DUBLIN--(BUSINESS WIRE)--The "Steel Pipes & Tubes Market Size, Share & Trends Analysis Report by Technology (ERW, Seamless, SAW), by Application (Oil & Gas, Power Plant), by Region (APAC, MEA, North America), and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global steel pipes & tubes market size is anticipated to reach USD 231.1 billion by 2027 registering a CAGR of 6.2%.
Long-term demand for energy on the global level is anticipated to boost the market growth. According to the EIA, global energy consumption is projected to reach 736 quadrillion BTU by 2040 from 575 quadrillion BTU in 2015, witnessing an increase of 28%. The use of liquid fuels and petroleum is likely to grow from 90 million b/d in 2012 to 1000 million b/d by 2040 on a global level. The growth in demand for these liquid fuels is mainly due to the industrial and transportation sectors.
Steel tubes are used in different applications in the oil & gas sector, wherein they are used in conveyor belt rollers, concrete pilings, and bearing casings. Dimensions including straightness, roundness, diameter, and wall thickness are crucial while selecting steel tubes in the oil & gas sector.
The oil & gas application segment is anticipated to remain the dominant application segment over the forecast period. However, with the emergence of the global pandemic, the prices of crude oil tumbled, which directly impacted the industry. In addition, due to the imposed lockdowns and shutdowns, the global oil rig count plummeted over the first quarter of 2020, thereby leading to a decline in demand for steel pipes & tubes.
As per the stats released by Baker Hughes, the global rig count in March 2020 was evaluated around 1,964 as compared to 2,213 in March 2019, a year on year (Y-o-Y) decline of nearly -11.3%. The emergence of coronavirus is projected to severely impact the dynamics of the industry over the short-term period. The key application segments including oil & gas, automotive & transportation, chemicals & petrochemicals, and others are projected to observe a negative trajectory in FY 2020 owing to the weakening of macro-economic factors and industrial operations.
Despite the rising content of steel in vehicles, the overall dynamics of the global automotive sector are under severe distress since 2018. Reducing sales volume coupled with weak macroeconomic trends led to the decline in production rate from 2018 to 2019. Since then, the dynamics of the global automotive sector further dampened with the emergence of COVID 19.
Reduced production of automotive vehicles is likely to directly impact or restrain the growth of the global steel pipes & tubes industry.
Steel Pipes & Tubes Market Report Highlights
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Trends Analysis
3.2.2. Manufacturing Trends
3.3. Regulatory Framework
3.4. Steel Pipes & Tubes Market - Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.5. Business Environmental Tools Analysis: Steel Pipes & Tubes Market
3.5.1. Porter's Five Forces Analysis
3.5.2. PESTLE Analysis
3.6. Impact of COVID 19
Chapter 4. Steel Pipes & Tubes Market: Technology Estimates & Trend Analysis
4.1. Steel Pipes & Tubes Market: Technology Movement Analysis, 2019 & 2027
4.2. Seamless
4.2.1. Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
4.3. ERW
4.4. SAW
Chapter 5. Steel Pipes & Tubes Market: Application Estimates & Trend Analysis
5.1. Steel Pipes & Tubes Market: Application Movement Analysis, 2019 & 2027
5.2. Oil & Gas
5.2.1. Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
5.3. Chemical & Petrochemicals
5.4. Construction
5.5. Automotive & Transportation
5.6. Mechanical Engineering
5.7. Power Plant
5.8. Others
Chapter 6. Steel Pipes & Tubes Market: Regional Estimates & Trend Analysis
6.1. Regional Market Snapshot
6.2. Steel Pipes & Tubes Market: Regional Movement Analysis, 2019 & 2027
Chapter 7. Competitive Landscape
7.1. Key Global Players, Their Initiatives, & Its Impact on the Market
7.2. Vendor Landscape
Chapter 8. Company Profiles
8.1. Company overview
8.2. Financial performance
8.3. Product benchmarking
8.4. Strategic initiatives
For more information about this report visit https://www.researchandmarkets.com/r/j34x15
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today that for the three-month period that ended Sept. 30, 2020 will release its financial results on Nov. 2, 2020. The company’s press release and financial statements will be available on the company’s website at https://investors.itron.com on Nov. 2, 2020 at 8:30 a.m. EST followed by the management conference call at 11 a.m. EST to discuss the results.
Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events.cfm. Participants should access the webcast 10 minutes prior to the start of the call to install and test any necessary audio software. Participants can also pre-register for the webcast at any time using the link above.
A telephone replay of the conference call will be available through Nov. 7, 2020. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 6815143.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643
Rebecca Hussey
Manager, Investor Relations
(509) 891-3574
Bentley invests in FutureOn for subsea planning, engineering and visibility
EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated, the leading global provider of comprehensive software and digital twin cloud services for advancing the design, construction, and operations of infrastructure today announced that Shell’s Deepwater business has selected Bentley’s digital twin approach to streamline its capital projects process and accelerate time to first oil.
With a plan to deliver several subsea tie-back projects over the next 10 years, Shell Deepwater Projects has recognized a significant opportunity to accelerate capital project delivery and cut project delivery time by implementing an integrated digital project & engineering environment. The solution spans project conception in the early phase design through to handover.
“Shell Deepwater Projects is developing an integrated Workflow and Data Platform from system selection to asset handover to streamline our capital projects processes and accelerate time to first oil,” said GT Ju, General Manager Gulf of Mexico Deepwater Projects. “The platform is being developed in partnership with Bentley leveraging Bentley’s iTwin open, scalable Azure cloud-based platform which provides interoperability across owner and supply chain systems. We believe that an end-to-end platform that gives us visibility and transparency to Project and Engineering data across our portfolio will be a key driver to delivering competitive projects.”
Commenting on the project, Nicholas Cumins, Chief Product Officer – Bentley Systems, said “Think Big – Prove Small – Scale Fast – sums up the overall approach Shell and Bentley share in this initiative. Bentley’s iTwin platform is ideally suited to providing aligned, secure and visual access to project data across the supply chain and capital projects ecosystem. Shell’s selection of Bentley’s iTwin platform validates our open approach to digital twins and underscores the ability of the platform to scale to the largest, most complex capital projects and dynamic engineering use cases.”
Bentley Acceleration Fund Investment
In addition, Bentley announced that it is providing investment funds to FutureOn, a Norwegian software company supporting deepwater subsea projects, to accelerate going digital within the oil and gas industry. The investment sets the stage for FutureOn and Bentley to deliver the next-generation digital twin technology required for oil and gas ecosystems to manage and analyze data, integrate with existing systems, provide analytics visibility, and rapidly explore ideas collaboratively.
FutureOn builds on more than 20 years of visual engineering experience specifically in the oil and gas subsea domain. The company will combine its award-winning field design application (FieldAP) and its API-centric collaboration platform (FieldTwin) with Bentley’s digital twin platform (iTwin) to advance user organizations like Shell Deepwater. Both FutureOn and Bentley platforms use open web standards to facilitate complex integration and customization, and the combined offerings are already being implemented in exploration and production workflows for the creation and curation of subsea digital twins.
“The Bentley Acceleration Fund investment is a significant milestone for FutureOn and will help drive the growth of our business by advancing the FutureOn technology as well as extending our reach,” said FutureOn CEO Paal Roppen. “Today, digitalization is more important than ever for the oil and gas industry as challenging market conditions persist. Innovative and disruptive digital twin technologies such as those we develop alongside Bentley will help farsighted organizations like Shell Deepwater to improve project and asset performance.”
About FutureOn
FutureOn is an agile young Norwegian software company with a passion for innovation and a head full of creative ideas. They bring along a bench of smart thinkers who have been providing appealing visual content to the oil and gas industry for many years and have now turned that creative ability into a software platform. That platform called FieldTwin is changing the way oil and gas engineers are seeing their whole world and collaborating in ways they have never even considered in the past. For more information, please visit www.futureon.com.
About Bentley Systems’ Acceleration Fund
Bentley Systems’ Acceleration Fund was founded in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Fund is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments, and acquiring and expanding digital integrators. Investments to date include Digital Water Works, Digital Construction Works, Virtuosity, and The Cohesive Companies. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.bentleyaccelerationfund.com.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries. www.bentley.com
Bentley, the Bentley logo, AssetWise, Digital Construction Works (DCW), iTwin, MicroStation, ProjectWise, The Cohesive Companies, and Virtuosity are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.
Press:
Christine Byrne
+1 203 805 0432
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it will release financial and operating results for the third quarter and post an updated corporate presentation after market close on Wednesday, November 4, 2020.
SilverBow will host a conference call to discuss its results on Thursday, November 5, 2020 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/5165505. After registering, instructions will be shared on how to join the call.
Info: |
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SilverBow Resources 3Q20 Earnings Conference Call Conference ID: 5165505 |
Webcast: |
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Live and rebroadcast over the internet at: |
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https://event.on24.com/wcc/r/2625706/5C695529095DBED164B3D3091ECB608C |
Replay: |
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A replay will be available approximately two hours after the call through Thursday, November 26, 2020 at 10:59 p.m. Central Time (11:59 p.m. Eastern Time). The replay may be accessed by dialing 1-800-585-8367 or 1-416-621-4642, and referencing the Conference ID: 5165505. |
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release third quarter 2020 results before market open on Friday, November 6, 2020.
The Company will host a conference call to discuss its third quarter 2020 results at 9:00 a.m. Eastern Time (“ET”) on Friday, November 6, 2020.
To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.
An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, November 6, 2020 through 11:59 p.m. ET on Friday, November 13, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10149198.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 39 vessels, including 13 VLCCs, two Suezmaxes, five Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
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TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP), announced today that the board of directors of its general partner has declared a quarterly cash distribution on the Partnership’s common units of $0.04 per common unit, as well as a cash distribution of $0.17875 per unit on the Partnership’s preferred units for the quarter ended September 30, 2020. The third quarter 2020 distributions for both the preferred and common units remain unchanged from those paid for the second quarter of 2020. The distributions are payable on November 13, 2020, on all outstanding common and preferred units to unitholders of record as of the close of business on November 3, 2020.
Forward-Looking Statements and Treasury Regulation Notice
This release may include forward-looking statements. Statements included in this release that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s future cash flows and operations, the Partnership’s ability to pay future distributions, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b) (4) and (d). Brokers and nominees should treat one hundred percent (100.0%) of Blueknight’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Blueknight’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Blueknight, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
About Blueknight Energy Partners, L.P.
Blueknight owns and operates a diversified portfolio of complementary midstream energy assets consisting of:
604 miles of crude oil pipeline located primarily in Oklahoma; and
63 crude oil transportation vehicles deployed primarily in Oklahoma and Texas.
Blueknight provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. Blueknight is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership’s website at www.bkep.com.
Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
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FREMONT, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, will report financial results for the third quarter 2020 after market close on Monday, November 2, 2020. Management will host a conference call at 4:30 P.M. ET on Monday, November 2, 2020 to discuss these results.
The call will be available, live, to interested parties by dialing:
United States/Canada Toll Free: |
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800-458-4121 |
International Toll: |
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+1 323-794-2093 |
Conference ID: |
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7783916 |
A live webcast will also be available in the Investor Relations section of SolarEdge’s website at: http://investors.solaredge.com
A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com.
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
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CALGARY, Alberta--(BUSINESS WIRE)--(TSE:IMO, NYSE American: IMO) Brad Corson, chairman, president and chief executive officer, and Dave Hughes, vice-president investor relations, Imperial Oil Limited, will host a 2020 Third Quarter Earnings Call on Friday, October 30, following the company’s third quarter earnings release. The event begins at 9 a.m. MT and will be accessible by webcast.
During the call, Mr. Corson will offer brief remarks prior to taking questions from Imperial’s covering analysts.
Please click here [https://edge.media-server.com/mmc/p/tfz6o6ix] to register for the live webcast. The webcast will be available for one year on the company’s website at www.imperialoil.ca/en-ca/company/investors.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
Investor relations
(587) 476-4743
Media relations
(587) 476-7010
LONDON--(BUSINESS WIRE)--#Globallandfillgasmarket--Set to grow by $ 1.68 bn during 2020-2024, Technavio’s latest market research report estimates the landfill gas market to register a CAGR of about 4%. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Technavio’s in-depth market research reports now include a thorough analysis of the COVID-19 impact on various markets to help industry leaders navigate their business through the new normal. Download Latest Free Sample Report on COVID-19 Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advanced Disposal Services Inc., Ameresco Inc., Aria Energy, Biffa Group Ltd., Covanta Holding Corp., Energy Developments Pty. Ltd., General Electric Co., Infinis Energy Plc, VEOLIA ENVIRONNEMENT SA, and Waste Management Inc. are some of the major market participants. The growing demand for energy worldwide will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Landfill Gas Market 2020-2024: Segmentation
Landfill Gas Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40549
Landfill Gas Market 2020-2024: Vendor Analysis and Scope
To help businesses improve their market position, the landfill gas market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include Advanced Disposal Services Inc., Ameresco Inc., Aria Energy, Biffa Group Ltd., Covanta Holding Corp., Energy Developments Pty. Ltd., General Electric Co., Infinis Energy Plc, VEOLIA ENVIRONNEMENT SA, and Waste Management Inc.
The report also covers the following areas:
Market trends such as the emergence of smart landfills are likely to emerge as the primary drivers of the market. However, factors such as limited availability of land for waste disposal may threaten the growth of the market.
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Backed with competitive intelligence and benchmarking, our research reports on the landfill gas market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Landfill Gas Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on October 26, 2020 based on the Trust’s calculation of net profits generated during August 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in $0.3 million of operating income. Revenues from the Developed Properties were $1.7 million, lease operating expenses including property taxes were $1.4 million, and development costs were approximately $0.01 million. The average realized price for the Developed Properties was $40.57 per Boe for the Current Month, as compared to $39.57 per Boe in July 2020. Although the average realized price per Boe increased compared to July 2020, commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. The cumulative net profits deficit amount for the Developed Properties remained steady at approximately $25.1 million in the current month versus approximately $25.1 million in the prior month.
The Current Month’s calculation included approximately $44,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $37.91 per Boe in the Current Month, as compared to $36.47 per Boe in July 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $0.01 million and was approximately $2.9 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of $75,000 together exceeded the payment of approximately $44,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $126,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC, will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has informed the Trustee that due to the current economic conditions, including the low commodity prices and market oversupply of oil, for the foreseeable future, PCEC does not expect to loan such funds to the Trust other than the $1 million letter of credit. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $126,000, which together with prior drawdowns would leave approximately $330,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $268,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
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Sales Volumes |
Average Price |
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(Boe) |
(Boe/day) |
(per Boe) |
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Developed Properties (a) |
42,535 |
1,372 |
$ |
40.57 |
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Remaining Properties (b) |
16,641 |
537 |
$ |
37.91 |
|
(a) Crude oil sales represented 99% of sales volumes |
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(b) Crude oil sales represented 100% of sales volumes |
|||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by its consultants, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before PCEC’s consultants completed their analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO that PCEC provided to the Trustee, and Martindale is continuing to evaluate that estimate. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to the ARO estimated by PCEC.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC previously informed the Trustee that due to the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, PCEC had shut in approximately 20% of its production since the beginning of the crisis. PCEC has informed the Trustee that despite the continued reduced demand for and oversupply of crude oil, PCEC is no longer shutting wells in. PCEC continuously evaluates, based on price, whether to shut in wells or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Scott Wood Litigation Against Newbridge Resources Group, LLC
The Trustee has learned that on September 23, 2020, Scott Wood, the former Chief Executive Officer of Newbridge Resources Group, LLC (“Newbridge”), the entity that ultimately controls PCEC, filed a lawsuit in the Delaware Court of Chancery against Newbridge and the managers of Newbridge appointed by K-4 Oil, LLC, alleging as his sole cause of action that such managers acted in bad faith in connection with the exercise of Mr. Wood’s buyout from Newbridge by purposely undervaluing his 50% interest in Newbridge (the “Complaint”).
In support of the Complaint, Mr. Wood cites the Evergreen Capital Management LLC (“Evergreen”) lawsuit against PCEC and the Trustee and acknowledges that Evergreen “attributes the manipulation of PCEC's finances to Wood individually (as CEO) rather than to NewBridge.” In the Complaint, Mr. Wood denies Evergreen’s allegations and alleges instead that Newbridge managers “caused a massive increase to the estimated abandonment and plugging costs used in calculating asset retirement obligations, rather than amortizing those costs over the lifetime of the oil well”. The Trust is aware that Moss Adams has certified such plugging and abandonment costs and calculations to the Newbridge managers. PCEC has informed the Trustee (1) that Mr. Wood’s allegations are baseless and defamatory, (2) that PCEC maintains that the reliance on the certification provided by Moss Adams fully protects the managers from any liability pursuant to Section 18-406 of the Delaware Limited Liability Company Act, and (3) that Newbridge intends to defend and assert counterclaims against Mr. Wood in connection with the Complaint. The Trustee intends to continue to monitor the proceedings related to the Complaint.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
HOUSTON--(BUSINESS WIRE)--Gulf Coast Ultra Deep Royalty Trust (OTC Pink: GULTU) (the Trust) announced today that it will distribute to unitholders a cash distribution totaling $25,391 for the quarter ended September 30, 2020.
Unitholders of record on October 30, 2020 will receive a cash distribution of $0.000110 per unit payable on November 13, 2020.
Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended September 30, 2020 are set forth in the table below:
Natural gas (Mcf) sales volumes (a) |
130,604 |
|
||
Natural gas (per Mcf) average sales price |
$ |
1.59 |
|
|
Gross proceeds |
$ |
207,960 |
|
|
Post-production costs and specified taxes |
(44,356) |
|
||
Royalty income |
163,604 |
|
||
Interest and dividend income |
23 |
|
||
Administrative expenses |
(138,236) |
|
||
Income in excess of administrative expenses |
25,391 |
|
||
Cash proceeds available for distribution |
$ |
25,391 |
|
|
(a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
About Gulf Coast Ultra Deep Royalty Trust. The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests. The subject interests and the Trust’s overriding royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (SEC). As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit http://gultu.investorhq.businesswire.com.
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the amount and date of quarterly distributions to unitholders. Forward-looking statements are not guarantees or assurances of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that may cause actual results to differ materially from those anticipated by the forward-looking statements include, but are not limited to, the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to a record date for a quarterly cash distribution. Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions. Other important factors that may cause actual results to differ materially include risks inherent in production of oil and gas properties, the ability of commodity purchasers to make payment, the economic effects of the COVID-19 pandemic and federal, state and local governmental actions in response to the pandemic, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC, and the Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trust cautions investors that it does not intend, and assumes no obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A. serves as trustee of the Trust. If you have any questions related to the Trust, please see below for contact information:
Gulf Coast Ultra Deep Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Michael Ulrich
(512) 236-6599
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended September 30, 2020, which is flat quarter over quarter. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on November 13, 2020, to unitholders of record as of November 6, 2020.
Robert G. Phillips, Chairman, President and Chief Executive Officer commented, “Based on preliminary third quarter results, Crestwood’s operations were in-line with internal expectations driven by new well connect activity and limited shut-in volumes in its Gathering & Processing segment and increased natural gas and NGL storage demand in its Marketing, Supply & Logistics and Storage & Transportation segments. Crestwood’s third quarter results, combined with limited growth capital requirements and full realization of previously announced G&A and O&M savings, drove positive free cash flow generation during the quarter that allowed Crestwood to further strengthen its balance sheet by de-leveraging and building significant distribution coverage. As a result, Crestwood’s board of directors has elected to maintain the partnership’s common and preferred distributions at existing levels for the third quarter and remains confident in the company’s ability to achieve its financial objectives and exceed the mid-point of its revised guidance in 2020.”
Crestwood plans to report financial results for the third quarter 2020 on Tuesday, October 27, 2020, before the New York Stock Exchange opens for trading. Following the announcement, management will host a conference call for investors and analysts at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) that day to discuss the operating and financial results. Crestwood will provide an update on its operations and financial strategy at that time. The call will be broadcast live over the internet via audio webcast. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least ten minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Tax Notice to Foreign Investors
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Crestwood’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Crestwood, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
Crestwood Equity Partners LP
Investor Contacts
Josh Wannarka, 713-380-3081
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Senior Vice President, Investor Relations, ESG & Corporate Communications
Rhianna Disch, 713-380-3006
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Director, Investor Relations
SAN FRANCISCO, Calif.--(BUSINESS WIRE)--After he experienced the massive 1989 Loma Prieta earthquake, Pacific Gas and Electric Company (PG&E) Electric Crew Foreman Steve Semenero started teaching his family how to get out of their house in case of an emergency. He made sure they all agreed on a meeting point, and he also started placing flashlights around the house in case the power went out during a future earthquake.
PG&E Customer Service Representative Rick Brewster was in his recliner watching television in his Kern County home when the 2019 Ridgecrest earthquake moved the walls, ceiling and floor of his home. Pictures fell from walls and his water heater shook off its foundation. The shaking was so strong it was hard to stand and impossible to move. The experience taught Brewster that along with regular earthquake safety tips, he needed to ensure that from now on, everything in his house was properly secured.
Both men hope the lessons they learned from a major earthquake will help others prepare for the next one as California marks the Great Shakeout on Thursday, Oct. 15, at 10:10 a.m.
Drop, Cover and Hold On
The Great California ShakeOut is an annual opportunity to practice how to be safer during big earthquakes and reinforce the Drop, Cover and Hold On safety message.
Semenero, who also felt the 2017 Napa earthquake, believes every day should be earthquake awareness day for California residents.
“During both earthquakes, power went out, and there was major damage near the epicenter. It just reinforces to me how important it is for everyone to be ready, and to have escape routes and a plan for your family because another earthquake could happen anytime,” Semenero said.
For more information about earthquake safety and tips for your family, visit the “Be prepared for an earthquake page” on PG&E’s website.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to 16 million people in Northern and Central California. For more information, visit www.pge.com and www.pge.com/news.
MEDIA REQUEST:
415-973-5930
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) is pleased to announce that one of its wholly-owned subsidiaries has acquired all of the equity interests of a Southern California retail propane distribution company, operating under the tradename Central Coast Propane (“Central Coast”).
Founded in 1992, and located in Paso Robles, California, Central Coast is an established independent retail propane distributor serving approximately 2,800 residential and commercial customers in Southern California.
“The acquisition of Central Coast is Superior’s fourth acquisition in 2020 and third retail propane acquisition in California. Central Coast has an attractive mix of residential and commercial customers, and we anticipate this acquisition will provide synergy opportunities with our existing retail and wholesale propane operations in California,” said Luc Desjardins, Superior’s President and CEO.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
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 “approximately”, "anticipated”, “will”, and similar expressions.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
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)
LANSDALE, Pa.--(BUSINESS WIRE)--#LockheedMartin--Cobham Advanced Electronic Solutions (CAES), a leading provider of mission critical electronic solutions, has been awarded a contract valued at $50 million from Lockheed Martin to provide Antenna Array Panel Assemblies to the US Navy’s Surface Electronic Warfare Improvement Program (SEWIP) Block 2, which will improve the AN/SLQ-32 passive electronic support capability.
“We are honored to continue working with Lockheed Martin and the United States Navy to support our warfighters,” said Mike Kahn, Chief Executive Officer, Cobham Advanced Electronic Solutions. “With the ever-changing electronic warfare landscape, threat detection is becoming increasingly challenging. The SEWIP Block 2 System addresses this task head-on and provides vital assistance and capabilities to protect our fleet.”
The SEWIP program upgrades existing out-of-production AN/SLQ-32 electronic warfare systems. Block 2 is an evolutionary succession of improvement phases the United States Navy is pursuing for its shipboard electronic warfare system, which will incrementally add new defensive technologies and functional capabilities such as improved electronic support receivers and combat system interfaces. These capabilities will allow the Navy to know if the electronic sensors of potential adversaries are tracking the ship. The Naval Sea Systems Command in Washington, D.C., manages the contracting activity for the SEWIP Block 2 procurement.
Combining products that empower electronic attack and defense with technology and know-how, Cobham Advanced Electronic Solutions enable customers to fully exploit the electromagnetic spectrum. Utilizing nearly 50 years of experience, CAES manufactures a wide variety of antennas and antenna subsystems for Electronic Attack and Electronic Sensing applications. For more information on the company’s antennas as well as electronic warfare offerings, please visit www.cobhamaes.com/EW.
About Cobham Advanced Electronic Solutions
Cobham Advanced Electronic Solutions (CAES) provides a number of mission-critical and specialized solutions for harsh environments. Cobham Advanced Electronic Solutions supplies aerospace, defense, commercial and industrial markets with critical solutions across land, sea, air and space, with high reliability RF and microwave microelectronics, antenna apertures, and motion control systems. www.cobhamaes.com
Media Inquiries
Colleen Cronin
Cobham Advanced Electronic Solutions
+1 603 395 3379
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MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) invites you to participate in a conference call with its management team on Thursday, October 29, 2020 at 5:00PM Eastern Time to discuss the Company’s third quarter results, as well as certain forward-looking information. The Company plans to release its third quarter results after the market closes on the same date.
The live conference call will be accessible by telephone at (800) 768-3591 (within the United States and Canada) or (212) 231-2931 (International). Audio replay of the call will be available through November 12, 2020. The replay numbers are: (800) 633-8284 (within the United States and Canada) and (402) 977-9140 (International). The call ID is 21971082.
The conference call will also be available via live webcast. The live webcast may be accessed by visiting the Company’s website at www.wfscorp.com and clicking on the webcast icon. An archive of the webcast will be available on the Company’s website two hours after the completion of the live call and will remain available until November 12, 2020.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing supply fulfillment, energy procurement advisory services, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com.
Ira M. Birns
Executive Vice President & Chief Financial Officer
or
Glenn Klevitz, Vice President, Treasurer & Investor Relations
305-428-8000
HOPATCONG, N.J.--(BUSINESS WIRE)--NJR Clean Energy Ventures (NJRCEV), the clean energy subsidiary of New Jersey Resources (NYSE: NJR), and the Borough of Hopatcong, today, celebrated the completion of a new 1.5 megawatt (MW) ground-mounted solar project at the former municipal landfill. Consisting of nearly 4,000 solar panels, the fixed-tilt array is expected to provide enough clean energy to power 230 homes annually and reduce emissions by 1,435 tons, equal to removing 290 cars from the road each year.
The capped landfill has been closed for more than 30 years. NJRCEV will lease 23 acres of this underutilized space from the borough for a term of 25 years with the opportunity to extend the agreement for up to an additional 10 years. The clean power produced will be sold to PJM and further the state’s clean energy goals.
“As one of the earliest investors in New Jersey’s solar marketplace, NJR Clean Energy Ventures has a long track record of innovation and sustainability, and our Hopatcong solar project reflects that commitment,” said Steve Westhoven, president and CEO of New Jersey Resources. “By turning this brownfield into renewable, green energy, we are helping to support the state’s emission reduction goals, grow our business and lead the way to a clean energy future for New Jersey.”
Hopatcong Mayor Michael Francis said, "This is a win-win for everybody. Each year, the landfill costs the borough money in water testing and fees. We look forward to offsetting these costs and saving taxpayers money while generating clean energy for the state.”
The Hopatcong solar project was jointly developed and permitted by AC Power LLC and Citrine Power LLC after the developers signed a lease with the borough in 2018. NJRCEV acquired the project in 2019 and completed construction in September 2020. The Hopatcong solar project was approved for Transition Renewable Energy Credits (TRECs) under the New Jersey Board of Public Utilities’ T grid-connected project application process. TRECs are the credits generated by solar systems that can be sold to meet utility providers’ renewable energy requirements.
Over the past 10 years, NJRCEV has grown to become one of the largest solar investors in the state, with more than $970 million deployed across New Jersey’s 21 counties. NJRCEV now maintains more than 350 MW of installed capacity - enough to power nearly 55,000 homes and reduce 322,000 metric tons of greenhouse gas emissions annually. These investments reflect the company’s core values and support a clean energy future for New Jersey by delivering clean, safe, and reliable energy, providing customers with low carbon energy solutions and reducing emissions consistent with the state’s goals.
Learn more about NJR’s sustainability efforts at www.NJRSustainability.com
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 the Hopatcong solar facility.
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.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Media:
Michael Kinney
732-938-1031
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Investor:
Dennis Puma
732-938-1229
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LONDON--(BUSINESS WIRE)--#apac--The Global Surfactants market will register an incremental spend of about $10 billion, growing at a CAGR of 5.00% during the five-year forecast period. A targeted strategic approach to Global Surfactants sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
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Several strategic and tactical negotiation levers are explained in the report to help buyers achieve the best prices for Global Surfactants market. The report also aids buyers with relevant Global Surfactants pricing levels, pros and cons of prevalent pricing models such as volume-based pricing, spot pricing, and cost-plus pricing and category management strategies and best practices to fulfil their category objectives.
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SpendEdge
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CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) will release its third quarter 2020 earnings on Tuesday, November 3, 2020, and will also host a conference call with analysts and investors at 10:30 am (ET). A brief Q&A session for ETRN security analysts will immediately follow the results discussion.
Call Access: All participants must pre-register online, in advance of the call.
Upon completion, registered participants will receive a confirmation email that includes instructions for accessing the call, as well as a unique registration ID and passcode. Please pre-register using the appropriate online registration links below:
Security Analysts :: Audio Registration
Your email confirmation will contain dial-in information, along with your unique ID and passcode.
All Other Participants :: Webcast Registration
Your email confirmation will contain the webcast link, along with your unique ID and passcode.
An updated investor presentation will be available on ETRN’s Investor Relations website the day of the call.
Call Replay: For 14 days following the call, an audio replay will be available at (800) 585-8367 or (416) 621-4642. Conference ID: 7529126
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 ETRN Sustainability Reporting.
Source: Equitrans Midstream Corporation
Analyst/Investor inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412-553-5834
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Media inquiries:
Natalie A. Cox – Communications and Corporate Affairs
412-395-3941
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AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced a cash distribution of $0.525 per common unit ($2.10 on an annualized basis) for the third quarter of 2020. The distribution will be paid on November 6, 2020, to unitholders of record as of the close of business on October 26, 2020.
Third Quarter 2020 Earnings Conference Call
In addition, USA Compression will release its third quarter 2020 results prior to the opening of U.S. financial markets on Tuesday, November 3. Management will conduct an investor conference call the same day starting at 11 a.m. Eastern Time (10 a.m. Central Time) to discuss financial and operating results. The call will be broadcast live over the internet. Investors may participate either by phone or audio webcast.
By Phone: |
Dial 800-367-2403 inside the U.S. and Canada at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call. Investors outside the U.S. and Canada should dial 334-777-6978. The conference ID for both is 2953707. |
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A replay of the call will be available through November 13, 2020. Callers inside the U.S. and Canada may access the replay by dialing 888-203-1112. Investors outside the U.S. and Canada should dial 719-457-0820. The conference ID for both is 2953707. |
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By Webcast: |
Connect to the webcast via the “Events” page of USA Compression’s Investor Relations website at http://investors.usacompression.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call. |
ABOUT USA COMPRESSION PARTNERS, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
NON-U.S. WITHHOLDING INFORMATION
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of USA Compression’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, USA Compression’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Matt Liuzzi / 512-369-1624
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