KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) and its wholly owned subsidiary, Martin Midstream Finance Corp. (“MMFC” and together with MMLP, the “Issuers”), intend to commence an offering of $400 million in aggregate principal amount of senior secured second lien notes due 2028 (the “Notes”). The Notes will be guaranteed by certain of MMLP’s current wholly owned subsidiaries and future subsidiaries. The Notes and the guarantees will be secured on a second-priority basis by a lien on the collateral of the Issuers and the guarantors, which will consist of substantially all the assets of the Issuers and the guarantors, subject to certain exceptions.
The Issuers intend to use the net proceeds from the offering to (i) repurchase any and all of the approximately $53.7 million outstanding aggregate principal amount of the Issuers’ 10.00% senior secured 1.5 lien notes due 2024 and the approximately $291.4 million outstanding aggregate principal amount of the Issuers’ 11.50% senior secured second lien notes due 2025 (collectively, the “Existing Notes”) through cash tender offers (the “Tender Offers”), (ii) to the extent any Existing Notes remain outstanding after the Tender Offers, pay the redemption price of such Existing Notes using the optional redemption provisions of the indentures governing the Existing Notes, (iii) pay fees and expenses incurred in connection with the offering or the repurchase of the Existing Notes and (iv) partially repay outstanding borrowings under MMLP’s revolving credit facility.
The Notes and related guarantees are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release is issued pursuant to Rule 135c of the Securities Act and does not constitute an offer to sell any security, including the Notes, nor a solicitation for an offer to purchase any security, including the Notes or the Existing Notes, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
About Martin Midstream Partners
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Forward-Looking Statements
All statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) risks and uncertainties related to the capital markets generally, (iii) whether the Issuers will offer the Notes or consummate the offering, (iv) the anticipated terms of the Notes, (v) the anticipated use of proceeds, including the repurchase of the Existing Notes, and (vi) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While MMLP believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in MMLP’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). MMLP disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Sharon Taylor
Chief Financial Officer
(877) 256-6644
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-- Well Positioned to Capitalize on Top-Tier Opportunities and Accelerate Growth --
HOUSTON & FORT WORTH, Texas--(BUSINESS WIRE)--EnCap Investments L.P.(“EnCap”), Double Eagle Energy Holdings IV, LLC (“Double Eagle”), and Tumbleweed Royalty IV, LLC (“Tumbleweed”) announced the successful equity commitment upsize and establishment of their RBL facility. The expansion of capital will provide for acceleration of Double Eagle’s core strategy of acquiring and developing top-tier, accretive drilling opportunities in the Permian Basin.
The establishment of Double Eagle’s syndicated RBL facility, led by JP Morgan Chase Bank, N.A. with Citibank, N.A., PNC Bank, N.A., and RBC Capital Markets acting as joint lead arrangers and joint bookrunners, enhances Double Eagle’s ability to pursue high-quality assets and increase development pace.
Cody Campbell and John Sellers, Co-Chief Executive Officers of Double Eagle, commented, “We are excited to announce this commitment increase with EnCap and our other investors. We are also pleased to have established our RBL facility with four great banks. We appreciate the support of our strategic partners and look forward to continuing these legacy relationships from previous Double Eagle iterations. This all comes at a time when we are ramping up our development pace - we recently added two additional drilling rigs to our program and will continue running four rigs for the foreseeable future with a potential fifth rig joining later this year. We are now in a position to execute on a robust development plan while maintaining the ability to expand our footprint throughout the Permian.”
Jason DeLorenzo, Managing Partner of EnCap, added “We are pleased to show our continued support of Double Eagle through this commitment expansion. Since our partnership began less than a year ago, the team at Double Eagle has been highly successful in re-establishing themselves as a premier acquirer and developer of assets. We are excited to continue building this business together with them.”
About Double Eagle
Double Eagle is a Fort Worth, Texas-based energy company focused on acquiring and developing oil and gas assets throughout North America.
About EnCap Investments L.P.
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 24 institutional funds totalling approximately $40 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.encapinvestments.com.
For Double Eagle:
Jordan Huelse
Vice President – Finance
817-928-3260
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For EnCap:
Meredith Hargrove Howard
Redbird Communications Group
210-737-4478
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For other investor inquiries regarding EnCap
Charles W. Bauer
Partner – Investor Relations
713-659-6100
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Matt Crystal
Managing Director – Investor Relations
713-659-6100
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KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) announced that it has commenced cash tender offers to purchase (i) any and all of the approximately $53.7 million outstanding aggregate principal amount of the 10.00% senior secured 1.5 lien notes due 2024 (the “2024 Notes”) issued by MMLP and its wholly owned subsidiary, Martin Midstream Finance Corp. (together with MMLP, the “Issuers”), and (ii) any and all of the approximately $291.4 million outstanding aggregate principal amount of the Issuers’ 11.50% senior secured second lien notes due 2025 (the “2025 Notes” and, together with the 2024 Notes, the “Existing Notes”), with a portion of the net proceeds from the Issuers’ concurrent private placement of $400 million in aggregate principal amount of senior secured second lien notes due 2028 (the “New Notes”), which was also announced today by MMLP. The tender offers are being made pursuant to an offer to purchase and related notice of guaranteed delivery, each dated as of January 30, 2023. The tender offers will expire at 5:00 p.m., New York City time, on February 3, 2023 (as such time and date may be extended, the “expiration time”). Tendered Notes may be withdrawn at any time before the expiration time.
Under the terms of the tender offers, holders of the Notes that are validly tendered and accepted at or prior to the expiration time, or holders who deliver to the depository and information agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such Notes, each in accordance with the instructions described in the offer to purchase, will receive total cash consideration of $1,015.50 per $1,000 principal amount of 2024 Notes and $1,006.90 per $1,000 principal amount of 2025 Notes, plus an amount equal to any accrued and unpaid interest up to, but not including, the settlement date, which is expected to be February 8, 2023, subject to satisfaction of the Financing Condition described below.
The tender offers are contingent upon the satisfaction of certain conditions, including the condition that the Issuers shall have raised at least $400 million in gross proceeds from the offering of the New Notes on or prior to the settlement date (the “Financing Condition”). The tender offers are not conditioned on any minimum amount of Notes being tendered. MMLP may amend, extend or terminate either or both tender offers in its sole discretion.
To the extent any Notes remain outstanding after the consummation of the tender offers, the Issuers will exercise their optional redemption rights with respect to any outstanding Notes and satisfy and discharge each indenture governing the Notes (the “Indentures”), as applicable, on the settlement date, in accordance with the terms of the Indentures. Neither this statement nor the tender offers constitute a notice of redemption under the provisions of the Indentures.
The tender offers are being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, each dated January 30, 2023, copies of which may be requested from the information agent for the tender offer, D.F. King & Co., Inc., at (800) 628-8510 (Toll-Free) or (212) 269-5550, by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or via the following web address: www.dfking.com/mmlp. Wells Fargo Securities, LLC will act as Dealer Manager for the tender offers. Questions regarding the tender offers may be directed to the Dealer Manager at (866) 309-6316 (toll-free) or (704) 410-4756 (collect).
This press release does not constitute a notice of redemption under the optional redemption provisions of the Indentures, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security, including the New Notes or the Existing Notes, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About MMLP
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Forward-Looking Statements
All statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) risks and uncertainties related to the capital markets generally, (iii) whether the Issuers will offer the New Notes or consummate the offering, (iv) the anticipated terms of the New Notes, (v) the anticipated use of proceeds, including the repurchase of the Notes, and (vi) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While MMLP believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in MMLP’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). MMLP disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Sharon Taylor
Chief Financial Officer
(877) 256-6644
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) will issue a press release reporting its fourth quarter and full year 2022 results on Monday, February 20, 2023, after the close of business. The press release and associated slide presentation will be available on Helix's website, www.helixesg.com.
Helix will review its fourth quarter and full year 2022 results on Tuesday, February 21, 2023, at 9:00 a.m. Central Time via a live webcast and teleconference. The live webcast will be available on our website under "For the Investor." Investors and other interested parties wishing to dial in to the teleconference may join by dialing 1-877-207-9876 for participants in the United States or 1-212-231-2907 for international participants. The passcode is "Staffeldt." A replay of the webcast will be available on our website under "For the Investor" by selecting the "Audio Archives" link beginning approximately two hours after the completion of the event.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. Our services are centered toward and well positioned to facilitate global energy transition by maximizing production of remaining oil and gas reserves, decommissioning end-of-life oil and gas fields, and supporting renewable energy developments. For more information about Helix, please visit our website at www.helixesg.com.
Erik Staffeldt, Executive Vice President and CFO
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ph: 281-618-0465
KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ:MMLP) (“MMLP”) announced today that its wholly owned subsidiary, Martin Operating Partnership L.P., as borrower, MMLP and certain of MMLP’s other subsidiaries, as guarantors, entered into an amendment to MMLP’s existing revolving credit facility (as so amended, the “Amended Credit Facility”). The Amended Credit Facility will become effective upon the closing of the offering by MMLP and its wholly owned subsidiary, Martin Midstream Finance Corp., of $400 million in aggregate principal amount of senior secured second lien notes due 2028 (the “Notes”), which was also announced today by MMLP, and the satisfaction of certain other conditions related thereto. The Amended Credit Facility amends MMLP’s existing revolving credit facility entered into on March 28, 2013 to, among other things, (i) extend the stated maturity date from August 2023 to February 2027; (ii) reduce the commitments from $275.0 million to $200.0 million, then further reduce such commitments to $175.0 million on June 30, 2023 and then further reduce such commitments to $150.0 million on June 30, 2024; and (iii) permit the revolving credit facility to be increased from time to time upon MMLP’s written request, subject to certain conditions (including the consent of the increasing lenders), up to an additional $50.0 million.
This press release does not constitute an offer to sell any security, including the Notes, nor a solicitation for an offer to purchase any security, including the Notes, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
About Martin Midstream Partners
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Forward-Looking Statements
All statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) risks and uncertainties related to the capital markets generally, (iii) whether the Issuers will offer the Notes or consummate the offering, and (iv) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While MMLP believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in MMLP’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). MMLP disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Sharon Taylor
Chief Financial Officer
(877) 256-6644
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TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) today announced that the Board of Directors of ARLP’s general partner approved an increased cash distribution to its unitholders for the quarter ended December 31, 2022 (the "2022 Quarter").
ARLP unitholders will receive a cash distribution for the 2022 Quarter of $0.70 per unit (an annualized rate of $2.80 per unit), payable on February 14, 2023 to all unitholders of record as of the close of trading on February 7, 2023. The announced distribution represents a 180% increase over the cash distribution of $0.25 per unit for the quarter ended December 31, 2021 and a 40% increase over the cash distribution of $0.50 per unit for the quarter ended September 30, 2022.
As previously announced, ARLP will report financial results for the 2022 Quarter before the market opens on Monday, January 30, 2023 and Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.
To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the "investor relations" section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13735338.
Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold ARLP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of ARLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, ARLP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not ARLP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is the second largest coal producer in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7674
HOUSTON--(BUSINESS WIRE)--#CarbonNeutral--The City of Houston’s Mayor Sylvester Turner, along with Greater Houston Partnership CEO Bob Harvey and Consul General Hirofumi Murabayashi, will tour Toshiba International Corporation’s manufacturing campus in Northwest Houston today as part of a larger effort to progress the Houston Energy Transition Initiative.
“For 50 years, Toshiba has chosen to call Houston home,” said Mayor Turner. “Toshiba has demonstrated its commitment to our region while enhancing the city’s image as an advanced manufacturing and technology center. I am proud of Houston’s diverse talent pool, highly-skilled workforce, and stability that have contributed to Toshiba International Corporation (TIC) offices in Houston becoming a leading manufacturer of state-of-the-art industrial & electrical equipment. The City of Houston supports Toshiba and I look forward to touring and seeing first-hand Toshiba’s facilities in Houston.”
Mayor Turner and Harvey’s visit serve as a follow up to their trade mission to Japan last October, during which the delegation visited Toshiba and the City of Houston and the City of Chiba marked 50 years of sister-city friendship. A central theme of the visit focused on furthering cooperation in energy, innovation and advanced manufacturing between the City of Houston and Japan.
“Toshiba is one of the most established Japanese corporations in the Houston region,” said Mr. Harvey. “During a recent trade and investment mission to Japan, I had the honor of visiting with Toshiba’s leadership team at their headquarters to discuss the company’s growth in Houston and strengthen opportunities for collaboration in the digital technology and energy transition space. Today’s tour of Toshiba’s Houston facility is a great opportunity to continue these conversations with local leadership. We are grateful for Toshiba’s investment in Houston, as it further underscores our region’s position as a premiere location for foreign direct investment and a key global manufacturing hub.”
The tour will showcase advanced manufacturing operations and innovative product solutions for the energy sector, including hybrid electric vehicle (HEV) motors and generators, SCiB™ lithium-ion energy storage systems, and electric motor and adjustable speed drive products used in a variety of applications, including power generation and carbon capture.
“We are honored to host Mayor Sylvester Turner, Greater Houston Partnership CEO Bob Harvey, and Consul General Murabayashi on our manufacturing campus. We see significant alignment between the vision of Houston’s Energy Transition Initiative and our ongoing commitment to contribute to society through a focus on carbon neutrality and resilient infrastructure around the world,” said Toshiba International Corporation President & CEO Ken Takagi. “We believe our meeting can serve as a solid foundation for further collaboration and that Toshiba will play a meaningful role in the continued transformation and growth of Houston through local projects.”
About Toshiba International Corporation
Toshiba International Corporation (TIC) is a Toshiba America Inc. (TAI) Group Company, a wholly owned subsidiary of Toshiba Corporation, and comprised of various business units including – Motors & Variable Frequency Drives, Power Electronics, Automotive Systems, Transportation, and Transmission & Distribution Systems. Headquartered in Houston, Texas, TIC provides application solutions to a wide range of industries including the energy sector, general industrial, automotive, IT, medical and more.
For more information about TIC, please visit www.toshiba.com/tic.
TIC on LinkedIn: linkedin.com/company/toshiba-international-corporation
Toshiba International Corporation
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713-466-0277 x3771
ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate solutions, today announced the Federal income tax treatment of the Company’s 2022 distributions on its common stock (CUSIP #41068X100).
The Federal income tax classification of the aggregate $1.4750 distribution per share on the Company's common stock with respect to the calendar year ended December 31, 2022, is shown in the table below:
Record Date |
Payable Date |
Total
|
Ordinary
|
Return of
|
Capital
|
12/28/2021 |
01/11/2022 |
$0.3500 |
$0.1101 |
$0.2399 |
$0.0000 |
04/04/2022 |
04/11/2022 |
$0.3750 |
$0.1180 |
$0.2570 |
$0.0000 |
07/05/2022 |
07/12/2022 |
$0.3750 |
$0.1180 |
$0.2570 |
$0.0000 |
10/04/2022 |
10/11/2022 |
$0.3750 |
$0.1180 |
$0.2570 |
$0.0000 |
2022 |
Total |
$1.4750 |
$0.4641 |
$1.0109 |
$0.0000 |
12/28/2022 |
01/06/2023 |
|
To be reported on 2023 1099-DIV |
||
The amount reported as Ordinary Income Per Share is treated as a qualified REIT dividend for purposes of Section 199A. As the Company's aggregate distributions exceeded its taxable earnings and profits, the January 2023 distribution declared in the fourth quarter of 2022 and payable to stockholders of record as of December 28, 2022, will be treated as a 2023 distribution for Federal income tax purposes and is not included on the 2022 Form 1099. Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company's distributions.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
Forward Looking Statements
Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
Investor Relations Inquiries:
Neha Gaddam
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410-571-6189
DUBLIN--(BUSINESS WIRE)--The "The Global Market for Biofuels to 2033" report has been added to ResearchAndMarkets.com's offering.
Renewable energy sources can be converted directly into biofuels. There has been a huge growth in the production and usage of biofuels as substitutes for fossil fuels.
Due to the declining reserve of fossil resources as well as environmental concerns, and essential energy security, it is important to develop renewable and sustainable energy and chemicals.
The use of biofuels manufactured from plant-based biomass as feedstock would reduce fossil fuel consumption and consequently the negative impact on the environment.
Renewable energy sources cover a broad raw material base, including cellulosic biomass (fibrous and inedible parts of plants), waste materials, algae, and biogas.
The Global Market for Biofuels covers biobased fuels, bio-diesel, renewable diesel, sustainable aviation fuels (SAFs), biogas, electrofuels (e-fuels), green ammonia based on utilization of:
Report contents include:
153 company profiles including
Key Topics Covered:
1 RESEARCH METHODOLOGY
2 EXECUTIVE SUMMARY
2.1 Market drivers
2.2 Market challenges
2.3 Liquid biofuels market 2020-2033, by type and production
3 INDUSTRY DEVELOPMENTS 2020-2023
4 BIOFUELS
4.1 The global biofuels market
4.1.1 Diesel substitutes and alternatives
4.1.2 Gasoline substitutes and alternatives
4.2 Comparison of biofuel costs 2022, by type
4.3 Types
4.3.1 Solid Biofuels
4.3.2 Liquid Biofuels
4.3.3 Gaseous Biofuels
4.3.4 Conventional Biofuels
4.3.5 Advanced Biofuels
4.4 Feedstocks
4.4.1 First-generation (1-G)
4.4.2 Second-generation (2-G)
4.4.2.1 Lignocellulosic wastes and residues
4.4.2.2 Biorefinery lignin
4.4.3 Third-generation (3-G)
4.4.3.1 Algal biofuels
4.4.4 Fourth-generation (4-G)
4.4.5 Advantages and disadvantages, by generation
5 HYDROCARBON BIOFUELS
5.1 Biodiesel
5.1.1 Biodiesel by generation
5.1.2 Production of biodiesel and other biofuels
5.1.2.1 Pyrolysis of biomass
5.1.2.2 Vegetable oil transesterification
5.1.2.3 Vegetable oil hydrogenation (HVO)
5.1.2.4 Biodiesel from tall oil
5.1.2.5 Fischer-Tropsch BioDiesel
5.1.2.6 Hydrothermal liquefaction of biomass
5.1.2.7 CO2 capture and Fischer-Tropsch (FT)
5.1.2.8 Dymethyl ether (DME)
5.1.3 Global production and consumption
5.2 Renewable diesel
5.2.1 Production
5.2.2 Global consumption
5.3 Bio-jet (bio-aviation) fuels
5.3.1 Description
5.3.2 Global market
5.3.3 Production pathways
5.3.4 Costs
5.3.5 Biojet fuel production capacities
5.3.6 Challenges
5.3.7 Global consumption
5.4 Syngas
5.5 Biogas and biomethane
5.5.1 Feedstocks
5.6 Bio-naphtha
5.6.1 Overview
5.6.2 Markets and applications
5.6.3 Production capacities, by producer, current and planned
5.6.4 Production capacities, total (tonnes), historical, current and planned
6 ALCOHOL FUELS
6.1 Biomethanol
6.1.1 Methanol-to gasoline technology
6.1.1.1 Production processes
6.2 Bioethanol
6.2.1 Technology description
6.2.2 1G Bio-Ethanol
6.2.3 Ethanol to jet fuel technology
6.2.4 Methanol from pulp & paper production
6.2.5 Sulfite spent liquor fermentation
6.2.6 Gasification
6.2.6.1 Biomass gasification and syngas fermentation
6.2.6.2 Biomass gasification and syngas thermochemical conversion
6.2.7 CO2 capture and alcohol synthesis
6.2.8 Biomass hydrolysis and fermentation
6.2.8.1 Separate hydrolysis and fermentation
6.2.8.2 Simultaneous saccharification and fermentation (SSF)
6.2.8.3 Pre-hydrolysis and simultaneous saccharification and fermentation (PSSF)
6.2.8.4 Simultaneous saccharification and co-fermentation (SSCF)
6.2.8.5 Direct conversion (consolidated bioprocessing) (CBP)
6.2.9 Global ethanol consumption
6.3 Biobutanol
6.3.1 Production
7 BIOFUEL FROM PLASTIC WASTE AND USED TIRES
7.1 Plastic pyrolysis
7.2 Used tires pyrolysis
7.2.1 Conversion to biofuel
8 ELECTROFUELS (E-FUELS)
8.1 Introduction
8.1.1 Benefits of e-fuels
8.2 Feedstocks
8.2.1 Hydrogen electrolysis
8.2.2 CO2 capture
8.3 Production
8.4 Electrolysers
8.4.1 Commercial alkaline electrolyser cells (AECs)
8.4.2 PEM electrolysers (PEMEC)
8.4.3 High-temperature solid oxide electrolyser cells (SOECs)
8.5 Costs
8.6 Market challenges
8.7 Companies
9 ALGAE-DERIVED BIOFUELS
9.1 Technology description
9.2 Production
10 GREEN AMMONIA
10.1 Production
10.1.1 Decarbonisation of ammonia production
10.1.2 Green ammonia projects
10.2 Green ammonia synthesis methods
10.2.1 Haber-Bosch process
10.2.2 Biological nitrogen fixation
10.2.3 Electrochemical production
10.2.4 Chemical looping processes
10.3 Blue ammonia
10.3.1 Blue ammonia projects
10.4 Markets and applications
10.4.1 Chemical energy storage
10.4.1.1 Ammonia fuel cells
10.4.2 Marine fuel
10.5 Costs
10.6 Estimated market demand
10.7 Companies and projects
11 BIOFUELS FROM CARBON CAPTURE
11.1 Overview
11.2 CO2 capture from point sources
11.3 Production routes
11.4 Direct air capture (DAC)
11.4.1 Description
11.4.2 Deployment
11.4.3 Point source carbon capture versus Direct Air Capture
11.4.4 Technologies
11.4.5 Commercialization and plants
11.4.6 Metal-organic frameworks (MOFs) in DAC
11.4.7 DAC plants and projects-current and planned
11.4.8 Markets for DAC
11.4.9 Costs
11.4.10 Challenges
11.4.11 Players and production
11.5 Methanol
11.6 Algae based biofuels
11.7 CO2-fuels from solar
11.8 Companies
11.9 Challenges
12 COMPANY PROFILES (153 company profiles)
For more information about this report visit https://www.researchandmarkets.com/r/89laj1-global-market?w=4
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DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) announced today the following schedule for its fourth quarter 2022 results:
Dial-in telephone numbers:
Toll Free: 1-877-407-0784
Toll/International: 1-201-689-8560
UK Toll Free: 0800 756 3429
Webcast:
investors.kosmosenergy.com
About Kosmos Energy
Kosmos is a full-cycle deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also pursue a proven basin exploration program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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PITTSBURGH--(BUSINESS WIRE)--Intelligent power management company Eaton today announced that it is collaborating with Rewiring America, the leading electrification nonprofit in the U.S., to advance electrification education, awareness and action. Additionally, Brian Brickhouse, president, Americas Region, Electrical Sector, has joined Rewiring America’s CEOs for Electrification, a national coalition of business leaders committed to furthering sustainability through electrification, beginning with the American household. Brickhouse joins the coalition as part of Eaton’s continuing efforts to lead the energy transition through key sustainability initiatives including its Home as a Grid approach, which envisions a future in which homes become both producers and users of energy.
“Electrification is a core tenet in the ongoing drive to reduce dependence on carbon-based energy sources and deliver on the promise of a sustainable future,” said Brickhouse. “From enabling the electrification of homes to helping states and municipalities understand how to leverage federal funding for EV charging infrastructure, Eaton is at the forefront of this movement. I look forward to working with the CEOs for Electrification coalition as we advance this essential element in the energy transition.”
According to the United States Energy Information Administration, home energy use accounted for approximately one-sixth of total U.S. energy consumption as of 2020, unlocking a significant opportunity to reduce overall greenhouse gas emission by converting homes to electric power. The CEOs for Electrification coalition drives action by bringing together CEOs across industries to champion electrification, electrify their operations and accelerate market transformation required to electrify everything. Working together, the coalition aims to create millions of new jobs, improve health outcomes and reduce emissions.
“We’re thrilled to partner with Eaton and have Brian Brickhouse join the CEOs for Electrification coalition,” said Rewiring America Head of Partnerships and Engagement Keishaa Austin. “For over a century, Eaton has demonstrated the kind of business leadership and vision we need today to make the clean energy transition work for everyone. Eaton’s Home as a Grid approach is a brilliant example of how electrifying everything can mean better resiliency, sustainability and comfort. We look forward to working together to make electrification easier for all Americans.”
Eaton’s Home as a Grid approach to the energy transition envisions a future where, through the two-way flow of electricity, homes become both producers and consumers of energy. Through technology innovation, homes can act as energy hubs by producing their own power to help support grid flexibility and stability of electrical power. To learn more about Eaton’s Home as a Grid approach, visit Eaton.com/HomeAsAGrid.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, 2023 marks Eaton’s 100th anniversary of being listed on the NYSE. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
Hilary Spittle, (216) 712-2005
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DUBLIN--(BUSINESS WIRE)--The "Global Oil and Gas Instruments Market Opportunity" report has been added to ResearchAndMarkets.com's offering.
This report evaluates the global analytical instrument market in the oil & gas and other closely related industries, such as environmental testing for refinery waste and utilities/power generation.
In this report, the oil & gas industry is categorized into upstream, midstream, downstream, in which different testing applications are observed. The analytical instrument market in this report includes laboratory benchtop, portable, and process instruments utilized in oil & gas applications. These instruments are categorized into nine different technology groups that contribute to the overall market.
Oil & natural gas are the world's primary fuel sources and play an influential role in the global economy. As a whole, the oil & gas industry remains the largest single source of energy in terms of global consumption. Fossil fuels, including coal, make up more than 80% of the world's energy supply.
These non-renewable fuels provide electricity, heat, transportation and also feed into processes that make products from steel to plastics. Despite efforts to decarbonize and expanding research into alternative fuel sources, even the most optimistic scenarios for reducing global dependence on fossil fuels show oil and gas dominating the energy landscape for many decades.
During the pandemic, oil and gas demand, along with prices, tumbled as countries imposed strict lockdowns to contain the spread of COVID-19. With a successful vaccination rollout, lockdowns were lifted, and demand surged. However, that surge was quickly disrupted by the invasion of Ukraine by Russia resulting in sky rocketing prices.
Furthermore, inflation, geopolitical issues and the threat of an impending recession cast much uncertainty over the oil & gas industry. Amidst the gloomy overcast, the outlook for natural gas is positive even with a tightening market and increasing prices, with the more carbon friendly form of fossil fuel expected to aid in the global effort to reduce greenhouse emissions. In addition, gas accounted for nearly half of the world's growth in energy demand, with most of the increased consumption coming from China and the United States.
Instrumentation is critical to the exploration, development, production, processing, and delivery of oil & gas products, and it also has crucial roles to play in plant and worker safety, as well as the monitoring and testing of fuels. Beyond the realm of energy, oil is also important as an industrial lubricant, and there is significant testing in this aspect of the oil & gas industry as well. As the leading provider of market research on analytical instrumentation, SDi has crafted this report to evaluate and explain what is currently driving growth for instrumentation demand in this important end-market.
Report Overview:
Market demand segmented by technique, region, and function, along with yearly market forecasts through 2026. The market estimates have been newly updated with 2021 as the base year and estimates are provided for the following techniques employed by the oil & gas industry:
Market opportunities and threats for the oil & gas industry and regional trends for the United States & Canada, Europe, China, Japan, India & Other Asia-Pacific, Latin America & the Rest of the World.
Vendor share of participating suppliers in each technology category employed by the oil & gas industry. Some of the top vendors in the overall market are presented below, in alphabetical order.
For more information about this report visit https://www.researchandmarkets.com/r/8pg4pc-oil-and?w=4
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Patrick Hogan will help clients achieve sustainability, resiliency and business growth goals
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Black & Veatch, a global leader in critical infrastructure solutions, has announced Patrick Hogan as the company’s first Chief Client Officer (CCO) and member of the company’s leadership team.
The senior leadership position is part of Black & Veatch’s strategic transformation that further strengthens the company’s focus on client relationships to ensure client satisfaction. As CCO, Hogan will partner with professionals across the company to align Black & Veatch’s full portfolio of integrated solutions and services with the needs of clients globally.
A 20-year veteran of Honeywell, Hogan is a seasoned executive with extensive experience in building sales communities, cultivating client relationships and taking cutting-edge solutions to market to address the changing needs of government, utility, commercial and industrial clients. Having recently served as Chief Commercial Officer for Honeywell, at both the enterprise and business unit level, he focused on clients with business needs that intersected many areas of critical infrastructure.
“Patrick is a highly experienced executive with a proven track record in helping clients grow and transform their businesses as they face changing market conditions,” said Mario Azar, Black & Veatch’s Chairman & CEO. “His passion for client engagement and transformative solutions complements our client-driven culture as we help our clients transform their own infrastructure strategies in a fast-changing world increasingly focused on sustainability.”
Hogan brings a wealth of experience working with diverse clients and managing teams across the globe. He previously served in multiple leadership roles for Honeywell, British Gas (now Royal Dutch Shell) and Cedar Consulting, and he has broad experiences in energy, environmental safety, IT consulting and global sales and marketing operations.
As CCO for Black & Veatch, Hogan will lead the design and execution of the company’s sales strategy, teaming with professionals across Black & Veatch to align the company’s integrated solutions and services with clients’ needs.
“Black & Veatch is not only known globally as a company with deep expertise in solving clients’ infrastructure challenges, but as a company that is innovative, forward-looking and focused on the future,” Hogan said. “It’s an exciting time to be joining the company and the critical infrastructure industry. We will help our clients navigate rapid change and grow their businesses as they face increasing pressures to address sustainability and resiliency.”
Editor’s Notes:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US $3.3 billion. Follow us on www.bv.com and on social media.
Media Contact:
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MANSFIELD, Ohio--(BUSINESS WIRE)--#ANNUALMEETING--The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.175 per share on the common stock of the Company, payable March 10, 2023, to shareholders of record as of February 15, 2023. This will mark the 292nd consecutive quarterly dividend paid by The Gorman-Rupp Company.
Other action taken by the Board of Directors of The Gorman-Rupp Company was the announcement of the Annual Meeting of Shareholders scheduled to be held Thursday, April 27, 2023, and the related establishment of the close of business on February 27, 2023 as the record date for shareholders entitled to notice of and to vote at the meeting. The meeting will be in a virtual format only via webcast at 10:00 a.m. Eastern time.
Rick R. Taylor has notified the Company that he will not stand for re-election as a Director at the Company’s 2023 Annual Meeting of Shareholders, when his term will expire. Mr. Taylor, 75, has served as a Director of the Company since 2003.
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, and uncertainties related to our acquisition of the assets of Fill-Rite, including but not limited to integration of the acquired business in a timely and cost effective manner, retention of supplier and customer relationships and key employees, the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated and the ability to service and repay indebtedness incurred in connection with the transaction. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) impairment in the value of intangible assets, including goodwill; (5) defined benefit pension plan settlement expense; and (6) family ownership of common equity; and general risk factors including (7) continuation of the current and projected future business environment, including the impact of inflation and other cost pressures, the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (8) highly competitive markets; (9) availability and costs of raw materials and labor; (10) cyber security threats; (11) compliance with, and costs related to, a variety of import and export laws and regulations; (12) environmental compliance costs and liabilities; (13) exposure to fluctuations in foreign currency exchange rates; (14) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (15) changes in our tax rates and exposure to additional income tax liabilities; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.
DUBLIN--(BUSINESS WIRE)--The "Dry Natural Gas Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
This report on the global dry natural gas market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2022 to 2031.
The report provides revenue of the global dry natural gas market for the period 2017-2031, considering 2021 as the base year and 2031 as the forecast year.
The report also provides the compound annual growth rate (CAGR %) of the global dry natural gas market from 2022 to 2031.
Companies Mentioned
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Market Dynamics
2.4.1. Drivers
2.4.2. Restraints
2.4.3. Drivers
2.5. Porter's Five Forces Analysis
2.6. Regulatory Analysis
2.7. Value Chain Analysis
2.8. Production Overview
2.9. Product Specification Analysis
2.10. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on the Supply Chain of Dry Natural Gas
3.2. Impact on the Demand of Dry Natural Gas - Pre & Post Crisis
4. Impact of Current Geopolitical Scenario
5. Production Output Analysis
6. Price Trend Analysis
7. Global Dry Natural Gas Market Analysis and Forecast, by Source, 2022-2031
7.1. Key Findings
7.2. Global Dry Natural Gas Market Volume (Million Cubic Feet) and Value (US$ Bn) Forecast, by Source, 2020-2031
7.2.1. Onshore
7.2.2. Offshore
7.3. Global Market Attractiveness Analysis, by Source
8. Global Dry Natural Gas Market Analysis and Forecast, by End-use, 2022-2031
8.1. Key Findings
8.2. Global Dry Natural Gas Market Volume (Million Cubic Feet) and Value (US$ Bn) Forecast, by End-use, 2020-2031
8.2.1. Electric Power
8.2.2. Residential
8.2.3. Transportation
8.2.4. Industrial
8.2.5. Commercial
8.2.6. Others (Petrochemical, Aviation, etc.)
8.3. Global Market Attractiveness, by End-use
9. Global Dry Natural Gas Market Analysis and Forecast, by Region, 2022-2031
10. North America Dry Natural Gas Market Analysis and Forecast, 2022-2031
11. Europe Dry Natural Gas Analysis and Forecast, 2022-2031
12. Asia Pacific Dry Natural Gas Analysis and Forecast, 2022-2031
13. Latin America Dry Natural Gas Analysis and Forecast, 2022-2031
14. Middle East & Africa Dry Natural Gas Analysis and Forecast, 2022-2031
15. Competition Landscape
15.1. Market Players - Competition Matrix (by Tier and Size of Companies)
15.2. Market Share Analysis, 2021
15.3. Market Footprint Analysis
15.3.1. By Source
15.4. Company Profiles
16. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/pbe01x-natural-gas?w=4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Coastal Surveillance Systems - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Coastal Surveillance Systems Market to Reach $41.1 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Coastal Surveillance Systems estimated at US$33.7 Billion in the year 2022, is projected to reach a revised size of US$41.1 Billion by 2030, growing at a CAGR of 2.5% over the analysis period 2022-2030. Intelligence, one of the segments analyzed in the report, is projected to record a 3.4% CAGR and reach US$12.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Surveillance & Reconnaissance segment is readjusted to a revised 1.6% CAGR for the next 8-year period.
The U.S. Market is Estimated at $9.9 Billion, While China is Forecast to Grow at 2.4% CAGR
The Coastal Surveillance Systems market in the U.S. is estimated at US$9.9 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$7.3 Billion by the year 2030 trailing a CAGR of 2.4% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.5% CAGR.
Select Competitors (Total 14 Featured) -
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/pxmm6o
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Boat Rental Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
This report on the global boat rental market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2022 to 2031.
The report provides revenue of the global boat rental market for the period 2017-2031, considering 2021 as the base year and 2031 as the forecast year.
The report also provides the compound annual growth rate (CAGR %) of the global boat rental market from 2022 to 2031.
Companies Mentioned
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Macro-economic Factors
2.2. Analysis and Recommendations
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunity
2.4. Market Factor Analysis
2.4.1. Porter's Five Force Analysis
2.4.2. SWOT Analysis
2.4.3. Value Chain Analysis
2.5. Regulatory Scenario
2.6. Key Trend Analysis
2.7. Cost Structure Analysis
2.8. Profit Margin Analysis
3. COVID-19 Impact Analysis - Boat Rental Market
4. Global Boat Rental Market, by Business Model
4.1. Market Snapshot
4.1.1. Introduction, Definition, and Key Findings
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Business Model
4.2.1. Charter
4.2.2. Day Cruise
4.2.3. Lux Charter
4.2.4. Lux Day Cruise
4.2.5. Tour
4.2.6. Event/ B2B
4.2.7. Peer to Peer (P2P)
5. Global Boat Rental Market, by Boat Size
5.1. Market Snapshot
5.1.1. Introduction, Definition, and Key Findings
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Boat Size
5.2.1. Up to 20 Feet
5.2.2. 21 Feet - 35 Feet
5.2.3. 36 Feet - 50 Feet
6. Global Boat Rental Market, by Technology
6.1. Market Snapshot
6.1.1. Introduction, Definition, and Key Findings
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Technology
6.2.1. Service & Maintenance
6.2.2. Connected Systems
6.2.3. Fleet Management
6.2.4. Assistance Systems
6.2.5. Monitoring Systems
6.2.6. Others
7. Global Boat Rental Market, by Boat Class
7.1. Market Snapshot
7.1.1. Introduction, Definition, and Key Findings
7.1.2. Market Growth & Y-o-Y Projections
7.1.3. Base Point Share Analysis
7.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Boat Class
7.2.1. Luxury
7.2.2. Sports
7.2.3. Entry
7.2.4. Others
8. Global Boat Rental Market, by Propulsion
8.1. Market Snapshot
8.1.1. Introduction, Definition, and Key Findings
8.1.2. Market Growth & Y-o-Y Projections
8.1.3. Base Point Share Analysis
8.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Propulsion
8.2.1. Fuel Powered
8.2.2. Outboard Engine
8.2.3. Sterndrive/ Inboard Engine
8.2.4. Electric Boats
8.2.5. Sailed
8.2.6. Others
9. Global Boat Rental Market, by Region
9.1. Market Snapshot
9.1.1. Introduction, Definition, and Key Findings
9.1.2. Market Growth & Y-o-Y Projections
9.1.3. Base Point Share Analysis
9.2. Global Boat Rental Market Size Analysis & Forecast, 2017-2031, by Region
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Middle East & Africa
9.2.5. South America
10. North America Boat Rental Market
11. Europe Boat Rental Market
12. Asia Pacific Boat Rental Market
13. Middle East & Africa Boat Rental Market
14. South America Boat Rental Market
15. Competitive Landscape
15.1. Company Share Analysis/ Brand Share Analysis, 2021
15.2. Pricing comparison among key players
15.3. Company Analysis for each player (Company Overview, Company Footprints, Production Locations, Product Portfolio, Competitors & Customers, Subsidiaries & Parent Organization, Recent Developments, Financial Analysis, Profitability, Revenue Share)
16. Company Profile/ Key Players
For more information about this report visit https://www.researchandmarkets.com/r/eq5q31-rental?w=4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $6.4 billion ($3.33 per share - diluted) for fourth quarter 2022, compared with $5.1 billion ($2.63 per share - diluted) in fourth quarter 2021. Included in the current quarter were $1.1 billion of international upstream write-off and impairment charges, and pension settlement costs of $17 million. Foreign currency effects decreased earnings by $405 million. Adjusted earnings of $7.9 billion ($4.09 per share - diluted) in fourth quarter 2022 compared to adjusted earnings of $4.9 billion ($2.56 per share - diluted) in fourth quarter 2021.
Chevron reported full-year 2022 earnings of $35.5 billion ($18.28 per share - diluted), compared with $15.6 billion ($8.14 per share - diluted) in 2021. Adjusted earnings of $36.5 billion ($18.83 per share - diluted) in 2022 compared to adjusted earnings of $15.6 billion ($8.13 per share - diluted) in 2021. For a reconciliation of adjusted earnings, see Attachment 6.
Sales and other operating revenues in fourth quarter 2022 were $55 billion, compared to $46 billion in the year-ago period.
Earnings Summary |
||||||||||||||||
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Earnings by business segment |
|
|
|
|
|
|
|
|
||||||||
Upstream |
|
$ |
5,485 |
|
|
$ |
5,155 |
|
|
$ |
30,284 |
|
|
$ |
15,818 |
|
Downstream |
|
|
1,771 |
|
|
|
760 |
|
|
|
8,155 |
|
|
|
2,914 |
|
All Other |
|
|
(903 |
) |
|
|
(860 |
) |
|
|
(2,974 |
) |
|
|
(3,107 |
) |
Total (1)(2) |
|
$ |
6,353 |
|
|
$ |
5,055 |
|
|
$ |
35,465 |
|
|
$ |
15,625 |
|
(1) Includes foreign currency effects |
|
$ |
(405 |
) |
|
$ |
(40 |
) |
|
$ |
669 |
|
|
$ |
306 |
|
(2) Net income attributable to Chevron Corporation (See Attachment 1) |
||||||||||||||||
“We delivered record earnings and cash flow in 2022, while increasing investments and growing U.S. production to a company record,” said Mike Wirth, Chevron’s chairman and chief executive officer. The company’s investments increased by more than 75 percent from 2021, and annual U.S. production increased to 1.2 million barrels of oil equivalent per day, led by 16 percent growth in Permian Basin unconventional production.
“Again in 2022, we delivered on our financial priorities: returning cash to shareholders, investing capital efficiently, and paying down debt,” Wirth continued. The company’s other noteworthy financial highlights in 2022 include:
“We’re also investing to grow both traditional and new energy supplies to meet increasing demand for affordable, reliable, and ever-cleaner energy,” Wirth added. The company and its affiliates’ other significant business highlights in 2022 include:
In 2022, Chevron also added 1.1 billion barrels of net oil-equivalent proved reserves. These additions, which are subject to final reviews, equate to approximately 97 percent of net oil equivalent production for the year. The largest net additions were from assets in the Permian Basin, Israel, Canada and the Gulf of Mexico. The largest net reductions were from assets in Kazakhstan, primarily due to higher prices and their negative effect on reserves. The company will provide additional details relating to 2022 reserves in its Annual Report on Form 10-K scheduled to be filed with the SEC on February 23, 2023.
Earlier this week, the company raised its quarterly dividend per share an additional 6 percent, to $1.51 per share, putting the company on track to increase its annual per share dividend for the 36th straight year. In addition, the company’s board also approved a new $75 billion share repurchase program.
“We are well positioned to lead in both traditional and new energy businesses, while delivering higher returns, lower carbon and superior shareholder value,” Wirth concluded.
UPSTREAM
Worldwide net oil-equivalent production was 3.01 million barrels per day in fourth quarter 2022 and 3.00 million barrels per day for the full-year 2022. Both quarterly and annual production were down 3 percent compared to their respective 2021 periods. International production decreased 7 percent in 2022 primarily due to the end of concessions in Thailand and Indonesia, while U.S. production increased 4 percent compared to 2021, mainly in the Permian Basin.
U.S. Upstream |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Earnings |
|
$ |
2,618 |
$ |
2,970 |
|
$ |
12,621 |
|
$ |
7,319 |
|||||
U.S. upstream operations earned $2.62 billion in fourth quarter 2022, compared with $2.97 billion a year earlier. The decrease was primarily due to the absence of fourth quarter 2021 asset sale gains, partially offset by higher realizations.
The company’s average sales price per barrel of crude oil and natural gas liquids was $66 in fourth quarter 2022, up from $63 a year earlier. The average sales price of natural gas was $4.94 per thousand cubic feet in fourth quarter 2022, up from $4.78 in last year’s fourth quarter.
Net oil-equivalent production of 1.19 million barrels per day in fourth quarter 2022 was down slightly from a year earlier as decreases in the Gulf of Mexico were partially offset by increases in the Permian Basin. The net liquids component of oil-equivalent production in fourth quarter 2022 decreased 4 percent to 895,000 barrels per day, and net natural gas production increased 4 percent to 1.79 billion cubic feet per day, compared to last year’s fourth quarter.
International Upstream |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Earnings* |
|
$ |
2,867 |
|
|
$ |
2,185 |
|
|
$ |
17,663 |
|
$ |
8,499 |
||
*Includes foreign currency effects |
|
$ |
(83 |
) |
|
$ |
(9 |
) |
|
$ |
816 |
|
|
$ |
302 |
|
International upstream operations earned $2.87 billion in fourth quarter 2022, compared with $2.19 billion a year ago. The increase in earnings was primarily due to higher realizations, partially offset by write-off and impairment charges, and an unfavorable foreign exchange impact of $74 million compared to last year’s fourth quarter.
The average sales price for crude oil and natural gas liquids in fourth quarter 2022 was $78 per barrel, up from $74 a year earlier. The average sales price of natural gas was $10.35 per thousand cubic feet in the fourth quarter, up from $7.90 in last year’s fourth quarter.
Net oil-equivalent production of 1.82 million barrels per day in fourth quarter 2022 was down 82,000 barrels per day from fourth quarter 2021. The decrease was primarily due to the absence of production following expiration of the Erawan concession in Thailand. The net liquids component of oil-equivalent production decreased 5 percent to 852,000 barrels per day in fourth quarter 2022, while net natural gas production decreased 4 percent to 5.80 billion cubic feet per day compared to last year’s fourth quarter.
DOWNSTREAM
U.S. Downstream |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Earnings |
|
$ |
1,180 |
$ |
660 |
|
$ |
5,394 |
|
$ |
2,389 |
|||||
U.S. downstream operations reported earnings of $1.18 billion in fourth quarter 2022, compared with earnings of $660 million a year earlier. The increase was mainly due to higher margins on refined product sales, partially offset by lower earnings from the 50 percent-owned Chevron Phillips Chemical Company.
Refinery crude oil input in fourth quarter 2022 increased slightly to 888,000 barrels per day from the year-ago period.
Refined product sales of 1.24 million barrels per day were up 7 percent from the year-ago period, mainly due to higher renewable fuel sales following the Renewable Energy Group, Inc. acquisition and higher jet fuel demand.
International Downstream |
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Earnings* |
|
$ |
591 |
|
|
$ |
100 |
|
|
$ |
2,761 |
|
|
$ |
525 |
|
*Includes foreign currency effects |
|
$ |
(112 |
) |
|
$ |
2 |
|
$ |
235 |
|
$ |
185 |
|||
International downstream operations reported earnings of $591 million in fourth quarter 2022, compared with $100 million a year earlier. The increase was mainly due to higher margins on refined product sales, partially offset by an unfavorable swing in foreign currency effects of $114 million compared to last year’s fourth quarter.
Refinery crude oil input of 653,000 barrels per day in fourth quarter 2022 increased 8 percent from the year-ago period as refinery runs increased due to higher demand.
Refined product sales of 1.44 million barrels per day in fourth quarter 2022 increased 9 percent from the year-ago period, mainly due to higher jet fuel demand as restrictions from the pandemic continue to ease.
ALL OTHER
|
|
Three Months
|
|
Year Ended
|
||||||||||||
Millions of dollars |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net Charges* |
|
$ |
(903 |
) |
|
$ |
(860 |
) |
|
$ |
(2,974 |
) |
|
$ |
(3,107 |
) |
*Includes foreign currency effects |
|
$ |
(210 |
) |
|
$ |
(33 |
) |
|
$ |
(382 |
) |
|
$ |
(181 |
) |
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
Net charges in fourth quarter 2022 were $903 million, compared to $860 million a year earlier. The increase in net charges between periods was mainly due to the absence of fourth quarter 2021 favorable tax items and unfavorable foreign currency effects of $177 million, partially offset by the absence of losses on early retirement of debt in the year-ago period.
CASH FLOW FROM OPERATIONS
Cash flow from operations in 2022 was $49.6 billion, compared with $29.2 billion in 2021. Excluding working capital effects, cash flow from operations in 2022 was $47.5 billion, compared with $30.5 billion in 2021.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures for the company’s consolidated entities (C&E) in 2022 were $12.3 billion, compared with $8.6 billion in 2021. Additionally, the company’s share of equity affiliate capital and exploratory expenditures (Affiliate C&E) was $3.4 billion in 2022 and $3.2 billion in 2021 and did not require cash outlays by the company. C&E for 2022 includes $1.3 billion of inorganic spend largely associated with the formation of the Bunge joint venture and acquisition of the remaining interest in Beyond6. The acquisition of Renewable Energy Group, Inc. is not included in the company’s C&E.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
NOTICE
Chevron’s discussion of fourth quarter 2022 earnings with security analysts will take place on Friday, January 27, 2023, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 6.
This news release also includes cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less cash capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less cash capital expenditures and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. A reconciliation of cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital are shown in Attachment 3.
This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.
Key Performance Indicators - Capital and exploratory expenditures (“C&E”) is a key performance indicator that provides the Company’s investment level in its consolidated companies. This metric includes additions to fixed asset and investment accounts along with exploration expense for its consolidated companies. Management uses this metric along with Affiliate C&E (as defined below) to manage allocation of capital across the company’s entire portfolio, funding requirements and ultimately shareholder distributions. The calculation of C&E is shown in Attachment 4.
Equity affiliate capital and exploratory expenditures (“Affiliate C&E”) is also a key performance indicator that provides the Company’s share of investments in its significant equity affiliate companies. This metric includes additions to fixed asset and investment accounts along with exploration expense in the equity affiliate companies’ financial statements. Management uses this metric to assess possible funding needs and/or shareholder distribution capacity of the company’s equity affiliate companies. Together with C&E, management also uses Affiliate C&E to manage allocation of capital across the company’s entire portfolio, funding requirements and ultimately shareholder distributions. Affiliate C&E is in Attachment 4.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Attachment 1 |
|||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
|||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
|||||||||||||||
(unaudited) |
|||||||||||||||
CONSOLIDATED STATEMENT OF INCOME(1) |
|
|
|||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
REVENUES AND OTHER INCOME |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Sales and other operating revenues |
$ |
54,523 |
|
$ |
45,861 |
|
$ |
235,717 |
|
$ |
155,606 |
||||
Income (loss) from equity affiliates |
|
1,623 |
|
|
|
1,657 |
|
|
|
8,585 |
|
|
|
5,657 |
|
Other income (loss) |
|
327 |
|
|
|
611 |
|
|
|
1,950 |
|
|
|
1,202 |
|
Total Revenues and Other Income |
|
56,473 |
|
|
|
48,129 |
|
|
|
246,252 |
|
|
|
162,465 |
|
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
|
||||||||
Purchased crude oil and products |
|
32,570 |
|
|
|
28,046 |
|
|
|
145,416 |
|
|
|
92,249 |
|
Operating expenses (2) |
|
7,891 |
|
|
|
6,864 |
|
|
|
29,321 |
|
|
|
25,428 |
|
Exploration expenses |
|
453 |
|
|
|
192 |
|
|
|
974 |
|
|
|
549 |
|
Depreciation, depletion and amortization |
|
4,764 |
|
|
|
4,813 |
|
|
|
16,319 |
|
|
|
17,925 |
|
Taxes other than on income |
|
864 |
|
|
|
1,074 |
|
|
|
4,032 |
|
|
|
3,963 |
|
Interest and debt expense |
|
123 |
|
|
|
155 |
|
|
|
516 |
|
|
|
712 |
|
Total Costs and Other Deductions |
|
46,665 |
|
|
|
41,144 |
|
|
|
196,578 |
|
|
|
140,826 |
|
Income (Loss) Before Income Tax Expense |
|
9,808 |
|
|
|
6,985 |
|
|
|
49,674 |
|
|
|
21,639 |
|
Income tax expense (benefit) |
|
3,430 |
|
|
|
1,903 |
|
|
|
14,066 |
|
|
|
5,950 |
|
Net Income (Loss) |
|
6,378 |
|
|
|
5,082 |
|
|
|
35,608 |
|
|
|
15,689 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
25 |
|
|
|
27 |
|
|
|
143 |
|
|
|
64 |
|
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
6,353 |
|
|
$ |
5,055 |
|
|
$ |
35,465 |
|
|
$ |
15,625 |
|
|
|
|
|
|
|
|
|
||||||||
(1) Prior year data has been reclassified in certain cases to conform to the 2022 presentation basis. |
|||||||||||||||
(2) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
PER SHARE OF COMMON STOCK |
|
|
|
|
|
|
|
||||||||
Net Income (Loss) Attributable to Chevron Corporation |
|
|
|
|
|
|
|
|
|
||||||
- Basic |
$ |
3.34 |
|
|
$ |
2.63 |
|
|
$ |
18.36 |
|
|
$ |
8.15 |
|
- Diluted |
$ |
3.33 |
|
|
$ |
2.63 |
|
|
$ |
18.28 |
|
|
$ |
8.14 |
|
Weighted Average Number of Shares Outstanding (000's) |
|
|
|
|
|
|
|
|
|
|
|
||||
- Basic |
|
1,910,602 |
|
|
|
1,915,440 |
|
|
|
1,931,486 |
|
|
|
1,915,989 |
|
- Diluted |
|
1,919,731 |
|
|
|
1,922,082 |
|
|
|
1,940,277 |
|
|
|
1,920,275 |
|
|
|
|
|
|
|
|
|
||||||||
Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,901 million and 1,916 million at December 31, 2022 and December 31, 2021, respectively. |
|||||||||||||||
Randy Stuart -- +1 713-283-8609
DUBLIN--(BUSINESS WIRE)--The "Fiberglass Pipes - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Fiberglass Pipes Market to Reach $9.6 Billion by 2030
The global market for Fiberglass Pipes estimated at US$7.5 Billion in the year 2022, is projected to reach a revised size of US$9.6 Billion by 2030, growing at a CAGR of 3% over the analysis period 2022-2030.
GRE, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$5.1 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the GRP segment is readjusted to a revised 2.2% CAGR for the next 8-year period.
The U.S. Market is Estimated at $2.1 Billion, While China is Forecast to Grow at 5.3% CAGR
The Fiberglass Pipes market in the U.S. is estimated at US$2.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 5.3% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.6% and 2.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2030.
What's New?
Key Topics Covered:
MARKET OVERVIEW
FOCUS ON SELECT PLAYERS (Total 44 Featured)
MARKET TRENDS & DRIVERS
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ROCKVILLE, Md. & BRISTOL, England--(BUSINESS WIRE)--X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced that more than 70 British engineering, construction and manufacturing companies this week joined X-energy UK Holdings, a wholly owned subsidiary of X-energy, and deployment partner Cavendish Nuclear, part of Babcock International group, for a program of presentations and meetings in Bristol, to explore how they can support the roll-out of advanced nuclear power stations in the UK.
The plan is to deliver a fleet of advanced, small modular Xe-100 reactors in the UK to address the challenges of energy security and decarbonization, with the first unit planned for commercial operation in 2030 and a goal to secure up to 80% of its construction and manufacturing from the UK supply chain. The technology is more compact than traditional nuclear plants with factory-built components easily assembled on site, making each one cheaper and quicker to construct, and with a greater range of available locations.
The reactors are designed to be capable of producing both electricity and higher-temperature heat and steam than conventional ‘small modular reactors’ and can supply electricity and heat for hydrogen production and replace fossil fuel-generated heat for industrial processes.
In addition, the spherical fuel ‘pebbles’ that act as containment vessels in themselves, are able to withstand extremely high temperatures and naturally remain stable in the event of any foreseeable disruptions. This intrinsic safety reduces the need for many of the largest, most expensive and time-consuming structures and systems found in traditional nuclear plants.
The Xe-100 can deliver reliable ‘always-on’ electricity as well as increase or decrease power levels safely within minutes to respond to varying demand or supply, making it an ideal complement to weather-dependent renewable energy, and reducing the need for gas-fired power stations or battery storage as a backup.
Carol Tansley, X-energy’s Vice President of UK New Build Projects said: “Until now it’s been widely expected that advanced reactors would not be ready until around 2040 at the earliest, but X-energy’s technology is ready for the market and advanced in its design and applications.
“We’re in discussions with various parties regarding siting options in the UK. The ability to significantly reduce emissions from industrial heat applications makes it a great technology for sites like Hartlepool on Teesside, which is already home to a nuclear power station.
“We’re keen to see the Government press ahead with its ambitious plans for a program of nuclear power stations, including the establishment of the Great British Nuclear body. We believe we can follow hard on the heels of our US program and deliver first power around 2030, supporting the UK’s energy security and environmental goals, in particular the drive to deliver 24GW of new nuclear power by 2050.”
Mick Gornall, Cavendish Nuclear Managing Director said: “We are looking to source components, systems, goods, services and a skilled workforce right here in the UK. We’re delighted to have had such a positive response to our first supplier outreach.”
X-energy and Cavendish Nuclear have applied for funding from the UK Government’s Future Nuclear Enabling Fund to support a Generic Design Assessment and supply chain development activities for the first project.
X-energy is already progressing its US Government-endorsed plans to build a ‘four-pack’ of its Xe-100 reactors in the USA with generation within the decade. It has also begun construction of a fuel fabrication facility for its proprietary advanced TRISO-X fuel in Tennessee. The Company has raised over £1.5bn in US Government funding and private sector investment. Last year X-energy signed framework customer agreements with chemical company Dow in the US and Ontario Power Generation in Canada.
The Xe-100 builds on years of technological progress, evolving from both the UK’s Dragon reactor at Winfrith in Dorset and the Pebble Bed Modular Reactor project in South Africa, which was supported by the UK Government.
Deployable singly or in multiples, each reactor produces around 80 megawatts of electricity or 200 megawatts of the high-quality heat which is seen as essential for ‘deep decarbonization’ of heavy industry.
The reactor is an ideal successor to the British Advanced Gas-cooled Reactor fleet, given the UK’s rich knowledge of gas graphite reactors. It uses tri-structural isotropic particle (TRISO) fuel, first patented in the UK in 1957. The highly-robust fuel pebbles encase uranium inside layers of carbon and ceramic based protection, preventing the release of fission products.
As previously announced on December 6, 2022, X-energy has entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC), a publicly-traded special purpose acquisition company, which will establish X-energy as a public company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement being declared effective by the US Securities and Exchange Commission (the “SEC”), and other customary closing conditions.
About X-Energy UK Holdings, Ltd.
X-Energy UK Holdings, Ltd. is a wholly-owned subsidiary of X-Energy Reactor Company, LLC, a leading developer of small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world.
X-energy’s simplified, modular and intrinsically safe advanced modular reactor design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other small modular reactors and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe advanced modular reactor design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About Cavendish Nuclear
From decommissioning redundant nuclear facilities and supporting the UK’s Clean Energy commitment through Nuclear New Build and development of Advanced Nuclear Technologies, through to helping keep the UK’s fleet of nuclear-powered submarines at sea, our role in Cavendish Nuclear is to enable a world where nuclear plays a key contribution in protecting our nation, ensuring security of energy supply and meeting our net zero commitments – Creating a safe and secure world, together.
Nuclear has a vital role in delivering net zero by 2050, we are passionate about the key role that we play in that. Clean energy is a core focus for Cavendish Nuclear through our support to existing reactors, the construction of Hinkley Point C and Sizewell C, and our work to develop advanced nuclear technologies for the future.
For more information, visit www.cavendishnuclear.com or connect with us on LinkedIn
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business Combination”) with X-energy, AAC has filed the registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been filed and declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.
The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Participants in the Solicitation
AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
X-energy
Investors:
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Media:
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Leon Flexman
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07920 143732
Cavendish Nuclear
Yvonne Preston
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07971 304338
Ares Acquisition Corporation
Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
or
Brittany Cash
+1-212-301-0347
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