were $1.3 million for the third quarter, which is unchanged from the second quarter.
Depreciation was $22.5 million for the third quarter, which is unchanged from the second quarter.
As a result, operating income for the third quarter was $30.9 million compared to $33.4 million in the second quarter.
Interest expense for the third quarter was $6.6 million, a decrease of $1.9 million from $8.5 million for the second quarter. The decrease was mainly due to lower LIBOR on average for all credit facilities.
Realized and unrealized gain on derivative instruments was $0.9 million in the third quarter, compared to a loss of $3.1 million in the second quarter. The unrealized non-cash element of the mark-to-market gain was $2.4 million for the third quarter of 2020 compared to a loss of $2.8 million for the second quarter of 2020. All of the unrealized gain for the third quarter of 2020 is related to a mark-to-market gain on interest rate swaps.
(1) EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
(2) Distribution coverage ratio is equal to distributable cash flow divided by distributions declared for the period presented.
As a result, net income for the third quarter of 2020 was $25.1 million compared to $21.7 million for the second quarter of 2020.
Net income for the third quarter of 2020 increased by $11.0 million to $25.1 million from net income of $14.1 million for the three months ended September 30, 2019. Operating income for the third quarter of 2020 decreased by $1.5 million to $30.9 million compared to operating income of $32.4 million in the third quarter of 2019, mainly due to higher operating cost on average for the fleet and the offhire-claim related to the Tordis Knutsen. Total finance expense for the third quarter of 2020 decreased by $12.5 million to $5.8 million compared to finance expense of $18.3 million for the third quarter of 2019. The decrease was mainly due to lower unrealized losses on derivative instruments and lower average interest costs due to a decrease in the US LIBOR rate.
Distributable cash flow was $28.9 million for the third quarter of 2020 compared to $30.7 million for the second quarter of 2020. The decrease in distributable cash flow is mainly due to higher crew expenses for the fleet in the third quarter related to crew changes and increased travel costs due to the COVID-19 pandemic and the offhire claim related to the Tordis Knutsen. This was partially offset by one extra operational day in the third quarter and lower interest expense on average due to a decrease in the US LIBOR rate during the third quarter. The distribution declared for the third quarter of 2020 was $0.52 per common unit, equivalent to an annualized distribution of $2.08.
COVID-19
The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, including the demand for oil and oil shipping, which may materially impact the Partnership’s operations and the operations of its customers and suppliers.
Although the Partnership’s operations have not been materially affected by the COVID-19 outbreak to date, the ultimate length and severity of the COVID-19 outbreak and its potential impact on the Partnership’s business, financial condition and results of operations remains uncertain at this time. The virus outbreak has increased uncertainty in a number of areas of the Partnership’s business, including operational, commercial and financial activities. Large scale distribution of a vaccine could mitigate some of these uncertainties going into 2021, but it remains too early to judge the effect of this development.
The Partnership’s focus continues to be on ensuring the health and safety of its employees while providing safe and reliable operations for its customers. All crew on board and staff onshore are taking precautions with respect to social distancing, personal hygiene and other measures and following all local guidelines and regulations to minimize the spread of the virus. To date, the Partnership has not had any material service interruptions on its vessels as a result of COVID-19 and none of its vessels are planned to drydock for the remainder of 2020.
Due to international travel restrictions, there have been challenges in respect of crew changes and maintenance support; however the Partnership has been able to carry out crew changes in both Europe and Brazil, crew changes continue to occur with regularity and maintenance has continued to be performed, or in some cases postponed, where it is safe and possible to do so. The majority of such difficulties continue to result from either local lockdowns or transportation or logistical restrictions. The Partnership has incurred higher crewing expenses to ensure appropriate mitigation actions are in place to minimize risks of outbreaks, but such costs to date remain within budget. The closure of, or restricted access to, ports and terminals in regions affected by the virus may lead to further operational impacts that result in higher costs. It is possible that an outbreak onboard a vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership’s obligations under its time charter contracts which in turn could result in off-hire or claims for the impacted period.
COVID-19 has placed downward pressure on economic activity and energy demand during 2020, and there remains significant uncertainty regarding near-term future oil demand and, therefore, shipping requirements. The fall in oil prices since the end of 2019 has caused many oil exploration and production companies, including certain of our customers, to cut their production forecasts for 2020 and beyond and / or reduce or delay planned future capital expenditures, particularly on new projects. This has had a small negative impact on the demand for shuttle tankers in the short term and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This could affect the number of new, long-term offshore projects and the overall outlook for oil production, which could eventually and in turn impact the demand and pricing for shuttle tankers. Furthermore, the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next two years.
Although the Partnership is exposed to the uncertainty of cash flows from its time charter contracts arising from the credit risk associated with the individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulates the Partnership from this risk in most scenarios. Notwithstanding, any extended period of non-payment or idle time between charters could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership’s time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.
COVID-19 has had a sustained impact on global capital and bank credit markets, affecting access, timing and cost of capital. The responses of governments around the world to manage the impact of the virus have led to lower interest rates and volatility in the prices of equities, bonds, commodities and their respective derivatives. The Partnership’s common unit price remains lower than the price at the start of 2020, mainly due to the impact of COVID-19 on the wider economy and sentiment in the energy and shipping sectors. In these current market conditions with lower unit prices, issuing new common equity is a less viable and more expensive option for accessing liquidity. The Partnership does not have long term debt maturing before August 2021. In the unlikely event that the Partnership is unable to obtain refinancing for this debt or other debt in the future, it may not have sufficient funds or other assets to satisfy all of its obligations, which would have a material adverse effect on its business, results of operations and financial condition.
Operational Review
The Partnership’s vessels operated throughout the third quarter of 2020 with 100% utilization for scheduled operations. All charter payments in respect of the quarter were received in accordance with the Partnership’s charter contracts.
The charterer of the Windsor Knutsen, a subsidiary of Shell, sent its notice of redelivery, which will result in the expiration of the charter on November 25, 2020. The Partnership is currently discussing new re-chartering opportunities for commencement in 2021. The Partnership is also seeking one or more short-term charters for the vessel in any intervening period. On this basis, and given available liquidity, the Partnership does not currently anticipate this expiration to have a material adverse effect on its financial position in 2020 or 2021.
Financing and Liquidity
As of September 30, 2020, the Partnership had $79.0 million in available liquidity, which consisted of cash and cash equivalents of $50.3 million and $28.7 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature in August 2021 and September 2023. The Partnership’s total interest-bearing debt outstanding as of September 30, 2020 was $941.5 million ($935.9 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the third quarter of 2020 was approximately 2.1% over LIBOR.
As of September 30, 2020, the Partnership had entered into various interest rate swap agreements for a total notional amount of $499.0 million to hedge against the interest rate risks of its variable rate borrowings. As of September 30, 2020, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.82% under its interest rate swap agreements, which have an average maturity of approximately 4.3 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of September 30, 2020, the Partnership’s net exposure to floating interest rate fluctuations on its outstanding debt was approximately $392.2 million based on total interest-bearing debt outstanding of $941.5 million, less interest rate swaps of $499.0 million and less cash and cash equivalents of $50.3 million. The Partnership’s outstanding interest-bearing debt of $941.5 million as of September 30, 2020 is repayable as follows:
(U.S. Dollars in thousands) |
Period
|
Balloon
|
Total |
||||||
Remaining 2020 |
$ |
24,586 |
|
|
— |
|
|
24,586 |
|
2021 |
86,546 |
95,811 |
182,357 |
||||||
2022 |
|
71,210 |
|
|
236,509 |
|
|
307,719 |
|
2023 |
55,535 |
202,185 |
257,720 |
||||||
2024 |
|
13,873 |
|
|
123,393 |
|
|
137,266 |
|
2025 and thereafter |
1,307 |
30,500 |
31,807 |
||||||
Total |
$ |
253,057 |
|
$ |
688,398 |
|
$ |
941,455 |
|
Distributions
On November 13, 2020, the Partnership paid a quarterly cash distribution of $0.52 per common unit with respect to the quarter ended September 30, 2020 to all common unitholders of record on October 30, 2020. On November 13, 2020, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended September 30, 2020 in an aggregate amount equal to $1.8 million.
Outlook
There are no dry dockings scheduled for any of the Partnership’s vessels during the fourth quarter of 2020, but the Partnership expects that its earnings for the fourth quarter of 2020 will be affected by reduced utilization of the Windsor Knutsen. Although the effect on earnings cannot yet be quantified with certainty, due to the limited time remaining in 2020 after the vessel is redelivered, the Partnership does not anticipate that there will be a material effect on its overall results in the fourth quarter or in the full year results for 2020.
The Partnership’s earnings for the first quarter of 2021 will be affected by the planned 10-year special survey dry docking of the Bodil Knutsen which will commence in mid-February and is expected to last approximately 30-32 days. During the dry-docking of the Bodil Knutsen a water treatment system will be installed to comply with IMO ballast water treatment regulations.
Any continuation of reduced utilization of the Windsor Knutsen may also affect the Partnership’s earnings in 2021, however the Partnership is in active discussion with potential charterers to secure either short-term interim charters for the vessel or long-term employment. No vessel in the Partnership’s fleet currently accounts for more than 10% of total EBITDA and, with available liquidity, the Partnership does not anticipate today that the current outlook in respect of the Windsor Knutsen will have a material adverse effect on the Partnership’s overall financial health in 2020 or 2021.
As of September 30, 2020, the Partnership’s fleet of sixteen vessels had charters with an average remaining fixed duration of 2.2 years. In addition, the charterers of the Partnership’s time charter vessels have options to extend their charters by an additional 3.9 years on average. As of September 30, 2020, the Partnership had $585 million of remaining contracted forward revenue, excluding options.
In September 2020, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) took delivery of the first of two newbuildings that will be chartered to Equinor. The first vessel, Tove Knutsen, is estimated to arrive in Brazil in late November and will commence on a 7-year time charter contract. Equinor has the option to extend the Tove Knutsen charter for up to 20 years.
Tove Knutsen’s sister vessel, Synnøve Knutsen, was delivered to Knutsen NYK from the yard in October 2020 and is currently on its positioning voyage for operation in Brazil. It is estimated to arrive in Brazil in December 2020.
Knutsen NYK has five additional newbuildings under construction, all of which are under contract for long-term charter.
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK.
The Board believes that demand for existing and for newbuild shuttle tankers will continue to be driven over the long term based on the requirement to replace older tonnage in the North Sea and Brazil and from further expansion of deep and ultra-deep water offshore oil production in areas such as Pre-salt Brazil and the Barents Sea.
Following announcements made in 2020 by many of the large oil exploration and production companies with respect to near-term capital expenditure cuts, the Board expects that these decisions will cause some new developments in Brazil and the North Sea to be delayed by 12 – 24 months. Because of the relatively low costs of production in these areas, it is not expected that these projects will be cancelled and this assertion is supported by the announcements made by many of the license holders and operators of the fields in question.
As a result, the Board remains positive with respect to the mid to long term outlook for the growth in demand for shuttle tankers and the opportunities that this will present for the Partnership, while at the same time acknowledging some continuing near-term uncertainty, which may continue through 2021. However the Board is confident today that the Partnership is sufficiently experienced and well-placed to navigate through these headwinds.
About KNOT Offshore Partners LP
KNOT Offshore Partners owns operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners owns and operates a fleet of sixteen offshore shuttle tankers with an average age of 7.2 years.
KNOT Offshore Partners is structured as a publicly traded master limited partnership. KNOT Offshore Partners’ common units trade on the New York Stock Exchange under the symbol “KNOP.”
The Partnership plans to host a conference call on Thursday, November 19, 2020 at 11 AM (Eastern Time) to discuss the results for the third quarter of 2020, and invites all unitholders and interested parties to listen to the live conference call by choosing from the following options:
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three Months Ended |
Nine Months Ended |
|||||||||
(U.S. Dollars in thousands) |
|
September 30,
|
|
June 30,
|
|
September 30,
|
September 30,
|
September 30,
|
|||
Time charter and bareboat revenues |
|
$ |
71,241 |
$ |
70,250 |
$ |
70,983 |
$ |
208,717 |
$ |
212,439 |
Other income (1) |
39 |
|
9 |
|
26 |
646 |
41 |
||||
Total revenues |
|
|
71,280 |
|
70,259 |
|
71,009 |
|
209,363 |
|
212,480 |
Vessel operating expenses |
16,694 |
13,112 |
14,971 |
45,440 |
44,728 |
||||||
Depreciation |
|
|
22,453 |
|
22,451 |
|
22,430 |
|
67,277 |
|
67,290 |
General and administrative expenses |
1,258 |
1,337 |
1,190 |
3,982 |
3,752 |
||||||
Total operating expenses |
|
|
40,405 |
|
36,900 |
|
38,591 |
|
116,699 |
|
115,770 |
Operating income |
|
30,875 |
|
33,359 |
32,418 |
92,664 |
|
96,710 |
|||
Finance income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
— |
3 |
225 |
121 |
696 |
||||||
Interest expense |
|
|
(6,558) |
|
(8,512) |
|
(12,459) |
|
(25,532) |
|
(39,302) |
Other finance expense |
(195) |
(199) |
(258) |
(502) |
(662) |
||||||
Realized and unrealized gain (loss) on derivative instruments (2) |
|
|
858 |
|
(3,092) |
|
(5,749) |
|
(25,924) |
|
(21,996) |
Net gain (loss) on foreign currency transactions |
97 |
127 |
(29) |
(200) |
(247) |
||||||
Total finance expense |
|
|
(5,798) |
|
(11,673) |
|
(18,270) |
|
(52,037) |
|
(61,511) |
Income (loss) before income taxes |
25,077 |
21,686 |
14,148 |
40,627 |
35,199 |
||||||
Income tax benefit (expense) |
|
|
(1) |
|
(3) |
|
— |
|
(7) |
|
(6) |
Net income (loss) |
|
25,076 |
|
21,683 |
|
14,148 |
40,620 |
|
35,193 |
||
Weighted average units outstanding (in thousands of units): |
|
|
|
|
|
|
|
|
|
|
|
Common units |
32,694 |
32,694 |
32,694 |
32,694 |
32,694 |
||||||
General Partner units |
|
|
615 |
|
615 |
|
615 |
|
615 |
|
615 |
| (1) | Other income for the nine months ended September 30, 2020 is mainly related to cargo carried from Brazil to Europe on the drydocking voyage for the Raquel Knutsen scheduled drydocking. As a result, the Partnership received $0.6 million for this extra voyage and the additional revenue has been classified as other income. |
|
| (2) | Realized gains (losses) on derivative instruments relate to amounts the Partnership actually received (paid) to settle derivative instruments, and the unrealized gains (losses) on derivative instruments related to changes in the fair value of such derivative instruments, as detailed in the table below: |
Three Months Ended |
Nine Months Ended |
||||||||||||||
(U.S. Dollars in thousands) |
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
Realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
$ |
(1,521) |
$ |
(191) |
$ |
969 |
$ |
(1,509) |
$ |
3,215 |
|||||
Foreign exchange forward contracts |
|
|
— |
|
|
(109) |
|
|
(206) |
|
|
(109) |
|
|
(1,652) |
Total realized gain (loss): |
|
(1,521) |
|
(300) |
|
763 |
(1,618) |
|
1,563 |
||||||
Unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
2,379 |
(3,457) |
(5,560) |
(24,059) |
(24,178) |
||||||||||
Foreign exchange forward contracts |
|
|
— |
|
|
665 |
|
|
(952) |
|
|
(247) |
|
|
619 |
Total unrealized gain (loss): |
|
2,379 |
|
(2,792) |
|
(6,512) |
(24,306) |
|
(23,559) |
||||||
Total realized and unrealized gain (loss) on derivative instruments: |
|
$ |
858 |
|
$ |
(3,092) |
|
$ |
(5,749) |
|
$ |
(25,924) |
|
$ |
(21,996) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(U.S. Dollars in thousands) |
At September 30, 2020 |
At December 31, 2019 |
||||
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|||
Cash and cash equivalents |
|
$ |
50,293 |
|
$ |
43,525 |
Amounts due from related parties |
|
1,938 |
2,687 |
|||
Inventories |
|
|
2,066 |
|
|
2,292 |
Derivative assets |
— |
920 |
||||
Other current assets |
|
|
4,457 |
|
|
3,386 |
Total current assets |
|
|
58,754 |
|
52,810 |
|
|
|
|
|
|
|
|
Long-term assets: |
|
|
|
|||
Vessels, net of accumulated depreciation |
|
|
1,613,264 |
|
|
1,677,488 |
Right-of-use assets |
1,373 |
1,799 |
||||
Intangible assets, net |
|
|
832 |
|
|
1,286 |
Derivative assets |
|
— |
648 |
|||
Accrued income |
|
|
3,146 |
|
|
3,976 |
Total Long-term assets |
|
1,618,615 |
|
1,685,197 |
||
Total assets |
|
$ |
1,677,369 |
|
$ |
1,738,007 |
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
3,004 |
|
$ |
2,730 |
Accrued expenses |
|
|
4,181 |
|
|
6,617 |
Current portion of long-term debt |
|
|
108,557 |
|
|
83,453 |
Current lease liabilities |
592 |
572 |
||||
Current portion of derivative liabilities |
|
|
7,451 |
|
|
910 |
Income taxes payable |
|
9 |
98 |
|||
Current portion of contract liabilities |
|
|
1,518 |
|
|
1,518 |
Prepaid charter |
|
5,264 |
6,892 |
|||
Amount due to related parties |
|
|
1,673 |
|
|
1,212 |
Total current liabilities |
|
|
132,249 |
|
104,002 |
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|||
Long-term debt |
|
|
827,353 |
|
|
911,943 |
Lease liabilities |
780 |
1,227 |
||||
Derivative liabilities |
|
|
21,328 |
|
|
5,133 |
Contract liabilities |
|
2,548 |
3,685 |
|||
Deferred tax liabilities |
|
|
333 |
|
|
357 |
Total long-term liabilities |
|
852,342 |
|
922,345 |
||
Total liabilities |
|
|
984,591 |
|
|
1,026,347 |
Commitments and contingencies |
|
|
|
|||
Series A Convertible Preferred Units |
|
|
89,264 |
|
|
89,264 |
Equity: |
|
|||||
Partners’ capital: |
|
|
|
|
|
|
Common unitholders |
|
592,708 |
611,241 |
|||
General partner interest |
|
|
10,806 |
|
|
11,155 |
Total partners’ capital |
|
603,514 |
|
622,396 |
||
Total liabilities and equity |
|
$ |
1,677,369 |
|
$ |
1,738,007 |
Questions should be directed to:
Gary Chapman (+44 7496 170 620)
DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Nuclear Magnetic Resonance Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas nuclear magnetic resonance (NMR) market is expected to grow at CAGR of more than 5% during the forecast period of 2020-2025.
Companies Mentioned
Key Market Trends
Onshore Sector to Dominate the Demand
NMR is a type of log that provides information about the quantities of fluids present, the properties of these fluids, and the sizes of the pores containing these fluids.
North America to Dominate the Market
The United States was one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Offshore
5.1.2 Onshore
5.2 Geogrpahy
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Middle-East and Africa
5.2.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 Vista Clara Inc
6.3.4 Baker Hughes Company
6.3.5 Qteq Pty Ltd
6.3.6 Mount Sopris Instruments Inc.
6.3.7 Schlumberger Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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LONDON--(BUSINESS WIRE)--#CarbonCaptureandStorageMarket--According to the latest report published by Technavio, the carbon capture and storage market size is poised to grow by 39.94 million tons during 2020-2024, decelerating at a CAGR of over 16% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment facing direct and indirect COVID-19 impact.
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Market Competitive Analysis:
The market is fragmented due to the presence of carbon capture and storage manufacturing companies. Air Products and Chemicals Inc., Babcock & Wilcox Enterprises Inc., and Chevron Corp. are some of the major market participants.
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This report provides information on the production, sustainability, and prospects of several leading companies, including:
Global Carbon Capture and Storage Market: COVID-19 Impact Analysis
Market Impact:
As the business impact of COVID-19 spreads, the global carbon capture and storage market 2020-2024 is expected to have negative and inferior growth.
Industry Impact:
The utilities industry is expected to have a negative impact due to the spread of the COVID-19 virus. The utilities market will have an indirect impact due to the spread. Even if the spread of the virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
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Key Highlights of the Report for 2020-2024:
Download a free sample of the report with COVID-19 crisis and recovery analysis.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application by Volume
Market Segmentation by Technology by Volume
Market Segmentation by End-user by Volume
Market Segmentation by Transportation by Volume
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
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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--(BUSINESS WIRE)--#BillGross--AirMiners:
WHAT/WHO |
A very special AirMiners event. AirMiners’ mission is to connect technologists and entrepreneurs in carbon removal. We’re pleased to host Bill Gross of Idealab, widely recognized for his work in leveraging technology to support humanity’s transition to clean energy. |
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WHEN |
Wed, Nov 18, 2020
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HOW |
To attend, register here. After the event, watch the recording here. |
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WHERE |
Tito Jankowski from AirMiners will interview Bill about his interest in carbon removal, his new startup, Carbon Capture, and future prospects for the carbon capture industry. Additionally, we will broadcast this via EarthX TV! |
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WHY |
As one of the most creative people in business today, Bill has a long history of seeing what’s next for how key technological innovations come to light to solve for our most pressing problems. Bill’s interest in carbon removal signals a key inflection point in the development of an industry aiming to draw down one trillion tons of carbon from the atmosphere. |
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Miss the event? Click here to access replay. |
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About AirMiners
AirMiners is the place for entrepreneurs, engineers, and scientists, and designers working to extract carbon from the air. It exists to support the global carbon negative community with networking, education, inspiration and access to funding. AirMiners recently announced the AirMiners Accelerator to help entrepreneurs succeed with carbon removal innovations. To find out more about AirMiners, follow on Twitter @airminers or our LinkedIn.
About Idealab
Founded in 1996 by Bill Gross, Idealab is the world’s leading and longest running technology incubator. The company’s mission is to create and operate pioneering technology companies. During its more than two decades, Idealab has started more than 150 companies, created more than 10,000 jobs, and had more than 45 successful IPOs and acquisitions. Companies started by Idealab have raised more than $3.5 billion. The current Idealab portfolio includes companies innovating in sectors ranging from cleantech, artificial intelligence, robotics, and autonomous mobility to enterprise software.
About EarthX
EarthX convenes the world's largest environmental expo, conference and film festival, and is a member of IUCN, International Union for Conservation of Nature. EarthxTV, launched Fall of 2020 is a web-based platform for balanced, inclusive environmental conversations, programs, emerging media and films. Founded in 2011 by environmentalist and businessman Trammell S. Crow, the Texas-based 501(c)(3) nonprofit organization promotes environmental awareness and impact through conscious business, nonpartisan collaboration and community-driven sustainable solutions. Earthx2020 was held virtually in April and drew over 550,000 visitors worldwide. Visit www.EarthX.org or follow us @earthxorg on Instagram, Twitter and Facebook.
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LONDON--(BUSINESS WIRE)--#GlobalSolarStreetLightingMarket--Technavio has been monitoring the solar street lighting market and it is poised to grow by USD 3.77 billion during 2020-2024, progressing at a CAGR of almost 11% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download Latest Free Sample Report 2020 - 2024
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis.
Frequently Asked Questions:
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Anhui Longvolt Energy Co., Ltd., BISOL Group, d.o.o. , Bridgelux Inc., Carmanah Technologies Corp., DragonsBreathSolar Ltd., EnGoPlanet Energy Solutions Inc., Exide Industries Ltd., Havells India Ltd., Signify NV, and Urja Global Ltd. are some of the major market participants. The decreasing cost of solar PV systems will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Solar Street Lighting Market 2020-2024: Segmentation
Solar Street Lighting Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR45611
Solar Street Lighting Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The solar street lighting market report covers the following areas:
This study identifies the adoption of energy-efficient lighting technologies as one of the prime reasons driving the Solar Street Lighting Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Solar Street Lighting Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
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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TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) today announced that it will participate in the 2020 RBC Midstream Energy Virtual Conference on November 18 and 19, 2020. Members of NGL’s management team will be participating in a series of virtual meetings with members of the investment community.
NGL’s slide presentation referenced at the Conference is available on NGL’s website at www.nglenergypartners.com on the “Presentations” sub-tab under the “Investor Relations” section.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
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HENGELO, the Netherlands--(BUSINESS WIRE)--Damen Schelde Naval Shipbuilding and Thales signed on November 17, 2020, the contract for the delivery and full integration of Thales’s Mission and Combat System for the four MKS 180 class frigates contracted by the German Navy. The system will be designed by Damen and completely built by German shipyards, under Damen’s project management.
Valued at €1.5B, the contract illustrates Thales’s leading position in naval global integration. It will be executed by Thales’s naval Centers of Excellence in Hengelo (the Netherlands), Kiel and Wilhelmshaven (Germany) in cooperation with a substantial number of German subcontractors.
Underpinning this contract is the proven cooperation of German and Dutch naval industries, including numerous joint opportunities for Damen and Thales in the Netherlands to innovate within naval shipbuilding projects, often with the participation of the Netherlands’ Ministry of Defence. The project underscores Damen’s and Thales’s ambition to build further cooperation with shipyards and partnering industries in high-end European naval programmes.
Thales’s Mission and Combat System includes the comprehensive Tacticos Combat Management System and the AWWS (Above Water Warfare System) Fire Control Cluster. The contract includes four ship systems, logistic services and multiple land-based test and training sites, as well as the option for one or two additional ships.
AWWS is a cutting-edge warfare suite that helps the ship crews to counter and neutralise complex saturation attacks by continuously analysing and optimising the tactical environment and deployment of resources. AWWS will be combined with APAR* Bl2, the evolved version of Thales’s proven AESA* multifunction radar. In 2019, Thales signed an AWWS development contract for the new M-frigates for the Belgian and Dutch Navies.
In the past years, Thales has been awarded several large contracts by European NATO navies, thanks to innovative solutions and its proven reliability as an industrial partner. These contracts have made Thales the de facto naval combat system partner of NATO.
The first ship of the MKS 180 class will be operational in 2028. The entire programme will run for over ten years.
“Winning such a substantial contract within the strict framework of an objective scoring system reinforces our global leading position in high-end naval integration. Thanks to our innovative capabilities, the German Navy will be able to execute both current and future tasks whilst substantially contributing to stability in the operational theatres all over the world.” Gerben Edelijn, CEO of Thales Netherlands.
“As a partner in the MKS 180 programme, Thales Deutschland not only contributes to a high German value-added share, but also brings many years of experience in European cooperation and proven systems expertise. This programme will create new, high-quality jobs in Germany, within an exemplary framework of European defence cooperation. We will also contribute to maintaining the German Navy's operational capability at the highest level within the alliance,” Dr. Christoph Hoppe, CEO of Thales Deutschland.
“We are very honoured by this notification which further solidifies our long-standing cooperation with the German Navy and Damen. We sincerely thank our customers for their continued trust. This huge contract anchors our position as global leader in high-end naval systems integration. The German Navy will benefit from cutting-edge technological systems thanks to the diversity of talents at Thales”. Patrice Caine, Chairman and CEO of Thales.
* APAR: Active Phased Array Radar
* AESA: Active Electronically Scanned Array
About Thales
Thales (Euronext Paris: HO) is a global technology leader shaping the world of tomorrow today. The Group provides solutions, services and products to customers in the aeronautics, space, transport, digital identity and security, and defence markets. With 83,000 employees in 68 countries, Thales generated sales of €19 billion in 2019 (on a pro forma basis including Gemalto over 12 months).
Thales is investing in particular in digital innovations — connectivity, Big Data, artificial intelligence and cybersecurity — technologies that support businesses, organisations and governments in their decisive moments.
Thales in the naval domain
With more than 50 years of experience as a provider of naval equipment, systems and services, Thales offers naval forces around the world unrivalled expertise and proven operational benefits. Thales understands how naval and maritime affairs are evolving today, and leverages those insights to help ensure the success of a broad range of naval missions around the world. Thales air defence, surface defence, anti-submarine warfare and maritime safety & security systems are now in service with more than 50 navies.
Thales in the Netherlands
In the Netherlands, Thales employs about 2.200 staff members in Hengelo, Enschede, Huizen, Delft, The Hague and Eindhoven. They are contributing to the development, production and integration of complex systems for defence, transport and security. such as Command & Control, public transport chipcard, communication systems and cyber security.
Thales in Germany
Thales Deutschland is one of the largest national subsidiaries of the Thales group and employs 3,800 persons at 11 locations and carries out its own manufacturing and development. In 2019, Thales Deutschland generated sales of EUR 1.2 billion, predominantly German value added. Thales Deutschland, an integrated German electronics corporation and systems house, is a model of German engineering tradition. As a recognized member of Germany's high-tech industry, Thales Deutschland offers its customers at home and abroad state-of-the-art, highly secure and ultra-reliable communications, information and control systems, as well as services for secure ground, air and sea transportation, for both civilian and military security and protection needs. In addition, Thales Deutschland has a comprehensive portfolio of IT solutions for cyber security.
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HOUSTON--(BUSINESS WIRE)--NexTier Oilfield Solutions Inc. (NYSE: NEX) (“NexTier”) and National Oilwell Varco, Inc. (NYSE: NOV) (“NOV”) today announced that the two companies recently entered into an agreement to collaboratively field test NOV’s electric fracturing system known as the Ideal™ eFrac fleet.
The Ideal eFrac fleet provides efficient, environmentally conscious hydraulic fracturing capabilities that dramatically reduce emissions, equipment, and complexity at the well site.
Under the terms of the agreement, NexTier and NOV will collaborate to test the operational capability of the Ideal eFrac prototype in the field and under normal operating conditions. The agreement provides NexTier the option to transform from the test phase to the future purchase of the first Ideal eFrac fleet manufactured by NOV.
“NexTier is excited to partner with a company the caliber of NOV as we explore potential additional wellsite emissions reducing technologies to complement our market leading dual fuel gas powered fleet,” said Robert Drummond, President and Chief Executive Officer of NexTier. “This partnership to test NOV’s advanced eFrac technology progresses our journey of identifying the best solutions for NexTier and its customers, and evidences our commitment to further reducing our carbon footprint. By aligning with a quality partner like NOV and its Ideal technology, we have the ability to significantly lower the risk associated with next generation eFrac adoption and its deployment. We are proud of our progress and commitment to provide innovative solutions for the benefit of customers, employees, communities and investors.”
“We appreciate the opportunity to advance our Ideal e-Frac technology with the help of the team at NexTier, a leading provider of completions services to the oil and gas industry,” said Clay Williams, President and Chief Executive Officer of NOV. “NexTier is helping make completions technologies cleaner, quieter, and more efficient, which are solutions that oil and gas producers increasingly prefer. Utilizing abundant natural gas to generate electricity, and applying NOV’s technology to drive clean, quiet operations, further strengthens NexTier’s position as an industry leader.”
About NexTier Oilfield Solutions
Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across the most active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation. At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy.
About NOV
NOV is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world. Visit www.nov.com for more information. Information on the Company’s website is not part of this release.
NexTier Investor Contact:
Kenneth Pucheu
Executive Vice President - Chief Financial Officer
(713) 325-6000
NOV Investor Contact:
Blake McCarthy
(713) 815-3535
LONDON--(BUSINESS WIRE)--#CorrosionResistantAlloysMarket--Technavio has been monitoring the corrosion resistant alloys market and it is poised to grow by USD 2.61 billion during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download Latest Free Sample Report on COVID-19 Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AMG Advanced Metallurgical Group NV, Berkshire Hathaway Inc., Carpenter Technology Corp., Corrotherm International Ltd., Eramet Group, Haynes International Inc., Hitachi Ltd., Mitsubishi Corp., Nippon Steel Corp., and Tenaris SA are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Growing shale gas exploration has been instrumental in driving the growth of the market. However, fluctuation in raw material prices might hamper the market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts
Corrosion Resistant Alloys Market 2020-2024: Segmentation
Corrosion Resistant Alloys Market is segmented as below:
Corrosion Resistant Alloys Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The corrosion resistant alloys market report covers the following areas:
This study identifies the growing demand for corrosion resistant alloy as one of the prime reasons driving the Corrosion Resistant Alloys Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Corrosion Resistant Alloys Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus 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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Growing specialty materials portfolio addresses sustainable POM product options
DALLAS--(BUSINESS WIRE)--$CE #Celanese--Demand for materials with renewable content and lower environmental impact is growing across customer segments. Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today launched a sustainable polyacetal (POM) product offering known as POM ECO-B to support the growing demand.
POM ECO-B allows customers to realize reduction in carbon dioxide emission in their end-use products and advance toward their renewable content goals. Celanese believes that this offering has a strong value proposition for customers in the automotive, consumer products and medical device industries where footprint reduction or renewable content is important.
Celanese’s POM ECO-B contains up to 97% bio-content via a mass-balance approach as certified by the International Sustainability and Carbon Certification (ISCC+). It reduces carbon dioxide footprint per kilogram of POM polymer by more than half without any impact on properties or need for requalification.
“Celanese is committed to enhancing our specialty materials product offerings and capabilities through ongoing investments in sustainable product developments. Today’s launch of Celanese POM ECO-B is yet another example of our focus on developing functionalized grades that meet rigorous technical specifications while offering eco-friendly content options for customers,” said Tom Kelly, Senior Vice President, Engineered Materials, Celanese.
Product Availability & Contacts
To further discuss POM ECO-B, please reach out to a Celanese commercial representative via the following regional email contacts:
For more information on product features and benefits, please visit the following website: https://www.celanese.com/engineered-materials/products/Hostaform-POM--Celcon-POM/hostaform-pom-eco-b.
For additional information regarding Celanese’s sustainability efforts and products, visit https://www.celanese.com/sustainability/.
About Celanese
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2019 net sales of $6.3 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from the forward-looking statements contained in this release. Risk factors include those that are discussed in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
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Henkel is taking real, science-based, high-impact actions, including deploying renewable energy, investing in sustainable buildings, and mobilizing supply chains to tackle climate change
Signify, which already achieved carbon neutrality earlier this year, is joining The Climate Pledge to collaborate with other signatories and share best practices
The Climate Pledge, a commitment co-founded by Amazon and Global Optimism, calls on signatories to take urgent action to meet the Paris Agreement 10 years early
SEATTLE--(BUSINESS WIRE)--Today, Amazon (NASDAQ: AMZN) and Global Optimism announced that Henkel has joined The Climate Pledge, a commitment to be net-zero carbon by 2040—a decade ahead of the Paris Agreement’s goal of 2050. Signify, which already achieved carbon neutrality earlier this year, is also joining The Climate Pledge to collaborate with other signatories and share best practices.
Signatories to The Climate Pledge agree to:
“By signing The Climate Pledge, companies around the world are taking collective action to protect our planet from the catastrophic impacts of climate change,” said Jeff Bezos, Amazon founder and CEO. “We welcome Henkel as they join us in our commitment to be net-zero carbon by 2040, a decade ahead of the Paris Agreement. We are also excited for Signify, which achieved carbon neutrality earlier this year, to join The Climate Pledge with the goal of collaborating with other signatories and sharing best practices. These companies are demonstrating important leadership as they help us accelerate the transition to a low-carbon economy and protect the planet for future generations.”
Henkel’s commitment to leadership in sustainability has been embedded in its corporate culture for decades. The company has been working closely with Amazon to promote sustainable innovation—for example, to enhance customer experience through new and sustainable packaging. Henkel’s long-term goal is to become climate-positive by 2040. In the near term, the company plans to reduce the carbon footprint of its production by 65% by 2025 and 75% by 2030. By 2030, 100% of the electricity Henkel uses to power its operations will come from renewable sources. And by 2040, Henkel aims to have converted all remaining fossil fuels used in production to climate-neutral alternatives and supply surplus carbon-neutral energy to third parties. In addition, Henkel wants to leverage its brands and technologies to help customers, consumers, and suppliers save 100 million tons of CO2 in a ten-year period from 2016 to 2025.
"Climate change is a global challenge, which requires our collective action. At Henkel, we want to make a positive contribution to protecting the climate. Based on our achievements to date and in line with our ambitions for the coming years, we are pleased to join and support The Climate Pledge," said Henkel CEO Carsten Knobel. “Together with Amazon, Global Optimism, and the other signatories, we are committed to drive tangible progress and jointly take action to limit global warming.”
Signify, the world leader in lighting, is another new member of The Climate Pledge. At the United Nations Climate Change Conference (COP 21), in Paris, in December 2015, Signify committed to achieve carbon neutral operations in 2020. Last September, it announced that it had reached this milestone and plans to double its positive impact on the environment and society by 2025. Signify will join The Climate Pledge to share its experience, and to help and encourage other signatories to advance their own carbon reduction programs.
“We are pleased to join The Climate Pledge community as it mobilizes companies to meet the goals of the Paris Agreement 10 years early,” said Harry Verhaar, Signify Head of Global Public and Government Affairs. “We are committed to sharing best practices with other companies from our own journey to carbon neutrality in 2020, and to ramp up our positive impact on the environment and society.”
“The Paris Agreement set out a unifying roadmap for all countries, all companies, and all people to address the climate crisis by taking actions to ensure we do not exceed 1.5C in global warming,” said Christiana Figueres, the UN’s former climate change chief, now founding partner of Global Optimism. “By joining The Climate Pledge, these companies are demonstrating both their ambitions for the future and for recovery now. Their actions and investments are creating sorely needed jobs, spurring innovation, regenerating the natural environment, and helping their consumers to buy more sustainable products. The growing collective of companies joining The Climate Pledge, acting in accordance with science, is cause for optimism.”
Last year, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. Amazon was the first signatory and thirteen organizations have now signed The Climate Pledge including: Amazon, Best Buy, Henkel, Infosys, McKinstry, Mercedes-Benz, Oak View Group, Real Betis, Reckitt Benckiser, Schneider Electric, Siemens, Signify, and Verizon—sending an important signal that there will be rapid growth in demand for products and services that help reduce carbon emissions.
About Henkel
Henkel operates globally with a well-balanced and diversified portfolio. The company holds leading positions with its three business units in both industrial and consumer businesses thanks to strong brands, innovations and technologies. Henkel Adhesive Technologies is the global leader in the adhesives market – across all industry segments worldwide. In its Laundry & Home Care and Beauty Care businesses, Henkel holds leading positions in many markets and categories around the world. Founded in 1876, Henkel looks back on more than 140 years of success. In 2019, Henkel reported sales of more than 20 billion euros and adjusted operating profit of more than 3.2 billion euros. Henkel employs more than 52,000 people globally – a passionate and highly diverse team, united by a strong company culture, a common purpose to create sustainable value, and shared values. As a recognized leader in sustainability, Henkel holds top positions in many international indices and rankings. Henkel’s preferred shares are listed in the German stock index DAX. For more information, please visit www.henkel.com.
About Signify
Signify (Euronext: LIGHT) is the world leader in lighting for professionals and consumers and lighting for the Internet of Things. Our Philips products, Interact connected lighting systems and data-enabled services, deliver business value and transform life in homes, buildings and public spaces. With 2019 sales of EUR 6.2 billion, we have approximately 37,000 employees and are present in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We achieved carbon neutrality in 2020 and have been named Industry Leader in the Dow Jones Sustainability Index for three years in a row. News from Signify is located at the Newsroom, Twitter, LinkedIn and Instagram. Information for investors can be found on the Investor Relations page.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
Amazon.com, Inc.
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HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) announced today that its Board of Directors has declared a quarterly cash dividend of $0.105 per share of Class A common stock, to be paid on December 7, 2020 to holders of record as of November 27, 2020. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.
Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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Solaris Oilfield Infrastructure, Inc.
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