METAIRIE, La.--(BUSINESS WIRE)--Biloxi Marsh Lands Corporation (PINK SHEETS: BLMC) today announces its unaudited results for the second quarter of 2020 and first six months of 2020. The Company’s revenue for the three months ended June 30, 2020 from oil and gas production for its fee lands was $2,728 compared to revenue of $1,715 for the second quarter of 2019. Dividend and interest income for the second quarter of 2020 was $11,174 compared to $26,314 for 2019. The Company realized a cumulative loss from the sale of investment securities of $124,199 compared to a cumulative gain of $120,761 for the same period of 2019. The flow-through losses from the Company’s membership interests in limited liability companies was $357,524 for the second quarter of 2020 compared to $378,753 for 2019. Expenses for the second quarter were $132,228 compared to $201,422 for the same period of 2019. The Company had a net loss of $600,049 or $0.24 per share for the second quarter of 2020 compared to a net loss of $380,249 or $0.15 per share in 2019. For the first half of 2020, there was a net loss of $1,025,774 or $0.41 per share compared to a net loss of $1,352,752 or $0.54 per share for the same period of 2019.

The Company’s claim (Biloxi Marsh Lands Corp., et al. v. United States; Case No. 12-382L) in the U.S. Court of Federal Claims against the U.S. Army Corps of Engineers seeking monetary damages for property damage and losses caused by the Mississippi River Gulf Outlet is in the process of moving forward. The U.S. Department of Justice filed a motion for summary judgment on the issue of statute of limitations concerning the portion for the Company’s claim related to a taking of real property. Oral arguments in front of Judge Ryan T. Holte were held on June 29, 2020. Post-hearing briefs and responses have been filed, and the parties are awaiting the Court’s decision. At this time, the Company cannot predict the timing of resolution or the outcome of this litigation process, but it is anticipated that this litigation process will take time.

B&L Exploration, LLC (“BLX”) is contractually entitled to a 1.5% of 8/8ths overriding royalty interest (ORRI) in the mineral leases comprising the 9,000 acre - EOC-TUSC BL UDS SUA production unit from which the Highlander well is producing. This production unit is located in St. Martin Parish, Louisiana. A series of public hearings have taken place with respect to the production unit. One of the interested mineral owners has made an application for public hearing concerning a request that the unit be modified and reduced in size. The operator has filed a counterplan to the application for reduction, and the next public hearing is scheduled for October 6, 2020. Information reported by the Highlander well’s operator to the Louisiana Department of Natural Resources (LDNR) is available on LDNR’s Strategic Online Natural Resources Information System (SONRIS – www.sonris.com).

BLX continues its operations with producing wells in South Texas. As previously reported, B&L Resources, LLC (“BLR”) continues its efforts to assemble additional prospective acreage in South Texas.

Biloxi Marsh Lands Corporation is a Delaware corporation whose principal assets are surface and mineral rights to approximately 90,000 acres of marsh land in St. Bernard Parish, Louisiana, which from time to time generates revenues from mineral activities including lease bonuses, delay rentals, royalties on oil and natural gas production, and fee land income unrelated to oil and gas activities. Through investment in limited liability companies the Company also has separate interests in various oil and gas properties in Louisiana and Texas outside of its fee lands.

We encourage you to visit our website to obtain general information about the Company, its efforts in the coastal restoration arena, as well as historical annual reports and press releases. We strongly recommend that all interested parties become familiar with the information available on the Company’s website: www.biloximarshlandscorp.com.

This news release contains forward-looking statements regarding all of the Company’s business activities including without limitation oil and gas discoveries, oil and gas exploration, and development and production activities and reserves. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. The Company cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this report. Important factors that might cause future results to differ from these forward-looking statements include: variations in the market prices of oil and natural gas; drilling results; unanticipated fluctuations in flow rates of producing wells; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and environmental costs; and general exploration and development risks and hazards. Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The factors described above cannot be controlled by the Company. When used in this report, the words “believes”, “estimates”, “plans”, “expects”, “could”, “should”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.

The following “Statements of Assets, Liabilities and Stockholders’ Equity” and “Statements of Revenues and Expenses” have been derived from interim unaudited financial statements which do not include the information and footnotes that are an integral part of a complete financial statement.

Inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.

Biloxi Marsh Lands Corporation
Belle Bellard: 504-837-4337

DALLAS--(BUSINESS WIRE)--Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") plans to announce results for its quarter ending September 30, 2020 on November 4, 2020, before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on November 4, 2020 at 4:00 p.m. Eastern time to discuss financial results.

This webcast may be accessed at:

https://event.on24.com/wcc/r/2627977/792AA96920FB0C011D30448BC2901ADB

An audio archive of this webcast will be available using the above noted link through November 18, 2020.

About Holly Energy Partners, L.P.:

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.

Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Investor Relations

LONDON--(BUSINESS WIRE)--#DownholeDrillingToolsMarket--Technavio has been monitoring the downhole drilling tools market and it is poised to grow by $ 3.65 bn during 2020-2024, progressing at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions:

• What are the major trends in the market?
  Implementation of new exploration policies is a major trend driving the growth of the market.
• At what rate is the market projected to grow?
  The year-over-year growth for 2020 is estimated at -8.58% and the incremental growth of the market is anticipated to be $ 3.65 bn.
• Who are the top players in the market?
  Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools, are some of the major market participants.
• What is the key market driver?
  The increase in oil and gas E&P activities is one of the major factors driving the market.
• How big is the North America market?
  The North America region will contribute 39% of the market share.

   

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Nine Energy Service Inc., RUBICON OILFIELD PRODUCTS LTD., Schlumberger Ltd., Schoeller-Bleckmann Oilfield Equipment AG, Tasman Oil Tools Ltd., Weatherford International Plc, and Wenzel Downhole Tools are some of the major market participants. The increase in oil and gas E&P activities will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Downhole Drilling Tools Market 2020-2024: Segmentation

Downhole Drilling Tools Market is segmented as below:

• Product
  • Tubulars
  • Deflection And Downhole Motors
  • Casing And Cementing Tools
  • Drill Bits
  • Others
• Geography
  • North America
  • MEA
  • APAC
  • Europe
  • South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44267

Downhole Drilling Tools Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The downhole drilling tools market report covers the following areas:

• Downhole Drilling Tools Market Size
• Downhole Drilling Tools Market Trends
• Downhole Drilling Tools Market Industry Analysis

This study identifies the new exploration policies as one of the prime reasons driving the downhole drilling tools market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Downhole Drilling Tools Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist downhole drilling tools market growth during the next five years
• Estimation of the downhole drilling tools market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the downhole drilling tools market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of downhole drilling tools market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Tubulars - Market size and forecast 2019-2024
• Deflection and downhole motors - Market size and forecast 2019-2024
• Casing and cementing tools - Market size and forecast 2019-2024
• Drill bits - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Product

Market Segmentation by Application

• Market segments
• Comparison by Application
• Onshore - Market size and forecast 2019-2024
• Offshore - Market size and forecast 2019-2024
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Baker Hughes Co.
• Halliburton Co.
• National Oilwell Varco Inc.
• Nine Energy Service Inc.
• RUBICON OILFIELD PRODUCTS LTD.
• Schlumberger Ltd.
• Schoeller-Bleckmann Oilfield Equipment AG
• Tasman Oil Tools Ltd.
• Weatherford International Plc
• Wenzel Downhole Tools

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

   

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

DALLAS--(BUSINESS WIRE)--HollyFrontier Corporation (NYSE: HFC) (the "Company") plans to announce results for its quarter ending September 30, 2020 on November 5, 2020, before the opening of trading on the NYSE. The Company has scheduled a webcast conference on November 5, 2020 at 8:30 a.m. Eastern time to discuss financial results.

This webcast may be accessed at:

https://event.on24.com/wcc/r/2628168/9BE4DA1E13C98135F6352CD76762D475

An audio archive of this webcast will be available using the above noted link through November 19, 2020.

About HollyFrontier Corporation:

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico, and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.

HollyFrontier Corporation
Craig Biery, 214-954-6510
Vice President, Investor Relations
or
Trey Schonter, 214-954-6510
Investor Relations

• Files annual report on Form 10-K for 2019
• Announces decision to exit competitive EPC lump-sum bidding for Energy & Chemicals segment
• Company expects to be current in financial reporting by year end
• In-depth business evaluation underway, working with ad-hoc Board committee

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) today announced financial results for its year ended December 31, 2019. Results for 2019 were a net loss from continuing operations of $1.7 billion, or $11.97 per diluted share, compared to earnings from continuing operations of $9 million, or $0.07 per share for 2018. The net loss attributable to Fluor includes impairment, restructuring and other exit costs of $533 million, expenses of $138 million related to the settlement of the U.K. pension plan and $731 million related to establishing valuation allowances to reduce net deferred tax assets. Consolidated segment loss for the year was $386 million compared to a profit of $323 million in 2018. Revenue of $14.3 billion in 2019 from continuing operations compares to $15.2 billion in the prior year.

Full year new awards from continuing operations and government were $12.6 billion, and ending consolidated backlog was $31.9 billion. Corporate G&A expenses for 2019 were $159 million, up from $118 million a year ago primarily due to the effects of foreign transactional gains and losses. Fluor’s cash and marketable securities at the end of 2019 was $2.0 billion. During 2019, Fluor paid $118 million in dividends.

Results of Board Investigation

As the company previously announced, a special committee of independent members of the Board of Directors led a review of its previously issued financial information and determined there were material project-related errors resulting from the absence of timely recognition of changes in forecasted project costs, and from other errors in estimating the amount of variable consideration to be included in revenue for the Radford project. Accordingly, Fluor has restated annual financial results for 2016, 2017, and 2018, and for each of the interim previously issued quarterly periods for 2018 and 2019. In addition, the restated financial statements include other quantitatively immaterial adjustments to these annual periods. These adjustments reduced cumulative pretax earnings reported through September 30, 2019, by $3.8 million.

The special committee, along with its independent external advisors and financial experts, had full access to the company’s personnel and documentation and determined the scope of its review. The investigation included document collection and interviews across all Fluor EPC segments including both domestic and international. The quantity of projects reviewed represents a majority of the company’s lump-sum portfolio.

In addition, the company determined that its disclosure controls and procedures were not effective due to the existence of material weaknesses. To address these weaknesses, Fluor’s remediation plan includes personnel actions, additional project monitoring procedures, improved guidance on project forecasting principles, updated tools and templates to achieve more standardization of project-level documentation and reporting, and improved internal company training on required policies and procedures.

“Today’s filing marks the culmination of a thorough review of the financial reporting on a significant number of our lump-sum projects. We agree with the findings of the special committee and are moving forward with our remediation plan,” said Carlos Hernandez, Fluor chief executive officer. “Fluor continues to have substantial liquidity and dedicated employees who are ready to tackle current and future challenges.”

Strategic Update

In September 2019, Fluor announced actions intended to drive improved cash generation and de-risk the portfolio. The company has sold portions of its equipment rental business and continues to progress on transacting AMECO, public-private partnership assets and excess real estate. In addition, the company has suspended its dividend and remains on track to realize at least $100 million in annual savings by the end of the year.

Following on from last year’s review, Fluor has initiated a broader and more comprehensive analysis of our entire business model. The goal is to reshape the company to address today’s markets and to ensure future success. An ad-hoc two person committee of the board has been formed to be an added resource to management and to provide their ideas and expertise in the upfront part of this process.

In advance of this new strategy, for the Energy & Chemicals segment the company has determined that it will only pursue reimbursable or open-book lump-sum conversion engineering, procurement and construction prospects. The company believes that competitively bid lump-sum projects create a transactional market where the allocation of risk is not appropriately distributed.

Outlook

The company has experienced a significant shift in end markets in 2020 driven by volatility in commodity prices and the global disruption from the COVID-19 pandemic. As a result, the company is suspending all previously issued 2020 guidance. In addition, the company is providing updates on the following:

• As of the end of August 2020, Fluor’s cash balance was $2.1 billion and the company expects the cash balance to be approximately in that range through the end of the year.
• The company continues to have adequate liquidity to meet its operational and project needs and has no amounts drawn on the revolving loans under its committed credit facilities.
• Fluor expects to file Q1 2020 results within the next month, followed approximately four weeks later by Q2 2020 results with Q3 2020 results approximately four weeks after that. The company will hold its next call with the investment community in conjunction with the release of its Q3 results.

Business Segments

The Energy & Chemicals segment reported a segment loss of $95 million in 2019 compared to a profit of $335 million in 2018. Segment profit in 2019 decreased significantly as a result of charges associated with forecast revisions on certain projects. Revenue for 2019 was $5.8 billion, down from $7.7 billion in the previous year. Full year new awards in 2019 totaled $3.7 billion, compared to $10.6 billion in 2018. Ending backlog was $14.1 billion compared to $17.8 billion a year ago.

The Mining & Industrial segment reported a segment profit of $159 million, up from $94 million in 2018. Full year revenue for the segment of $5.1 billion was up from $3.5 billion a year ago. Results for the year reflect increased project execution activities for several large mining projects and the favorable resolution of a longstanding customer dispute. Full year new awards in 2019 were $1.9 billion, and ending backlog was $5.4 billion compared to $8.9 billion a year ago.

The Infrastructure & Power segment reported a segment loss of $244 million compared to a loss of $30 million in 2018. Full year revenue for the segment was $1.4 billion compared to $1.7 billion a year ago. Results for 2019 include costs related to the settlement of three gas-fired power projects and forecast revisions related to several infrastructure projects. Full year new awards in 2019 were $2.6 billion, and ending backlog for the segment was $6.1 billion compared to $6.3 billion a year ago.

The Diversified Services segment, including certain retained AMECO operations, reported a segment profit of $15 million in 2019, compared to $69 million a year ago. Results for 2019 reflect reduced volumes of higher-margin operations and maintenance activities. Full year revenue was $2.0 billion compared to $2.3 billion in 2018. New awards totaled $2.2 billion for 2019, and ending backlog was $2.5 billion, up from $2.3 billion a year ago.

The Other segment, which is comprised of NuScale and the Radford and Warren government projects, reported a full year segment loss of $220 million, compared to a loss of $145 million a year ago. Results for the year include NuScale expenses of $66 million.

Discontinued Operations

During the third quarter of 2019, management announced a plan to sell the company’s government and AMECO equipment businesses. The results of the government and AMECO businesses have been presented as earnings from discontinued operations for all periods presented in its 2019 10-K. In February 2020, Fluor announced its intention to retain the government business, and will reflect its financial information in continuing operations starting with the first quarter of 2020.

Results from discontinued operations for 2019 were a net profit of $154 million, or $1.10 per diluted share, compared to $164 million, or $1.17 per diluted share a year ago. Results for the fourth quarter reflect an $89 million favorable settlement related to a completed project. New awards totaled $2.0 billion for the year including a contract for the Hanford Central Plateau Cleanup Contract for the Department of Energy. Ending backlog was $3.6 billion, compared to $4.4 billion a year ago.

Conference Call

Fluor will host a conference call at 8:30 a.m. Eastern time on Friday, September 25, which will be webcast live on the Internet and can be accessed by logging onto investor.fluor.com. The call will also be accessible by telephone at 888-204-4368 (U.S./Canada) or +1 323-994-2093. The conference ID is 3597615. A supplemental slide presentation will be available shortly before the call begins.

A replay of the webcast will be available for 30 days. A replay of the call will be available by telephone for one week. Click Here to register for the replay.

For more information including restated financial tables, please see 2019 Form 10-K filed earlier today.

Non-GAAP Financial Measures

This press release contains a discussion of consolidated segment profit (loss) from continuing operations that would be deemed a non-GAAP financial measure under SEC rules. Segment profit (loss) is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests excluding: corporate general and administrative expense; impairment, restructuring and other exit costs; interest expense; interest income; domestic and foreign income taxes; other non-operating income and expense items; and earnings from discontinued operations. The company believes that consolidated segment profit (loss) from continuing operations provides a meaningful perspective on its business results as it is the aggregation of individual segment profit (loss) measures that the company utilizes to evaluate and manage its business performance. A reconciliation of consolidated segment profit (loss) from continuing operations to earnings (loss) from continuing operations before taxes is included in the press release table.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 45,000 employees build a better world by designing, constructing and maintaining safe, well-executed, capital-efficient projects. Fluor had revenue of $14.3 billion in 2019 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

Forward-Looking Statements: This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "continue" is "positioned" or other similar expressions). These forward-looking statements, including statements relating to our expectations as to the filing of our quarterly reports on Form 10-Q, strategic and operation plans, and projected cash balances and liquidity are based on current management expectations and involve risks and uncertainties.

Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; the cyclical nature of many of the markets the Company serves, including the Company’s Energy & Chemicals segment; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; failure to remediate material weaknesses in our internal controls over financial reporting or the failure to maintain an effective system of internal controls; failure to prepare and timely file our periodic reports; the restatement of certain of our previously issued consolidated financial statements; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our joint venture or other partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; foreign economic and political uncertainties; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates and assumptions in preparing our financial statements; client delays or defaults in making payments; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; the Company’s failure, or the failure of our agents or partners, to comply with laws; risks related to our indebtedness; the availability of credit and restrictions imposed by credit facilities, both for the Company and our clients, suppliers, subcontractors or other partners; possible limitations on bonding or letter of credit capacity; failure to successfully implement our strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; risks arising from the inability to successfully integrate acquired businesses; the inability to hire and retain qualified personnel; the potential impact of certain tax matters; possible information technology interruptions or inability to protect intellectual property; new or changing legal requirements, including those relating to climate change and environmental, health and safety matters; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; damage to our reputation; failure to adequately protect intellectual property rights; and asset impairments. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on September 22, 2020. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7222. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

Brian Mershon
Media Relations
469.398.7621 tel

Jason Landkamer
Investor Relations
469.398.7222 tel

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced that Bradley W. Johnson, 55, formerly Assistant General Counsel of Fuel Tech, has been elected Vice President, General Counsel and Secretary of Fuel Tech effective October 1, 2020. Mr. Johnson succeeds Albert G. Grigonis, Senior Vice President, General Counsel and Secretary, who is retiring on September 30, 2020 after 17 years of service to the Company.

Mr. Johnson joined Fuel Tech in 2008, serving as Corporate Counsel until December 2009, and thereafter as Assistant General Counsel. Prior to joining Fuel Tech, Mr. Johnson counseled clients in private practice where he gained extensive experience representing companies in a variety of matters including securities law, intellectual property, and mergers and acquisitions. Mr. Johnson received his B.A. in Political Science from the University of California, Berkeley and his J.D. from the University of California, Berkeley School of Law.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment, and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

Vince Arnone
President and Chief Executive Officer
(630) 845-4500

Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
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DUBLIN--(BUSINESS WIRE)--The "Aviation Lubricants Market by Type (Hydraulic Fluid, Engine Oil, Grease, Special Lubricants & Additives), End User (OEM, Aftermarket), Technology (Mineral-Based, Synthetic), Application, Platform, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global aviation lubricants market size is projected to grow from an estimated USD 2.0 billion in 2020 to USD 2.9 billion by 2025, at a CAGR of 7.2% during the forecast period.

The COVID-19 has taken a colossal toll on the world's economic activity with individuals, organizations, governments, and businesses having to adapt to the challenges of the crisis. Air travel restrictions across various regions for both domestic and international flights have led to inactive fleets across the globe. Like many other sectors, the aviation lubricants market is also heavily impacted by the COVID-19 pandemic.

The two major factors which led to the decline in the lubricants market was the sudden drop in crude oil prices impacting the overall supply chain of the petroleum products and the decline in demand for aviation consumables such as lubricants and jet fuel due to temporary restrictions on air travel across the globe. Various stakeholders such as raw material providers, lubricant manufacturers, government agencies, lubricant suppliers, distributors, retailers, aircraft & engine manufacturers, and MRO companies are impacted significantly due to the slowdown of transportation, border closures, and increase in the number of inactive fleets.

Based on the end-user, the aftermarket segment is estimated to lead the aviation lubricants market in 2020

Based on end user type, the aviation lubricants market is segmented into OEM and Aftermarket. The aftermarket segment is estimated to account for a larger share of the overall market in 2020. Lubricants are replenished frequently, depending on the operating hours of the aircraft. The growth of this segment can be attributed to the increase in the aircraft fleet of emerging economies in the commercial and military aviation sectors. 2020. Lubricants are replenished frequently, depending on the operating hours of the aircraft.

Based on the platform, the commercial aviation segment is projected to grow at the highest CAGR during the forecast period

Based on the platform, the aviation lubricants market is segmented into commercial aviation, military aviation, and business & general aviation. The commercial aviation segment of the aviation lubricants market is projected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the increasing number of aircraft orders for military aviation globally.

Based on application, the engine segment of the aviation lubricants market is estimated to account for the largest share in 2020

Based on the application, the aviation lubricants market is segmented into engines, hydraulic systems, landing gear, airframe, and others. The engine segment is estimated to account for the largest share in 2020. The demand for advanced engine oils is increasing in this application as powerful and advanced turbofan engines are being introduced in the market.

North America is estimated to lead the aviation lubricants market in 2020, and Asia Pacific is projected to grow at the highest CAGR during the forecast period.

North America is estimated to lead the aviation lubricants market in 2020. Major aircraft and aircraft engine manufacturers, such as Boeing (US) and Pratt and Whitney (US), are present in the region and thus generate high demand for aviation lubricants. North America is projected to lead the aviation lubricants market during the forecast period as the region has the largest military and commercial aircraft fleet in the world. The aviation lubricants market in Asia Pacific is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand for air travel and growing fleets in the region. The growth in air passenger traffic in the Asia Pacific has resulted in increased demand for new aircraft, which is boosting the growth of the Asia Pacific aviation lubricants market.

Market Dynamics

Drivers

• Large, Existing and Growing Commercial and Military Aviation Fleet
• Increased Complexity of Aircraft Engines Necessitates Proper Lubrication
• Increased Consumption of Synthetic Lubricants

Restraint

• Contamination of Lubricating Oils

Opportunities

• Increasing Demand for Low Density Lubricants for Reduced Weight
• Increasing Demand for Environmentally Safe Lubricants

Challenges

• Operating Capability of Lubricants Under Extreme Conditions
• Thermal and Oxidative Stress on Oil
• Stringent Regulatory Norms
• Cancellations and Delaying Orders from End-users Due to Covid-19

Companies Profiled

• Exxonmobil
• Total
• BP
• The Chemours Company
• Royal Dutch Shell
• Nyco
• Lanxess
• Lukoil
• Phillips 66
• Candan Industries
• Nye Lubricants, Inc.
• Eastman Chemical Company
• Fuchs
• Rocol
• Aerospace Lubricants, Inc.
• Everlube Products
• National Process Industries, Inc.
• Tiodize Co. Inc.
• Mcgee Industries, Inc.
• Jet-Lube
• Las Aerospace Ltd
• Tecsia Lubricants
• Apar Lubricants Ltd
• Ascend Aviation India
• Monroe
• Chemsol
• Avi-Oil India [P] Ltd.
• Petro Lubes Inc.
• Lubrication Limited
• Avia Prom Solutions Pvt Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/bjz0l2

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SRP and sPower Project Will Bring $10 Million in Tax Revenue and 350 Construction Jobs to Pinal County

ELOY, Ariz.--(BUSINESS WIRE)--Salt River Project (SRP) and sPower, a leading renewable energy Independent Power Producer (IPP), today announced construction is underway on “East Line Solar,” a new solar plant which will bring $10 million in 25 years of tax revenue and up to 350 construction jobs to Pinal County. It will also soon deliver 100 megawatts (MW) of solar generation to the Intel Corporation’s Chandler facility.

“Intel is proud to support new, renewable energy built in Arizona and we are looking forward to East Line Solar supplying our growing Arizona manufacturing operations,” said Marty Sedler, Intel’s Director of Global Utilities and Infrastructure. “For more than a decade, Intel has been one of the top voluntary corporate purchasers of green power, currently supplying our US and European facilities with 100% green power. Our goal is to achieve 100% renewable energy use across our global manufacturing operations by 2030 and projects like East Line Solar help make green power more accessible to all.”

East Line Solar received its conditional use permits in the City of Coolidge in 2019 and is expected to begin operations in December of 2020. The project will provide sustained tax revenue to the local community as well as sustainable energy at a fixed price for the 25-year contracted life of the project. Estimated tax benefits total $10 million, with the highest payments at the onset of project operations which infuses substantive benefits into the local communities. Additionally, up to 350 construction workers are employed for six to seven months and approximately three full-time equivalent workers will be employed long term, with a focus on hiring locally.

“sPower has proven its commitment to renewable energy for a sustainable future, and the City is fortunate to partner with the sPower team to expand in one of the regions fastest growing industrial and technology corridors,” said Rick Miller, City Manager, City of Coolidge. “It is also gratifying to have community partners like sPower that give back to the community and work with us on our efforts to better the environment for our citizens.”

This development is part of SRP’s Sustainable Energy Offering, a program that gives SRP commercial customers the option to power a portion of their operations with clean, emission-free energy at an affordable price. There are now a total of 33 companies, including 21 organizations recently announced, that have signed up to receive 300 MW of solar energy provided from Arizona-based solar plants, including the sPower East Line Solar facility.

The East Line Solar facility will support Intel’s Chandler Ocotillo Campus, one of the corporation’s largest global, semiconductor manufacturing sites. The solar plant is also part of SRP’s growing portfolio of clean energy resources contributing to the utility’s 2035 Sustainability Goals to reduce carbon intensity by more than 60 percent in 2035 and by 90 percent in 2050 from 2005 levels.

“This is a scenario that works well for all involved,” said SRP Associate General Manager & Chief Customer Executive Jim Pratt. “With the East Line Solar project, we are supporting a great, locally based partner, Intel, meet its sustainability goals. We also experience many other benefits associated with utility-scale solar investment, like job creation and expansion in an environmentally sensible, growing industry.”

“We are committed to Pinal County for the long term with this low-cost, highly economically impactful project. We also seek to be a good neighbor as we develop, construct and operate projects, and it’s important for us to integrate ourselves from the start. Recent COVID-19 relief efforts have included donations to Eloy’s Community Action Human Services and Coolidge’s Hope International Ministries,” said sPower CEO, Ryan Creamer.

About sPower

Headquartered in Salt Lake City, Utah, sPower is a leading independent power producer (IPP) that owns and operates more than 150 renewable generation systems across the U.S. We operate a leading wind, solar and storage portfolio of nearly 2.0 GW, with 15 GW of projects under development. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), Fortune 500 global power company, and the Alberta Investment Management Corporation (AIMCo), one of Canada’s largest and most diversified institutional investment managers.

Follow us on Twitter: @sPower_US, on LinkedIn @sPower or visit spower.com/az.

About SRP

SRP is a community-based, not-for-profit public power utility and the largest provider of electricity in the greater Phoenix metropolitan area, serving more than 1 million customers. SRP is also the metropolitan area’s largest supplier of water, delivering about 800,000 acre-feet annually to municipal, urban and agricultural water users.

Lara Hamsher, Government Relations and Communications Manager, sPower
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NJNG’s largest energy-efficiency program request would expand opportunities for low- and moderate-income customers, align with State’s clean energy goals for energy efficiency

WALL, N.J.--(BUSINESS WIRE)--Building on its decade-long record of leadership in running energy-efficiency programs, New Jersey Natural Gas (NJNG) today filed a proposal with the New Jersey Board of Public Utilities (BPU), seeking to significantly expand its offerings to help customers save money, manage their energy usage and reduce emissions.

The $249 million proposal would strengthen NJNG’s existing energy-efficiency offerings for residential and commercial customers, launch a new program to serve multi-family properties and provide targeted assistance for low- and moderate-income households. In addition, this filing reflects new legislative provisions intended to shift administration of some programs from the State to utilities, and provides an innovative approach for collaboration with electric utilities that have overlapping service territories with NJNG.

If approved in full, the programs reflected in this filing will help NJNG customers save more than 128 million therms of natural gas, preventing the emission of over 677,000 metric tons of CO2 - the equivalent of taking 146,000 cars off the road for a year. As proposed, the filing would also allow NJNG to meet or exceed the energy reduction targets set by the BPU, consistent with the landmark New Jersey Clean Energy Act, which was signed into law in 2018 and for the first time ever set specific energy reduction targets for the State’s utilities.

“NJNG has been a leader in New Jersey’s energy-efficiency industry for over a decade, running robust programs that have conserved energy, delivered savings for our customers and reduced emissions to benefit the environment,” said Steve Westhoven, president and chief executive officer of New Jersey Natural Gas. “As NJNG’s largest-ever program to put energy efficiency within reach for our customers, this filing reflects our strong commitment to clean energy, emissions reduction and sustainability. We are doing our part to help New Jersey reduce emissions and realize a clean energy future, while doubling down on our efforts to help our most vulnerable customers save energy and money.”

Pending BPU approval, NJNG expects to invest more than $249 million over the three-year program, consisting of approximately $127 million of direct investment and $98 million in financing options, and approximately $23 million in operation and maintenance expenses. The average annual impact for the typical residential heating customer using 1,000 therms per year over the 15-year recovery term of the program is estimated to be $21.71 or 1.9%. Expected savings for participating customers will range from 1 to 30% depending on the program utilized. Lifetime net benefits – above and beyond the cost of the program – are expected to exceed $191 million.

Since 2009, NJNG has invested more than $169 million in energy-efficiency programs through The SAVEGREEN Project®, generating $463 million in economic activity in its service territory, while reducing greenhouse emissions. Over the last decade, more than 66,000 customers – one out of every nine – have participated in SAVEGREEN, helping to grow the green energy economy for the more than 2,800 contractors who have taken part in the program.

NJNG’s strong focus on running successful energy-efficiency programs has helped reduce its average customers’ gas consumption by 12% since 2006.

Residential Offerings

To increase the energy-efficiency opportunities for residential customers, NJNG will provide rebates and incentives for qualifying equipment replacement and comprehensive home energy measures and offer customers 0% APR repayment and on-bill repayment options, with special terms for Low-to-Moderate Income (LMI) customers. Additionally, there are new no cost programs proposed to help renters and homeowners achieve immediate energy savings and to provide a special no cost weatherization program that will help LMI households achieve deeper energy savings.

Multi-family Offerings

New multi-family offerings will provide potential services that include: energy-efficiency education through energy assessments; installation of standard energy savings measures; equipment replacement; and, custom retrofits and engineered solutions and emergency equipment replacement. In addition, this program will provide an on-bill repayment program with longer repayment terms for low and moderate income and affordable housing properties.

Commercial and Industrial Offerings

The filing proposes multiple approaches to help commercial customers address the upfront costs of energy-efficient equipment and whole-building energy improvements, as well as new retro-commissioning and energy management efforts to maximize savings and reduce payback time. The proposal includes incentives and on-bill repayment programs for comprehensive approaches like Direct Install and Engineered Solutions that start with energy audits of the facilities of commercial customers, including small businesses, non-profit organizations, municipalities, schools and faith-based organizations.

Putting Energy Efficiency in Reach for Low- and Moderate-Income Households

NJNG’s SAVEGREEN proposal focuses on a number of approaches that can help LMI customers reduce their energy bills. This includes special incentives and longer repayment terms for HVAC programs to make energy efficiency upgrades more accessible; an efficient products program to offer lower cost energy-efficiency products that can provide immediate savings and appeal to renters as well as homeowners; the no cost quick home energy check-up; distribution of free energy conservation kits in partnership with local foodbanks and community organizations; a new moderate income weatherization program; and, program options that serve the needs of a broad range of multi-family properties and are designed to help increase the likelihood of participation.

NJNG is also streamlining the process to allow automatic qualification for these special incentives based upon designated geographic location (e.g. Urban Enterprise Zones) or participation in another qualifying program.

Pending BPU approval, NJNG will earn a return on its investments at its currently allowed weighted average cost of capital.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
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LEAWOOD, KS--(BUSINESS WIRE)--TortoiseEcofin today announced that CNX Midstream Partners LP (NYSE: CNXM) will be removed from the Tortoise MLP Index^® (TMLP) and the Tortoise North American Pipeline Index^SM (TNAP) as a result of the merger with CNX Resources Corp. (NYSE: CNX). CNXM will be removed from both indices effective at market open on Monday, September 28, 2020.

For Tortoise MLP Index^® (TMLP), the removal of CNXM from the index will trigger a special rebalancing.

For Tortoise North American Pipeline Index^SM (TNAP), CNXM will be removed from the index, but will not require a special rebalancing.

Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, please visit www.TortoiseEcofin.com.

The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

Tortoise North American Pipeline Index^SM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

The Tortoise MLP Index^® and the Tortoise North American Pipeline Index^SM are the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and the Tortoise North American Pipeline Index^SM (the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. TortoiseEcofin makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

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This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) executive management will host a conference call webcast at noon EDT on Friday, Oct. 30, to discuss the company’s third-quarter 2020 financial results, which will be released earlier that day, and provide an update on strategic initiatives.

To access the webcast, go to the Phillips 66 Investors site, www.phillips66.com/investors, and click on “Events and Presentations.” A replay of the webcast will be archived on the Investors site approximately two hours after the live call, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of June 30, 2020. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert, 832-765-2297 (investors)
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LONDON--(BUSINESS WIRE)--#ArtificialLiftSystemsMarket--Technavio has been monitoring the artificial lift systems market and it is poised to grow by $ 4.26 bn during 2020-2024, progressing at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Apergy Corp., Baker Hughes Co., Dover Corp., Halliburton Co., National Oilwell Varco Inc., NOW Inc., OiLSERV, Rockwell Automation Inc., Schlumberger Ltd., and Weatherford International Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Growing demand for oil and natural gas has been instrumental in driving the growth of the market. However, high maintenance cost might hamper the market growth.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts

Artificial Lift Systems Market 2020-2024: Segmentation

Artificial Lift Systems Market is segmented as below:

• End-user
  • Onshore Oil And Gas Industry
  • Offshore Oil And Gas Industry
• Type
  • ESP Systems
  • RLP Systems
  • PCP Systems
  • Others
• Geography
  • North America
  • Europe
  • APAC
  • MEA
  • South America

Artificial Lift Systems Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The artificial lift systems market report covers the following areas:

• Artificial Lift Systems Market Size
• Artificial Lift Systems Market Trends
• Artificial Lift Systems Market Industry Analysis

This study identifies the increasing use of automation and remote technology as one of the prime reasons driving the artificial lift systems market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Artificial Lift Systems Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist artificial lift systems market growth during the next five years
• Estimation of the artificial lift systems market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the artificial lift systems market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of artificial lift systems market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Onshore oil and gas industry - Market size and forecast 2019-2024
• Offshore oil and gas industry - Market size and forecast 2019-2024
• Market opportunity by End-user

Market Segmentation by Type

• Market segments
• Comparison by Type
• ESP systems - Market size and forecast 2019-2024
• RLP systems - Market size and forecast 2019-2024
• PCP systems - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Type

Customer Landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Apergy Corp.
• Baker Hughes Co.
• Dover Corp.
• Halliburton Co.
• National Oilwell Varco Inc.
• NOW Inc.
• OiLSERV
• Rockwell Automation Inc.
• Schlumberger Ltd.
• Weatherford International Plc

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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HOUSTON--(BUSINESS WIRE)--In a federal tax refund case with significant implications for the oil and gas industry, Trafigura Trading, LLC, a market leader in the global commodities industry, retained Chamberlain Hrdlicka to challenge the constitutionality of 26 U.S.C. § 4611(b), which imposes a “tax on . . . domestic crude oil . . . exported from the United States.” The taxes are one of the sources of funding of the Oil Spill Liability Trust Fund, enacted as part of the Oil Pollution Act of 1990. For the tax periods in question, Trafigura paid over $4.2 million in taxes on its crude oil exports. After being denied a refund by the Internal Revenue Service, Trafigura filed a lawsuit in the Southern District of Texas.

Trafigura argued that § 4611(b) violates the Export Clause of the United States Constitution, which states: “No Tax or Duty shall be laid on Articles exported from any State.” The Government did not dispute that Trafigura paid the taxes but argued that § 4611(b), while labeled a tax, is a user fee paid by exporters in exchange for statutory capped liability under the Oil Pollution Act of 1990. If characterized as a user fee instead of a tax, the Government maintained, the Export Clause would not forbid the charge.

Supreme Court guidance on the user fee defense is found in two cases that stand in contrast. In Pace v. Burgess, decided in 1875, Congress imposed an excise tax on tobacco and enacted a companion provision exempting tobacco intended for export. To identify those exempt packages, exporters were required to pay 25 cents in exchange for a stamp that it could place on the package. The Court found that the charge was a user fee because the price of the stamp did not fluctuate with the quantity or value of the export and the fee closely approximated the cost in providing the stamp.

That was not the case in United States v. U.S. Shoe Corp., where, in 1998, the Court struck down a Harbor Maintenance Tax on commercial exports as unconstitutional under the Export Clause. Unlike the 25-cent charge in Pace, the Harbor Maintenance Tax fluctuated with the quantity or value of the export and did not closely approximate costs in providing harbor maintenance services to the taxpayer.

On September 8, 2020, the Court determined that § 4611(b) is an unconstitutional tax on exports because the amount of taxes varies depending on the quantity of the crude oil export, and “the charge does not fairly match the exporter’s use of the services provided by the funds raised from the charge.” The Court deferred its decision as to the remedy.

Trafigura is represented by Chamberlain Hrdlicka attorneys Steven J. Knight, lead counsel and Chair of the firm’s Appellate practice, Lawrence W. Sherlock, Co-Chair of the firm’s Tax Controversy practice, and Peter A. Lowy, Co-Chair of the firm’s State and Local Tax Controversy and Planning practice.

About Chamberlain Hrdlicka

Chamberlain Hrdlicka is a diversified business law firm with offices in Houston, Atlanta, Philadelphia and San Antonio. The firm represents both public and private companies, as well as individuals and family-owned businesses across the nation. The firm offers counsel in civil appeals, litigation, tax planning and tax controversy, corporate, securities and finance, energy law, estate planning and administration, intellectual property, international and immigration law, commercial and business litigation, real estate and construction law. For more information, visit: www.chamberlainlaw.com.

Ania Czarnecka
713-351-9165
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By Integrating New Technology and Using Mitigation Measures, the Sept. 7 -10 PSPS Affected Approximately 50 Percent Fewer Customers Than a Comparable Event Would Have in 2019

Report Details Wind Gusts of 60+ MPH, Thousands of Customers Served by Community Resource Centers and How Temporary Generation Kept Thousands of Customers in Power

SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) has identified more than 80 cases of damage or hazards found on power lines that had been de-energized for public safety due to the recent severe wind event. Any of these could have potentially led to a wildfire had the lines not been turned off during the Public Safety Power Shutoff (PSPS) event that started on Sept. 7, 2020.

Although conducting a PSPS event is a tool of last resort for PG&E, it’s important to understand the goals of the program are to not have electrical equipment start any catastrophic wildfires and to prioritize public and customer safety.

In a report submitted to the California Public Utilities Commission today, PG&E also shared:

• That wind gusts of in excess of 50 mph were recorded at weather stations in 14 different counties in PG&E’s service area, including:
  • A 66-mph gust in Butte County
  • A 66-mph gust in Sonoma County
  • A 62-mph gust in Kern County
• How PG&E’s web site and contact centers successfully provided information to millions of customers without any difficulties or delays
• How 50 Community Resource Centers provided water, bathrooms and device-charging to thousands of customers whose power had been turned off for public safety
• How new weather technology and mitigation measures enabled PG&E to execute a PSPS that affected approximately 50 percent fewer customers than a comparable weather event would have in 2019.
• How PG&E was able to restore electric service to 97% of all customers who could be safely restored on Sept. 9, within 12 daylight hours of the severe weather clearing, and to all customers served by accessible circuits on Sept. 10.

“We have worked diligently to improve Public Safety Power Shutoffs by integrating enhanced weather technology, boosting our coordination with counties and state agencies, and making sure customers get timely and accurate information,” said Michael Lewis, PG&E’s Interim President. “Still, we know turning off the power represents a significant hardship for our customers. Please know that we don’t take this decision lightly, and we will only initiate a PSPS as an option of last resort when severe weather that could cause a wildfire makes it absolutely necessary for public safety.”

PSPS Event Impacted 50 Percent Fewer Customers Than Similar Events in 2019

For 2020, PG&E has been focusing on making PSPS events smaller in size, shorter in duration and smarter for customers. Due to preparation and mitigation strategies, the Sept. 7-10 PSPS event affected approximately 50 percent fewer customers than a comparable de-energization in 2019. This was the result of improved meteorological analytic tools, distribution sectionalizing devices, temporary generation including microgrids and the ability to island the Humboldt Bay Generation Station to provide local power.

This PSPS event was based on a forecast of dry, hot weather with strong winds and dry fuel on the ground that posed significant wildfire risk. After getting notifications starting two days ahead, approximately 172,000 customers in 22 counties had their power turned off for public safety late in the day on Monday, Sept. 7. Once the severe weather subsided, the weather “all clear” was given early on Wednesday, Sept. 9.

After PG&E crews patrolled thousands of miles of transmission and distribution power lines, a necessary step to see if the strong winds had caused damage or tossed hazards such as tree limbs into the lines, more than 97 percent of customers who could take service had been restored by nightfall on Sept. 9. The remaining customers were restored on Thursday, Sept. 10. Due to unsafe flying conditions caused by smoky conditions and gusty easterly winds, PG&E was unable to use a portion of its helicopter fleet to conduct aerial inspections. In all, approximately 2,700 PG&E personnel participated in restoration work aided by another 300 employees in PG&E’s Emergency Operations Center.

Those inspections revealed more than 80 instances of weather-related damage and hazards in the PSPS-affected areas. This includes 59 instances where PG&E lines or other electric-system components were damaged by vegetation (17) or wind (42). Damages, such as a wire down or a fallen pole, are conditions that occurred during a PSPS event, resulting in necessary repairs or replacement of PG&E assets. Additionally, there were 24 instances where a hazard was found. These, such as a tree limb intertwined in a power line, are conditions that might have caused damage had the line not been de-energized.

Here are some examples of what was found as PG&E crews inspected lines prior to re-energization. If a PSPS had not been executed, these types of damages could have caused potential wildfire ignitions.

• In Concow in Butte County, a tree fell into a wire and knocked it to the ground
• In unincorporated El Dorado County, multiple tree limbs fell on a 21,000-volt power line
• In Colfax in Placer County, a broken crossarm was found that could have resulted in the power line sagging or falling
• In unincorporated Shasta County, a broken pole was found during patrols

More Support for Customers in 2020

During the PSPS, PG&E opened 50 Community Resource Centers (CRCs) in 18 counties. Each center offered an ADA-accessible restroom and hand-washing station, medical equipment charging, device charging, Wi-Fi, bottled water and snacks. Due to COVID-19 safety protocols, many of these CRCs were microsites (open-air tents) or mobile sites supported by van. Visitors were required to wear masks and stay six feet apart. For safety and customer convenience, PG&E provided more than 1,300 grab-and-go bags, which included water, snacks and a charging device.

Smaller, Shorter, Smarter PSPS events

PG&E is applying lessons from past PSPS events, and this year will be making events smaller in size, shorter in length and smarter for customers.

• Smaller in Size: During this PSPS event, due to the use of temporary generation, including microgrids and the islanding of a power plant, about 70,000 customers remained energized who would have otherwise lost power. Temporary generation supported nine critical facilities including ICU hospitals and COVID-19 care centers. Sectionalizing devices on 73 circuits allowed PG&E to de-energize portions of a circuit, versus the entirety of the circuit, keeping approximately 53,000 customers in power.

• Shorter in Length: Despite heavy wildfire smoke, 97% of all customers who could be safely restored were restored on Sept. 9, within 12 daylight hours of the severe weather clearing, and all customers served by accessible circuits were restored on Sept. 10.

• Smarter for Customers: Before this PSPS event, PG&E significantly updated our website and established a new emergency website for scalability and stability. PG&E’s main webpage, pge.com, has the capacity to serve 12 million hits per hour, and PG&E’s emergency website, which maintains the PSPS event update information, has the capacity to serve 240 million hits per hour. During this event, pge.com’s hit rate peaked on Sept. 6 at 7 p.m. with approximately 2.45 million hits per hour, and the emergency website with PSPS update information peaked on Sept. 7 at 7 p.m. with approximately 1.69 million hits per hour.

More than 10,300 vulnerable customers, who take part in PG&E’s Medical Baseline program, had enhanced notifications from PG&E, including 1,037 cases where a PG&E employee knocked on their door prior to the PSPS. Additionally, through the California Foundation for Independent Living and other community-based organizations, support included 550 back-up batteries, 174 food vouchers, 91 hotel vouchers and transportation for nine customers. In partnership with five local food banks serving 11 counties, more than 9,000 boxes of food replacement for families who experienced food loss during the event.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

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HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners (NYSE: PSXP) executive management will host a conference call webcast at 2 p.m. EDT on Friday, Oct. 30, to discuss the partnership’s third-quarter 2020 financial results, which will be released earlier that day, and provide an update on strategic initiatives.

To access the webcast, go to the Phillips 66 Partners Events and Presentations site, www.phillips66partners.com/events. A replay of the webcast will be archived on the Events and Presentations site approximately two hours after the live call, and a transcript will be available at a later date.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

Jeff Dietert, 832-765-2297 (investors)
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An estimated 21,000 customers who might be affected by the Public Safety Power Shutoff are receiving the initial notifications today–two days ahead of the potential event

Fewer than 1 percent of PG&E customers could be affected by shutoff

SAN FRANCISCO--(BUSINESS WIRE)--This afternoon, Pacific Gas and Electric Company (PG&E) notified customers in portions of three Northern Sierra and North Valley counties about a potential Public Safety Power Shutoff (PSPS) starting Saturday evening. Hot and dry conditions combined with expected high wind gusts pose an increased risk for damage to the electric system that has the potential to ignite fires in areas with dry vegetation.

High fire-risk conditions are expected to arrive Saturday evening, continue through Sunday evening and subside Monday morning. PG&E will then inspect the de-energized lines to ensure they were not damaged during the wind event. PG&E will safely restore power in stages as quickly as possible, with the goal of restoring most customers within 12 daylight hours, based on once the weather “all clear” is provided.

While there is still uncertainty regarding the strength and timing of this weather system, the shutoff is currently expected to impact approximately 21,000 customers in portions of Butte, Plumas and Yuba counties. This weather event will be localized to the Sierra Foothills, so customers in the Bay Area and southern parts of PG&E’s service area will not be impacted.

Potential Public Safety Power Shutoff: What People Should Know

The potential PSPS event is still at least 48 hours away. PG&E’s in-house meteorologists as well as its Wildfire Safety Operations Center and Emergency Operations Center will continue to monitor conditions, and additional customer notifications will be issued as we move closer to the potential event.

Customer notifications—via text, email and automated phone call—began late this afternoon. Customers enrolled in the company’s Medical Baseline program who do not verify that they have received these important safety communications will be individually visited by a PG&E employee with a knock on their door when possible. A primary focus will be given to customers who rely on electricity for critical life-sustaining equipment.

Why PG&E Calls a PSPS Event

Due to forecasted extreme weather conditions, PG&E is considering proactively turning off power for safety. Windy conditions, like those being forecast, increase the potential for damage and hazards to the electric infrastructure, which could cause sparks if lines are energized. These conditions also increase the potential for rapid fire spread.

State officials classify more than half of PG&E’s 70,000-square-mile service area in Northern and Central California as having a high fire threat, given dry grasses and the high volume of dead and dying trees. The state’s high-risk areas have tripled in size in seven years.

No single factor drives a PSPS, as each situation is unique. PG&E carefully reviews a combination of many criteria when determining if power should be turned off for safety. These factors generally include, but are not limited to:

• Low humidity levels, generally 20 percent and below
• Forecasted sustained winds generally above 25 mph and wind gusts in excess of approximately 45 mph, depending on location and site-specific conditions such as temperature, terrain and local climate
• A Red Flag Warning declared by the National Weather Service
• Condition of dry fuel on the ground and live vegetation (moisture content)
• On-the-ground, real-time observations from PG&E’s Wildfire Safety Operations Center and observations from PG&E field crews

New for 2020: Improved Watch and Warning Notifications

In response to customer feedback requesting more information as soon as possible to ensure they have time to prepare for and plan in advance of a potential PSPS event, PG&E will provide improved Watch and Warning notifications this year.

Whenever possible, an initial Watch notification will be sent two days in advance of a potential PSPS event. This is what is being sent to customers today. One day before the potential PSPS event, an additional Watch notification will go out, notifying customers of the possibility of a PSPS event in their area based on forecasted conditions.

A PSPS Watch will be upgraded to a Warning when forecasted conditions show that a safety shutoff will be needed. Whenever possible, Warning notifications will be sent approximately four to 12 hours in advance of the power being shut off.

Both Watch and Warning notifications are directly tied to the weather forecast, which can change rapidly.

As an example of how notifications have been improved for 2020, customers will see the date and time when power is estimated to be shut off as well as the estimated time when their power will be restored, all provided two days before the power goes out. Last year, the estimated time of restoration was not provided until the power had been turned off.

Here’s Where to Go to Learn More

• PG&E’s emergency website (www.pge.com/pspsupdates) is now available in 13 languages. Currently, the website is available in English, Spanish, Chinese, Tagalog, Russian, Vietnamese, Korean, Farsi, Arabic, Hmong, Khmer, Punjabi and Japanese. Customers will have the opportunity to choose their language of preference for viewing the information when visiting the website.
• Customers are encouraged to update their contact information and indicate their preferred language for notifications by visiting www.pge.com/mywildfirealerts or by calling 1-800-742-5000, where in-language support is available.
• Tenants and non-account holders can sign up to receive PSPS ZIP Code Alerts for any area where you do not have a PG&E account by visiting www.pge.com/pspszipcodealerts.
• PG&E has launched a new tool at its online Safety Action Center (www.safetyactioncenter.pge.com) to help customers prepare. By using the "Make Your Own Emergency Plan" tool and answering a few short questions, visitors to the website can compile and organize the important information needed for a personalized family emergency plan. This includes phone numbers, escape routes and a family meeting location if an evacuation is necessary.

Smaller, Shorter, Smarter PSPS events

PG&E is learning from past PSPS events, and this year will be making events smaller in size, shorter in length and smarter for customers.

• Smaller in Size: This year, PG&E expects to cut restoration times in half compared to 2019, restoring power to nearly all customers within 12 daylight hours after severe weather has passed, by:
  • Installing approximately 600 devices that limit the size of outages so fewer communities are without power.
  • Installing microgrids that use generators to keep the electricity on.
  • Placing lines underground in targeted locations.
  • Using better weather monitoring technology and installing new weather stations.
• Shorter in Length: To make events shorter, PG&E expects to restore customers twice as fast by:
  • Expanding its helicopter fleet and using new airplanes with infrared equipment to inspect at night.
  • Deploying more PG&E and contractor crews to inspect equipment and restore service.
• Smarter for Customers: In order to make events smarter for customers, PG&E is:
  • Providing more information and resources by improving the website bandwidth and customer notifications, opening Community Resource Centers and working with local agencies and critical service providers.
  • Providing more assistance before, during and after a PSPS event by working with community-based organizations to support customers with medical needs making it easier for eligible customers to join and stay in the Medical Baseline program.

Earlier this month, due to better weather technology and mitigation efforts such as sectionalizing devices and temporary generation, the Sept. 7-10 PSPS event affected approximately 50% fewer customers than a comparable event would have in 2019.

Community Resource Centers Reflect COVID-Safety Protocols

PG&E will open Community Resource Centers (CRCs) in every county where a PSPS occurs. The sole purpose of a PSPS is to reduce the risk of major wildfires during severe weather. While a PSPS is an important wildfire safety tool, PG&E understands that losing power disrupts lives, especially for customers sheltering-at-home in response to COVID-19. These temporary CRCs will be open to customers when power is out at their homes and will provide ADA-accessible restrooms and hand-washing stations; medical-equipment charging; Wi-Fi; bottled water; and non-perishable snacks.

In response to the COVID-19 pandemic, all CRCs will follow important health and safety protocols including:

• Facial coverings and maintaining a physical distance of at least six feet from those who are not part of the same household will be required at all CRCs.
• Temperature checks will be administered before entering CRCs that are located indoors.
• CRC staff will be trained in COVID-19 precautions and will regularly sanitize surfaces and use Plexiglass barriers at check-in.
• All CRCs will follow county and state requirements regarding COVID-19, including limits on the number of customers permitted indoors at any time.

Besides these health protocols, customers visiting a CRC in 2020 will experience further changes, including a different look and feel. In addition to using existing indoor facilities, PG&E is planning to open CRCs at outdoor, open-air sites in some locations and use large commercial vans as CRCs in other locations. The CRC to be used will depend on a number of factors, including input from local and tribal leaders. Supplies also will be handed out in grab-and-go bags at outdoor CRCs so most customers can be on their way quickly.

How customers can prepare for a PSPS

As part of PSPS preparedness efforts, PG&E suggests customers:

• Plan for medical needs like medications that require refrigeration or devices that need power.
• Identify backup charging methods for phones and keep hard copies of emergency numbers.
• Build or restock your emergency kit with flashlights, fresh batteries, first aid supplies and cash.
• Keep in mind family members who are elderly, younger children and pets.

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 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

Media Relations
415.973.5930

NEW YORK--(BUSINESS WIRE)--Today, Blackstone (NYSE: BX) announced that private equity funds managed by Blackstone Energy Partners have closed the sale of their approximately 42% stake in Cheniere Energy Partners, L.P. to Brookfield Infrastructure and funds managed by Blackstone Infrastructure Partners. The transaction values the approximately 42% stake at $7 billion.

The sale represents the culmination of Blackstone Energy Partners’ 8+ years of involvement with Cheniere. In 2012 Blackstone Energy Partners and its affiliates invested $1.5 billion in Cheniere Energy Partners to build the first two liquefaction trains at the Sabine Pass LNG facility in Louisiana. Sabine Pass was the first LNG export facility in the lower 48 states, providing a critical link between North American gas producers and growing international LNG demand centers. The construction of Sabine Pass created 5,000 U.S. jobs and continues to support American energy independence, generate export revenues, and provide cleaner, more affordable energy to millions of people worldwide.

Commenting on the transaction, David Foley, Global Head of Blackstone Energy Partners said: “Blackstone’s early equity commitment to Cheniere enabled the timely construction of Sabine Pass, the first LNG export facility in the lower 48 states and one of the largest construction projects in the U.S. I’m proud of the success of the project, the support we were able to provide to Cheniere’s outstanding executive management team as they ably dealt with various challenges over the years and the tremendous return we delivered for our investors.”

Jack Fusco, Chief Executive Officer, Cheniere said: “Cheniere is grateful for the collaborative and mutually beneficial partnership we have had with Blackstone Energy Partners over the past eight years. Today, Sabine Pass is a world-scale LNG complex, providing flexible, reliable, and cost competitive U.S. LNG to markets worldwide, and I would like to thank David Foley and the Blackstone team for their contributions to Cheniere’s many successes. We still have much to accomplish at Cheniere, and I look forward to working alongside Blackstone Infrastructure Partners and Brookfield Infrastructure Management to achieve our shared goals.”

Sean Klimczak, Global Head of Blackstone Infrastructure Partners added: “Under the leadership of Jack Fusco and his team, Sabine Pass has successfully transitioned from a construction project to a global leader in the LNG sector. Cheniere benefits from long-term contracted revenues across a diverse set of investment-grade counterparties, generating the stable and growing cash flows we seek to add to our infrastructure investment portfolio. Our team is excited to partner with Brookfield to invest in this large-scale, high quality infrastructure company.”

Jefferies LLC and Morgan Stanley acted as financial advisors to Blackstone Energy Partners, while Latham & Watkins acted as legal advisor. Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.

About Blackstone Energy Partners

Blackstone Energy Partners is Blackstone's energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $17 billion equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Blackstone Infrastructure Partners

Infrastructure is one of Blackstone's most active investment areas. Over the last 15 years, we have invested in more than $46 billion of infrastructure-related projects globally. Blackstone’s approach to infrastructure investing is one that puts a focus on responsible stewardship and community engagement. In areas such as clean power, energy transmission, communications technology, and many others, we have helped move forward sustainable projects that drive local economic growth and job creation, and enhance quality of life. In doing so, we work closely with civic stakeholders to help make sure that critical infrastructure is developed in a responsible manner that is responsive to community needs.

Blackstone
Paula Chirhart
347-463-5453
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LONDON--(BUSINESS WIRE)--#GlobalPortsandTerminalOperationsMarket--The ports and terminal operations market will witness an incremental growth of USD 4.64 billion during 2020-2024, according to the latest pandemic recovery-based research report by Technavio. Factors such as imposition of worldwide lockdowns have partially halted operations and affected supply chains and logistics. This has further impacted economies around the globe, resulting in an overall slowdown during 2020. However, businesses are gradually carving out unique pathways to recover from the COVID-19 crisis. With the exemption of lockdowns, growing incorporation of active social distancing and remote working, and surging entries of players in digital marketplaces, various industry and market conditions are likely to improve by early 2021.

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COVID-19 Highlights

• Industrials industry will have Negative impact due to the pandemic
• Ports and terminal operations market is expected to witness Negative growth during 2020-2024
• Industrials Industry will witness Indirect impact during the forecast period
• Ports and terminal operations market growth is likely to Increase in 2020 compared to 2019 due to Positive YOY

Markets across the globe have faced the economic wrath of the pandemic and are dealing with uncertainties by banking on the online marketspace to reach out to a wider target audience. This ports and terminal operations market research report encompasses all possible factors expected to drive the market growth and create opportunities for all the stakeholders in the supply chain. View detailed Ports and Terminal Operations market insights here: https://www.technavio.com/report/ports and terminal operations market-industry-analysis

Key Ports and Terminal Operations Market Research Findings

• A CAGR of over 2% is expected to be recorded in ports and terminal operations market during 2020-2024
• Growth of containerization will boost the ports and terminal operations market growth
• Automation of port operations will have a positive impact on the ports and terminal operations market
• Managing congestion risk is likely to create hindrance for the ports and terminal operations market

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Ports and Terminal Operations Market Vendor Participation Scenario

• Market is Fragmented
• Several leading companies in the market are focusing on restoring their economic activity
• Vendors are concentrating on growth prospects from fast-growing segments while retaining their positions in slow-growing segments.
• Prominent ports and terminal operations market players are: APM Terminals, China Merchants Port Holdings Co.Ltd., COSCO SHIPPING LINES Co. Ltd., DP World, EUROKAI GmbH & Co. KGaA, Hutchison Port Holdings Trust, International Container Terminal Services Inc. (ICTSI), Ports America Inc., PSA International Pte. Ltd., and SAAM.

With more companies navigating the pandemic gradually, this research analysis can be personalized to create a recovery path for the market participants. Try out our $1000 Worth Free Report Customization by Speaking to our Analyst or Industry Expert

Key Considerations for Market Forecast

• Products and services used to manage or contain the spread of COVID-19 virus
• Products and services used for the treatment of COVID-19 virus
• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
• Optimistic, base case, and pessimistic scenarios for all markets as the impact of pandemic unfolds
• Pre- and post-COVID 19 market estimates
• Quarterly impact analysis as the spread reaches global level and updates on market estimates

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Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Market characteristics
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Service

• Market segments
• Comparison by Service
• Stevedoring - Market size and forecast 2019-2024
• Cargo and handling transportation - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Service

Customer Landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• APM Terminals
• China Merchants Port Holdings Co. Ltd.
• COSCO SHIPPING LINES Co. Ltd.
• DP World
• EUROKAI GmbH & Co. KGaA
• Hutchison Port Holdings Trust
• International Container Terminal Services Inc. (ICTSI)
• Ports America Inc.
• PSA International Pte. Ltd.
• SAAM

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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LONDON--(BUSINESS WIRE)--#GlobalMarineEnginesMarket--The global marine engines market is expected to grow by USD 974.45 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 1%.

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Read the 120-page report with TOC on "Marine Engines Market Analysis Report by Type (Outboard engines and Inboard engines), Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/marine-engines-market-industry-analysis

The marine engines market is driven by the increase in maritime trade and fleet size. In addition, the growth in demand for naval vessels is anticipated to boost the growth of the marine engines market.

Rapid industrialization and the liberalization of economies has significantly increased the trade volume between countries globally. In addition, the growing population in developing countries in Asia has increased the demand for goods and raw materials. This has increased the need for large ships and containers to cater to the growing demand. However, the growth in seaborne trade is leading to an increase in carbon emissions. Also, the growing stringency of emission regulations is increasing the adoption of gas turbine engines in marine vessels to reduce carbon emissions. All these factors are positively influencing the growth of the global marine engines market.

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Major Five Marine Engines Companies:

AB Volvo

AB Volvo operates its business through segments such as Industrial Operations and Financial Services. The company offers marine engines such as Volvo Penta IPS, Aquamatic Sterndrive, and Diesel Inboard.

BAE Systems Plc

BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company offers various types of marine engines including marine propulsion and auxiliary systems.

Beta Marine Ltd.

Beta Marine Ltd. operates its business through the Products segment. The company offers various types of marine engines and generating sets.

Caterpillar Inc.

Caterpillar Inc. operates its business through segments such as Construction Industries, Resource Industries, Energy & Transportation, and Financial Products Segment. The company offers commercial marine engines and high-performance marine and maneuvering solutions.

Cummins Inc.

Cummins Inc. operates its business through segments such as Engine, Distribution, Components, Power Systems, and New Power. The company offers a complete line of variable speed solutions designed specifically for the challenges of commercial, government, and recreational marine applications.

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Marine Engines Market Type Outlook (Revenue, USD Million, 2020-2024)

• Outboard engines
• Inboard engines

Marine Engines Market Geography Outlook (Revenue, USD Million, 2020-2024)

• APAC
• Europe
• North America
• MEA
• South America

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Related Reports on Industrials Include:

Global Hybrid Electric Marine Propulsion Engine Market – Global hybrid electric marine propulsion engine market by application (commercial and leisure) and geography (APAC, Europe, MEA, North America, and South America).

Global Marine Outboard Engines Market – Global marine outboard engines market by engine power (low-power, mid-power, and high-power) and geography (North America, Europe, APAC, South America, and MEA).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Consumers identified lack of charging infrastructure availability and vehicle purchase price as the two main barriers for plug-in EV adoption

BOULDER, Colo.--(BUSINESS WIRE)--#EVCharging--A new report from Guidehouse Insights analyzes results from the firm’s 2020 Vehicle Preferences and EV Awareness Consumer Survey, which assesses consumer knowledge of plug-in EV (PEVs), attitudes of current PEV owners, and potential barriers to PEV adoption.

Global sales of light duty PEVs reached nearly 2.5 million in 2019 at sales growth of 30% over 2018. However, the US saw an 8% decline in sales since 2018. PEV sales in the US have been inconsistent through the first half of 2020 due to the outbreak of coronavirus. 1Q 2020 had relatively high sales, followed by a sharp decline in 2Q as much of the country was required to shelter in place. Click to tweet: According to a new report from @WeAreGHInsights, despite the sales slump, consumer attitudes toward EVs remain positive.

“As OEMs bring more models to the market and investment in charging infrastructure continues to increase, the PEV market will grow across the US,” says Raquel Soat, research analyst with Guidehouse Insights. “Pockets of high adoption in certain markets indicate that policy and economics play a large role in the adoption of PEVs—more exposure brings more awareness of PEV technology, and PEV awareness will continue to increase as states such as Washington, Colorado, and Nevada have committed to becoming zero emissions vehicle (ZEV) zones.”

Survey respondents indicated that charging availability and purchase price of PEVs are two major barriers to adoption, and more than 45% of respondents said they were not willing to pay more to purchase a PEV rather than a conventional gasoline or diesel vehicle. According to the report, consumer knowledge and awareness of PEV technologies and incentives are expected to play a key role in the PEV market.

The report, Market Data: EV Consumer Profiles, analyzes Guidehouse Insights’ 2020 Vehicle Preferences and EV Awareness Consumer Survey, which assesses consumer vehicle preferences, perceptions, and knowledge of PEVs, attitudes of current PEV owners, and potential barriers to PEV adoption. The survey collected more than 2,000 responses and identified more than 70 PEV owners. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Market Data: EV Consumer Profiles, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
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