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Prysmian Group finalizes agreement to build new cable manufacturing facility at Brayton Point, transforming former coal power plant into clean energy hub

SOMERSET, Mass.--(BUSINESS WIRE)--Avangrid Renewables, a subsidiary of AVANGRID Inc. (NYSE: AGR), and Prysmian Group today announced an historic milestone in the development of the offshore wind industry in the United States and AVANGRID’s Commonwealth Wind project, as Prysmian Group finalized an agreement to acquire a 47 acre parcel at the former Brayton Point coal plant in Somerset where it will construct the first facility in Massachusetts for the manufacturing of offshore wind components. The Prysmian Group facility, which will manufacture subsea transmission cables to bring the clean power generated by offshore wind to the electrical grid, was included as part of Avangrid Renewables’ 1,232 Megawatt (MW) Commonwealth Wind project. Commonwealth Wind was selected by Massachusetts in December 2021 as part of the state’s third competitive procurement for offshore wind power.


AVANGRID is proud to be a leader in the U.S. offshore wind industry and deliver transformational investments that create quality jobs, support local economies, and advance the development of a local supply chain for the growing U.S. market,” said Chairman and CEO of Iberdrola and Chairman of AVANGRID Ignacio Galán.Today marks an historic milestone in the United States’ and Massachusetts’ transition to a clean energy future, as we celebrate this agreement to build a new cable manufacturing facility at Brayton Point. Drawing on Iberdrola’s global offshore wind experience, we are uniquely positioned to help states like Massachusetts capitalize on the opportunities presented by this new industry.”

We are very pleased with the progress of our project to build a new plant in Brayton Point," commented Hakan Ozmen, EVP Projects Business at Prysmian Group. "I would like to extend particular thanks to the Massachusetts state government for its attention to this important project, which will make it possible to convert the area home to the former Somerset coal plant to production in support of the energy transition in the USA. Prysmian Group already has a significant presence in the USA and the new plant will allow us to provide even closer support to our customers and gain a strong competitive advantage in a market expected to undergo sharp growth, with the goal of 30 gigawatts of new capacity to be installed by 2030 under the Biden Plan.”

The Commonwealth has taken aggressive, nation leading steps in our effort to secure cost-effective offshore wind energy that contributes to our goal of reaching net zero emissions by 2050 and provides critical energy reliability,” said Governor Charlie Baker.The construction of the Prysmian Groups new facility at Brayton Point will have considerable positive impacts on the state, the regional workforce, and local economies and we are pleased to join so many partners here today to celebrate this milestone.”

In December 2021, our Administration selected an additional 1,600 megawatts of clean and affordable energy that will directly benefit both ratepayers in the coming years and the environment by reducing the release of greenhouse gas emissions here in the Commonwealth,” said Lieutenant Governor Karyn Polito. We are beginning to see the significance of that announcement today, with the planned construction of the new manufacturing facility at Brayton Point, which will have a positive lasting impact on the Town of Somerset and the surrounding region.”

AVANGRID is proud to be at the forefront of the offshore wind industry’s growth, as we plan to invest over $10 billion to build our portfolio of more than 2,400 megawatts to serve New England customers,” said Dennis V. Arriola, AVANGRID CEO.Our Commonwealth Wind project represents the full potential of a clean energy future – abundant, affordable energy, thousands of local jobs and transformational economic development, the creation of a diverse and equitable workforce, and a brighter future for historic industrial communities.”

Brayton Point is a former 1,600 MW coal-fired power plant which was commissioned in 1963 and decommissioned in 2017. The site was identified by AVANGRID and Prysmian Group as an ideal location for local offshore wind manufacturing due to its waterfront industrial location and large acreage. Through a $200 million investment, Prysmian Group will construct a facility to manufacture subsea transmission cables, and will design, supply, install and commission cabling for AVANGRID’s Commonwealth Wind and Park City Wind projects.

In December 2021, Commonwealth Wind was selected by Massachusetts through its third competitive procurement process for offshore wind power. The project represents the largest offshore wind project in New England and will create 11,000 full time equivalent jobs over the project’s lifetime while generating enough energy to power 750,000 homes annually.

In developing the Commonwealth Wind project, our team is tremendously proud to deliver Massachusetts’ first offshore wind manufacturing facility and realize the dream of long-term manufacturing jobs on the South Coast,” said Bill White, President and CEO of Avangrid Renewables Offshore.By working with an industry leading partner in Prysmian, this partnership is a great example of how we can transform 20th Century infrastructure into clean energy hubs for the future to serve as anchors for long term jobs and investment.”

The Baker-Polito Administration was a first mover in securing offshore wind generation to meet the Commonwealth’s climate goals while positioning the local supply chain to support this growing industry,” said Energy and Environmental Affairs Secretary Kathleen Theoharides.Today’s announcement to construct the new facility at Brayton Point is a major step forward in our ongoing efforts to achieve net zero emissions while providing significant economic benefits for the Commonwealth’s residents.”

In addition to the Brayton Point facility, Commonwealth Wind will establish Massachusetts’ second offshore wind port in Salem Harbor, which will provide another anchor for the creation of long-term jobs to support the emerging offshore wind industry.

Commonwealth Wind will also deliver a host of energy, environmental, and workforce benefits to Massachusetts, including a first-in-the-nation partnership to supply offshore wind power to municipal utilities, significant investments in the development of a diverse, inclusive and equitable workforce, and an investment in New Bedford to create an offshore wind operations and maintenance control center.

Clean and affordable energy, local family-sustaining wages, new investments in communities up and down the Massachusetts coast—that’s the promise of offshore wind development, and today, that promise is being kept,” said Senator Edward J. Markey, Chairman of the Senate Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety and author of the Offshore Wind American Manufacturing Act. “This announcement will not only help power clean energy revolution in the Commonwealth, but help us build a robust domestic offshore wind supply chain and continue the South Coast’s leadership in that revolution. I commend those involved in this landmark project, and look forward to transforming bolts into volts.”

As the offshore wind industry continues to grow in the United States, projects like the Prysmian Group’s facility at Brayton Point signal to the world that Massachusetts is poised to be a regional leader in providing clean, renewable offshore wind energy,” said House Speaker Ronald J. Mariano. “Avangrid Renewables’ Commonwealth Wind project means more jobs for Massachusetts, increased capacity for industry growth, and greater progress toward reducing our emissions reduction goals.”

This is a great day for Somerset and a huge step towards transforming Brayton Point into the clean energy hub we’ve known it could and should be,” said Representative Patricia Haddad (D-Somerset). The community has worked tirelessly to reinvigorate this site and I am thrilled to see this vision become a reality today."

"Offshore wind creates good jobs and provides clean energy,” said Congressman Jake Auchincloss (D, MA-04). “Brayton Point is keystone infrastructure in Massachusetts' evolution to offshore wind powerhouse."

With reports of rising sea levels in Massachusetts and elsewhere, I’m proud that the Commonwealth is not slowing down when it come to leading in offshore wind development,” stated Senate President Karen E. Spilka (D-Ashland). This latest step brings us closer to our goal of a robust, integrated offshore wind industry here in our state, which will provide good jobs for our residents and help our entire nation reach our clean energy goals.”

I am thrilled that Brayton Point has been chosen for a state-of-the-art facility that will be home to over 150 high skilled jobs, anchoring Somerset and the SouthCoast at the forefront of our Commonwealth’s offshore wind industry,” said State Senator Michael Rodrigues (D-Westport), Chair of the Senate Committee on Ways and Means.This is a game changer for our community and I applaud Prysmian and Avangrid Renewables for recognizing the economic potential of our region and making a long-term commitment to investing in our workforce.”

This announcement is a huge boost for the Commonwealth’s growing offshore wind industry and offers significant benefits to the Somerset and surrounding communities,” said Jeffrey Roy (D-Franklin), House Chair of the Telecommunications, Utilities & Energy Committee.Having a manufacturer of components necessary for the wind infrastructure in Massachusetts offers economic development benefits and helps us achieve our goals under the 2021 Roadmap Bill. I look forward to many more advancements in this industry which boost the economy and help to reduce global warming at the same time.”

In January 2022, Avangrid Renewables announced the completion of the restructuring of its existing Vineyard Wind joint venture to become the largest offshore wind supplier in New England. In total, Avangrid Renewables has a projected offshore wind pipeline of 5.3 Gigawatts (GW) on the East Coast of the United States – enough to power more than two million households. In addition to Commonwealth Wind and its 50% stake in the first-in-the-nation Vineyard Wind 1 project (800 MW total), AVANGRID owns 100% of Park City Wind (804 MW to Connecticut) and Kitty Hawk Offshore Wind (2500 MW off the coast of North Carolina).

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Prysmian Group

Prysmian Group is world leader in the energy and telecom cables and systems industry. With 140 years of experience, sales of over €10 billion, about 30,000 employees in over 50 countries and 104 plants, the Group is strongly positioned in high-tech markets and offers the widest possible range of products, services, technologies and know-how.

It operates in the businesses of underground and submarine cables and systems for power transmission and distribution, of special cables for applications in many different industries and of medium and low voltage cables for the construction and infrastructure sectors. For the telecommunications industry, the Group manufactures cables and accessories for voice, video and data transmission, offering a comprehensive range of optical fibres, optical and copper cables and connectivity systems. Prysmian is a public company, listed on the Italian Stock Exchange in the FTSE MIB index.

Based in Highland Heights, Ky., Prysmian Group North America operations include 27 manufacturing facilities, 14 distribution centers, 6 R&D centers, and over 5,800 employees with net sales of near $4 billion.


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Craig Gilvarg
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Lorenzo Caruso
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DUBLIN--(BUSINESS WIRE)--The "Submarine Fiber Optics Communications Systems (SFOCS)" newsletter has been added to ResearchAndMarkets.com's offering.


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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported its estimated proved oil and natural gas reserves at December 31, 2021, which showed a 20% year-over-year increase in total proved reserves, including a 56% year-over-year increase in proved developed reserves, each as compared to the Company’s proved oil and natural gas reserves at December 31, 2020.


Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “Matador is pleased today to report a 20% year-over-year increase in our total proved reserves from 270.3 million BOE at December 31, 2020 to 323.4 million BOE at December 31, 2021, an all-time high for Matador. This reserves increase reflects the strong well results we continue to deliver across our various asset areas in the Delaware Basin and the significant improvement in the capital efficiency of our drilling and completions program in recent years. For the full year 2021, Matador’s drilling and completion costs for all operated horizontal wells turned to sales averaged approximately $670 per completed lateral foot, a year-over-year decrease of 21% and an all-time low for Matador on an annual basis. Matador clearly delivered ‘better wells for less money’ in 2021.

The Standardized Measure and PV-10 of our proved reserves at December 31, 2021 both increased significantly from a year ago. The Standardized Measure increased 2.8-fold from $1.58 billion at December 31, 2020 to $4.38 billion at December 31, 2021, and the PV-10 increased 3.2-fold from $1.66 billion at December 31, 2020 to $5.35 billion at December 31, 2021. At December 31, 2021, our proved oil and natural gas reserves were valued using an oil price of $63.04 per barrel and a natural gas price of $3.60 per MMBtu, an increase of 75% and 81%, respectively, as compared to $36.04 per barrel and $1.99 per MMBtu at December 31, 2020. Matador’s proved oil and natural gas reserves at December 31, 2021 were also impacted positively by the increase in commodity prices used to estimate proved reserves at December 31, 2021, and particularly the 29% increase in our proved natural gas reserves, where the improved natural gas pricing contributed to longer economic well lives and increased reserves volumes.

Importantly, Matador’s year-end 2021 proved reserves also reflect a 56% year-over-year increase in our proved developed reserves from 123.5 million BOE at December 31, 2020 to 193.3 million BOE at December 31, 2021. Matador’s proved developed reserves now represent 60% of our total proved reserves at December 31, 2021, as compared to 46% at December 31, 2020. This notable increase in proved developed reserves is attributable to the quality of new wells we completed and turned to sales and the increase in commodity prices, but also due to the development and conversion of a significant portion of our proved undeveloped reserves to proved developed reserves during 2021, resulting largely from Matador’s drilling and completions activities in the Stateline asset area and the Rodney Robinson leasehold in the western portion of the Antelope Ridge asset area. This increase in proved developed reserves during 2021 was instrumental to the 50% increase in the borrowing base under our reserves-based credit facility from $900 million to $1.35 billion we achieved in November 2021 and should contribute to potential future increases in our borrowing base going forward.

Matador believes it is well positioned for additional growth in its proved reserves volumes, Standardized Measure and PV-10 in 2022, given the strong well results we continue to achieve throughout our Delaware Basin acreage position and should commodity prices remain at or near their current levels.”

Proved Reserves, Standardized Measure and PV-10

The following table summarizes Matador’s estimated total proved oil and natural gas reserves at December 31, 2021, 2020 and 2019.

 

 

 

 

 

 

 

 

At December 31,

 

 

2021

 

2020

 

2019

 

Estimated proved reserves:(1)(2)

 

 

 

 

 

 

Oil (MBbl)(3)

181,306

 

 

159,949

 

 

147,991

 

 

Natural Gas (Bcf)(4)

852.5

 

 

662.3

 

 

627.2

 

 

Total (MBOE)(5)

323,397

 

 

270,332

 

 

252,531

 

 

Estimated proved developed reserves:

 

 

 

 

 

 

Oil (MBbl)(3)

102,233

 

 

69,647

 

 

59,667

 

 

Natural Gas (Bcf)(4)

546.2

 

 

323.2

 

 

276.3

 

 

Total (MBOE)(5)

193,262

 

 

123,507

 

 

105,710

 

 

Percent developed

59.8

%

 

45.7

%

 

41.9

%

 

Estimated proved undeveloped reserves:

 

 

 

 

 

 

Oil (MBbl)(3)

79,073

 

 

90,301

 

 

88,324

 

 

Natural Gas (Bcf)(4)

306.4

 

 

339.1

 

 

351.0

 

 

Total (MBOE)(5)

130,135

 

 

146,825

 

 

146,821

 

 

Standardized Measure (in millions)(6)

$

4,375.4

 

 

$

1,584.4

 

 

$

2,034.0

 

 

PV-10 (in millions)(7)

$

5,347.6

 

 

$

1,658.0

 

 

$

2,248.2

 

 

Commodity prices:(2)

 

 

 

 

 

 

Oil (per Bbl)

$

63.04

 

 

$

36.04

 

 

$

52.19

 

 

Natural Gas (per MMBtu)

$

3.60

 

 

$

1.99

 

 

$

2.58

 

 

 

 

 

 

 

 

 

(1) Numbers in table may not total due to rounding.

(2) Matador’s estimated proved reserves, Standardized Measure and PV-10 were determined using index prices for oil and natural gas, without giving effect to derivative transactions, and were held constant throughout the life of the properties. The unweighted arithmetic averages of first-day-of-the-month prices for the period from January through December 2021 were $63.04 per Bbl for oil and $3.60 per MMBtu for natural gas, for the period from January through December 2020 were $36.04 per Bbl for oil and $1.99 per MMBtu for natural gas and for the period from January through December 2019 were $52.19 per Bbl for oil and $2.58 per MMBtu for natural gas. These prices were adjusted by property for quality, energy content, regional price differentials, transportation fees, marketing deductions and other factors affecting the price received at the wellhead. Matador reports its proved reserves in two streams, oil and natural gas, and the economic value of the NGLs associated with the natural gas is included in the estimated wellhead price on those properties where NGLs are extracted and sold.

(3) One thousand barrels of oil.

(4) One billion cubic feet of natural gas.

(5) One thousand barrels of oil equivalent, estimated using a conversion factor of one barrel of oil per six thousand standard cubic feet of natural gas.

(6) Standardized Measure represents the present value of estimated future net cash flows from proved reserves, less estimated future development, production, plugging and abandonment and income tax expenses, discounted at 10% per annum to reflect the timing of future cash flows. Standardized Measure is not an estimate of the fair market value of Matador’s properties.

(7) PV-10 is a non-GAAP financial measure. For a reconciliation of PV-10 (non-GAAP) to Standardized Measure (GAAP), please see “Supplemental Non-GAAP Financial Measures.” PV-10 is not an estimate of the fair market value of Matador’s properties.

The proved reserves estimates presented for each period in the table above were prepared by the Company’s internal engineering staff and audited by an independent reservoir engineering firm, Netherland, Sewell & Associates, Inc. These proved reserves estimates were prepared in accordance with the Securities and Exchange Commission’s rules for oil and natural gas reserves reporting and do not include any unproved reserves classified as probable or possible that might exist on Matador’s properties.

For a reconciliation of PV-10 (non-GAAP) to Standardized Measure (GAAP), please see “Supplemental Non-GAAP Financial Measures” below.

Total Proved Reserves at December 31, 2021 Increased 20% Year-Over-Year and Proved Developed Reserves Increased 56% Year-Over-Year

  • Matador’s total proved oil and natural gas reserves increased 20% year-over-year from 270.3 million barrels of oil equivalent (“BOE”) (59% oil, 46% proved developed, 97% Delaware Basin) at December 31, 2020 to 323.4 million BOE (56% oil, 60% proved developed, 96% Delaware Basin) at December 31, 2021. Oil, natural gas and total proved reserves at December 31, 2021 were each at all-time highs for Matador.
  • At December 31, 2021, the Standardized Measure and PV-10, a non-GAAP financial measure, of Matador’s total proved oil and natural gas reserves increased 2.8-fold and 3.2-fold to $4.38 billion and $5.35 billion, respectively, from $1.58 billion and $1.66 billion, respectively, at December 31, 2020. The increase in both Standardized Measure and PV-10 of Matador’s proved oil and natural gas reserves at December 31, 2021 resulted from the increase in both oil and natural gas prices used to estimate proved reserves at December 31, 2021, as compared to December 31, 2020, but also from the increase in Matador’s total proved reserves, and in particular, the Company’s proved developed reserves during 2021.
  • Matador’s proved developed oil and natural gas reserves increased 56% year-over-year from 123.5 million BOE (56% oil) at December 31, 2020 to 193.3 million BOE (53% oil) at December 31, 2021. The upward revisions in the Company’s proved developed reserves at December 31, 2021 were primarily attributable to (i) the development and conversion of approximately 40 million BOE of proved undeveloped reserves to proved developed reserves through the Company’s drilling and completion activities in the Delaware Basin, (ii) extensions and discoveries resulting from new well locations drilled during 2021 for which proved reserves were not previously booked and (iii) the increase in both oil and natural gas prices used to estimate proved reserves.
  • Matador’s proved undeveloped oil and natural gas reserves decreased 11% year-over-year from 146.8 million BOE (62% oil) at December 31, 2020 to 130.1 million BOE (61% oil) at December 31, 2021. During the year ended December 31, 2021, Matador converted approximately 40 million BOE, or 27%, of its proved undeveloped reserves at December 31, 2020 to proved developed reserves. These conversions were partially offset by extensions and discoveries to proved undeveloped reserves as a result of the Company’s drilling activities in the Delaware Basin during 2021.

Supplemental Non-GAAP Financial Measures

PV-10

PV-10 is a non-GAAP financial measure and generally differs from Standardized Measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future net revenues. PV-10 is not an estimate of the fair market value of the Company’s properties. Matador and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies and of the potential return on investment related to the companies’ properties without regard to the specific tax characteristics of such entities. PV-10 may be reconciled to the Standardized Measure of discounted future net cash flows at such dates by adding the discounted future income taxes associated with such reserves to the Standardized Measure.

(in millions)

At December 31,
2021

 

At December 31,
2020

 

At December 31,
2019

 

Standardized Measure

$

4,375.4

 

 

$

1,584.4

 

 

$

2,034.0

 

 

Discounted future income taxes

972.2

 

 

73.6

 

 

214.2

 

 

PV-10

$

5,347.6

 

 

$

1,658.0

 

 

$

2,248.2

 

 

 

 

 

 

 

 

 

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

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. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, increases in its borrowing base and otherwise; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; the operating results of the Company’s midstream joint venture’s Black River cryogenic natural gas processing plant; the timing and operating results of the buildout by the Company’s midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional produced water disposal wells; and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.


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NBA Champion Channing Frye joins Mobil 1 and non-profit partners to unveil the newly renovated and redesigned gym at historic Merrick House

SPRING, Texas--(BUSINESS WIRE)--Mobil 1™, the Official Motor Oil of the NBA, today announced a new initiative with non-profit Project Backboard to revitalize local community basketball courts across the nation. The initiative is part of Mobil 1’s recently launched Tune Up program in which the leading Motor Oil brand is helping NBA 2K players tune up their skills, while simultaneously tuning up community courts.


“We’re really excited for the opportunity to be working with Project Backboard this year and revitalize the court at the Merrick House in Cleveland,” said Bryce Huschka, North America Consumer Marketing Manager for ExxonMobil. “In the same way that Mobil 1 helps drivers keep doing what they love, this initiative is helping communities across the nation to keep doing what they love by updating basketball courts that provide a safe and fun place for people of all ages to go and play.”

The community initiative led by Mobil 1 kicks off in Cleveland, Ohio during NBA All-Star 2022, and celebrates the reopening of the Merrick House basketball court and gymnasium. The space, which serves many purposes for the local community, was completely redesigned and revamped by Cleveland-native artist Dakarai Akil.

“Our mission at Project Backboard is to use basketball courts to create artwork that strengthens communities and promotes multi-generational play,” explained Dan Peterson, Founder of Project Backboard. “Thanks to Mobil 1 and Dakarai Akil, and Luis Perez from HERO Flooring LLC, we were able to recreate the court at Merrick House, which is rich in history but was in need of an upgrade. We’re confident the artwork and renovations will have a lasting positive impact on the community.”

Merrick House has been an integral part of the Cleveland community for more than 100 years while offering members a wide range of meaningful services including infant child care, preschool, and youth mentoring to adult education and recreation. The much-needed renovations to the basketball court will help the historic neighborhood center continue to empower its community with confidence.

“Throughout its history, Merrick House has been a place to come for support, growth and learning as well as a way to escape the stresses of everyday,” shared Harriet Hadley, Executive Director, Merrick House. “We are so grateful that Mobil 1 and Project Backboard recognized how special our space is to the community and chose us to be a part of the Tune Up initiative. We know our members, especially the children, will benefit greatly from the new basketball court.”

Former Cleveland Cavaliers player and NBA Champion Channing Frye will join Mobil 1 and Project Backboard at Merrick House on February 18 to celebrate the opening of the new gym and meet the community members who will benefit from the renovation. Frye, who has established various foundations throughout his career to help young children and give back to cities that are important to him, is leveling up his dedication to supporting at-risk communities with his involvement in the Tune Up initiative.

“The work Mobil 1 and Project Backboard are doing in Cleveland is really meaningful,” said Channing Frye. “I’m honored to have the opportunity to return to a city that holds a special place in my heart to help reopen a space that has such a positive impact on the community.”

As a part of the efforts to improve the facilities at Merrick House, leading technology company Microsoft and nonprofit organization Hoopbus will join Mobil 1 and Project Backboard for the unveiling event in Cleveland. Microsoft will showcase the newly upgraded computer lab and Hoopbus will host community members in exciting programming while utilizing the new gym.

About Mobil 1

Mobil 1™ motor oil is the world's leading brand of synthetic motor oil. Our advanced technology allows Mobil 1 motor oils to meet or exceed some of the industry’s toughest standards and to provide exceptional protection under even extreme driving conditions. Mobil 1 motor oil is designed to help protect critical engine parts, maximize engine performance, and extend engine life. For more information, visit us online at www.mobil1.us or and follow @Mobil1 on Facebook, Instagram and Twitter.

About Project Backboard

Project Backboard is a 501(c)(3) organization whose mission is to renovate public basketball courts and install large scale works of art on the surface in order to strengthen communities, improve park safety, encourage multi-generational play, and inspire people to think more critically and creatively about their environment. For more information, visit us online at https://projectbackboard.org/ or and follow @project_backboard on Instagram.


Contacts

ExxonMobil Media Relations, 972-940-6007

DUBLIN--(BUSINESS WIRE)--The "Autonomous Underwater Vehicle Market Share, Size, Trends, Industry Analysis Report By Technology; By Type; By Shape; By Payload; By Application; By Region; Segment Forecast, 2022-2029" report has been added to ResearchAndMarkets.com's offering.


The global autonomous underwater vehicle market size is expected to reach USD 4,613.6 million by 2029, according to the study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

AUVs are easy to build as they are cost-effective, which in turn is likely to pave the way for the AUV market demand in the near future. Owing to its cost-effectiveness, these are largely employed by several end-users for various purposes. Oceanography application allows the use of AUVs to accumulate and determine oceanographic research data related to marine life and ecosystems.

The archeological & exploration sector accounts for the largest share in the AUV industry. These AUVs allow the exploration of the underwater archaeological sites that helps in the extraction of minerals, further utilized in the manufacturing of smartphones, laptops, and other gadgets.

North America is expected to witness the largest share in the AUV market over the forecast period. The rising demand for AUVs in the U.S is expected to augment the industry growth owing to its wide application in marine projects such as inspection and identification; Intelligence, Surveillance and Reconnaissance (ISR), payload delivery, and oceanography.

The report has segmented the autonomous underwater vehicle market report on the basis of technology, type, shape, payload, application, and region.

Technology Outlook (Revenue, USD Million, 2017-2029)

  • Collision Avoidance
  • Navigation
  • Communication
  • Imagery
  • Propulsion

Type Outlook (Revenue, USD Million, 2017-2029)

  • Shallow AUV
  • Medium AUV
  • Large AUV

Shape Outlook (Revenue, USD Million, 2017-2029)

  • Torpedo
  • Laminar Flow Body
  • Streamlined Rectangular style
  • Multi-hull

Payload Outlook (Revenue, USD Million, 2017-2029)

  • Sensors
  • Cameras
  • Synthetic Aperture Sonars
  • Echo Sounders
  • Acoustic Doppler Current Profilers
  • Others

Application Outlook (Revenue, USD Million, 2017-2029)

  • Army & Defense
  • Petroleum & Gas
  • Environmental Security & Tracking
  • Oceanography
  • Archeology & Exploration
  • Search & Rescue Activities

Regional Outlook (Revenue, USD Million, 2017-2029)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Companies Mentioned

  • Atlas Elektronik GmbH
  • Bluefin Robotics
  • Boing
  • Boston Engineering Corporation
  • ECA Group
  • ecoSUB Robotics
  • EELUME AS
  • Falmouth Scientific
  • Fugro
  • Graal Tech
  • Hydromea
  • International Submarine Engineering (ISE) Ltd.
  • Kongsberg Groups
  • L3Harris Technologies
  • Lockheed Martin Corporation
  • Nido Robotics
  • Oceanserver Technology
  • Riptide Autonomous Solutions
  • Saab Group
  • Lockheed Martin Corporation
  • Teledyne Technologies
  • Terradepth
  • Tianjin Sublue

For more information about this report visit https://www.researchandmarkets.com/r/dp89hz


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
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ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the fourth quarter and full year of 2021.


Financial Highlights

  • Delivered $1.51 GAAP EPS on a fully diluted basis in 2021, compared with $1.10 in 2020
  • Delivered $1.88 Distributable EPS on a fully diluted basis in 2021, compared to $1.55 Distributable EPS in 2020, representing 21% year-on-year growth
  • Grew Portfolio 24% in 2021 to $3.6 billion and managed assets 22% to $8.8 billion as of the end of 2021
  • Reported GAAP-based Net Investment Income of $11 million in 2021, compared to $29 million in 2020
  • Increased Distributable Net Investment Income in 2021 by 52% year-on-year to $134 million, compared to $88 million in 2020
  • Closed $1.7 billion of investments in 2021, compared to $1.9 billion in 2020, resulting in a five-year average of $1.4 billion
  • Reported pipeline of greater than $4 billion as of the end of 2021, compared to greater than $3 billion as of the end of 2020
  • Increased our unsecured line of credit commitment to $600 million and extended its duration to three years
  • Increased dividend to $0.375 per share for the first quarter of 2022, representing a 7% increase over the dividend declared in the fourth quarter of 2021

Guidance

  • Increased and extended guidance that annual distributable earnings per share is expected to grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share
  • Increased and extended guidance that annual dividends per share is expected to grow at a compounded annual rate of 5% to 8%

ESG Highlights

  • Declared Social Dividend of $1.6 million in the first quarter of 2022 to support Hannon Armstrong Foundation climate justice initiatives
  • Received 2021 Corporate Governance Award for Best ESG Reporting
  • Estimated more than 800,000 metric tons of carbon emissions will be avoided annually by our transactions closed in 2021, equating to a CarbonCount® score of 0.5 metric tons per $1,000 invested

"In the face of macroeconomic and industry headwinds, we had another outstanding year, growing distributable earnings per share by 21% through strong growth in our portfolio and the resulting net investment income," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. "The confidence we have in this business to continue this strong performance causes us to raise and extend guidance for distributable earnings to 10% to 13% and dividends to 5% to 8% per share annually through 2024."

"We believe our strong financial performance is in part due to our ESG leadership, which attracts and retains the best, mission-aligned people and clients. Our team continues to innovate on our CarbonCount metric for measuring the efficiency of our capital to reduce carbon as well the Hannon Armstrong Foundation's contributions at the intersection of social justice and climate action."

A summary of our results is shown in the table below:

 

 

For the three months ended
December 31, 2021

 

For the three months ended
December 31, 2020

 

 

$ in thousands

 

Per Share
(Diluted)

 

$ in thousands

 

Per Share
(Diluted)

GAAP Net Income

$

62,420

 

 

$

0.71

 

 

$

24,925

 

 

$

0.32

 

Distributable earnings

 

40,687

 

 

 

0.47

 

 

 

29,325

 

 

 

0.37

 

 

 

For the year ended
December 31, 2021

 

For the year ended
December 31, 2020

 

 

$ in thousands

 

Per Share

 

$ in thousands

 

Per Share

GAAP Net Income

$

126,579

 

 

$

1.51

 

 

$

82,416

 

 

$

1.10

 

Distributable earnings

 

158,723

 

 

 

1.88

 

 

 

117,500

 

 

 

1.55

 

Financial Results

"We continue to reduce our cost of funds and strengthen our margins while expanding our well-diversified and flexible funding platform. We raised over $1.5 billion in CarbonCount-based debt, including an upsized unsecured revolving credit facility, a Commercial Paper Program, and a green bond offering," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer.

“With these and the other pillars of our funding platform in place, we now have over $850 million of potential liquidity available to fund our forward flow commitments in addition to other anticipated growth opportunities.”

Comparison of the year ended December 31, 2021 to the year ended December 31, 2020

Total revenue increased by $26 million, or 14%. Gain on sale and fee income increased by $15 million, or 23%, and interest and rental income increased by $11 million, or 9%. These increases were primarily driven by higher yielding assets and a larger portfolio as well as a change in the volume and mix of assets that were securitized, partially offset by lower advisory fee generating opportunities.

Interest expense increased $30 million, or 32%, due to a one-time loss of $15 million on the redemption of the 2024 senior unsecured notes, as well as additional expense from a larger average outstanding debt balance partially offset by a lower cost of debt. We recorded a $0.5 million provision for loss on receivables based on loans and loan commitments during the year in accordance with CECL, as compared to a $10 million provision recorded in 2020. Other expenses (compensation and benefits and general and administrative expenses) increased by $20 million primarily due to increases in employee headcount, compensation, and investments in corporate infrastructure.

We recognized a $126 million gain using the hypothetical liquidation at book value method (HLBV) for our equity method investments in 2021, compared to $48 million of HLBV income in 2020, driven primarily by new investments in our portfolio, a subset of which had large one-time allocations of income under HLBV due to tax benefits recognized by our co-investors.

We recognized income tax expense of $17 million in 2021, compared to an income tax benefit of $3 million in 2020, driven primarily by the additional HLBV income described above.

GAAP net income in 2021 was $127 million, compared to $82 million in 2020. Distributable earnings in 2021 was $159 million, or an increase of approximately $41 million from 2020 due primarily to an increase in distributable earnings from both newly added in 2021 and existing equity method investments.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of December 31, 2021 and December 31, 2020 are shown in the table below:

 

December 31, 2021

 

% of Total

 

December 31, 2020

 

% of Total

 

($ in millions)

 

 

 

($ in millions)

 

 

Floating-rate borrowings (1)

$

101

 

 

4

%

 

$

23

 

 

1

%

Fixed-rate debt (2)

 

2,392

 

 

96

%

 

 

2,166

 

 

99

%

Total

$

2,493

 

 

100

%

 

$

2,189

 

 

100

%

Leverage (3)

1.6 to 1

 

 

 

 

1.8 to 1

 

 

 

 

(1)

  Floating-rate borrowings include borrowings under our floating-rate credit facilities.
 

(2)

  Debt excludes securitizations that are not consolidated on our balance sheet.
 

(3)

  Leverage, as measured by our debt-to-equity ratio.

Portfolio

Our balance sheet portfolio totaled approximately $3.6 billion as of December 31, 2021, which included approximately $1.9 billion of behind-the-meter assets and approximately $1.7 billion of grid-connected assets. The following is an analysis of the performance of our portfolio as of December 31, 2021:

 

Portfolio Performance

 

 

 

 

Government

 

Commercial

 

 

 

1 (1)

 

1 (1)

 

2 (2)

 

3 (3)

 

Total

 

(dollars in millions)

Total receivables held-for-investment

$

125

 

 

$

1,316

 

 

$

11

 

 

$

8

 

 

$

1,460

 

Less: Allowance for loss on receivables

 

 

 

 

(25

)

 

 

(3

)

 

 

(8

)

 

 

(36

)

Net receivables held-for-investment (4)

 

125

 

 

 

1,291

 

 

 

8

 

 

 

 

 

 

1,424

 

Receivables held-for-sale

 

 

 

 

22

 

 

 

 

 

 

 

 

 

22

 

Investments

 

11

 

 

 

7

 

 

 

 

 

 

 

 

 

18

 

Real estate

 

 

 

 

356

 

 

 

 

 

 

 

 

 

356

 

Equity method investments (5)

 

 

 

 

1,726

 

 

 

34

 

 

 

 

 

 

1,760

 

Total

$

136

 

 

$

3,402

 

 

$

42

 

 

$

 

 

$

3,580

 

Percent of Portfolio

 

4

%

 

 

95

%

 

 

1

%

 

 

%

 

 

100

%

Average remaining balance (6)

$

6

 

 

$

13

 

 

$

11

 

 

$

4

 

 

$

12

 

 

(1)

  This category includes our assets where based on our credit criteria and performance to date, we believe that our risk of not receiving our invested capital remains low.
 

(2)

  This category includes our assets where based on our credit criteria and performance to date, we believe there is a moderate level of risk of not receiving some or all of our invested capital.
 

(3)

  This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Included in this category are two commercial receivables with a combined total carrying value of approximately $8 million as of December 31, 2021 which we have held on non-accrual status since 2017. We have recorded an allowance for the entire asset amounts. We expect to continue to pursue our legal claims with regards to these assets. This category previously contained an equity method investment in a wind project with no book value due to our allocation of impairment losses recorded by the project sponsor. We sold this equity method investment in the third quarter for nominal proceeds.
 

(4)

  Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets.
 

(5)

  Some of the individual projects included in portfolios that make up our equity method investments have government off-takers. As they are part of large portfolios, they are not classified separately.
 

(6)

  Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 174 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $84 million.

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team, among other factors. In addition, actual dividend distributions are subject to approval by the Company’s Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors declared a quarterly cash dividend of $0.375 per share of common stock. This dividend will be paid on April 11, 2022, to stockholders of record as of April 4, 2022.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, February 17, 2022, at 5:00 p.m. Eastern time. The conference call can be accessed live over the phone by dialing 1-877-407-0890 or for international callers, +1-201-389-0918. Participants should inform the operator they want to be joined to the Hannon Armstrong call. The conference call will also be accessible as an audio webcast with slides on the Company’s website at https://investors.hannonarmstrong.com/. An online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $8 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

Forward-Looking Statements:

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives, and include the ongoing impact of the current outbreak of the novel coronavirus (“COVID-19”). When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

     

 

For the Three Months
Ended December 31,

 

For the Year Ended
December 31,

 

2021

 

2020

 

2021

 

2020

Revenue

 

 

 

 

 

 

 

 

 

Interest income

$

30,536

 

 

$

24,512

 

 

$

106,889

 

 

$

95,559

 

Rental income

 

6,544

 

 

 

6,470

 

 

 

25,905

 

 

 

25,878

 

Gain on sale of receivables and investments

 

13,345

 

 

 

15,439

 

 

 

68,333

 

 

 

49,887

 

Fee income

 

3,270

 

 

 

2,468

 

 

 

12,039

 

 

 

15,583

 

Total revenue

 

53,695

 

 

 

48,889

 

 

 

213,166

 

 

 

186,907

 

Expenses

 

 

 

 

 

 

 

 

 

Interest expense

 

26,311

 

 

 

26,299

 

 

 

121,705

 

 

 

92,182

 

Provision for loss on receivables

 

(2,399

)

 

 

4,467

 

 

 

496

 

 

 

10,096

 

Compensation and benefits

 

13,124

 

 

 

10,543

 

 

 

52,975

 

 

 

37,766

 

General and administrative

 

5,093

 

 

 

3,664

 

 

 

19,907

 

 

 

14,846

 

Total expenses

 

42,129

 

 

 

44,973

 

 

 

195,083

 

 

 

154,890

 

Income before equity method investments

 

11,566

 

 

 

3,916

 

 

 

18,083

 

 

 

32,017

 

Income (loss) from equity method investments

 

56,903

 

 

 

15,457

 

 

 

126,421

 

 

 

47,963

 

Income (loss) before income taxes

 

68,469

 

 

 

19,373

 

 

 

144,504

 

 

 

79,980

 

Income tax (expense) benefit

 

(5,648

)

 

 

5,640

 

 

 

(17,158

)

 

 

2,779

 

Net income (loss)

$

62,821

 

 

$

25,013

 

 

$

127,346

 

 

$

82,759

 

Net income (loss) attributable to non-controlling
interest holders

 

401

 

 

 

88

 

 

 

767

 

 

 

343

 

Net income (loss) attributable to controlling stockholders

$

62,420

 

 

$

24,925

 

 

$

126,579

 

 

$

82,416

 

Basic earnings (loss) per common share

$

0.73

 

 

$

0.33

 

 

$

1.57

 

 

$

1.13

 

Diluted earnings (loss) per common share

$

0.71

 

 

$

0.32

 

 

$

1.51

 

 

$

1.10

 

Weighted average common shares outstanding—basic

 

84,698,890

 

 

 

75,400,321

 

 

 

79,992,922

 

 

 

72,387,581

 

Weighted average common shares outstanding—diluted

 

88,609,807

 

 

 

84,843,939

 

 

 

87,671,641

 

 

 

74,373,169

 

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

 

 

December 31,
2021

 

December 31,
2020

Assets

 

 

 

Cash and cash equivalents

$

226,204

 

 

$

286,250

 

Equity method investments

 

1,759,651

 

 

 

1,279,651

 

Commercial receivables, net of allowance of $36 million and $36 million, respectively

 

1,298,529

 

 

 

965,452

 

Government receivables

 

125,409

 

 

 

248,455

 

Receivables held-for-sale

 

22,214

 

 

 

 

Real estate

 

356,088

 

 

 

359,176

 

Investments

 

17,697

 

 

 

55,377

 

Securitization assets

 

210,354

 

 

 

164,342

 

Other assets

 

132,165

 

 

 

100,364

 

Total Assets

$

4,148,311

 

 

$

3,459,067

 

Liabilities and Stockholders’ Equity

 

 

 

Liabilities:

 

 

 

Accounts payable, accrued expenses and other

$

88,866

 

 

$

59,944

 

Credit facilities

 

100,473

 

 

 

22,591

 

Commercial paper notes

 

50,094

 

 

 

 

Non-recourse debt (secured by assets of $573 million and $723 million, respectively)

 

429,869

 

 

 

592,547

 

Senior unsecured notes

 

1,762,763

 

 

 

1,283,335

 

Convertible notes

 

149,731

 

 

 

290,501

 

Total Liabilities

 

2,581,796

 

 

 

2,248,918

 

Stockholders’ Equity:

 

 

 

Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no
shares issued and outstanding

 

 

 

 

 

Common stock, par value $0.01 per share, 450,000,000 shares authorized,
85,326,781 and 76,457,415 shares issued and outstanding, respectively

 

853

 

 

 

765

 

Additional paid in capital

 

1,727,667

 

 

 

1,394,009

 

Accumulated deficit

 

(193,706

)

 

 

(204,112

)

Accumulated other comprehensive income (loss)

 

9,904

 

 

 

12,634

 

Non-controlling interest

 

21,797

 

 

 

6,853

 

Total Stockholders’ Equity

 

1,566,515

 

 

 

1,210,149

 

Total Liabilities and Stockholders’ Equity

$

4,148,311

 

 

$

3,459,067

 

EXPLANATORY NOTES
Non-GAAP Financial Measures
Distributable Earnings

We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gains) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of Hannon Armstrong Sustainable Infrastructure, L.P., a Delaware limited partnership (our "operating partnership"). We also make an adjustment to our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our distributable earnings, and will consider certain circumstances such as the time period in default, sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.

We believe a non-GAAP measure, such as distributable earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance and is useful to our investors as well as management in evaluating our performance as it relates to expected dividend payments over time. As a REIT, we are required to distribute substantially all of our taxable income to investors in the form of dividends, which is a principal focus of our investors. Additionally, we believe that our investors also use distributable earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of distributable earnings is useful to our investors.

Certain of our equity method investments in renewable energy and energy efficiency projects are structured using typical partnership “flip” structures where the investors with cash distribution preferences receive a pre-negotiated return consisting of priority distributions from the project cash flows, in many cases, along with tax attributes. Once this preferred return is achieved, the partnership “flips” and the common equity investor, often the operator or sponsor of the project, receives more of the cash flows through its equity interests while the previously preferred investors retain an ongoing residual interest. We have made investments in both the preferred and common equity of these structures. Regardless of the nature of our equity interest, we typically negotiate the purchase prices of our equity investments, which have a finite expected life, based on our assessment of the expected cash flows we will receive from these projects discounted back to the net present value, based on a target investment rate, with the expected cash flows to be received in the future reflecting both a return on the capital (at the investment rate) and a return of the capital we have committed to the project. We use a similar approach in the underwriting of our receivables.

Under GAAP, we account for these equity method investments utilizing the HLBV method. Under this method, we recognize income or loss based on the change in the amount each partner would receive, typically based on the negotiated profit and loss allocation, if the assets were liquidated at book value, after adjusting for any distributions or contributions made during such quarter.


Contacts

Investors:
Chad Reed
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410-571-6189

Media:
Gil Jenkins
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443-321-5753


Read full story here

DUBLIN--(BUSINESS WIRE)--The "Global Oil and Gas Pipelines Market Outlook to 2025 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Pipelines" report has been added to ResearchAndMarkets.com's offering.


Globally, the total length of trunk/transmission pipeline network is 2,193,250 km (with start years up to 2025), of which, crude oil pipelines constitute 396,244 km, petroleum products pipelines constitute 276,317 km, natural gas pipelines constitute 1,394,979 km and NGL pipelines constitute 125,809 km.

Among the global trunk/ transmission pipeline systems, Transneft Oil System, Transneft Product System, Russian Gas System, and Mid America System are the longest active crude oil, petroleum products, natural gas and NGL pipelines with lengths of 51,052 km, 16,449 km, 175,200 km, and 12,848 km, respectively.

Scope

  • Updated information on all active, suspended, planned and announced crude oil, petroleum products, and natural gas trunk/transmission pipelines with start years up to 2025
  • Provides key details such as operator name, start year, start point, end point, location, length, diameter and capacity for all active, suspended, planned and announced crude oil, petroleum products, and natural gas pipelines up to 2025
  • Provides annual breakdown of new-build capital expenditure outlook by region and by key countries for the period 2021 - 2025.
  • Latest developments and contracts related to oil and gas pipelines, at regional level, wherever available.

Reasons to Buy

  • Obtain the most up to date information available on all active, suspended, planned and announced trunk/transmission pipelines globally
  • Identify growth segments and opportunities in the oil and gas pipelines industry
  • Facilitate decision making on the basis of strong pipeline data
  • Assess your competitor's pipeline network and its capacity

Key Topics Covered:

1. Introduction

2. Global Oil and Gas Pipelines Industry

3. Africa Oil and Gas Pipelines Industry

4. Asia Oil and Gas Pipelines Industry

5. Caribbean Oil and Gas Pipelines Industry

6. Central America Oil and Gas Pipelines Industry

7. Europe Oil and Gas Pipelines Industry

8. Former Soviet Union Oil and Gas Pipelines Industry

9. Middle East Oil and Gas Pipelines Industry

10. North America Oil and Gas Pipelines Industry

11. Oceania Oil and Gas Pipelines Industry

12. South America Oil and Gas Pipelines Industry

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/sli5u7


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that one of its affiliates has completed the previously announced $3.25 billion acquisition of Navitas Midstream Partners, LLC. This acquisition gives Enterprise a foothold for natural gas gathering, treating and processing in the core of the Midland Basin of the Permian.

Navitas Midstream’s assets, which complement Enterprise's presence in the Delaware Basin, include approximately 1,750 miles of pipelines and over 1 billion cubic feet per day of cryogenic natural gas processing capacity. The system is anchored by long-term contracts and acreage dedications with a diverse group of over forty independent and publicly owned producers.


Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprises reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise their respective forward-looking statements, whether as a result of new information, future events or otherwise.


Contacts

Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Leak Detection and Repair Market Size, Share & Trends Analysis Report by Component (Services, Equipment), by Technology (VOC Analyzer, OGI), by Product, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.


The global leak detection and repair market size is expected to reach USD 27.89 billion by 2030, growing at a CAGR of 4.4% over the forecast period. The market growth can be attributed to the increasing demand for oil and oil products across the Asia Pacific, North America, Europe, and MEA regions. According to IEA, oil demand in the Asia Pacific is expected to reach 9 million barrels per day by 2040.

Various government bodies are encouraging the use of advanced leak detection and repair (LDAR) systems, which is creating new opportunities for market growth. For instance, in December 2020, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act was signed into law in the U.S. This act directs gas pipeline operators to use enhanced leak detection technologies to ensure the safety of pipelines and the environment.

Growing government efforts to reduce methane emissions worldwide are anticipated to accentuate market growth. For instance, the Global Methane Pledge was announced on November 2021 at COP26 in Glasgow to commit to a joint goal of lowering global methane emissions by at least 30% by 2030 as compared to the 2020 levels. This initiative emphasizes reducing methane emissions by tackling methane leaking from oil and gas pipelines, wells, and other fossil fuel infrastructure. The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future.

The pandemic forced oil and gas companies to adopt enhanced leak detection solutions to overcome the challenges caused by employee shortage. The demand for UAV-based detectors increased among oil and gas companies amid the pandemic.

Leak Detection And Repair Market Report Highlights

  • In terms of components, the services segment dominated the market in 2021. The segment growth can be attributed to the rise in demand for LDAR services among the oil and gas companies to identify, track, and repair leak components
  • In terms of product, the handheld gas detectors segment dominated the LDAR market in 2021. The segment growth can be attributed to the rise in demand for portable gas detection systems in areas, such as oil production, sewage treatment, and tunnel construction
  • In terms of technology, the Volatile Organic Compounds (VOCs) analyzers segment dominated the market in 2021 due to the extensive use of VOC analyzers for detecting various gases, such as propane, methane, and carbon dioxide
  • North America dominated the market in 2021 owing to stringent regulations, such as Leak Detection Regulations, in the U.S. as well as the high adoption of advanced technologies by companies in the region

Market Dynamics

Market driver analysis

  • Increasing oil and gas pipeline infrastructure
  • Stringent government regulations to curb methane emissions
  • Increased adoption of natural gas-based power plants

Market restraint analysis

  • Challenges involved in leak detection in harsh environmental conditions
  • The oil and gas upstream segment forges ahead with cost-cutting

Market challenge analysis

  • Multiple components' leaks add to increased complexity in detection
  • Global focus on the development of renewable energy generation projects

Companies Mentioned

  • Aeris Technologies, Inc.
  • IBM Thomas J. Watson Research Center
  • Bridger Photonics, Inc.
  • LI-COR, Inc.
  • Duke University
  • Colorado State University
  • Palo Alto Research Center
  • Maxion Technologies Inc.
  • Rebellion Photonics
  • Physical Sciences Inc.
  • Avitas Systems
  • PrecisionHawk
  • SeekOps, Inc.
  • Advisian
  • Ball Aerospace & Technologies Corp.
  • Gas Ops Leak Detectives, LLC (G.O.L.D. LLC).
  • Guideware Systems, LLC.
  • Summit Inspections Services, Inc.
  • GHD, Inc.
  • ERM Group, Inc.
  • AECOM
  • Guardian Compliance
  • ABB Ltd.
  • Chicago Bridge & Iron Company N.V.
  • Heath Consultants
  • ENCOS, Inc.
  • Team Inc.
  • VelocityEHS
  • Picarro Inc.
  • Microdrones GmbH
  • Boreal Laser Inc.
  • Kairos Aerospace

For more information about this report visit https://www.researchandmarkets.com/r/odnfg3

About ResearchAndMarkets.com

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


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Falcon Minerals Corporation (“Falcon” or the “Company”) (NASDAQ: FLMN, FLMNW) today announced that Falcon’s Board of Directors declared a dividend of $0.145 per Class A share for the fourth quarter 2021. The dividend for the fourth quarter 2021 will be paid on March 9, 2022 to all Class A shareholders of record on February 28, 2022.


About Falcon Minerals

Falcon Minerals Corporation (NASDAQ: FLMN, FLMNW) is a C-Corporation formed to own and acquire high growth oil-weighted minerals rights. Falcon owns mineral, royalty, and over-riding royalty interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt and Gonzales Counties in Texas. The Company also owns approximately 80,000 gross unit acres in the Marcellus Shale across Pennsylvania, Ohio and West Virginia. For more information, visit our website at www.falconminerals.com.


Contacts

Falcon Minerals:
Matthew B. Ockwood
Chief Financial Officer
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NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (the “Company”) announced today that the delisting of its shares (ISIN: GB00BDSFG982) on Euronext Paris was completed on February 18, 2022.


All shares tendered to the voluntary sales facility were sold on the New York Stock Exchange (the “NYSE”) prior to the delisting.

The Company’s shares will remain listed on the NYSE under the symbol “FTI”.

Additional information about the delisting can be found on the Company’s website at www.technipfmc.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

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

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.


Contacts

Investor relations

Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations

Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced the planned transition of Phillip Gobe, the Company’s Executive Chairman, to non-executive Chairman of the Board effective March 31, 2022.


Mr. Gobe has served on the ProPetro Board of Directors since July of 2019, first as Chairman, then in October of 2019 as Executive Chairman. Mr. Gobe was appointed as ProPetro's Chief Executive Officer on March 13, 2020, and served in that role until August 31, 2021, at which point he was re-appointed as Executive Chairman. He was responsible for leading ProPetro during a challenging period of the Company’s history including managing through the COVID-19 pandemic and resulting oil crisis, enhancing ProPetro’s governance, and the transition of a new executive leadership team. He will continue to serve the Company as non-executive Chairman.

Chairman Gobe commented, “Transitioning to a non-executive Chairman role was our goal to continue to enhance our governance at ProPetro. As non-executive Chairman, I will continue to be focused on the next phases of success for our Company. The Company is strong, the executive team is energized to lead the Company into the future, and I look forward to continuing to work with the Board of Directors and executive team led by Sam Sledge, our Chief Executive Officer.”

Lead Independent Director, Tony Best, added, “On behalf of the entire Board, I would like to thank Phillip for his invaluable contributions as CEO and then Executive Chairman. As a result of Phillip’s leadership, ProPetro is well-positioned for success in the future. I look forward to continuing to serve with Phillip in his new role as Chairman of the Board.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding growing the business and performance at the wellsite. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors are described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.


Contacts

David Schorlemer, 432-227-0864
Chief Financial Officer
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Josh Jones, 432-276-3389
Director of Finance
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DUBLIN--(BUSINESS WIRE)--The "Global Fuel Dispenser Market (2021-2026) by Fuel Type, Type, Flow Meter, Application, Product, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.


The Global Fuel Dispensers Market is estimated to be USD 2.61 Bn in 2021 and is expected to reach USD 3.68 Bn by 2026, growing at a CAGR of 7.1%.

Market Dynamics

Key factors such as an increase in the adoption of dual fuel and multi-fuel vehicles, reduction, and rise in the sale of natural gas vehicles (NGVs) are primary reasons driving the market growth. Similarly, the increasing number of refilling stations and demand for reducing fuel loss have supported the market growth. Moreover, the advancement in dispensing technologies followed by the demand for gasoline-based products and increasing demand for automobiles are likely to create growth opportunities for the market.

However, factors such as high initial cost and continuous maintenance are likely to restrain the market growth. Moreover, increasing awareness programs for adopting electric vehicles is a key challenge to the market.

Market Influencers

Drivers

  • Increasing Adoption of Dual Fuel and Multi-Fuel Vehicles
  • Demand for Reducing Fuel Loss
  • Rise in Sale of Natural Gas Vehicles (NGVs)
  • Increasing Number of Refilling Stations

Restraints

  • Misfuel or Crossovers, and Theft Associated
  • High Initial Costs and Constant Maintenance

Opportunities

  • Advancements in Dispensing Technologies
  • Demand for Gasoline-Based Products

Challenges

  • Increasing Awareness Programs for Adopting Electric Vehicles

     

Market Segmentation

The Global Fuel Dispenser Market is segmented further based on Fuel Type, Type, Flow Meter, Application, Product, and Geography.

By Fuel Type, the market is classified as Biofuels, Gasoline, Ethanol Fuel, Compressed Hydrogen, LPG, and CNG.

By Type, the market is classified as Submersible Systems and Suction Systems.

By Flow Meter, the market is classified as Mechanical and Electronic.

By Product, the market is classified as Fleet Fuel Dispenser, Mobile Fuel Dispenser, and Retail Fuel Dispenser.

By Geography, APAC is projected to lead the market.

Recent Developments

1. Dover Fueling Solutions (DFS), a part of Dover Corporation has announced the launch of the DFS DMP Probe as a fuel management solution for fuel retailers. 15th September 2020

Companies Mentioned

  • Beijing Sanki Petroleum Technology
  • Bennett Pump
  • Censtar Science & Technology
  • Dover Fueling Solutions
  • Fortive
  • Gilbarco Veeder-Root
  • Henshen Machinery
  • Kaisai
  • Korea EnE
  • Lanfeng
  • Neotec
  • Piusi
  • Repos Energy
  • Sanki
  • Scheidt & Bachmann Tubs
  • Spyridis
  • Tatsuno
  • Tokheim
  • Tominaga
  • Wayne (Dover)
  • Zhejiang Datian Machine

For more information about this report visit https://www.researchandmarkets.com/r/yhw63q


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For GMT Office Hours Call +353-1-416-8900

LEAWOOD, KS--(BUSINESS WIRE)--TortoiseEcofin today announced that Suez SA (EN Paris: SEV FP) will be removed from the Ecofin Global Water ESG IndexSM (EGWESG) as a result of the approved merger with Veolia Environment SA (EN Paris: VIE FP). Due to the merger, SEV will be removed from the index at market close on Friday, February 18, 2022.


As per index rules, SEV FP will be removed with a special rebalancing from Ecofin Global Water ESG IndexSM (EGWESG).

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

About TortoiseEcofin

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

The Ecofin Global Water ESG IndexSM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.

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

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

Safe Harbor Statement

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


Contacts

For more information contact Jen Ashlock at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.

With Perch, energy service and technology veterans expand access to clean power through community solar and a direct-to-consumer energy platform

BOSTON--(BUSINESS WIRE)--Perch Energy (or “Perch”), a Boston-based clean energy tech and services company with years of experience as a leading solar servicer, launches as an independent company focused on accelerating access for customers to community solar and renewable energy. Spinning off of BlueWave Solar, Perch will build upon its successful, industry-leading community solar services and management platform, add talent and resources to expand its innovative direct-to-consumer energy platform, and scale its community solar services business into a growing list of U.S. markets.


To date, Perch has enabled more than 6,300 community solar subscriptions for homes, businesses, and municipalities, providing more than $9.7 million in customer savings. As a trusted resource to the solar industry with an established customer and revenue base, Perch offers a diverse set of products and services for the management of community solar projects as well as for homeowners, renters, and businesses seeking cost-effective choices for supporting clean energy.

Informed by the team’s experience spanning 500 MW of contracted capacity, Perch Energy provides several innovative solutions that ensure community solar projects reach their subscription goals. By combining a comprehensive suite of community solar services—from acquisition support and credit management to customer service support and detailed reporting—Perch serves as a one-stop shop for asset owners’ needs.

Perch also recently launched its direct-to-consumer digital platform that offers greater choice in clean energy options and exceptional value through continuous market analysis. Through Perch, homeowners and renters instantly gain full transparency into the current clean energy prices available to them locally.

“We are excited to be at the forefront of expanding access to community solar and clean energy, and soon, to communities that have been historically deprived of energy choice,” said Ravi Thuraisingham, acting CEO of Perch Energy. “We look forward to bringing our tools for easier access to renewable energy to more communities.”

About Perch Energy
Perch Energy is a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar farm owners. From Perch’s community solar project support team, which is dedicated to effective customer onboarding, billing, and engagement, to its automated platform which makes it easy for customers to customize their energy mix and savings — Perch is on a mission to make clean energy options more accessible, more affordable and more equitable for all. Learn more at www.perchenergy.com.


Contacts

Media
Kenny Gayles
Antenna Group for Perch Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today its financial and operating results for the year and fourth quarter ended December 31, 2021. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.


  • Full-year 2021 Adjusted EBITDA1 was $398.4 million, a 5% increase compared to 2020
  • Full-year net earnings from continuing operations of $17.2 million
  • Superior is introducing its 2022 Adjusted EBITDA guidance range of $410 million to $450 million
  • Superior’s 2022 Adjusted EBITDA guidance assumes the Kamps Propane acquisition closes in the second quarter, which excludes approximately $17-20 million of estimated Adjusted EBITDA based on historical first quarter results of that business
  • Superior also expects to complete additional acquisitions in the range of $200 million to $300 million in 2022 which have not been included in the 2022 Adjusted EBITDA guidance
  • Superior is updating its targeted Leverage ratio2 to 3.5x to 4.0x while it is executing its accelerated acquisition program

1 Adjusted EBITDA is not a standardized measure under International Financial Report Standards (“IFRS”). See “Non-GAAP Financial Measures and Reconciliations” section below.
2 Leverage ratio is a not standardized measure under IFRS. See “Non-GAAP Financial Measure and Reconciliations” section below.

“In 2021, we achieved a 5% increase in Adjusted EBITDA compared to 2020 despite the operational and logistical challenges we faced from warmer weather in the U.S. Northeast and Eastern Canada in the fourth quarter and continued public health restrictions impacting commercial demand,” said Luc Desjardins, President & CEO. “I am proud of our team for their ability to persevere and deliver solid results considering the obstacles we faced. We also completed two acquisitions in Michigan and North Carolina at the end of the fourth quarter, continuing our growth through acquisition strategy in our existing footprint.”

Luc Desjardins further added, “Following the end of the fourth quarter, we announced a partnership with the Charbone Corporation in Quebec to provide green hydrogen to commercial and industrial customers. We are excited about the opportunity to sell green energy to current and new customers and developing our strategy to offer alternative energy products, including green and low-carbon energy to our customers by leveraging our expertise in the safe and efficient delivery of mobile energy solutions”.

Financial Highlights:

  • Fourth quarter Adjusted EBITDA of $142.2 million, a $1.9 million or 1% decrease compared to the prior year quarter primarily due to lower EBITDA from operations3, partially offset by lower corporate costs, and to a lesser extent, a lower realized gain on foreign currency hedging contracts.
  • Fourth quarter EBITDA from operations of $143.1 million, a $2.9 million or 2% decrease compared to the prior year quarter primarily due to lower results at Canadian Propane Distribution (“Canadian Propane”).
  • Net earnings from continuing operations of $13.8 million in the fourth quarter decreased $74.1 million compared to the fourth quarter of 2020 primarily due to higher selling, distribution and administrative costs (“SD&A costs”), and a loss on derivatives and foreign currency translation of borrowings compared to a gain in the prior year quarter, partially offset by higher gross profit and lower finance expense. Gross profit and SD&A costs increased primarily due to the impact of acquisitions completed in the past twelve months. Superior incurred a loss on derivatives and foreign currency translation of borrowings compared to a gain in the prior year quarter due to the impact from the stronger Canadian dollar on the translation of U.S. denominated borrowings and foreign currency forward sales contracts and changes in commodity prices relative to hedged amounts. Finance expense decreased primarily due to lower average debt levels and lower average interest rates related to Superior’s senior unsecured notes. Fourth quarter Net earnings from continuing operations per share attributable to Superior of $0.04 per share was $0.38 lower than the prior year quarter due to the reasons noted above.
  • AOCF before transaction and other costs4 during the fourth quarter was $131.6 million, a $2.4 million decrease compared to the prior year quarter primarily due to a lower recovery on adjusted current income taxes, and lower Adjusted EBITDA, partially offset by lower interest costs. AOCF before transaction and other costs per share was $0.64, $0.01 lower than the prior year quarter due to a decrease in AOCF before transaction and other costs.
  • Full-year 2021 Adjusted EBITDA of $398.4 million, a $19.0 million or a 5% increase from the prior year primarily due to higher EBITDA from operations and realized gains on foreign currency hedging contracts compared to a loss in the prior year, partially offset by higher corporate costs.
  • Full-year 2021 EBITDA from operations of $409.9 million, an $8.0 million or a 2% increase from the prior year due to higher U.S. Propane Distribution (“U.S. Propane”) Adjusted EBITDA, partially offset by lower Canadian Propane Adjusted EBITDA.
  • Full-year net earnings from continuing operations of $17.2 million decreased by $45.6 million compared to prior year primarily due to higher SD&A costs and higher finance expense, and to a lesser extent, lower gross profit, partially offset by higher gains on derivatives and foreign currency translation of borrowings and lower income tax expense. SD&A costs increased primarily due to the impact of acquisitions completed in the past twelve months. Finance expense increased primarily due to the early call premiums and non-cash financing expenses related to the redemption of the US$350 million, $400 million and $370 million senior unsecured notes, partially offset by lower interest costs related to lower average debt levels and lower interest rates. Gains on derivatives and foreign currency translation of borrowings increased primarily due to changes in market prices of commodities, timing of maturities of underlying financial instruments and changes in foreign exchange rates relative to amounts hedged. Income tax expense decreased due to the allocation of taxes to the discontinued operations and the gain on disposal of the Specialty Chemicals segment. Full-year basic and diluted Net earnings (loss) from continuing operations attributable to Superior per share was ($0.04) per share, $0.33 per share lower than the prior year due to the reasons above, and the impact of the treatment of the non-controlling interest on earnings (loss) per share.
  • Full-year 2021 AOCF before transaction and other costs of $321.1 million, a $28.9 million or 10% increase over the prior year primarily due to higher Adjusted EBITDA and lower interest expense, partially offset by an adjusted current income tax expense in 2021 compared to a recovery in the prior year. Full-year AOCF before transaction and other costs per share was $1.56 per share, $0.02 higher than the prior year due to the increased AOCF before transaction and other costs, partially offset by an increase in weighted average shares outstanding. Weighted average shares outstanding, which assumes the exchange of the preferred shares into common shares, were higher than the prior comparable period due to the issuance of preferred shares to Brookfield Asset Management (the “Preferred Shares”) that are reflected on an as converted basis.
  • Superior’s Leverage ratio at December 31, 2021, was 3.9x, which is within Superior’s updated target range during accelerated acquisitions of 3.5x to 4.0x. The Leverage ratio increased from 3.5x at December 31, 2020 primarily due to lower Adjusted EBITDA, partially offset by lower debt levels. Total Net Debt5 is lower as proceeds from the sale of Specialty Chemicals were used to repay debt and a decrease in lease liabilities related to the sale of Specialty Chemicals, partially offset by the impact of acquisitions completed in 2021 and the refinancing of senior unsecured notes. Adjusted EBITDA is lower due to the impact from the sale of Specialty Chemicals, partially offset by the contribution from acquisitions completed in 2021.

3 EBITDA from operations is not a standardized measure under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below.
4 AOCF before transaction and other costs is not a standardized measure under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below.
5 Total Net Debt is not a standardized measure under IFRS. See “Non-GAAP Financial Measure and Reconciliations” section below.

Division Financial Highlights

  • U.S. Propane Adjusted EBITDA was $79.9 million, a decrease of $0.5 million or 0.6% compared to the prior year quarter primarily due to the impact of warm weather and the impact of the stronger Canadian dollar on the translation of U.S. denominated Adjusted EBITDA. Average weather across markets where U.S. Propane operates for the three months ended December 31, 2021, as measured by degree days, was 7% warmer than the prior year and 9% warmer than the five-year average. Warmer weather in December was particularly impactful as average weather, as measured by degree days, was 15% warmer than December 2020 and 12% warmer than the five-year average. Warmer weather was the primary driver of lower than anticipated volumes and resulted in higher proportionate operating costs, partially offset by higher adjusted gross profit. Adjusted gross profit increased $10.5 million primarily due to higher sales volumes associated with acquisitions completed in the last twelve months, and, to a lesser extent, higher average unit margins and higher other services gross profit, partially offset by the impact of the stronger Canadian dollar on the translation of U.S. denominated gross profit. Sales volumes increased 14 million litres or 4% due to the contribution from acquisitions completed in the last twelve months, partially offset by the impact of warm weather. Average unit margins increased due to sales and marketing initiatives, including focused sales growth in higher margin propane customers, partially offset by the impact of the stronger Canadian dollar on U.S. denominated gross profit. Operating costs increased by $11.0 million primarily due to the impact of acquisitions completed in the past twelve months, partially offset by cost-saving initiatives, realized synergies and the impact of the stronger Canadian dollar on the translation of U.S. denominated operating costs.
  • Canadian Propane Adjusted EBITDA of $63.2 million, decreased $2.4 million or 4% from the prior year quarter primarily due to higher operating costs, partially offset by higher adjusted gross profit. Operating costs increased $11.4 million primarily due to the impact from the lower Canadian Emergency Wage Subsidy (“CEWS”) benefit recorded during the quarter compared to the prior year quarter and higher volume-related costs, partially offset by lower incentive plan costs and cost-saving initiatives. Adjusted gross profit increased $9.0 million primarily due to higher average unit margins and higher sales volumes. Average unit margins increased primarily due to the timing of sales of carbon offset credits and customer mix. Sales volumes increased primarily due to higher wholesale sales volumes in California related to increased demand as COVID restrictions were lifted. Average weather across Canada for the three months ended December 31, 2021, as measured by degree days was 2% colder than the prior year and 3% warmer than the five-year average.
  • Corporate costs for the fourth quarter of 2021 were $4.6 million, a $1.2 million decrease compared to the prior year quarter primarily due to lower long-term incentive plan costs related to the decline in the share price during the fourth quarter, and to a lesser extent, timing of the expense.

Business Development and Acquisition Update

On December 21, 2021, a wholly-owned subsidiary of Superior acquired the assets of a retail propane distribution company based in North Carolina, operating under the tradename Mountain Energy Gas (“Mountain Energy”) for total consideration of US$2.0 million (CDN $2.6 million). In addition, a wholly-owned subsidiary of Superior acquired the assets of a retail propane distribution company based in Michigan, operating under the tradename Hopkins Propane (“Hopkins”) for a total consideration of US$16.2 million (CDN $20.9 million).

On January 10, 2022, Superior announced that Superior Propane and Charbone Corporation (“Charbone”) are collaborating to provide green hydrogen to commercial and industrial customers initially in Quebec, Canada. Under the terms of the letter of intent between the parties, Charbone will provide Superior with green hydrogen from its Sorel-Tracy, Quebec facility with initial deliveries expected as early as the third quarter of 2022. Superior Propane’s industry leading energy distribution business will be responsible for delivering hydrogen directly from Charbone’s facility to Superior’s customers. These customers include mining, power generation, transportation and industrial energy users. The arrangement between Superior Propane and Charbone is subject to negotiation and completion of the terms of definitive agreements and the construction of the Sorel-Tracy, Quebec facility. This collaboration will offer Canadian industries a new alternative clean energy solution.

 

Financial Overview

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Years Ended

 

 

December 31

December 31

 

(millions of dollars, except per share amounts)

 

2021

 

2020

 

2021

 

2020 (1)

 

Revenue

 

824.9

 

561.9

 

2,392.6

 

1,806.9

 

Gross Profit

 

281.9

 

277.5

 

912.7

 

913.7

 

Net earnings from continuing operations

 

13.8

 

87.9

 

17.2

 

62.8

 

Net earnings (loss) from continuing operations attributable to Superior per share, diluted (4)

$

0.04

$

0.42

$

(0.04)

$

0.29

 

EBITDA from operations (2)

 

143.1

 

146.0

 

409.9

 

401.9

 

Adjusted EBITDA (2)

 

142.2

 

144.1

 

398.4

 

379.4

 

Net cash flows from operating activities

 

5.8

 

70.6

 

232.0

 

360.2

 

Net cash flows from operating activities per share, diluted (4)

$

0.03

$

0.34

$

1.13

$

1.90

 

AOCF before transaction and other costs (2)(3)

 

131.6

 

134.0

 

321.1

 

292.2

 

AOCF before transaction and other costs per share, diluted (2)(3)(4)

$

0.64

$

$0.65

$

1.56

$

$1.54

 

AOCF (2)

 

123.3

 

125.5

 

292.2

 

268.6

 

AOCF per share, basic and diluted (2)(4)

$

0.60

$

$0.61

$

1.42

$

$1.42

 

Cash dividends declared on common shares

 

31.7

 

31.6

 

126.8

 

126.4

 

Cash dividends declared per share

$

$0.18

$

$0.18

$

$0.72

$

$0.72

(1)

Comparative figures have been restated to exclude the results of the Specialty Chemicals segment due to the divestiture of the segment subsequent to the end of the first quarter. See the audited consolidated financial statement for the years ended December 31, 2021 and 2020.

(2)

EBITDA from operations, Adjusted EBITDA, interest expense, AOCF before transaction and other costs, and AOCF are not standardized measures under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below and in the MD&A, available on SEDAR at www.sedar.com, for a description of each measure.

(3)

Transaction and other costs for the three months and years ended December 31, 2021 and 2020 are related to acquisition activity, restructuring and the integration of acquisitions and the divestiture of the Specialty Chemical segment. See “Transaction and Other Costs” for further details. These expenses are included in the SD&A and are disclosed in Note 21 of the audited consolidated financial statements as at and for the years ended December 31, 2021 and 2020.

(4)

The weighted average number of shares outstanding for the three months and year ended December 31, 2021 was 206.0 million (three months and year ended, December 31, 2020 was 206.0 million, and 189.7 million, respectively). The weighted average number of shares assumes the exchange of the preferred shares into common shares. There were no other dilutive instruments with respect to AOCF per share and AOCF before transaction and other costs per share for the three months and year ended December 31, 2021 and 2020.

Segmented Information

 

 

 

 

Three Months Ended

Year Ended

 

 

December 31

December 31

 

(millions of dollars)

2021

2020(1)

2021

2020(1)

 

EBITDA from operations(1)

 

 

 

 

 

U.S. Propane Distribution Adjusted EBITDA

79.9

80.4

226.2

206.9

 

Canadian Propane Distribution Adjusted EBITDA

63.2

65.6

183.7

195.0

 

 

143.1

146.0

409.9

401.9

(1)

EBITDA from operations is not a standardized measure under IFRS. See “Non-GAAP Financial Measures and Reconciliations” section below. Comparative figures have been restated to exclude the results of the Specialty Chemicals segment as a result of the announced divestiture and subsequent closing of the transaction. See the audited consolidated financial statements and notes thereto as at and for the years ended December 31, 2021 and 2020.

2022 Adjusted EBITDA Guidance and Superior Way Forward Update

Superior is introducing its 2022 Adjusted EBITDA guidance range of $410 million to $450 million. Based on the midpoint of the 2022 Adjusted EBITDA guidance range, this is an 8% increase compared to the full-year 2021 Adjusted EBITDA of $398.4 million. The increase is due to the expected contribution from acquisitions completed in 2021 and assumes the acquisition of Kamps Propane Inc., High Country Propane, Inc., Pick Up Propane, Kiva Energy Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps”) closes in the second quarter of 2022. Key assumptions related to the 2022 Adjusted EBITDA guidance include:

  • Adjusted EBITDA in 2022 for U.S. Propane is anticipated to be higher than 2021 primarily due to the full year contribution from acquisitions completed in 2021 and partial year contribution from the acquisition of Kamps’ retail business, increased demand related to weather expectations consistent with the five-year average, cost-saving initiatives and, to a lesser extent, a recovery in commercial demand as public health measures related to COVID-19 are lifted. Average weather in the areas where Superior operates in the U.S., as measured by degree days, is anticipated to be consistent with the five-year average.
  • Adjusted EBITDA in 2022 for Canadian Propane is anticipated to decrease compared to 2021 as Superior does not expect any CEWS benefits in 2022, the impact of COVID-19 is expected to negatively impact commercial sales volumes in the early part of 2022 and commercial sales volume trends in Canada are expected to improve in the latter half of 2022, partially offset by the contribution from Kamps wholesale business and cost-savings initiatives. Average weather in Canada, as measured by degree days, is anticipated to be consistent with the five-year average. Wholesale propane market fundamentals are expected to be stronger than 2021.
  • The Kamps acquisition closes in the second quarter of 2022, but otherwise does not include any incremental Adjusted EBITDA from acquisitions completed in 2022.
  • There will be no significant restrictions or stay at home orders issued in North America due to a resurgence of COVID-19 in 2022.
  • A foreign exchange rate of US$1 per C$1.25.
  • Long-term incentive plan accruals of between $5 million and $10 million.

In 2021, Superior made great progress on the Superior Way Forward acquisition target of $1.9 billion by the end of 2026. Superior completed seven acquisitions with a total enterprise value of $326 million in 2021. Superior also announced the acquisition of Kamps for total consideration of $299 million, which is expected to close in the second quarter of 2022. Superior also expects to complete additional acquisitions for total consideration in the range of $200 million to $300 million in 2022.

Debt Management Update

Superior is focused on managing both Total Net Debt and its Leverage ratio. Superior is updating its Leverage ratio from a target range of 3.0x to 3.5x to a target range of 3.5x to 4.0x while executing an accelerated acquisition strategy.

“Now that we are a pure-play energy distribution company with less volatility in annual Adjusted EBITDA, the targeted leverage range of 3.5x to 4.0x allows us greater flexibility to execute on acquisitions while continuing to pay sustainable dividends to our shareholders,” said Beth Summers, Executive Vice President and Chief Financial Officer. “We are still firmly committed to maintaining our BB credit rating and keeping our leverage within the targeted range of 3.5x to 4.0x.”

Superior’s Leverage ratio at December 31, 2021, was 3.9x, which is within Superior’s updated target range of 3.5x to 4.0x. The Leverage ratio increased from 3.5x at December 31, 2020 primarily due to lower Adjusted EBITDA, partially offset by lower debt levels. Total Net Debt was lower as proceeds from the sale of Specialty Chemicals were used to repay debt and a decrease in lease liabilities related to the sale of Specialty Chemicals, partially offset by the impact of acquisitions completed in 2021 and the refinancing of senior unsecured notes. Adjusted EBITDA is lower due to the impact from the sale of Specialty Chemicals, partially offset by the contribution from acquisitions completed in 2021.

Cyber Security Incident Update

As previously announced, on December 12, 2021, Superior was alerted to a ransomware cyber-attack on its information technology systems. Superior temporarily disabled certain information technology systems while it investigated the incident in order to safely bring such systems back online. Superior immediately engaged third-party experts to evaluate the event, implement security counter-measures, and assist with restoration of Superior’s information technology environment. Superior was able to quickly restore operations after the cyber-attack and to continue making deliveries to customers with no material impact to operations, including customer deliveries, service or billings.

During the course of the investigation, which is ongoing, Superior determined that there was unauthorized access to certain employee personal information, and is in the process of identifying affected individuals to notify them as appropriate. Superior has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses. Superior expects the net financial impact from the incident will not exceed $1.5 million.

MD&A and Financial Statements

Superior’s MD&A, the audited Consolidated Financial Statements and the Notes to the audited Consolidated Financial Statements for the year ended December 31, 2021 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2021 Fourth Quarter Conference Call

Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2021 Annual and Fourth Quarter Results at 10:30 a.m. EST on Friday, February 18, 2022. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.

Non-GAAP Financial Measures and Reconciliations

Throughout this news release, Superior has identified certain terms that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”), and therefore may not be comparable to similar financial measures disclosed by other issuers.


Contacts

Beth Summers
Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran
Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)


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AMES, Iowa--(BUSINESS WIRE)--#biodiesel--Bunker Holding Group, the world’s largest supplier and trader of marine fuels, and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG), a leading global producer and supplier of renewable fuels, have entered into a strategic global collaboration agreement to further develop the U.S. and EU marine markets for sustainable bio-based diesel.



Partnering REG’s expertise in bio-based diesel with Bunker Holding’s global reach will allow the companies to play a critical role in transitioning the shipping industry to new and more sustainable energy sources. This collaboration agreement is initially focused on opportunities in North America and Europe, where trials of B20 and B30 are being run in high-traffic regions of both continents.

For REG, this agreement continues its efforts to expand product offerings with further reach into the approximately 70 billion gallon, or 230 million metric tons, global marine market and is a clear signal of the company’s mission to enable a cleaner world and reduce greenhouse gas emissions. REG biodiesel is the clean fuel option for many sectors, including on-road transportation, marine and rail, and can help companies reach sustainability targets without any major equipment modifications or technology investments.

“At Renewable Energy Group we see clearly the opportunity for biodiesel to be a sustainable fuel option of choice for customers in the clean energy transition. Partnering with Bunker Holding will accelerate the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals,” said Bob Kenyon, Senior Vice President, Sales and Marketing at REG.Our renewable fuels and customer service are helping to reduce greenhouse gas emissions today and offer a plug-and-play solution for the current shipping infrastructure. We look forward to further developing our relationship with Bunker Holding and supporting the shipping industry’s decarbonization movement.”

With this partnership, Bunker Holding takes yet another step forward in continuing its mission of delivering responsible and innovative solutions in all aspects of bunkering. REG will work closely with Bunker Holding to expand its existing alternative fuel portfolio and offer sustainable fuels on a global scale to create significant value for the industry.

“As conventional fossil fuel continues to power most of the world’s marine fleet, we are thrilled to engage in this collaboration with REG. It not only further strengthens our supply chain of alternative fuel, but also deepens our know-how and insight of biofuels,” said Christoffer Berg Lassen, CCO of Bunker Holding. “Engaging in partnerships with actors from value chains outside our normal boundaries is a cornerstone of our decarbonization strategy. The energy transition in shipping cannot be solved individually, and we acknowledge the importance of working closely together with partners, such as REG, who bring great expertise and complements our core capabilities within bunkering.”

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons, or 1.7 million metric tons, of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

About Bunker Holding

Bunker Holding is the world's largest supplier and trader of marine fuels. Since 1981 the company has specialized in the purchase, sale and supply of fuel and lube oil to ships. The company also helps manage risk and volatility in fuel prices and is committed to always be forward-looking and focused on answering the needs and challenges of an ever-changing industry.

With more than 1,600 specialists in 35 countries worldwide, the clients of Bunker Holding know that a local expert is always at hand with detailed insights into suppliers, port logistics, local availability, and pricing.

Bunker Holding is the largest company in the USTC Group. USTC has served global shipping for more than 140 years and holds a portfolio of activities that include oil & energy, shipping & logistics, ship owning, risk management, car activities and IT.

Forward Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the ability of REG and Bunker Holding to develop the U.S. and EU marine markets for sustainable bio-based diesel, the companies’ ability to play a critical role in transitioning the shipping industry to new and more sustainable energy sources, biodiesel’s ability to help companies reach sustainability targets without major equipment modifications or technology investments, biodiesel being a sustainable fuel option of choice for customers, accelerating the marine industry adoption of biodiesel to achieve aggressive carbon reduction goals, REG’s renewable fuels and customer service helping to reduce greenhouse gas emissions and offering a plug- and-play solution for the current shipping infrastructure, REG and Bunker Holding expanding the Bunker Holding alternative fuel portfolio and offering sustainable fuels on a global scale. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward- looking statements. Factors that could cause actual results to differ materially include, but are not limited to, customer preferences for low carbon fuels and desire to source product from REG and/or Bunker Holding, the ability of the marine industry to successfully use biodiesel in existing and new infrastructure, changes in governmental programs and policies, the ability of REG and Bunker Holding to work together successfully, and other risks and uncertainties described in REG’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.


Contacts

For Investors:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Media:
Renewable Energy Group
Katie Stanley
Manager, Communications
+1 (515) 239-8184
This email address is being protected from spambots. You need JavaScript enabled to view it.

 

DALLAS--(BUSINESS WIRE)--Flowserve Corporation, (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced that its Board of Directors has authorized a quarterly cash dividend of $0.20 per share on the company's outstanding shares of common stock.

The dividend is payable on April 8, 2022, to shareholders of record as of the close of business on March 25, 2022.

While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.20 per share rate or otherwise, will be reviewed individually and declared by the Board at its discretion.

Safe Harbor Statement:

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.


Contacts

Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

SAN DIEGO--(BUSINESS WIRE)--Dalrada Corporation (OTCQB: DFCO, "Dalrada") would like to thank its investors, shareholders, and staff for their ongoing support while announcing Mr. Charles "Charlie" Tang as a new member of its Clean Energy Advisory Board, focusing on technology. Mr. Tang is a leading expert in Internet of Things (IOT) solutions that enable Artificial Intelligence (AI) at the edge within a distributed ecosystem. He recently launched and led large-scale initiatives to quickly modernize digitally, aiding commercial and governmental organizations amid the global pandemic.



Mr. Tang is currently leading an effort to create the first cognitive AI-powered metaverse utilizing technologies that lower costs for data sharing and improve security for customers.

Brian Bonar, Chairman and CEO of Dalrada, states, "Mr. Tang has spent much of his career helping transform businesses in the public, private, and non-profit sectors. Having launched many large-scale initiatives to help organizations quickly and securely implement solutions to complex challenges, we appreciate Mr. Tang's commitment as an Advisor. His experience with massive digital transformation provides valuable insight for bridging the gap between technology and clean energy initiatives."

Mr. Tang's professional efforts in the digital transformation of healthcare positively affected how the Centers for Medicare & Medicaid Services, the payors of $1.6 trillion in annual payments, provides continual services amid the global health crisis. Additionally, his leadership in the healthcare space enabled the development of the most extensive population health surveillance system in the history of the United States. In just five days, the system connected all fifty states, six territories, 8,000 counties, and more than 20,000 U.S. nursing homes and hospitals.

Mr. Tang states, "I look forward to contributing to Dalrada's growth as a market leader, driving progressive change in the decades to come by continuing to bring together the best and brightest minds in clean energy, technology, and healthcare."

As a former Principal of an Information Technology firm with experience in private, commercial, and federal markets, Mr. Tang brings together many senior executive teams to collaborate and execute national and multinational initiatives.

His deep network of experts across healthcare, defense, law enforcement, and intelligence agencies delivers creative outcome-driven solutions that support highest-level operations.

Mr. Tang has led business development and sales efforts for large multinational organizations focused on technology, healthcare, and energy marketplaces. His leadership has generated over $7 billion in revenue throughout his career.

Bonar concludes, "Dalrada is honored to welcome Mr. Tang as a Clean Energy Board Advisor. His extensive comprehension of how to leverage technology for data tracking of environmental sustainability initiatives directly aligns with the Company's ongoing expansion in clean energy."

Dalrada's subsidiaries, including Dalrada Technologies, Dalrada Health, and Dalrada Precision, continuously innovate impactful solutions to address the complex challenges of today and the future. For more information on Dalrada, please visit www.dalrada.com.

About Dalrada (DFCO)

With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.

Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.

Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada's subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.

Disclaimer

Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.


Contacts

Denise Mahaffey
858.283.1253
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced through its Australian subsidiary that it has completed the purchase of an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion). The transaction resulted from the exercise of ConocoPhillips’ preemption right and is funded from cash on the company’s balance sheet.


The ConocoPhillips subsidiary now owns a 47.5% interest in APLNG, with Origin Energy and Sinopec owning 27.5% and 25% interests, respectively. Based on the new 47.5% ownership interest and a full-year average Brent price of $78 per barrel, ConocoPhillips would expect approximately $1.8 billion of distributions from APLNG in 2022, with roughly $0.5 billion expected in the first quarter.

“We are pleased to acquire this additional stake in APLNG, which throughout its six years of operations has served as a reliable and efficient supplier of natural gas to the growing Asia Pacific market, and to Australia’s East Coast gas market,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “With the global energy transition underway, we expect LNG to play an increasingly important role, as it is lower in greenhouse gas emissions intensity than other alternatives. At the same time, this strategic acquisition of an additional shareholding interest in APLNG further diversifies our product mix while lowering our aggregate decline rate.”

ConocoPhillips’ full-year 2021 production from APLNG was 113 thousand barrels of oil equivalent per day (MBOED) and full-year 2021 financial distributions were approximately $750 million. The sensitivities provided on Feb. 3, 2022, reflect the company’s increased interest in APLNG.

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

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, 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.


Contacts

Dennis Nuss (media)
281-293-4733
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Investor Relations
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