Learn about state of edge computing and popular use cases of the technology in the Oil & Gas industry.
SUNNYVALE, Calif.--(BUSINESS WIRE)--FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions, today announced FogHorn CTO Sastry Malladi’s session at the Edge Computing Technologies in Oil & Gas, on Jan. 27, 2021, at 9:00 a.m. PST. In his session, Malladi will delve into how edge AI and real-time streaming video analytics can address the oil and gas industry’s most pressing challenges.
Gartner predicts that 75% of enterprise-generated data will be created and processed at the edge, outside a traditional centralized data center or cloud, by 2025. As the number of IoT devices continues to grow exponentially throughout the oil and gas industry, access to high-speed networks with flexible infrastructure has become critical in order to keep up with day-to-day operations.
The session will walk participants through:
Find more information and register for the virtual event here.
About FogHorn
FogHorn is a leading developer of edge AI software for industrial and commercial IoT application solutions. FogHorn’s software platform brings the power of advanced analytics and machine learning to the on-premises edge environment enabling a new class of applications for advanced monitoring and diagnostics, machine performance optimization, proactive maintenance and operational intelligence use cases. FogHorn’s technology is ideally suited for OEMs, systems integrators and end customers in manufacturing, power and water, oil and gas, renewable energy, mining, transportation, healthcare, retail, as well as smart grid, smart city, smart building and connected vehicle applications.
Kyra Tillmans
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925-271-8214
WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today announced significant progress in advancing its sustainability agenda, including surpassing its goal of voluntarily reducing the company’s operational emissions in New Jersey to 50% of 2006 levels by 2030 – well ahead of schedule. Building on this accomplishment, NJR set a new emissions reduction target of a 60% reduction of 2006 levels by 2030 from its New Jersey operations.
“New Jersey Resources is helping lead the way to a clean energy future. Achieving a 50% reduction in our New Jersey operational emissions is an important accomplishment that shows our company’s strong support for New Jersey’s clean energy and climate goals,” said New Jersey Resources President and CEO Steve Westhoven. “Reaching this goal ahead of schedule was possible because of our long track record of prioritizing safe, reliable infrastructure investments to modernize our natural gas system in an environmentally responsible way.”
NJR reached its 50% by 2030 goal by making key investments in its natural gas delivery system, facilities and fleet that have substantially reduced emissions. To meet its new goal of a 60% reduction of 2006 levels by 2030, NJR will focus its reduction strategies on transitioning its fleet to low- or no-carbon fuels; continuing to upgrade its natural gas infrastructure; and, introducing decarbonized fuels, such as renewable natural gas and hydrogen into its supply. NJR’s emissions reduction target for its New Jersey operations remains squarely in line with the state’s Global Warming Response Act objective of an 80% reduction in 2006 emission levels by 2050.
The announcements were made at NJR’s annual shareowners meeting in conjunction with the release of its 2020 Corporate Sustainability Report, which highlights the effectiveness of NJR’s business continuity efforts in the time of COVID-19; the extensive support of its communities through volunteerism and corporate citizenship; the strength, independence and diversity of its board of directors; and, how infrastructure investments have made the utility’s delivery system among the most environmentally sound in the country, preparing the company to deliver decarbonized gas to support a clean energy transition.
Building on its commitment to sustainability and transparency on Environmental, Social and Governance (ESG) issues, fiscal 2020 marks the first year in which NJR is reporting its progress through the Sustainability Accounting Standards Board framework and the American Gas Association’s ESG Questionnaire, in addition to the Global Reporting Index.
To access the report and for more information on NJR’s sustainability agenda, goals and progress, visit www.NJRSustainability.com.
The company also announced a new partnership with the New Jersey chapter of The Nature Conservancy, a leading environmental group, on critical work to restore and preserve saltwater marshes in the Barnegat Bay watershed.
Salt marshes and sea grass are a vital part of New Jersey’s coastal regions and serve a critical function in addressing climate change. Tidal wetlands are effective at removing carbon from the atmosphere and storing it in soil for thousands of years. They also are an important tool in fighting the effects of extreme weather – serving as a natural barrier against wave energy and storm surge, reducing their intensity to protect people and property.
“Our company is not only taking aggressive and innovative actions to reduce emissions from our own operations, in-line with public policy goals, we are also working to help fight climate change and its effects through the restoration of salt water tidal wetlands in the Barnegat Bay,” said Westhoven.
Sea level rise is eroding the integrity and effectiveness of these critical ecosystems, and restoration of New Jersey’s salt marsh has been identified by the New Jersey Department of Environmental Protection as a strategy to mitigate the effects of climate change.
“Since 2014, The Nature Conservancy and our partners have been piloting an innovative restoration technique that holds incredible potential for large-scale renewal of struggling marshes in New Jersey,” said Dr. Barbara Brummer, State Director of The Nature Conservancy’s New Jersey Chapter. “NJR’s support and partnership on this essential salt marsh restoration project comes at a critical time as we look to expand our work and identify restoration needs and plans for more than 80 marsh islands throughout the Barnegat Bay. We thank NJR for taking action and supporting this opportunity to make a real, long-term difference combating the effects of climate change. We believe our work together will have real, lasting benefits for the people, property and wildlife of the Barnegat Bay Watershed, and for our planet.”
Forward-Looking Statements
Certain statements within this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s environmental, sustainability and clean energy goals, emission reduction targets, and future capital expenditures, infrastructure programs and investments, transitioning NJR’s fleet to low- or no-carbon fuels and introducing decarbonized fuels, such as renewable natural gas and hydrogen into our supply.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
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Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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TA upgrades mobile app with driver convenience at top of mind
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) has launched a new feature to its TruckSmart mobile app, allowing professional drivers to activate the diesel pumps and pay for fuel from the comfort of their cabs. The new “PumpSmart” feature is designed to save drivers time while fueling at TA, Petro Stopping Center or TA Express locations.
The PumpSmart feature is available for UltraONE loyalty members paying for fuel with commercial payment cards*. The app securely stores members’ payment information and links to their UltraONE profile, automatically applying loyalty points to a driver’s account after fueling. TA plans to further enhance the PumpSmart feature and expand payment options in the next several months.
This latest feature is one of several recent app enhancements made by TA, as upgrading TruckSmart is a top priority as the company continues its transformation journey. In October, TA enhanced the app so drivers can redeem loyalty points at check out straight from their phone without having to visit the kiosk. In February, TA added enhanced shower flow and the ability to unlock the shower door from the app.
In addition to the new features, drivers can use TruckSmart to reserve and pay for parking and showers, and check their loyalty rewards balances and Gear level. The app is available for free download from the Google Play or AppStore on both Apple and Android devices.
“We’re focused on enhancing the guest experience at TA and serving professional drivers in a way they want to interact with us, across every part of our business,” said Jon Pertchik, CEO of TA. “Investing in technology is a major part of the revamped travel center experience and our company transformation. We look forward to growing our capabilities and focusing on convenience for all travelers who visit us.”
*PumpSmart accepts most fleet payment cards. Consumer credit cards not included in the app feature.
About TravelCenters of America Inc.
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, convenience stores, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 10 proprietary brands, including Quaker Steak and Lube®, Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Tina Arundel
TravelCenters of America
216-389-3028
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Safe Shipper Award presented to companies with spotless safety records in 2020
DENVER--(BUSINESS WIRE)--OmniTRAX Inc., a comprehensive logistics solutions provider and affiliate of The Broe Group, today announced the 35 recipients of their inaugural Safe Shipper Award, which is presented to companies that shipped or received qualifying loaded cars with no accidental releases in the previous year. The winners operate on the following OmniTRAX-managed freight lines: Alabama & Tennessee River Railway, Brownsville & Rio Grande International Railway, Chicago Rail Link, Fulton County Railway, Georgia & Florida Railway, Nebraska, Kansas & Colorado Railway, Newburgh & South Shore Railroad, Panhandle Northern Railroad, Sand Springs Railway and Winchester and Western Railroad Company.
“On behalf of our entire team, I’m honored to congratulate each of the 2020 OmniTRAX Safe Shipper Award recipients. They are true leaders in their industries, using best practices and the latest technologies to ensure a safe and high-performing supply chain. We are privileged to provide our commercial partners secure, efficient and sustainable transportation solutions. By serving our customers, we safely connect our communities and create reliable, safe and environmentally friendly supply chains that keep America moving,” said OmniTRAX Chief Commercial Officer Peter Touesnard.
The 2020 OmniTRAX Safe Shipper Award winners are:
ABC Gulf Coast Terminal
Agrium US
Allmine Paving, LLC
American Zinc Recycling
Associated Asphalt
Baker Hughes
Bluewing, LLC
BP Products North America
Brenntag Southwest (PNR)
Brenntag Southwest (SS)
Centennial Energy, LLC
Charter Steel-Cleveland
Chevron Phillips Co
Colquitt Ag Service
Crestwood Equity Partners
Flint Hills Resources
GP Cellulose, LLC
Kent’s Oil Service
Maverick, LLC
Mid America Agri Products
National Refrigerant
Orion Engineered Carbons, LLC
Owens Corning Sales
Phillips 66 Company
Savage Services Corp
STS Of Albany
Sunoco Logistics
The Procter & Gamble Co.
Tokai Carbon CB Ltd.
Trans Montaigne Partners LP
Valero Marketing
Van Waters & Rogers
Westlake Chemical Corp.
In 2019, OmniTRAX became the first short line railroad management company to be voted into the ACC Responsible Care® Partnership Program by the American Chemistry Council. The Safe Shipper Award is one of the ways that OmniTRAX is working to promote Responsible Care and continuous improvement in the areas of environment, health, safety, and security.
About OmniTRAX, Inc.
As one of North America’s largest and fastest growing private railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
Media:
Ronald Margulis
RAM Communications
+1 908.272.3930
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NEW YORK--(BUSINESS WIRE)--Hudson Sustainable Group (Hudson) announced today that it has closed the firm’s inaugural green bond, with the issuance of US$96.8 million Investment-Grade rated fixed rate secured notes due in 2043. The assets underlying the notes are a portfolio of six operating solar PV facilities located in Uruguay, with a total generating capacity of 84.3 MWdc. These projects have long-term power purchase agreements with UTE, the Uruguayan state-owned power utility.
The green bond closed on December 22, 2020, clients of Allianz Global Investors participated as the sole noteholders in the offering.
Mitsubishi UFJ Financial Group and SG Americas Securities, LLC (Societe Generale) acted as placement agents and green bond structuring advisers. Greenberg Traurig LP and Guyer & Regules acted as the Issuer’s NY and Uruguayan counsel respectively. Proceeds from the green bond were used to refinance an existing construction loan facility. The closing of the green bond, along with a US$10 million structurally subordinated green loan provided by Societe Generale, builds on Hudson’s long track record in the renewable energy space.
The closing of the green bond and the green loan is consistent with Hudson’s focus on investing in companies and assets that promote the sustainability of the physical and social environment, consistent with the United Nations Sustainable Development Goals. As part of this mission, Hudson has published its Green Finance Framework. The framework is based on the Green Bond Principles 2018 and the Green Loan Principles 2020, a set of voluntary guidelines that aim to promote integrity and transparency in the green bond and loan markets. The framework will support Hudson’s mandate to finance projects that promote low carbon energy sources, resource efficiency, efficient production methods, sustainable transportation, infrastructure resiliency, and human development and safety.
“This inaugural green bond continues Hudson’s mission to promote sustainable investments,” said Neil Auerbach, Hudson’s Chief Executive Officer and Managing Partner. “The projects underlying this bond will generate a positive environmental impact and contribute to the U.N.’s Sustainable Development Goals. We are proud to have partnered with Allianz Global Investors, a world-renowned investment management firm with a wealth of experience deploying infrastructure debt investments.”
“It gives us great pleasure to have worked with Hudson throughout 2020 – a notably challenging year for all – in closing an important infrastructure project in a key region and ending the year on a high note,” said Paul David, Director of Infrastructure Debt at AllianzGI.
Sustainalytics, a leading provider of ESG research and ratings, provided a second-party opinion that independently confirmed the environmental benefits of Hudson’s Green Finance Framework.
To view additional details on Hudson’s sustainable bond and loan issuance strategy, please visit https://www.hudsonsustainable.com/esg-initiatives to download the Framework and second-party opinion.
About Hudson
Hudson Sustainable Group (“Hudson”, or the “Company”) is focused on investing in the sustainability sector globally, with an emphasis on renewable energy, resource efficiency, and other aspects of sustainable technology. Founded in 2007, Hudson acts as a principal investor and manager and has made 20 investments to date in 26 countries. For more information, visit www.hudsonsustainable.com.
About Allianz Global Investors
Allianz Global Investors (“AllianzGI”) is a leading active asset manager with 754 investment professionals in 25 offices worldwide and managing US$641 billion in assets for individuals, families and institutions.
Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.
Active is: Allianz Global Investors
Data as of September 30, 2020
Media Contact
Jared Blanton
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415-712-1417
Group Urges Biden-Harris Administration to Stop New Offshore Drilling, Prioritize Expansion of Offshore Wind
WASHINGTON--(BUSINESS WIRE)--President Joe Biden intends to issue an executive order today to address the growing climate crisis, including a commitment to rejoin the Paris Agreement. In response, Oceana released the following statement from Jacqueline Savitz, chief policy officer:
“President Biden’s swift action on climate offers hope for our oceans. We welcome this stark change after four years of deregulation and attacks that have left our bedrock environmental laws, and consequently our oceans, bruised and battered.
For too long, our oceans have borne the brunt of the climate crisis, absorbing about a third of the carbon dioxide we emit. This great service the oceans provide is also making them sick. It’s driving ocean acidification, melting sea ice and causing sea level rise. And climate change is increasing the frequency and intensity of storms, droughts and wildfires that are taking a toll on human lives. It is causing famine and species migrations that will lead to ecological havoc.
But luckily, we know the solutions and our oceans can play a pivotal role. We must stop the expansion of dirty and dangerous offshore drilling and shift to clean, renewable energy sources like offshore wind. We need to make this shift in our energy paradigm as quickly as possible.
By permanently protecting U.S. waters from new offshore oil and gas drilling, President Biden would not only slow the climate crisis, but also protect coastal communities from the devastating impacts of our fossil fuel addiction.
As President Biden says, we can ‘build back better,’ and the oceans are no exception – their abundance and biodiversity are essential to a healthier world. If we manage our fisheries sustainably, they can provide 1 billion people a healthy seafood meal every day. Those are meals that don’t require land or fresh water: meals that contribute far less carbon dioxide than other protein sources, and meals that can help us fight off heart disease, diabetes and other health problems.
We applaud President Biden for prioritizing science-based policies and taking the first steps to undo more than 100 rollbacks of environmental protections. Oceana looks forward to working with the Biden-Harris administration to establish a proactive, sensible, science-based approach to restoring and managing our incredibly rich marine resources and our deeply generous oceans.”
Oceana is the largest international advocacy organization dedicated solely to ocean conservation. Oceana is rebuilding abundant and biodiverse oceans by winning science-based policies in countries that control one-third of the world’s wild fish catch. With more than 225 victories that stop overfishing, habitat destruction, pollution, and the killing of threatened species like turtles and sharks, Oceana’s campaigns are delivering results. A restored ocean means that 1 billion people can enjoy a healthy seafood meal, every day, forever. Together, we can save the oceans and help feed the world. Visit USA.Oceana.org to learn more.
Dustin Cranor, 954.348.1314, This email address is being protected from spambots. You need JavaScript enabled to view it.
Analysis follows final IRS guidance regarding carbon oxide sequestration regulations
--(BUSINESS WIRE)--Wolters Kluwer Tax & Accounting:
What: The enactment of a credit for carbon oxide sequestration in 2008 was the first step in the efforts to encourage the recapture of carbon oxide from the atmosphere. Significantly enhanced in 2018, it helped jumpstart the carbon recapture industry, but several areas left it up to the US Treasury to provide the details on how to qualify. Those details finally started to come in 2020 with final regulations not adopted until January 6, 2021. Because the delay caused some projects to bump up against the statutory required beginning date of before January 1, 2024, the Consolidated Appropriations Act, 2021 extended the required beginning date by two years.
Why: While final regulations largely followed original proposals, including several adjustments favorable to taxpayers, some hurdles that the carbon recapture industry must jump over in order to qualify for the credit remain.
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, can help discuss the carbon recapture credit and related issues.
PLEASE NOTE: The content of this alert has been prepared by Wolters Kluwer Tax & Accounting for general informational purposes only. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.
Contact: To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Bart Lipinski.
BART LIPINSKI
847-267-2225
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LONDON--(BUSINESS WIRE)--#downholetoolsmarket--The downhole tools market is poised to grow by USD 12.68 billion during 2021-2025, progressing at a CAGR of over 6% during the forecast period.
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The report on the downhole tools market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by the rise in unconventional oil and gas resources.
The downhole tools market analysis includes the application and geography landscape. This study identifies the discovery of new oilfields and refineries as one of the prime reasons driving the downhole tools market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The downhole tools market covers the following areas:
Downhole Tools Market Sizing
Downhole Tools Market Forecast
Downhole Tools Market Analysis
Companies Mentioned
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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
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Port of LA Executive Director Gene Seroka commends the partnership’s efforts to drive innovation in the Blue Economy.
LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles and Flying Lion, Inc. (FLI) have announced a multi-faceted partnership to develop a world-class Unmanned Aircraft System (UAS) Center of Excellence, which will provide maritime research support, STEM education, job training, and commercial services on AltaSea’s 35-acre site at the Port. FLI, which started its partnership on January 15, joins two organizations with aligning missions – to accelerate scientific collaboration and transform the rapidly-growing “Blue Economy” at AltaSea.
"Flying Lion will be an important addition to our campus as we continue our leadership in the Blue Economy,” said AltaSea CEO Tim McOsker. “AltaSea’s mission is to convene the next generation of entrepreneurs that fight climate change through new and innovative technology, education and collaboration. This new partnership advances our mission.”
Flying Lion, Inc. provides an on-demand rapid aerial assessment and imaging services to Law Enforcement and Emergency Service Departments with remotely operated copters with built-in high definition and infrared cameras. The company currently provides a commercial drone pilot course at Santa Monica College and El Camino College in Torrance, CA.
“The synergy between AltaSea’s campus and Flying Lion UAS expertise creates an optimal environment to jointly develop breakthrough ocean-related research and discovery solutions to environmental problems,” said Flying Lion CEO Barry Brennan.
The AltaSea-Flying Lion partnership has four primary pillars:
In February 2020, the Los Angeles Economic Development Corporation (LAEDC) and AltaSea co-authored a report that designated the ocean economy as a new category of jobs in Los Angeles – the first addition in over a decade. The report states that this new economic engine will produce more than 126,000 direct jobs and pay wages upwards of $37.7 billion by 2023 in LA County alone.
“AltaSea is living up to its mission by creating key partnerships with new, cutting-edge companies to drive innovation, sustainability, and grow the Blue Economy,” said Port of Los Angeles Executive Director Gene Seroka. “We’re pleased to welcome Flying Lion and its Unmanned Aircraft System (UAS) Center of Excellence to AltaSea at the Port of Los Angeles.”
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: altasea.org
About Flying Lion, Inc.
Flying Lion, Inc. (FLI) is a Los Angeles-based training organization and drone service provider to Public Safety Agencies, Community Colleges, School Districts and Municipalities. One specialty is providing on-demand rapid aerial assessment and imaging services to Law Enforcement and Emergency Service Departments utilizing drones with built-in high definition and infrared cameras. The company also provides commercial drone pilot courses at Santa Monica College and El Camino College in Torrance, CA. Please visit our website at: www.flyinglioninc.com
Jacob Scott
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HOUSTON--(BUSINESS WIRE)--$NEXT #CCS--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) today announced that the Board of Directors has appointed Brent E. Wahl as Chief Financial Officer effective February 1, 2021. Mr. Wahl has served as the Company’s Senior Vice President, Finance, since June 17, 2019.
Mr. Wahl will replace Benjamin A. Atkins, who has notified the Company of his intention to resign his position as Chief Financial Officer for personal reasons. Mr. Atkins will continue to be employed by the Company until February 1, 2021, to ensure a seamless transition of the role to Mr. Wahl.
“I join my fellow employees and Directors in congratulating Brent on his appointment as CFO,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “Brent has made considerable contributions to NextDecade since joining the Company in 2019, and I know he will be an outstanding CFO that will help us to achieve a final investment decision at Rio Grande LNG in 2021.”
“On behalf of our employees and the Board, I also want to thank Ben for his years of dedicated service to NextDecade,” continued Schatzman. “Ben’s financial acumen and steady leadership have benefited the Company greatly, and we wish him well.”
Prior to joining NextDecade, Mr. Wahl was a Senior Managing Director and Head of Midstream Investment Banking for North America at Macquarie. Mr. Wahl has more than 20 years of experience in the energy industry, having also worked at J.P. Morgan and Bank of America. During his career, Mr. Wahl has participated in more than $50 billion of financings and more than $100 billion of announced M&A transactions. Mr. Wahl holds a Bachelor’s Degree in Economics from the University of Western Ontario and a Master’s Degree in Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is a liquefied natural gas (LNG) development company focused on LNG export projects. NextDecade is developing the largest LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market, creating value for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG export facility in the Port of Brownsville, Texas. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; the 2019 novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2019 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.
Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Patrick Hughes
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Khan Brings 15+ Years of Professional Experience in Renewables
BLACKWOOD, N.J.--(BUSINESS WIRE)--#Switchtosolar--In the peak of January, Vision Solar LLC executives chose a seasoned renewable energy professional, Faraz Khan as their new Chief Financial Officer. Khan is eager to help drive company growth, and collaborate in the successful efforts of the company in the years to come.
Faraz Khan has over 15+ years of professional experience within the energy industry. Prior to joining Vision Solar, Khan served as Senior Director of Corporate Finance at Hardinge Inc., following his experience as CFO for Siemens Gamesa Renewable Energy. His diverse background experience has created a strong reputation for delivering financial results and driving business transformation across the Renewable Energy enterprise.
Khan is extremely passionate about being a part of the switch to renewable energies.
“I think it is a great time to join the renewable energy revolution. Because of this, I am excited to become a part of Vision Solar’s success, while helping them grow with the right financial discipline,” Khan stated.
Khan’s goals for his position is to help the company grow profitably, while improving their margin. He is dedicated to growing in a sustainable way, in order to expand on their current markets.
For any inquiries or interview requests regarding this press release, please feel free to contact Ellen Granson at (856)-693-5352 This email address is being protected from spambots. You need JavaScript enabled to view it. or John Czelusniak at This email address is being protected from spambots. You need JavaScript enabled to view it. – Text or email is the preferred form of communication.
About Vision Solar
Vision Solar is one of the fastest growing solar energy companies in the United States. Their full-service renewable energy company installs solar services for residential homes in Pennsylvania, Arizona, New Jersey, Massachusetts and Florida. Over the past three years, Vision Solar has grossed over $100 million in revenue, with significant increase in projected growth for 2021. To learn more visit https://visionsolar.llc/.
Ellen Granson, (856)-693-5352
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John Czelusniak
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HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2625 per share for the fourth quarter ($1.05 annualized), payable on February 16, 2021, to common stockholders of record as of the close of business on February 1, 2021. This dividend represents a 5% increase over the fourth quarter of 2019.
KMI is reporting fourth quarter net income attributable to KMI of $607 million, compared to net income attributable to KMI of $610 million in the fourth quarter of 2019; and distributable cash flow (DCF) of $1,250 million, an 8% decrease from the fourth quarter of 2019.
“Despite the pandemic’s continued drag on the economy and on energy demand, our company weathered the fourth quarter well, producing substantial earnings as expected and robust coverage of this quarter’s dividend,” said KMI Executive Chairman Richard D. Kinder.
“Our assets continue to provide strong cash flow and our corporate philosophy remains sound: fund our capital needs internally, maintain a healthy balance sheet, and return excess cash to our shareholders through dividend increases and/or share repurchases. As noted in our December financial guidance, the board expects to increase the dividend by 3% for 2021, to $1.08 per share (annualized). The company also has the capacity to engage in opportunistic share repurchases up to $450 million,” Kinder concluded.
“We are optimistic that the U.S. and global economies are poised for a strong recovery as the vaccines are distributed and we return to normal activity,” said KMI Chief Executive Officer Steve Kean. “The measures we took in the face of that unprecedented challenge — maintaining capital spending discipline, reducing expenses, and increasing operational efficiency — will all contribute to a stronger company in the months and years ahead. The services we provide and the products we move remain critical to the quality of life of millions of our fellow citizens, and we expect demand for those services and products to rebound as the economic recovery takes hold.
“I remain extremely proud of our employees, who throughout a trying year kept their focus on their work providing essential energy services for businesses and consumers,” Kean concluded.
“We generated fourth quarter earnings per share of $0.27, which was flat compared to earnings per share of $0.27 in the fourth quarter of 2019,” said KMI President Kim Dang. “At $0.55 per share, DCF per share was down $0.04 from the fourth quarter of 2019. We achieved $652 million of excess DCF above our declared dividend. That excess cash resulted in part from a lower dividend than we assumed in our plan, but was also the result of our cost savings and reduced capital expenditures. Financial contributions from all of our business segments were down compared to the fourth quarter of 2019, due to lower energy demand as a result of the pandemic, lower commodity prices, and the December 2019 sale of Kinder Morgan Canada Limited (KML) and the U.S. Cochin Pipeline. This was partially offset by lower interest expense and lower sustaining capital expenditures compared to the fourth quarter of 2019,” said Dang.
“One of the major highlights of the quarter was completing construction of the Permian Highway Pipeline, which went into full commercial service on January 1, overcoming multiple permitting and legal challenges. Our project management teams and workers in the field managed to complete several other important expansion projects during the quarter while maintaining an outstanding safety record in the face of the historic pandemic,” Dang continued.
For the full year 2020, KMI reported net income attributable to KMI of $119 million compared to $2,190 million in 2019. Net income attributable to KMI for the full year 2020 included a combined $1,950 million of non-cash impairments associated with our Natural Gas Pipelines Non-Regulated and CO2 reporting units. KMI’s 2020 full year DCF of $4,597 million was down 8% from $4,993 million in 2019. Adjusted EBITDA of $6,962 million was down 9% from $7,618 million in 2019. The decreases in DCF and Adjusted EBITDA are consistent with previous guidance provided during 2020, and are primarily attributable to pandemic-related reduced energy demand and commodity price impacts, as well as the impact of the KML and U.S. Cochin sale in the fourth quarter of 2019.
2021 Outlook
For 2021, KMI’s budget contemplates $2.1 billion in net income attributable to KMI, or $0.92 earnings per share, declared dividends of $1.08 per share, a 3% increase from the 2020 declared dividends, DCF of approximately $4.4 billion ($1.95 per share), and Adjusted EBITDA of approximately $6.8 billion. KMI also expects to invest $0.8 billion in expansion projects and contributions to joint ventures during 2021. KMI expects to generate $1.2 billion of DCF in excess of discretionary expenditures and dividend payments. KMI also expects to end 2021 with a Net Debt-to-Adjusted EBITDA ratio of approximately 4.6 times.
As of December 31, 2020, we had over $3.9 billion of borrowing capacity under our $4 billion credit facility and nearly $1.2 billion in cash and cash equivalents. We believe this borrowing capacity, current cash on hand, and our cash from operations are more than adequate to allow us to manage our cash requirements, including maturing debt, through 2021.
Overview of Business Segments
“The Natural Gas Pipelines segment’s financial performance was down for the fourth quarter of 2020 relative to the fourth quarter of 2019,” said Dang. “The segment experienced lower contributions from multiple gathering and processing assets due to sharply reduced natural gas production and from the sale of the U.S. Cochin Pipeline in December 2019. These reduced contributions were partially offset by greater contributions from the Texas Intrastate systems, Natural Gas Pipeline of America (NGPL), and Elba Island LNG.”
Natural gas transport volumes were down 2% compared to the fourth quarter of 2019, with notable volume declines on Colorado Interstate Gas Pipeline and Wyoming Interstate Pipeline due to the production declines in the Rockies basin, and on El Paso Natural Gas due to increases in transportation alternatives for Permian basin production. These declines were partially offset by: increased volumes on the Texas Intrastate systems due primarily to increased Gulf Coast contract activity largely serving LNG and industrial markets; on Tennessee Gas Pipeline driven by increased LNG and power plant deliveries sourced largely from the Appalachian region; and, on Elba Express due to increased deliveries to Elba Island. Natural gas gathering volumes were down 20% from the fourth quarter of 2019 across nearly all our systems, most notably on the KinderHawk and Eagle Ford systems.
“Continued low refined products demand and lower crude and condensate volumes during the fourth quarter reduced contributions from the Products Pipelines segment,” Dang said. “Crude and condensate pipeline volumes were down 26% and total refined products volumes were down 13% compared to the fourth quarter of 2019. Gasoline volumes were below the comparable period last year by 10% and jet volumes were still very weak (down 47%) but diesel volumes were strong, 7% above the fourth quarter of 2019.
“Terminals segment earnings were essentially flat compared to the fourth quarter of 2019 after adjusting for the impact of the December 2019 KML sale. Refined product volumes that move through our terminals continued to reflect reduced demand due to the pandemic, though they recovered meaningfully during the second half of the year. Conversely, we saw historically-high effective utilization across our network of nearly 80 million barrels of storage capacity due to term contracts entered into during the second quarter of 2020,” said Dang. “Due to the structure of our contracts, a much more significant portion of our revenue comes from fixed monthly payments on tank leases versus the revenue we receive for moving product through our terminals. During the quarter, we also saw weakness in our Jones Act tanker business that was offset by expansion projects. Our bulk business benefited from a strong rebound in ores and metals volumes as well as gains realized in connection with the redemption of certain equity investment-interests and an asset sale.
“CO2 segment earnings were down compared to the fourth quarter of 2019 due to lower CO2 sales volumes and lower crude production, partially offset by lower operating expenditures and higher realized crude prices. Our realized weighted average crude oil price for the quarter was up 11% at $55.41 per barrel compared to $49.90 per barrel for the fourth quarter of 2019, largely driven by our improved Midland-to-Cushing basis hedges,” said Dang. “Fourth quarter 2020 combined oil production across all of our fields was down 16% compared to the same period in 2019 on a net to KMI basis, and CO2 sales volumes were down 35%.”
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Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, January 20, at www.kindermorgan.com for a LIVE webcast conference call on the company’s fourth quarter earnings. Kinder Morgan’s annual Investor Day will also be webcast live at 9:00 a.m. Eastern Time on Wednesday, January 27, at www.kindermorgan.com.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow in relation to our CO2 segment are presented herein.
Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income (loss) or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income (loss), but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7.)
Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income (loss) attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. (See the accompanying Tables 1 and 2.)
DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)
Adjusted EBITDA is calculated by adjusting net income before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income. (See the accompanying Tables 3 and 4.)
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs. DCF and Adjusted EBITDA are further adjusted for certain KML activities attributable to our noncontrolling interests in KML for the periods presented through KML’s sale on December 16, 2019 (See Table 7, KML Activities Prior to December 16, 2019.)
Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P. (which was redeemed in January 2020), (3) debt fair value adjustments, and (4) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.
Free Cash Flow, as used in relation to our CO2 segment, is calculated by reducing Segment EBDA (GAAP) by Certain Items and capital expenditures (sustaining and expansion). Management uses Free Cash Flow as an additional performance measure for our CO2 segment. We believe the GAAP measure most directly comparable to Free Cash Flow is Segment EBDA (GAAP). (See the accompanying Table 7.)
Our guidance for 2021 includes a forecast of net income attributable to KMI, which we previously have not provided due to the impracticability of predicting certain components of net income required by GAAP. As a result of changes to GAAP rules and guidance and our 2019 sale of Kinder Morgan Canada Limited, the impact of components related to commodity and interest rate hedge ineffectiveness and foreign currency fluctuations will be inconsequential. In addition, based on our current circumstances, we do not expect that changes in unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities will materially impact our ability to forecast net income for 2021. If the circumstances relating to these items or other GAAP requirements change and we determine that the difficulty of predicting components required by GAAP makes it impracticable for us to forecast net income attributable to KMI, we will cease to provide a forecast of net income attributable to KMI and will disclose the factors affecting our ability to do so. (See the accompanying Tables 8 and 9).
Important Info
Dave Conover
Media Relations
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www.kindermorgan.com
NEW YORK--(BUSINESS WIRE)--#ElectricUtilityVehicle--H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $43 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Continental Battery Holding Corp. (“Continental Batteries,” “Continental,” or the “Company”).
Headquartered in Dallas, TX, Continental is a leading distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine and industrial markets. Today, Continental provides service to over 30,000 dealers across a network of over 100 distribution locations in North America offering a complete range of aftermarket batteries and accessories.
Eric Royse, Chief Executive Officer of Continental Batteries commented, “We are excited to enter into this new chapter with H.I.G. as we continue to further enhance the Continental breadth and reach of our offering to better serve our customers. H.I.G.'s distribution experience combined with its proven ability to help companies grow through acquisition and market consolidation will enable Continental to accelerate our successful growth trajectory.”
“We are very excited to partner with Eric and the Continental management team, who have a proven track record of building a best-in-class business and providing the highest levels of quality and service for their customers,” added Tenno Tsai, Managing Director at H.I.G. “The Company is a market leader with a diversified customer base, broad geographic footprint and differentiated distribution capabilities. We look forward to working with the team to build upon their success and support continued growth initiatives”
Continental Batteries’ existing management team will continue to run the business going forward. Ares Management is providing financing for the transaction. Harris Williams acted as financial advisor to Incline, and Dentons LLP acted as legal counsel to the Company and Incline on the transaction. Ropes & Gray LLP provided legal advice to H.I.G.
About Continental Batteries
Continental is leading distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine and industrial markets. Founded in 1932 and based in Dallas, TX, Continental Batteries operates more than 100 branches throughout North America. For more information, visit http://www.continentalbattery.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $43 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
H.I.G. Capital
Tenno Tsai
Managing Director
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Peter Hart
Principal
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www.higcapital.com
OKLAHOMA CITY--(BUSINESS WIRE)--Enable Midstream Partners, LP (NYSE: ENBL) will release fourth quarter and year-end 2020 financial results before market hours Wednesday, Feb. 24, and will host a conference call at 10 a.m. EST (9 a.m. CST) that day to discuss the results.
The toll-free dial-in number to access the conference call is 833-968-1938, and the international dial-in number is 778-560-2726. The conference call ID is 2070646. The call will accompany a live webcast, and a replay will be available afterward. The webcast can be accessed from Enable’s investor page at https://investors.enablemidstream.com.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.
Media
Leigh Ann Williams
(405) 553-6947
Investor
Matt Beasley
(405) 558-4600
Combining Double-Sided Printing with PTC Ink Opens Up New Product Design Options
AMERY, Wis.--(BUSINESS WIRE)--Reliatrace, Inc. has announced the issuance of US Patent No. 10,856,365 for a Self-Regulating Flexible Heating Device. The patent was awarded to Mark Ester, President and CEO of Reliatrace, and gives the company sole rights to combine its proprietary Double-Sided Polymer Circuitry (D/SPC®) with thermally conductive Positive Temperature Coefficient (PTC) ink printing for heaters and warming elements. This technology opens up a wide range of new options for design engineers and project managers working on products or parts where heat is required and needs to be held at a steady temperature. With this technology, the risk of overheating is greatly reduced compared with alternative heating methods using thermostats or other temperature controls.
Compared to traditional heating elements that use copper flex circuitry, wires or coils, Reliaheat® PTC heaters are screen printed, and the ink can be set to a desired temperature, eliminating the need for a temperature controller. These heaters are safer than alternatives because they will not overheat, burn or melt.
Reliatrace has used the past three years to develop and refine the “Reliaheat®” technology. The new patent provides the company with the exclusive ability to print PTC ink on the top side of a substrate, printing silver bus bars on the bottom side joining through vias in the substrate. This allows the heating elements to cover the entire top surface without any interruption from bus bars printed on the same surface as the heating print pattern. Other advantages include multi-zone heat capability, more consistent heat transfer in a smaller footprint, and a higher heat density when desired. In addition, these printed heating circuits are thin and flexible, creating the ability to conform to convex or concave surfaces, and they can easily be made weather and water resistant.
“Double-sided printed electronics have opened up new possibilities for innovation and combining this capability with PTC ink is a game changer, especially in industries where reliability is critical,” Ester shared. “We have more than 28 years of experience working in the medical and commercial equipment industries. We could see other applications for this technology including warming parts of the body, in research lab settings and other medical applications, heating parts of airplanes or equipment that are subject to freezing, battery warming, or heating liquids that need to be applied in winter.”
This Self-Regulating Flexible Heating Device has already been used in the beauty industry. It was embedded in a 4-inch by 4-inch palette used to warm hair coloring during the application process for more consistent results. Another innovative use is warming the lenses of outdoor headlamps. Since bulbs are being replaced with LEDs which do not give off heat, this solution ensures they remain frost-free.
While Reliatrace primarily works with B2B clients, earlier this year the company launched its first direct-to-consumer product using its patented Self-Regulating Flexible Heating Device in a new tool for bakers. The Raisenne Dough Riser® by Reliaheat® is a .032” thick, 10.25-inch round disk that’s placed under a container holding dough to create the ideal temperature for a perfect proof in less time. The technology allows for a reliable alternative to a traditional proofing box that is less expensive and less bulky to store. Raisenne is available online at www.raisenne.com.
About Reliatrace
Founded in 1992, Reliatrace (formerly Graphic Display Systems, Inc. [GDSI]) is a custom printed electronics design and manufacturing company located in Amery, Wisconsin. The company provides printed circuitry which leads the industry in performance and reliability with its double-sided polymer circuitry (D/SPC®). It serves customers in the medical, agriculture, food service, automotive, industrial, white goods and consumer electronic markets. For more information visit www.reliatrace.com.
Laura Opsahl
Studio2 Design + Digital
VP, Marketing & Communications
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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) announced today that Robert Davis will succeed Ed Kolodziej as president of the company’s Aqua Ohio water and wastewater utility. Davis most recently served as director of public utilities for the City of Cleveland, where he was responsible for Cleveland Water, Cleveland Water Pollution Control and Cleveland Public Power. Kolodziej will retire from Aqua Ohio effective Feb. 12 after 10 years of service.
“Ed has distinguished himself through his successful career as president of Aqua Ohio,” said Colleen Arnold, president of the Aqua division of Essential. “We’re grateful for his leadership and significant contributions to the Ohio communities we serve, and we wish him well in retirement.”
Davis will report to Arnold. “Bob brings to Aqua an impressive knowledge of water operations and management, coupled with a strong dedication to providing this essential service to our customers,” said Arnold. “His leadership, expertise and enthusiasm will be instrumental as we continue to address Ohio’s infrastructure needs and the increasing complexity of water quality treatment. I look forward to working with Bob as he leads our Ohio team.”
Essential Chairman and CEO Christopher Franklin welcomed Davis to his new role. “We’re excited to have Bob join our leadership team,” said Franklin. “He is deeply knowledgeable about the utility industry, and he shares our overarching commitments to providing excellent customer service and supporting our communities. And Bob’s municipal perspective will be important as Aqua continues to grow.”
In his new position, Davis will lead operations and administration for Aqua Ohio’s 33 water and 5 wastewater treatment facilities, which serve approximately 500,000 residents.
“I’m absolutely thrilled to be joining the Aqua team and honored that the company is putting its faith in me to lead one of its largest state operations,” said Davis. “I’m also excited about the opportunity to continue to improve the quality of life in the communities we serve by safely and reliably delivering essential services while contributing to the growth and success of Aqua.”
Davis served as Cleveland’s director of public utilities since 2015. Davis began his career at the Warren, Ohio utility services department as a laborer and was promoted to several roles including plant operator, superintendent of water treatment and distribution, and director of utility services. He has also served as superintendent of water treatment and distribution for the City of Campbell. Davis earned a Bachelor of Science in business administration from West Virginia University, and he holds an EPA Class IV water supply certification and an EPA Class II certification in water distribution.
About Aqua
Aqua’s water and wastewater utilities serve more than 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Visit Aqua online at AquaAmerica.com, facebook.com/MyAquaAmerica, and twitter.com/MyAquaAmerica.
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
Forward-Looking Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential Utilities’ business, please refer to Essential Utilities’ annual, quarterly and other SEC filings. Essential Utilities is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
WTRGG
Gretchen Toner
Communications and Marketing
484.368.4816
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) announced today that its Board of Directors has declared the regular quarterly dividend on its common stock of $ 0.28 (twenty-eight cents) per common share, payable to stockholders of record on February 5, 2021. The dividend will be paid on February 19, 2021.
J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.
Brad Delco
Vice President - Finance & Investor Relations
(479) 820-2723
HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the fourth quarterly payment period ended December 31, 2020.
Unitholders of record on February 1, 2021 will receive a distribution amounting to $510,000 or $0.03 per unit, payable February 12, 2021.
Volumes, average sales prices and net profits for the payment period were:
Sales volumes: |
|
|
|
|
|
Oil (Bbl) |
|
136,583 |
|
|
|
Natural gas (Mcf) |
|
95,986 |
|
|
|
Total (BOE) |
|
152,581 |
|
|
|
Average sales prices: |
|
|
|
|
|
Oil (per Bbl) |
|
$ |
36.26 |
|
|
Natural gas (per Mcf) |
|
$ |
2.07 |
|
|
Gross proceeds: |
|
|
|
|
|
Oil sales |
|
$ |
4,952,685 |
|
|
Natural gas sales |
|
|
199,136 |
|
|
Total gross proceeds |
|
$ |
5,151,821 |
|
|
Costs: |
|
|
|
|
|
Lease operating expenses |
|
$ |
2,691,487 |
|
|
Production and property taxes |
|
|
751,557 |
|
|
Development expenses |
|
|
1,014,161 |
|
|
Total costs |
|
$ |
4,457,205 |
|
|
Net proceeds |
|
$ |
694,616 |
|
|
Percentage applicable to Trust’s Net Profits Interest |
|
80% |
|
|
|
Net profits interest |
|
$ |
555,693 |
|
|
Increase in cash reserve held by VOC Brazos Energy Partners, L.P. |
|
|
0 |
|
|
Total cash proceeds available for the Trust |
|
$ |
555,693 |
|
|
Provision for estimated Trust expenses |
|
|
(45,693) |
|
|
Net cash proceeds available for distribution |
|
$ |
510,000 |
|
|
This press release contains forward-looking statements. Although VOC Brazos Energy Partners, L.P. has advised the Trust that VOC Brazos Energy Partners, L.P. believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended December 31, 2020. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 2020 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
(713) 483-6020
WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today hosted its 68th Annual Shareowners Meeting. Due to the COVID-19 pandemic, the meeting was held virtually. By an overwhelming majority, shareowners elected M. William Howard for a one-year term that will expire in 2022 and re-elected Donald L. Correll, James H. DeGraffenreidt Jr., M. Susan Hardwick and George R. Zoffinger, for three-year terms that will expire in 2024.
“We have an exceptional board of directors, whose extensive expertise continues to serve our customers, company and shareowners well. With the strong leadership of our board and dedication of our team, NJR is well positioned for long-term growth in a clean energy future,” said Steve Westhoven, President and Chief Executive Officer of New Jersey Resources. “I appreciate the trust our shareowners have placed in our company, and we will continue to work hard to reward their confidence with our performance.”
In other business, shareowners approved a non-binding advisory resolution on the compensation of NJR’s named executive officers and ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending September 30, 2021.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC plc (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) (the “Company” or “TechnipFMC”) today announced that it will host a Capital Markets Day dedicated to Technip Energies B.V. (“Technip Energies”) in connection with the Company’s previously announced plan to separate into two industry-leading independent, publicly traded companies: TechnipFMC and Technip Energies. The transaction is expected to be structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies business segment. The separation is expected to be completed in the first quarter of 2021, subject to customary conditions and regulatory approvals.
The Capital Markets Day will feature presentations from members of Technip Energies’ executive team, including:
Participants will have the opportunity to interact with these individuals and other key members of Technip Energies’ leadership team.
The presentations will (1) highlight Technip Energies’ extensive project delivery capability and technology, products and services offering, (2) discuss Technip Energies’ long-term strategic vision and unique positioning in the energy transition and (3) review Technip Energies’ financial performance.
The Capital Markets Day event will be held on Thursday, January 28, 2021, at 2pm CET. A live webcast and an accompanying presentation will be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com. An archived replay of the webcast will be available on the same website for one year. A supplemental presentation containing selected financial information for Technip Energies for the years ended December 31, 2017, 2018 and 2019, and for the six months ended June 30, 2020, will also be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com.
Advisors
Rothschild & Co. is acting as financial advisor and Latham & Watkins, LLP is acting as legal advisor, with Darrois Villey Maillot Brochier and De Brauw Blackstone Westbroek N.V serving as additional legal advisors, to the Company.
BNP Paribas, J.P. Morgan, Morgan Stanley and Société Générale are acting as joint equity capital markets advisors in connection with the proposed distribution of Technip Energies shares to the holders of TechnipFMC shares upon completion of the separation.
Credit Agricole Corporate and Investment Bank is also acting in a supporting role.
About Technip Energies (“SpinCo”)
With approximately 15,000 employees, Technip Energies would be one of the largest engineering and technology companies globally, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in sustainable chemistry and CO2 management. In addition, the new company will benefit from its robust project delivery model and extensive technology, products and services offering. The company would comprise the Technip Energies segment, including Genesis – a leader in advisory services and front-end engineering.
About TechnipFMC (“RemainCo”)
With approximately 21,000 employees, TechnipFMC would be the largest diversified pure play in the industry. The Company’s role will be to support clients in the delivery of unique, integrated production solutions. TechnipFMC will continue to transform the industry through its pioneering integrated delivery model – iEPCI™, technology leadership and digital innovation.
Important Information for Investors and Securityholders
Forward-looking statements
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “expect,” “plan,” “intend,” “would,” “will,” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, and include any statements with respect to the potential separation of the Company into TechnipFMC and Technip Energies, the expected financial and operational results of TechnipFMC and Technip Energies after the potential separation and expectations regarding TechnipFMC’s and Technip Energies’ respective capital structures, businesses or organizations after the potential separation. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the U.S. Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority, as well as the following:
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Disclaimers
This press release is intended for informational purposes only for the shareholders of TechnipFMC, the majority of whom reside in the United States, the United Kingdom and Europe. This press release does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Prospectus Regulation”), and Technip Energies’ shares will be distributed in circumstances that do not constitute “an offer to the public” within the meaning of the Prospectus Regulation. This press release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a press release of this nature.
The joint equity capital markets advisors are acting exclusively for TechnipFMC and no one else in connection with the planned spin-off of the majority stake of TechnipFMC’s Technip Energies business segment and will not regard any other person as their respective clients and will not be responsible to anyone other than TechnipFMC for providing the protections afforded to their respective clients in connection with any distribution of Technip Energies shares or otherwise, nor for providing any advice in relation to the distribution of Technip Energies shares, the content of this press release or any transaction, arrangement or other matter referred to herein.
About TechnipFMC
TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 36,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
+1 281 260 3665
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Phillip Lindsay
Director Investor Relations (Europe)
+44 (0) 20 3429 3929
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Media relations
Christophe Bélorgeot
Senior Vice President Corporate Engagement
+33 1 47 78 39 92
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Brooke Robertson
Public Relations Director
+1 281 591 4108
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