iEnergy® Stack enables digital transformation to reduce total cost of ownership
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced that Petrobel, a joint venture between ENI and the Egyptian General Petroleum Corporation, awarded a contract to deploy iEnergy® Stack, Halliburton’s cloud solution that runs on-premise, to manage petrotechnical software applications. The solution delivers DecisionSpace® 365 cloud-based subscription services and supports operators’ and third-parties’ applications.
Building a private cloud infrastructure is a crucial first step in Petrobel’s digital transformation and data residency requirements. The iEnergy® Stack accelerates interpretation workflows, especially the ones involving large data sets, and enables agile and collaborative E&P workflows.
iEnergy® Stack is based on Halliburton’s proven E&P cloud delivery that helps ensure the most optimal configuration of computing and storage elements to deliver a ready-to-deploy private cloud infrastructure. It provides a single, unified experience for end users and system administrators for all energy applications. This greatly reduces total cost of ownership and the complexity of managing numerous applications compared to the past.
“Halliburton continues to advance computing to accelerate the digital journey and lower total cost of ownership for our customers,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting. “We look forward to working with Petrobel to improve their efficiency and maximize asset value by optimizing their E&P infrastructure.”
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial semi-trucks, has announced that Cheri Lantz has joined the company as Chief Strategy Officer.
Lantz brings with her over 20 years of experience developing growth strategies for technology companies and manufacturers in the mobility sector. Lantz will continue to define and drive forward Hyliion’s strategic roadmap as it expands into Fuel Agnostic and Hydrogen Fuel Cell generator technology and advanced software solutions. She will also play a central role in shaping and leading strategic partnerships as the company takes definitive steps in advancing its technology roadmap.
Most recently, Lantz served as Vice President of Strategy for the Transportation Solutions Segment at TE Connectivity, where she was responsible for helping shape a forward-looking strategy within the Automotive, Commercial Vehicle, and Sensors industries. Prior to joining TE Connectivity, Lantz served as the Chief Strategy Officer and executive leader responsible for advanced engineering and global test labs at Meritor, Inc. While in this role, Lantz led the development of corporate strategies, shaped the M&A vision, and helped drive commercialization of the new electric mobility strategy.
Additionally, Lantz spent many years advising Fortune 500 companies on growth and operational excellence while a strategist with Boston Consulting Group and Booz & Company. She holds three degrees from the University of Michigan, including an MBA from the Ross School of Business with a focus on corporate strategy and economics, a master’s degree in Manufacturing Engineering, and a bachelor’s degree in Science in Chemical Engineering.
“Cheri is a recognized industry leader with an impressive breadth of experience in business strategies for commercial vehicle companies," said Thomas Healy, founder and CEO of Hyliion. “With her extensive background in driving new electrification technologies, Cheri’s ability to assess and leverage growth opportunities will undoubtedly benefit Hyliion as we continue to implement our strategic roadmap,” Healy added.
“I am thrilled to join such a talented team and a company whose mission is to electrify commercial trucking in a way that benefits both fleets and the environment,” said Lantz. “I look forward to building upon the actions the Hyliion team has taken already and accelerating the path forward to develop leading-edge technology that can truly transform commercial transport, and in so doing, change the world.”
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 for the year ended December 31, 2021. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
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New end-to-end emissions solutions business offers a unique range of solutions to help operators identify, quantify, report, and eliminate emissions as they work toward their decarbonization objectives
HOUSTON--(BUSINESS WIRE)--Schlumberger announced today the launch of Schlumberger End-to-end Emissions Solutions (SEES). The business offers a comprehensive set of services and cutting-edge technologies designed to give operators a robust and scalable solution for measuring, monitoring, reporting and, ultimately, eliminating methane and routine flare emissions from their operations. SEES launches at a critical time in the industry—today we witnessed leadership from Oil and Gas Climate Initiative (OGCI) members who announced their aim for zero methane gas emissions in oil and gas operations by 2030. Methane and flare emissions currently account for more than 60% of direct (Scope 1 and 2) greenhouse gas (GHG) emissions from the industry.
Schlumberger Chief Technology Officer Demos Pafitis commented: “We have created SEES specifically to help our customers deal with one of the most pressing issues of climate change: the urgent need to cut methane emissions. Due to its potency as a GHG and its major share of the industry’s overall operational emissions, tackling methane emissions will make a significant impact.”
As energy companies seek to operate in a more sustainable manner, they will need to more reliably report and reduce their methane emissions and flaring activity. Currently, when looking for answers and partners to address this challenge, they are faced with a patchwork of disparate offerings—SEES changes that.
SEES delivers a holistic approach to enable operators to develop a successful methane emissions elimination strategy from the outset. The approach builds on three pillars—plan, measure, and act—that are all underpinned by the industry’s first methane emissions digital platform, accessible in the DELFI* cognitive E&P environment, to provide a comprehensive and differentiated path for operators to achieve their decarbonization objectives:
In addition, robust data and a digital foundation will enable customers to have a secure, reliable single place for integrating multi-source emissions data with advice, plans and insights.
Kahina Abdeli-Galinier, Schlumberger emissions business director, commented: “The urgency of methane and flare challenges means emission detection, measurement, reporting and abatement approaches need to mature rapidly. To benefit the industry, SEES aspires to become the trusted partner for operators looking to reduce their emissions footprint quickly, credibly, and in the right way. To benefit the planet, our objective is to work with our customers to eliminate 1% of all anthropogenic GHG emissions by 2030.”
SEES combines Schlumberger’s extensive measurement and planning experience with the ability to assess and implement emerging technology, foundational data, AI, and digital capabilities, and the means to scale and deploy anywhere in the world. The business has also developed extensive knowledge and expertise in international reporting and certification standards related to GHG emissions. Recent customer engagements include building a digital platform to support a multi-sensor, multi-operator monitoring program, and entering into a consulting contract with an IOC to enable them to comply with the Oil and Gas Methane Partnership (OGMP) 2.0 framework for methane.
For more information, visit www.slb.com/SEES.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “aspire,” “aim,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as projected demand growth for end-to-end emissions solutions; and forecasts or expectations regarding energy transition and global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from SEES and other Schlumberger strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
*Mark of Schlumberger.
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PROVO, Utah--(BUSINESS WIRE)--ION Solar, LLC (“ION” or the “Company”), a leading provider of rooftop solar sales and installations, announced today an investment led by the investment team at Greenbelt Capital Partners (“Greenbelt”). Investors in the transaction included Trilantic Energy Partners II North America, Blackstone Credit and Energy Impact Partners (“EIP”). The Greenbelt team, Blackstone Credit and EIP have worked together in the energy transition sector previously. Matthew Rasmussen, David Rasmussen and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and will lead the Company through its next phase of growth.
Since its founding in 2013, ION has built a market-leading residential solar company with operations in eight states across the U.S. (UT, NV, CO, NM, TX, NC, VA, OR). Headquartered in Provo, Utah, ION has installed over 200 MW across more than 30,000 households. ION has grown to be a top 10 residential rooftop solar contractor1 in the U.S. by delivering customers a premium solar experience from sale through installation.
“We are incredibly proud of the business we have built alongside our extremely talented sales leadership and operations teams. By providing our customers with premium solar products and a white glove experience from sales through installation, we have been able to rapidly scale ION into the premier provider of residential solar,” said Matthew Rasmussen, CEO of ION.
Jeremy Call, President of Sales for ION, added, “The investment is not only a reflection of what ION has become, but more importantly, speaks to the tremendous opportunity in the residential solar industry. We are very excited for our next chapter of growth.”
“The ION executive team has built an industry-leading platform through their relentless focus on customer service and by selectively expanding into high growth geographies. Their strategic go-to-market approach is unique within the industry and delivers exceptional value to their customers,” said Chris Murphy, Partner at Greenbelt.
“The residential energy landscape is rapidly evolving as homeowners rethink patterns of consumption and the desire for energy independence,” said Zach Levenson, Vice President at Greenbelt. “We believe the ION team is uniquely positioned to capitalize on changing consumer preferences by driving the continued adoption of rooftop solar and introducing incremental products such as residential storage and EV chargers.”
The adoption of residential solar has been underpinned by secular tailwinds, including changing consumer preferences and the increasing affordability of solar energy. ION installations have delivered customers significant savings on their monthly energy bills while also reducing their carbon footprints and reliance on the grid. The U.S. residential market is significant but remains underpenetrated with solar installed in only ~5% of viable homes.
“Blackstone Credit has significant experience in residential solar, providing us with insight into the cost and decarbonization benefits that ION provides to the market. We are excited to make a compelling investment in ION to help them expand into new geographies and product lines,” said Mark Rutledge, Managing Director in Sustainable Resources at Blackstone Credit.
“EIP is excited to grow our large portfolio of investments in distributed energy resources by partnering with ION. ION has built and scaled an impressive residential solar business that has generated incredible carbon reduction impact. EIP looks forward to working with ION to continue their growth and expand into additional products like storage and EV charging,” said Cassie Bowe, Partner at EIP.
About ION Solar
ION Solar is a premium, full-service solar provider. We offer affordable solar solutions that allow our customers to enjoy the benefits of solar with little or no up-front costs. ION’s professionals handle all aspects of the solar process from start to finish, giving homeowners a carefree switch to solar all for a fraction of the cost of traditional power and using all premium equipment.
We, along with our customers, take great pride in going green and lessening the impact on the environment. Improving the world one home at a time is a challenge that we passionately accept. For more information visit www.ionsolar.com.
About Greenbelt Capital Partners
Greenbelt Capital Partners is a growth-focused middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development across the energy sector. The Greenbelt investment team recently spun out of Trilantic North America and continues to serve as advisors to Trilantic North America and its managed funds. The senior team at Greenbelt has committed approximately $4.6 billion of equity capital to multiple portfolio companies and consummated more than $58 billion of M&A and financings in over 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion.
About Blackstone Credit
Blackstone Credit is the credit division of Blackstone, one of the world’s leading investment firms. Blackstone Credit is one of the largest credit-focused asset managers, with $243 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone’s Sustainable Resources Credit Platform is focused on investing in and lending to renewable energy companies and those supporting the energy transition and climate change solutions, and has committed over $10 billion in these markets since 2019.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance the net zero carbon economy. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
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New end-to-end emissions solutions business offers a unique range of solutions to help operators identify, quantify, report, and eliminate emissions as they work toward their decarbonization objectives
HOUSTON--(BUSINESS WIRE)--Regulatory News:
Schlumberger announced today the launch of Schlumberger End-to-end Emissions Solutions (SEES). The business offers a comprehensive set of services and cutting-edge technologies designed to give operators a robust and scalable solution for measuring, monitoring, reporting and, ultimately, eliminating methane and routine flare emissions from their operations. SEES launches at a critical time in the industry—today we witnessed leadership from Oil and Gas Climate Initiative (OGCI) members who announced their aim for zero methane gas emissions in oil and gas operations by 2030. Methane and flare emissions currently account for more than 60% of direct (Scope 1 and 2) greenhouse gas (GHG) emissions from the industry.
Schlumberger Chief Technology Officer Demos Pafitis commented: “We have created SEES specifically to help our customers deal with one of the most pressing issues of climate change: the urgent need to cut methane emissions. Due to its potency as a GHG and its major share of the industry’s overall operational emissions, tackling methane emissions will make a significant impact.”
As energy companies seek to operate in a more sustainable manner, they will need to more reliably report and reduce their methane emissions and flaring activity. Currently, when looking for answers and partners to address this challenge, they are faced with a patchwork of disparate offerings—SEES changes that.
SEES delivers a holistic approach to enable operators to develop a successful methane emissions elimination strategy from the outset. The approach builds on three pillars—plan, measure, and act—that are all underpinned by the industry’s first methane emissions digital platform, accessible in the DELFI* cognitive E&P environment, to provide a comprehensive and differentiated path for operators to achieve their decarbonization objectives:
In addition, robust data and a digital foundation will enable customers to have a secure, reliable single place for integrating multi-source emissions data with advice, plans and insights.
Kahina Abdeli-Galinier, Schlumberger emissions business director, commented: “The urgency of methane and flare challenges means emission detection, measurement, reporting and abatement approaches need to mature rapidly. To benefit the industry, SEES aspires to become the trusted partner for operators looking to reduce their emissions footprint quickly, credibly, and in the right way. To benefit the planet, our objective is to work with our customers to eliminate 1% of all anthropogenic GHG emissions by 2030.”
SEES combines Schlumberger’s extensive measurement and planning experience with the ability to assess and implement emerging technology, foundational data, AI, and digital capabilities, and the means to scale and deploy anywhere in the world. The business has also developed extensive knowledge and expertise in international reporting and certification standards related to GHG emissions. Recent customer engagements include building a digital platform to support a multi-sensor, multi-operator monitoring program, and entering into a consulting contract with an IOC to enable them to comply with the Oil and Gas Methane Partnership (OGMP) 2.0 framework for methane.
For more information, visit www.slb.com/SEES.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “aspire,” “aim,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as projected demand growth for end-to-end emissions solutions; and forecasts or expectations regarding energy transition and global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from SEES and other Schlumberger strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
*Mark of Schlumberger.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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HOUSTON--(BUSINESS WIRE)--Schlumberger announced today that it has been awarded an extensive contract for drilling, completions and production services by TotalEnergies for its Tilenga onshore oil development in Uganda.
The scope of the contract includes the provision of directional drilling services, upper completions, lower completions, artificial lift solutions, and wellheads for the Tilenga development, which comprises six fields with up to 426 wells, which will be developed across 31 wellpads.
“The Tilenga project is strategically significant to accelerated economic growth in Uganda. Schlumberger has committed to a comprehensive national content development plan, supporting TotalEnergies with environmental, social, and governance (ESG) initiatives and in-country value creation. This will be achieved through local capacity building, localization of supply chain, education development, HSE stewardship, and digital enablement,” said Wallace Pescarini, president, Offshore Atlantic, Schlumberger.
Drilling activities are expected to begin in Q4 2022.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
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Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
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DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) today announced that its Chairman and Chief Executive Officer, Craig Arnold, will participate in the BofA Securities Global Industrials Conference in London on Tuesday, March 15, at 4:30 p.m. Greenwich Mean Time (GMT). Mr. Arnold will participate in a fireside chat and answer questions from investors.
A live webcast of the event will be available on the company’s Investor Relations website at www.eaton.com/investor-relations-presentations. A replay will be available following the event at the same link.
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, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
Jennifer Tolhurst, Media Relations, +1 (440) 523-4006
Yan Jin, Investor Relations, +1 (440) 523-7558
LOS ANGELES--(BUSINESS WIRE)--$IPVF--Aspiration, a global leader in Sustainability as a Service solutions for consumers and companies, today announced three strategic relationships that showcase how Aspiration’s sustainability offerings help companies engage their customers and employees to take action toward ambitious climate goals.
Deloitte, as part of its broader initiative to engage its employees in making positive climate choices, has pledged to plant trees to recognize individuals’ actions during Earth Month in April to reduce their carbon footprint in their day-to-day work. Deloitte selected Aspiration to collaborate on this program, underscoring the importance of sustainability to both of their businesses.
“Deloitte is committed to helping its people adopt and share sustainability-focused approaches in their professional lives and where they live and work,” said Scott Corwin, Managing Director, ESG Chief Strategic and Commercial Officer for Deloitte LLP. “By empowering our employees to take climate action, Deloitte can amplify its positive impact inside and outside the organization as we fulfill our commitment to achieve net-zero greenhouse gas emissions by 2030 for our own operations.”
Recently, LA Clippers and Aspiration announced a multi-year partnership that set a new standard for social responsibility in sports by building the first climate positive arena and committing to programs that will make a difference in the fight against climate change.
"There is a responsibility associated with building the best arena in the world," said Steve Ballmer, owner of the Clippers. "The time has come for us to be accountable and be a catalyst in protecting our planet. Aspiration, as our first founding partner, supports the stake we are planting in the ground to make Intuit Dome the most sustainable arena in the world."
In addition, Blue Apron customers will soon be able to offset a part of their carbon footprint through Aspiration’s sustainable products. With every qualifying purchase made on a Blue Apron Aspiration Zero Card, Aspiration will plant a tree and let users plant an additional tree by rounding up purchases to the nearest dollar.
“We continue to look for ways to reward our most loyal customers financially and by partnering with Aspiration, we can help them make a positive impact on the environment with their everyday purchases,” said Linda Findley, President and CEO of Blue Apron. “This program makes it easy, automated and engaging to embed sustainability into cardmembers’ daily routine.”
“Organizations like Deloitte, the LA Clippers, Blue Apron and Aspiration share a common goal in undertaking large and impactful steps toward meeting the climate crisis,” said Joe Sanberg, cofounder of Aspiration. “Deloitte’s sustainability-focused workforce programs, the LA Clippers action against climate change, and Blue Apron’s commitment to their customers are all pioneering innovation to be better stewards of saving our planet.”
Aspiration recently entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly-traded special purpose acquisition company, which, upon closing, will result in Aspiration becoming a listed company as a Public Benefit Corporation, building on Aspiration’s existing commitments to generate social and public good and operate in a responsible and sustainable manner.
About Aspiration Partners, Inc.
Aspiration is a leading platform to help people and businesses put automated sustainable impact into their hands and integrate it into their daily lives. Aspiration has earned the trust of its more than 7 million members by helping them spend, save, shop, and invest to both "Do Well" and "Do Good." Aspiration Partners, Inc. is a certified B Corp. For more information, visit Aspiration.com or Aspiration.com/business.
About InterPrivate III Financial Partners Inc.
InterPrivate III Financial Partners Inc., led by Chairman & CEO Ahmed Fattouh, President Nicholaos Krenteras, and Vice Chairman Sunil Kappagoda, is a blank check company whose business purpose is to affect a business combination with one or more businesses in the financial services or fintech sectors. InterPrivate III’s Board of Directors includes globally recognized financial services leaders including: former BankOneChairman, John McCoy; former Lucent and Verifone Chairman, Rich McGinn; Pine Brook founder and former Warburg Pincus Vice Chairman, Howard Newman; and fintech investor Gordy Holterman.
As used in this document, “Deloitte” means Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting
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HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) today announced that Westlake Epoxy’s European business has received a Platinum rating from EcoVadis, the world’s largest and most trusted provider of business sustainability ratings. This is their highest rating for environmental and social performance.
Westlake Epoxy is a leading global producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. It recently closed its acquisition of Hexion’s epoxy business, a leading supplier of materials for coatings and composites used in such high-growth applications as wind turbine blades and light-weight automotive structural components.
“This milestone underscores how and where we want to grow – with operational and environmental excellence and a focus on bringing value across the business, including the energy transition,” said Larry Schubert, vice president of corporate development and sustainability for Westlake Corporation. “Our customers recognize the epoxy business’s consistent strong performance in sustainability, and now with this high ranking, global stakeholders will as well.”
EcoVadis, a globally recognized sustainability rating agency, increased the Epoxy business’ score from a previous Silver rating to the Platinum rating. By earning the agency’s highest rating for environmental and social performance, Westlake Epoxy has been placed in the top 1% of companies assessed by EcoVadis. The EcoVadis methodology assessed the quality of the Hexion B.V.’s sustainability management system through policies, actions and results, focusing on 21 issues grouped into four themes – environment, labor and human rights, ethics and sustainable procurement.
“This achievement was driven by continuous improvement in reducing our carbon footprint and progressing toward sustainability goals,” said Ann Frederix, vice president of Westlake Epoxy. “I’d like to give a special thanks to our R&D colleagues, who are actively introducing sustainability criteria in product development, and to all of our colleagues whose expert contributions have been key to advancing our sustainability program.”
Westlake Epoxy serves a variety of industries including adhesives, aerospace, automotive, civil engineering and construction, composite and wind energy, electronics, electric laminates and marine and protective coatings.
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from building and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's website at www.westlake.com.
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Avetta One Workforce Management assists companies in onboarding, qualifying, training and tracking contractors across their supply chain
OREM, Utah--(BUSINESS WIRE)--#riskmanagement--Avetta®, the leading provider of supply chain risk management (SCRM) software, today announced Workforce Management, the most comprehensive solution to onboard, profile, verify, train and manage site access for supply chain workers. The solution integrates the capabilities of acquired company Pegasus into the Avetta One™ platform, a single-source solution for managing operational, reputational and regulatory compliance risks.
Workforce Management ensures employees and/or external suppliers are compliant and safe on a worksite. Using the central workforce portal, companies can digitally store workers’ required job roles, training, competencies and certifications. With increased visibility into worker compliance, the solution saves time, lowers risks at worksites and enhances work quality.
Workforce Management capabilities in Avetta One consist of three core areas and capabilities:
“The new Avetta One platform will enable a step-change improvement in our client’s supply chain risk programs by extending our compliance and access management solutions to the individual worker or contractor,” said Taylor Allis, Avetta’s chief product officer. “Contractors represent a significant portion of the workforce, and a robust training and verification solution can reduce incidents by up to 50%. The digitation of worker compliance is also critical to ensure continual business operations and supply chain resilience.”
For clients, Workforce Management manages the entire processes for qualification management, reporting and collaboration. The application is mobile ready to help managers make decisions and take action at the site or wherever they are. The system provides communication and collaboration among workers, crews, companies and sites individually or with large groups. The system can create emergency alerts or event notices and track who was on-site if an emergency occurs. Workforce Management can be branded to the client or the project for maximum adoption, and the portal contains modern system navigation and UI for usability. The system uses artificial intelligence to verify many credentials and standard documents.
Throughout the entire process, Avetta provides dedicated teams to support qualification best practices, regulatory compliance requirements and changes, localization support, training, content creation and more. With an open API, Workforce Management can easily be integrated with access controls systems, payroll, scheduling, work order management, etc.
For workers, Workforce Management automates previously manual processes for renewals, re-training and expirations, creating customized notifications for each worker. When workers log into the Worker Portal, they see the client account they’re working for and receive a guided experience on what is needed and when to gain site credentials. Workers can associate their profiles with multiple contractor companies, so as they move from one organization to the next, they can designate both organizations, badge in and use site access according to those different organizations’ compliance requirements. Avetta currently manages 1.5 million workers through Workforce Management.
The new feature is part of the Avetta One™ Platform, a global platform that manages critical risk areas in supply chains, creating the industry’s largest and most comprehensive supply chain risk management platform. Data analytics dashboards in the platform provide simple, succinct reports to identify gaps and make specific action plans. Analytics reports give customers an unprecedented view of their supply chain through multi-risk analytics, supplier risk trends and supplier performance benchmarking. The platform uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures.
Members on the Avetta network outperform industry standards and improve 7-8% per year on safety measures after joining, reducing administrative expenses on average by 75%. To learn more about Workforce Management and Avetta One, visit https://www.avetta.com/workforce-management and https://www.avetta.com/avetta-one.
About Avetta
The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs. For the hiring clients in our network, we offer the world’s largest supply chain risk management network to manage supplier safety, sustainability, worker competency and performance. We perform contractor prequalification and worker competency management across major industries, all over the globe, including construction, energy, facilities, high tech, manufacturing, mining and telecom.
For suppliers in our network, our audit and verification services help lower their safety incidents rate by 29%. As a result, nearly 50% of members find additional job opportunities within the first year of joining. In addition, our suppliers receive privileged access to the Avetta Marketplace, where dozens of partners offer special discounts for business services like insurance and work gear. Avetta serves 500+ enterprise companies and 125,000+ suppliers across 120+ countries.
Visit https://www.avetta.com/ for more information.
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The solution will provide day-ahead and real-time energy price forecasting to maximize the value and performance of CPV’s energy assets
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI), creator of aiWARE™, a hyper-expansive enterprise artificial intelligence (AI) platform, today announced its intelligent distributed energy resource management solution (iDERMS) has been selected by Competitive Power Ventures, Inc. (CPV), one of the nation’s leading energy companies, to provide day-ahead and real-time energy price forecasting for the PJM ISO power market.
Leveraging the power of AI will enable CPV to significantly improve its competitive position in the wholesale energy market. Improved forecasting accuracy will allow CPV to make the most informed and strategic decisions related to their power generation assets.
“We are excited to partner with Veritone and utilize their AI platform to support us in our quest to modernize the power grid in the safest, most environmentally responsible and cost-effective manner while helping maintain system reliability,” said Tom Rumsey, senior vice president of Regulatory and External Affairs at CPV.
Leveraging its aiWARE enterprise platform, Veritone’s iDERMS solution harnesses the power of AI to revolutionize today’s energy ecosystems through proprietary, intelligent, day-ahead and real-time energy forecasting, optimization and control—all of which unlock the full potential of energy resources, while enhancing overall reliability. With Forecaster, Optimizer and Controller modules, the solution allows for tackling industry challenges at a pace best suited to meet each customer’s specific objectives, timelines, or financial goals, while simultaneously addressing reliability and the commercial aspects of distributed energy resources (DERs).
“We always look for companies that share our energy vision and we are thrilled to partner with CPV,” said Sean McEvoy, senior vice president of Energy at Veritone. “We continue to demonstrate leadership in green energy management and we are confident that our AI-powered iDERMS solution will give CPV the tools necessary to efficiently advance their corporate mission.”
For more information, visit iDERMS here.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s expansive aiWARE™ operating system for AI orchestrates an ever-growing ecosystem of machine learning models to transform audio, video, and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve the problems of today and tomorrow. To learn more, visit www.veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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DUBLIN--(BUSINESS WIRE)--The "Europe Oil and Gas Projects Outlook to 2026 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects" report has been added to ResearchAndMarkets.com's offering.
Europe is expected to witness 433 projects to commence operations during the period 2022-2026. Out of these, upstream projects would be 147, midstream would be the highest with 196 projects, with refinery and petrochemicals at 18 and 72 respectively.
Scope
Reasons to Buy
Oil and Gas Projects Outlook in Europe
For more information about this report visit https://www.researchandmarkets.com/r/idc8xm
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Concentrated solar thermal energy company joins the ranks of past winners including Microsoft, SpaceX, Moderna, and Canva
PASADENA, Calif.--(BUSINESS WIRE)--$HLGN #ArtificialIntelligence--Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced it has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2022.
This year’s list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today’s ever-changing world. These companies are creating the future today with some of the most inspiring accomplishments of the 21st century. In addition to the World's 50 Most Innovative Companies, 528 organizations are recognized across 52 categories.
“Heliogen’s modular, AI-enabled, concentrated solar thermal plants have the potential to revolutionize the energy market by alleviating intermittency issues associated with renewable sources of energy,” said Bill Gross, Chief Executive Officer of Heliogen. “We are honored to be named to Fast Company’s prestigious list of the World’s Most Innovative Companies as we continue to deliver on our mission to cost-effectively deliver near 24/7 clean energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history.”
Heliogen has announced strategic and commercial relationships with the largest steel company in the world, Arcelor Mittal, the top gas company in Australia, Woodside Energy, and the second biggest mining company in the world, Rio Tinto. Following Heliogen’s public listing on the New York Stock Exchange, the company continues to expand to help industrial customers of all kinds decarbonize.
Heliogen previously won Fast Company’s World Changing Ideas award for its concentrated solar technology to bring carbon-free, ultra-high temperature heat to traditionally carbon-intensive industries for the first time.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
“The world’s most innovative companies play an essential role in addressing the most pressing issues facing society, whether they’re fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions,” said Fast Company Deputy Editor David Lidsky.
About Heliogen
Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
Heliogen Media Contact:
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ChargePoint honored for its market leadership in connected charging solutions for drivers and fleets
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2022, ranking third among companies in North America.
Fast Company recognizes ChargePoint for its leadership in enabling global electrification, from passenger vehicles to fleets, with a network of more than 174,000 active charging ports, bringing charging to more people and places than ever before. This is ChargePoint’s second time receiving the recognition from Fast Company, having previously been ranked fifth among transportation companies.
“We are honored to be recognized alongside so many companies pushing the limits on innovation,” said Pasquale Romano, CEO and President of ChargePoint. “ChargePoint helped create the EV charging industry 15 years ago and remain committed to enabling businesses and drivers to go electric through an industry-leading portfolio of charging solutions. Our inclusion in Fast Company’s Most Innovative Companies list is a testament to our team’s continued commitment to innovation, our strong growth in all key market segments across North America and Europe, and further demonstrates our market leadership.”
Charging ahead with leading industry partners and powerful software
In the last year, ChargePoint further expanded its comprehensive portfolio of hardware, software and services for commercial, fleet and residential customers. Businesses, fleets and drivers continued to turn to ChargePoint for EV charging education, resources and technology as they look to participate in the new fueling network.
ChargePoint forged new partnerships with major automakers like Mercedes-Benz, Volvo, Polestar and Mazda, aimed at simplifying the driver experience with seamless integration between the charging platform and the manufacturers’ infotainment systems. The company streamlined the software experience by integrating the ChargePoint app into both Android Auto and Apple CarPlay, connecting charging data directly to the vehicle’s infotainment system. The enhanced connection between app and vehicle represents the next step in how drivers and passengers are fueling mobility and how ChargePoint is delivering technology solutions to fit the needs of EV drivers now and in the future. Additionally, ChargePoint introduced the industry’s most comprehensive global electric fleet charging portfolio combining world-class software-defined hardware with services and support features to satisfy the operational needs of all types of fleets.
ChargePoint also has state-of-the-art research and development facilities in Silicon Valley, Amsterdam, Radstadt, Austria and Reading, England for testing and evaluation of ChargePoint’s EV charging products. ChargePoint continues to make investments in R&D covering all categories of charging from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types.
Leading the way in delivering clean energy
To-date, three billion electric miles have been driven on the ChargePoint network and drivers have avoided more than 145 million gallons of gas, preventing over 608,000 metric tons of greenhouse gas (GHG) emissions. From concept to scale, ChargePoint’s solution portfolio includes everything needed to electrify and optimize fueling, regardless of the size, use or type of vehicle. ChargePoint’s significant software capabilities and range of AC and DC fast charging solutions balance charging costs with operational readiness, making ChargePoint a key partner in the efficient and rapid electrification of transportation.
“The world’s most innovative companies play an essential role in addressing the most pressing issues facing society, whether they’re fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions,” said Fast Company Deputy Editor David Lidsky.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 105 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American European press offices or Investor Relations.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
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Companies enter joint development agreement to optimize community solar projects
SAN DIEGO--(BUSINESS WIRE)--Luminia, formerly SD Renewables, has entered a joint development agreement with New Hampshire Solar Garden to secure funding for New Hampshire Solar Garden’s pipeline of projects, including five community solar projects in Maine. The projects’ combined 15 MWs of solar adds to Luminia’s growing community solar portfolio, enabling local residents to join the clean energy transition through accessing the benefits of affordable solar energy. Through its unique financial offering and proprietary technology platform, Luminia provides New Hampshire Solar Garden with access to intermediate and long-term financing that is de-risked and normalized for investors, driving down the cost of capital.
“Community solar is essential for many parties in the transition to renewable energy. We are thrilled to team up with Luminia in forming a long-term partnership that increases our access to capital, allowing us to accelerate momentum for a healthier planet,” said Andrew Kellar, founder of New Hampshire Solar Garden. “As Maine strives to become a carbon-neural state by 2045, securing the funding and resources needed to turn that vision into reality is what Luminia brings to the table – and much more.”
The Maine community solar farms – located in Baldwin, Berwick, Brewer, Eliot and Standish – allow residents to purchase credits from a remote solar PV system, resulting in reduced electricity bills. Community solar is favorable for renters, homes with shaded rooftops or those unable to install solar on their property due to other challenges. According to the Solar Energy Industry Association, 113.5 GW DC of community solar has been installed in the U.S. to date, with 4.3 GW expected to be added in the next five years.
“New Hampshire Solar Garden has been an excellent partner in the community solar market, in addition to their commercial and industrial projects, and we are excited to be a part of Maine’s commitment to becoming carbon-neutral,” said David Field, co-managing partner of Luminia. “Through collaboration with our partners, our goal is to make community solar as effortless as possible by streamlining the financing and development process for both officials and our channel partners.”
“Community solar takes a cooperative and mutually beneficial approach to solar projects with Maine communities. Community solar projects create jobs, reduce climate-damaging emissions and decrease reliance on fossil fuels. They also enable towns, schools, businesses and homeowners to save money on their electric bills, all while increasing tax revenues,” said Matthew Fricker, Chairman, Planning Board, Baldwin, Maine.
Solar developers and installers using Luminia’s platform to service rooftop solar transactions can also leverage Luminia as a single point of financing for community solar projects. Luminia’s solution complements the early-stage development work of its channel partners by providing the funding to bring projects to completion.
To learn how Luminia’s team of experts and channel partners provide high-touch, end-to-end advisory, financing and execution support to achieve community solar deployment, visit luminia.io.
About Luminia
Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia’s solutions are purpose built to offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.
Christine Bennett for Luminia
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Pilot Will Test Cutting-Edge Technology to Enable EVs to Power Homes
SAN FRANCISCO & DETROIT--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) and General Motors (GM) today announced a breakthrough collaboration to pilot the use of GM electric vehicles (EVs) as on-demand power sources for homes in PG&E’s service area.
PG&E and GM will test vehicles with cutting-edge bidirectional charging technology that can help safely power the essential needs of a properly equipped home. EVs play a critical role in achieving California’s goals for reducing greenhouse-gas emissions and already provide customers with many benefits. Bidirectional charging capabilities add even further value by improving electric resiliency and reliability.
“We are really excited about this innovative collaboration with GM. Imagine a future where everyone is driving an electric vehicle—and where that EV serves as a backup power option at home and more broadly as a resource for the grid. Not only is this a huge advancement for electric reliability and climate resiliency, it’s yet another advantage of clean-powered EVs, which are so important in our collective battle against climate change,” said PG&E Corporation CEO Patti Poppe.
By the end of 2025, GM will have more than 1 million units of EV capacity in North America to respond to growing demand. The company’s Ultium Platform, a combined EV architecture and propulsion system, enables EVs at scale, for every lifestyle and price point.
“GM’s collaboration with PG&E further expands our electrification strategy, demonstrating our EVs as reliable mobile sources of power. Our teams are working to rapidly scale this pilot and bring bidirectional charging technology to our customers,” said GM Chair and CEO Mary Barra.
How the Pilot Will Work
PG&E and GM aim to test the pilot’s first vehicle-to-home capable EV and charger by summer 2022. The pilot will include the use of bidirectional hardware coupled with software-defined communications protocols that will enable power to flow from a charged EV into a customer’s home, automatically coordinating between the EV, home, and PG&E’s electric supply. The pilot will include multiple GM EVs.
Following lab testing, PG&E and GM plan to test vehicle-to-home interconnection allowing a small subset of customers’ homes to safely receive power from the EV when power stops flowing from the electric grid. Through this field demonstration, PG&E and GM aim to develop a user-friendly vehicle-to-home customer experience for this new technology. Both teams are working quickly to scale the pilot with the goal of opening larger customer trials by the end of 2022.
Supporting EV Adoption in California
Increasing EV adoption can play a critical role in supporting California’s goals to reduce emissions, as transportation is the single largest source of greenhouse-gas emissions in the state, contributing nearly 40%. Passenger vehicles alone account for nearly 29% of the state’s total emissions. By 2035, 100% of California sales of new passenger cars and trucks will have zero tailpipe-emissions.
One in five EVs in the country are on the road in PG&E’s service area of Northern and Central California, where customers are often early adopters of new clean energy technologies. The electricity fueling EVs in California comes from one of the cleanest energy mixes in the country. PG&E estimates that 93% of its customers’ electricity in 2021 came from greenhouse gas-free resources.
PG&E supports its customers’ EV adoption. Through its EV charging infrastructure programs, PG&E helps to reduce one of the biggest barriers to EV adoption—the lack of available places to charge. PG&E helps increase access to EV chargers for customers across light-, medium- and heavy-duty vehicles through its EV Charge Network, EV Fleet and EV Fast Charge programs.
Additionally, PG&E offers electric rate plans tailored for EVs drivers and provides tools such as PG&E’s EV Savings Calculator and Fleet Calculator (ev.pge.com and fleets.pge.com) to help customers understand costs when deciding whether to use an EV.
For more information, visit pge.com/ev.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and PG&E, including but not limited to PG&E’s partnership with GM and PG&E’s EV programs. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation's and PG&E's joint annual report on Form 10-K for the year ended December 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
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To meet the moment of rising fuel prices and increased focus on sustainability, TruckWings launches its Gen 3 TruckWings, including live Carbon Tracking benefiting from 500 million miles of experience and OEM engagement
REDWOOD CITY, Calif.--(BUSINESS WIRE)--#newintrucking--TruckLabs today announced the launch of the third generation of its flagship product TruckWings— an active aerodynamic device that automatically closes the gap between the cab and trailer at highway speeds to reduce drag and save 4-6% on fuel.
Better truck aerodynamics from TruckWings is an “all of the above” approach, improving the efficiency of trucks across all fuel sources of diesel, natural gas, hydrogen and electric. Diesel trucks benefit from lower fuel costs and lower emissions. Alternative fuel trucks decrease their cost per mile, but also benefit from significant range extension, which is a critical barrier in particular for electric truck adoption.
Fleets can trust TruckWings’ performance, because each unit has live telematics tracking uptime and flagging any exceptions. Through automated reporting, fleets can track exact fuel and carbon savings by truck or route.
This reporting enabled TruckLabs to combine learnings from 500 million miles with countless hours of Original Equipment Manufacturer (OEM) input and collaboration back into this Third Generation Product including:
“TruckWings have achieved millions of gallons of fuel savings for our customers to date,” said Daniel Burrows, CEO of TruckLabs. “With the release of our third generation platform, we’re excited to extend these fuel savings to any fleet, any tractor, and any fuel type. We have significantly decreased TruckWings’ installation time and total cost, and enhanced durability and longevity, so that fleets can realize fuel savings benefits faster and longer. Through TruckWings and our other product TripDynamics, a fuel-saving driver engagement technology, we’re delivering on our goal to innovate the trucking industry through technology, helping to create a more sustainable future for the commercial transportation industry.”
TruckWings’ third-generation platform is now available for pre-order from your truck dealer for installation at your chosen modification center.
To learn more, please visit: TruckWings.com or TruckLabs.com.
About TruckLabs
Established in 2014, TruckLabs (formerly XStream Trucking) is a design and engineering company building technology for the long-haul trucking industry. Its flagship technology, TruckWings™, automatically closes the tractor-trailer gap, reducing a fleet’s fuel bill without requiring additional actions by the driver or any trailer modifications. Founded out of Stanford University, TruckLabs has won awards in several Department of Energy (DOE) competitions including National CleanTech Awards and CalTech’s FLoW competition and Heavy Duty Trucking Top 20 Products of 2019. TruckWings are currently deployed within carrier fleets that average more than 3.5 million miles per week. For more information visit: https://www.trucklabs.com/
Elise Quintana
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NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI), is providing the results of its December 31, 2021, independent reserves evaluation.
Wolf Regener, President, and CEO, commented, “We are very pleased that our proved reserves increased slightly (3% increase on a BOE basis), demonstrating the low decline rates of our production and the quality of our reservoir. The year after year of excellent reserve numbers demonstrates the favorable performance of our wells and the long life we anticipate from our field.
Our Proved Reserves value of US$358.8 million dollars (Net Present Value discounted at 10%), which increased 86% from the 2020 independent reserves evaluation, shows how valuable the Tishomingo Field is for the Company. Also of note is that the current oil strip pricing is far higher than the $73 and $70 oil pricing used for 2022 and 2023, respectively, in this reserves evaluation.
We have drilled two additional wells that are not accounted for in this December 31, 2021 reserves evaluation since they were started in 2022. The first of these two wells is currently being completed. We look forward to bringing these wells on production in the current price environment, which is expected to significantly increase the Company’s cash flow at current prices and add incremental value to the shareholders.”
The evaluation of the Company’s reserves in the Caney formation of the Tishomingo Field in the SCOOP area of Oklahoma was conducted by Netherland, Sewell & Associates, Inc. ("NSAI") in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
2021 Gross Reserves Summary
Net Present Value of Reserves discounted at 10%
The above total Proved reserves are attributed to 18 of the Caney wells already drilled, four Woodford wells (4.9% working interest for the Company) and the drilling of 55.72 net additional wells over the next 3 years. The Probable reserves are attributed to the drilling of 28.3 net additional wells. The wells in this report are planned at 107 acre spacing (6 wells per section) on approximately 14,350 net acres.
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|
|
|
|
|
|
Developed Producing |
2,308 |
1,805 |
3,205 |
2,510 |
659 |
516 |
3,501 |
2,739 |
Undeveloped |
22,207 |
17,466 |
22,598 |
17,704 |
4,615 |
3,615 |
30,588 |
24,032 |
Total Proved |
24,515 |
19,271 |
25,803 |
20,214 |
5,274 |
4,132 |
34,089 |
26,771 |
Probable |
12,691 |
10,085 |
17,536 |
13,955 |
3,581 |
2,850 |
19,195 |
15,261 |
Total Proved Plus Probable |
37,206 |
29,356 |
43,339 |
34,169 |
8,855 |
6,982 |
53,284 |
42,032 |
Possible |
16,753 |
13,431 |
16,418 |
13,111 |
3,353 |
2,678 |
22,842 |
18,293 |
Total Proved Plus Probable Plus Possible |
53,958 |
42,786 |
59,757 |
47,280 |
12,208 |
9,659 |
76,126 |
60,325 |
Net Present Value of Future Net Revenue |
||||||||||||||||||||
As of December 31, 2021 |
||||||||||||||||||||
Forecast Prices & Costs |
||||||||||||||||||||
|
Net Present Value of Future Net Revenue ($ millions) |
|||||||||||||||||||
|
Before Income Tax |
After Income Tax |
||||||||||||||||||
Reserve Category |
0% |
5% |
10% |
15% |
20% |
0% |
5% |
10% |
15% |
20% |
||||||||||
United States |
|
|
|
|
|
|
|
|
|
|
||||||||||
Proved |
|
|
|
|
|
|
|
|
|
|
||||||||||
Developed Producing |
106.1 |
74.4 |
57.2 |
46.6 |
39.6 |
106.1 |
74.4 |
57.2 |
46.6 |
39.6 |
||||||||||
Undeveloped |
855.4 |
483.8 |
301.6 |
198.5 |
134.1 |
645.0 |
394.9 |
252.7 |
166.8 |
111.8 |
||||||||||
Total Proved |
961.5 |
558.2 |
358.8 |
245.2 |
173.8 |
751.1 |
469.3 |
309.9 |
213.4 |
151.4 |
||||||||||
Probable |
571.0 |
257.0 |
133.4 |
74.3 |
42.3 |
420.7 |
204.9 |
105.8 |
56.4 |
29.7 |
||||||||||
Total Proved Plus Probable |
1,532.5 |
815.2 |
492.2 |
319.5 |
216.0 |
1,171.8 |
674.2 |
415.7 |
269.8 |
181.1 |
||||||||||
Possible |
871.1 |
328.1 |
150.6 |
76.4 |
40.3 |
641.8 |
267.8 |
119.9 |
56.3 |
26.8 |
||||||||||
Total Proved Plus Probable plus Possible |
2,403.5 |
1,143.3 |
642.8 |
395.9 |
256.4 |
1,813.6 |
942.0 |
535.6 |
326.1 |
207.9 |
||||||||||
Note: All dollar values are expressed in U.S. dollars and may not add due to rounding. |
||||||||||||||||||||
The Company's reserves are derived from non-conventional oil and gas activities. The Company's reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products. "Tight oil" means crude oil (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the crude oil is primarily contained in microscopic pore spaces that are poorly connected to one another, and (b) that typically requires the use of hydraulic fracturing to achieve economic production rates. "Shale gas" means natural gas (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the natural gas is primarily adsorbed on the kerogen or clay minerals, and (b) that usually requires the use of hydraulic fracturing to achieve economic production rates.
These after income tax net present values reflect the tax burden on the Company’s Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation, or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management’s discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
Readers are referred to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended December 31, 2021, which can be accessed electronically from the SEDAR website at www.sedar.com, for additional information.
“BOEs” refers to barrels of oil equivalent. BOEs/boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of provided plus probable plus possible reserves. The present value of estimated future net revenues referred to herein does not represent fair market value and should not be construed as the current market value of estimated crude oil and natural gas reserves attributable to the Company’s properties. Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements regarding estimates of reserves and future net revenue, expectations regarding additional reserves and statements regarding Caney wells development, including plans, anticipated results and timing. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Estimated reserves and future net revenue have been independently evaluated by NSAI with an effective date of December 31, 2021. This evaluation is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, will vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. Estimates of after-tax net present value are dependent on a number of factors including utilization of tax-loss carry forwards. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company’s reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations. Forward-looking information regarding Caney wells development and expectations regarding additional reserves are based on plans and estimates of management and interpretations of exploration information by the Company's exploration team at the date the information is provided and is subject to several factors and assumptions of management, including that required regulatory approvals and capital will be available when required, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes or shortages are encountered, that the development plans of the Company and its co-venturers will not change, and is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information, including that anticipated results and estimated costs will not be consistent with managements’ expectations, the risk of commodity price and foreign exchange rate fluctuations, the Company or its subsidiaries not being able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that capital is not available when required, that unexpected geological results are encountered and that equipment failures, permitting delays or labor or contract disputes or shortages are encountered.
Information on other important economic factors or significant uncertainties that may affect components of the reserves data and the other forward looking statements in this release are contained in the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended December 31, 2021, the Company’s Management Discussion and Analysis and the Company’s Annual Information Form under "Risk Factors", which are available under the Company's profile at www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements, other than as required by applicable law.
Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today issued a statement following a favorable ruling on Friday, March 4, by the Supreme Court of the Democratic Socialist Republic of Sri Lanka (the “Court”). Having considered the merits of all the fundamental rights petitions filed seeking to halt NFE’s development of natural gas power solutions in Sri Lanka, the Court fully dismissed the petitions without further hearing.
NFE and The Government of the Democratic Socialist Republic of Sri Lanka (“GOSL”) executed a definitive agreement in September 2021 whereby NFE will invest in energy infrastructure in Sri Lanka and develop a new LNG Terminal off the coast of Colombo. NFE will have gas supply rights to the Kerawalapitya Power Complex and will initially provide GOSL an estimated 1.2 million gallons per day of LNG (~ 35,000 MMBtu) to supply both the currently operational 310 MW Yugadanavi Power Plant and an additional 350 MW (the Sobadanavi Power Plant) which is expected to commence operations in 2023. The definitive agreement is subject to customary conditions.
“We are pleased that the Court has dismissed these petitions, as NFE can now proceed with our plans to deliver cleaner fuels and more reliable, affordable power to Sri Lanka,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We look forward to partnering with the Government of Sri Lanka by investing in modern energy infrastructure that paves the way for a sustainable and prosperous future for all Sri Lankans.”
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “intends,” “expects,” “subject to,” “plans” or “anticipates” or the negative of these terms or other comparable terminology. Forward looking statements include: our expectations that the petitions have been fully dismissed without further hearing and will not be subject to appeal or review; the receipt of required regulatory approvals and other customary conditions to our definitive agreements; our ability to invest in energy infrastructure in Sri Lanka, including through the construction of the offshore LNG terminal; the location of the terminal off the coast of Colombo; the construction, completion and operation of the LNG terminal on time and within the required specifications; our gas supply rights and supply of the equivalent of 1.2 million gallons of LNG per day (or ~35,000 MMBtu) to the power plants; the construction and completion of the Sobadanavi Power Plant on time and within the required specifications, including its commissioning by 2023; modern energy infrastructure will support sustainable economic development and environmental gains. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors.
Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: risks related to the development, construction or commissioning schedule for our LNG terminal or Sobadanavi Power Plant within our expected schedule and budgets, as well as technical requirements; the funding of the project may not be possible on the terms we expect; we may be unable to operationalize our plans for the rights and derive the benefits expected; the receipt of certain regulatory approvals on a timely basis or at all; failure to satisfy required conditions to our definitive agreements; opposition to our project, including citizens groups, political parties or agencies, or non-governmental organizations; regulatory or legal challenges to our project; continued legal proceedings related to our project; and that we will not be able to provide natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
We undertake no duty to update these forward-looking statements, even though our situation may change in the future. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.
IR & Media:
Brett Magill
Managing Director & Head of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) (“COP”) announced today the early results of its two pools of Exchange Offers as detailed below.
COP and certain of its subsidiaries have offered to exchange (the “Pool 1 Offer”) four series of notes issued by COP, ConocoPhillips Company (“CPCo”) and Burlington Resources LLC (“Burlington”) as described in the table below (collectively, the “Pool 1 Notes”) for a combination of cash and a new series of CPCo’s senior notes due 2062 (the “New 2062 Notes”). The aggregate principal amount of Pool 1 Notes that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, such that the aggregate principal amount of Pool 1 Notes accepted results in the issuance of New 2062 Notes in an amount not exceeding $2,000,000,000 (the “2062 Notes Cap”).
Pool 1 Notes |
|
|
|||||||
Acceptance Priority
Level |
CUSIP Number |
Title of Security |
Issuer |
Principal Amount
Outstanding |
Principal Amount
|
||||
1 |
20825CAQ7 |
6.50% Notes due 2039 |
COP |
$2,750,000,000 |
$1,162,146,000 |
||||
2 |
20825VAB8 |
5.95% Notes due 2036 |
Burlington |
$500,000,000 |
$172,579,000 |
||||
3 |
20825CAP9 |
5.90% Notes due 2038 |
COP |
$600,000,000 |
$249,920,000 |
||||
4 |
20826FAR7 |
5.95% Notes due 2046* |
CPCo |
$500,000,000 |
$170,008,000 |
||||
(1) |
The aggregate principal amount of each series of Pool 1 Notes that have been validly tendered for exchange and not validly withdrawn, as of 5:00 p.m., New York City time, on March 7, 2022, based on information provided by the exchange agent to COP. |
|
* |
Denotes a series of Pool 1 Notes for which the Total Consideration and Exchange Consideration (each as defined in the Offering Memorandum dated February 22, 2022 (the “Offering Memorandum”)) will be determined taking into account the par call date, instead of the maturity date, in accordance with market practice. |
COP and certain of its subsidiaries have also offered to exchange (the “Pool 2 Offer” and, together with the Pool 1 Offer, the “Exchange Offers”) five series of notes issued by CPCo, Burlington and Burlington Resources Oil & Gas Company LP (“BRO&G”) as described in the table below (collectively, the “Pool 2 Notes” and, together with the Pool 1 Notes, the “Old Notes”) for a combination of cash and a new series of CPCo’s senior notes due 2042 (the “New 2042 Notes” and, together with the New 2062 Notes, the “New Notes”). The aggregate principal amount of Pool 2 Notes of each series that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, such that the aggregate principal amount of Pool 2 Notes accepted in the Pool 2 Offer results in the issuance of New 2042 Notes in an amount not exceeding $1,000,000,000 (the “2042 Notes Cap”).
Pool 2 Notes |
|
|
|
|
|||||
Acceptance Priority
Level |
CUSIP
Number |
Title of Security |
Issuer |
Principal Amount
Outstanding |
Principal Amount
|
||||
1 |
208251AE8 |
6.95% Notes due 2029 |
CPCo |
$1,549,114,000 |
$353,429,000 |
||||
2 |
12201PAN6 |
7.40% Notes due 2031 |
Burlington |
$500,000,000 |
$117,721,000 |
||||
3 |
20825UAC8 |
7.25% Notes due 2031 |
BRO&G |
$500,000,000 |
$99,672,000 |
||||
4 |
12201PAB2 |
7.20% Notes due 2031 |
Burlington |
$575,000,000 |
$127,626,000 |
||||
5 |
718507BK1 |
7.00% Notes due 2029 |
CPCo |
$200,000,000 |
$87,507,000 |
||||
(1) |
The aggregate principal amount of each series of Pool 2 Notes that have been validly tendered for exchange and not validly withdrawn, as of 5:00 p.m., New York City time, on March 7, 2022, based on information provided by the exchange agent to COP. |
The withdrawal deadline for the Exchange Offers occurred at 5:00 p.m. New York City time on March 7, 2022. As a result, tendered Old Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by COP).
The pricing of the New Notes will occur at 10:00 a.m., New York City time, on March 8, 2022.
The settlement date for Old Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on March 7, 2022, is expected to be March 11, 2022. Holders whose Old Notes are accepted for exchange will receive in cash accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date on which the exchange of such Old Notes is settled, and amounts due in lieu of fractional amounts of New Notes.
The amount of outstanding Old Notes validly tendered and not validly withdrawn as of March 7, 2022, as reflected in the tables above, satisfied the minimum tender condition in each of the Exchange Offers. The Financing Condition in the Exchange Offers has also been satisfied. The Exchange Offers will expire at one minute after 11:59 p.m., New York City time, on March 21, 2022, unless extended or earlier terminated by COP.
The Exchange Offers are only being made, and the New Notes are only being offered and will only be issued, and copies of the offering documents will only be made available, to holders of Old Notes (1) either (a) in the United States, that are “qualified institutional buyers,” or “QIBs,” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act or (b) outside the United States, that are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act, or a dealer or other professional fiduciary organized, incorporated or (if an individual) residing in the United States holding a discretionary account or similar account (other than an estate or a trust) for the benefit or account of a non-“U.S. person,” and (2) (a) if located or resident in any Member State of the European Economic Area, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in Regulation (EU) 2017/1129), and consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the European Economic Area has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPs Regulation; or (b) if located or resident in the United Kingdom, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA), and consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation (“Eligible Holders”). The Exchange Offers will not be made to holders of Old Notes who are located in Canada. Only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. There is no separate letter of transmittal in connection with the Offering Memorandum.
The New Notes have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Exchange Offers before the deadlines specified herein and in the Offering Memorandum and eligibility certification. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum and eligibility certification.
This news release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers are being made solely by the Offering Memorandum and eligibility certification and only to such persons and in such jurisdictions as is permitted under applicable law.
Global Bondholder Services Corporation has been appointed as the exchange agent and information agent for the Exchange Offers. Documents relating to the Exchange Offers will only be distributed to holders of Old Notes who certify that they are Eligible Holders. Questions or requests for assistance related to the Exchange Offers or for additional copies of the Offering Memorandum and eligibility certification may be directed to Global Bondholder Services Corporation at (855) 654-2015 (toll-free) or (212) 430-3774 (banks and brokers) or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers. The Offering Memorandum and eligibility certification can be accessed at the following link: https://gbsc-usa.com/eligibility/cop.
--- # # # ---
About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Dennis Nuss (media)
281-293-4733
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Investor Relations
281-293-5000
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