DUBLIN--(BUSINESS WIRE)--The "Carbon Black (BC): 2020 World Market Outlook and Forecast up to 2029 (with COVID-19 Impact Estimation)" report has been added to ResearchAndMarkets.com's offering.
The report is an essential resource for a one looking for detailed information on the world carbon black market. The report covers data on global, regional and national markets including present and future trends for supply and demand, prices, and downstream industries.
In addition to the analytical part, the report provides a range of tables and figures which all together give a true insight into the national, regional and global markets for carbon black.
Report Scope
COVID-19 IMPACT ESTIMATION
Key Topics Covered:
1. INTRODUCTION: CARBON BLACK PROPERTIES AND USES
2. CARBON BLACK MANUFACTURING PROCESSES
3. CARBON BLACK WORLD MARKET
3.1. World carbon black capacity
3.2. World carbon black production
3.3. Carbon black consumption
3.4. Carbon black global trade
3.5. Carbon black prices in the world market
4. CARBON BLACK REGIONAL MARKETS ANALYSIS
Each country section comprises the following parts:
4.1. Carbon black European market analysis
Countries covered:
4.2. Carbon black Asia Pacific market analysis
Countries included:
4.3. Carbon black North American market analysis
Countries under consideration:
4.4. Carbon black Latin American market analysis
Countries included:
4.5. Carbon black Middle East market analysis
Countries examined:
5. CARBON BLACK MARKET PROSPECTS
5.1. Carbon black capacity and production forecast up to 2029
5.2. Carbon black consumption forecast up to 2029
5.3. Carbon black market prices forecast up to 2029
6. KEY COMPANIES IN THE CARBON BLACK MARKET WORLDWIDE
7. CARBON BLACK END-USE SECTOR
7.1. Consumption by application
7.2. Downstream markets review and forecast
For more information about this report visit https://www.researchandmarkets.com/r/g9jkk5
ResearchAndMarkets.com
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation today announced a contribution of $250,000 from the Chevron Global Community Fund to the American Red Cross to support relief efforts for wildfires in California.
“Our thoughts are with those impacted by the overwhelming effects of this situation and the people on the front lines battling to contain and extinguish the fires,” said Dale Walsh, vice president of corporate affairs for Chevron. “This donation reflects our ongoing commitment to help people in the communities where we do business during challenging times.”
Chevron has operated in California for more than 140 years. The company will also match any qualifying donations to wildfire relief efforts made by employees and retirees. The company has also previously committed $2 million to the California Fire Foundation (CFF) for a four-year program to support CFF’s direct victim assistance program, Supplying Aid to Victims of Emergency (SAVE).
Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Sean Comey, +1-925-842-5509
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced that it intends to offer, subject to market and other conditions, $1.0 billion aggregate principal amount of Senior Secured Notes due 2028 (the “Cheniere Notes”).
Cheniere intends to use the proceeds from its inaugural offering to prepay a portion of the outstanding indebtedness of Cheniere under the 3-year $2.695 billion delayed draw term loan credit facility Cheniere entered into in June 2020 and subsequently partially repaid and reduced to $2.595 billion, and to pay related fees, expenses and other amounts owing in connection therewith.
The offer of the Cheniere Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the Cheniere Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the outbreak of COVID-19 and its impact on Cheniere’s business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS) (the “Offeror”), a leading provider of flow control products and services for the global infrastructure markets, announced an offer to purchase for cash (such offer, the “Offer”) any and all of its outstanding 1.250% Senior Notes due March 17, 2022 (the “Notes”) from the holders of the Notes (each, a “Noteholder” and, collectively, the “Noteholders”). On the terms and subject to the conditions set out in the Tender Offer Memorandum dated September 14, 2020 (as it may be supplemented or amended from time to time) (the “Tender Offer Memorandum”), including the accompanying notice of guaranteed delivery (the “Notice of Guaranteed Delivery”), including the satisfaction (or waiver) of the New Issue Condition (as described herein), the Offeror launched an invitation to the Noteholders (subject to the “Offer and Distributions Restrictions” in the Tender Offer Memorandum) to tender their Notes for purchase at the Purchase Price. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Tender Offer Memorandum.
Copies of the Tender Offer Memorandum and the Notice of Guaranteed Delivery are available for Noteholders at the following Internet address: http://www.lucid-is.com/flowserve.
The Offer will expire at 5:00 p.m. (New York time) on September 21, 2020 (the “Expiration Deadline”) unless extended, re-opened, withdrawn or terminated at the sole discretion of the Offeror.
Description of Notes |
ISIN |
Aggregate Principal Amount Outstanding |
Purchase Price(1) |
Amount Subject to the Offer |
||||
|
|
|
|
|
||||
1.250% Senior Notes due 2022 (the “Notes”) |
XS1196536731 |
€500,000,000 |
€1,000 |
Any and all |
_________
New Issue Condition
In addition, the Offeror announced on September 14, 2020, its intention to issue new U.S. dollar-denominated fixed rate notes (the “New Notes”). The purchase of any Notes by the Offeror pursuant to the Offer is subject to the successful completion of the offering of the New Notes, on terms and conditions satisfactory to the Offeror, in its sole discretion, including, but not limited to, the amount of gross proceeds received by the Offeror upon the issuance of the New Notes being sufficient to fund the purchase of the aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Expiration Deadline (the “New Issue Condition”) or the waiver of such New Issue Condition at the sole discretion of the Offeror.
Rationale for the Offer
The purpose of the Offer, in conjunction with the proposed issuance of the New Notes, is to proactively manage the Offeror’s overall debt profile and to extend the debt maturity profile of the Offeror (subject to satisfaction of the New Issue Condition).
Details of the Offer
Subject to the Minimum Denomination in respect of the Notes, the price payable per €1,000 in principal amount of the Notes accepted for purchase will be €1,000 (the “Purchase Price”). In respect of any Notes accepted for purchase, the Offeror will also pay an amount equal to any accrued and unpaid interest on the relevant Notes from, and including, the interest payment date for the Notes immediately preceding the Settlement Date up to, but excluding, the Settlement Date, which is expected to be September 23, 2020 (the “Settlement Date”).
Notes repurchased will be cancelled. Notes that have not been validly tendered at or before the Expiration Deadline and accepted for purchase pursuant to the Offer will remain outstanding after the Settlement Date.
Indicative Timetable for the Offer
Date |
Action |
|
September 14, 2020 |
Commencement of the Offer Offer announced. Tender Offer Memorandum available from the Tender and Information Agent.
|
|
September 21, 2020 5:00 p.m. (New York time) |
Expiration Deadline/Withdrawal Deadline Deadline for receipt by the Tender and Information Agent of all Tender Instructions in order for Noteholders to be able to participate in the Offer and to be eligible to receive the Purchase Price and Accrued Interest Payment on the Settlement Date, and for Notes to be validly withdrawn by Noteholders, unless a later deadline is required by applicable law (as determined by the Offeror in its reasonable discretion).
|
|
As soon as reasonably
|
Announcement of Result of Offer The Offeror will announce (i) whether the New Issue Condition has been satisfied and (ii) its decision whether to accept valid tenders of Notes for purchase pursuant to the Offer (subject to the satisfaction or waiver at the sole discretion of the Offeror of the New Issue Condition if not already satisfied), including, if applicable, the Settlement Date for the Offer, and the results of the Offer in accordance with the methods set out in the Tender Offer Memorandum under the heading “Terms and Conditions of the Offer—Announcements”.
|
|
September 23, 2020 5:00 p.m. (New York Time) |
Deadline for Delivery of Notes Tendered pursuant to the Guaranteed Delivery Procedures If any Noteholder desires to tender their Notes and such Note certificates are not immediately available, such Noteholder must tender their Notes according to the Guaranteed Delivery Procedures described in the Tender Offer Memorandum under the heading “Procedures for Participating in the Offer” (which requires, among other things, the delivery of a properly completed and duly executed Notice of Guaranteed Delivery to the Tender and Information Agent before the Expiration Deadline) and deliver their Notes by 5:00 p.m. (New York Time) on September 23, 2020.
|
|
September 23, 2020 |
Expected Settlement Date Subject to the satisfaction or waiver (at the sole discretion of the Offeror) of the New Issue Condition, the expected Settlement Date for the Offer. Payment of the Purchase Price and Accrued Interest Payment in respect of the Offer.
|
|
September 24, 2020 |
Expected Guaranteed Delivery Settlement Date Subject to the satisfaction or waiver (at the sole discretion of the Offeror) of the New Issue Condition, the expected settlement of the Offer for Notes tendered pursuant to the Guaranteed Delivery Procedures described in the Tender Offer Memorandum under the heading "Procedures for Participating in the Offer—Summary of Action to be Taken—Procedures for Tender of Notes using Notice of Guaranteed Delivery”.
|
Unless stated otherwise, announcements in connection with the Offer will be made by the delivery of notices to the Clearing Systems for communication to Direct Participants. Announcements may also be made by the issue of a press release to one or more Notifying News Service(s). Copies of all announcements, notices and press releases can also be obtained from the Tender and Information Agent. Significant delays may be experienced where notices are delivered to the Clearing Systems and Noteholders are urged to contact the Tender and Information Agent for the relevant announcements during the course of the Offer.
Tender Instructions
The Offer of Notes for repurchase by the Offeror pursuant to the Offer may only be made by the submission of a valid Tender Instruction. The Offeror is not under any obligation to accept for purchase any Notes tendered pursuant to the Offer. The acceptance for purchase by the Offeror of Notes tendered pursuant to the Offer is at the sole and absolute discretion of the Offeror and tenders may be rejected by the Offeror for any reason. The Offeror reserves the right, in its sole and absolute discretion, to extend, re-open, withdraw or terminate the Offer and to amend or waive any of the terms and conditions of the Offer at any time following the announcement of the Offer. Details of any such extension, re-opening, withdrawal, termination, amendment or waiver will be notified to the Noteholders as soon as possible after such decision.
To tender Notes for purchase pursuant to the Offer, a holder of Notes should deliver, or arrange to have delivered on its behalf, via the relevant Clearing System and in accordance with the requirements of such Clearing System, a valid Tender Instruction that is received in each case by the Tender and Information Agent by the Expiration Deadline.
Tender Instructions must be submitted in respect of a principal amount of Notes of no less than the Minimum Denomination, being €100,000 and may be submitted in integral multiples of €1,000 thereafter.
Noteholders are advised to check with any bank, securities broker or other Intermediary through which they hold Notes when such Intermediary would require to receive instructions from a Noteholder in order for that Noteholder to be able to participate in, or withdraw their instruction to participate in, the Offer before the deadlines specified above. The deadlines set by any such Intermediary and each Clearing System for the submission and withdrawal of Tender Instructions will be earlier than the relevant deadlines specified above.
Noteholders are advised to read carefully the Tender Offer Memorandum for full details of and information on the procedures for participating in the Offer.
BofA Securities, Inc. is acting as sole dealer manager (“Dealer Manager”) for the Offer and Lucid Issuer Services Limited is acting as tender and information agent (“Tender and Information Agent”).
Questions and requests for assistance in connection with the Offer may be directed to the Dealer Manager at +44 207 996 5420, +1 (888) 292-0070 (U.S. toll-free), +1 (980) 387-3907 (U.S. collect) or This email address is being protected from spambots. You need JavaScript enabled to view it..
Questions and requests for assistance in connection with the delivery of Tender Instructions may be directed to the Tender and Information Agent at +44 20 7704 0880 or This email address is being protected from spambots. You need JavaScript enabled to view it..
Copies of the Tender Offer Memorandum and the Notice of Guaranteed Delivery are available for Noteholders at the following Internet address: http://www.lucid-is.com/flowserve.
DISCLAIMER:
This announcement does not contain or constitute an offer, or the solicitation of an offer, to buy, sell or subscribe for the Notes, the New Notes or other securities in the United States or any other jurisdiction. This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offer. If you are in any doubt as to the contents of this announcement, the Offer, the Tender Offer Memorandum or the action you should take, you are recommended to seek your own financial and legal advice, including tax advice relating to the tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal advisor. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offer.
None of the Offeror, the Dealer Manager, the Tender and Information Agent or the trustee under the indenture governing the Notes (the “Trustee”), or any of their respective directors, officers, employees, agents or affiliates, makes any representation or recommendation whatsoever regarding this announcement, the Tender Offer Memorandum, the Offer or any recommendation as to whether Noteholders should tender Notes in the Offer or otherwise participate in the Offer or subscribe for the New Notes.
None of the Offeror, the Dealer Manager, the Tender and Information Agent, the Trustee, or any of their respective directors, officers, employees, agents or affiliates, assumes any responsibility for the accuracy or completeness of the information concerning the Offeror, the Notes, the Offer or the New Notes contained in this announcement or in the Tender Offer Memorandum. None of the Dealer Manager, the Tender and Information Agent, the Trustee, or any of their respective directors, officers, employees, agents or affiliates is acting for any Noteholder, or will be responsible to any Noteholder for providing any protections which would be afforded to its clients or for providing advice in relation to the Offer, and accordingly none of the Dealer Manager, the Tender and Information Agent, the Trustee or any of their respective directors, officers, employees, agents or affiliates) assumes any responsibility for any failure by the Offeror to disclose information with regard to the Offeror or the Notes which is material in the context of the Offer and which is not otherwise publicly available.
OFFER AND DISTRIBUTION RESTRICTIONS
Neither this announcement nor the Tender Offer Memorandum constitutes an invitation to participate in the Offer in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Manager and the Tender and Information Agent to inform themselves about and to observe any such restrictions.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s website at www.flowserve.com.
Forward Looking Statements: This announcement includes forward-looking statements. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this announcement are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: statements related to the expected timing, final terms and completion of the Offer and similar statements concerning anticipated future events and expectations that historical facts.
All forward-looking statements included in this announcement are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
LONDON--(BUSINESS WIRE)--#GlobalUnderwaterExplorationRobotsMarket--The global underwater exploration robots market size is expected to grow by USD 2.54 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 13%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Underwater Exploration Robots Market Analysis Report by Product (AUV and ROV) and Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/underwater-exploration-robots-market-industry-analysis
The market is driven by the increasing offshore E&P programs. In addition, the emergence of swarm intelligence is anticipated to boost the growth of the Underwater Exploration Robots Market.
The increasing need to explore petroleum-based energy sources by the oil and gas industry has propelled the demand for technologies suitable for hostile offshore and subsea environments. The demand for underwater exploration robots for such environments is high, as they are hard to reach and require advanced hardware and software to operate. Moreover, E&P activities involve various serious challenges related to health, safety, and environment (HSE), which further boosts the demand for underwater exploration robots. The past few years have seen an overhaul in the upstream business of companies in the industry. As the industry recovers, more stakeholders in the oil and gas industry will invest in search, recovery, and production of crude oil and natural gas through the drilling of exploratory wells. Thus, the increasing offshore E&P programs will drive the growth of the market.
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Major Five Underwater Exploration Robots Companies:
ATLAS ELEKTRONIK GmbH
ATLAS ELEKTRONIK GmbH is a developer and integrator of autonomous underwater vehicles. It offers solutions such as surface vessel systems, mine warfare systems, anti-submarine systems, naval weapons, etc. The company offers various underwater exploration robots under the brand names SeaFox, SeaCat, and SeaOtter.
DOF Subsea Group
DOF Subsea Group has business operations under two segments: Subsea/IMR Projects and Long-term Chartering. The company offers a wide range of underwater exploration robots such as EdgeDVR and The UHD-III.
Forum Energy Technologies Inc.
Forum Energy Technologies Inc. operates its business through three segments: drilling and downhole, completions, and productions. The company offers various underwater exploration robots such as Work class ROVs and Sub-Atlantic brand ROVs used for sub sea- oil and gas applications.
General Dynamics Mission Systems Inc.
General Dynamics Mission Systems Inc. has business operations under various segments such as LAND, SEA, AIR, SPACE, and CYBER. The company offers various underwater exploration robots such as Bluefin Robotics unmanned underwater vehicles. Also, the company offers wide range of modular, free-flooded UUV platforms and products, including more than 70 different sensors on more than 100 vehicles.
Kongsberg Gruppen ASA
Kongsberg Gruppen ASA operates its business through segments such as Kongsberg Maritime and Kongsberg Defence & Aerospace. The company offers various autonomous underwater vehicles robots such as HUGIN, MUNIN, REMUS, and Seaglider.
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Underwater Exploration Robots Market Product Outlook (Revenue, USD bn, 2020-2024)
Underwater Exploration Robots Market Regional Outlook (Revenue, USD bn, 2020-2024)
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DUBLIN--(BUSINESS WIRE)--The "Global EV Charging Adapter Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.
The global EV charging adapter market is poised to grow by $4,928.40 million during 2020-2024 progressing at a CAGR of 39% during the forecast period.
This report on the EV charging adapter market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment.
The market is driven by the increased investments in developing charging infrastructure by governments and OEMs, growing sales of PEVs in China, Japan, the US, and other countries, and rising demand for rapid charging units to combat range issues.
The EV charging adapter market analysis includes types of charger segment and geographical landscapes. This study identifies the focus on reducing charging time as one of the prime reasons driving the EV charging adapter market growth during the next few years. Also, diversity in the dc fast charger adapter standards, and increasing investment in EV charging stations powered by renewable sources will lead to sizable demand in the market.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Companies Mentioned
The report covers the following areas:
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Type of charger
6. Customer Landscape
7. Geographic Landscape
8. Vendor Landscape
9. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/3yuj0i
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Food Grade Industrial Gas Market Report: Trends, Forecast, and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
The future of the food-grade industrial gas market looks promising with opportunities in the food and beverage industries. The global food grade industrial gas market is expected to grow with a CAGR of 7% from 2019 to 2024.
The major growth drivers for this market are increasing demand for conveniently packaged foods, carbonated beverages, the growing importance of preservative-free food, and increasing application in packaging and storage of frozen products, fruits, vegetables, beverages, meat, seafood, convenience foods, bakery and confectioneries.
Some of the features of 'Global Food Grade Industrial Gas Market 2019-2024: Trends, Forecast, and Opportunity Analysis' include
This report answers the following 11 key questions:
Scope of the Report
By Gas Type [$M shipment analysis for 2013-2024]:
By Application [$M shipment analysis for 2013-2024]:
By End Use [$M shipment analysis for 2013-2024]:
By Region [$M shipment analysis for 2013-2024]:
Companies Profiled
For more information about this report visit https://www.researchandmarkets.com/r/bxguro
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Wind Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.
Global Offshore Wind Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024), provides an in-depth analysis of the global offshore wind, with detailed analysis of market size and growth.
The report provides an analysis of the offshore wind market by value, by production capacity, by expenditure & by region. The report further provides a detailed regional analysis of the offshore wind market by production capacity and by expenditure.
Moreover, the report also evaluates the major opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global offshore wind has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current & future trends.
The major players dominating the offshore wind market are Iberdrola, Vattenfall, RWE AG and Orsted. The four companies have been profiled in the report providing a detailed analysis of their financial information and business strategies.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Wind Energy: An Overview
2.2 Onshore Wind Energy: An Overview
2.3 Offshore Wind Energy: An Overview
2.4 Functioning of Offshore Wind Farm
2.5 Advantages & Disadvantages of Offshore Wind
3. Global Market Analysis
3.1 Global Offshore Wind Market: An Analysis
3.1.1 Global Offshore Wind Market by Value
3.1.2 Global Offshore Wind Market Production Capacity
3.1.3 Global Offshore Wind Market Production Capacity by Region (Europe, Asia Pacific and the US)
3.1.4 Global Offshore Wind Market Expenditure by Value
3.1.5 Global Offshore Wind Market by Expenditure (Turbine, Project Development, Foundation, Insurance & Contingency, Transmission Install, Transmission, Foundation Install, Array Electrification, Array Cable Install, Turbine Install, and Other)
3.1.6 Global Offshore Wind Expenditure Market by Region
4. Regional Market Analysis
4.1 Europe Offshore Wind Market: An Analysis
4.2 Asia Pacific Offshore Wind Market: An Analysis
4.3 The US Offshore Wind Market: An Analysis
5. COVID-19
5.1 Impact of Covid-19
5.2 Economic Impact of Covid-19
5.2.1 Impact on GDP Growth
5.3 Regional Impact of Covid-19
5.3.2 Impact on UK Wind Annual Installed Capacity
5.4 Variation in Organic Traffic due to COVID-19 (2020)
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Urbanization
6.1.2 Surging Consumer Awareness
6.1.3 Rise in Carbon Emission
6.1.4 Growing Demand for Energy Optimization
6.1.5 Increasing Initiative to Save Environment
6.2 Challenges
6.2.1 Operational Risk
6.2.2 Regulatory & Political Risk
6.3 Market Trends
6.3.1 Evolution of Floating Wind Turbine Technology
6.3.2 Decline in Fossil Fuel
6.3.3 Government Initiatives and Regulations
7. Competitive Landscape
7.1 Global Offshore Wind Market Players: A Financial Comparison
7.2 Global Offshore Wind Market Players' by Installed Offshore Wind Capacity
8. Company Profiles
8.1 Orsted
8.1.1 Business Overview
8.1.2 Financial Overview
8.1.3 Business Strategy
8.2 RWE AG
8.3 Vattenfall
8.4 Iberdrola
For more information about this report visit https://www.researchandmarkets.com/r/jwadyg
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ROME--(BUSINESS WIRE)--Enel X, the Enel Group’s advanced energy services business line, and Ardian, a world-leading private investment house, have entered into a joint venture to manage Enel X’s battery storage projects in Canada and support the acceleration of the development of similar projects in the country.
“Battery storage systems represent a key element in the transition towards a decarbonized energy system as they facilitate the flexibility and stability of grids, and we are committed to empowering customers to help drive the shift towards these technologies,” said Francesco Venturini, CEO of Enel X. “This partnership with Ardian Infrastructure represents an important step that will further support the expansion of innovative energy efficiency solutions in the North American market. In partnering with Ardian we are combining our financial strength and Enel X’s industry expertise to create even more value for our customers and further accelerate our growth in the region.”
“This investment bolsters Ardian’s position as a leading player in the sustainable energy sector across the Americas,” said Stefano Mion, Senior Managing Director and co-head of Ardian Infrastructure US. “This latest partnership, our first in Canada, marks an important step forward as we diversify our sustainable energy portfolio into the rapidly growing battery storage sector. Behind-the-meter battery storage is a compelling component of the sustainable energy ecosystem as it allows users to store electricity when it is least expensive and consume it when costs from the grid are most expensive. We are excited to partner with Enel X on the opportunity to accelerate the joint venture’s growth, initially in Canada but longer term across the Americas.”
Under the agreement, a dedicated vehicle company, 80% owned by Ardian Infrastructure and 20% by Enel X, has been constituted to manage the battery storage projects in Canada currently included in the joint venture for around 30 MW of capacity. The battery storage portfolio is composed of ten asset locations throughout Ontario and includes two separate 10 MW/20 MWh projects expected to reach commercial operations in 2021. Through the partnership, Enel X will continue to construct, operate, and maintain these projects and will be responsible for the development of future projects.
The partnership with Ardian is in line with Enel X’s commitment to foster the deployment of cutting-edge energy service solutions for commercial and industrial (C&I) clients, leveraging on the company’s offering of integrated services to end customers. All of Enel X’s storage projects utilize the company’s Distributed Energy Resources (DER) Optimization software that has the unique capability to maximize the earnings potential across multiple use cases, such as demand and energy management programs. Through the financial support of Ardian, the platform will enable C&I customers to deploy state-of-the-art energy storage equipment, aimed at making power consumption and infrastructure more efficient.
The deal is part of Ardian’s ongoing commitment to invest in new technology and clean energy assets with the aim to create a more sustainable energy market and address climate change, as outlined in its most recent Augmented Infrastructure report. With 50 employees across eight offices throughout the Americas and Europe, the Ardian Infrastructure team is a world leading Infrastructure Fund Manager focused on the energy and transportation sectors.
Enel X in North America manages over 10.5 billion US dollars in customers’ annual energy spend for approximately 4,500 business customers, spanning more than 35,000 sites. The company has approximately 4.7 GW of demand response capacity and over 70 behind-the-meter storage projects in operation or under contract. Enel X’s intelligent DER Optimization Software is designed to analyze real-time energy and utility bill data, improve performance, and manage distributed energy assets across a number of different value streams and applications.
Enel X is Enel's global business line dedicated to the development of innovative products and digital solutions in sectors where energy is showing the greatest potential for transformation: cities, homes, industries and electric mobility. The company is a global leader in the advanced energy services field with a demand management capacity of more than 6 GW globally managed and assigned and 110 MW of storage capacity worldwide, as well as a leading operator in the electric mobility sector, with 80,000 public and private EV charging points around the globe.
Ardian is a world-leading private investment house with assets of 100 billion US dollars managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 690 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
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LONDON--(BUSINESS WIRE)--#GasDetectionEquipmentMarket--The new Gas Detection Equipment Market Research from Technavio indicates Neutral and Inferior in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the growing production volume of shale gas,” says a senior analyst for Industrials at Technavio. Owing to the continuous advances in the extraction technologies, the production of shale gas has increased considerably in the US. Similarly, emerging economies, including China, have been contributing to the overall shale gas production significantly in recent years. Also, China has started one of the most significant shale gas projects in the country, named Fuling shale gas project. The rising shale gas production from economies, including the US, Russia, Qatar, Canada, Saudi Arabia, Norway, and others, has further fueled the adoption of gas detection products and solutions. The gas detection equipment is allowing all the stakeholders of several end-user industries to minimize casualties while increasing the safety measures. Consequently, the rapid adoption of shale gas will drive the gas detection equipment market. As the markets recover Technavio expects the gas detection equipment market size to grow by USD 1.06 billion during the period 2020-2024.
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TORONTO--(BUSINESS WIRE)--September 2020 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) (TSX:SPB) today announced its cash dividend for the month of September 2020 of $0.06 per share payable on October 15, 2020. The record date is September 30, 2020 and the ex-dividend date will be September 29, 2020. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and Specialty Chemicals includes the production and distribution of specialty chemicals products.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, “expects”, “annualized”, and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2019, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran
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Promotions of John Gaidoo, Judy Brunson, Bonnie Fetch, Cathy Van Way, John Brockhaus, Angel Franklin are effective October 1
COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced the promotion of six leaders to vice presidents, effective October 1. The employees are John Gaidoo, Judy Brunson, Bonnie Fetch, Cathy Van Way, John Brockhaus and Angel Franklin.
“Each of these talented leaders is a champion of our company values and has demonstrated their ability to deliver results for our customers and improve the lives of those around them,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “These are all critical roles, and I am confident that each of these leaders will have a significant and positive impact on Cummins’ long-term success.”
John Gaidoo – Vice President, Deputy General Counsel, Employment and Labor Relations
Gaidoo joined Cummins in 2011 and has held several roles in addition to his position as an employment lawyer. Gaidoo has served as the global lead lawyer for the company’s Crisis Action Management Program, the company’s Assistant Corporate Secretary, and the Executive Director of Human Resources for the Cummins Emissions Solutions (CES) business. Gaidoo is a veteran of the United States Marine Corps. Prior to joining Cummins, Gaidoo worked for the law firm of Baker & Daniels LLP (now Faegre Drinker Biddle and Reath LLP) and before that he spent nearly a decade in engineering.
Judy Brunson – Vice President, Quality
Brunson joined Cummins earlier this year. Prior to joining Cummins, Brunson spent 20 years in the Daimler and DaimlerChrysler family of companies where she held positions in Research and Development, Engineering, Manufacturing, Product Marketing and Planning, Product Litigation, Quality and Customer Experience and Operations. In addition, Brunson has a rich history of promoting diversity and inclusion and supporting the employee voice through her involvement in employee resource group development for Mercedes Benz.
Bonnie Fetch – Vice President, Distribution Business Supply Chain Services
Fetch joined Cummins in 2018, coming from Caterpillar where she held a range of positions in Logistics, Manufacturing, Product Design, Human Resources, Organizational Development and business leadership over the course of 20 years. With the promotion, Fetch will be responsible for driving improvement in Cummins’ supply chain integration efforts to ensure that the company operates more effectively and is more competitive in the future. Fetch began her career 30 years ago in the service industry running full-service restaurants and then owning a small family business.
Cathy Van Way – Vice President, Government Relations
Van Way has been with Cummins for nearly 20 years and under her leadership, Cummins’ Government Relations function has matured from a U.S. focused team to a global team. In addition to her work in the United States, Van Way spent two years in Cummins’ Beijing office, establishing a government relations presence for the company in China. Prior to joining Cummins, Van Way spent nearly 10 years as Counsel to the Committee on Energy and Commerce for the U.S. House of Representatives, and before that she was an associate attorney at a Washington, D.C. law firm.
John Brockhaus – Vice President, Human Resources Technology and Strategy
Brockhaus has over 20 years experience in a variety of Human Resource (HR) roles at Cummins and has been integral in creating HR processes that serve as the foundation for how employees experience Cummins. Brockhaus has led efforts to connect HR strategy, technology and functional excellence, which is critical to employee retention and development. Brockhaus joined Cummins in 1997 as an intern. He began working full-time in 1998 and has worked in a variety of positions across the HR organization at Cummins during his career.
Angel Franklin – Vice President, Compensation and Benefits
Franklin joined Cummins in January 2019 to lead the Compensation and Benefits team, including health and wellness, retirement, mobility and broad-based compensation. Before joining Cummins, Franklin spent 15 years devoted to employee success focusing on talent strategy, performance and succession management, organizational culture change, diversity and inclusion and leadership development in roles with Tesla, Kellogg and Ernst & Young.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Jon Mills – Director, External Communications
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AUSTIN, Texas--(BUSINESS WIRE)--$PHUN #PHUN--Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, announced today that it has won a multiyear contract to deploy its comprehensive Smart Workplace mobile app portfolio with Norfolk Southern Corporation (or “Norfolk Southern”).
Norfolk Southern, together with its subsidiaries, is a leading national rail transportation provider, operating approximately 19,500 route miles in 22 states and the District of Columbia, and serves every major container port in the Eastern United States. It also transports overseas freight through various Atlantic and Gulf Coast ports and provides commuter passenger services as well. Norfolk Southern is a major transporter of industrial products, including chemicals, agriculture and metals and construction materials, while also operating as a principal carrier of coal, automobiles and automotive parts.
The Phunware Smart Workplace solution will give Norfolk Southern access to all of the features and capabilities provided by Phunware’s Multiscreen-as-a-Service (MaaS) platform on both Apple iOS and Google Android for its corporate campus environment. Norfolk Southern’s Smart Workplace will come pre-integrated with Phunware’s award-winning MaaS software, including Location Based Services (LBS), Mobile Engagement, Analytics and Content Management, for up to 750,000 square feet. Norfolk Southern will tech-enable its corporate campus experience to better engage its more than 25,000 employees with features that include room booking, parking reservations, food ordering, help requests and more.
“This kind of 7-figure engagement shows true commitment by Norfolk Southern to advance its digital transformation initiatives while ensuring a world-class employee and visitor experience in a post-pandemic world,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “We are thrilled to work with such an innovative leadership team to provide the necessary mobile software and cloud platform to reimagine their corporate campus experience in a mobile-first world, where safety, auditability and reliability are of paramount importance at operational scale.”
Click here to learn more about how Phunware facilitates a safer return to work with its Smart Workplace solution on MaaS.
Safe Harbor Clause and Forward-Looking Statements
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
About Phunware, Inc.
Everything You Need to Succeed on Mobile — Transforming Digital Human Experience
Phunware, Inc. (NASDAQ: PHUN), is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & Phun) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://www.phunware.com, https://www.phuncoin.com, https://www.phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an upsized offering of $600 million in aggregate principal amount of 7.500% senior unsecured notes due 2025 at an offering price equal to 100% of par (the “Notes Offering”).
The Notes Offering is expected to close September 16, 2020, subject to satisfaction of customary closing conditions. TEP intends to use the net proceeds of the Notes Offering to repay a portion of the outstanding borrowings under its existing senior secured revolving credit facility.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
Investor and Financial Inquiries
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CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) management and board of directors, today, released a statement regarding a contract dispute and the related attempt by EQT Corporation (EQT) and its financial advisor to market ETRN’s Hammerhead pipeline.
The Hammerhead gathering header pipeline, with a total capacity of 1.6 Bcf per day, was completed and injected with initial line-pack provided by EQT in July 2020 and was placed in-service effective August 1, 2020. EQT has a 1.2 Bcf per day firm capacity commitment on the Hammerhead pipeline, which provides access to the Texas Eastern Transmission and Dominion Transmission pipelines, as well as an interconnect to the Mountain Valley Pipeline.
“It has recently come to our attention that EQT has a mistaken belief that the Hammerhead pipeline is not in-service under the terms of its agreement; and, on that basis, that EQT believes it may terminate the gathering agreement and take title to the Hammerhead pipeline in exchange for a reimbursement payment. EQT, acting through its financial advisor, has attempted to market ETRN’s Hammerhead pipeline, which action constitutes unlawful conduct.
ETRN has demanded that EQT and its advisor immediately cease marketing ETRN’s pipeline. To ETRN’s knowledge they have not done so. We firmly believe, and have communicated to EQT, that EQT lacks any valid basis for its actions and that any attempt by EQT to terminate the Hammerhead gathering agreement and to acquire (or potentially sell) the Hammerhead pipeline is contrary to law. ETRN will continue to enforce its rights under the Hammerhead gathering agreement in full.
ETRN gathers the overwhelming majority of EQT’s production. Given the scope of our business relationship, ETRN and EQT periodically have disputes and disagreements and most often amicably resolve them. While we disagree with EQT’s actions, ETRN remains committed to pursuing a resolution to this dispute. ETRN’s duty, first and foremost, is to its shareholders, and ETRN will firmly pursue all available legal avenues or remedies to protect its investment in the Hammerhead pipeline.”
About Equitrans Midstream Corporation:
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.
For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit Sustainability Reporting.
Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the United States Securities Act of 1933, as amended (the Securities Act), concerning ETRN and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of ETRN, as well as assumptions made by, and information currently available to, such management. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” “target” or “continue,” and similar expressions are used to identify forward-looking statements. These statements are subject to various risks and uncertainties, many of which are outside ETRN's control. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of ETRN and its affiliates, including guidance and any changes in such guidance regarding ETRN’s gathering, transmission and storage and water service revenue and volume growth; the impact of a dispute with EQT (or resolution thereof) regarding the Hammerhead gathering agreement and/or ownership of the Hammerhead assets (or any other agreement or ETRN assets) on ETRN’s forecasts of net income attributable to ETRN, adjusted EBITDA (including incremental adjusted EBITDA), revenue (including firm revenue), expenses, leverage ratio, free cash flow, retained free cash flow and capital expenditures, and the impacts of any such dispute (or related resolution) on ETRN’s commercial relationship with EQT; the weighted average contract life of gathering, transmission and storage contracts; any credit rating impacts associated with any potential dispute with EQT or other matters related to the Hammerhead gathering agreement, the Hammerhead system or otherwise (including any resolution of any such dispute); the effect and outcome of future litigation and other proceedings; liquidity and financing requirements, including sources and availability; and the ability of ETRN’s subsidiaries to service debt under, and comply with the covenants contained in, their respective credit agreements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ETRN has based these forward-looking statements on current expectations and assumptions about future events. While ETRN considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond ETRN’s control. The risks and uncertainties that may affect the operations, performance and results of ETRN’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" in ETRN's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the SEC), as updated by the risk factors disclosed under Part II, Item 1A, "Risk Factors," of ETRN’s Quarterly Reports on Form 10-Q for the three months ended March 31, 2020 and the three and six months ended June 30, 2020, as each is filed with the SEC, and ETRN's subsequent Quarterly Reports on Form 10-Q.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. ETRN assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Source: Equitrans Midstream Corporation
Analyst inquiries:
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Discoverer of the Titanic, Dr. Bob Ballard & International Opera Producer Peter Sellars among those appearing at event at the USS Iowa in San Pedro. Evening to include the U.S. premiere of Idomeneo. The night will also end with a unique art installation projected against the Iowa, fusing together scientific data and the artistic minds of Mason Rothschild, Annie Sperling and Refik Anadol.
LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles -- a unique public-private ocean institute that convenes and nurtures the best and brightest pioneers and organizations in science, business and education -- is hosting their first-ever The Blue Hour, a spectacular drive-in experience focusing on LA as the global capital of the Blue Economy, and the importance of educating young people on ocean exploration and conservation. The Blue Hour will honor those who have paved the way for AltaSea and those who will continue to forge new paths. The event – with a maximum attendance of 240 cars -- will take place on October 10, 2020 from 6:00-8:30 PM PDT in the parking lot next to the USS Iowa, a retired battleship moored on the San Pedro waterfront.
The drive-in experience is brought to you by Energy Independence Now (EIN), and will be powered by Toyota’s cutting-edge hydrogen fuel cell electric vehicle technology. Considered to be the crucial next step in a zero-emissions future, hydrogen fuel cells leave no emissions behind. Tickets to The Blue Hour will go on sale on September 10. More information can be found at https://altasea-project-blue.org/project-blue-presents-2/.
“2020 is unprecedented in every way, but nothing will not stop us from recognizing and celebrating the people who are playing an important role in our ocean community – from some of the most accomplished ocean explorers to the next generation of ocean innovators,” said AltaSea CEO Tim McOsker. “AltaSea is fully committed to growing the Blue Economy and leading the charge in ocean preservation. The Blue Hour will bring a special focus to our work through an incredibly unique and fun evening – with social distancing included.”
AltaSea will present three awards throughout the evening, recognizing those who have both paved the way and inspired the next generation of ocean innovators and explorers through their work:
Dr. Robert Ballard, founder and president of the Ocean Exploration Trust, has been named the recipient of the Explorer Award. Among the most accomplished deep-sea explorers, Dr. Ballard is best known for his discoveries of the sunken R.M.S. Titanic, the German battleship Bismarck, and numerous other shipwrecks around the world. He has received numerous awards for his work, including the National Endowment for the Humanities Medal from President George W. Bush in 2003.
Dr. Dawn Wright will receive the Ocean Innovation Award. Dr. Wright serves as the chief scientist for the Environmental Systems Research Institute (Esri), a world-leading geographic information system (GIS) software, research, and development company. She plays a critical role in strengthening the scientific foundation for Esri software and services, while also representing the company to the international scientific community. Dr. Wright is an active board member of National Oceanic and Atmospheric Administration (NOAA) and other conservation agencies. Dr. Wright is also a professor of Geography and Oceanography in the College of Earth, Ocean, and Atmospheric Sciences at Oregon State University, winning Oregon Professor of the Year by the Carnegie Foundation for the Advancement of Teaching and the Council for the Advancement and Support of Education in 2007.
The winner of the NextGen Award is a local 4th grader, Avantika Vajesh. Vajesh has lent her voice to AltaSea’s Project Blue, which gives students the platform to support Los Angeles as the center of Blue Economy and ocean conservation education.
Award-winning opera director Peter Sellars will premiere a section of his latest opera – a production of prolific composer Wolfgang Amadeus Mozart’s Idomeneo. This critically acclaimed production of Mozart’s opera opened the 2019 Salzburg Festival in Austria. The Los Angeles Times praised Sellars’ “new progressive approach to opera as an agent for societal transformation and environmental activism that goes far beyond the usual directorial updating of opera beloved in Europe, too often for little more than show-business pizzazz.”1
Sellars has gained international fame for his groundbreaking and transformative interpretations of artistic masterpieces, along with his unique collaborations on projects with a wide range of creative artists. Sellars is actively involved with growing the next generation of artists in his role as professor at UCLA’s Department of World Arts and Cultures/Dance.
“Idomeneo gives us a chance to examine ourselves and our relationship with the ocean,” said Sellars. “The United States premiere of Idomeneo, one of Mozart’s most brilliant works and one of my favorite projects, is going to be a really, really special moment.”
The night will conclude with a special, one-night only commissioned art installation by artists Mason Rothschild and Annie Sperling, in collaboration with world-renowned artist, Refik Anadol. The installation will be projected over the USS Iowa.
Mason Rothschild is a multi-sensory installation artist, stage designer and inventor. The founder and creative director of Discordian Design, Rothschild has worked with many global brands, including Netflix, Buzzfeed, and TikTok.
Annie Sperling is an artist and set designer, whose extensive portfolio includes music videos, commercial projects, and commissioned murals for the Los Angeles Unified School District. Sperling has served as production designer for many projects, working with global music stars Billie Eilish and Miley Cyrus, and world-renowned artists David LaChapelle and Ellen Von Unworth.
Refik Anadol is an award-winning Turkish media artist and director. His work is known for its unique marriage of architecture and media arts through machine intelligence. Anadol currently is a lecturer and visiting researcher at UCLA’s Department of Design Media Arts.
“Los Angeles is well known for two things – entertainment and the beautiful Pacific Ocean,” said McOsker. “And this experience is what AltaSea is all about: becoming a global beacon for economic recovery and growth by blending the Blue Economy with the creative economy.”
Among the breathtaking visuals to be shown on a 50-foot inflatable screen are:
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: https://altasea.org.
Kevin Byrum
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310-414-9040 x114
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE:GEL) intends herewith to provide an update on its offshore operations, following Hurricane Laura, as well as disclose the receipt of some $41 million in cash that will also be accounted for as an increase in reported Adjusted EBITDA for the third quarter.
Turning first to the offshore, there is no apparent damage to our 100% owned and operated Cameron Highway Oil Pipeline System (“CHOPS”) nor any of its appurtenant facilities. As currently configured, the CHOPS pipeline goes up and over a junction platform located in Garden Banks block 72, where it can receive pigs and launch pigs for proper maintenance of two of its 30 inch diameter pipeline segments. That platform, located in 520 feet of water, recorded waves in the 70-80 foot range and sustained winds in excess of 130 mph as the eye of Laura passed some 17 miles to the southwest of its location. The platform experienced damage to its topside facilities which is usual and customary, and not significant nor unexpected, after experiencing those type of weather conditions. Below the waterline, through diving and remotely operated vehicle inspections, several areas of structural stress have been identified that will require further investigation and analysis. As a result, no oil is currently flowing through the CHOPS pipeline.
Grant Sims, CEO of Genesis Energy, said, “We are aggressively working to collect data and conduct a rigorous structural analysis for review by the Bureau of Safety and Environmental Enforcement to hopefully be able to re-occupy the platform, conduct the cleanup tasks required and return the CHOPS pipeline to normal operations. Based upon continuing data collection, observations and analysis, it would appear that CHOPS is more than likely not going to be in a position to resume operations before October 1 at the earliest.
However, we have been successful, to date, in working with shippers to divert all available and affected CHOPS barrels into our 64% owned and operated Poseidon Oil Pipeline for deliveries by it directly to shore or for Poseidon to deliver barrels into the Auger Pipeline for further transportation to shore via this alternative path. Because of the rate structures amongst the various pipelines, we expect minimal revenue impact to Genesis during this period of interrupted operations of CHOPS, other than when the volumes were shut in for the storm, and assuming the continuing conditions that there is enough available capacity on Poseidon and/or Auger to receive and transport all of the affected CHOPS volumes.
We would expect to incur total expenses associated with inspections, analyses and topside facility repairs in the range of $3-5 million, most of which will be reflected in the third quarter. Any potential costs associated with structural reinforcement or modification, either to the platform or pipeline facilities, will be treated as capital in future periods.
We are working diligently and as hard as possible to determine what it will take to return CHOPS to normal service as soon as we can, while never losing sight of our commitment to safe and responsible operations.
Shifting gears a bit, I would like to also take this opportunity to disclose that we have received approximately $41 million in cash that will be recognized as Adjusted EBITDA in the third quarter for covenant compliance purposes, all as more fully described in our senior secured credit agreement. The cash received is associated with the exercise of a letter of credit we had issued to us as beneficiary from a customer that defaulted under a twenty year term agreement entered into in 2008. The dollars collected from such contractual right will be credited to dollars owed us under the last years of the contract. Under the mechanics of said agreement, we will continue to be paid the dollars owed to us.
Having already received this cash and being able to recognize it as increased Adjusted EBITDA this quarter is a positive development for us under the circumstances. Accordingly, we see no scenarios where we have the risk of not comfortably living within all of our financial covenants as we deal with the aftermath of this hurricane season and the Covid-19 pandemic which has directly and indirectly challenged our businesses, like virtually all others, but which are clearly recovering and looking forward to better things in 2021.”
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, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This operations and commercial update includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this operations and commercial update that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including but not limited to statements relating to future financial and operating results, the impact of Hurricane Laura and the associated timing and costs, the COVID-19 pandemic, and our strategy and plans, are forward-looking statements, and historical performance is not necessarily indicative of future performance. Those forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside our control, that could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for products, the outbreak or continued spread of disease, and other uncertainties that are described more fully in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
BOCA RATON, Fla.--(BUSINESS WIRE)--East Resources Acquisition Company (NASDAQ: ERESU) (the “Company”) announced that, commencing September 14, 2020, holders of the units sold in the Company’s initial public offering (the “Units”) may elect to separately trade the shares of Class A common stock and warrants included in the Units. The Shares of Class A common stock and warrants that are separated will trade on the NASDAQ Stock Market, LLC (“NASDAQ”) under the ticker symbols “ERES” and “ERESW,” respectively. Those Units not separated will continue to trade on NASDAQ under the ticker symbol “ERESU.”
The Units were initially offered by the Company in an underwritten offering. Wells Fargo Securities, LLC served as the sole book runner for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on July 22, 2020.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT EAST RESOURCES ACQUISITION COMPANY
East Resources Acquisition Company, led by Terrence (Terry) M. Pegula, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the energy industry in North America.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
SOURCE East Resources Acquisition Company
Investor Contact:
Dave Callahan
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BELLEVUE, Wash.--(BUSINESS WIRE)--PACCAR (Nasdaq: PCAR) Inc’s Board of Directors today declared a regular quarterly cash dividend of thirty-two cents ($.32) per share, payable on December 1, 2020, to stockholders of record at the close of business on November 10, 2020.
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business. PACCAR shares are listed on the NASDAQ Global Select market, symbol PCAR. Its homepage is www.paccar.com.
Ken Hastings
(425) 468-7530
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that Scott Rowe, president and chief executive officer, will participate in a virtual fireside chat during the Morgan Stanley Virtual 8th Annual Laguna Conference on Thursday, September 17 at 9:00 a.m. EDT.
A webcast of Mr. Rowe’s discussion will be available for shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section.
Safe Harbor Statement:
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
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