Ron Dizy brings over 25 years of energy industry leadership across strategy, finance, operations, engineering, and business development to e-Zinc’s board
TORONTO--(BUSINESS WIRE)--#Battery--e-Zinc, the company enabling sustainable, long-duration energy storage with its zinc-air battery, announced today that it has appointed energy and technology industry leader Ron Dizy to its Board of Directors. As a member of the board, Dizy will bring deep industry experience to help e-Zinc grow, commercialize its energy storage technology, and secure new funding.
Currently, Dizy is the co-Founder and Managing Director at Red Jar Capital where he serves a dual role as an operator and investor in the technology and advanced energy sectors. At Red Jar, Dizy is responsible for managing the day-to-day operations, leading investments, and finding ways to consistently add value to Red Jar’s portfolio and partner companies. Dizy is also an active participant in the advanced energy sector, and he is frequently sought out as a consultant by government, energy agencies, and utility organizations.
“A key requirement for a sustainable energy future is long duration storage. e-Zinc’s vision to bring that capability in a cost effective and sustainable package was the key factor motivating me to join its Board,” said Ron Dizy. “I have been watching James’ leadership at e-Zinc over the past three years, and am very impressed with the progress that e-Zinc has made to validate its zinc-air batteries. I’m excited to support the company in bringing this technology to commercial adoption at scale.”
Prior to co-founding Red Jar, Dizy was the Chief Commercial Officer at Spark Power, where he led sales, product management & marketing, business development, and corporate strategy with a focus on bringing new customer-centric solutions to the industrial, commercial, and utility markets. Before that, he was the SVP of Partnerships at clean tech startup community and consultancy MaRS, where he was responsible for helping utilities around the world adopt innovation at scale, and help them survive in a world being rapidly changed by technology, customer preferences, and regulations.
“We are thrilled to welcome Ron to e-Zinc’s Board of Directors and leverage his deep expertise in energy, technology, and venture capital to advance the commercialization of our zinc-based, long-duration energy storage systems,” said James Larsen, CEO at e-Zinc. “As an industry leader, Ron brings valuable and diverse experience, a pragmatic perspective, and shares our passion for enabling a renewable energy future. We look forward to learning from him and building a bright future for e-Zinc together.”
For more information, visit www.e-zinc.ca.
About e-Zinc
e-Zinc is a zinc-air battery company based in Toronto. The company’s energy storage system can be up to 80 percent more cost effective than comparable lithium-ion systems for long-duration applications. Importantly, its energy storage system can operate in cold and hot climates and is made of abundant and recyclable materials. www.e-zinc.ca.
Media
Brandon Reid for e-Zinc
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Standardized Documentation of Aircraft Operators’ Uplift of Sustainable Aviation Fuel
WASHINGTON--(BUSINESS WIRE)--Today, the National Air Transportation Association (NATA) in partnership with 4AIR announced the release of a first-ever Sustainable Aviation Fuel (SAF) receipt for business aviation. The SAF Delivery Receipt allows fixed-base operators (FBOs) to provide industry-requested, standardized documentation to business aircraft operators about their uplift of SAF. Aircraft operators can use the new receipt both for certification by 4AIR and others of their efforts to fight climate change, and for compliance with Environment, Social and Governance (ESG) goals.
At present, the largest emissions reductions are enabled by using SAF, but operators currently are receiving different documentation depending on their supplier. Moreover, there is no way to easily link the sustainability documentation to the “last mile uplift” from the FBO to the operator.
“Sustainable Aviation Fuel is today’s most accessible way to not just offset but actually reduce carbon emissions that contribute to climate change,” said 4AIR President Kennedy Ricci. “However, many operators were struggling to get the necessary information to report on their use of SAF. Our collaboration with NATA provides a standardized paper trail for everyone in the industry to know what to look for. It both proves and highlights the use of SAF, which will encourage its wider adoption.”
Documenting the feedstock used with a particular uplift is vital to know the carbon intensity of the fuel. Similarly, an operator needs to know the blend of the fuel uplifted to calculate the actual emissions reduced.
The first standardized proof of purchase will make operators more aware of the level of sustainability of the SAF they have uplifted. The documentation – like a W2 for sustainability – allows them to document their use for reporting. This will drive more uplift of SAF or encourage operators to seek it out to arrive or depart from a location where it is available to meet their sustainability goals or enhance their ESG efforts.
“This is another example of the business aviation industry’s efforts to show that, while carbon and emissions offsets are a critical starting point, we must encourage adoption of SAF and other carbon-reducing technologies wherever available,” said NATA President and CEO Timothy Obitts. “This formal documentation of the use of SAF fulfills an important industry need and provides a pathway for sustainability to become standard operating procedure throughout business aviation.”
Highlights:
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About the National Air Transportation Association
The National Air Transportation Association (NATA) has been the voice of aviation business for more than 80 years. Representing nearly 3,700 aviation business service providers, NATA is the leading national trade association representing the business interests of general aviation service companies on legislative and regulatory matters at the federal level, while also providing education, services, and benefits to our members to help ensure their long-term economic success. NATA is a founding member of the Business Aviation Coalition for Sustainable Aviation Fuel and the Council on Sustainable Fuels Accountability (CoSAFA), of which NATA President and CEO Timothy Obitts serves as chairman of the Steering Committee and as board chairman, respectively. For more information, visit https://www.nata.aero.
About 4AIR
4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.
For more information, visit us at www.4air.aero. For 4AIR press inquiries, contact Nicholas Parmelee at 781-210-5027 or This email address is being protected from spambots. You need JavaScript enabled to view it..
For 4AIR press inquiries:
Nicholas Parmelee, 781-210-5027
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For general press inquiries:
Shannon Chambers, 703-298-1347
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In Q2, the climate-tech company expanded into new geographies and extended offerings beyond electric utilities to gas utilities, oil & gas, transportation, and water & wastewater companies.
SANTA CLARA, Calif.--(BUSINESS WIRE)--AiDash, a leading provider of satellite and AI-powered operations, maintenance, and sustainability solutions, today announced a record-breaking Q2 2022, with the company experiencing about 3x growth year over year in annual recurring revenue (ARR) and number of customers compared to Q2 2021.
Adding customers in Europe and Asia, AiDash expanded its offerings beyond electric utilities to gas utilities, oil & gas, transportation, and water & wastewater in Q2 2022. The company also grew its employee headcount by 125% to support the booming business.
“I couldn’t be more humbled by the continued success of AiDash,” says Abhishek Singh, co-founder and CEO of AiDash. “In Q2 alone, our revenue grew 61% quarter over quarter while we expanded into new geographies and industries, experienced exponential growth in ARR, customers and employees, and set the foundation for continued growth into the second half of the year. I’m proud of these milestones and look forward to future growth.”
In Q2 2022, AiDash hired a new chief financial officer and appointed a new vice president of product management to support the company’s momentum. In May 2022 the company released a brand new product, the Disaster and Disruption Management System (DDMS), which helps utility and energy companies, as well as governments and cities, manage the impact of natural disasters. DDMS has already received strong customer traction, and is now seeing 85 - 90% model accuracy when predicting customer interruptions before, during, and after storms.
Heading into the second half of the year, customers can expect major advancements to its Intelligent Sustainability Management System (ISMS). The company is also finalizing several other advancements to its portfolio, which are set to release before the end of 2022. These include tree health risk predictions, wildfire risk management and mitigation, carbon offset measurements and net gain planning, plus biodiversity net gain planning to help companies meet environmental goals, and accelerate ESG reporting and sustainability initiatives, as well as remote monitoring for roads. AiDash also plans for further global expansion in North America, Europe and Asia.
Founded in 2019, AiDash has quickly acquired over 60 customers, including National Grid, Entergy, Avista, and other Fortune 500 companies. This rapid growth reflects AiDash’s purposeful strides as a climate-tech company that is creating a greener, cleaner, safer planet from space. To learn more, please visit www.aidash.com.
About AiDash
AiDash is an AI-first vertical SaaS company on a mission to transform operations, maintenance, and sustainability in industries with geographically distributed assets by using satellites and AI at scale. With access to a continual, near real-time stream of critical data, utilities, energy, mining, and other core industries can make more informed decisions and build optimized long-term plans, all while reducing costs, improving reliability, and achieving sustainability goals. To learn more about how AiDash is helping core industries become more resilient, efficient, and sustainable, visit www.aidash.com.
BAM for AiDash
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TULSA, Okla.--(BUSINESS WIRE)--Williams’ (NYSE: WMB) board of directors has approved a regular dividend of $0.425 per share, or $1.70 annualized, on the company’s common stock, payable on Sept. 26, 2022, to holders of record at the close of business on Sept. 9, 2022.
This is a 3.7% increase from Williams’ third-quarter 2021 quarterly dividend of $0.41 per share, paid in September 2021.
Some portion of this distribution may be considered a return of capital for tax purposes. Additional information regarding return of capital distributions is available at Williams’ investor relations website.
Williams has paid a common stock dividend every quarter since 1974.
About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
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INVESTOR CONTACT:
Danilo Juvane
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Grace Scott
(918) 573-1092
WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced its ranking as one of the top solar contractors in the United States by Solar Power World, the industry’s leading source for technology, development and installation news.
iSun was ranked 61st amongst all solar contractors, and 11th amongst all commercial & industrial EPC contractors in the United States. iSun’s residential brand, SunCommon, played a significant role in these rankings. SunCommon installed over 7400 kWh of energy storage in 2021, propelling iSun to a 24th place ranking in the solar and storage installation category. SunCommon’s 7,574 kW of solar installation would also have ranked them 42nd amongst US residential contractors. iSun was also recognized as the largest solar contractor in its home state of Vermont.
Published annually, Solar Power World’s list ranks applicants according to their influence in the U.S. solar industry and includes over 400 companies. To see the list in entirety, please visit: https://www.solarpowerworldonline.com/2021-top-solar-contractors/.
iSun’s Chief Executive Officer, Jeffrey Peck, commented, “We are honored to be recognized by Solar Power World for our efforts to advance the adoption of solar energy. We are particularly proud of the fact that iSun received honors in three separate categories. These results further validate our strategic plan to accelerate the adoption of solar energy by servicing each segment of the solar marketplace.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
Ameresco will upgrade more than 77,000 of all citywide streetlights from high pressure sodium luminaires to LED fixtures
FRAMINGHAM, Mass. & MEMPHIS, Tenn.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with the City of Memphis and Memphis Light, Gas and Water (MLGW) to lead a comprehensive LED streetlighting, controls and networking project designed to reduce energy costs citywide and enhance operations and maintenance capabilities with the upgrade of over 77,000 fixtures to LED.
In addition to providing improved illumination, enhanced safety and reduced maintenance needs, the project is expected to result in annual energy savings of more than 37 million kWh and reduce greenhouse gas emissions by more than 26,000 metric tons. The resulting energy and operating cost savings will allow the project to pay for itself over the life of the system. Updated luminaires will be fully controllable through remote monitoring on a secure network capable of additional smart city applications. The City of Memphis aims to significantly reduce its carbon emissions, while simultaneously improving both streetscape and nighttime visibility in a cost-effective and energy-efficient manner through the completion of this project.
Additionally, throughout the construction process, local residents from Memphis and the surrounding communities will be employed to participate in the construction of the streetlighting upgrades. By working in conjunction with the community, Ameresco hopes to exceed Memphis’s goals for MWBE participation for job creation and workforce development and create lasting opportunities for residents that extend beyond the project term.
"We are now almost ready to begin converting all 77,000 streetlights across our city to LED bulbs. By doing this, we will be bringing significantly improved lighting to every neighborhood in Memphis,” Mayor Jim Strickland said. “As I stated in my State of the City last year, no longer will criminals have a safe harbor to operate under cover of darkness and prey on our citizens in dimly lit parts of the City. I’m pleased this much-needed project will be starting soon.”
“MLGW is pleased to work with the City of Memphis and Ameresco to upgrade MLGW’s streetlighting system within the City of Memphis to provide enhanced lighting, substantial energy savings, reduced greenhouse gas emissions, and lower maintenance costs,” said J.T. Young, President and CEO, Memphis Light, Gas and Water.
As the leading Energy Services Company (ESCO) provider of LED streetlighting conversions and the largest non-utility purchaser of LED streetlights, Ameresco brings national streetlighting and controls experience to the project. In total, Ameresco has experience developing projects for and converting more than 800,000 streetlights to LED light sources, of which over 50% are controlled by a lighting management system.
“Our experience leading complex streetlighting modernization projects with some of the largest cities in the U.S., like Chicago and Phoenix, has prepared us well for our work with the City of Memphis,” said Louis P. Maltezos, Executive Vice President, Ameresco. “Our goal is to outfit the city with state-of-the-art solutions that will greatly reduce light pollution and ensure a cleaner, safer and healthier future for all Memphis residents.”
Construction is expected to begin in Fall 2022 and reach completion by Fall 2023.
To learn more about the smart cities solutions offered by Ameresco, visit https://www.ameresco.com/smart-cities/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About City of Memphis
The City of Memphis, founded in 1819 and incorporated in 1826 is the second largest city in Tennessee and the 28th-largest city in the United States in terms of population. For more information, visit https://www.memphistn.gov/.
About Memphis Light, Gas and Water
Memphis Light, Gas and Water is the largest three-service public power utility in the nation, serving more than 439,000 customers in Memphis and Shelby County.
The announcement of an award of a customer’s project contract is not necessarily indicative of the timing or amount of revenue from such award, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported awarded backlog as of March 31, 2022.
Media:
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DUBLIN--(BUSINESS WIRE)--The "Engine Oil Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The engine oil market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per End Use, Oil Type, and Geography for the years considered. The report provides a holistic approach to the engine oil market to enable customers to analyze the market efficiently.
The primary role of engine oil is to lubricate the engine parts to minimize friction and overheating. It also performs a variety of secondary functions. It aids in the cleaning and cooling of engine parts and the prevention of rust and corrosion accumulation on the piston.
The engine oil market is changing as the customers demand good quality and higher performing oil, which would enhance the vehicle's fuel economy with better engine performance. Increasing the shelf life of the engine, reducing carbon footprint, supplying low-viscosity engine oils to improve fuel economy, and meeting changing vehicle emission standards set by various government entities are all examples of continuous innovation and advancements in catering to diverse automotive needs. The increasing use of passenger cars, commercial vehicles, and the rapidly growing transportation industry in the emerging economies have boosted the market.
MARKET TRENDS
Drivers: Rapid Infrastructure Development Increasing the Demand for Heavy Equipment
The infrastructure and construction industry is essential for the overall economic growth of the world. Adequate infrastructures such as road and railway transport systems, ports, power, and airports are needed to integrate the country's economy with other world economies.
In recent years infrastructure development has grown substantially across the globe, and due to this, the demand for heavy equipment has increased. Generally, heavy equipment refers to heavy-duty vehicles used for construction and mining work; therefore increase in heavy equipment will ultimately increase the demand for engine oil.
In addition, emerging countries have taken advantage of foreign direct investment and helped MNCs build various infrastructure and construction projects in multiple countries. Also, new industrial policies implemented by governments of emerging economies helped increase the production capacity of heavy equipment vehicles.
The infrastructure and construction industry has shown rapid growth worldwide because of low-cost raw materials, low cost of skilled labor, and increased foreign direct investment (FDI).
Opportunities: Increasing Demand for Good Quality Engine Oil due to Stringent Emission Regulation
Governments across the globe have been creating awareness about the negative impacts of greenhouse gas emissions; because of that, various environmental agencies are working closely with governments of multiple countries. As a result, various governments worldwide have laid down stringent emission regulations for vehicles to reduce their environmental impact.
Therefore, many manufacturers have taken these regulations as an opportunity to invest in R&D so that they can develop products that will follow these emission regulations and deliver the better performance of the engine. In addition, countries like India, China, US, Germany, UK, and France have laid down emission norms that will decrease fuel consumption and offer better performance.
All the above points will increase the demand for good quality engine oil. Various automobile manufacturers such as Ford (US), Mazda (Japan), McLaren (UK), Toyota (Japan), and Porsche (Germany) have formed a strategic partnerships with various manufacturers such as Shell PLC (UK), ExxonMobil (US), and Gulf Oil (US) to develop engine oils compatible for modern engines which follows the emission regulations.
Also, the developments in engine design, engine assembly, piston design, and crankshaft systems have created an opportunity for engine oil manufacturers to develop high-performing and efficiency-driven engine oils.
Challenges: Constant Fluctuation in Crude Oil Prices
Crude oil is one of the most critical factors influencing international economic development because crude oil products are used in practically every machine. The transportation sector throughout the world is entirely reliant on petroleum products such as gasoline and diesel fuel.
Also, different types of lubricants are used for the well functioning of transport vehicles. In addition, many countries also rely extensively on petroleum fuels to heat their homes, cook their food, and generate power. Petroleum products derived from crude oil and other hydrocarbon liquids account for approximately one-third of global energy use. Volatile oil prices have the potential to send shockwaves throughout the global economy.
Changes also influence oil prices in supply and demand. Oil is a necessity and is in high demand; market forces primarily determine its price. As crude oil is the primary raw material required to manufacture base oil, engine oil consists of 80% to 90% of base oil, and constant fluctuations in crude oil prices affect engine oil prices.
SEGMENT REVIEW
Automotive engine oil is the most commonly used lubricant in vehicles. The automotive engine oil market occupied almost 75% of the global engine oil market share in 2021.
The automotive engine oil market is projected to grow at a CAGR of more than 5% from 2022 to 2027. Engine oil plays a vital role in engine performance, protecting against wear and tear of moving parts. Engine oil consists of base oils and various additives, giving a broad spectrum of properties. Global engine oil products are broadly used in various industries such as automotive & transportation, heavy equipment, power generation, agriculture, woodworking, textile, and others.
Engine oil is generally available in three oil types: fully synthetic, semi-synthetic, and mineral oil. All three oil types have some advantages, but semi-synthetic engine oil is the largest oil type segment in the market. Semi-synthetic oils are a mixture of mineral oils and fully synthetic lubricants. Semi-synthetic oil is more expensive than mineral oil but less expensive than fully synthetic oil, which helps consumers to get premium quality engine oil at an economical price. Semi-synthetic oils offer similar properties to fully synthetic, such as increased engine performance, excellent parts protection, and optimized performance.
The global engine oil market is diverse. APAC is the leading market for engine oil because of the low cost of labor and abundant availability of raw materials. APAC will dominate the market through the forecast period. However, there are many countries with a high scope for expansion that will challenge the dominance of APAC.
COMPANY AND STRATEGIES
The key players have undertaken various strategies to grow in the engine oil market. Companies in the industry compete strategically. The growth in sustainable processes and initiative has been a challenge for all companies globally. Investments in R&D, technological advancement, and environmental and economic difficulties drive the demand for innovative and sustainable engine oil products.
Some major players in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (UK), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Germany), and Chevron Corporation (US). These players have adopted strategies such as expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the engine oil market.
Key Vendors
Other Prominent Vendors
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Executive Insights
8.1 Engine Oil Market - Global Forecast (2021-2027)
8.2 Market Synopsis
8.2.1 Market Trends
8.2.2 Segment Review
8.2.3 Companies & Strategies
9 Market Opportunities & Trends
9.1 Demand for Passenger Cars in Emerging Economies
9.2 Demand for Heavy Equipment
10 Market Growth Enablers
10.1 Demand for High-Quality Engine Oil
10.2 Industrialization of Emerging Economies
11 Market Restraints
11.1 High Demand & Production of Electric Vehicles
11.2 Fluctuations in Crude Oil Prices
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 End-Use
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Automotive & Transportation
13.5 Heavy Equipment
13.6 Power Generation
13.7 Others
14 Oil Type
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Semi Synthetic
14.5 Fully Synthetic
14.6 Mineral
15 Geography
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Snapshot & Growth Engine (Volume)
15.3 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/oujs03
ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Global Energy as a Service Market: Analysis By Service Type, By End-User, By Region Size And Trends With Impact Of COVID-19 And Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.
The global energy as a service (EaaS) market in 2021 was valued at US$61.18 billion. The market is expected to reach US$93.31 billion by 2026. The market is expected to grow at a CAGR of 8.9% during the forecast period of 2022-2026.
The energy as a service business model allows customers to pay for an energy service without any upfront capital investment. EaaS is a solution to expand market adoption of advanced, low-carbon technologies. EaaS providers are responsible for maintaining and monitoring the energy supply, lowering the customers' operating costs, and improving profitability.
The EaaS model offers various energy-related services to the consumers, rather than only supplying electricity. The customer benefits from avoiding direct electricity payments, expensive upgrades for electrical equipment or software, or device management while still benefiting from the use of the device.
Governments around the world are taking considerable initiatives and measures to spread awareness about the benefits of using renewable energy, which has led to an increase in renewable energy demand and propelled the overall energy as a service market.
Global Energy as a Service Market Dynamics:
Growth Drivers:
One of the most important factors impacting the energy as a service market is the rapid growth in distributed energy resources. Distributed energy resources (DER) refer to often smaller generation units that are located on the consumer's side of the meter. DERs offer a variety of energy- and cost-related advantages. Further, these power generation units can be deployed in areas that rely heavily on variable energy resources such as wind and solar to ensure uninterrupted power supply in case of disruptions.
Through different services provision and revenue models, EaaS supports the deployment and operation of distributed energy resources. Thus, the growing demand for DERs and their cost-efficiency has resulted in the growth of the energy as a service market. Furthermore, the market has been growing over the past few years, due to factors such as increasing renewable energy generation, rapid urbanization and industrialization, increasing carbon emission, increasing investment in clean energy and energy efficiency, the proliferation of electric vehicles, etc.
Challenges:
However, the market has been confronted with some challenges specifically, high integration and deployment cost, cybersecurity vulnerabilities, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as the internet of energy, increasing use of the smart grid, increasing installation of smart meters, advanced engineering in renewables, rapid digitalization, increasing use of blockchain, etc. The IoE (Internet of Energy) is a smart energy infrastructure system that incorporates the IoT to connect every point within the power grid: generation, load, distribution, storage, and smart meters.
As a result, the IoE supports the power grid's ability to operate with more efficiency, resiliency, and reliability. IoT technology enables commercial and industrial consumers to modulate their energy consumption through a predetermined algorithm tailored to their energy goals. Therefore, the peaks in electricity supply or demand can subsequently be met, and energy consumption becomes much more efficient. Hence, the increase in the integration of IoT in the energy sector is expected to significantly drive the demand for energy as a service model in the forecasted year.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 outbreak had an adverse effect on the energy as a service market. Industries that predominantly depend on renewable energy sources for operations were forced to function partially or shut down completely due to the rising number of cases. This impacted the renewable energy demand and affect the overall energy as a service market. In the post-COVID era, it is expected that the energy-as-a-service model would grow in importance to be a part of the smart energy community of its ability to reduce energy costs.
The energy investments in the initial stages of the pandemic have reduced significantly. Companies were already struggling to keep up with fixed costs and trying to survive the impact of COVID-19, any commitment to such huge capital investment is either put off, canceled, or delayed. Thus, the impact on the EaaS market was high in 2020. However, in 2021, annual global energy investment is set to rise to US$1.9 trillion, rebounding nearly 10% from 2020 and bringing the total volume of investment back towards pre-crisis levels.
Competitive Landscape:
The global energy as a service market is highly fragmented. Several well-established players are looking to adopt different product strategies such as launching new products to stay competitive in the overall market.
A wide spectrum of stakeholders can benefit from EaaS because of the physical, digital and communication infrastructure required. Major electrical companies and manufacturers of industrial equipment are already creating energy-as-a-service products. The same goes for businesses in the telecommunications, technology, and oil & gas sectors, all of which offer unique advantages.
Most industry players are working to position themselves as a leader in the EaaS field, proving high-efficiency, low-emission power generation products and services that enable customers to increase their power resilience and lower energy costs & carbon emissions. The industry witnesses rising numbers of EaaS agreements formed by oil and gas customers for high reliability, more environmentally friendly power solutions for their operations.
Other strategies opted by market players are mergers & acquisitions. For instance, in June 2022, Schneider Electric announced collaborating with Hitachi Energy to provide greater customer value and accelerate the energy transition. Also, in November 2021, ENGIE, alongside with the company's partner Credit Agricole Assurances, signed an agreement to acquire Eolia, a renewable company in Spain. With 0.9 GW of operating assets and 1.2 GW of renewable projects pipeline, this acquisition would add to ENGIE's scale in the Iberian Peninsula.
Market Dynamics
Growth Driver
Challenges
Market Trends
The key players in the global energy as a service market are:
For more information about this report visit https://www.researchandmarkets.com/r/82bqev
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DENVER--(BUSINESS WIRE)--Altira Group LLC, (“Altira”) an energy venture capital firm headquartered in Denver, today announced its participation in the recent Series C multi-investor funding round for its North Carolina-based portfolio company FlexGen Power Systems, Inc. (“FlexGen”). Altira invested from Altira Technology Fund VI L.P. and through a separate special purpose vehicle (SPV) for current investors, alongside other current and new investors.
FlexGen is a leading integration and software technology provider that delivers utility-scale energy storage projects integrated with traditional and renewable power generation. Since its founding in 2009, FlexGen has installed more than 3 GWh of energy storage systems across the U.S. for utility, microgrid, and commercial and industrial customers.
“FlexGen is advantaged by having over a decade of experience in the energy storage space. Altira has been an important partner and investor since our Series A and we are excited to continue our growth with them,” said FlexGen CEO Kelcy Pegler.
“Since leading the Series A investment in FlexGen in 2015, we have watched the company mature into a cutting-edge energy storage leader,” said Dirk McDermott, partner at Altira Group and FlexGen board member. “Our congratulations go to FlexGen CEO Kelcy Pegler and the FlexGen team for securing this major funding to continue the company’s rapid growth in integrating storage projects and battery optimization solutions worldwide.”
“Altira backs energy technology innovators bringing customer-ready technologies to market that advance the global energy industry through the eyes of our oil and gas strategic partners,” said Altira Principal and Board Observer J.P. Bauman.
Cooley served as legal counsel for Altira Group. DLA Piper LLP acted as legal counsel, and Citi acted as sole placement agent to FlexGen.
About Altira Group
Altira is a Denver-based tenured venture capital firm that has been investing in next generation technology companies in the energy space since 1996. We partner with a select group of U.S oil and gas companies who invest in our fund and help compress our portfolio companies’ market adoption cycles by being early customers. For further information please visit altiragroup.com.
About FlexGen
Based in Durham, N.C., FlexGen is a leading integration services and software technology provider for energy storage solutions in the United States and globally. FlexGen designs and integrates storage solutions and the software platform that is enabling today’s energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our clients and partners include the most technically and commercially demanding developers, utilities, government agencies and industrial companies in the world. To learn more, please visit www.flexgen.com.
Bevo Beaven
Redbird Communications Group
720.666.5064 m
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PLANO, Texas--(BUSINESS WIRE)--#blueoil--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced the publication of its seventh Corporate Responsibility Report, disclosing key performance data for the Company’s operations during the 2021 calendar year. The report demonstrates Denbury’s continued dedication to transparency and was prepared based on the recommendations of the Task Force on Climate-Related Financial Disclosures (“TCFD”), in accordance with the Global Reporting Initiative (“GRI”) Standards: Core Option and includes indicators from the Sustainability Accounting Standards Board (“SASB”) Standards.
Noteworthy accomplishments related to Denbury’s corporate responsibility in 2021 include:
Chris Kendall, Denbury’s President and CEO commented, “Our 2022 Corporate Responsibility Report reflects our successes operating a growing, profitable and sustainable company that is dedicated to bettering our employees, our environment and our communities. As Denbury continues to power the energy transition with world-leading carbon solutions, corporate responsibility and sustainability remain critical elements of our overall business strategy. We are proud to have delivered net negative combined Scope 1 and Scope 2 CO2e emissions for the past five years and remain confident that we will achieve our objective of becoming fully carbon-negative by 2030, including Scope 1, 2, and 3 emissions. Through our Denbury Carbon Solutions business, we intend to significantly accelerate global carbon capture by providing the industry’s most extensive and reliable CO2 management, transportation and storage service network. We are excited about our achievements to date and remain focused on enhancing our sustainability efforts to drive progress in our pursuit of decarbonizing our world safely and economically.”
Access the 2022 Corporate Responsibility Report under the Sustainability page of our website: www.denbury.com.
ABOUT DENBURY
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO2 in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO2. The Company currently injects over four million tons of captured industrial-sourced CO2 annually, with an objective to fully offset its Scope 1, 2, and 3 CO2 emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO2 used in its operations. For more information about Denbury, visit www.denbury.com.
Follow Denbury on Twitter and LinkedIn.
This press release contains forward looking statements that involve risks and uncertainties, including risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission, which risks and uncertainties are incorporated by reference as though fully set forth herein. These statements are based on financial and operating assumptions that the Company believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. Any forward-looking statements represent the Company’s estimates only as of today and should not be relied upon as representing its projections as of any future date.
DENBURY IR CONTACTS
Brad Whitmarsh, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Beth Bierhaus, 972.673.2554, This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--In accordance with the regulations relating to share buybacks, Technip Energies (PARIS:TE) (ISIN:NL0014559478) declares the following purchases of its own shares during the week of July 18 to July 22, 2022.
These transactions were carried out as part of a buyback program with a discretionary mandate carried out by an investment services provider making decisions relating to the acquisition of Technip Energies shares independently.
Name of the Issuer |
Identify Code of the
|
Day of the
|
Identity Code of
|
Total Daily Volume
|
Daily weighted average
|
Market
|
Technip Energies |
724500FLODI49NSCIP70 |
2022-07-18 |
NL0014559478 |
45000 |
10,178397 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-07-19 |
NL0014559478 |
40000 |
10,040690 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-07-20 |
NL0014559478 |
38000 |
10,373288 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-07-21 |
NL0014559478 |
38000 |
10,313668 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-07-22 |
NL0014559478 |
40000 |
10,179750 |
XPAR |
|
|
|
TOTAL |
201000 |
10,213680 |
|
For detailed information on the transactions carried out and on the objectives of the shares purchases, please refer to the detailed declaration available on https://investors.technipenergies.com/financial-information/notice-trading-own-shares.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: https://www.technipenergies.com.
Phillip Lindsay
Vice-President, Investor Relations
Tel: +44 203 429 3929
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Media Relations
Stella Fumey
Director, Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
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Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or “the Company”) today announced the publication of its 2022 Sustainability Report, highlighting the Company’s focus and significant progress on environmental, social and governance (ESG) initiatives. The comprehensive report details the Company’s strong leadership position on ESG metrics and targets through 2021, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion (DEI), board of director governance and community engagement.
Highlights from Pioneer’s 2022 Sustainability Report include:
Chief Executive Officer Scott D. Sheffield stated, “Pioneer continues to demonstrate our leadership position in environmental, social and governance policies and accomplishments, which we are proud to outline in our 2022 Sustainability Report. In addition, we continue to further strengthen our commitments as illustrated by our recent joining of the OGMP 2.0 initiative, which strives to reduce methane emissions and increase reporting transparency.”
Chairman of the Board, J. Kenneth Thompson, stated, “Pioneer is committed to sustainable practices while concurrently delivering low-cost energy to the world. The Company's work on its strong ESG strategy is a top priority and key area of oversight for the Board, and we are pleased with Pioneer's progress and continued success.”
Additional information on Pioneer’s strategy and performance on ESG and HSE initiatives can be found in the Sustainability Report, which is accessible on the Company’s website listed below. This year’s report references the following reporting standards, terminology and performance metrics: Task Force on Climate-related Financial Disclosure (TCFD), Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs).
ERM Certification and Verification Services Inc. (ERM CVS) has provided limited assurance of Pioneer’s 2021 emissions (Scope 1 and Scope 2) and flaring data. Additional information on the scope of this assurance can be found in the Sustainability Report.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
Cautionary Statement Regarding Forward-Looking Information
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity and oil and gas demand; the impact of armed conflict and political instability on economic activity and oil and gas supply and demand; competition; the ability to obtain drilling, environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industries in which it operates, including potential changes to tax laws; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs, including the potential impact of increases due to supply chain disruptions, and results of drilling and operating activities; the risk of new restrictions with respect to development activities, including potential changes to regulations resulting in limitations on the Company's ability to dispose of produced water; availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the Company's ability to achieve its emissions reductions, flaring and other ESG goals; access to and cost of capital; the financial strength of (i) counterparties to Pioneer's credit facility and derivative contracts, (ii) issuers to Pioneer's investment securities and (iii) purchasers of Pioneer's oil, NGL and gas production and downstream sales of purchased oil and gas; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, operating cash flow, well costs, capital expenditures, rates of return, expenses, and cash flow from downstream purchases and sales of oil and gas, net of firm transportation commitments; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change on the Company's operations and demand for its products; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The Company undertakes no duty to publicly update these statements except as required by law.
Pioneer Natural Resources Company Contacts:
Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Greg Wright - 972-969-1770
Chris Leypoldt - 972-969-5834
Media and Public Affairs
Christina Voss - 972-969-5706
STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today released its 2021 ESG Report. Since 2008, the company has reported annually on environmental, social and governance matters in its Corporate Responsibility Report. The report’s new title reflects the company’s commitment to responsible citizenship through the way it conducts business, creates meaningful impact in local communities, achieves environmental sustainability, focuses on safety and strengthens its commitment to a diverse and inclusive company culture.
“We remain committed to safeguarding our colleagues while delivering quality and value for our clients and a good return for our investors,” said Marc B. Lautenbach, Pitney Bowes President and CEO. “At the same time, we are steadily raising the bar on environmental, social and governance matters in keeping with our responsibilities as employer, neighbor and corporate citizen.”
Among the many ESG initiatives this report covers, key highlights from the past year include:
Progress towards Carbon Neutrality: Since announcing our commitment to achieve carbon neutrality by 2040, we have taken further steps to reduce energy consumption, accelerate our move to renewable energy sources and increase the transparency of our reporting. Starting with this 2021 report, our coverage of CO2 emissions will include not only direct Scope 1 and 2 emissions from our operations, but also indirect Scope 3 emissions across our entire value chain. We recognize that a critical component in the growth of our logistics operations will require the diversification of sources of energy and use of alternative energies. In 2021, we continued to turn toward more sustainable fuel for our fleet, e.g., fuel with 2 and 11 percent biodiesel and diesel blend.
Increase Use of Renewable Energy in our Sites: We are proud of the significant increase in the number of our sites procuring electricity from renewable sources through our Green Retail program of electrical contracts with bundled Renewable Energy Certificates (REC). In 2019, we set a goal of procuring at least 20 percent of our energy from renewable sources by the year 2025. We surpassed this goal in 2021, reaching 29.7 percent, and have now made the further commitment to source renewable energy in all sites located in deregulated energy market states (where it is readily available), which will bring us to approximately 50 percent renewable energy by 2025.
Reimagining the Way We Work: In 2021, Pitney Bowes reexamined the ways we work together, driving new modes of onsite and remote collaboration under a unified system we call PB@Work. This approach capitalizes on our rich culture of diversity and inclusion, encouraging and supporting everyone in our organization to be their authentic selves.
Deepening our Long-term Diversity and Inclusion Efforts: The company’s long record of advocacy and commitment to diversity and inclusion was recognized in 2021 with numerous awards including Forbes’ Best Employers (2021), Best Employers for Diversity (2020, 2021, 2022), and Best Employers for Women (2018, 2019, 2020, 2021); Human Rights Campaign’s 100 percent Corporate Equality Index (2021, 2022); Women’s Forum of New York’s Breakfast of Corporate Champions 2019 and 2021, for higher-than-average gender representation on Board of Directors – 50% of the independent directors on the Pitney Bowes board of directors are women. The company’s efforts have resulted in a U.S. workforce that is 52 percent people of color and a global workforce that is 43 percent women. As of 2022, people of color comprise 21 percent of Pitney Bowes senior management, have key roles on the executive team and constitute 33 percent of overall management.
Continuing Pitney Bowes Commitment to Supplier Diversity: In keeping with the company’s enterprise-wide commitment to diversity and inclusion, Pitney Bowes is committed to growing its business using diverse suppliers. The company believes diverse businesses enhance its global supply base, providing innovative strategies and solutions while meeting or exceeding expectations in the areas of cost, quality and delivery.
Bringing the same commitment to the communities where we operate: Last year, the company’s signature volunteer program, Dedication to Education, mobilized teams in seven countries for programs that advanced childhood literacy and educational opportunity. Closer to home, the Fairfield County Business Collaborative for Education Equity (a joint venture with other nearby business leaders) raised more than $1.4 million for use in programs dealing with early childhood education, summer learning, college readiness, and food insecurity.
Pitney Bowes measures its performance against the highest ESG standards and increasingly aligns its reporting with leading international benchmarks. The 2021 ESG Report was prepared in accordance with the Global Reporting Index, the United Nations Sustainable Development Goals, and the Task Force on Climate-Related Financial Disclosures. To learn more about Pitney Bowes ESG efforts, visit pb.com/responsibility.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit https://www.pitneybowes.com/us/newsroom.html. For additional information visit Pitney Bowes at www.pitneybowes.com.
About Pitney Bowes Foundation
The Pitney Bowes Foundation is a private entity with a mission to support literacy and education and the diverse community interests of Pitney Bowes employees. We commit our resources to supporting students and families from underserved communities, closing the opportunity gap and preparing the workforce of tomorrow. For information about these programs and other Pitney Bowes Global Corporate Citizenship and Philanthropy initiatives, please visit pb.com/community.
John Spadafora
Pitney Bowes
M +1 518 708 3466
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DENVERDENVER--(BUSINESS WIRE)--Liberty Energy Inc., formerly known as Liberty Oilfield Services Inc., (NYSE: LBRT; “Liberty” or the “Company”) announced today second quarter 2022 financial and operational results.
Summary Results and Highlights
“The second quarter was a busy and exciting time as the Liberty team continued to deliver differential quality services in today’s robust but operationally challenged environment. This translated into a notable milestone of fleet financial performance at levels that were last seen in 2018. The hard work and dedication of our employees combined with deep relationships with our partners across the value chain enabled us to achieve strong operational efficiency in an environment still impacted by supply chain challenges,” commented Chris Wright, Chief Executive Officer.
“Liberty’s first half of 2022 is starting to reveal the value creation from our 2021 acquisitions and insistence upon getting the business integrations done right, consistent with our focus on long-term results. We’ve positioned the company to deliver top-tier performance through cycles with a focus on free cash flow generation and maximizing returns. We’re driving cash flow expansion that allows us to fund compelling organic investments to grow our competitive advantage, while also returning cash to shareholders. Our 2022 capital expenditures will now include investment in two additional digiFrac fleets supported by attractive dedicated customer agreements, accelerating wet sand handling technology, and the reactivation of fleets with long-term customers, all of which will drive incremental future cash flow generation,” continued Mr. Wright. “Our strong financial results and a constructive outlook support the reinstatement of our return of capital program, beginning with a board-approved $250 million share buyback program. Our guiding principle is to maximize the value of a Liberty share. We believe the flexibility afforded by a share repurchase program gives us the ability to opportunistically act on a dislocated stock price, calibrated by market and business conditions.”
Outlook
While the global economic recovery outlook has softened on reverberating impacts from higher inflation, rising interest rates and the Russian invasion of Ukraine, oil and gas markets remain constructive. Eight years of underinvestment in upstream oil and gas production, exacerbated by inept global policy initiatives aimed at incentivizing an energy transition, has created a mismatch of supply and demand. Today, historically low global oil and gas inventories, limited OPEC spare production capacity and a dearth of refining capacity are colliding with increased energy demand. Oil and natural gas demand growth is coming from the post-pandemic recovery in travel, China’s emergence from its enforced Covid lockdowns, plus seasonal demand. These are all further magnified by the Russia/Ukraine conflict and the potential for sanctions imposed on Russian oil exports, coupled with Russia’s decision to constrain natural gas pipeline exports to Europe.
The greatest risk to our marketplace is a severe recession that leads to a drop in global demand for oil and natural gas. A moderate recession typically leads only to a slowing in the rate of demand growth for oil and natural gas, which would likely not be overly disruptive to our customers’ activity given today’s low inventory levels and tight supply and demand balances. The recovery in oil supply appears to be under greater threat than oil demand.
North America is positioned to be the largest provider of incremental oil and gas supply. Today, E&P operators are evaluating the opportunity to deploy incremental capital in North America to modestly grow production while remaining focused on shareholder priorities. The fundamental demand call on North American oil and gas supply is strong. Supply is restricted by a tight frac market, where equipment, supply chain and labor constraints limit frac fleet availability and service quality available to our customers. Many frac companies are struggling to execute in today’s environment. Moreover, operators desire ESG-friendly frac fleet technologies that provide the opportunity for both significant emissions reductions and large fuel savings. Liberty is uniquely positioned with the technology, scale, and vertical integration to meet demand for service quality and best-in-class technology.
The frac market is near full utilization, and few service providers have the fleet capacity and supply chain reach to satisfy E&P operators’ goals. Liberty was disciplined in restraining fleet reactivations in the post-Covid era of muted returns. Pricing has now recovered to where Liberty, in support of our customers’ long-term development needs, is reactivating several of our recently acquired, available fleets. Importantly, these long-term, dedicated customers seek additional next generation fleets that are not available today in the market, and Liberty is providing an avenue to serve those customers and simultaneously driving free cash flow from these existing fleets to reinvest in our fleet modernization program. Liberty is also partnering with key customers on the deployment of two additional digiFrac electric fleets in 2023. Demand is very strong for the technically superior design Liberty developed throughout the downturn that drives better safety and efficiency, a rare commodity in a tight market.
“A strong frac market and specific conversations with our customers gives us confidence in the demand for Liberty services into the coming year,” commented Mr. Wright. “In the third quarter, we expect approximately 10% sequential revenue growth, primarily driven by fleet reactivations and modest net pricing increases. Third quarter margins are expected to improve from the contribution of incremental fleets and modest price improvements, partially offset by ongoing supply chain, operational and inflationary pressures.”
“The increased free cash flow generation capability of our expanded business underscores the benefit of our countercyclical investment philosophy, highlighted by the contributions gained from the OneStim acquisition. Our strategy remains unchanged since our company was founded: delivering superior returns and generating free cash flow, by balancing disciplined investment with maintaining a strong balance sheet and returning capital to shareholders,” continued Mr. Wright.
Share Repurchase Program
Liberty’s Board of Directors authorized a share repurchase program that allows the company to repurchase up to $250 million of outstanding common stock beginning immediately and continuing through and including July 31, 2024. This represents approximately 10% of Liberty’s market capitalization based on the current share price. The open market share repurchase program is expected to commence during the third quarter of 2022.
The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated over the next two years.
Fervo Energy Investment
Liberty announced today a $10 million investment in Fervo Energy, a next generation geothermal energy technology company that develops geothermal assets for dispatchable (reliable) baseload grid power with low-carbon intensity. With this investment, Liberty expands into supporting geothermal resource development, leveraging its extensive expertise in subsurface engineering and its pressure pumping assets to help create dense underground networks to mine the earth’s heat for electricity production.
“We chose this investment opportunity because of our belief in the concept viability, the quality of Fervo’s team, and the size of the potential resource already captured. We will work in collaboration with Fervo to solve similar challenges that we have seen with the shale revolution,” commented Mr. Wright. “The investment in Fervo is a natural fit for Liberty in the rapidly evolving geothermal market. Our technical expertise in underground reservoir fluid flow and network fractures should help improve project economics and the scalability of geothermal as an energy source. Unconventional geothermal applications offer a potential pragmatic solution for a reliable source of low-carbon electricity, and we’re excited to be a part of the journey.”
2022 Bettering Human Lives Report
Liberty Energy has updated and expanded its Bettering Human Lives report. The report contains an in-depth look at the importance of oil and gas production in a global context, including its vital role in elevating people out of energy poverty and supplying the essential ingredients for modern living. The report is available on Liberty Energy’s website and provides Environmental, Social and Governance (ESG) data for 2021.
Second Quarter Results
For the second quarter of 2022, revenue grew to $943 million, an increase of 19% from $793 million in the first quarter of 2022 and 62% from $581 million in the second quarter of 2021.
Net income1 (after taxes) totaled $105 million for the second quarter of 2022 compared to net loss1 of $5 million in the first quarter of 2022 and net loss1 of $51 million in the second quarter of 2021.
Adjusted EBITDA2 of $196 million, increased 114% from $92 million in the first quarter of 2022 and 436% from $37 million in the second quarter of 2021. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.
Fully diluted earnings per share was $0.55 for the second quarter of 2022 compared to fully diluted loss per share of $0.03 for the first quarter of 2022 and fully diluted loss per share of $0.29 for the second quarter of 2021.
Balance Sheet and Liquidity
As of June 30, 2022, Liberty had cash on hand of $41 million, an increase from first quarter levels as working capital increased, and total debt of $254 million including $150 million drawn on the secured asset-based revolving credit facility (“ABL Facility”), net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly. Total liquidity, including availability under the credit facility, was $240 million as of June 30, 2022.
In July 2022, Liberty amended its ABL Facility to provide for a $75 million increase in aggregate commitment to $425 million. Availability under the amended ABL Facility is subject to a borrowing base, supporting by receivables and inventory.
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Tuesday, July 26, 2022. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.
Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 8163181. The replay will be available until August 2, 2022.
About Liberty
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it.
1 |
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Net income attributable to controlling and non-controlling interests. |
2 |
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“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure. |
Non-GAAP Financial Measures
This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock based compensation, new fleet or new basin start-up costs, fleet lay-down costs, costs of asset acquisitions, gain or loss on the disposal of assets, bad debt reserves, transaction, severance, and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements and other non-recurring expenses that management does not consider in assessing ongoing performance.
Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.
Forward-Looking and Cautionary Statements
The information above includes “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. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expected growth from recent acquisitions, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on February 22, 2022, in our Form 10-Q for the quarter ended March 31, 2022 as filed with the SEC on April 25, 2022 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.
Liberty Energy Inc. Selected Financial Data (unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|||||||||||
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Statement of Operations Data: |
|
(amounts in thousands, except for per share data) |
|||||||||||||||||
Revenue |
|
$ |
942,619 |
|
|
$ |
792,770 |
|
|
$ |
581,288 |
|
|
$ |
1,735,389 |
|
$ |
1,133,320 |
|
Costs of services, excluding depreciation and amortization shown separately |
|
|
713,718 |
|
|
|
670,019 |
|
|
|
521,956 |
|
|
|
1,383,737 |
|
|
1,020,891 |
|
General and administrative |
|
|
42,162 |
|
|
|
38,318 |
|
|
|
29,403 |
|
|
|
80,480 |
|
|
55,762 |
|
Transaction, severance and other costs |
|
|
2,192 |
|
|
|
1,334 |
|
|
|
2,996 |
|
|
|
3,526 |
|
|
10,617 |
|
Depreciation, depletion, and amortization |
|
|
77,379 |
|
|
|
74,588 |
|
|
|
63,214 |
|
|
|
151,967 |
|
|
125,270 |
|
(Gain) loss on disposal of assets |
|
|
(3,436 |
) |
|
|
4,672 |
|
|
|
(277 |
) |
|
|
1,236 |
|
|
(997 |
) |
Total operating expenses |
|
|
832,015 |
|
|
|
788,931 |
|
|
|
617,292 |
|
|
|
1,620,946 |
|
|
1,211,543 |
|
Operating income (loss) |
|
|
110,604 |
|
|
|
3,839 |
|
|
|
(36,004 |
) |
|
|
114,443 |
|
|
(78,223 |
) |
Loss (gain) on remeasurement of liability under tax receivable agreement (1) |
|
|
168 |
|
|
|
4,165 |
|
|
|
(3,305 |
) |
|
|
4,333 |
|
|
(3,305 |
) |
Interest expense, net |
|
|
4,862 |
|
|
|
4,324 |
|
|
|
3,767 |
|
|
|
9,186 |
|
|
7,521 |
|
Net income (loss) before taxes |
|
|
105,574 |
|
|
|
(4,650 |
) |
|
|
(36,466 |
) |
|
|
100,924 |
|
|
(82,439 |
) |
Income tax expense (1) |
|
|
235 |
|
|
|
830 |
|
|
|
16,006 |
|
|
|
1,065 |
|
|
8,649 |
|
Net income (loss) |
|
|
105,339 |
|
|
|
(5,480 |
) |
|
|
(52,472 |
) |
|
|
99,859 |
|
|
(91,088 |
) |
Less: Net income (loss) attributable to non-controlling interests |
|
|
183 |
|
|
|
(104 |
) |
|
|
(1,912 |
) |
|
|
79 |
|
|
(6,323 |
) |
Net income (loss) attributable to Liberty Energy Inc. stockholders |
|
$ |
105,156 |
|
|
$ |
(5,376 |
) |
|
$ |
(50,560 |
) |
|
$ |
99,780 |
|
$ |
(84,765 |
) |
Net income (loss) attributable to Liberty Energy Inc. stockholders per common share: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
$ |
0.56 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.29 |
) |
|
$ |
0.54 |
|
$ |
(0.50 |
) |
Diluted |
|
$ |
0.55 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.29 |
) |
|
$ |
0.52 |
|
$ |
(0.50 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
|
186,719 |
|
|
|
183,999 |
|
|
|
172,523 |
|
|
|
185,367 |
|
|
167,891 |
|
Diluted (2) |
|
|
190,441 |
|
|
|
183,999 |
|
|
|
172,523 |
|
|
|
190,623 |
|
|
167,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other Financial and Operational Data |
|
|
|
|
|
|
|
|
|||||||||||
Capital expenditures (3) |
|
$ |
127,045 |
|
|
$ |
90,062 |
|
|
$ |
37,666 |
|
|
$ |
217,107 |
$ |
79,604 |
||
Adjusted EBITDA (4) |
|
$ |
196,109 |
|
|
$ |
91,831 |
|
|
$ |
36,573 |
|
|
$ |
287,940 |
|
$ |
68,258 |
|
| ______________ | ||
(1) |
|
During the second quarter of 2021, the Company entered into a three-year cumulative pre-tax book loss driven primarily by Covid-19 which, applying the interpretive guidance to Accounting Standards Codification Topic 740 - Income Taxes, required the Company to recognize a valuation allowance against certain of the Company’s deferred tax assets. In connection with the recognition of a valuation allowance, the Company was also required to remeasure the liability under the tax receivable agreements. |
(2) |
|
In accordance with U.S. GAAP, diluted weighted average common shares outstanding for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, exclude weighted average shares of Class B common stock (7, 2,092 and 7,641, respectively) and restricted stock units (0, 4,745 and 4,107, respectively) outstanding during the period. Additionally, diluted weighted average common shares outstanding for the six months ended June 30, 2021, exclude 11,963 weighted average shares of Class B common stock and 3,700 restricted stock units outstanding during the period. |
(3) |
|
Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets. |
(4) |
|
Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below. |
Liberty Energy Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited, amounts in thousands) |
|||||||
|
June 30, |
|
December 31, |
||||
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
41,476 |
|
|
$ |
19,998 |
|
Accounts receivable and unbilled revenue |
|
564,039 |
|
|
|
407,454 |
|
Inventories |
|
163,652 |
|
|
|
134,593 |
|
Prepaids and other current assets |
|
71,757 |
|
|
|
68,332 |
|
Total current assets |
|
840,924 |
|
|
|
630,377 |
|
Property and equipment, net |
|
1,267,393 |
|
|
|
1,199,287 |
|
Operating and finance lease right-of-use assets |
|
133,612 |
|
|
|
128,100 |
|
Other assets |
|
92,924 |
|
|
|
82,289 |
|
Deferred tax asset |
|
280 |
|
|
|
607 |
|
Total assets |
$ |
2,335,133 |
|
|
$ |
2,040,660 |
|
Liabilities and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
582,603 |
|
|
$ |
528,468 |
|
Current portion of operating and finance lease liabilities |
|
38,456 |
|
|
|
39,772 |
|
Current portion of long-term debt, net of discount |
|
1,013 |
|
|
|
1,007 |
|
Total current liabilities |
|
622,072 |
|
|
|
569,247 |
|
Long-term debt, net of discount |
|
252,937 |
|
|
|
121,445 |
|
Long-term operating and finance lease liabilities |
|
87,657 |
|
|
|
81,411 |
|
Deferred tax liability |
|
563 |
|
|
|
563 |
|
Payable pursuant to tax receivable agreements |
|
41,888 |
|
|
|
37,555 |
|
Total liabilities |
|
1,005,117 |
|
|
|
810,221 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common Stock |
|
1,872 |
|
|
|
1,860 |
|
Additional paid in capital |
|
1,384,134 |
|
|
|
1,367,642 |
|
Accumulated deficit |
|
(56,174 |
) |
|
|
(155,954 |
) |
Accumulated other comprehensive loss |
|
(2,263 |
) |
|
|
(306 |
) |
Total stockholders’ equity |
|
1,327,569 |
|
|
|
1,213,242 |
|
Non-controlling interest |
|
2,447 |
|
|
|
17,197 |
|
Total equity |
|
1,330,016 |
|
|
|
1,230,439 |
|
Total liabilities and equity |
$ |
2,335,133 |
|
|
$ |
2,040,660 |
|
Michael Stock
Chief Financial Officer
303-515-2851
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SANTA MONICA, Calif. & FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Autonomy, the nation’s largest electric vehicle subscription company, has partnered with AutoNation, Inc. (NYSE:AN), America’s largest and most admired automotive retailer.
The partnership will support Autonomy’s electric vehicle product expansion from the Tesla Model 3 into several automaker brands as well as its geographic expansion across the United States, leveraging AutoNation’s nationwide footprint. As Autonomy’s “Dealer of Record,” AutoNation will support Autonomy’s planned acquisition, over the next 12-18 months of up to 20,000 electric vehicles from automakers that produce the most sought-after electric vehicles. AutoNation will provide vehicle preparation and delivery services in connection with Autonomy customer activations, as well as maintenance, repair, and reconditioning services for its growing fleet of subscription vehicles.
“AutoNation and Autonomy’s shared vision for how consumers gain access to electric vehicles is the basis for this partnership and has again shown that AutoNation is among the most innovative and forward-thinking retailers in the world,” said Scott Painter, founder and CEO of Autonomy. “This partnership allows Autonomy to drastically accelerate and diversify its vehicle lineup with a 20,000-vehicle order over the next 12-18 months while paving a clear and aggressive path for national expansion. Just as importantly, this also allows Autonomy to remain capital efficient and infrastructure light as we advance our mission to accelerate the adoption of EVs and scale subscriptions profitably.”
Autonomy’s subscription model offers the cheapest, fastest, and easiest way to get a Tesla Model 3 and Y, and soon other models and brands. Autonomy provides an easy and affordable option for those seeking an electric vehicle that does not require the long-term debt or commitment that comes with buying or leasing. Autonomy drivers have the flexibility to subscribe month to month after a three-month minimum hold period. Today, Autonomy customers can subscribe to an electric vehicle entirely in app (Google Play Store or Apple App Store) and customize their monthly payment to meet their budget.
About Autonomy
Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery, electric vehicle, and zero-emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide benefits to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, California.
Follow Autonomy on LinkedIn, Twitter, Instagram, Facebook, YouTube, and TikTok.
Autonomy PR Contacts:
Shadee Malekafzali
Head of Investor Relations and Corporate Communications
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Matt Swope
Corporate Communications Manager
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HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the second quarter of 2022. Additionally, the Partnership announced the date of its second quarter 2022 earnings call.
Common Distribution
The Board of Directors of the general partner has approved a cash distribution for common units attributable to the second quarter of 2022 of $0.42 per unit. This represents an increase of 5% over the common distribution paid with respect to the prior quarter and an increase of 68% over the common distribution paid with respect to the second quarter of 2021. Distributions will be payable on August 19, 2022 to unitholders of record on August 12, 2022.
Earnings Conference Call
The Partnership is scheduled to release details regarding its results for the second quarter 2022 after the close of trading on August 1, 2022. A conference call to discuss these results is scheduled for August 2, 2022 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the Company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is (888) 672-2415 for domestic participants and (646) 307-1952 for international participants. The conference ID for the call is 2386291. Call participants are advised to call in 10 minutes in advance of the call start time.
A replay of the conference call will be available approximately two hours after the call through a link on the Company’s investor relations website.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.
Information for Non-U.S. Investors
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Although a portion of Black Stone Minerals’ income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Black Stone Minerals’ distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Black Stone Minerals’ distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate, currently 37.0% for individuals.
Black Stone Minerals, L.P. Contacts
Jeff Wood
President and Chief Financial Officer
Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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DUBLIN--(BUSINESS WIRE)--The "Automotive Lubricants Market Size, Share, Trends, By Base Oil, By Vehicle Type, By Application and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global automotive lubricants market size is expected to reach USD 97.59 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report.
Companies Mentioned
The automotive lubricants industry is gaining momentum due to the rapid industrialization and economic development in developing countries.
The automotive lubricants market growth is further augmented by the rising demand for passenger cars and commercial vehicles. In addition, the stringent emission standards set by various government organizations are expected to fuel the market demand over the forecast period.
Automotive lubricant is a fluidic material used for reducing friction or resistance between two surfaces in contact with each other. Lubricants are derived from either natural sources such as animals and plants, or petroleum products. The automotive lubricants market is growing at a significant rate owing to the increase in demand for automobiles globally.
Automotive lubricants play an important role in the safe and efficient operation of a vehicle. These fluids provide a barrier between moving parts to reduce friction, prevent wear and protect against corrosion. Automotive lubricants are generally classified by their properties, such as viscosity, volatility and compatibility with different materials.
The global automotive lubricants market is anticipated to grow on account of rising demand for personal mobility amid COVID-19 pandemic. Moreover, growing preference for long distance travelling is projected to supplement the market growth. Rapid industrialization and urbanization are expected to create new opportunities for market players operating in Asia Pacific over the forecast period. Increasing focus on developing efficient and eco-friendly automotive lubricants is expected to create new opportunities for market players over the next decade.
Some Key Highlights from the Report
For the purpose of this report, the publisher has segmented the automotive lubricants market based on base oil, vehicle type, application and region:
Base Oil Outlook (Revenue, USD Billion; 2018-2030)
Vehicle Type Outlook (Revenue, USD Billion; 2018-2030)
Application Outlook (Revenue, USD Billion; 2018-2030)
Regional Outlook (Revenue, USD Billion; 2018-2030)
For more information about this report visit https://www.researchandmarkets.com/r/22qu64
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss1 of $29.7 million, or $(0.20) per diluted share, for the second quarter 2022 compared to $42.0 million, or $(0.28) per diluted share, for the first quarter 2022 and $13.7 million, or $(0.09) per diluted share, for the second quarter 2021. Helix reported adjusted EBITDA2 of $16.8 million for the second quarter 2022 compared to $2.5 million for the first quarter 2022 and $24.8 million for the second quarter 2021.
For the six months ended June 30, 2022, Helix reported a net loss of $71.7 million, or $(0.47) per diluted share, compared to a net loss of $16.6 million, or $(0.11) per diluted share, for the six months ended June 30, 2021. Adjusted EBITDA for the six months ended June 30, 2022 was $19.3 million compared to $61.0 million for the six months ended June 30, 2021. The table below summarizes our results of operations:
Summary of Results ($ in thousands, except per share amounts, unaudited) |
|||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| 6/30/2022 | 6/30/2021 | 3/31/2022 | 6/30/2022 | 6/30/2021 | |||||||||||||||
| Revenues | $ |
162,612 |
|
$ |
161,941 |
|
$ |
150,125 |
|
$ |
312,737 |
|
$ |
325,356 |
|
||||
| Gross Profit (Loss) | $ |
(1,354 |
) |
$ |
3,130 |
|
$ |
(18,609 |
) |
$ |
(19,963 |
) |
$ |
17,754 |
|
||||
|
(1 |
)% |
|
2 |
% |
|
(12 |
)% |
|
(6 |
)% |
|
5 |
% |
|||||
| Net Loss1 | $ |
(29,699 |
) |
$ |
(13,709 |
) |
$ |
(42,031 |
) |
$ |
(71,730 |
) |
$ |
(16,587 |
) |
||||
| Diluted Loss Per Share | $ |
(0.20 |
) |
$ |
(0.09 |
) |
$ |
(0.28 |
) |
$ |
(0.47 |
) |
$ |
(0.11 |
) |
||||
| Adjusted EBITDA2 | $ |
16,759 |
|
$ |
24,812 |
|
$ |
2,526 |
|
$ |
19,285 |
|
$ |
60,980 |
|
||||
| Cash and Cash Equivalents3 | $ |
260,595 |
|
$ |
243,911 |
|
$ |
229,744 |
|
$ |
260,595 |
|
$ |
243,911 |
|
||||
| Cash Flows from Operating Activities | $ |
(5,841 |
) |
$ |
52,671 |
|
$ |
(17,413 |
) |
$ |
(23,254 |
) |
$ |
92,540 |
|
||||
| Free Cash Flow2 | $ |
(7,405 |
) |
$ |
47,239 |
|
$ |
(18,036 |
) |
$ |
(25,441 |
) |
$ |
85,779 |
|
||||
Owen Kratz, President and Chief Executive Officer of Helix, stated, “Our second quarter 2022 results improved sequentially as expected, and we benefitted from the seasonal pick-up in utilization in our Robotics and Well Intervention operations in the North Sea. We have previously said 2022 was projected to be a transition year for Helix, with an especially challenging first half. During the first half of 2022, we completed scheduled maintenance and regulatory inspections on six of our vessels, including the Q7000 in West Africa. The Siem Helix 1 transited back to Brazil to complete ROV support work prior to its contracted multi-year decommissioning campaign at the end of the year. We continued to de-lever our balance sheet with the repayment of our 2022 convertible debt during the second quarter. We closed on the acquisition of the Alliance group of companies on July 1 and are excited to add the Alliance team and their Shelf decommissioning capabilities to our Helix family. We believe that we have positioned the company for a much stronger second half of 2022 and beyond. The prospects for the offshore market are starting to reflect improved activity in line with current commodity prices and outlook. With significant uncertainty behind us, we have now issued full-year guidance. All markets we serve are showing signs of recovery, which should result in improved results and outlook, aligning with our efforts to position Helix as a preeminent offshore Energy Transition company.”
1 |
Net loss attributable to common shareholders |
2 |
Adjusted EBITDA and Free Cash Flow are non-GAAP measures; see reconciliations below |
3 |
Excludes restricted cash of $2.5 million, $71.3 million and $72.9 million as of 6/30/22, 6/30/21 and 3/31/22, respectively |
Segment Information, Operational and Financial Highlights ($ in thousands, unaudited) |
|||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| 6/30/2022 | 6/30/2021 | 3/31/2022 | 6/30/2022 | 6/30/2021 | |||||||||||||||
| Revenues: | |||||||||||||||||||
| Well Intervention | $ |
106,291 |
|
$ |
132,305 |
|
$ |
106,367 |
|
$ |
212,658 |
|
$ |
266,073 |
|
||||
| Robotics |
|
49,850 |
|
|
31,651 |
|
|
37,351 |
|
|
87,201 |
|
|
53,807 |
|
||||
| Production Facilities |
|
17,678 |
|
|
14,218 |
|
|
18,294 |
|
|
35,972 |
|
|
30,665 |
|
||||
| Intercompany Eliminations |
|
(11,207 |
) |
|
(16,233 |
) |
|
(11,887 |
) |
|
(23,094 |
) |
|
(25,189 |
) |
||||
| Total | $ |
162,612 |
|
$ |
161,941 |
|
$ |
150,125 |
|
$ |
312,737 |
|
$ |
325,356 |
|
||||
| Income (Loss) from Operations: | |||||||||||||||||||
| Well Intervention | $ |
(22,548 |
) |
$ |
(6,719 |
) |
$ |
(31,758 |
) |
$ |
(54,306 |
) |
$ |
(1,476 |
) |
||||
| Robotics |
|
9,666 |
|
|
255 |
|
|
1,480 |
|
|
11,146 |
|
|
(2,679 |
) |
||||
| Production Facilities |
|
6,045 |
|
|
4,682 |
|
|
5,851 |
|
|
11,896 |
|
|
11,196 |
|
||||
| Corporate / Other / Eliminations |
|
(12,139 |
) |
|
(9,159 |
) |
|
(8,550 |
) |
|
(20,689 |
) |
|
(18,537 |
) |
||||
| Total | $ |
(18,976 |
) |
$ |
(10,941 |
) |
$ |
(32,977 |
) |
$ |
(51,953 |
) |
$ |
(11,496 |
) |
||||
Segment Results
Well Intervention
Well Intervention revenues decreased $0.1 million in the second quarter 2022 compared to the prior quarter. Our second quarter 2022 revenues saw a decrease due to lower utilization in West Africa, offset by improved utilization in the North Sea and higher rates in the Gulf of Mexico. Utilization in West Africa decreased as the Q7000 commenced scheduled maintenance in Namibia early in the quarter following its successful campaign in Nigeria. The North Sea saw utilization improved seasonally with significantly improved utilization on both vessels. Gulf of Mexico rates improved during the quarter, and both vessels have now completed their scheduled regulatory inspections. Brazil revenues improved due to higher utilization on the Siem Helix 2 with the completion of its five-year regulatory inspections during the prior quarter, offsetting lower utilization on the Siem Helix 1, which completed its low-revenue accommodations project. Overall Well Intervention vessel utilization held steady at 67% during the second quarter 2022, with the decrease in West Africa utilization offset by strong utilization improvements in the North Sea. Well Intervention net loss from operations was $22.5 million, an improvement of $9.2 million during the second quarter 2022 compared to the prior quarter primarily due to a shift of operations to higher-margin projects during the quarter.
Well Intervention revenues decreased $26.0 million, or 20%, in the second quarter 2022 compared to the second quarter 2021. The decrease was primarily due to lower utilization in West Africa and lower rates in our Brazil unit, offset in part by higher rates and utilization in the Gulf of Mexico and higher utilization in the North Sea. West Africa utilization decreased as the Q7000 commenced scheduled maintenance during the second quarter 2022, and our Brazil operations had the Siem Helix 2 under its extended contract at lower rates and the Siem Helix 1 on an accommodations project at lower rates throughout most of the second quarter 2022, whereas both vessels were operating on legacy contracts at higher rates during the second quarter 2021. Revenues in the Gulf of Mexico increased from the prior year, with higher utilization and an increase in rates and integrated projects during the second quarter 2022. Overall Well Intervention vessel utilization decreased to 67% during the second quarter 2022 compared to 72% during the second quarter 2021. Well Intervention net loss from operations increased $15.8 million in the second quarter 2022 compared to the second quarter 2021 primarily due to lower revenues, offset in part by a net reduction in operating costs due to lower Q7000 utilization and reduced charter costs in Brazil.
Robotics
Robotics revenues increased $12.5 million, or 33%, in the second quarter 2022 compared to the prior quarter. The increase in revenues was due to seasonally higher vessel, ROV and trenching activities. Chartered vessel days increased to 370 days compared to 323 total vessel days, and vessel utilization increased to 94% compared to 90%, during the second quarter 2022 compared the prior quarter. Vessel days included 116 spot vessel days during the second quarter 2022, compared to 136 spot vessel days during the prior quarter, primarily performing seabed clearance work in the North Sea. ROV and trencher utilization increased to 53% in the second quarter 2022 from 35% in the prior quarter, and trenching days increased to 81 days during the second quarter 2022 compared to 66 days during the prior quarter. Robotics operating income increased $8.2 million during the second quarter 2022 compared to the prior quarter primarily due to higher revenues.
Robotics revenues increased $18.2 million, or 57%, during the second quarter 2022 compared to the second quarter 2021. The increase in revenues was due primarily to higher vessel and ROV activities year over year. Chartered vessel days increased to 370 total vessel days during the second quarter 2022 compared to 236 total vessel days during the second quarter 2021, although vessel utilization remained relatively flat, increasing from 93% in the second quarter of 2021 to 94% in the second quarter of 2022. Vessel days during the second quarter 2022 included 116 spot vessel days, compared to 61 spot vessel days during the second quarter 2021, primarily performing seabed clearance work in the North Sea. ROV and trencher utilization increased to 53% in the second quarter 2022 from 36% in the second quarter 2021, although trenching days decreased slightly to 81 days during the second quarter 2022 compared to 84 days during the second quarter 2021. Robotics operating income increased $9.4 million during the second quarter 2022 compared to the second quarter 2021 primarily due to higher revenues year over year.
Production Facilities
Production Facilities revenues decreased $0.6 million, or 3%, in the second quarter 2022 compared to the prior quarter primarily due to a decline in oil and gas production volumes, offset in part by higher oil and gas prices. Production Facilities revenues increased $3.5 million, or 24%, compared to the second quarter 2021 primarily due to higher oil and gas production volumes and prices.
Selling, General and Administrative and Other
Selling, General and Administrative
Selling, general and administrative expenses were $17.6 million, or 10.8% of revenue, in the second quarter 2022 compared to $14.4 million, or 9.6% of revenue, in the prior quarter. The increase was primarily due to higher employee incentive compensation and Alliance acquisition related costs during the second quarter.
Other Income and Expenses
Other expense, net was $13.5 million in the second quarter 2022 compared to $3.9 million in the prior quarter. Other expense, net in the second quarter 2022 included unrealized foreign currency losses related to the British pound, which weakened approximately 7% during the second quarter 2022.
Cash Flows
Operating cash flows were $(5.8) million during the second quarter 2022 compared to $(17.4) million during the prior quarter and $52.7 million during the second quarter 2021. The improvement in operating cash flows quarter over quarter was primarily due to higher earnings during the second quarter 2022. The reduction in operating cash flows year over year was primarily due to lower earnings, higher regulatory recertification costs for our vessels and systems and net working capital outflows during the second quarter 2022 compared to the second quarter 2021. Regulatory recertification costs for our vessels and systems, which are included in operating cash flows, were $9.3 million during the second quarter 2022 compared to $10.3 million during the prior quarter and $4.4 million during the second quarter 2021.
Capital expenditures totaled $1.6 million during the second quarter 2022 compared to $0.6 million during the prior quarter and $5.4 million during the second quarter 2021.
Free Cash Flow was $(7.4) million in the second quarter 2022 compared to $(18.0) million during the prior quarter and $47.2 million during the second quarter 2021. The decrease in Free Cash Flow quarter over quarter and year over year was due primarily to lower operating cash flows. (Free Cash Flow is a non-GAAP measure. See reconciliation below.)
Financial Condition and Liquidity
Cash and cash equivalents were $260.6 million at June 30, 2022, excluding $2.5 million of restricted cash. Available capacity under our ABL facility was $60.3 million, resulting in total liquidity of $320.9 million at June 30, 2022. At June 30, 2022 we had $267.1 million of long-term debt and net debt of $4.0 million. On July 1, 2022, we closed on our acquisition of the Alliance group of companies utilizing approximately $120 million of existing cash.
Conference Call Information
Further details are provided in the presentation for Helix’s quarterly teleconference to review its second quarter 2022 results (see the "For the Investor" page of Helix's website, www.helixesg.com). The teleconference, scheduled for Tuesday, July 26, 2022, at 9:00 a.m. Central Time, will be audio webcast live from the "For the Investor" page of Helix’s website. Investors and other interested parties wishing to participate in the teleconference may join by dialing 800-786-6596 for participants in the United States and 212-231-2902 for international participants. The passcode is "Staffeldt." A replay of the webcast will be available on the "For the Investor" page of Helix's website by selecting the "Audio Archives" link beginning approximately two hours after the completion of the event.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.helixesg.com.
Non-GAAP Financial Measures
Management evaluates performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, net debt, net debt to book capitalization and Free Cash Flow. We define EBITDA as earnings before income taxes, net interest expense, gains or losses on extinguishment of long-term debt, gains and losses on equity investments, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets, acquisition and integration costs and the general provision (release) for current expected credit losses, if any. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. Net debt to book capitalization is calculated by dividing net debt by the sum of net debt and shareholders’ equity. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets.
We use EBITDA, Adjusted EBITDA and Free Cash Flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA and Free Cash Flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA and Free Cash Flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and Free Cash Flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the COVID-19 pandemic and oil price volatility and their respective effects and results, our protocols and plans, our current work continuing, the spot market, our ability to identify, effect and integrate acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition; our spending and cost reduction plans and our ability to manage changes; our strategy; any statements regarding visibility and future utilization; any projections of financial items including projections as to guidance and other outlook information; any statements regarding future operations expenditures; any statements regarding our plans, strategies and objectives for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding our environmental, social and governance (“ESG”) initiatives; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ability to secure and realize backlog; the effectiveness of our ESG initiatives and disclosures; human capital management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.
Social Media
From time to time we provide information about Helix on social media, including: Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup), Instagram (www.instagram.com/helixenergysolutions) and YouTube (www.youtube.com/user/HelixEnergySolutions).
| HELIX ENERGY SOLUTIONS GROUP, INC. | |||||||||||||||||||
| Comparative Condensed Consolidated Statements of Operations | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| (in thousands, except per share data) | 2022 |
2021 |
2022 |
2021 |
|||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| Net revenues | $ |
162,612 |
|
$ |
161,941 |
|
$ |
312,737 |
|
$ |
325,356 |
|
|||||||
| Cost of sales |
|
163,966 |
|
|
158,811 |
|
|
332,700 |
|
|
307,602 |
|
|||||||
| Gross profit (loss) |
|
(1,354 |
) |
|
3,130 |
|
|
(19,963 |
) |
|
17,754 |
|
|||||||
| Loss on disposition of assets, net |
|
- |
|
|
(646 |
) |
|
- |
|
|
(646 |
) |
|||||||
| Selling, general and administrative expenses |
|
(17,622 |
) |
|
(13,425 |
) |
|
(31,990 |
) |
|
(28,604 |
) |
|||||||
| Loss from operations |
|
(18,976 |
) |
|
(10,941 |
) |
|
(51,953 |
) |
|
(11,496 |
) |
|||||||
| Equity in earnings of investment |
|
8,184 |
|
|
- |
|
|
8,184 |
|
|
- |
|
|||||||
| Net interest expense |
|
(4,799 |
) |
|
(5,919 |
) |
|
(9,973 |
) |
|
(11,972 |
) |
|||||||
| Other income (expense), net |
|
(13,471 |
) |
|
960 |
|
|
(17,352 |
) |
|
2,577 |
|
|||||||
| Royalty income and other |
|
797 |
|
|
249 |
|
|
2,938 |
|
|
2,306 |
|
|||||||
| Loss before income taxes |
|
(28,265 |
) |
|
(15,651 |
) |
|
(68,156 |
) |
|
(18,585 |
) |
|||||||
| Income tax provision (benefit) |
|
1,434 |
|
|
(1,968 |
) |
|
3,574 |
|
|
(1,852 |
) |
|||||||
| Net loss |
|
(29,699 |
) |
|
(13,683 |
) |
|
(71,730 |
) |
|
(16,733 |
) |
|||||||
| Net income (loss) attributable to redeemable noncontrolling interests |
|
- |
|
|
26 |
|
|
- |
|
|
(146 |
) |
|||||||
| Net loss attributable to common shareholders | $ |
(29,699 |
) |
$ |
(13,709 |
) |
$ |
(71,730 |
) |
$ |
(16,587 |
) |
|||||||
| Loss per share of common stock: | |||||||||||||||||||
| Basic | $ |
(0.20 |
) |
$ |
(0.09 |
) |
$ |
(0.47 |
) |
$ |
(0.11 |
) |
|||||||
| Diluted | $ |
(0.20 |
) |
$ |
(0.09 |
) |
$ |
(0.47 |
) |
$ |
(0.11 |
) |
|||||||
| Weighted average common shares outstanding: | |||||||||||||||||||
| Basic |
|
151,205 |
|
|
150,028 |
|
|
151,174 |
|
|
149,982 |
|
|||||||
| Diluted |
|
151,205 |
|
|
150,028 |
|
|
151,174 |
|
|
149,982 |
|
|||||||
| Comparative Condensed Consolidated Balance Sheets | |||||||||||||||||||
| June 30, 2022 | Dec. 31, 2021 | ||||||||||||||||||
| (in thousands) | (unaudited) | ||||||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents (1) | $ |
260,595 |
|
$ |
253,515 |
|
|||||||||||||
| Restricted cash (1) |
|
2,505 |
|
|
73,612 |
|
|||||||||||||
| Accounts receivable, net |
|
153,314 |
|
|
144,137 |
|
|||||||||||||
| Other current assets |
|
68,990 |
|
|
58,274 |
|
|||||||||||||
| Total Current Assets |
|
485,404 |
|
|
529,538 |
|
|||||||||||||
| Property and equipment, net |
|
1,539,173 |
|
|
1,657,645 |
|
|||||||||||||
| Operating lease right-of-use assets |
|
139,262 |
|
|
104,190 |
|
|||||||||||||
| Other assets, net |
|
49,814 |
|
|
34,655 |
|
|||||||||||||
| Total Assets | $ |
2,213,653 |
|
$ |
2,326,028 |
|
|||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Accounts payable | $ |
99,716 |
|
$ |
87,959 |
|
|||||||||||||
| Accrued liabilities |
|
85,180 |
|
|
91,712 |
|
|||||||||||||
| Current maturities of long-term debt (1) |
|
8,133 |
|
|
42,873 |
|
|||||||||||||
| Current operating lease liabilities |
|
39,697 |
|
|
55,739 |
|
|||||||||||||
| Total Current Liabilities |
|
232,726 |
|
|
278,283 |
|
|||||||||||||
| Long-term debt (1) |
|
258,977 |
|
|
262,137 |
|
|||||||||||||
| Operating lease liabilities |
|
103,548 |
|
|
50,198 |
|
|||||||||||||
| Deferred tax liabilities |
|
86,416 |
|
|
86,966 |
|
|||||||||||||
| Other non-current liabilities |
|
196 |
|
|
975 |
|
|||||||||||||
| Shareholders' equity |
|
1,531,790 |
|
|
1,647,469 |
|
|||||||||||||
| Total Liabilities and Equity | $ |
2,213,653 |
|
$ |
2,326,028 |
|
|||||||||||||
(1) |
Net debt of $4,010 as of June 30, 2022. Net debt calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. | ||
| Helix Energy Solutions Group, Inc. | |||||||||||||||||||||
| Reconciliation of Non-GAAP Measures | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| (in thousands, unaudited) | 6/30/2022 | 6/30/2021 | 3/31/2022 | 6/30/2022 | 6/30/2021 | ||||||||||||||||
| Reconciliation from Net Loss to Adjusted EBITDA: | |||||||||||||||||||||
| Net loss | $ |
(29,699 |
) |
$ |
(13,683 |
) |
$ |
(42,031 |
) |
$ |
(71,730 |
) |
$ |
(16,733 |
) |
||||||
| Adjustments: | |||||||||||||||||||||
| Income tax provision (benefit) |
|
1,434 |
|
|
(1,968 |
) |
|
2,140 |
|
|
3,574 |
|
|
(1,852 |
) |
||||||
| Net interest expense |
|
4,799 |
|
|
5,919 |
|
|
5,174 |
|
|
9,973 |
|
|
11,972 |
|
||||||
| Other (income) expense, net |
|
13,471 |
|
|
(960 |
) |
|
3,881 |
|
|
17,352 |
|
|
(2,577 |
) |
||||||
| Depreciation and amortization |
|
33,158 |
|
|
34,941 |
|
|
33,488 |
|
|
66,646 |
|
|
69,507 |
|
||||||
| Gain on equity investment |
|
(8,184 |
) |
|
- |
|
|
- |
|
|
(8,184 |
) |
|
- |
|
||||||
| EBITDA |
|
14,979 |
|
|
24,249 |
|
|
2,652 |
|
|
17,631 |
|
|
60,317 |
|
||||||
| Adjustments: | |||||||||||||||||||||
| Loss on disposition of assets, net |
|
- |
|
|
646 |
|
|
- |
|
|
- |
|
|
646 |
|
||||||
| Acquisition and integration costs |
|
1,587 |
|
|
- |
|
|
- |
|
|
1,587 |
|
|
- |
|
||||||
| General provision (release) for current expected credit losses |
|
193 |
|
|
(83 |
) |
|
(126 |
) |
|
67 |
|
|
17 |
|
||||||
| Adjusted EBITDA | $ |
16,759 |
|
$ |
24,812 |
|
$ |
2,526 |
|
$ |
19,285 |
|
$ |
60,980 |
|
||||||
| Free Cash Flow: | |||||||||||||||||||||
| Cash flows from operating activities | $ |
(5,841 |
) |
$ |
52,671 |
|
$ |
(17,413 |
) |
$ |
(23,254 |
) |
$ |
92,540 |
|
||||||
| Less: Capital expenditures, net of proceeds from sale of assets |
|
(1,564 |
) |
|
(5,432 |
) |
|
(623 |
) |
|
(2,187 |
) |
|
(6,761 |
) |
||||||
| Free Cash Flow | $ |
(7,405 |
) |
$ |
47,239 |
|
$ |
(18,036 |
) |
$ |
(25,441 |
) |
$ |
85,779 |
|
||||||
Erik Staffeldt - Executive Vice President and CFO
Ph: 281-618-0465
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Streamlining Engineering Best Practices for Large-Scale Nitrate Salt Storage
DENVER--(BUSINESS WIRE)--Solar Dynamics LLC, EPRI, and Malta Inc., announced today the U.S. Department of Energy (DOE) selected their team to develop a new design basis document intended to accelerate low-carbon energy applications that utilize nitrate salt storage.
The initiative will combine the organizations’ industry-leading knowledge and experience to present technical recommendations for future energy projects utilizing nitrate salt as a heat transport fluid and thermal storage medium.
Through the compilation of cutting-edge engineering practices and lessons learned from past projects, both successful and unsuccessful, this design basis document is intended to codify industry consensus and establish guidelines to assist future developers in planning reliable, efficient, and cost-effective designs.
This new design basis document could advance the next generation of nitrate salt thermal storage systems, which have applications in concentrated solar power, long-duration energy storage, and nuclear energy.
“The team is very excited by this award and the key role that it can play in accelerating molten salt systems,” said Hank Price, Managing Director of Solar Dynamics. “EPRI’s vast subject knowledge and stellar reputation, coupled with Malta’s global expertise in energy storage, ensures that this document will represent the current state of the art in technical and practical expertise in salt systems.”
“Collaborating with Solar Dynamics and Malta to assemble the most effective benchmarks for molten salt energy storage and concentrated solar plants represents an opportunity to build awareness of this technology and help advance an entire class of energy systems,” said Michael Caravaggio, Director of Research and Development, EPRI.
“Malta is excited to be contributing knowledge gained from the development of our long-duration energy storage system to the advancement of the energy industry," said Malta CEO Ramya Swaminathan. “We’re delighted to provide our expertise and promote molten salt storage as a solution to some of the world’s biggest energy challenges.”
The study is being led by molten salt expert Bruce Kelly and is scheduled to take 12 months. It involves direct interviews with plant operators, EPCs, and owners, and it will build upon the National Renewable Energy Laboratory’s previous work on the subject.
“By standardizing these design lessons into ‘open source,’ best-practice instructions, we will accelerate our migration to more low-carbon energy systems and ultimately, reduce costs passed along to customers,” said Price.
About Solar Dynamics
Solar Dynamics, based near Denver in Broomfield, Colorado, is a technology company leveraging practical experience, innovative designs, and state-of-the-art engineering tools to develop next-generation products and services for concentrating solar energy. Solar Dynamics’ proprietary technology focus is on molten salt tower technology, molten salt trough technology, and developing advanced heliostat and trough collector designs to make these systems more cost-effective.
www.solardynllc.com
About EPRI
Founded in 1972, EPRI is the world's preeminent independent, non-profit energy research and development organization, with offices around the world. EPRI's trusted experts collaborate with more than 450 companies in 45 countries, driving innovation to ensure the public has clean, safe, reliable, affordable, and equitable access to electricity across the globe. Together, we are shaping the future of energy.
www.epri.com
About Malta Inc.
Based in Cambridge Massachusetts, Malta Inc. has developed a Pumped Heat Energy Storage (PHES) system to provide long-duration, large-scale, cost-effective, and safe energy storage. Malta’s system stores electricity as thermal energy and then re-generates the electricity on demand for up to 200 hours, meeting daily and weekly needs. Malta’s PHES system also generates clean heat for industrial and district heating applications. The company was originally incubated at Google’s Moonshot Factory, X, and is backed by energy industry leaders Alfa Laval, Proman, Chevron Technology Ventures, and Trafigura Group, as well as investors Breakthrough Energy Ventures and Piva Capital.
www.maltainc.com
Media
Solar Dynamics
Hank Price
(720) 955-6404
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EPRI
Rachel Gantz
(202) 293-7517
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Malta
Steven C. Sullivan
(518) 441-7272
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DUBLIN--(BUSINESS WIRE)--The "Ship Building And Repairing Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global ship building and repairing market is expected to grow from $208.25 billion in 2021 to $227.54 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The market is expected to grow to $316.84 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.
Major companies in the shipbuilding and repairing market include Samsung Heavy Industries Co Ltd, Daewoo shipbuilding & marine engineering, General Dynamics, Huntington Ingalls Industries, China Shipbuilding Industry Corp, China CSSC Holdings Limited, Fincantieri SpA, BRUNSWICK CORPORATION, Mitsubishi Heavy Industries Ltd, and Austal.
The shipbuilding and repairing market consists of sales of ships and shipbuilding and repairing services and related services by entities (organizations, sole traders, and partnerships) that operate shipyards. Shipyards are fixed facilities with drydocks and fabrication equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use. The activities of shipyards include the construction of ships, their repair, conversion, and alteration, the production of the prefabricated ship and barge sections, and specialized services, such as ship scaling.
The main types in the shipbuilding and repairing market are shipbuilding and ship repairing. Shipbuilding refers to the construction of floating vessels and ships. The various applications include general services, dockage, hull part, engine parts, electric works, auxiliary services. These are used in transport companies, the military, other end-user.
Asia Pacific was the largest region in the shipbuilding and repairing market in 2021. Western Europe was the second largest region in the shipbuilding and repairing market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The shipbuilding and repairing market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth is 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the market during the forecast period.
Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilization equipment, sulfur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems and use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions.
For instance, Peace Boat, a Japanese non-profit NGO has entered into an agreement with Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world's greenest cruise vessel. Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating fewer polluting vessels.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Ship Building And Repairing Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Ship Building And Repairing Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Ship Building And Repairing Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Ship Building And Repairing Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Ship Building And Repairing Market Trends And Strategies
8. Impact Of COVID-19 On Ship Building And Repairing
9. Ship Building And Repairing Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Ship Building And Repairing Market Regional Analysis
10.1. Global Ship Building And Repairing Market, 2021, By Region, Value ($ Billion)
10.2. Global Ship Building And Repairing Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Ship Building And Repairing Market, Growth And Market Share Comparison, By Region
11. Ship Building And Repairing Market Segmentation
11.1. Global Ship Building And Repairing Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.1. Global Ship Building And Repairing Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.1. Global Ship Building And Repairing Market, Segmentation By End-User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Ship Building And Repairing Market Metrics
12.1. Ship Building And Repairing Market Size, Percentage Of GDP, 2016-2026, Global
12.2. Per Capita Average Ship Building And Repairing Market Expenditure, 2016-2026, Global
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/bv94c0
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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