HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) announces that the board of directors of its general partner declared a third-quarter 2020 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis. This represents a 1% increase compared to the third-quarter 2019 distribution. The quarterly distribution is payable Nov. 13, 2020, to unitholders of record as of Oct. 30, 2020.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.
TAX CONSIDERATIONS
This release is intended to be a qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100% of Phillips 66 Partners LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Phillips 66 Partners LP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not Phillips 66 Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
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Selected preliminary earnings issued ahead of schedule; conference call still scheduled for Oct. 29, 2020
The preliminary results and guidance in this release include Non-GAAP financial measures. Refer to the section entitled “Use of Non-GAAP Financial Measures” within this release.
NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--$NGVT #earnings--Ingevity Corporation (NYSE:NGVT) today reported selected preliminary financial results for the third quarter.
“Ingevity’s third quarter results were driven by strong rebounds in automotive sales and production worldwide versus a weak second quarter, along with continued strong paving activity, cost reduction actions and strong execution,” said John Fortson, president and CEO. “These positives were partially offset by a weakened economic environment due to COVID-19 that particularly impacted our Performance Chemicals businesses. Nonetheless, our adjusted EBITDA and adjusted EBITDA margin were records for the third quarter.”
Third quarter net sales of $332 million were down 7.8% versus the prior year third quarter. Net income of $70 million increased 16.7% and net income margin of 21.1% was up from 16.6% in the prior year. The third quarter diluted earnings per share were $1.69 compared to $1.41 in the prior year period.
Adjusted earnings of $74 million were up 19.3% versus the prior year quarter. Diluted adjusted earnings per share were $1.79, which exclude, net of tax, $0.10 related primarily to restructuring and other charges, net, recognized during the quarter. This compares to diluted adjusted earnings per share of $1.46 in the prior year quarter. Adjusted EBITDA of $128 million were up 11.9% versus the third quarter 2019. Adjusted EBITDA margin of 38.5% was up 680 basis points from the prior year’s third quarter.
The company generated operating cash flow of $90 million, which translated to free cash flow of $74 million.
Performance Chemicals
“With the exception of our pavement technologies business, our Performance Chemicals segment was negatively impacted by a weak economy resulting from COVID-19,” said Fortson. “We continue to control costs which resulted in our adjusted EBITDA margins remaining solidly in the mid 20s.”
Sales to pavement technologies applications were slightly higher than the prior year and set a quarterly record. While paving sales in North America were essentially flat, sales in China and Europe, Middle East and Africa (EMEA) were up sharply, albeit from smaller bases. Sales for engineered polymers products were down due to reduced industrial demand globally. Footwear and medical device sales were down, while sales to bioplastics customers continued to show growth. Sales decreased in industrial specialties applications due to continued demand weakness for printing inks and other end-use applications. Additionally, sales to oilfield technologies customers were cut sharply in line with reduced drilling in North America; sales in oil production applications were down moderately.
Third quarter 2020 sales in the Performance Chemicals segment were $188 million, down 18.2% versus the third quarter 2019. Segment EBITDA were $47 million, down 21.1% versus the prior year quarter due to lower volumes which were partially offset by price/mix. Segment EBITDA margin declined 90 basis points to 25.1%.
Performance Materials
“Automakers – particularly in the U.S. and Canada – rebounded sharply,” said Fortson. “The industry continues to work to refill the vehicle pipeline, and as such, demand for our gasoline vapor emission control solutions has risen dramatically versus the second quarter.” As a result, the company’s quarterly production of honeycomb scrubbers used to meet the U.S. and Canadian regulatory standards were a quarterly record.
Sales of Performance Materials products in China were up strongly as automakers there have bounced back from COVID-related shutdowns and the implementation of the China 6 standard has been completed.
Third quarter 2020 sales in the Performance Materials segment were $144 million, up 10.4% versus the third quarter 2019. Segment EBITDA were $80 million, up 48.3% versus the prior year period due to the sharp increase in volumes and price/mix improvement. Segment EBITDA margin increased 1,430 basis points to 55.9%.
Outlook
Ingevity narrowed its fiscal year 2020 guidance for sales from between $1.10 billion and $1.20 billion to between $1.15 billion and $1.20 billion, and increased and narrowed its guidance for adjusted EBITDA from between $310 million and $350 million to between $355 million and $365 million.
“We remain confident in our business through the end of the year,” said Fortson. “While we may see continued weakness on the revenue line, given the cost controls we’ve implemented, we expect our adjusted EBITDA and adjusted EBITDA margins to remain favorable. And while uncertainty remains regarding global economic strength, we believe in the strength of our strategy and our team’s ability to execute on the opportunities.”
Preliminary Results
We have provided the preliminary estimated financial results contained in this press release and the accompanying financial schedules because our financial closing procedures for the three months ended September 30, 2020 are not yet complete. The preliminary estimated financial information contained herein and in the accompanying financial schedules does not represent a comprehensive statement of our results of operations or financial condition as of or for the three months ended September 30, 2020 and is based solely on information available to us as of the date of this press release. Our results of operations and financial condition as of and for the three months ended September 30, 2020 may vary from our current expectations and may be different from the information described above as our quarterly financial statement preparation process is not yet complete and additional developments and adjustments may arise between now and the time the financial statements and other disclosures for this period are finalized, including all disclosures required by GAAP. In addition, these preliminary estimated financial results are not necessarily indicative of the results to be achieved for the remainder of 2020 or in any future period. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. The information contained herein and in the accompanying financial schedules should not be viewed as a substitute for full financial statements prepared in accordance with GAAP or as a measure of performance. Accordingly, you should not place undue reliance on such financial information.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
Additional Information
The company will host a live webcast on Thursday, Oct. 29, 2020, at 10 a.m. (Eastern Time) to discuss third quarter 2020 fiscal results. The webcast can be accessed through the investors section of Ingevity’s website. You may also listen to the conference call by dialing 877-407-2991 (inside the U.S.) or 201-389-0925 (outside the U.S.), at least 10 minutes prior to the start of the event. Information on how to access the webcast and conference call, along with a slide deck containing other relevant financial and statistical information, will be posted to the investors section of Ingevity’s website prior to the call. For those unable to join the live event, a replay of the webcast will be available beginning at approximately 2 p.m. (Eastern Time) on Oct. 29, 2020, through Nov. 29, 2020.
Use of Non-GAAP Financial Measures
Ingevity has presented certain financial measures which have not been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Definitions of our non-GAAP financial measures and a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP are included in the financial schedules accompanying this news release, under the section entitled "Non-GAAP Financial Measures."
Cautionary Statements About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; impact of COVID-19; synergies and the potential benefits of the acquisition of Perstorp Holding AB’s Capa® caprolactone business (the “acquisition”); capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost-reduction initiatives, plans and objectives; markets for securities and expected future repurchases of shares, including statements about the manner, amount and timing of repurchases. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; risks that the expected benefits from the acquisition may not be realized or will not be realized in the expected time period, the risk that the acquired business will not be integrated successfully and the risk of significant transaction costs and unknown or understated liabilities; adverse effects of general economic and financial conditions; risks related to international sales and operations; impacts of currency exchange rates and currency devaluation; compliance with U.S. and foreign regulations concerning our operations outside the U.S.; changes in trade policy, including the imposition of tariffs; the impact of the United Kingdom’s withdrawal from the European Union; attracting and retaining key personnel; adverse conditions in the global automotive market or adoption of alternative and new technologies; competition from producers of alternative products and new technologies, and new or emerging competitors; competition from infringing intellectual property activity; worldwide air quality standards; a decrease in government infrastructure spending; declining volumes and downward pricing in the printing inks market; the limited supply of or lack of access to sufficient crude tall oil; a prolonged period of low energy prices; the provision of services by third parties at several facilities; natural disasters, such as hurricanes, winter or tropical storms, earthquakes, tornados, floods, fires; other unanticipated problems such as labor difficulties, equipment failure or unscheduled maintenance and repair; protection of intellectual property and proprietary information; information technology security breaches and other disruptions; complications with designing and implementing our new enterprise resource planning system; government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies, tariffs and the chemicals industry; and lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes, and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K, our Form 10-Q for the period ending March 31, 2020 and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.
Ingevity has presented certain financial measures, defined below, which have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and has provided a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP on the following pages. These financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable financial measure calculated in accordance with GAAP. Investors should consider the limitations associated with these non-GAAP measures, including the potential lack of comparability of these measures from one company to another.
We believe these non-GAAP financial measures provide management as well as investors, potential investors, securities analysts and others with useful information to evaluate the performance of the business, because such measures, when viewed together with our financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.
Ingevity uses the following non-GAAP measures:
Adjusted earnings (loss) is defined as net income (loss) plus restructuring and other (income) charges, net, acquisition and other-related costs, pension and postretirement settlement and curtailment (income) charges and the income tax expense (benefit) on those items, less the provision (benefit) from certain discrete tax items.
Diluted adjusted earnings (loss) per share is defined as diluted earnings (loss) per common share plus restructuring and other (income) charges, net per share, acquisition and other-related costs per share, pension and postretirement settlement and curtailment (income) charges per share and the income tax expense (benefit) per share on those items, less the per share tax provision (benefit) from certain discrete tax items per share.
Adjusted EBITDA is defined as net income (loss) plus provision (benefit) for income taxes, interest expense, net, depreciation and amortization, restructuring and other (income) charges, net, acquisition and other-related costs, and pension and postretirement settlement and curtailment (income) charges.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Net sales.
Free Cash Flow is defined as the sum of cash provided by (used in) the following items: operating activities less capital expenditures.
Ingevity also uses the above financial measures as the primary measures of profitability used by managers of the business. In addition, Ingevity believes Adjusted EBITDA and Adjusted EBITDA Margin are useful measures because they exclude the effects of financing and investment activities as well as non-operating activities.
GAAP Reconciliation of 2020 Adjusted EBITDA Guidance
A reconciliation of net income to adjusted EBITDA as projected for 2020 is not provided. Ingevity does not forecast net income as it cannot, without unreasonable effort, estimate or predict with certainty various components of net income. These components, net of tax, include further restructuring and other income (charges), net; additional acquisition and other-related costs in connection with the acquisition of Perstorp Holding AB’s Capa caprolactone business; additional pension and postretirement settlement and curtailment (income) charges; and revisions due to future guidance and assessment of U.S. tax reform. Additionally, discrete tax items could drive variability in our projected effective tax rate. All of these components could significantly impact such financial measures. Further, in the future, other items with similar characteristics to those currently included in adjusted EBITDA, that have a similar impact on comparability of periods, and which are not known at this time, may exist and impact adjusted EBITDA.
Ingevity Corporation |
||||||||
Non-GAAP Financial Measures |
||||||||
Reconciliation of Net Income (Loss) (GAAP) to Adjusted Earnings (Loss) (Non-GAAP) |
||||||||
|
|
Three Months Ended September 30, |
||||||
In millions, except per share data (unaudited) |
2020 |
|
2019 |
|||||
Net income (loss) (GAAP) |
$ |
69.9 |
|
|
$ |
59.9 |
|
|
Restructuring and other (income) charges, net |
5.5 |
|
|
1.7 |
|
|||
Acquisition and other-related costs |
— |
|
|
1.3 |
|
|||
Tax effect on items above |
(1.2 |
) |
|
(0.8 |
) | |||
Certain discrete tax provision (benefit) (1) |
— |
|
|
0.1 |
|
|||
Adjusted earnings (loss) (Non-GAAP) |
$ |
74.2 |
|
|
$ |
62.2 |
|
|
|
|
|
|
|||||
Diluted earnings (loss) per common share (GAAP) |
$ |
1.69 |
|
|
$ |
1.41 |
|
|
Restructuring and other (income) charges |
0.13 |
|
|
0.04 |
|
|||
Acquisition and other-related costs |
— |
|
|
0.03 |
|
|||
Tax effect on items above |
(0.03 |
) |
|
(0.02 |
) | |||
Certain discrete tax provision (benefit) |
— |
|
|
— |
|
|||
Diluted adjusted earnings (loss) per share (Non-GAAP) |
$ |
1.79 |
|
|
$ |
1.46 |
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - Diluted |
41.5 |
|
|
42.6 |
|
|||
(1) |
Represents certain discrete tax items such as excess tax benefits on stock compensation and impacts of changes associated with U.S. Tax Reform. Management believes excluding these discrete tax items assists investors, potential investors, securities analysts, and others in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing useful supplemental information about operational performance. |
Ingevity Corporation |
|||||||
Non-GAAP Financial Measures |
|||||||
Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (Non-GAAP) |
|||||||
|
Three Months Ended September 30, |
||||||
In millions, except percentages (unaudited) |
2020 |
|
2019 |
||||
Net income (loss) (GAAP) |
$ |
69.9 |
|
|
$ |
59.9 |
|
Provision (benefit) for income taxes |
18.2 |
|
|
17.5 |
|
||
Interest expense, net |
8.9 |
|
|
12.1 |
|
||
Depreciation and amortization |
25.1 |
|
|
21.5 |
|
||
Restructuring and other (income) charges, net |
5.5 |
|
|
1.7 |
|
||
Acquisition and other-related costs |
— |
|
|
1.3 |
|
||
Adjusted EBITDA (Non-GAAP) |
$ |
127.6 |
|
|
$ |
114.0 |
|
|
|
|
|
||||
Net sales |
$ |
331.7 |
|
|
$ |
359.9 |
|
Net income (loss) margin |
21.1 |
% |
|
16.6 |
% |
||
Adjusted EBITDA margin |
38.5 |
% |
|
31.7 |
% |
||
Ingevity Corporation |
|||||||
Non-GAAP Financial Measures |
|||||||
Calculation of Free Cash Flow (Non-GAAP) |
|||||||
|
Three Months Ended September 30, |
||||||
In millions (unaudited) |
2020 |
|
2019 |
||||
Cash Flow from Operations |
$ |
90.0 |
|
|
$ |
118.7 |
|
Less: Capital Expenditures |
16.5 |
|
|
22.1 |
|
||
Free Cash Flow |
$ |
73.5 |
|
|
$ |
96.6 |
|
Contact:
Laura Woodcock
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--$NGVT--Ingevity Corporation (NYSE: NGVT) announced today the pricing of its previously announced offering of 8-year senior unsecured notes in an aggregate principal amount of $550 million. The notes will mature on November 1, 2028 and will bear an interest rate of 3.875% per annum. The offering is expected to close on October 28, 2020 subject to customary closing conditions.
If the offering is consummated, the company intends to use the proceeds of the offering for the redemption, refinancing or repayment of existing indebtedness. There can be no assurance that the issuance and sale of the notes will be consummated.
The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under “Risk Factors” in our Annual Report on Form 10-K, Form 10-Q and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.
Contact:
Laura Woodcock
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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DUBLIN--(BUSINESS WIRE)--The "Naphthenic Base Oil - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the Global Naphthenic base Oil Market accounted for $1,913.24 million in 2019 and is expected to reach $3,412.22 million by 2027, growing at a CAGR of 7.5% during the forecast period.
Increasing adoption of hybrid and electric vehicle, growing demand for high solvency products in several end-use industries, and rising R&D initiative by the government are some of the factors propelling the growth of the market. However, the availability of cheaper substitutes is hampering the growth of the market.
The naphthenic base oil is those which are processed from sweet crude oil distillates. These features enable a low point of pour on lighter viscosities and a high degree of solvency where stronger viscosities are needed. Naphthenic base oils also provide better low-temperature performance than paraffinic oils, which makes them ideal for formulating hydraulic fluids and automatic transmission fluids.
Based on the application, the process oil segment is anticipated to hold considerable market share during the forecast period due to the increasing demand for greener tire formulation that provides lower rolling resistance, lower fuel consumption, and lower carbon dioxide emissions. By geography, North America is expected to grow at a significant market share during the forecast period owing to the growth in the consumption of this oil, increase in adoption of hybrid vehicles in concern to environmental hazards and presence of the prominent key players in the region.
Companies Mentioned
What the report offers:
Key Topics Covered:
1 Executive Summary
2 Preface
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of COVID-19
4 Porters Five Forces Analysis
4.1 Bargaining Power of Suppliers
4.2 Bargaining Power of Buyers
4.3 Threat of Substitutes
4.4 Threat of New Entrants
4.5 Competitive Rivalry
5 Global Naphthenic Base Oil Market, By Viscosity Index
5.1 Introduction
5.2 35-60 SUS
5.3 80-130 SUS
5.4 200-300 SUS
5.5 400-800 SUS
5.6 Above 1200 SUS
6 Global Naphthenic Base Oil Market, By Application
6.1 Introduction
6.2 Rubber Oil
6.3 Process Oil
6.4 Metal Working
6.5 Industrial Lubes & Grease
6.6 Electrical Oil
7 Global Naphthenic Base Oil Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia-Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia-Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launches
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
For more information about this report visit https://www.researchandmarkets.com/r/ly6u1l
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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Customers Who Might Be Affected by the Public Safety Power Shutoff Are Receiving One-Day Notifications
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) continues to monitor a potentially strong and dry offshore wind event forecasted to start Wednesday evening. Given the expected conditions, PG&E began its one-day advance notifications to customers in areas where PG&E may need to proactively turn power off for safety to reduce the risk of wildfire from energized power lines.
Potential Public Safety Power Shutoff Wednesday evening through Friday morning
The potential PSPS starting Wednesday evening could impact approximately 54,000 customers in portions of 19 counties in the Northern Sacramento Valley and adjacent elevated terrain, the Northern Sierra Nevada generally north of I-80, the North Bay mountains, and Mt. Diablo in the East Bay. Specifically, customers in portions of the following counties are being notified: Alameda, Butte, Colusa, Contra Costa, Glenn, Humboldt, Lake, Lassen, Napa, Plumas, Santa Clara, Shasta, Solano, Sonoma, Stanislaus, Tehama, Trinity, Yolo and Yuba.
The potential PSPS event is still approximately 24 hours away. PG&E’s in-house meteorologists, its Wildfire Safety Operations Center and its Emergency Operations Center, continue to monitor conditions closely and additional customer notifications will be shared over the next few days.
Customer notifications—via text, email and automated phone call—began Monday afternoon, approximately two days prior to the potential shutoff. Customers enrolled in the company’s Medical Baseline program who do not verify that they have received these important safety communications will be individually visited in person by a PG&E employee when possible. A primary focus will be given to customers who rely on electricity for critical life-sustaining equipment.
The sole purpose of a PSPS is to reduce the risk of major wildfires during severe weather. While a PSPS is an important wildfire safety tool, PG&E understands that losing power disrupts lives, especially for customers sheltering-at-home in response to COVID-19.
Potentially Impacted Counties
The potential shutoff is currently expected to impact approximately 54,000 customers in the following 19 counties:
*The following Tribal Community counts are included within the County level detail above.
Customers can look up their address online to find out if their location is being monitored for the potential safety shutoff at www.pge.com/pspsupdates.
Community Resource Centers Reflect COVID-Safety Protocols
PG&E will open Community Resource Centers (CRCs) to support our customers. These temporary CRCs will be open to customers when power is out at their homes and will provide ADA-accessible restrooms and hand-washing stations; medical-equipment charging; Wi-Fi; bottled water; and non-perishable snacks.
In response to the COVID-19 pandemic, all CRCs will follow important health and safety protocols including:
Besides these health protocols, customers visiting a CRC in 2020 will experience further changes, including a different look and feel. In addition to using existing indoor facilities, PG&E is planning to open CRCs at outdoor, open-air sites in some locations and use large commercial vans as CRCs in other locations. CRC locations will depend on a number of factors, including input from local and tribal leaders. Outdoor CRCs will provide grab-and-go supply bags so most customers can be on their way quickly.
Here’s Where to Go to Learn More
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
Reynolds will oversee United Illuminating, Southern Connecticut Gas, Connecticut Natural Gas and Berkshire Gas
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID (NYSE: AGR), a leading sustainable energy company, announced today the appointment of Franklyn D. (“Frank”) Reynolds to lead Avangrid Networks’ gas and electric companies in Connecticut and Massachusetts, effective immediately.
As President of UIL Holdings Corporation, Reynolds will oversee United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas in Connecticut, as well as Berkshire Gas in Massachusetts. With a total of more than 1,500 employees, the companies provide electricity and natural gas services to nearly 765,000 customers in the two states.
“I have worked closely with Frank in the last few years and have great faith in his ability to lead the UIL companies as they make the transition to a cleaner, smarter and more sustainable energy future,” said Avangrid Networks President & CEO Anthony Marone. “He has a proven track record in operations and management, while always maintaining a focus on the customer.”
Reynolds succeeds Marone, who continued to lead the UIL companies after he was promoted to President & CEO of Avangrid Networks in 2019. Reynolds will report directly to Marone.
Reynolds, a retired Connecticut Army National Guard Major who has worked at AVANGRID and its predecessor companies for more than 20 years, had been President of Berkshire Gas since January 2019, a position he held simultaneously with his role as Avangrid Network’s Vice President of Gas Integration, to which he was appointed a year earlier.
“I am excited to start my new role at these great companies, each of which has been serving customers and communities for more than 120 years,” said Reynolds. “We have a great team in place with a strong culture of customer service and innovation, and I hope to build on that legacy.”
Reynolds began his utility career in operations and administration at Connecticut Natural Gas and Southern Connecticut Gas, where he served as the assistant to the CEO during the merger of those companies with Energy East. His subsequent assignments included serving as Vice President of Asset Management and Planning for Avangrid Networks, and prior to that as Vice President of General Services for Iberdrola USA.
A Connecticut native, Reynolds holds a Master’s in Business Administration from the University of New Haven and a bachelor’s degree in industrial technology from Central Connecticut State University. He has completed executive course work at Iberdrola’s School of Management, the Ross School of Business and at Wharton.
In addition to his service with the Army National Guard, from which he retired in 2004 after 20 years, Reynolds previously served in both board and advisory capacities with the Urban League of Rochester, N.Y., Consumer Credit Counseling Services of Rochester and on the Advisory Board of Roberts Wesleyan College, also in Rochester. He is currently on the Advisory Board at the University of New Haven.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media Contacts:
NEW YORK--(BUSINESS WIRE)--The RENN Fund, Inc. (NYSE MKT: RCG) (the “Fund”) announced that it recently received proceeds of $181,735.77 from the bankruptcy case involving Petrohunter Energy Corporation (“Petrohunter”), a position in the Fund that has been valued at zero ($nil) since the beginning of Petrohunter’s bankruptcy proceedings.
While it is possible that the Fund may receive additional proceeds from the bankruptcy, Petrohunter will continue to be valued at zero ($nil) throughout the completion of bankruptcy or until additional information is known.
The RENN Fund, Inc. is a non-diversified, closed-end management company with $10.4 million in total net assets, whose primary investment objective is to provide shareholders with above-market rates of return through capital appreciation and income by investing in a wide variety of financial instruments.
Disclosures:
Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The prospectus contains this and additional information about the Fund and the Offering, and investors should read it carefully before investing. For further information regarding the Offering, or to obtain a prospectus, please contact AST Fund Solutions at (800) 628-8509.
Fund shares are subject to investment risk, including possible loss of principal invested. No fund is a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Additional information about the Fund, including performance and portfolio characteristics, is available at https://horizonkinetics.com/investment-strategies/renn-fund-inc-nyse-rcg/.
Horizon Kinetics Asset Management LLC is the investment adviser to the Fund. For additional information about Horizon, please visit us at www.horizonkinetics.com.
Jay Kesslen
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: (646) 495-7333
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it will conduct a conference call on Wednesday, November 4 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fiscal second quarter ended September 30, 2020. The financial results will be issued in a press release prior to the call.
Iteris president and CEO Joe Bergera, and CFO Douglas Groves will host the call, followed by a question and answer period.
Date: Wednesday, November 4, 2020
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-800-353-6461
International dial-in number: +1 334-323-0501
Conference ID: 1496063
If joining by phone, please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MKR Investor Relations at 1-213-277-5550.
To listen to the live webcast or view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.
During the question and answer period, management will take questions live from covering sell-side analysts, as well as answer select questions submitted to the company in advance of the call. If you would like to submit a question in advance, please do so before 5 p.m. Eastern time (2 p.m. Pacific time) on November 3, 2020 by emailing Iteris investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through November 11, 2020. To access the replay dial information, please click here.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Compatible with Industry-Shaped Charges
HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today announced its new E-Gun perforating system. Featuring modular pre-wired, plug-and-play perforating guns, the E-Gun system eliminates all user wire connections and tandem sub maintenance. It uses Hunting’s ControlFire® cartridge technology to simplify the arming process and to selectively perforate multiple intervals in a single trip.
The E-Gun system is compatible with standard-loading shaped charges. It is offered in all lengths, and is available in OD sizes ranging from 2-1/2 in. to 3-3/8 in. A 2-in. and 4-in OD size is in development.
About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.
The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.
Business Contact: John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.
The global solar tracking company reveals patented locking technology
NEUSLING, Germany--(BUSINESS WIRE)--Ideematec Inc., the leading global supplier of solar tracking systems, today announced its Horizon L:Tec solar tracker at Solar Power International 2020. The new two-module-in-portrait (2P) tracker features a patented locking technology that secures modules in position against torsional galloping, caused by extreme wind loads, to reduce maintenance costs and expand product lifespan. The tracker integrates seamlessly with bifacial modules to generate more energy per tracker, and accommodates extra-large photovoltaic modules. Panels are able to remain in stow position, at a zero degree angle, against up to 180 mile per hour winds.
Horizon L:Tec builds on Ideematec’s signature decoupled drive technology, which transports dynamic loads into foundational posts, and away from gearboxes. Ideematec trackers require four times fewer gearboxes and motors than conventional trackers. This significantly reduces installation time and maintenance costs, and improves overall system efficiency.
“This innovation addresses a major pain point in the global solar market,” said Mario Eckl, CEO of Ideematec. "With reinforced, locking technology, large scale solar projects are able to generate power even in severe climates and geographies. This improved design responds to increasing demand for equipment that’s both fast to install in order to reduce construction costs, and built to withstand worst-case-scenarios. It shows our commitment to creating reliable solutions that will accelerate our path toward a resilient, clean energy future.”
Measuring 190 meters in length, Horizon L:Tec is the longest solar tracker on the global market and will be available in all markets in January 2021. Soon after, the company plans to announce a one-module-in-portrait (1P) version of the tracker, using the same technology, which will enable customers to purchase either option from a single supplier.
During this year’s Virtual Tradeshow at SPI, October 21 and 22, the Ideematec team will offer demonstrations, broadcasted from the headquarters in Germany. Learn more about the demonstrations by contacting This email address is being protected from spambots. You need JavaScript enabled to view it..
About Ideematec, Inc.
Ideematec, Inc. is a trusted global supplier of solar tracking systems, headquartered in Germany. Established in 2003, the company serves as a pure play tracker provider for the utility-scale sector. Ideematec pioneered the 2P high-span safeTrack Horizon™ tracker, powered by a patented dual drive technology. Since 2017, the company has successfully delivered some of the biggest solar facilities on three continents, including Jordan (250 MW), Australia (350 MW) and Spain (200 MW). For more information please visit: http://www.ideematec.com/
Regan Keller, Antenna Group
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Acquisition strengthens Kleinfelder’s gas utilities and pipeline services in strategic geographies
SAN DIEGO--(BUSINESS WIRE)--The Kleinfelder Group, Inc., a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm, announced today that it has acquired Gas Transmission Systems, Inc. (GTS). The transaction, which closed on October 19, 2020, creates significant growth opportunities and bolsters Kleinfelder’s U.S. market position as an industry-leading gas utilities and pipeline services expert.
“As a well-established gas utilities and pipeline services firm, GTS is a strong addition to Kleinfelder,” said Kleinfelder President and CEO Louis Armstrong. “This transaction aligns with our strategic direction and strengthens Kleinfelder’s service capabilities to utilities across the U.S. The specialized experience GTS brings will accelerate Kleinfelder’s growth in the power/utilities market and position the firm for expansion.”
Founded in 1998, GTS delivers sought-after expertise to gas utilities and pipeline operators across the U.S. With a concentration on integrity management and rehabilitation of aging infrastructure, GTS will continue to capitalize on opportunities resulting from significant regulatory drivers. Kleinfelder and GTS have several shared portfolio clients, which will lead to synergistic momentum that will drive opportunities for value creation and further establish Kleinfelder as a major player in the energy infrastructure marketplace.
With the close of the transaction, the GTS organizational structure will remain unchanged under the direction of President Ben Campbell. The GTS organization will report through West Division Director Victor Auvinen as a new Area within the West Division.
“GTS is very excited to be partnering with Kleinfelder,” said GTS President Ben Campbell. “Similar to GTS, Kleinfelder has a great reputation for delivering high-quality technical services to its clients. Together, we will be able to provide even more vertically integrated services and solutions to benefit our clients. I look forward to an extraordinary future working together!”
Kleinfelder’s Growth Continues
Led by Louis Armstrong, the GTS stock purchase is Kleinfelder’s fourth acquisition within the last year, following the acquisitions of Advantage Engineers, Garcia and Associates (GANDA), and Poggemeyer Design Group. Kleinfelder remains focused on driving a strategic plan centered on significant acquisitive and organic growth, with the goal of providing solutions that improve clients’ transportation, water, energy, and other private infrastructure.
Winston & Strawn LLP served as legal counsel and KPMG provided transaction advisory and tax services to Kleinfelder. Senex Advisory served as sell-side financial advisors.
Kleinfelder. Bright People. Right Solutions.
Founded in 1961, Kleinfelder is a leading engineering, design, construction management, construction materials inspection and testing, and environmental professional services firm. Kleinfelder now employs more than 2,400 professionals and operates from over 85 office locations in the United States, Canada, and Australia. The company is headquartered in San Diego, California. Poised for growth, Kleinfelder continues to provide high-quality solutions for our diverse client base. Visit Kleinfelder.com or follow us on LinkedIn/Kleinfelder.
Dustin Esposito
Marketing Communications Manager
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(617) 498‐4627
20 percent of America’s large C&I facilities can significantly improve sustainability and save money by installing on-site utility-scale wind turbines
FINDLAY, Ohio--(BUSINESS WIRE)--#STEM--One Energy, an industrial power company and the largest installer of on-site wind energy in North America, today released a detailed report on the potential for on-site wind energy at large U.S. commercial and industrial (C&I) facilities. The analysis reveals approximately 20 percent of these facilities would financially and operationally benefit from Wind for Industry® - on-site, behind-the-meter wind energy projects.
“Many C&I entities are under tremendous pressure to reduce GHG emissions, increase production and cut costs,” said Jereme Kent, CEO of One Energy. “Our analysis shows that for many manufacturing facilities across the country, particularly in the Midwest, on-site wind makes tremendous sense—lower GHG emissions, reduced energy costs and increased control.”
The report highlights that Wind for Industry® is technically viable and financially attractive for 20 percent of all large C&I facilities in the continental United States, which translates to an estimated $66 billion in deployable capital (35,825 MW) based on a 0 percent Investment Tax Credit (ITC). This will expand to $95 billion as economies of scale and known technology improvements become fully effective. The serviceable market nearly doubles to $120 billion in deployable capital (65,345 MW) with a 30 percent ITC.
“One Energy believes that the only way distributed generation is going to grow fast enough to make up for the failings of existing utilities is if we, as an industry, start having a culture of sharing and communicating,” added Kent. “Reports like this are valuable to us, but they are even more valuable to investors, entrepreneurs and the public.”
One Energy’s report consists of four component sections: the total addressable market (TAM), the serviceable market (SM), serviceable market growth and the company’s Wind for Industry® expansion strategy.
Since 2009, the company has installed 40.5 MW of Wind for Industry® projects for world-class companies. “We believe that C&I companies have awoken to the fact that utilities’ interests do not align with their own. Companies believe their ‘load’ is theirs and that utilities are no longer entitled to it,” noted Kent. “Companies are seeking ways to take back control and are looking for high-quality, trusted partners to help them through on-site generation, better monitoring of utilities, better rate predictability, better service, better quality, better market options and other means that better serve long-term needs.”
The company’s U.S. Market Analysis is available here: https://oneenergy.com/oe-labs/market-studies/.
About One Energy
One Energy is an industrial power company and the largest installer of on-site wind energy in North America. Recognizing that energy consumers are fed up with the failings of legacy utilities, One Energy developed modern energy services to control cost and risk, such as Wind for Industry® and Managed High Voltage. One Energy is building the customer-centric grid of the future.
The One Energy family of companies includes One Energy Enterprises (OEE), One Energy Solutions (OES), and One Energy Capital Corporation (OECC). For more information, visit www.oneenergy.com or follow the company on LinkedIn, Facebook, Instagram and Twitter.
Jenny Wang
This email address is being protected from spambots. You need JavaScript enabled to view it.
(814) 506-4597
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) will announce its earnings for the third quarter ended September 30, 2020 on November 5, 2020, before the market opens.
Genesis Energy, L.P.’s Third Quarter Earnings Conference Call will be held Thursday, November 5, 2020, at 8:30 a.m. Central time (9:30 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $651,100.95 or $0.013969 per Unit, based primarily upon production during the month of August 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable November 16, 2020, to Unit Holders of record as of October 30, 2020.
After payment of the Trust’s administrative expenses for the month, the Trustee will replenish the Trust’s cash reserves by the net amount of $397,090 which will bring the cash reserve balance back to the previously established amount of $1.0 million. As of September 30, 2020, the Trust’s cash reserves were $602,910.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,598,335 Mcf (2,887,039 MMBtu) for August 2020, as compared to 2,031,263 Mcf (2,256,959 MMBtu) for July 2020. Dividing revenues by production volume yielded an average gas price for August 2020 of $1.52 per Mcf ($1.37 per MMBtu), as compared to an average gas price for July 2020 of $1.26 per Mcf ($1.14 per MMBtu).
Hilcorp has advised the Trust that the August 2020 reporting month included additional profits of $490,458 gross ($367,844 net to the Trust) based on true-ups for the August 2017, September 2017 and March 2020 production months. The August 2020 reporting month also includes a reimbursement by the Trust to Hilcorp of $0.5 million, being the remaining portion of the total $2.0 million in “Other” revenue that was included in the estimated gross proceeds in the December 2017 and January 2018 distribution months.
Hilcorp also reported that for the reporting month of August 2020, revenue included an estimated $100,000 for non-operated revenue. For the month ended August 2020, Hilcorp reported to the Trust capital costs of $14,420, lease operating expenses and property taxes of $1,978,590, and severance taxes of $774,960.
Except for historical information contained in this news release, 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. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Strategic partnership between TOGG and Farasis
Farasis is partnering with TOGG, a European OEM developing native electric vehicles and e-mobility ecosystem, for the use of Farasis battery cells in the full range of TOGG products. According to the agreement, battery cells will be provided by Farasis and the battery modules and packs will be jointly developed and produced in Turkey. In addition to supplying batteries, the two companies will also expand their cooperation through a joint venture company to provide battery energy storage solutions for Turkey and the surrounding region.
GANZHOU, China--(BUSINESS WIRE)--TOGG has chosen Farasis as its business partner for the development and supply of Li-ion batteries, which are one of the most fundamental components of the electric vehicles they are developing. Following a signing ceremony held in Turkey’s IT Valley and attended by the CEO and Board Members of each company, it was stated that the two companies came to an agreement not only on the supply of Farasis batteries to TOGG and entry into the Turkish market, but of the development and production of battery modules and packs by the two in Turkey through a strategic venture, which would combine Farasis technology with Turkey’s automotive industry leadership to bring e-mobility solutions to new markets in the region.
TOGG CEO Mr. Gürcan Karakaş said the following about the agreement, “Since 2018, more than 30 global battery suppliers have been evaluated within the framework of confidentiality agreements (NDAs), including possible domestic collaborations. Among them, the company that best met our technical, commercial and strategic criteria, and one of the world’s leading Li-Ion battery manufacturers, Farasis, has been chosen as our business partner”.
Mr. Karakaş went on to say: “It is very critical that Li-ion battery technology, which is considered to be one of the most important and fundamental technologies for electric vehicles today, comes to our country with an important player like Farasis. This cooperation will go beyond producing electric vehicle batteries in Turkey, but also improve battery R&D competencies in our country, trigger the automotive manufacturers to bring their electric vehicle projects to our country, and to enhance the energy storage business with non-automotive energy storage products in Farasis' product portfolio. The new joint-venture will represent a very important new economic value as the exclusive representative of Farasis in the region. We have been expressing from the beginning that TOGG will be one of the examples that will trigger the technological transformation in our country while developing zero-emission electric vehicles.”
Farasis
Shao Hui
86-18600198082
https://www.farasis.com/
PENSACOLA, Fla.--(BUSINESS WIRE)--Harbor View Marine, in conjunction with Yamaha Marine, announced today that Josh Turner successfully completed the Yamaha Marine Apprentice Program (YMAP) offered through Yamaha Marine University™ (YMU).
YMAP pairs seasoned mentors in dealership service departments with novice technicians to help them learn the key skills they need to further develop their careers in the marine industry. Service Manager Robbie Lockhart served as Turner’s mentor during the second half of the program, which includes 4,000 hours of comprehensive, hands-on Yamaha outboard technician training. Turner is the second apprentice to complete YMAP.
“YMAP promotes teamwork within the service department,” said Lockhart. “If advisors know their technicians have completed the training needed to get the job done, they’re more confident selling the service for the dealership. If technicians have an understanding of the questions advisors must ask to identify the job, they become more comfortable completing the task at hand. Without doubt, Josh has become a valued member of this team through the YMAP program, and we are proud of his accomplishments.”
For Turner, a graduate of George Stone Technical College with a background in customer service, YMAP served as a tool for setting milestones and achieving goals. It helped to diversify his workload by requiring him to gain a broad base of marine technician experience. The courses that touch on service management and service advisory roles have made a difference in the way he approaches his work.
“YMAP includes courses that go beyond just being a technician doing the job,” said Turner. “As a new technician coming out of a customer service-centered industry, I like the fact that the courses teach technicians how to communicate with service advisors and customers. Harbor View does a great job of providing training resources for technicians. I’ve participated in many courses and I have to say that with all of the training out there, Yamaha’s curriculum is the definitely the best. I plan to leverage what I have learned to become the best technician I can be and hopefully work my way up to become a service manager myself one day.”
For more information about the Yamaha Marine Apprentice Program, please visit ymutechs.com or call (800) 854-4876 Option 3.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine U.S. Business Unit, based in Kennesaw, Ga., supports its 2,400 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2020 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
Melissa Boudoux
Communications Manager
Yamaha Marine Engine Systems
Office: (770) 701-3269
Mobile: (404) 381-7593
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Neal Wheaton
Wilder+Wheaton for
Yamaha Marine Engine Systems
Mobile: (404) 317-0698
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IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that Stork, part of Fluor’s Diversified Services segment, was awarded a new approximately five-year contract under the consortium of CMgP, Consorcio Mantenimiento de Gasoductos del Peru, (Stork Peru S.A.C. and SICIM S.P.A.) by Compañía Operadora de Gas, S.A.C – COGA in Peru. Fluor booked the undisclosed contract value in the third quarter of 2020.
Stork will provide integral pipeline maintenance services to the Sistema De Transporte De Gas Natural y Líquidos de Gas Natural de Camisea, operated by COGA.
The consortium will jointly plan, prepare and deliver geotechnical, construction and maintenance services for more than 1,500 kilometers of pipelines and for all relevant equipment and processing plants. The pipelines connect Peru’s main gas field Camisea to the Peruvian coast line and are of critical importance to the energy distribution of the country.
“Stork is honored to be selected by COGA for this important contract,” said Taco de Haan, Stork’s president. “Stork will provide service excellence according to the highest safety standards relying upon our vast experience in pipeline construction and maintenance in Latin America, as well as leverage our global expertise and network of specialists across Fluor, Stork and SICIM’s geotechnical expertise. This contract further solidifies Stork’s strong position and client confidence in Latin America allowing us to further grow our local employment in the communities in which we live and work.”
Pre-mobilization activities of this contract have started with execution expected to begin in the first quarter of 2021 and completion scheduled in mid-2026.
About Stork
Stork, a Fluor company, continually improves the performance of its clients’ assets through a wide range of integrated, innovative and data-driven solutions, from operations and maintenance to turnarounds and modifications. We are committed to growing our clients’ business sustainably and successfully by setting new standards of excellence in asset management. Underpinned with our core values— Safety, Integrity, Teamwork, Client Focus and Excellence— we aim to be the industry reference, every day, everywhere. For more information, please visit www.stork.com or follow us on Twitter @StorkTS, LinkedIn.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 45,000 employees build a better world and provide sustainable solutions by designing, building and maintaining safe, well executed projects. Fluor had revenue of $14.3 billion in 2019 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
#stork
Brian Mershon
Media Relations
469.398.7621/864.281.6976
Jason Landkamer
Investor Relations
469.398.7222
Beatrijs van de Ven
Stork Media Relations
+31651566513
Corporate procurement will account for about 20 percent of the country’s utility scale renewable power additions in the next decade—far ahead rest of the world
WASHINGTON--(BUSINESS WIRE)--More than any other country, the United States has a growing portion of new renewable energy projects being built to meet demand coming directly from corporations. Agreements by which corporations contract electricity from renewable power producers are expected to be responsible for 44-72 gigawatts (GW) of wind and solar additions in the country from 2021-2030, according to a new analysis by IHS Markit (NYSE: INFO).
The report, titled Corporate U.S. Renewable Procurement Outlook: Optimism Amid a Pessimistic Year says that these corporate-driven Power Purchasing Agreements (PPAs) would represent about 20% of all utility scale renewable power additions for the period—an average of 4.4 -7.2GW per year depending on the extent to which corporations expand and fulfill their renewable ambitions.
“We have now reached a tipping point for corporate sector demand for renewables,” said Anna Shpitsberg, director, global power and renewables, IHS Markit.
“Fueled by shareholder and consumer activism, the opportunity to hedge power costs and corporate renewable targets, companies are increasingly making the connection between a specific project and a specific facility’s power demand.”
Corporate sector renewable demand had been miniscule as recently as 2017. Corporate procurement more than doubled in 2018 and increased again in 2019, with almost 16GW announced between the two years. The U.S. technology sector has been at the forefront of the expansion in corporate-driven PPAs.
This growth in contracting is expected to contribute nearly 8GW of wind and solar installations in 2020, a 45% annual increase in installations stemming from corporate procurement.
Around 220 companies operating in the United States are already procuring renewables or plan to do so. And about 40% of these companies have targets that escalate through the early to mid-2020s.
The United States currently is the world leader in this area by far, representing over 60% of the global market for corporate-driven procurement. The U.S. market position can be attributed, in part, to factors such as the sheer number of large U.S.-based corporations, tax incentives, a high concentration of power-intensive data centers and power market structures and accounting standards that are more conducive to corporate procurement.
Significant growth potential now exists for corporate renewable procurement beyond the technology sector, Shpitsberg says.
“This type of corporate-driven renewables procurement is growing beyond its tech-based roots,” she said. “Sectors such as manufacturing and telecommunications that have high consumption patterns, ambitious renewable targets and low-to-moderate renewable procurement to date are poised to expand in this area.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
News Media:
Jeff Marn
IHS Markit
+1 202 463 8213
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Press Team
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--$NGVT--Ingevity Corporation (NYSE: NGVT) announced today that it is commencing a private offering of $550.0 million in aggregate principal amount of senior unsecured notes in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended, subject to market and other conditions. If the offering is consummated, the company intends to use the proceeds of the offering for the redemption, refinancing or repayment of existing indebtedness. There can be no assurance that the issuance and sale of the notes will be consummated.
The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities and does not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under “Risk Factors” in our Annual Report on Form 10-K, Form 10-Q and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.
Laura Woodcock
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) (the “Company”) announced today that the High Court in London has denied the application of the Company’s subsidiaries Pacific Drilling VIII Limited (“PDVIII”) and Pacific Drilling Services, Inc. (“PDSI”) for leave to appeal the previously-disclosed award that was issued in arbitration proceedings between PDVIII and PDSI and Samsung Heavy Industries Co. Ltd. (“SHI”) related to the contract for the construction and sale of the Pacific Zonda.
As previously disclosed, PDVIII and PDSI filed a separate plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, and that plan was confirmed on January 30, 2019. The Company expects that PDVIII and PDSI will proceed to be liquidated in accordance with the terms of their Chapter 11 plan.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, and include statements regarding potential timing and outcomes related to the Company’s potential legal remedies related to the Tribunal’s and High Court’s decisions, expectations regarding the Zonda Plan, and expectations regarding the impact of the Tribunal’s and High Court’s decisions on the Company’s operations, relationships, financial position, results of operations and liquidity.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the risks of litigation in foreign jurisdictions and delays caused by third parties in connection with such litigation, the outcome of the Zonda Plan, any actions that SHI or others may take in any proceedings against us and our subsidiaries, and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 9, 2020 and August 7, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
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Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
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