HOUSTON & LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Midland WTI American Gulf Coast futures (Midland WTI AGC) began trading on January 24, with the equivalent of over 2.8 million barrels traded within the first three days.
The contract, which trades under the code HOU, is deliverable at both Magellan Midstream Partners’ Magellan East Houston (MEH) terminal and Enterprise Products Partners L.P.’s Enterprise Crude Houston (ECHO) terminal, which are collectively supplied by over four million barrels per day of crude pipeline capacity.
By the close of its third day of trading, a total of 2,874 ICE Midland WTI AGC futures had traded. Each futures contract is equivalent to 1000 barrels of Permian Basin originated WTI crude oil.
“The early trading activity in HOU, with the expanded infrastructure of Magellan and Enterprise behind it, marks a significant step in the development of the U.S. Gulf Coast as a global benchmark pricing location for U.S. crude,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “As the market develops, participants will find more ways to utilize HOU for acquiring, trading and managing risk around Midland WTI as it becomes an increasingly important grade of crude globally.”
As recently announced, to further facilitate trading between the MEH and ECHO terminals to create one large liquidity pool, Magellan and Enterprise have agreed to transfer Midland WTI barrels between the terminals for no charge during the first year if the barrels are not delivered to the buyer’s preferred terminal, and at 10 cents per barrel for all other WTI transfers meeting HOU quality specifications.
The Midland WTI AGC futures contract has export access to over 14 ship docks in the Houston area. Together Magellan and Enterprise’s Houston distribution systems offer 60 million barrels of combined crude storage capacity. These distribution systems connect to a further 90 million barrels of storage capacity, bringing the total to around 150 million barrels of total crude storage capacity in the Houston area, as well as offering additional direct access to water for exports and floating storage.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
ICE- CORP
Source: Intercontinental Exchange
ICE Media Contact:
Rebecca Mitchell
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ICE Investor Contact:
Mary Caroline O’Neal
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(770) 738-2151
HOUSTON--(BUSINESS WIRE)--Port Houston announces its 2022 Community Grants Program application cycle opens on Tuesday, February 1.
The Community Grants Program focuses on investing resources into meaningful projects and programs that enhance our local communities, while advancing Port Houston’s mission and vision. This year’s program awards are budgeted to total $325,000.
Interested organizations should submit brief Letters of Interest (LOI) to Port Houston starting February 1, and the LOI forms can be found at https://porthouston.com/community-outreach/grantsprogram/.
Port Houston will review each LOI to determine whether the proposed project meets the 2022 Community Grant Program’s guidelines and parameters. Each organization that submits an LOI meeting these guidelines will be invited to complete a full grant application.
Recipients of 2021 grants awarded by the Port Commission Community Relations Committee included Target Hunger and its “Community Container Gardens” project, the Houston Tool Bank and its “Clean Up and Beautification Tool Lending” program, and Community Family Centers and its “Improving the Health of the East End Workforce” program.
Port Houston looks forward to building on the success of first two years of the Community Grants Program, and continue supporting meaningful projects and programs that enhance our local communities and region!
More details concerning Port Houston’s Community Grants Program can be found on its website at Community Grants Program - Port Houston.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley-Daniels, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179;
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries, announced that it will release its third quarter fiscal year 2022 financial results after the close of financial markets on Monday, February 7, 2022.
The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.
Third Quarter Fiscal Year 2022 Financial Results Conference Call
Monday, February 7, 2022
4:45 p.m. Eastern Time
Phone: (201) 689-8560
Internet webcast link and accompanying slide presentation: www.graham-mfg.com
A telephonic replay will be available from 7:45 p.m. ET on the day of the teleconference through Monday, February 14, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13725923 or access the webcast replay via the Company’s website at www.graham-mfg.com, where a transcript will also be posted once available.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures, and sells critical equipment for the defense/space, energy/new energy, and chemical/petrochemical industries. The Graham and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company’s responsive and flexible service and unsurpassed quality.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
For more information:
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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ANNAPOLIS, Md.--(BUSINESS WIRE)--Removing natural gas service and usage could cost Baltimore households more than $26,000 each, a Consumer Energy Alliance (CEA) analysis found. The report “The Hidden Costs of a Maryland Natural Gas Ban,” examined the high cost to Maryland families and businesses from denying critical natural gas service. Misguided policies could greatly impact Maryland families and households that rely on natural gas for home heating, by forcing a conversion to electric service either with punitive building codes during construction or with equipment replacement and home remodeling costs.
The report examined what the cost implications of forced electrification on Baltimore families and consumers would be, depending on household appliance models, home configuration, labor and reliance on natural gas. It also examined the additional transmission line infrastructure that would be required to fulfill requirements to “electrify everything.” Using open-source consumer data, CEA developed a cost calculator to provide an estimate of what a typical household in the Baltimore area could expect to pay if policies to remove natural gas service and usage are put into place.
These findings dovetail with previous CEA research which found that the cost to replace just major gas appliances in homes nationwide would be more than $258 billion.
“With more than 40% of Maryland homes relying on natural gas during the winter for heat, banning such a critical resource would be a devastating blow to families who would have to pay more than $26,000 to involuntarily reconfigure their home and purchase new appliances. A ban on natural gas would also lead to an increase in energy bills, placing an unnecessary burden on the nearly one in 10 Marylanders who live at or below the poverty level, those on fixed incomes, and businesses still recovering from the hardships of COVID-19,” said CEA Mid-Atlantic Executive Director Mike Butler.
“While CEA supports voluntary efforts by consumers to use the types of appliances and services they prefer, forcing actions onto them must be balanced against the costs to households and real-world, practical considerations,” he said.
Commenting on how banning natural gas would hurt jobs, Baltimore-D.C. Building Trades President Stephen Courtien said: “Mandating electrification and banning gas hook-ups to new construction would cause serious harm to working families across Maryland. This proposed legislation threatens to eliminate hundreds of middle-class career opportunities in the gas industry, which has long provided family-sustaining wages and benefits to local residents. Time and time again, we are promised that replacement jobs will provide the same career quality as what was replaced, but we unfortunately have not seen this to be true - especially in the energy production sector.”
The report also highlights data from the Environmental Protection Agency, which shows that from 1990 to 2020, Maryland’s emissions have decreased across the board, including:
“Maryland has achieved remarkable reductions in emissions even as natural gas use increased and pipeline infrastructure expanded, and the state’s economy surged. Misguided attempts to ban energy services will only lead to undue financial burdens on Maryland’s families, seniors and small businesses and work against our economic and environmental goals,” Butler said.
“Consumers should retain the right to keep the energy service they want and choose appliances they wish to use. Natural gas serves an important role in our energy mix as an always-on option, ensuring consumers have the power and heat they need, when they need it. We hope officials and lawmakers recognize the opportunities for natural gas and its infrastructure to play an important, complementary role in reaching net-zero objectives,” Butler said.
To view the report, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers, and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic, and environmentally responsible solutions to meet our nation’s energy needs.
Bryson Hull
(202) 657-2855
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Electric Frog Company, Fermata Energy and National Grid Announce V2X Project Results
NEW HOPE, Pa. & CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--#V2G--The results of a summer-long vehicle-to-everything (V2X) pilot project have recently been compiled. The first-ever customer-owned electric vehicle (EV) to support the New England electric grid has earned over $4,200 by participating in a utility demand response program.
In May of 2021, climate-tech start-up Electric Frog Company provided an all-electric Nissan LEAF to the Burrillville Wastewater Treatment Facility in Rhode Island to facilitate commercial V2X operations in support of the New England utility grid.
“The electric vehicle and charger delivered power for 57 peak hours this summer when demand was at its highest,” said John Isberg, Vice President of Customer Sales and Solutions at National Grid. “These results help to give us confidence that electric vehicles can be a reliable partner in providing a clean and resilient electricity grid for the future.”
There is a new generation of drivers that want climate-safe transportation at the lowest price,” said Brent Alderfer, founder and CEO of Electric Frog Company. “Electric vehicle battery power supporting the grid for a few peak hours a year delivers affordable EVs and a cleaner electric grid.”
To allow charging of the EV for everyday use and discharge power on demand, Electric Frog partnered with V2X market leader Fermata Energy to install its FE-15 bidirectional charger and proprietary V2X software to manage the charging of the EV at the Burrillville facility and deliver power, on-call, to the building.
“The results achieved at the Burrillville Wastewater Treatment Facility should change how we think of electric vehicles,” said Fermata Energy founder and CEO David Slutzky. “Until now, people thought of an EV as a single-use asset for mobility only. As we just proved, an EV equipped with a bidirectional battery paired with V2X technology enables the EV owner to access a variety of value streams. We have shown that, not only can our technology save you money, but it will also drive the costs of EVs down with the value we can generate. We appreciate the opportunity to work with Electric Frog and National Grid in highlighting the real potential of electric vehicles.”
This multi-faceted project used a portion of the energy stored in the battery pack of the parked EV to help offset peak electrical loads at the treatment facility and on the grid itself as part of National Grid’s ConnectedSolutions demand response (DR) program.
When the EV is plugged into the FE-15 bidirectional charger, Fermata Energy’s V2X software manages charging and discharging of the EV battery in response to targeted peak loads so that power is delivered where it’s needed at precisely the right time and for the prescribed duration.
National Grid’s ConnectedSolutions DR program incentivizes participation with a payment of $300/kW for up to 60 “peak energy” (periods of high energy demand) events between June-September. Fermata Energy helped offset 27 peak energy events over the summer in Burrillville, resulting in a $4,200 incentive check to Electric Frog.
Using the EV’s battery instead of conventional sources of generation, Fermata Energy helps reduce emissions, infrastructure costs and utility prices, and promotes grid stabilization and renewables integration.
In addition to participation in the ConnectedSolutions program, Fermata Energy’s proprietary demand charge management (DCM) software also lowered the building’s energy cost substantially resulting in bill savings for the Burrillville facility.
Demand charges are electricity costs above and beyond “baseline” energy consumption costs. Although demand charges vary by utility, they can contribute to a significant portion of total monthly electricity costs. In Burrillville, in July, Fermata Energy saved the facility additional $222.05 in addition to the demand response revenue, bringing the total value earned over three months to $4,400.
About Electric Frog Company
Electric Frog Company is a climate-tech company accelerating the use of electric vehicles and electrification technologies for customer and climate-change benefits. The company was founded by Brent Alderfer, the energy entrepreneur who co-founded long-time renewable energy developer Community Energy, Inc. www.electricfrog.com. Twitter (@electricfrogco), LinkedIn, and Facebook.
About Fermata Energy
Fermata Energy’s proprietary vehicle-to-everything (V2X) software and bidirectional hardware technology turns EVs into energy-storage assets, and makes it possible for EVs to combat climate change, increase energy resilience, and reduce energy costs. For more information, visit www.fermataenergy.com, and follow us on Twitter (@FermataEnergy), LinkedIn, Facebook, and Instagram (@fermata__energy).
About National Grid Company
National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York, Massachusetts, and Rhode Island. National Grid is transforming our electricity and natural gas networks with smarter, cleaner, and more resilient energy solutions to meet the goal of reducing greenhouse gas emissions.
For more information, please visit our website, follow us on Twitter, watch us on YouTube, like us on Facebook, and find our photos on Instagram.
Media:
Electric Frog Company
R Brent Alderfer, This email address is being protected from spambots. You need JavaScript enabled to view it., 215-353-1373
Fermata Energy
Daniel Cherrin, This email address is being protected from spambots. You need JavaScript enabled to view it., 313-300-0932
National Grid
Ted Kresse, This email address is being protected from spambots. You need JavaScript enabled to view it., (401) 784-7730
DUBLIN--(BUSINESS WIRE)--The "Global Oil and Gas Automation Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas market is currently going through an unprecedented transformation, triggered by efforts to reduce carbon emissions and rely on more renewable and environmentally friendly energy sources.
The digitalization and automation of processes accompanying this shift represent enormous opportunities, and the market is poised to witness significant growth in the years ahead. Spurred by technology innovation, the automation market will play a critical role in driving the efficiency and safety of the global oil and gas market.
This study takes a detailed look at the growth dynamics of the oil and gas automation market for upstream operations, with a specific focus on 4 main segments: operational technologies, which includes distributed control systems, programmable logic controllers, electronics manufacturing services, supervisory control and data acquisition systems, and others; the Internet of Things; robotics; and artificial intelligence.
The study also includes market sizing and revenue forecasts, competitive analysis, regional analysis, segmentation by technology, and a full assessment of the key trends driving growth and influencing future market opportunities.
Key Topics Covered:
1. Strategic Imperatives
2. Growth Environment, Oil and Gas Automation Market
3. Growth Opportunity Analysis, Oil and Gas Automation Market
4. Growth Opportunity Analysis, AI
5. Growth Opportunity Analysis, IoT
6. Growth Opportunity Analysis, Robotics
7. Growth Opportunity Analysis, OT
8. Growth Opportunity Universe, Oil and Gas Automation Market
9. Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/im434u
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, announced results from its year-long strawberry research in collaboration with Delphy Improvement Centre (Delphy), an independent institute and expert in food and flowers located in Bleiswijk, the Netherlands. Together, Fluence and Delphy studied how Fluence’s LED lighting solutions impact strawberry production in greenhouses.
As grocers push produce suppliers to deliver fresh, high-quality crops year-round, growers are increasingly exploring how to allocate high-tech greenhouse space to strawberries, which are typically grown outdoors or in hoop houses (small, semi-portable structures). Fluence and Delphy examined how to sustainably grow strawberry crops in high-tech greenhouse environments while maximizing yield and fruit quality.
“Results from our collaboration with Delphy are showing that strawberries thrive under predominantly white spectra, creating opportunities for greenhouse growers to introduce new, efficient lighting strategies into their facilities,” said David Hawley, Ph.D, principal scientist for Fluence. “Strawberry cultivars grown under a broad-spectrum with a fraction of far-red saw taller crops, wider canopies, higher overall yields and increased Brix values. As with all crops and individual cultivars, there is no ubiquitous lighting strategy for optimizing plant yield and quality. However, our global research endeavors continue to showcase the power of optimized lighting solutions for the world’s most popular crops.”
Fluence and Delphy researchers analyzed morphology, yield and quality for Sonata and Sonsation cultivars—two of the most popular cultivars in Europe—under four spectral strategies: white (Fluence PhysioSpec™ R4), white with a fraction of far-red (R4 + FR), pink (R8), and pink with the same fraction of far-red (R8 + FR). Overall, during the winter flush, spectra that included a fraction of far-red saw increased performance across all categories. However, the white spectrum with a fraction of far-red recorded the best performance across categories:
“Produce managers at grocers and other retailers seek quality and consistency from their suppliers—consistency that a high-tech greenhouse facility is built to provide,” said David Cohen, CEO of Fluence. “Greenhouses create safe, clean and controlled environments. With an optimized lighting strategy, growers can produce crops with delicious flavors that consumers demand and yields that enable store shelves to remain stocked year-round.”
For more information on Fluence and the company’s ongoing research initiatives, visit www.fluence.science.
About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.
About Delphy Improvement Centre
Delphy Improvement Centre, located Bleiswijk, the Netherlands, is a recognized research institute that executes cultivation-related trials in all kinds of crops. The experiments are performed in a modern greenhouse complex located in close proximity to their target audience: The growers.
For Fluence,
Emma Chase
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C: 512-917-4319
Li-Cycle Announces First European Spoke, with Capacity to Process up to 10,000 tonnes of Manufacturing Scrap and End-of-life Batteries per year
Norwegian Morrow Batteries and ECO STOR to Partner with Li-Cycle to Deliver Integrated Closed Loop Battery Production, Re-use and Recycling Solution to the Nordic Market
Koch Engineered Solutions (KES) to provide Spoke fabrication, Extending their Strategic Relationship with Li-Cycle
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, announced today that it has formed a joint venture with ECO STOR AS (“ECO STOR”) and Morrow Batteries AS (“Morrow”). Li-Cycle will be the majority owner of the joint venture, with ECO STOR and Morrow being minority owners and Nordic-headquartered strategic partners. Through this vehicle, Li-Cycle will construct a new commercial lithium-ion battery recycling facility in southern Norway.
Norway has long been a leader in electric vehicle (EV) adoption and, according to the Norwegian Automobile Federation, is on the path of phasing out sales of new internal combustion engine vehicles by April 2022. This would be three years ahead of the 2025 target proposed by the Norwegian government and could result in a significant, long-term supply of end-of-life batteries. Li-Cycle expects it will be well-positioned to ultimately recycle and bring these end-of-life batteries back into the lithium-ion battery supply chain. Importantly, this is in addition to the sustainable domestic supply of manufacturing scrap expected to be generated in Norway as battery manufacturing capacity is increased by companies such as Morrow.
Once constructed, the Norwegian Spoke will be Li-Cycle’s first recycling facility outside of North America and is expected to have the capacity to process up to 10,000 tonnes of lithium-ion batteries per year, including but not limited to battery manufacturing scrap, full EV packs, and energy storage systems. The facility is expected to be operational in early 2023. The initiative brings together complementary parts of a circular and sustainable value chain to the European market and brings Li-Cycle’s total expected global recycling capacity (existing and under development) to 40,000 tonnes of lithium-ion battery input per year.
“This is a significant step for Li-Cycle, as we deploy our proven lithium-ion battery resource recovery solution to the European market and execute on our global growth strategy with key industry partners,” said Ajay Kochhar, President, CEO and co-founder of Li-Cycle. “Norway’s early leadership in EV adoption and ecosystem is a beacon for electrification globally, creating a robust market for both battery manufacturing scrap and end-of-life batteries domestically. Together with our new partners, we believe we are well positioned to capitalize on this meaningful opportunity.”
Subject to the parties entering into mutually acceptable definitive services, off-take and related agreements, ECO STOR will provide the joint venture with end-of-life lithium-ion batteries, along with Morrow providing lithium-ion battery manufacturing scrap from its planned battery manufacturing facilities in Norway. Li-Cycle will provide equipment, technology, technical services, and operational management for the Spoke facility, while having the right to acquire 100% of the facility’s production of black mass. The parties are currently finalizing the site for the Spoke; construction and commissioning of the Spoke remains subject to receipt of all necessary Norwegian regulatory approvals.
Headquartered in Oslo, Norway, ECO STOR, a portfolio company of Norwegian utility company Agder Energi, is a leading second-life energy storage development business focused on converting used lithium-ion batteries into energy storage systems. ECO STOR’s proprietary methodology introduces a complete solution for developers, builders, and homeowners looking for low-cost and energy-efficient storage.
“As a leading supplier of energy storage solutions in Norway, ECO STOR has pioneered the development of technologies that enable widespread deployment of second life EV batteries,” commented Trygve Burchardt, CEO of ECO STOR. “Providing batteries with a second life is a significant step on the path to delivering stable, clean, renewable energy and we are pleased to provide a complete recycling solution through our new partnership.”
Headquartered in Arendal, Norway, Morrow Batteries is building up world-class battery cell manufacturing with an annual capacity of 43 GWh, utilizing 100% renewable hydroelectric power to ensure the lowest possible CO2 footprint.
“Localizing the full battery supply chain to Norway’s ‘battery coast’ and South Norway is key to driving down our cell production cost, while simultaneously delivering the world’s most sustainable batteries,” said Terje Andersen, CEO of Morrow Batteries. “This partnership will develop a closed material loop ecosystem supporting European customers and will ensure we continue to deliver value from battery materials through re-use and recycling over the long term.”
In support of executing the Norway Spoke, Koch Engineered Solutions (KES) has been engaged to construct, test, and ship the modular Spoke facility. This is an outcome of Koch and Li-Cycle exploring collaboration on key strategic capabilities across the Koch ecosystem, following the previously announced investment in Li-Cycle by Koch Strategic Platforms.
“We’re excited to collaborate with Li-Cycle to advance this exciting project in the circular economy value chain,” said Brian Boster, President of Optimized Process Designs (OPD), an engineering, procurement and construction (EPC) capability in KES. “Advancing innovation in the battery recycling/recovery space adds direct long-term value to our partners and helps ensure a future sustainable battery ecosystem.”
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
About Morrow Batteries AS.
Morrow’s ambition is to develop and manufacture the world’s most cost-effective and most sustainable battery cells. The company’s vision is to enable and accelerate the green energy transition through smart cell chemistries, and energy saving cell production processes. Morrow’s vision is to create sustainable batteries based on renewable hydroelectric power, local sourcing and closed loop recycling. Morrow Batteries was founded in 2020 by strong, committed owners and the company’s Management. Leading investors are Agder Energi Venture, a wholly owned subsidiary of Agder Energi, NOAH, a wholly owned subsidiary of Gjelsten Holding, and the Danish pension fund PKA.
About ECO STOR AS.
Eco Stor AS manufactures high-performance, low-cost Energy Storage systems for residential, industrial and grid connected applications. Based in Oslo, the business uses complete, second-life electric vehicle batteries to create energy storage systems that minimize environmental impact while offering industry-leading safety, performance and reliability. The company was established in 2018 to commercialize its management team’s 50+ years of experience, intellectual property and knowledge in energy storage system development. In 2019, Agder Energi Ventures invested in the company and have subsequently become the majority shareholder.
CAUTION CONCERNING FORWARD‑LOOKING STATEMENTS
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1993, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “may”, “will”, “expect”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements may include, for example, statements about the development and operation of the Norwegian Spoke, including the anticipated timing for construction and commissioning of the Spoke and the ability of the joint venture partners to reach agreement on the terms of definitive services, offtake and related agreements, and the future financial performance of Li-Cycle and performance vis-à-vis its competitors. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: the Norwegian Spoke, Li-Cycle’s Arizona and Alabama Spokes, its Rochester Hub and other future projects are subject to development risks, including with respect to engineering, permitting, procurement, construction, materials and labor costs, commissioning and ramp-up; the Norwegian joint venture’s inability to develop its Spoke in a timely manner or on budget and to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap from its partners and other sources; the Norwegian Spoke not meeting expectations with respect to its productivity; market developments (such as increasing EV battery manufacturing volumes in the jurisdiction in which Li-Cycle and its affiliates operate, including North America and Norway, and trends around battery chemistries in EV applications); Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s insurance may not cover all liabilities and damages it incurs in the operation of its business; Li-Cycle’s, and its Norwegian joint venture’s, heavy reliance on the experience and expertise of Li-Cycle’s management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling and recovery processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; and Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled “Risk Factors” in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the U.S. Securities and Exchange Commission, and in other filings made by Li-Cycle with securities regulatory authorities. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Li-Cycle:
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OAKLAND, Calif.--(BUSINESS WIRE)--Navis, the leading provider of maritime software solutions for efficient and compliant cargo loading, announced today that it has been designated as a Great Place to Work-Certified™ company for 2021. This prestigious recognition is solely based upon validated employee feedback gathered with Great Place to Work’s rigorous, data-driven methodology. This is the second year in a row that Navis has received this designation.
For nearly three decades, Great Place to Work has become the global authority on workplace culture and helps organizations quantify their culture and produce better business results by creating a high-trust work experience for its workforce. According to the survey, Navis out-performed the national average with 84% of team members responding that it was a great place to work.
“We are proud to be recognized as a Great Place to Work-Certified™ company for a second consecutive year,” said Mike Cornell, Chairman and Chief Executive Officer of Navis. “Without the incredible people who make up our team, this recognition would not be possible. It is our mission to champion our people so we can continue to bring inspiration and purpose to solving global trade's toughest issues.”
“This recognition is not only a testament to our commitment to all our team members and continued dedication to the workplace experience, but it is a true testament to the character of our people,” said Rebecca Matthews, Director, People Success at Navis. “One of our top priorities is to curate an inspiring and inclusive culture where all our employees can thrive. It is because of each and every one of our team members that we received this esteemed recognition.”
“Great Place to Work Certification™ isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that Navis is one of the best companies to work for in the country.”
Navis is actively hiring various roles throughout the company and across the world. Visit https://www.navis.com/en/about/careers to learn more about working for a people-first company with a multitude of opportunities for growth.
To learn more, visit www.navis.com and www.greatplacetowork.com.
About Navis, LP
Navis is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com.
Jennifer Grinold
Navis, LP
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Gregory FCA
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Announces New RNG Development Partnership with One of Country’s Largest Dairies
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp (Nasdaq: CLNE) executives today will share the direction and specific activities the company is taking to grow its renewable natural gas business during an ‘RNG Day’ webcast. Register for the webcast here.
A copy of the presentation can be found on the “Events and Presentations” section of the Company’s website at https://investors.cleanenergyfuels.com. In addition, a replay of the webcast will be available at the same location for approximately 60 days following the webcast.
“With carbon reduction up to 500 percent, RNG is the epitome of renewable energy,” said Andrew J. Littlefair, president and CEO, Clean Energy. “It presents enormous potential in sustainable transportation, so we’re focused on a pathway to grow both the production and distribution of this negative carbon intensity fuel.”
As part of the presentation, Clean Energy will announce that it has signed an agreement to construct a methane capture digester at Millenkamp Dairy in Jerome, Idaho, one of the largest dairy farms in the U.S. The project is expected to provide an anticipated five million gallons of very low carbon-intensity RNG annually which will flow into Clean Energy’s fueling network. The Millenkamp project will be developed through Clean Energy’s joint venture with bp.
“‘A Legacy of Trust’ is our motto at Millenkamp and we’ve always held ourselves to the highest standard in how we manage our cattle and the dairy,” said Bill Millenkamp, owner of the dairy. “Adding the ability to produce what can be millions of gallons of clean fuel reinforces our commitment to sustainability. As a family business, it’s extremely important to leave a better operation to the next generation and this new methane capture digester will move us towards that goal.”
The webcast includes Clean Energy’s five year financial overview and a summary of opportunities for RNG production and policy adoption in specific states. It also provides a look at the ways that RNG, coupled with Clean Energy’s expertise in station construction and modification, can transition to new clean technologies in the future.
Following the presentation, Clean Energy executives—including Andrew Littlefair, CFO Robert Vreeland and an executive from the company’s Renewables sector—will field investor questions.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
Safe Harbor Statement
This press release contains 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, including statements about, among other things, the anticipated benefits from our agreement with Millenkamp Dairy, including the expected volume of RNG to be produced and the expected timing of groundbreaking and completion of the project, and the advantages of RNG, including its potential in sustainability transportation.
Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; the Company’s ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.
The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company’s periodic reports filed with the Securities and Exchange Commission (www.sec.gov), including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release, and such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the Securities and Exchange Commission.
Clean Energy Contact:
Raleigh Gerber
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QuikTrip teams up with SNL director Paul Briganti to create a 30-minute sitcom episode
TULSA, Okla.--(BUSINESS WIRE)--QuikTrip (QT), one of the nation’s leading convenience and gasoline retailers, has teamed up with SNL director Paul Briganti to create and broadcast a nostalgic, full-length 90s throwback sitcom, “Snackle Steals the Show.”
“Our ‘Snackle Steals the Show’ episode pays homage to many of our favorite 90s shows while highlighting that QuikTrip is more than a gas station,” said QuikTrip Marketing & Communications Manager Mendi Parker-Treat. “By reimagining these classic shows, it gave us a fun and unique way to engage with our customers.”
The episode will be available for streaming on QuikTrip’s Facebook, Twitter, Instagram and YouTube pages as well as DeejayKnight's Twitch livestream on Friday, January 28 at 7 p.m. CST.
"Snackle Steals the Show" will air live on Saturday, January 29 across several QT markets including:
QT has also launched other platforms for customers to visit to enjoy the 90s nostalgia including three unique 30-second promos on QuikTrip's YouTube playlist, a Pandora station, and also a BuzzFeed quiz.
About QuikTrip
QuikTrip Corporation is a privately held company headquartered in Tulsa, Oklahoma. Founded in 1958, QuikTrip has grown to a more than $11 billion company with 900+ stores in 14 states. QuikTrip gives back to the communities it serves, donating five percent of net profits to charitable organizations in those communities. With more than 24,000 employees, QuikTrip has consistently been ranked as one of the top convenience store marketers in product quality and friendly service. To find out more about QuikTrip, visit www.quiktrip.com.
Aisha Jefferson-Smith
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"We stand ready to deliver the security of supply needed by the industry", says Jay Son, CEO of Innoscience
SANTA CLARA, Calif. & LEUVEN, Belgium--(BUSINESS WIRE)--Innoscience Technology, the company founded to create a global energy ecosystem based on high performance, low-cost Gallium-Nitride-on-Silicon (GaN-on-Si) power solutions, today announced the official launch of its international operations in the USA and Europe. Headquartered in Suzhou, China, Innoscience is now poised to support customers through the addition of design and sales support facilities in Santa Clara, California, and Leuven, Belgium.
Founded in December 2015, Innoscience is already the largest Integrated Device Manufacturer (IDM) that is fully focused on GaN technology. The company has two wafer fabs including the world's largest dedicated 8-inch GaN-on-Si site, featuring the latest, advanced, high-throughput manufacturing equipment. Currently the company has a capacity of 10,000 8-inch wafers per month which will ramp up to 14,000 8-inch wafers per month later this year and 70,000 8-inch wafers per month by 2025. The company has a wide portfolio of devices from 30V to 650V and has shipped more than 35 million parts for use in applications including USB PD chargers/adapters, data centers, mobile phones and LED drivers.
Innoscience produces high-performance, normally-off e-mode GaN FETs. By introducing a stress enhancement layer, the company has significantly reduced RDS(on) without affecting other parameters including threshold voltage and leakage. Both epitaxy as well as device processing have been optimized to obtain high reproducibility and yield. Parts have passed quality and reliability tests in excess of JEDEC standards.
Comments Dr. Denis Marcon, General Manager, Innoscience Europe: "The time is right for GaN, and Innoscience is ready to supply the world. We will surpass anyone on price for an equivalent device and our huge manufacturing capacity means that our customers are assured of security of supply, which is often uppermost in people's minds given the shortage of chips at the moment. We look forward to working with any company in order to proliferate GaN throughout the global electronics industry."
Yi Sun, General Manager, Innoscience USA, explained: “This is an exciting time for our customers, who can benefit from Innoscience’s applications understanding and demo boards to develop their unique solutions. This will allow us to better support our customers in the USA, and in particular, the Bay area”.
It is expected both Innoscience offices will expand rapidly in the coming months and years, in order to strategically support Europe’s and the USA’s burgeoning market of GaN-on-Si power solutions.
– Ends –
About Innoscience
Innoscience is an Integrated Device Manufacturer (IDM) founded in December 2015 with main investment from CMBI, ARM, SK and CATL. With the development of new technologies, the electric power grid and power electronic systems across the world are undergoing a massive transformation. Our vision is to create an energy ecosystem with the most effective and low-cost Gallium-Nitride-on-Silicon (GaN-on-Si) power solutions. In November, 2017, Innoscience first established a mass production 8-inch wafer line for GaN-on-Si devices in Zhuhai. In order to fulfill the rapidly growing power demands, Innoscience has inaugurated a new facility in the Suzhou in September, 2020. As a cutting-edge GaN technology provider, Innoscience’s 1,400+ employees and over 300 R&D experts are dedicated to delivering high performance and high reliability GaN power devices that can be widely used in diverse applications including cloud computing, electric vehicles (EV) and automotive, portable devices, mobile phones, chargers and adapters. For more information, please visit http://www.innoscience.com.
Ref: INS011A
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RYE BROOK, N.Y.--(BUSINESS WIRE)--#LetsSolveWater--Xylem (NYSE:XYL), a leading global water technology company, has today announced that it received a score of 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index. This is the third year in a row that Xylem has earned top marks on the U.S. benchmarking survey which measures corporate policies and practices related to LGBTQ+ workplace equality.
“At Xylem, we view diversity, equity and inclusion as powerful enablers in our mission to solve water,” said Claudia Toussaint, Xylem’s Senior Vice President, Chief Human Resources and Sustainability Officer, and General Counsel. “Embracing different perspectives not only strengthens and unites our global team, but it also fuels our company’s culture of innovation and shared purpose. That’s why as we work towards Xylem’s 2025 Sustainability Goals, we continue to sharpen our focus on diversity recruiting, building inclusion into the fabric of how we operate, and increasing data transparency. We are honored that our efforts to advance workplace equality have been recognized by the Human Rights Campaign Foundation.”
Specific initiatives undertaken by Xylem in 2021 include:
- Elevating diversity, equity and inclusion awareness through global training, including LGBT+ specific topics;
- Expanding Xylem’s local LGBT+ and Allies Network into emerging markets; and
- Targeted recruitment to the LGBT+ community for open positions.
“When the Human Rights Campaign Foundation created the Corporate Equality Index 20 years ago, we dreamed that LGBTQ+ workers—from the factory floor to corporate headquarters, in big cities and small towns—could have access to the policies and benefits needed to thrive and live life authentically,” said Jay Brown, Human Rights Campaign Senior Vice President of Programs, Research and Training. “We are proud that the Corporate Equality Index paved the way to that reality for countless LGBTQ+ workers in America and abroad. But there is still more to do, which is why we are raising the bar yet again to create more equitable workplaces and a better tomorrow for LGBTQ+ workers everywhere. Congratulations to Xylem for achieving the title of ‘best places to work for LGBTQ+ equality’ and working to advance inclusion in the workplace.”
The results of the 2022 Corporate Equality Index (CEI) showcase how 1,271 U.S.-based companies are promoting LGBTQ+-friendly workplace policies in the U.S. Internationally, 56% of CEI-rated companies also have global operations and are helping advance the cause of LGBTQ+ inclusion in workplaces abroad. Xylem’s efforts in satisfying all of the CEI’s criteria earned a 100 percent ranking and the designation as one of the Best Places to Work for LGBTQ+ Equality.
The CEI rates companies on detailed criteria falling under four central pillars:
The full report is available online at www.hrc.org/cei.
About Xylem
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 16,000 diverse employees delivered revenue of $4.88 billion in 2020. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.
About the Human Rights Campaign Foundation
The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people, shedding light on inequity and deepening the public’s understanding of LGBTQ+ issues, with a clear focus on advancing transgender and racial justice. Its work has transformed the landscape for more than 15 million workers, 11 million students, 1 million clients in the adoption and foster care system and so much more. The HRC Foundation provides direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices; it builds the capacity of future leaders and allies through fellowship and training programs; and, with the firm belief that we are stronger working together, it forges partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.
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American Robotics builds its customer base in the oil and gas sector with new purchase order
WALTHAM, Mass.--(BUSINESS WIRE)--$ONDS #Drones--Ondas Holdings Inc. (NASDAQ:ONDS), a leading provider of private wireless data, drone and automated data solutions through its wholly owned subsidiaries, Ondas Networks Inc. and American Robotics, Inc. ("American Robotics" or "AR"), announced today that American Robotics received a new purchase order from Chevron for its fully autonomous, FAA-approved, Scout Systems. This will be American Robotics’ second Fortune 100 customer in the oil and gas space.
“The oil and gas industry is primed to benefit from recent advancements in autonomous drone technology,” said Reese Mozer, CEO and co-founder of American Robotics. “Prior to our game-changing FAA approvals, asset managers that used drones to monitor their oil and gas fields needed to employ pilots and visual observers to fly the systems manually, and then manually convert the data into actionable insights. With Scout System, we are providing the oil and gas industry with a dramatically more efficient and effective way to manage, monitor, and inspect their assets. Analytics that were previously unattainable due to high costs of operation are now available through the Scout System, allowing users to make informed decisions in real-time that will drive their business forward.”
Working in and maintaining oil and gas infrastructure is time-consuming, labor-intensive, and can often put people in danger. Millions of acres of assets must be continually monitored to check for oil leaks, methane emissions, and damaged equipment. American Robotics’ fully-automated drone systems each conduct up to 20 autonomous missions per day without having a pilot or visual observer on the ground. The adoption of this technology in the space will allow for automated inspections, regular site monitoring, and enhanced safety for employees, all at a lower cost with increased accuracy.
The use of autonomous drones in the oil and gas industry is expected to continue and expand significantly in the coming years, as they are a crucial component when it comes to ensuring site safety and conducting regular facility inspections. Automating high-frequency inspections is critical for oil and gas companies to comply with global climate change mitigation commitments and regulations such as the U.S. Environmental Protection Agency’s (EPA) new Clean Air Act rule, intended to reduce methane emissions by 30 percent by 2030. Overall, the industry is projected to spend $15.6 billion on digital transformations by the end of the decade.
To learn more about American Robotics and its Scout System drone, click here.
About Ondas Holdings Inc.
Ondas Holdings Inc. ("Ondas") is a leading provider of private wireless data and drone solutions through its wholly owned subsidiaries Ondas Networks Inc. ("Ondas Networks") and American Robotics, Inc. ("American Robotics" or "AR"). Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets. Ondas Networks' standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today's legacy private licensed wireless networks. Ondas Networks' customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications. American Robotics designs, develops, and markets industrial drone solutions for rugged, real-world environments. AR's Scout System™ is a highly automated, AI-powered drone system capable of continuous, remote operation and is marketed as a "drone-in-a-box" turnkey data solution service under a Robot-as-a-Service (RAAS) business model. The Scout System™ is the first drone system approved by the FAA for automated operation beyond-visual-line-of-sight (BVLOS) without a human operator on-site. Ondas Networks and American Robotics together provide users in rail, agriculture, utilities and critical infrastructure markets with improved connectivity and data collection capabilities.
For additional information on Ondas Networks and Ondas Holdings, visit www.ondas.com or follow Ondas Networks on Twitter and LinkedIn. For additional information on American Robotics, visit www.american-robotics.com or follow American Robotics on Twitter and LinkedIn.
Information on our websites and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.
Forward-Looking Statements
Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
Media
Derek Reisfield, President and CFO
Ondas Holdings Inc.
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Through the project, the company also reduces GHG emissions by 280 tons
SÃO PAULO--(BUSINESS WIRE)--#SHIP--PepsiCo, one of the largest food and beverage companies in the world, implemented an innovative project in its Sete Lagoas (MG) snacks operation: a solar thermal plant that captures sunlight and converts it into thermal energy for heating process water. Through this technology, it was possible to reduce natural gas consumption by 140’000 m³ in the unit - which will also reduce greenhouse gas (GHG) emissions by almost 280 tons. This number is equivalent to the planting of almost 18’000 trees.
The thermo-solar plant is made up of high-vacuum solar thermal flat panels, running automatically, without supervision and without the need for cleaning. The first results show that the plant generated about 3.9 kWh/m²/day of thermal energy during the summer months, providing hot water at 60-75°C, even in the dry climate of Sete Lagoas. The energy targets were hit. The water heated by the system is used in several factory processes. “To give an example, we use the water heated by the thermo solar system to cook the corn in our snacks. The difference is that the water is already heated to the process, so we have to use less flame time to reach the temperature we use at this stage of production”, describes Bruno Guerreiro, Sustainability Manager at PepsiCo Brazil.
With the new solar thermal plant, PepsiCo moves towards its global goal of reducing carbon emissions by 40% by 2030 (2015 baseline) and Net-zero by 2040. “It is an important innovation to use thermal energy from the solar plant in the country. With this initiative, we became more sustainable, a premise that is at the heart of the way we do business at the company, continually seeking to evolve towards a Positive Value Chain”, explained Guerreiro. According to him, the solution is scalable and should be implemented in other PepsiCo Brazil plants in the coming years, with even larger areas of solar panels.
The solar thermal plant at the Sete Lagoas site is the result of a partnership between PepsiCo and TVP Solar, a Swiss company specializing in solar thermal technology with state-of-the-art solutions. TVP Solar designs, develops, manufactures and markets high vacuum, mirrorless solar thermal collectors based on patented technology. Solar thermal energy is carbon-free and a cheaper alternative than that generated by liquid fuels.
Piero Abbate, CEO of TVP Solar, highlights that the partnership with PepsiCo is emblematic for the company, because it highlights the importance of solar thermal energy for the food and beverage industry. “We hope this will be the beginning of a long-term collaboration with PepsiCo,” says Piero.
In 2021, PepsiCo announced the launch of the PepsiCo Positive (pep+) platform, which puts sustainability at the heart of how the company creates growth and value, operating within the limits of the planet and inspiring positive change for the environment and people. As a result, sustainability starts to guide the way PepsiCo operates its business: from sourcing ingredients, manufacturing and selling its products in a more sustainable way, to inspiring people to make choices that are better for themselves and the planet. “Our solar thermal plant is another step on our journey towards sustainability. We are constantly evolving in our processes and innovating on several fronts to do our part to contain climate change, reducing greenhouse gas (GHG) emissions throughout our value chain”, said the CEO of PepsiCo Brasil Alimentos, Alex Carretero.
To learn more about the PepsiCo Positive agenda, visit
https://www.pepsico.com.br/sustentabilidade/pepsicopositive.
About PepsiCo
PepsiCo products are enjoyed more than a billion times a day by consumers in more than 200 countries and territories worldwide. PepsiCo generated more than $70 billion in global net revenue in 2020, driven by a complementary food and beverage portfolio that, in Brazil, includes PEPSI®, GATORADE®, QUAKER®, LAY'S®, DORITOS®, RUFFLES®, CHEETOS ®, KERO COCO®, H2OH!®, TODDY® among others. PepsiCo's product portfolio includes a broad range of food and beverage products, including 23 brands that generate more than $1 billion each in estimated annual sales.
PepsiCo is guided by the vision of Being the Global Leader in Convenient Food and Beverages by Winning with Purpose, which reflects our drive to win sustainably in the marketplace and embed purpose in all aspects of the business. For more information, visit www.pepsico.com.br.
About TVP Solar:
TVP Solar SA is a Swiss company which designs, develops, manufactures and markets innovative high-vacuum solar thermal collectors based on patented technology. TVP revolutionized solar thermal, decarbonizing industrial processes in large-scale deployments. TVP has been installed across 9 countries and 3 continents, supplying carbon-free renewable heat, the cheapest thermal energy cutting OPEX and CO2 emissions, while securing energy supply. For more information please visit: www.tvpsolar.com
Press Contacts – PepsiCo Brazil
Letícia Feix
Consultora de Comunicação
(19) 99830-1937
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Press Contacts – TVP Solar
Jonathan Koifman
Head of Partnerships
+41 22 534 9087
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Key Developments:
Fourth Quarter Financial and Operational Highlights:
2022 Guidance:
NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today reported net income of $265 million, or $0.85 per share, in the fourth quarter of 2021, compared with a net loss of $97 million, or $0.32 per share, in the fourth quarter of 2020. On an adjusted basis, the Corporation reported a net loss in the prior-year quarter of $176 million, or $0.58 per share. The improvement in adjusted after-tax results compared with the prior-year period was primarily due to higher realized selling prices in the fourth quarter of 2021.
“This year marks an inflection point in the execution of our strategy,” CEO John Hess said. “We have built a differentiated portfolio offering a unique value proposition – delivering durable cash flow growth that enables us to continue to invest in some of the highest return projects in the industry and to start growing our cash returns to our shareholders.”
After-tax income (loss) by major operating activity was as follows:
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||
|
(In millions, except per share amounts) |
||||||||||||||
Net Income (Loss) Attributable to Hess Corporation |
|
|
|||||||||||||
Exploration and Production |
$ |
309 |
$ |
(39) |
$ |
770 |
$ |
(2,841) |
|||||||
Midstream |
|
74 |
|
62 |
|
286 |
230 |
||||||||
Corporate, Interest and Other |
|
(118) |
|
(120) |
|
(497) |
(482) |
||||||||
Net income (loss) attributable to Hess Corporation |
$ |
265 |
$ |
(97) |
$ |
559 |
$ |
(3,093) |
|||||||
Net income (loss) per share (diluted) |
$ |
0.85 |
$ |
(0.32) |
$ |
1.81 |
$ |
(10.15) |
|||||||
|
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
Adjusted Net Income (Loss) Attributable to Hess Corporation |
|
|
|||||||||||||
Exploration and Production |
$ |
309 |
$ |
(118) |
$ |
888 |
$ |
(643) |
|||||||
Midstream |
|
74 |
|
62 |
|
286 |
230 |
||||||||
Corporate, Interest and Other |
(118) |
(120) |
|
(497) |
(481) |
||||||||||
Adjusted net income (loss) attributable to Hess Corporation |
$ |
265 |
$ |
(176) |
$ |
677 |
$ |
(894) |
|||||||
Adjusted net income (loss) per share (diluted) |
$ |
0.85 |
$ |
(0.58) |
$ |
2.19 |
$ |
(2.93) |
|||||||
|
|
|
|
|
|||||||||||
Weighted average number of shares (diluted) |
|
310.0 |
|
305.1 |
|
309.3 |
304.8 |
||||||||
|
|
|
|
|
|||||||||||
Exploration and Production:
E&P net income was $309 million in the fourth quarter of 2021, compared with a net loss of $39 million in the fourth quarter of 2020. On an adjusted basis, E&P's net loss in the prior-year quarter was $118 million. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $71.04 per barrel in the fourth quarter of 2021, compared with $45.32 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the fourth quarter of 2021 was $36.47 per barrel, compared with $15.80 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.77 per mcf, compared with $3.35 per mcf in the fourth quarter of 2020.
Net production, excluding Libya, was 295,000 boepd in the fourth quarter of 2021, compared with 309,000 boepd in the fourth quarter of 2020, or 295,000 boepd proforma for assets sold. Net production for Libya was 21,000 boepd in the fourth quarter of 2021 compared with 12,000 boepd in the prior-year quarter.
Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $12.17 per boe (excluding Libya: $12.84 per boe) in the fourth quarter of 2021, compared with $11.31 per boe (excluding Libya: $11.57 per boe) in the prior-year quarter. The change in per unit cost reflects the impact of lower production volumes and higher production and severance taxes in North Dakota in the fourth quarter of this year. Income tax expense increased in the fourth quarter of 2021 compared with the prior-year quarter primarily due to improved results from Libya and Guyana.
Oil and Gas Reserves Estimates:
Oil and gas proved reserves at December 31, 2021, which are subject to final review, were 1,309 million boe, compared with 1,170 million boe at December 31, 2020. Net proved reserve additions in 2021 totaled 348 million boe, which is comprised of net positive revisions of 107 million boe due to higher commodity prices and other net additions of 241 million boe primarily from the Bakken. Asset sales in 2021 reduced proved reserves by 91 million boe.
Excluding asset sales, the Corporation replaced 295 percent of its 2021 production (204 percent excluding price revisions) at a finding and development cost of approximately $5.25 per boe (approximately $7.60 per boe excluding price revisions).
Operational Highlights for the Fourth Quarter of 2021:
Bakken (Onshore U.S.): Net production from the Bakken was 159,000 boepd compared with 189,000 boepd in the prior-year quarter primarily due to the impact of lower drilling activity caused by a reduction in rig count from six to one during the first half of last year, lower NGL and natural gas volumes received under percentage of proceeds contracts, and the second quarter 2021 sale of Little Knife and Murphy Creek nonstrategic acreage interests, which contributed net production of approximately 5,000 boepd in the fourth quarter of 2020. Net oil production was 79,000 barrels of oil per day (bopd) compared with 97,000 bopd in the fourth quarter of 2020. NGL and natural gas volumes received under percentage of proceeds contracts were 9,000 boepd in the fourth quarter of 2021 compared with 21,000 boepd in the fourth quarter of 2020 due to higher realized NGL prices lowering volumes received as consideration for gas processing fees. The Corporation added a second rig in February 2021 and a third rig in September 2021, and drilled 17 wells, completed 13 wells, and brought 19 new wells online in the fourth quarter.
Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 39,000 boepd, compared with 32,000 boepd in the prior-year quarter primarily due to downtime for hurricane-related maintenance in the fourth quarter of 2020. Net production from the Shenzi Field, which was sold in November 2020, was 3,000 boepd in the fourth quarter of 2020.
Guyana (Offshore): At the Stabroek Block (Hess – 30%), the operator, Esso Exploration and Production Guyana Limited, announced two significant discoveries at Fangtooth and Lau Lau. The Fangtooth-1 well encountered approximately 164 feet of high quality oil bearing sandstone reservoirs, and confirms the deeper exploration potential of the Stabroek Block. The well was drilled in 6,030 feet of water and is located approximately 11 miles northwest of the Liza Field. The Lau Lau-1 well encountered approximately 315 feet of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,793 feet of water and is located approximately 42 miles southeast of the Liza Field.
The Corporation’s net production from the Liza Destiny floating production, storage and offloading vessel (FPSO) was 31,000 bopd in the fourth quarter of 2021 compared with 26,000 bopd in the prior-year quarter. On October 25, 2021, the Liza Unity FPSO, with an expected capacity of 220,000 gross bopd, arrived at the Stabroek Block and startup of Phase 2 of the Liza Field development remains on track for the first quarter of 2022. The third development, Payara, will utilize the Prosperity FPSO with an expected capacity of 220,000 gross bopd; first oil is expected in 2024. A fourth development, Yellowtail, was submitted to the government of Guyana for approval in the fourth quarter. Pending government approval and project sanctioning, the project is expected to have a capacity of 250,000 gross bopd with first oil anticipated in 2025. We expect to have at least six FPSOs on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop the current discovered recoverable resource base.
Following the completion of the Fangtooth-1 well, the Stena DrillMAX will begin drilling at the Tarpon prospect. Following the completion of the Lau Lau-1 well, the Noble Don Taylor began drilling at the Barreleye prospect. The Stena Carron completed drill stem tests on the Longtail-2, Whiptail-2 and Turbot-2 wells, and is currently performing a drill stem test on the Tilapia-1 well. The Noble Sam Croft, the Noble Bob Douglas and the Noble Tom Madden are currently drilling and completing development wells at Liza Phase 2 and the Payara Field.
South East Asia (Offshore): Net production at North Malay Basin and JDA was 66,000 boepd compared with 56,000 boepd in the prior-year quarter, reflecting higher natural gas nominations due to a recovery in economic activity which had been impacted by COVID-19.
Midstream:
The Midstream segment had net income of $74 million in the fourth quarter of 2021, compared with net income of $62 million in the prior-year quarter, primarily due to increased revenue from higher minimum volume commitments and rates.
In October 2021, Hess Midstream LP completed a public offering of approximately 8.6 million Class A shares held by Hess Corporation and Global Infrastructure Partners. The Corporation received net proceeds of $108 million. After giving effect to this transaction, the Corporation owns an approximate 44% interest in Hess Midstream LP, on a consolidated basis.
Corporate, Interest and Other:
After-tax expense for Corporate, Interest and Other was $118 million in the fourth quarter of 2021, compared with $120 million in the fourth quarter of 2020.
Capital and Exploratory Expenditures:
E&P capital and exploratory expenditures were $593 million in the fourth quarter of 2021, compared with $371 million in the prior-year quarter, primarily due to higher drilling and development activity in Guyana and the Bakken. Midstream capital expenditures were $54 million in the fourth quarter of 2021, compared with $51 million in the prior-year quarter.
Liquidity:
Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $2.71 billion and debt and finance lease obligations totaling $6.1 billion at December 31, 2021. The Midstream segment had cash and cash equivalents of $2 million and total debt of $2.6 billion at December 31, 2021. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 42.3% at December 31, 2021 and 47.5% at December 31, 2020.
Net cash provided by operating activities was $899 million in the fourth quarter of 2021, up from $486 million in the fourth quarter of 2020. Net cash provided by operating activities before changes in operating assets and liabilities2 was $886 million in the fourth quarter of 2021, compared with $532 million in the prior-year quarter, primarily due to higher realized selling prices. Changes in operating assets and liabilities increased cash flow from operating activities by $13 million during the fourth quarter of 2021 and decreased cash flow from operating activities by $46 million in the prior-year quarter.
During the quarter, the Corporation received net proceeds of $108 million from the public offering of approximately 4.3 million Hess-owned Class A shares of Hess Midstream LP. In January 2022, the Corporation paid accrued Libyan income tax and royalties of approximately $470 million related to operations for the period December 2020 through November 2021.
2. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 7 and 8.
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||
|
(In millions) |
||||||||||||||
Exploration and Production |
$ |
— |
$ |
79 |
$ |
(118) |
$ |
(2,198) |
|||||||
Midstream |
— |
— |
— |
— |
|||||||||||
Corporate, Interest and Other |
— |
— |
— |
(1) |
|||||||||||
Total items affecting comparability of earnings between periods |
$ |
— |
$ |
79 |
$ |
(118) |
$ |
(2,199) |
|||||||
Fourth Quarter 2020: E&P results included a pre-tax gain of $79 million ($79 million after income taxes) associated with the sale of the Corporation's 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico.
Reconciliation of U.S. GAAP to Non-GAAP Measures:
The following table reconciles reported net income (loss) attributable to Hess Corporation and adjusted net income (loss):
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||
|
(In millions) |
||||||||||||||
Net income (loss) attributable to Hess Corporation |
$ |
265 |
$ |
(97) |
$ |
559 |
$ |
(3,093) |
|||||||
Less: Total items affecting comparability of earnings between periods |
— |
79 |
(118) |
(2,199) |
|||||||||||
Adjusted net income (loss) attributable to Hess Corporation |
$ |
265 |
$ |
(176) |
$ |
677 |
$ |
(894) |
|||||||
The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
(In millions) |
||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities |
$ |
886 |
|
$ |
532 |
|
$ |
2,991 |
|
$ |
1,803 |
||||
Changes in operating assets and liabilities |
13 |
|
(46) |
|
(101) |
|
(470) |
||||||||
Net cash provided by (used in) operating activities |
$ |
899 |
|
$ |
486 |
|
$ |
2,890 |
|
$ |
1,333 |
||||
Hess Corporation will review fourth quarter financial and operating results and other matters on a webcast at 10 a.m. today (EDT). For details about the event, refer to the Investor Relations section of our website at www.hess.com.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.
Forward-looking Statements
This release contains “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. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects, and future economic and market conditions in the oil and gas industry.
Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry, including as a result of COVID-19; reduced demand for our products, including due to COVID-19, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring as well as fracking bans; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, health measures related to COVID-19 or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation, including heightened risks associated with being a general partner of Hess Midstream LP; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).
As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Non-GAAP financial measures
The Corporation has used non-GAAP financial measures in this earnings release. “Adjusted net income (loss)” presented in this release is defined as reported net income (loss) attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income (loss) to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income (loss) or net cash provided by (used in) operating activities. A reconciliation of reported net income (loss) attributable to Hess Corporation (U.S. GAAP) to adjusted net income (loss), and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release.
Cautionary Note to Investors
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES |
|||||||||||
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) |
|||||||||||
(IN MILLIONS) |
|||||||||||
|
Fourth
|
|
Fourth
|
|
Third
|
||||||
Income Statement |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Revenues and non-operating income |
|
|
|
|
|
||||||
Sales and other operating revenues |
$ |
2,237 |
|
$ |
1,321 |
|
$ |
1,759 |
|||
Gains on asset sales, net |
— |
|
79 |
|
29 |
||||||
Other, net |
18 |
|
17 |
|
23 |
||||||
Total revenues and non-operating income |
2,255 |
|
1,417 |
|
1,811 |
||||||
Costs and expenses |
|
|
|
|
|
||||||
Marketing, including purchased oil and gas |
672 |
|
281 |
|
522 |
||||||
Operating costs and expenses |
316 |
|
313 |
|
333 |
||||||
Production and severance taxes |
49 |
|
32 |
|
42 |
||||||
Exploration expenses, including dry holes and lease impairment |
45 |
|
60 |
|
36 |
||||||
General and administrative expenses |
86 |
|
82 |
|
76 |
||||||
Interest expense |
121 |
|
118 |
|
125 |
||||||
Depreciation, depletion and amortization |
398 |
|
486 |
|
349 |
||||||
Total costs and expenses |
1,687 |
|
1,372 |
|
1,483 |
||||||
Income (loss) before income taxes |
568 |
|
45 |
|
328 |
||||||
Provision (benefit) for income taxes |
212 |
|
72 |
|
143 |
||||||
Net income (loss) |
356 |
|
(27) |
|
185 |
||||||
Less: Net income (loss) attributable to noncontrolling interests |
91 |
|
70 |
|
70 |
||||||
Net income (loss) attributable to Hess Corporation |
$ |
265 |
|
$ |
(97) |
|
$ |
115 |
|||
For Hess Corporation
Investors:
Jay Wilson
(212) 536-8940
Media:
Lorrie Hecker
(212) 536-8250
Jamie Tully
Sard Verbinnen & Co
(917) 679-7908
First-ever installation provides utilities with operational savings and efficiencies
CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse Electric Company has signed an agreement with Southern Nuclear Operating Company to load four Lead Test Assemblies (LTAs) with next-generation fuel features into Georgia Power’s Plant Vogtle Unit 2 in Waynesboro, GA. The installation is the first in Westinghouse’s High Energy Fuel initiative.
“Westinghouse solutions are designed with our utility partners in mind – providing safety and economic enhancements for extended operation,” said Pam Cowan, Westinghouse president of Americas Operating Plant Services. “These advancements will enable Plant Vogtle to realize its current operational strategy as well as deliver on its long-term needs.”
The LTAs will utilize key components of Westinghouse’s High Energy Fuel initiative, including higher enriched lead test rods of up to 6.0 weight percent – one percent higher than the current licensed limit. They will also contain ADOPT™ uranium dioxide pellets, AXIOM™ fuel rod cladding and chromium-coated cladding combined with Westinghouse’s advanced PRIME™ fuel assembly design. ADOPT pellets and chromium-coated cladding are both part of the company’s EnCore® Accident Tolerant Fuel program that aims to significantly increase fuel durability and temperature tolerance.
Westinghouse’s High Energy Fuel initiative enables utilities to utilize higher enrichment levels, allowing higher fuel burnup and an increase in extracted energy. Additionally, the initiative enables fuel cycles from 18 to 24 months, allowing operators to realize cost savings from reduced planned outages.
Implementation of the LTAs is scheduled to take place in 2023.
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. For over 130 years, innovation makes Westinghouse the preferred partner for technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.
Cathy Mann
This email address is being protected from spambots. You need JavaScript enabled to view it.
Company receives distinction for becoming a publicly traded company in the Energy, Power & Mobility Category, adding to its 2018 “Hall of Fame” and 2014 “Future Mobility Company of the Year” honors
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, was named by Cleantech Group a 2022 Global Cleantech 100 Graduate of the Year for becoming a publicly traded company in the Energy, Power and Mobility category.
Graduate of the Year awards are made up of Global Cleantech 100 alumnus companies that had the most impressive public offerings in the previous year. Alumnus companies are those that have been featured on any of the Global Cleantech 100 lists published since 2009. ChargePoint appeared on those lists seven times between 2010 and 2017, including as “Future Mobility Company of the Year” in 2014 before being “retired” to the organization’s “Hall of Fame” in 2018.
The 2022 Global Cleantech 100 is the 13th edition of the respected annual guide to the leading companies and themes in sustainable innovation. It features the private, independent and for-profit companies best positioned to take the world from commitments to actions in global efforts to reach net zero.
“It’s an honor to receive such prestigious recognition from the Cleantech Group for our commitment to green mobility,” said Pasquale Romano, President and CEO of ChargePoint. “ChargePoint is proud to be recognized for being the first publicly traded electric vehicle charging company operating across continents, and for the momentum we are driving in global electrification.”
The list combines Cleantech Group’s research data with qualitative judgments from nominations and insight from a global 86-member expert panel of leading investors and executives from corporations active in technology and innovation scouting. From pioneers and veterans to new entrants, the expert panel broadly represents the global cleantech community and results in a list with a powerful base of respect and support from many important players within the cleantech innovation ecosystem.
“We look forward to seeing the progress and future impact of our 2022 Global Cleantech 100 award winners,” said Richard Youngman, CEO, Cleantech Group. “We hope to see them, and their peer companies help propel a three-decade transformation to net zero before 2050.”
For detailed information on ChargePoint’s outlook as an innovator, visit Cleantech Group’s market intelligence platform i3 and search for ChargePoint. Download the report and meet the companies taking action on the climate crisis.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..
About Cleantech Group®
Cleantech Group provides research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. At every stage from initial strategy to final deals, we bring corporate change makers, investors, governments and stakeholders from across the ecosystem the access and customized support they need to thrive in a more digitized, de-carbonized and resource-efficient future. The company was established in 2002 and is headquartered in San Francisco with people based in London, Paris and Boston.
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THE WOODLANDS, Texas--(BUSINESS WIRE)--#efrac--Evolution Well Services (“Evolution”) announces the acquisition of the eFrac gas treating division of Alliance OGP (“Alliance”). Evolution and Alliance both have longstanding experience providing mobile field gas conditioning systems for oil & gas operations across the United States. The move strengthens Evolution’s integrated service offering by expanding its industry leading in-house gas conditioning technology and expertise.
The field gas revolution in the oil & gas industry is helping to reduce greenhouse gas emissions as well as provide substantially lower cost operations for E&Ps. Due to natural gas having ~27% lower carbon content versus diesel, switching away from diesel provides E&Ps the opportunity to reduce emissions and align with stakeholder targets. Additionally, using locally produced natural gas eliminates many of the lifecycle emissions typically created with diesel fuel: transportation, refining, and storage. When considering these lifecycle emissions, an estimated ~11% of additional greenhouse gas emissions can be eliminated. Further, leveraging Evolution’s patented mobile power generation and gas conditioning technology to enable field gas use to power oil and gas operations instead of diesel can provide ~95% fuel savings. This results in over $15 million in estimated customer savings per hydraulic fracturing fleet per year.
“As the leader in both electric frac and field gas innovation, we strive to provide the lowest carbon, lowest cost, and highest efficiency operations to our E&P partners. This acquisition demonstrates an even deeper commitment to consistently deliver maximum economic, emissions, and operational value to our customers through our unique integrated service offering,” Steven W. Anderson, President and Chief Executive Officer.
ABOUT EVOLUTION WELL SERVICES
Evolution Well Services is the largest and most experienced provider of electric hydraulic fracturing services. Since inception in 2011, the company has completed over 40,000 stages with its patented electric frac technology across the United States. The company is focused on advancing fracturing technology through digital transformation of the well site & lower carbon technologies. For more information, visit www.Evolutionws.com.
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced its inclusion in the 2022 Bloomberg Gender-Equality Index (GEI), for the fifth year in a row. Schneider Electric is one of 418 companies across 45 countries and regions to join the 2022 Bloomberg GEI, which measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti-sexual harassment policies, and pro-women brand.
Schneider Electric scored above the overall GEI average, with its highest score in the equal pay and gender pay parity category, where the company scored significantly higher than the global GEI average score. Schneider’s ‘Global Pay Equity Framework’ identifies gender pay gaps within comparable groups of employees and ensures consistency, fairness, and greater transparency. Schneider is committed to reaching <1 per cent pay gap for women and men by 2025.
Schneider is also above the overall GEI average scores in the categories of inclusive culture, up by 15 per cent, and as a pro-women brand, up by 17 per cent. These scores are testament to the company’s commitment to promote gender equality in its 128,000-strong global workforce.
The results are a part of the company’s wider sustainability strategy and 2025 sustainability goals which include targets to boost female representation from new hires to senior leaders, and reflects Schneider’s continuous commitment to drive positive change and provide equal opportunities for everyone.
Bloomberg’s GEI index is a modified market capitalization-weighted index that tracks the performance of public companies committed to transparency in gender-data.
For details of other recent awards and recognitions received by Schneider Electric, including those from European Women on Boards Gender Diversity Index, WeQual and the Financial Times, click here.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
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