Triple-Digit Temperatures Will Tax the Grid so PG&E, Other Utilities Asking Customers to Cut Energy Use Between 3 p.m. and 10 p.m.

SAN FRANCISCO--(BUSINESS WIRE)--With triple-digit heat forecast for Thursday, Oct. 1, the state’s grid operator is calling for afternoon and evening energy conservation as one way to make sure that the supply of power stays ahead of demand.

The Flex Alert, called by the California Independent System Operator (CAISO), has been issued for Thursday from 3 p.m. to 10 p.m. With high temperatures in the forecast, the grid operator is predicting an increase in electricity demand, primarily from air conditioning use. Reduced capacity, along with fire activity and heat, has led to a potential shortage of energy supply tomorrow evening, CAISO says.

Here are five ways PG&E customers can cut their power use and help keep the lights (and air conditioning) on for everyone:

• When it’s cooler outside, bring the cool air in: If the outside air is cool in the night or early morning, open windows and doors and use fans to cool your home.
• Close your shades: Sunlight passing through windows heats your home and makes your air conditioner work harder. Block this heat by keeping blinds or drapes closed on the sunny side of your home.
• Cool down with a fan: Fans keep air circulating, allowing you to raise the thermostat a few degrees and stay just as comfortable while reducing your air-conditioning costs.
• Clear the area around your AC: Your air conditioning unit will operate better if it has plenty of room to breathe. The air conditioner's outdoor unit, the condenser, needs to be able to circulate air without any interruption or obstruction. Also, dirty air filters make your air conditioner work harder to circulate air. By cleaning or replacing your filters monthly, you can improve energy efficiency and reduce costs.
• Set your thermostat at 78 degrees or higher, health permitting: Every degree you lower the thermostat means your air conditioner must work even harder to keep your home cool.

PG&E’s meteorologists say that a high-pressure system remains anchored over the state. Temperatures will reach into the 90s across the San Joaquin Valley and neighboring intermediate valleys to the west. High pressure will begin to slightly weaken on Friday, and temperatures will begin a cool-down for the weekend.

Breezy north-northwest winds up to 30 mph are possible along the coast and coastal gaps and peaks through the day Thursday and Friday. PG&E does not project a need for a Public Safety Power Shutoff due to this weather, but conditions will be continuously monitored.

Customers can actively help by shifting energy use to morning and nighttime hours. Conservation can lower demand and reduce the duration of possible power interruptions. In August, when California experienced its first rotating outages in two decades, conservation limited the effects to two nights rather than three or four. And, similarly, conservation over the very hot Labor Day weekend prevented the need for rotating outages.

PG&E’s Demand Response programs offer incentives for business owners and residential customers who curtail their energy use during times of peak demand. PG&E has several of these programs. About 261,000 PG&E customers are enrolled in one of these Demand Response programs. PG&E’s website includes detailed information on these programs, which allow residential customers and business customers to save energy and money.

PG&E is prepared and, based on forecasts, doesn’t anticipate any issues meeting the increased demand for power. At this point, CAISO has given no indication that it will call for rotating outages.

PG&E also urges customers to stay safe during this heat wave. The company funds cooling centers throughout its service area to help customers escape the heat and cool off. To find a center near you click here or call 1-877-474-3266.

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 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and pge.com/news.

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Findings show customer energy use is up due to COVID-19, but customers have less time to monitor and manage their use

BOULDER, Colo.--(BUSINESS WIRE)--#energyactions--Uplight, the leader in connected customer energy experiences, today announced results from its market research study on shifting residential energy customer attitudes and behaviors in the face of digitization, decarbonization and changes in their utility relationships. One key finding from the study: Personalization pays off for utilities by driving significantly higher customer satisfaction, engagement and energy saving actions.

Personalization is a stronger predictor of customer satisfaction than contact frequency, bill payment method, and other demographic and household characteristics. Customers who rated their utility communications as highly personalized had 28% higher ratings of overall utility satisfaction than those who rated communications as less personalized. Personalization is also a significant driver of energy reduction actions with customers who perceive communications and experiences to be customized being 24% more likely to take action on email tips and invest in energy saving products.

“We’ve seen time and again that personalization drives better results for our utility partners, and that when Uplight creates a connected experience for end consumers, they are motivated to save money and energy,” said Jay Grinde, Chief Customer Officer at Uplight. “This research highlights the impact of changing customer expectations in their utility relationships. Forward-thinking utilities have already started capitalizing on this insight, by moving toward a ‘segment of one’ approach that connects the dots between what customers want and what the utility offers.”

The research also took the pulse of energy consumers during COVID-19 to understand how the pandemic has changed their relationship with utility providers. The research found that 50% of customers say their home energy usage has increased since the onset of COVID-19, and 36% report an increased number of household members working from home. Yet respondents are distracted, with 48% of customers stating they are monitoring their energy usage less despite this increase in usage. More than ever, utilities need to break through the noise to find ways to engage their customers with personalized usage information and recommendations for reducing energy use.

The research also found that distributed energy resources are becoming more mainstream. The overwhelming majority of customers, 69%, either own or are considering purchasing a smart thermostat, electric vehicle, rooftop solar, or household energy storage product. One in three say they check their utility website for rebates or offers before making a purchase, highlighting both progress for utilities, who historically have not been heavily involved in product purchases, as well as an opportunity to continue to build their profile as the go-to source for energy product information. And while awareness was high of smart thermostats, rooftop solar, and electric vehicles, other new grid edge products continue to emerge and require more consumer education. For instance, 27% of customers stated they do not know what household energy storage is.

Uplight partnered with See Change Institute to conduct a nationally representative survey of 1,000 utility customers from the United States. Utilities interested in learning more can visit Uplight.com/survey2020.

About Uplight

Uplight is powering the customer energy experience for more than 85 electric and gas utilities around the globe. Uplight provides the market’s leading energy applications for Demand Side Management, Energy Analytics, Disaggregation, Utility Marketplaces, Utility Personalization, Home Energy Management, Demand Response, and more. Connected by a unique Energy Personalization Architecture, Uplight’s platform blends advanced data science with energy-specific analytics, enabling utilities to create the personalized customer experiences that improve customer satisfaction, reduce service costs, increase revenue, and deliver sustainable energy outcomes—all in a simple, fast, and cost-effective way. A certified B Corporation, Uplight is on a mission to build a more sustainable future by accelerating the clean energy ecosystem.

To learn more, visit us at www.uplight.com, find us on Twitter @uplight or on LinkedIn at https://www.linkedin.com/company/uplightenergy.

Elaine Reddy
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Will support realization of more comfortable and energy-efficient indoor environments

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that construction of its SUSTIE net zero-energy building (ZEB) test facility located on the premises of the company’s Information Technology R&D Center in Kamakura, Japan, will be completed on October 14. In line with the company’s support for Sustainable Development Goals (SDGs), the facility will facilitate accelerated development and testing of increasingly common ZEB-compliant energy-conservation technologies as well as contribute to the realization of more comfortable and energy-efficient indoor environments.

ZEBs are buildings that offer comfortable indoor environments while maintaining annual primary energy consumption at or near zero through means such as thermal insulation, solar radiation shielding, natural energy usage and facility efficiency. As a ZEB Planner¹, Mitsubishi Electric is contributing to the adoption of ZEBs by providing planning and business support to help companies develop their own ZEBs. The SUSTIE test facility will be used for wide-ranging demonstrations and verifications to accelerate the further development of ZEB technologies. Research and development will be advanced in accordance with Mitsubishi Electric’s ZEB+^®2 philosophy. The concept for SUSTIE was developed in collaboration with Professor Shin-ichi Tanabe of Faculty of Science and Engineering at Waseda University in Tokyo; the SUSTIE was designed and construction supervised by Mitsubishi Jisho Sekkei. The name “SUSTIE” combines the words “sustainability” and “energy” to express the idea of an office for researching and demonstrating energy conservation and comfort.

¹ System operated by Sustainable Open Innovation Initiative, a public body in Japan, to register and certify corporations that support ZEB implementation.
² Mitsubishi Electric’s concept for enhancing building functionality, including services for maintaining value in terms of productivity, comfort, convenience and business continuity throughout a building’s lifecycle.

For the full text, please visit: www.MitsubishiElectric.com/news/

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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today provided information regarding certain preliminary third-quarter 2020 operational and financial updates. Final third-quarter results will be reported on Oct. 29.

The company also announced that it intends to resume share repurchases of $1 billion during the fourth quarter of 2020 under its existing authorization. The repurchases will be funded from available cash on the balance sheet. Management retains the discretion to determine the level and pace of share repurchases.

The company expects to report third-quarter 2020 production volumes of 1,050 to 1,070 thousand barrels of oil equivalent per day (MBOED). This estimate reflects the impact of third-quarter curtailments and planned seasonal turnaround activity. Curtailments for the quarter were approximately 90 MBOED on a net basis. Of the total net curtailments, approximately 65 MBOED were in the Lower 48, 15 MBOED were in the Surmont operation in Canada and the remainder were in Malaysia and Norway. Based on estimated average realized prices, the estimated cash from operations (CFO) of the curtailed volumes is approximately $150 million. The company fully restored production in the Lower 48, Alaska and Canada by the end of the third quarter. Seasonal planned turnaround activity primarily impacted Canada, the Asia Pacific region and Alaska. During the quarter, the company also completed the previously announced transaction to acquire additional Montney acreage in Canada from Kelt Exploration Ltd.

Preliminary production estimates by area for the third quarter of 2020 are shown below:

Note: Libya production for 3Q 2020 is estimated to be 1 MBOED.

Given ongoing price volatility, the company is providing estimated ranges for third-quarter realized prices. Total average realized prices are expected to be $30 to $32 per barrel of oil equivalent (BOE) for the third quarter of 2020. These estimates reflect the impacts of curtailment ramp ups, as well as normal pricing variability due to timing and local differentials. Preliminary estimates of average realized prices by area and by product for the third quarter of 2020 are shown below:

Note 1: Libya is excluded from the realized price table as no sales are expected in 3Q 2020.
Note 2: The estimated total realized price represents the company’s weighted average price for 3Q 2020.

In addition to the updates above, the company is providing the following estimates of other guidance items for the third quarter of 2020:

All updates and estimates provided in this news release are calculated using actual results for July through August and forecasts for September. The company will announce third-quarter operational and financial results on Oct. 29 and host a conference call on that date at 12:00 p.m. Eastern time.

--- # # # ---

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees at June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting company actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. All estimates of third quarter 2020 financial and operational results are forward-looking statements based on actual results for July and August and forecasts for September. In addition to the foregoing, actual results for the period may vary from the estimates provided as a result of additional information collected subsequent to this release. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

Use of Non-GAAP Financial Information – To supplement the presentation of the company’s preliminary third quarter 2020 operational and financial update this news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO), adjusted operating costs, adjusted corporate segment net loss and adjusted dry hole and leasehold impairment expense. CFO is defined as cash provided by operating activities, minus the impact of operating working capital. For the purpose of estimating forgone CFO of curtailed volumes, the company used estimated average realized price for the third quarter, variable lifting and T&T, and production tax for each of the business units that was impacted. Financial impacts were assumed at the business unit statutory tax rates and operating working capital was assumed to be $0.0MM. Operating costs is defined by the company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Adjusted operating costs is defined as the company’s operating costs further adjusted to exclude expenses that do not directly relate to the company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. Adjusted corporate segment net loss is defined as corporate and other segment earnings adjusted for special items. Adjusted dry hole and leasehold impairment represent dry hole cost and leasehold impairment expense excluding special items.

The company believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. Furthermore, the company believes estimating the forgone CFO of curtailed volumes is useful to investors to help understand the economic analysis of voluntary curtailments undertook by the company. The company further believes adjusted operating costs is useful to investors to help facilitate comparisons of the company’s controllable cost performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies in a manner that, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. The company believes that the non-GAAP measure adjusted operating costs provides a more indicative measure of the company’s underlying, controllable costs of operations by excluding other items that do not directly relate to the company’s core business operations. The company further believes that the non-GAAP measure adjusted corporate segment net loss is useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies in a manner that, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. The company further believes that the non-GAAP measure adjusted dry hole and leasehold impairment expense is useful to investors to help facilitate comparisons of the company’s performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies in a manner that, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance.

Each of the non-GAAP measures included in this news release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release from time to time in light of its then existing operations to include other adjustments that may impact its operations. The estimated forgone CFO of curtailed volumes reflects management’s best estimates using various assumptions and is based on available financial information; however, actual value in CFO of curtailed volumes is unknown and may have differed materially from the estimated value presented herein.

Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.

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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) has been awarded a significant⁽¹⁾ contract by Shell Moerdijk for the Engineering, Procurement and module Fabrication (EPF) for proprietary equipment and related services for eight ethylene furnaces at the Moerdijk petrochemicals complex in the Netherlands.

The new furnaces will utilize TechnipFMC’s innovative multi-lane radiant coil design and will replace 16 older units without reducing capacity at the facility, while increasing energy efficiency and reducing greenhouse gas emissions. This upgrade is expected to reduce Shell Moerdijk’s annual CO₂ emissions by about 10 percent.

The new furnaces will be shipped to the site in modules, enabling the cracker to continue to operate throughout the upgrade project.

Catherine MacGregor, President Technip Energies, commented: “We are very pleased to be selected for this important revamp project for Shell and commend the efforts by the project team to reduce the CO₂ emissions. This award also demonstrates our leadership in ethylene technology and the innovations we are achieving in improving energy efficiency.”

Richard Zwinkels, General Manager Shell Moerdijk commented: “We continue to invest in innovation, even in difficult economic times. This investment at Moerdijk contributes to the reduction of carbon emissions from our manufacture of chemicals and to Shell’s ambition of becoming a net-zero emissions energy business by 2050 or sooner. We aim to achieve our ambition in step with society.”

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC
TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.

Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.

Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.

TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Category: UK Regulatory

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Expected to be Completed in First Quarter of 2021

BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ:PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to announce the signing of a 6.8MW contract in Maine, from a long time customer.

The $2.365 million contract for a project located near Portland, Maine is targeted to be completed in the first quarter of 2021. Peck’s expansion into Maine has been a highlighted area for growth for the Company, and today’s announcement of this 6.8MW contract is a significant step in gaining a foothold in Maine. According to SEIA’s Solar Market Insights Report, Maine is projected to develop 873 MW of solar over the next 5 years, which will result in Maine moving from one of the lesser developed solar markets in the country to one of the more advanced over the next several years.

The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “We are pleased to have been selected once again by one of our long time customers. We pride ourselves on solid relationships that are built over many years. As our customers grow, they rely on trusted partners to support them in new markets. We have provided on time and on budget quality work for almost 50 years and our expertise is recognized by customers and leads to a high degree of recurring business. We look forward to our continued expansion into Maine as we target completion for the project in the first quarter of 2021.”

Since becoming a public company in 2019, Peck has been successfully executing its three-pronged growth strategy including:

(1) Organic expansion across the Northeastern United States
(2) Conducting accretive merger and acquisition transactions to expand geographically
(3) Investing in company-owned solar assets that provide recurring revenue

The Peck Company Holdings is guided by the mission to facilitate the reduction of carbon emissions through the expansion of clean, renewable energy and it believes that leveraging such core values to deploy resources toward profitable business is the only sustainable strategy to achieve these objectives.

About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.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.

Michael d’Amato
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ClearThink
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MENLO PARK, Calif. & NEW YORK & ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Silver Lake, the global leader in technology investing, and Mubadala Investment Company, one of the world’s largest global investors, today announced they are building on their existing relationship by establishing a long-term investment strategy led by Silver Lake and supported by a $2 billion investment from Mubadala.

The new strategy has a unique 25-year deployment lifecycle and is designed to invest flexibly across investment structures, geographies and industries, as well as fluidly throughout capital structures and across the spectrum of early to later stage opportunities, consistent with Silver Lake’s clearly defined mission to build and grow great companies for the benefit of all stakeholders. In addition to forming the new strategy, Mubadala has also acquired a minority equity interest in Silver Lake. The two firms have already worked collaboratively across investments such as Endeavor, Waymo (Alphabet’s driverless technology company) and India-based Jio Platforms.

“We are extremely pleased to deepen our partnership with the visionary team at Mubadala, firmly rooted in our orientation as a long-term investor in the most iconic and enduring businesses,” said Silver Lake Co-CEOs Egon Durban and Greg Mondre, on behalf of the firm’s Managing Partners. “Mubadala’s support has enabled us to launch an innovative strategy that is unprecedented in its multi-decade time horizon, underscoring our long-term commitment to our portfolio companies and providing tremendous strategic advantages as we seek to generate exceptional results for many years to come. The creative structure of this new strategy provides significant added flexibility for Silver Lake to capitalize on a wide range of investment opportunities, including those outside the mandates of our existing funds. The launch of this new business builds on and expands the backbone of Silver Lake’s expertise throughout the technology eco-system and beyond. It also underscores how aligned our two organizations are in prioritizing partnership, talent development, and social responsibility.”

“As an institution that has long seen the potential of investing in the technology sector, we are excited to partner with Silver Lake, one of the world’s most respected technology investors, to capitalize on major opportunities within and beyond the industry,” said Khaldoon Al Mubarak, Managing Director and Chief Executive Officer of Mubadala. “Technology is the bedrock of the global economy, and fundamental to all other sectors that are being significantly digitalized. Our goal is to be well positioned to take advantage of this accelerated digital transformation and its potential, and we believe Silver Lake is the right partner and that this is an optimal structure for us.”

Mubadala began investing in global technology in 2007, through a significant stake in AMD and later through the creation of GLOBALFOUNDRIES, the world’s second-largest semiconductor manufacturing company. Through partnerships, it recently invested in medtech company PCI Pharma Services, as well as in ridesharing, e-commerce and the establishment of venture capital platforms in Silicon Valley, Europe and Abu Dhabi.

Mubadala has acquired the minority equity interest in Silver Lake from Dyal Capital Partners through a secondary transaction. Dyal, a unit of Neuberger Berman, acquired a passive, non-voting equity interest of less than 10% in Silver Lake in 2016 and will retain roughly half of its original investment.

“Silver Lake is a top performer for Dyal, having innovated, evolved and expanded to prudently grow its assets under management from $23 billion when we first acquired our stake to more than $60 billion today,” said Michael Rees, Managing Director and Head of Dyal Capital Partners. “This transaction with Mubadala and their commitment to Silver Lake’s new long-term capital vehicle is a strong endorsement of Silver Lake’s differentiated, global capabilities and underscores our conviction in the ability to generate compelling returns by owning stakes in the world’s leading private investment firms. We look forward to continuing to work together with our partners at Silver Lake and Mubadala for many years ahead.”

The terms of the Mubadala equity investment transaction are private and have not been publicly disclosed.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $60 billion in combined assets under management and committed capital and a team of investment and operating professionals based in Menlo Park, New York, London, Hong Kong, Cupertino and San Francisco. Silver Lake’s portfolio of investments collectively generates more than $180 billion of revenue annually and employs 295,000 people globally. For more information about Silver Lake and its portfolio, please visit silverlake.com.

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi. Mubadala’s US $232 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Abu Dhabi, Rio de Janeiro, Moscow, New York, San Francisco and London. Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.

About Dyal Capital Partners

Dyal Capital Partners, a division of Neuberger Berman, seeks to acquire minority equity interests in institutional alternative asset management businesses worldwide. Dyal Capital Partners was established in 2011 and currently has 46 minority partnerships. For more information, please visit www.dyalcapital.com.

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Matt Benson
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With decarbonization a growing imperative, E&C industry leader is committed to advancing safe handling and use

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Hydrogen applications are emerging as a low-carbon breakthrough that will transform the power generation market amidst the rapidly changing energy landscape. As a leader in innovative infrastructure solutions, Black & Veatch announces it has joined the Center for Hydrogen Safety (CHS), a global nonprofit that supports and promotes the safe handling and use of hydrogen across industrial and consumer applications.

Efforts to decarbonize the power sector while maintaining a reliable, balanced generation mix remains a goal of the industry. Initial hydrogen turbine projects in Europe have demonstrated the viability of the technology, drawing acclaim for its promise to provide reliable baseload power.

“Hydrogen is a rising star in the changing energy landscape, particularly when it comes to pursuing robust decarbonization through renewables,” said Mario Azar, president of Black & Veatch’s power business. “Fully integrating hydrogen into the energy mix will be a complicated endeavor. This will require strong collaboration between engineering leaders such as Black & Veatch, technology integrators, investors, activists and regulators, along with the support of high-impact safety organizations such as CHS.”

With help from advances in battery storage, hydrogen is widely expected to make a star turn over the next decade, particularly as “gray hydrogen” — derived from fossil fuels such as oil, natural gas and coal — slowly gives way to “green hydrogen” produced with renewable energy.

“We are thrilled to welcome Black & Veatch as a new member of CHS,” said Nick Barilo, Director of the Center for Hydrogen Safety at the American Institute of Chemical Engineers. “They are clearly demonstrating their leadership as the first engineering and construction company to join CHS; this will enhance our impact in advancing safe practices across the hydrogen industry.”

“Clean, sustainable hydrogen has the potential to reduce and replace our reliance on fossil fuels,” said Jonathan M. Cristiani, advanced power fuels engineer with Black & Veatch’s power business. “CHS offers many benefits, but the true value of membership lies in the ability to learn and interact with CHS’ diverse membership base as we work towards the shared goal of promoting safety and best practices in this emerging technology.”

Editor’s Notes:

• For more information on the Center for Hydrogen Safety, please visit http://www.aiche.org/chs.

• Earlier this year, the Intermountain Power Agency selected Black & Veatch as Owner’s Engineer on its Intermountain Power Project Renewal Project, one of the earliest installations of combustion turbine technology designed to use a high percentage of green hydrogen.

• To learn more about Black & Veatch’s role in the hydrogen revolution, please visit https://www.bv.com/solutions/hydrogen

About Black & Veatch

Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.

About Center for Hydrogen Safety

CHS is a global, neutral and nonprofit membership organization that supports and promotes the safe handling and use of hydrogen across industrial and consumer applications in the energy transition. CHS facilitates access to hydrogen safety experts; develops comprehensive safety guidance, outreach and education materials and activities; and provides a forum to partner on worldwide technical solutions. Participation in CHS provides assurance that groups of experts have a common communication platform with a global scope to ensure safety information, guidance and expertise is available to all stakeholders.

About American Institute of Chemical Engineers (AIChE)

AIChE is a professional society of more than 60,000 chemical engineers in 110 countries. Its members work in corporations, universities and government using their knowledge of chemical processes to develop safe and useful products for the benefit of society. Through its varied programs, AIChE continues to be a focal point for information exchange on the frontiers of chemical engineering research in such areas as energy, sustainability, biological and environmental engineering, nanotechnology and chemical plant safety and security. More information about AIChE is available at www.aiche.org.

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TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”) announced today that the Partnership signed a new water supply agreement and a separate produced water transportation and disposal agreement with a leading, super major producer customer operating within the Delaware Basin. The new produced water minimum volume commitment covers acreage located in Lea County, New Mexico. The minimum volume provisions in the agreement are effective on January 1, 2021.

“We are very pleased to announce the completion of this new agreement which demonstrates our flexibility and ability to execute for our customers to solve their critical water supply and produced water transport and disposal needs in a safe, efficient and reliable manner,” stated Doug White, EVP of Water Solutions.

NGL owns and operates the largest integrated network of large diameter produced water pipelines, recycling facilities and disposal wells in the Delaware Basin. The Partnership’s Water Solutions segment operates in a number of the most prolific crude oil and natural gas producing areas including the Delaware Basin in New Mexico and Texas, the Midland Basin in Texas, the DJ Basin in Colorado and the Eagle Ford Basin in Texas.

Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

Commercial:

Christian Holcomb, 303-815-1010
Senior Vice President & Chief Operating Officer – NGL Water Solutions
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DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com published a new article on the hydrogen power industry "Saudi Arabia Sends World's First Shipment of Blue Ammonia to Japan for Zero Carbon Energy"

A pilot study conducted by the Institute of Energy Economics Japan and Saudi Aramco in partnership with Saudi Basic Industries Corp has seen the world's first shipment of blue ammonia from Saudi Arabia to Japan to be used in power generation. Blue ammonia is a feedstock for blue hydrogen. The Saudi Japan blue ammonia supply demonstration study focuses on converting hydrocarbons to hydrogen and then to ammonia as well as the capture of associated carbon dioxide emissions. Ammonia derived from renewable sources that create no emissions is known as green ammonia.

Japan has committed to reducing its greenhouse gas emissions by 26% by 2030 from 2013 levels, under the Paris climate pact. Since blue ammonia can be burned in a thermal power station without releasing carbon emissions, it has the potential to make a significant contribution to the country's low carbon future. The study also represents a way for Saudi Aramco to demonstrate the potential for hydrocarbons as a source of low carbon hydrogen. Japan will receive 40 tons of blue ammonia in the first shipment.

To see the full article and a list of related reports on the market, visit "Saudi Arabia Sends World's First Shipment of Blue Ammonia to Japan for Zero Carbon Energy"

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Asset-level Insights on Enbridge, Pembina, and TC Energy to Provide Transparency and Identify Opportunities in High-Performing Region

CENTENNIAL, Colo.--(BUSINESS WIRE)--#Canada--East Daley Capital, Inc., the midstream expert, has launched coverage of the Canadian midstream energy market that includes detailed production and constraint forecasts for Western Canada and research coverage of large-capitalization Canadian oil and gas infrastructure. The coverage expansion enhances East Daley’s market leadership in North American midstream energy business intelligence by marrying commodity analysis, primarily of the Western Canadian Sedimentary Basin, with capital markets analysis of key midstream companies.

Canadian midstream equities have outperformed their U.S. counterparts by a factor of two in 2020, which East Daley attributes to more resilient sources of cash flow and less aggressive capital expenditures. While much of this resilience likely will continue, crude oil egress megaprojects such as Line 3, Trans Mountain and Keystone XL threaten to suppress rates and asset utilization for some operators. An overall shift from under-built to over-built will diminish some of Canada’s relative fundamental strength compared to the U.S., but not enough to thwart its overall superior positioning.

East Daley’s initial Canadian research coverage encompasses 95 assets from the ground up that populate granular, asset by asset financial models on Enbridge (ENB), TC Energy (TRP) and Pembina (PBA). Industry stakeholders looking to take action on Canadian investments and capital expenditures can leverage East Daley’s subscription products and advisory services for their comprehensive and integrated story of the Canadian landscape. East Daley’s clients deploy capital with increased confidence through added transparency and quantified downside risk.

“Our clients told us that granular data on Canada was difficult to locate and process,” said Justin Carlson, Co-founder and Chief Strategy Officer at East Daley. “We spent nine months aggregating, integrating, and analyzing sparse and disparate data to create a comprehensive view of the Canadian midstream market. We want to empower our clients by providing the foremost business intelligence on the Canadian oil and gas infrastructure, and we plan to continue to support our clients by leveling-up these efforts in future releases.”

As the U.S. election approaches, investors are increasingly looking at binary risks to Keystone XL, oil and gas leasing on U.S. Federal lands, climate policy, and regulatory regimes to assess investment risks and optimize capital allocation. East Daley remains committed to providing unrivaled midstream business intelligence facing these complex market drivers to help clients make faster, more informed investment decisions.

To learn more about East Daley’s products under Canadian company and basin coverage, visit: http://eastdaley.com/canadian-company-basin-coverage/.

About East Daley Capital Advisors, Inc.

East Daley Capital (EDC) is the only comprehensive provider of midstream energy asset-level data and analysis that covers both the capital and commodity sectors. East Daley goes deep to empower its clients with North American Midstream energy expertise found nowhere else on the market. The company’s proprietary methodologies and datasets uncover risk and opportunity by leveraging analysis of the intersection of energy capital and commodity markets. East Daley provides unbiased, actionable market intelligence to many of the largest midstream companies in the oil and gas industry, as well as investors and capital market participants in the energy sector to give them the EDC Advantage with their strategy and execution. For more information visit http://www.eastdaley.com.

East Daley Capital
Meredith Bagnulo
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303-513-7494

Rail-served locations have proximity to major markets, solid infrastructure, direct access to Class 1 railroads and skilled workers readily available

DENVER--(BUSINESS WIRE)--OmniTRAX Inc., a comprehensive logistics solutions provider and affiliate of The Broe Group, is launching its Rail-Ready Sites program on the Northern Ohio & Western Railway (NOW) with support from the Tiffin-Seneca Economic Partnership. The Rail-Ready Sites program connects companies looking to maximize supply chain performance with rail-served properties.

OmniTRAX and Tiffin-Seneca Economic Partnership are marketing three initial sites on the NOW, with parcels ranging from 14 to 72 acres. NOW, which interchanges with Class 1 railroads CSX and Norfolk Southern, currently works with companies in the industrial and manufacturing sectors, as well as producers of limestone, lime and pressed board. To review the sites and learn more about how OmniTRAX helps companies locate on rail-served properties, visit this link.

“The I-75 corridor in Northwestern Ohio is bustling due to its proximity to several major markets and great infrastructure. The sites we’ve identified with the Tiffin-Seneca Economic Partnership take advantage of these benefits and the area’s growing industrial base provides great product for attracting new industries,” said Ean Johnson, Vice President of Industrial Development at OmniTRAX.

David Zak, President & CEO of Tiffin-Seneca Economic Partnership, said, “Seneca County continues to experience strong economic growth due to its strong workforce, business-friendly climate, and local government support. Being able to use a short line transportation company like OmniTRAX also delivers an additional advantage for companies considering siting facilities here.”

About OmniTRAX, Inc.

As one of North America’s largest and fastest growing private railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.

About The Broe Group

Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.

About Tiffin-Seneca Economic Partnership

Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at www.tiffinseneca.org.

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• Financial Recapitalization Expected to be Implemented through “Pre-Packaged” Chapter 11 Process and Will Convert All $1.3 Billion of Company’s Funded Debt into Equity
• Superior Will Continue to Conduct Business As Usual With Customers, Vendors and Employees
• Company Will Have Strong Post-Emergence Liquidity and Will Implement A Solid Line of Credit to Support Operational Needs

HOUSTON--(BUSINESS WIRE)--#SPN--Superior Energy Services (OTCQX: SPNX) (“Superior” or the “Company”) announced today that it has entered into a restructuring support agreement (the “Restructuring Support Agreement”) with a group of its senior noteholders (the “Ad Hoc Noteholder Group”) that collectively hold or control approximately 69.2% of the Company’s senior unsecured notes. The proposed comprehensive financial recapitalization would deleverage 100% of the Company’s long-term debt and related interest costs, provide access to additional financing and establish a capital structure that the Company believes will allow the Company to thrive in a low-commodity-price environment. The transactions contemplated by the Restructuring Support Agreement are expected to close before the end of 2020.

Superior expects to implement the transactions contemplated by the Restructuring Support Agreement through a “pre-packaged” plan of reorganization (the “Plan of Reorganization”) through the filing of voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas. Superior intends to continue engaging in discussions with its creditors that are party to the Restructuring Support Agreement. Senior noteholders that execute the Restructuring Support Agreement within five (5) business days of the date of the Restructuring Support Agreement will receive a cash payment equal to the amount of outstanding accrued interest on such senior noteholders’ notes.

Business as Usual

The Restructuring Support Agreement contemplates that the Company will continue operating its businesses and facilities without disruption to its customers, vendors and employees, including that all trade claims against the Company (whether arising prior to or after the commencement of the Chapter 11 Cases) will be paid in full in the ordinary course of business. David Dunlap, President and CEO of Superior added, “The Superior team and our many partners have worked tirelessly to lessen the impacts of external challenges on the Company in recent months. I would like to express my gratitude to all of our loyal employees, customers and vendors for their ongoing support of our business. We do not anticipate any operational interruptions as a result of this announcement and we feel that our 'fortress' balance sheet and strategic positioning following the restructuring will allow us to continue to provide the same quality of high-end products and services to our customers.”

Potential Separation of the North American Service Business

As part of the recapitalization, the Company and the Ad Hoc Noteholder Group are contemplating separating Superior’s business into two separate companies. To the extent the separation occurs, Superior’s U.S. onshore businesses, including service rigs, coiled tubing, wireline, pressure control, flowback, fluid management, accommodations, and discontinued pressure pumping assets would become a new consolidation platform for U.S. onshore assets (“NAM”). The Company’s globally diversified service lines would remain with Superior, including premium drill pipe rentals, bottom hole assemblies, completion tools and products, hydraulic workover, snubbing and production services, and well control services (“RemainCo”).

Key Financial Restructuring

Under the terms of the Restructuring Support Agreement, the Company’s senior noteholders have the right to decide whether or not to separate the business into two companies (RemainCo and NAM) upon completion of the restructuring transactions.

A separation of NAM and RemainCo would result in the following economic terms upon emergence from Chapter 11:

• RemainCo: The Company’s senior noteholders would receive 98.5% of RemainCo’s equity, while existing shareholders would receive 1.5% of such equity (along with 5-year warrants to purchase 10% of RemainCo equity at a price equivalent to par plus accrued interest on the senior unsecured notes (the “RemainCo Warrants”)), in each case subject to dilution on account of a management incentive plan (the “MIP”) and RemainCo warrants.
• NAM: The Company’s senior noteholders would receive 95% of NAM’s equity, while existing shareholders would receive 5% of such equity, in each case subject to dilution from the MIP.

If the Company remains consolidated, upon emergence from Chapter 11 the Company’s senior noteholders would receive 98% of Consolidated Superior’s equity, while existing shareholders would receive 2% of such equity (along with 5-year warrants to purchase 10% of Consolidated Superior equity at a price equivalent to par plus accrued interest on the notes (the “Consolidated Superior Warrants”)), in each case subject to dilution from the MIP and the Consolidated Superior Warrants.

The Company is in discussions with its credit providers to secure financings that would be provided under either scenario. Additionally, certain members of the Ad Hoc Noteholder Group have executed a commitment letter to provide up to $200 million in a Delayed Draw Term Loan (the “DDTL”) to Consolidated Superior or RemainCo, as the case may be, if needed.

Ducera Partners and Johnson Rice & Company are acting as financial advisors for the Company, Latham & Watkins, LLP as legal counsel, and Alvarez & Marsal as restructuring advisor. Evercore is acting as financial advisor for the Ad Hoc Noteholder Group and Davis Polk & Wardwell LLP as legal counsel.

About Superior

Superior Energy serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit http://www.superiorenergy.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Superior Energy, SESI, RemainCo, and NAM, which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to: statements regarding the timing and effect of the recapitalization; the ability of Superior to satisfy the conditions to Restructuring Support Agreement, general market and economic conditions, changes in law and government regulations and other matters affecting the businesses of Superior Energy, SESI, RemainCo, and NAM.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Superior Energy's Annual Report on Form 10-K for the year ended December 31, 2019, and those set forth from time to time in Superior Energy's filings with the Securities and Exchange Commission. Except as required by law, Superior Energy expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

No Solicitation or Offer

Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities 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 any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.

Paul Vincent, VP of Treasury and Investor Relations,
(713) 654-2200
1001 Louisiana St., Suite 2900
Houston, TX 77002

LITTLE RIVER, South Carolina--(BUSINESS WIRE)--#hai--PCT LTD (OTC Pink: “PCTL”) held their Shareholder Conference Call yesterday, September 29, 2020 and provide the following statement about the Company’s activities in the United Kingdom and in the oil & gas industry.

PCTL received orders and a cash deposit from its U.K. partner, Paradigm Convergence Technologies (Europe) LTD. One of the provisions in our agreement requires a 50% cash deposit, which we have received.

PCTL President and CEO, Gary Grieco, commented, “We have all been deeply involved in putting together a launch in the U.K. Now, we have orders to provide equipment for the hospitals and equipment to provide volumes of fluids for the commercial markets in Europe. Growing this business is a priority and we’ve been advised by our U.K. partner to expect additional PO’s in the very near term.”

Several investors have asked for clarification regarding the oil and gas industry statements made during yesterday’s shareholder conference call. No further information is public at this time, but the Company encourages everyone to review the audio recording of the conference call, which is posted in the investor relations section of our website, www.para-con.com.

“We appreciate that over 300 people took time from their busy days to listen to our conference call,” stated Gary Grieco.

About PCT LTD:

PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly-owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). Currently trading on OTC:PINK, "PCTL" is actively engaged in applying for listing its common stock to the OTC QB market. The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.

ADDITIONAL NEWS AND CORPORATE UPDATES:

PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC. PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases and corporate filings for accurate and up to date information regarding PCTL.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: the ability of PCTL to fulfill orders to the United Kingdom; PCTL’s continued installation of equipment; subsequent installations of PCTL’s Annihilyzer Infection Control Systems and other larger-volume equipment; PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Gary Grieco, CEO and Chairman, PCT LTD
(843) 390-7900 Office
(843) 390-2347 Fax
www.para-con.com
www.pctcorphealth.com
www.survivalyte.com

Rich Inza, Investor Relations (RMJ Consulting, LLC)
(843) 491-4611
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DUBLIN--(BUSINESS WIRE)--The "Global BTX and Hydrocarbon Separating Adsorbent Market: Focus on Products, End Use and Application, Regeneration Power, Sales Mode and Country-Level Analysis - Analysis and Forecast, 2019-2025" report has been added to ResearchAndMarkets.com's offering.

The global BTX and hydrocarbon separating adsorbents market is expected to show significant growth. The BTX and hydrocarbon separating adsorbents market is anticipated to grow at a CAGR of 4.68% on the basis of value during the forecast period 2020-2025.

The global BTX and hydrocarbon separating adsorbents market is currently in a nascent phase. Rising demand for BTX and hydrocarbon separating adsorbents from oil and gas industries, along with the refineries and petrochemical industries, is expected to boost the market. The COVID-19 outbreak is expected to restrain the fresh demand due to short term disruption in the supply chain. Moreover, initiatives for developing new adsorbent products by the institutes and companies are anticipated to accelerate the market growth in the coming years.

Scope of the Global BTX and Hydrocarbon Separating Adsorbents Market

The global BTX and hydrocarbon separating adsorbents market report includes comprehensive coverage of various segments such as product type, regeneration/reactivation power, sales mode, and application along with end-use industries. The purpose of this market analysis is to examine the BTX and hydrocarbon separating adsorbents market outlook in terms of factors driving the market, trends, technological developments, supply chain, demand-supply-analysis, and competitive benchmarking, among others.

The report further takes into consideration the market dynamics and the competitive landscape, along with the detailed financial and product contribution of the key players operating in the market.

Global BTX and Hydrocarbon Separating Adsorbents Market Segmentation

The global BTX and hydrocarbon separating adsorbents market is further segmented on the basis of product type, regeneration/reactivation capabilities, application along with end-use industries, and region. The molecular sieve-based adsorbent segment followed by activated carbon-based adsorbents dominated the global BTX and hydrocarbon separating adsorbents market in 2019.

While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the analyzed industry. The report also analyzes the prevalence of different types of key adsorbent manufacturers.

The global BTX and hydrocarbon separating adsorbents market is segregated by region under seven segments, namely North America, South America, Europe, the U.K., Middle East and Africa, China, and Asia-Pacific and Japan.

Key Topics Covered:

1 Markets

1.1 Industry Outlook

1.1.1 Trends: Industry Dynamics Defining the Future Trends in BTX and Hydrocarbon Separating Adsorbent Market

1.1.1.1 Increasing Adoption in Colder Geographies

1.1.1.2 Removal of BTX and Heavy Hydrocarbons for LNG Pre-Treatment

1.1.1.3 Integration of Petrochemical Plants Producing Olefins, Diolefins and Polymers

1.1.1.4 Single Source Solutions Provider

1.1.1.5 Improving Product Quality

1.1.2 Supply Chain Analysis

1.1.3 Industry Attractiveness

1.1.5 Profitability Analysis for End-Use Industry after Using BTX and Hydrocarbon Adsorbents

1.2 Business Dynamics

1.2.1 Business Drivers

1.2.1.1 Impact of Business Drivers

1.2.1.2 Shifting Fuel Specification Demands

1.2.1.3 Trouble-Free Plant Operation

1.2.1.4 Reduction in Operational Costs

1.2.1.5 Growing Demand for Molecular Sieves

1.2.1.6 Efficient After-Sales Service

1.2.1.7 BTX and Hydrocarbon Removal from Refinery Wastewater and Environmental Regulations

1.2.2 Business Challenges

1.2.2.1 Impact of Business Challenges

1.2.2.2 Consolidated Market: Minimal Market Players

1.2.2.3 Requirement of Highly Skilled Labor

1.2.2.4 End-Use Industry in Collaboration with Suppliers

1.2.2.5 Impact of COVID-19

1.2.3 Business Strategies

1.2.3.1 Product Developments

1.2.3.2 Market Developments

1.2.4 Corporate Strategies

1.2.4.1 Mergers and Acquisitions, Partnerships, Joint Ventures, Collaborations, and Alliances

1.2.5 Business Opportunities

1.2.5.1 Impact of Business Opportunities

1.2.5.2 Rising Demand for Solvent-Free Adsorbents

1.2.5.3 Targeting the North America Market

1.2.5.4 Focus on Activated Carbon-Based Adsorbents

1.2.5.5 Focus on Long-term Collaboration with End-Use Industry

2 Applications

2.1 Demand Analysis of BTX and Hydrocarbon Separating Adsorbents Market (by End-Use (by Application))

2.1.1 Global BTX and Hydrocarbon Separating Adsorbent Market [by End-Use (by Application)], Value, 2019-2025

2.2 End-Use Industry

2.2.1 Upstream

2.2.1.1 Midstream

2.2.1.2 Downstream

2.2.1.2.1 Oil & Gas Refining Liquid/Gas Separation

2.2.1.2.2 Petrochemical/Chemical Manufacturing

2.2.2 Impact of COVID-19 on Various End-Use Industry (by Region), as of June 2020

2.3 Demand Analysis of BTX and Hydrocarbon Separating Adsorbent (by Mode of Business)

2.3.1 Global BTX and Hydrocarbon Separating Adsorbent Market (by Mode of Business), by Value, 2019-2025

2.3.1.1 Offline

2.3.1.2 E-Business

3 Products

3.1 Types of Adsorbents for BTX and Hydrocarbon Removal

3.1.1 Molecular Sieve

3.1.2 Activated Carbon

3.1.3 Silica-Gel

3.1.4 Activated Alumina

3.1.5 Others

3.2 Demand Analysis of BTX and Hydrocarbon Separating Adsorbent (by Product)

3.2.1 Global BTX and Hydrocarbon Separating Adsorbent Market (by Product), Value, 2019-2025

3.2.1.1 Global BTX and Hydrocarbon Separating Adsorbent Market (Regeneration/Reactivation Capacity), by Value, 2019-2025

3.2.1.1.1 Regenerative

3.2.1.1.2 Non-Regenerative

3.3 Product Benchmarking: Growth Rate - Market Share Matrix

3.3.1 Opportunity Matrix, by Product Type

4 Regions

5 Markets - Competitive Benchmarking and Company Profiles

• Axens Group
• BASF SE
• Cabot Corporation
• CECA SA (Arkema Group)
• Clariant AG
• Dow Inc.
• Guild Associates, Inc.
• Hengye Inc.
• Honeywell International Inc.
• JACOBI CARBONS GROUP (Osaka Gas Chemicals Co., Ltd.)
• Kuraray Co., Ltd
• Pall Corporation
• W. R. Grace & Co.
• Zeochem AG
• Zeolyst International

For more information about this report visit https://www.researchandmarkets.com/r/v30zsd

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will be releasing its third quarter 2020 financial results on Tuesday, October 20, 2020, after the market closes.

In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, October 21, 2020 beginning at 10:00 A.M. Eastern time. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.

Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.

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.

Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-499-3809

DUBLIN--(BUSINESS WIRE)--The "Global Crude Tanker Market: Insights & Forecast with Potential Impact of COVID-19: 2020 Edition" report has been added to ResearchAndMarkets.com's offering.

The global crude tanker fleet size is anticipated to reach 423 million deadweight tonnes (DWT) in 2020, as compared to 389 million deadweight tonnes (DWT) in 2018.

The growth in the crude tanker market has been driven by fluctuating crude oil prices, rising oil demand and increasing urban population. The market faced challenges like fluctuating crude oil production and the US shale revolution. The global crude tanker market would also experience certain trends like a rise in the traded volume of seaborne crude oil and geopolitical developments.

The global crude tanker fleet by tanker type can be segmented as follows: VLCC, Suezmax and Aframax. In 2019, the highest share was generated by VLCC, followed by Suezmax and Aframax. The global crude tanker fleet by country of build can be segmented as follows: South Korea, Japan and China PR. The dominant share of the market was held by South Korea in 2019.

Scope of the report:

• The report provides a comprehensive analysis of the global crude tanker market with the potential impact of COVID-19.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Teekay Tankers, Frontline Ltd, DHT Holdings, Nordic American Tankers Ltd, Euronav and Tsakos Energy Navigation Ltd) are also presented in detail.

Key Target Audience:

• Crude Tanker/Crude Oil Manufacturers
• Raw Material Providers
• End Users
• Investment Banks
• Government Bodies & Regulating Authorities

Key Topics Covered:

1. Market Overview

1.1 Oil Tanker

1.2 Types of Oil Tankers

1.3 Size Categories of Oil Tankers

1.4 Working of Crude Tanker Business

1.5 Crude Tanker Model

1.6 Factors Impacting Crude Tanker Business

2. Impact of COVID-19

2.1 Impact on Global Economy

2.2 Impact on Gross Domestic Product

2.3 Impact on Traded Crude Tanker Volumes

2.4 Global Prevalence of COVID-19

2.5 Change in Organic Traffic

3. Market Analysis

3.1 Global Crude Tanker Fleet by Year of Delivery

3.1.1 Global Crude Tanker Fleet by Year of Delivery

3.1.2 Global Crude Tanker Fleet Share by Year of Delivery & Tanker Type

3.1.3 Global Crude Tanker Fleet by Year of Delivery & Tanker Type

3.2 Global Crude Tanker Fleet by Country of Build

3.3 Global Order Book by Year of Delivery

3.3.1 Global Order Book by Year of Delivery

3.3.2 Global Order Book by Year of Delivery & Tanker Type

3.4 Global Order Book by Year of Order

3.4.1 Global Order Book by Year of Order

3.4.2 Global Order Book Share by Year of Order & Tanker Type

3.4.3 Global Order Book by Year of Order and Tanker Type

3.5 Global Order Book by Country of Build

3.6 Global Crude Tanker Fleet by Vessel Size

3.7 Global Crude Tanker Fleet Average Age

3.8 Global Crude Tanker New Orders

3.9 Global Crude Tanker New Orders Forecast

3.10 Global Scrapping of Crude Tanker Vessels

3.11 Global Scrapping Forecast of Crude Tanker Vessels

3.12 Global Crude Tanker Fleet Size

3.13 Global Crude Tanker Spot Rates

3.13.1 Global VLCC Spot Rate

3.13.2 Global VLCC Spot Rate Forecast

3.13.3 Global Suezmax Spot Rate

3.13.4 Global Suezmax Spot Rate Forecast

3.13.5 Global Aframax Spot Rate

3.13.6 Global Aframax Spot Rate Forecast

3.13.7 Global Panamax Spot Rate

3.13.8 Global Panamax Spot Rate Forecast

4. Market Dynamics

4.1 Growth Drivers

4.1.1 Fluctuating Crude Oil Prices

4.1.2 Surging Oil Demand by Sector

4.1.3 Upsurge in Crude Oil Exports

4.1.4 Rise in Global Population

4.2 Key Trends & Developments

4.2.1 Fluctuating Seaborne Crude Oil Traded Volume

4.2.2 Geopolitical Development

4.3 Challenges

4.3.1 Fluctuating Crude Oil Production

4.3.2 Shale Revolution

5. Competitive Landscape

5.1 Global Market

5.1.1 Revenue Comparison - Key Players

5.1.2 Market Capitalization Comparison - Key Players

5.1.3 Number of Vessels - Key Players

6. Company Profiles

6.1 Teekay Tankers Ltd.

6.1.1 Business Overview

6.1.2 Financial Overview

6.1.3 Business Strategies

6.2 Frontline Ltd.

6.3 DHT Holdings

6.4 Nordic American Tankers Limited

6.5 Euronav

6.6 Tsakos Energy Navigation Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/ze2m5p

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

America’s leading low carbon fuel retailer recognized for innovation in brand, technology and customer loyalty

SACRAMENTO, Calif.--(BUSINESS WIRE)--#E85--Propel Fuels has been named a top-four global energy brand by the CHARGE Energy “World’s Best Green Brand” Awards. Propel Fuels has created a new consumer category in the multi-billion dollar retail fuel industry, redefining customer loyalty, and disrupting monopolistic fossil fuel brands. Propel has established the leading low carbon brand in the United States through unparalleled consumer innovation in technology and brand.

The CHARGE Awards celebrate global excellence in brand strategy. The awards are judged by a panel of global energy experts, with rigorous qualification standards, including direct surveys conducted with brand customers. Complete information on the 2020 CHARGE Awards is available at charge.events/charge-awards.

“Thank you to CHARGE for the recognition of our efforts to offer a dynamic new brand experience for fuel consumers,” said Rob Elam, CEO of Propel. “Consumers have the same expectations for a fuel brand as any other product, we recognize this, and we work hard to meet today’s consumers where they are.”

As a new fuel company that closely aligns with its customers’ values, Propel has become the leading low carbon consumer brand with 90 percent customer loyalty – in an industry where just 8 percent of customers make purchasing decisions based on brand. Propel’s network of “Clean Fuel Points” provides access to low carbon fuels, better value and extraordinary customer service.

Propel is building its low carbon retail network throughout California – one of the largest fuel markets in the world - and beyond. The low carbon platform enables insight into low carbon customer values, behaviors and demographics. With over 3 million customer transactions, Propel leads innovation in the world’s most important carbon market. Every day, Propel’s community expands to include new drivers and vehicle fleets that share in the company’s passion for progress.

About Propel

Propel Fuels, Inc. has pioneered clean fuel retail, leading the industry with unparalleled innovation in retail technology and customer experience. With retail locations across California, Propel provides new fuel choices that are higher in performance, deliver better value and create healthier communities. Propel was ranked among the top 10 private companies in Silicon Valley and is recognized by Inc. Magazine’s “Inc. 500”. More information is available at propelfuels.com and by following Propel at facebook.com/propelfuels and on Twitter at @PropelFuels.

Propel Station Locator App

Locations and real time pricing can be found on Propel’s mobile app.
iOS: itunes.apple.com/us/app/propel-station-locator-e85/id912207853?mt=8
Android: play.google.com/store/apps/details?id=com.propelfuels.stnlctr

Media & Aficionado Channels

Hi-Octane Society: https://www.facebook.com/HiOctaneSociety/
Diesel Pros: https://www.facebook.com/propeldieselpro/
Propel Facebook: https://www.facebook.com/PropelFuels/
Propel Twitter: https://twitter.com/PropelFuels
Propel ProShop: https://propelproshop.com/

Jaime Quick, ChangeUp for Propel Fuels
206-229-5183, This email address is being protected from spambots. You need JavaScript enabled to view it.

FORT WORTH, Texas--(BUSINESS WIRE)--Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the decision of CFO David Schorlemer to resign in order to pursue other interests. He will remain as the Executive Vice President, Chief Financial Officer, Treasurer and Secretary of the Company until October 9, 2020.

"On behalf of the Board of Directors and the entire Company, I'd like to express our thanks to David for his leadership during a very challenging period for the industry," said Keith Schilling, President and Chief Executive Officer. "David was instrumental during a transformative era for the company, playing a key role in the acquisition and integration of C&J Well Services as well as assisting in a successful and significant cost reduction effort that leaves the Company in a stronger position to be the trusted production services provider in the United States. The team and I would like to wish David the greatest success in his next endeavor."

Following Mr. Schorlemer’s notification of his resignation, on September 29, 2020, the Board of the Company approved the appointment of Adam Hurley to serve as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of the Company, effective as of October 10, 2020. Mr. Hurley will perform the functions of the Company’s principal financial officer and principal accounting officer. Mr. Hurley will no longer serve as Executive Vice President, Operations or as the Company’s principal operating officer.

The Board of the Company has also approved the appointment of James F. Newman to serve as Executive Vice President, Operations of the Company, effective as of October 10, 2020. Mr. Newman will perform the function of the Company’s principal operating officer.

In addition, the Compensation Committee of the Board and the Board approved the terms of a key executive employee retention plan for certain senior level employees. The Committee and the Board approved the Executive Retention Plan in recognition of the significant benefits to the Company in retaining such employees to continue their respective employment with the Company and assisting the Company by performing their respective duties.

About Basic Energy Services

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota and Colorado. Our operations are focused in liquids-rich basins that have historically exhibited strong drilling and production economics in recent years with a significant presence in the San Joaquin Basin, Permian Basin, Powder River Basin, and the Bakken, Eagle Ford, and Denver-Julesburg shales. We provide our services to a diverse group of over 2,000 oil and gas companies. Additional information on Basic Energy Services is available on the Company’s website at www.basices.com.

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and reflect Basic’s current views about future events. The words "believe," "estimate," "expect," "anticipate," "project," "intend," "seek," "could," "should," "may," "potential" and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although Basic believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions and estimates, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release and the presentation. These risks and uncertainties include, without limitation, our ability to successfully execute, manage and integrate acquisitions, including the recent acquisition of C&J, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for crude oil, including the recent significant decline in oil prices, and natural gas, local and global impacts of the COVID-19 virus, and the negative impacts of the delisting of the Company’s common stock from the NYSE. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Any forward-looking statement speaks only as of the date on which such statement is made and Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Trey Stolz
Director of Financial Planning & Analysis
Basic Energy Services, Inc.
817-334-4100

NEW YORK--(BUSINESS WIRE)--Six One Commodities LLC (61C) today announced that it is expanding its power and gas business to Europe with the addition of a power team out of Berlin lead by Ingo Klause. Mr. Klause has over 20 years of experience in the CWE region for power trading. He worked for the Swedish utility Vattenfall acting as a lead trader and head of cross border trading and built successful trading strategies together with his team. Six One Commodities US LLC (EU Trading) is an affiliate of Six One Commodities Global LLC and will be based in Berlin.

“The team is well positioned to help 61C expand into Europe,” said Mr. Klause. “A rapidly changing supply side will require strong analytical skills to navigate the implications for generation margins and location and time spreads across individual national power markets. Building, maintaining, and adjusting a comprehensive model will be critical when trying to capture these fundamental price shifts, and we are the team that can provide that capability.”

Earlier in the year, 61C launched its LNG business in Asia to meet the region’s needs. It has hired an LNG team out of Singapore lead by Delia Proteasa.

“With the hiring of Delia, Ingo, and their teams, 61C is well positioned to become a premier globally integrated energy company,” said Ben Sutton, CEO of 61C. “With their complimentary backgrounds, Delia and Ingo will focus on advancing our position of becoming a market-leading franchise at this critical stage in the commodity cycle. 61C has grown its power and gas business in the U.S. for the past two years. I think there is a strong opportunity for LNG volumes to grow in Asia and throughout the globe and for us to grow our power and gas business in Europe. I can’t think of a better opportunity than right now to expand our business into Asia and Europe.”

ABOUT SIX ONE COMMODITIES LLC

In August of 2018, Pinnacle Asset Management, L.P. and affiliated investment entities (Pinnacle), a leading commodities and natural resources investment organization, partnered with Benjamin Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C.

61C is a global natural gas and power merchant headquartered in Stamford, CT. 61C is led by key members of the former leadership team of Noble North American Gas and Power (NAGP) – a former leading natural gas and power merchant. The 61C team has a demonstrated track record of unique market insight, strong client relationships, robust returns, and disciplined risk management to execute on opportunities with the gas and power merchanting space.

ABOUT PINNACLE ASSET MANAGEMENT, L.P.

Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities’ markets with approximately $2.9 billion under management. Pinnacle provides its institutional investor clientele with exposure to the global commodities markets via physical and financial absolute return funds, strategies and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.

Joseph Limone
(203) 409-2329
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