MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, announced today that its products have met the new Dynamic Export requirements as part of the South Australian Government's plan to stabilize the grid with sophisticated, remote cloud control technologies. SolarEdge is the first vendor to certify and offer this native dynamic export service to SA Power Network.
The Dynamic Export requirements call for all new solar systems to allow the network operator to remotely update solar systems’ grid export limits to help maintain grid stability. As part of the “Smarter Homes Program” for distributed energy, starting in July 2023 SolarEdge’s residential and small commercial systems in South Australia will be able to respond to network constraint issues through dynamic control of solar energy exports to the grid. The benefit to SolarEdge system owners is that for most of the year, they will be able to export up to six-times more energy back into the grid, compared to non-compliant sites which will be limited to small, 1.5kW fixed export power limits.
SolarEdge’s smart inverters achieve this capability without the complexity and additional costs of adding third-party controllers.
Zvi Lando, SolarEdge’s CEO, said: “Australia is an early adopter of renewable energy technologies, with challenging and complex grid requirements. We are proud to be part of this milestone pioneered by SA Power Networks and we are excited to help network operators solving congestion issues to further increase solar adoption.”
SolarEdge’s full range of residential and commercial solar inverters are on the Australian Clean Energy Council (CEC) approved vendor list here.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. Visit us at: solaredge.com
SolarEdge Technologies, Inc.
Lily Salkin Global Public and Media Relations Manager
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+972-522028240
Dana Noyman Head of Corporate Communications and Global PR
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+972 54 999 8809
OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU), today announced that on Saturday, January 14, 2023 it began the phased restart of its Cherokee, AL (“Cherokee”) facility after being shut down in late December 2022 as a result of the extremely cold temperatures that impacted much of the United States.
LSB management now expects fourth quarter 2022 Adjusted EBITDA to be in the range of approximately $100 million to $105 million, which includes the previously announced $5 million to $7 million impact to operating profit of the Cherokee outage coupled with the effects of declines in selling prices of ammonia and other nitrogen products that occurred during December.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.
Forward-Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities; our ability to complete the preferred stock exchange transaction on the terms disclosed or at all and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC).
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.
Investor Contact:
Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
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Media Contact:
David Kimmel, Director of Communications
(405) 815-4645
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) announced that it will release its Q4 2022 results on Thursday, February 23, 2023, before markets open. The Company will host a teleconference and webcast the same day at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the results.
Analysts and other interested parties in North America are invited to participate by dialing 1-888-886-7786. International parties are invited to participate by dialing 1-416-764-8658. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available on the Company’s website two hours after the conclusion of the call.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $36 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in three Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Arianne Amirkhalkhali, Manager, Investor Relations
902-425-8130
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Media
902-222-2683
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DUBLIN--(BUSINESS WIRE)--The "Today's U.S. Electric Power Industry, Renewable Energy, ISO Markets, and Power Transactions" training has been added to ResearchAndMarkets.com's offering.
If you want to truly understand the U.S. electric power industry, this course is for you.
This in-depth program provides a comprehensive and clear explanation of the structure, function, and current status of today's U. S. electric power industry; the many industry topics listed below; and how PPAs and other power transactions are done.
Each part of this complex industry will be explained piece-by-piece, and then the pieces will be integrated so that you will leave the seminar with an understanding of "how it all fits together."
What You Will Learn
Who Should Attend:
Among those who will benefit from this seminar include energy and electric power executives; attorneys; government regulators; traders & trading support staff; marketing, sales, purchasing & risk management personnel; accountants & auditors; plant operators; engineers; and corporate planners.
Types of companies that typically attend this program include energy producers and marketers; utilities; banks & financial houses; industrial companies; accounting, consulting & law firms; municipal utilities; government regulators and electric generators.
Key Topics Covered:
Speakers:
John Adamiak
President
PGS Energy Training
John Adamiak is President and Founder of PGS Energy Training and an expert in energy derivatives and electric power markets. Mr. Adamiak is a well-known and highly effective seminar presenter who has over 20 years experience in the natural gas and electric power industries. His background includes 15 years as a seminar instructor, 9 years of energy transaction experience, and 6 years of strategic planning and venture capital activities. John's academic background includes an M.B.A. degree from Carnegie Mellon University.
For more information about this training visit https://www.researchandmarkets.com/r/h85a16
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil Corporation will release fourth quarter 2022 financial results on Tuesday, January 31, 2023. A press release will be issued via Business Wire and available at 5:30 a.m. CT at www.exxonmobil.com.
Darren Woods, chairman and chief executive officer; Kathy Mikells, senior vice president and chief financial officer; and Jennifer Driscoll, vice president of investor relations, will review the results during a live, listen-only conference call at 7:30 a.m. CT. The presentation can be accessed via webcast or by calling (888) 596-2592 (United States) or (786) 789-4790 (International). Please reference confirmation code 5143665 to join the call. An archive replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at www.exxonmobil.com/ir.
ExxonMobil Media Relations
(972) 940-6007
HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that the board of directors of its general partner declared a quarterly cash distribution of $0.50 per unit for the fourth quarter of 2022. This distribution is in line with the prior quarter’s distribution and is consistent with the partnership’s previously disclosed annualized regular quarterly distribution (“Base Distribution”) target of $2.00 per unit. WES’s fourth-quarter 2022 distribution is payable February 13, 2023, to unitholders of record at the close of business on February 1, 2023.
The Partnership plans to report its fourth-quarter and full-year 2022 results after market close on Wednesday, February 22, 2023. Management will host a conference call on Thursday, February 23, 2023, at 1 p.m. CST (2 p.m. EST) to discuss the Partnership’s quarterly results. The full text of the release announcing the results will be available on the Partnership’s website at www.westernmidstream.com.
Fourth-Quarter and Full-Year 2022 Results
Thursday, February 23, 2023
1 p.m. CST (2 p.m. EST)
Dial-in number: 888-330-2354
International dial-in number: 240-789-2706
Participant access code: 32054
To participate in WES’s scheduled fourth-quarter and full-year 2022 earnings call, refer to the above-listed dial-in number and participant access code. To access the live audio webcast of the conference call, please visit the investor relations section of the Partnership’s website at www.westernmidstream.com. A replay of the conference call also will be available on the website following the call.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP and Western Midstream Flash Feed updates, please visit www.westernmidstream.com.
This news release contains forward-looking statements. WES and its general partner believe that their expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. These factors include our ability to meet distribution expectations and financial guidance; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.
Note regarding Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Sections 1.1446-4(b) and 1.1446(f)-4. Brokers and nominees should treat one hundred percent (100.0%) of Western Midstream Partners, LP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Western Midstream Partners, LP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Furthermore, one hundred percent (100.0%) of Western Midstream Partners, LP’s distributions to non-U.S. investors is in excess of cumulative net income for purposes of Treasury Regulation Section 1.1446(f)-4(c)(iii). Brokers and nominees are treated as withholding agents responsible for withholding on distributions received by them on behalf of non-U.S. investors. The CUSIP number of Western Midstream Partners, LP’s common units is 958669 103.
Daniel Jenkins
Director, Investor Relations
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832.636.1009
Shelby Keltner
Manager, Investor Relations
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832.636.1009
No Shareholder Action Required at this Time
Management Remains Focused on Delivering Long Term Value for Shareholders
STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes (NYSE:PBI, the “Company” or “Pitney Bowes”), a global shipping and mailing company that provides technology, logistics, and financial services, today acknowledged receipt of Hestia Capital’s (“Hestia”) notice of nomination of seven director candidates, constituting a majority slate of director candidates, to the Pitney Bowes Board of Directors (the “Board”) in connection with the Company’s upcoming annual meeting of shareholders.
Consistent with its fiduciary duty to shareholders and the Company’s governing documents, the Board will review any properly noticed nominations in due course. Shareholders are not required to take any action at this time.
The Board and management team have engaged in an open and good faith dialogue with Hestia over many months. Contrary to Hestia’s assertion, Pitney Bowes is always interested in considering well-qualified candidates to join the Board. Moreover, the Board offered to appoint two candidates proposed by Hestia to the Board in December. However, Hestia was unwilling to reach a reasonable compromise. Instead, both their current and prior public announcements demonstrate that they are more interested in fighting than in engaging in constructive conversations to benefit all shareholders, not just themselves. Furthermore, throughout discussions with Hestia, they demonstrated a fundamental misunderstanding of the Company and have failed to articulate a strategy that would justify ceding control of the Company to them.
Pitney Bowes will continue to seek the right path forward that is in the best interests of all shareholders, including potential additions of well qualified candidates to the Board of Directors. The Company will not let Hestia’s unwillingness to seek common ground stand in the way.
The Board and management team remain focused on delivering sustainable future value for all stakeholders and executing the strategy of the Company. As CEO over the past decade, Mr. Lautenbach has overseen and directed fundamental transformation of the business, taking decisive actions to create long-term value for shareholders, and laid the foundation for sustainable, profitable growth. These actions are expected to drive revenue and EBIT growth over the next several years and the Company has seen investments in SendTech and Presort lead to stabilization and indeed potential for growth. Although results in Global Ecommerce have not progressed at the pace hoped for, over the last year the Company has seen significant improvements in run rate volumes, service levels, and cost, all of which bode well for future success.
The Board and the Company have consistently looked for opportunities to unlock shareholder value. This includes proactively looking for opportunities and reacting to inbound inquiries alongside financial and legal counsel. The sale of Borderfree in 2022 demonstrates the foresight and willingness of the Company’s leadership team to be flexible and open to new ideas and opportunities regarding how best to monetize the business.
Pitney Bowes has a strong, engaged, and diverse Board, with a balanced mix of experience, skills, and leadership expertise to enhance value for shareholders. The Board is made up of nine directors, eight of whom are independent, and has seen significant refreshment over the past several years, with five longer tenured directors stepping down and adding three new directors since 2018.
Throughout this process, shareholder value creation remains the top priority for the Company and Board, and the Company will continue to keep shareholders updated as appropriate.
About Pitney Bowes
Pitney Bowes is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: www.pitneybowes.com.
Forward-Looking Statements
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, we continue to navigate the impacts of the Covid-19 pandemic (Covid-19) as well as the risk of a global recession, and the effects that they may have on our and our clients’ business. Other factors which could cause future financial performance to differ materially from expectations, and which may also be exacerbated by Covid-19 or the risk of a global recession or a negative change in the economy, include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or USPS’s performance under those contracts; our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; changes in labor and transportation availability and costs; and other factors as more fully outlined in the Company’s 2021 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.
Third-Party Information
This press release may contain or refer to news, commentary and other information relating to Pitney Bowes generated by, or sourced from, persons or companies that are not affiliated with Pitney Bowes. The author and source of any third-party information and the date of its publication are clearly and prominently identified. Pitney Bowes has neither sought nor obtained the consent from any third party, including, without limitation, Hestia Capital Management, LLC (together with its affiliates, “Hestia”), to use any statements or information contained in this press release that have been obtained or derived from statements made or published by such third parties. Any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
Additional Information and Where to Find It
In connection with the forthcoming solicitation of proxies from stockholders in respect of Pitney Bowes’s 2023 annual meeting of stockholders, Pitney Bowes will file with the U.S. Securities and Exchange Commission (the “SEC”) a proxy statement on Schedule 14A (the “proxy statement”), containing a form of GOLD proxy card. Details concerning the nominees of Pitney Bowes’s Board of Directors for election at Pitney Bowes’s 2023 annual meeting of stockholders will be included in the proxy statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS, INCLUDING PITNEY BOWES’S PROXY STATEMENT AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AND ACCOMPANYING GOLD PROXY CARD, FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, OR WILL CONTAIN, IMPORTANT INFORMATION ABOUT PITNEY BOWES. Stockholders may obtain free copies of the proxy statement and other relevant documents that Pitney Bowes files with the SEC on Pitney Bowes’s website at www.pitneybowes.com or from the SEC’s website at www.sec.gov.
Participants in the Solicitation
This press release is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Pitney Bowes, its directors and certain of its executive officers will be participants in the solicitation of proxies from stockholders in respect of Pitney Bowes’s 2023 annual meeting of stockholders. Information regarding certain of the directors and officers of Pitney Bowes is contained in Pitney Bowes’s proxy statement for its 2022 annual meeting of stockholders, which was filed with the SEC on March 18, 2022. To the extent holdings of Pitney Bowes’s securities by directors or executive officers have changed since the amounts set forth in Pitney Bowes’s 2022 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3, Statements of Change in Ownership on Form 4 or Annual Statement of Beneficial Ownership on Form 5 filed with the SEC. Additional information regarding the identity of potential participants and their respective interests, by security holdings or otherwise, will be included in Pitney Bowes’s proxy statement and other relevant documents filed with the SEC in connection with Pitney Bowes’s 2023 annual meeting of stockholders.
Company Contact:
Media
Bill Hughes
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203-351-6785
Investors
Ned Zachar
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203-614-1092
TIANJIN, China--(BUSINESS WIRE)--Tianjin Port Group and Huawei announced this week that the two companies will deepen cooperation to build a digital twin of the port, making it more automated and intelligent. Yang Jiemin, Vice President of Tianjin Port Group, explained that this plan consists of three parts: Construction of new automated terminals, upgrading of traditional terminals, and comprehensive digital transformation.
The Section C Terminal in the Beijiang Port Area of the Port of Tianjin was the world's first smart, zero-carbon port terminal. It entered large-scale commercial operations in October 2021, and has been stably operating ever since. 5G and L4 autonomous driving technologies are applied at this terminal to make it both safer and more efficient. At the terminal, container cranes operate automatically and intelligent robots of the horizontal transportation system frequently come and go. Remotely controlled quay cranes lift loaded containers from cargo ships and put them onto the intelligent robots for horizontal transportation. Supported by the BeiDou Navigation Satellite System, these robots are guided to automatic locking/unlocking stations to unlock containers and then to the container yard along optimal driving routes that are calculated in real time. The entire process runs smoothly.
Yang Jiemin explained how the new solution, which combines 5G and L4 autonomous driving technologies, has for the first time been put into large-scale commercial application in a partially public scenario at the Section C Terminal. This has provided a new model for upgrading and transforming existing traditional container terminals worldwide. "These innovations being used at the Port of Tianjin are having a huge impact on the port industry, creating new value for ports by improving operating environments, driving green and low-carbon development, and increasing operational efficiency. We believe that these practices will promote the intelligent development of the global port industry," said Yang.
Yue Kun, CTO of Huawei's Smart Road, Waterway & Port BU, stated, "Ports are a vital link in maritime transportation, connecting trade and supply markets across the globe. Building more efficient smart ports is becoming an increasingly pressing requirement for the global supply chain. Section C Terminal of the Port of Tianjin has now been operating stably for over one year. This proves that 5G and L4 autonomous driving have already been successfully adopted by industries in China, and are creating true commercial and social value." Yue believes that this progress will benefit various industries, with next-generation digital technologies, such as 5G and AI, combined to solve industry problems, promote digital industry transformation and upgrading, and generate social value.
As a major modern port, the Port of Tianjin boasts 300,000-ton-class terminals with a channel depth of 22 m. It has 213 berths of various types. In 2022, its container throughput exceeded 21 million TEUs, ranking among the top 10 ports worldwide.
About Huawei:
Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have 195,000 employees and we operate in more than 170 countries and regions, serving more than three billion people around the world.
Our vision and mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will work towards ubiquitous connectivity and inclusive network access, laying the foundation for an intelligent world; provide diversified computing power where you need it, when you need it, to bring cloud and intelligence to all four corners of the earth; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; and redefine user experience with AI, making it smarter and more personalized for people in all aspects of their life, whether they're at home, on the go, in the office, having fun, or working out. For more information, please visit Huawei online at www.huawei.com or follow us on:
http://www.linkedin.com/company/Huawei
http://www.twitter.com/Huawei
http://www.facebook.com/Huawei
http://www.youtube.com/Huawei
About Tianjin Port Group:
The Port of Tianjin is located at the western end of Bohai Bay in Binhai New Area, Tianjin, China, serving as a link between Northeast Asia and Central and Western Asia. It is also an important stop along the New Eurasia Land Bridge Economic Corridor and an international hub for China's opening-up to the outside world.
In 2022, its container throughput exceeded 21 million TEUs, ranking among the top 10 ports worldwide. As a major modern port, the Port of Tianjin boasts 300,000-ton-class terminals with a channel depth of 22 m. It has 213 berths of various types, and mainly comprises six areas: Beijiang, Dongjiang, Nanjiang, Dagukou, Gaoshaling, and Dagang.
The Port of Tianjin maintains trade with more than 500 ports across more than 180 countries and regions around the world. For more information about Tianjin Port Group, please visit: https://www.ptacn.com/
Huang Daohen
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE symbol-MTR) announced today the Trust income distribution for the month of January 2023. Unitholders of record on January 31, 2023 will receive distributions amounting to $0.158144166 per unit, payable on April 28, 2023. The Trust received $336,515, all of which came from the New Mexico portion of the Trust’s San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company. No income was received in January 2023 from any other working interest owner. This month, after the Trust’s withholding for cash reserves and the payment of administrative expenses, income from the distributable net profits was $294,716.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust’s public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-Q, distributions to unitholders are expected to be materially reduced, until the Trust increases its cash reserves to a total of $2.0 million in order to provide added liquidity.
Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2021. Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
New Awards Demonstrate Commercial Growth and Customer Confidence
WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it was awarded contracts with combined value of $5.9 million to implement solar energy solutions for commercial properties with existing customers in Vermont.
HIGHLIGHTS:
“We are delighted to expand our work with existing customers to implement important new solar projects at commercial properties in Vermont,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Our team is responding well to the heightened customer demand for solar energy across our markets, and finding continued success in cultivating long-term customer relationships for iSun. While we have a growing backlog of solar projects being implemented across New England, we are confident that our operational teams will effectively manage the labor utilization demands these projects present. The transition to clean energy remains the most important initiative of our generation and we are proud to assist more customers throughout our markets in achieving alternative energy solutions.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
For more information contact:
iSun Investor Relations
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DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the fourth quarter of 2022. The distribution will be paid on February 13, 2023 to unitholders of record on January 30, 2023.
HEP plans to announce results for its fourth quarter of 2022 on February 24, 2023 before the opening of trading on the NYSE and has scheduled a webcast conference on February 24, 2023 at 8:30 a.m. Eastern time to discuss financial results.
The webcast may be accessed at:
https://events.q4inc.com/attendee/250565072
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HF Sinclair Corporation. HEP, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Colorado, Idaho, Iowa, Kansas, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington and Wyoming, as well as refinery processing units in Kansas and Utah.
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that one hundred percent (100.0%) of HEP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, HEP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Forward Looking Statements:
This press release contains various “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “project,” “expect,” “will,” “plan,” “goal,” “forecast,” “strategy,” “intend,” “should,” “would,” “could,” “believe,” “may,” and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. These forward-looking statements are based on our beliefs and assumptions and those of our general partner using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission (the “SEC”). Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our expectations will prove to be correct. All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or expected. Certain factors could cause actual results to differ materially from results anticipated in the forward-looking statements. These factors include, but are not limited to:
The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Manager, Investor Relations
LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that it will host its fourth quarter and full year 2022 financial results conference call on Friday, February 24th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). The Company’s earnings will be released the day before the conference call following the market close.
We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10173792/f5508a95c0. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To participate in CRC’s conference call, either dial (877) 328-5505 (International callers please dial +1-412-317-5421) or access the webcast at www.crc.com. A digital replay of the conference call will be archived for approximately 90 days and available on the Investor Relations page at www.crc.com.
About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and CRC is focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the quarterly payment period ended December 31, 2022.
Unitholders of record on January 30, 2023 will receive a distribution amounting to $3,910,000 or $0.23 per unit, payable February 14, 2023.
Volumes, average sales prices and net profits for the payment period were:
Sales volumes: |
|
|
||
Oil (Bbl) |
|
127,600 |
||
Natural gas (Mcf) |
|
83,501 |
||
Total (BOE) |
|
141,517 |
||
Average sales prices: |
|
|
||
Oil (per Bbl) |
|
$ |
82.73 |
|
Natural gas (per Mcf) |
|
$ |
7.65 |
|
Gross proceeds: |
|
|
|
|
Oil sales |
|
$ |
10,556,507 |
|
Natural gas sales |
|
|
639,071 |
|
Total gross proceeds |
|
$ |
11,195,578 |
|
Costs: |
|
|
|
|
Lease operating expenses |
|
$ |
4,022,303 |
|
Production and property taxes |
|
|
893,958 |
|
Development expenses |
|
|
868,377 |
|
Total costs |
|
$ |
5,784,638 |
|
Net proceeds |
|
$ |
5,410,940 |
|
Percentage applicable to Trust’s Net Profits Interest |
|
80% |
||
Net profits interest |
|
$ |
4,328,752 |
|
Increase in cash reserve held by VOC Brazos Energy Partners, L.P. |
|
|
0 |
|
Total cash proceeds available for the Trust |
|
$ |
4,328,752 |
|
Provision for current estimated Trust expenses |
|
|
(187,722) |
|
Amount withheld for future Trust expenses |
|
|
(231,030) |
|
Net cash proceeds available for distribution |
|
$ |
3,910,000 |
|
As previously disclosed, in November 2021, the Trustee notified VOC Brazos Energy Partners, L.P. (“VOC Brazos”) of the Trustee’s intent to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022, by withholding a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to approximately $1.175 million. This amount is in addition to the letter of credit in the amount of $1.7 million provided to the Trustee by VOC Partners to protect the Trust against the risk that it does not have sufficient cash to pay future expenses. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold $231,030 from the proceeds otherwise available for distribution this quarter, for a total amount of $1,175,000 withheld to date, thus fully funding the targeted cash reserve.
This press release contains forward-looking statements. Although VOC Brazos has advised the Trust that VOC Brazos believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended December 31, 2022. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
(713) 483-6020
HOUSTON--(BUSINESS WIRE)--PNC Bank, National Association, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today declared a monthly cash distribution to the holders (the “Unit Holders”) of its units of beneficial interest (the “Units”) of $5,231,814.43 or $0.112250 per Unit, based primarily upon the reported production of the Trust’s subject interests (the “Subject Interests”) during the month of November 2022. The distribution is payable February 14, 2023, to the Unit Holders of record as of January 31, 2023.
For the production month of November 2022, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $7,084,955 ($5,313,716 net royalty amount to the Trust).
Hilcorp reported $11,087,772 of total revenue from the Subject Interests for the production month of November 2022, consisting of $10,889,181 of gas revenues and $198,591 of oil revenues. For the Subject Interests, Hilcorp reported $4,002,818 of production costs for the production month of November 2022, consisting of $2,662,777 of lease operating expense, $1,336,338 of severance taxes and $3,703 of capital costs.
Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for November 2022 totaled 2,032,561 Mcf (2,258,401 MMBtu), as compared to 2,074,030 Mcf (2,304,478 MMBtu) for October 2022. Dividing gas revenues by production volume yielded an average gas price for November 2022 of $5.36 per Mcf ($4.82 per MMBtu), as compared to an average gas price for October 2022 of $4.73 per Mcf ($4.25 per MMBtu).
Production from the Subject Interests continues to be gathered, processed, and sold under market sensitive and customary agreements, as recommended for approval by the Trust’s Consultant. The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit payments made by Hilcorp to the Trust, inclusive of sales revenues, production costs, capital expenditures, adjustments, actualizations, and recoupments. The Trust’s auditing process has also included detailed analysis of Hilcorp’s pricing and rates charged. As previously disclosed in the Trust’s filings, these revenues and costs (along with all costs) are the subject of the Trust’s ongoing comprehensive audit process by our professional consultants and outside counsel to ensure full compliance with all the underlying operative Trust agreements and evaluating all available potential remedies in the event there is evidence of non-compliance.
Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
San Juan Basin Royalty Trust
PNC Bank, National Association
PNC Asset Management Group
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ross Durr, RPL, Senior Vice President & Mineral Interest Director
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
iSun, Sass Peress and Renewz Sustainable Solutions agree on Settlement
WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, announced the settlement of the pending litigation initiated by Sass Peress.
HIGHLIGHTS:
“When we acquired iSun Energy, LLC in January of 2021, we embraced the innovative change pioneered by Sass Peress throughout his career in solar and e-mobility,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We were able to leverage Sass’s existing industry connections to drive our growth strategy forward. We also knew that the innovation acquired would allow iSun the opportunity to build new relationships in new geographic regions. As a Company, we appreciate the opportunity to have worked collaboratively with Sass and his team throughout 2021 and wish him all the success in his path forward. We are happy to settle all disagreements in an amicable manner as our goals of accelerating the transition to clean energy and fighting climate change were aligned from the beginning.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
iSun Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Green Hydrogen: Global Market Outlook" report has been added to ResearchAndMarkets.com's offering.
In this report, the green hydrogen market is segmented based on technology, power source and region. The base year considered for analysis is 2021, while market estimates and forecasts are given for 2022 to 2027. The market estimates are only provided in terms of volume, that is, kilotons. The report provides an overview of the global green hydrogen market and analyzes market trends.
Green hydrogen, also referred to as renewable or clean hydrogen, is seen as vital for decarbonizing the economy. It is considered a significant future source of energy with massive potential.
Green hydrogen is also emerging as a key disruptor in bilateral energy relations as well as in international trade. Significant developments in the global hydrogen economy are likely to create considerable geopolitical as well as geo-economic shifts, thereby leading to new interdependencies.
Hydrogen is heading toward a renewable energy revolution due to the massive growth potential held by green hydrogen for attaining climate neutrality. Green hydrogen has also been touted across various emission reduction plans at the UN Climate Conference as well as COP26, and as an effective means to decarbonize multiple sectors such as shipping, heavy industry, aviation, and others. Regional governments and industries have recognized hydrogen as a significant component of a net zero economy.
The production technologies associated with green hydrogen are observing a renewed wave of interest on account of broadening areas of application. Some of the emerging application areas of green hydrogen include power generation, refrigeration, heavy transportation, manufacturing processes in cement and steelmaking, fuel cells for electric vehicles, cleaning products, electricity grid stabilization, and green ammonia production.
To ascertain the global market demand for green hydrogen, we have considered the production route, assuming demand and supply to remain the same for green hydrogen in 2021. Within the technology segment, we have analyzed only AWE and PEM due to their maturity as well as their potential for commercial utilization.
Report Includes
Key Topics Covered:
Chapter 1 Market Outlook
1.1 Market Snapshot
Chapter 2 Executive Summary
Chapter 3 Market Overview
3.1 Introduction and Background
3.1.1 Concept of Green Hydrogen
3.2 the Production Cost of Green Hydrogen
3.3 End-User Sector Overview
3.4 Technological Overview
3.4.1 Latest Technological Advancements
3.4.2 Offshore Production
Chapter 4 Market Dynamics
4.1 Market Dynamics
4.1.1 Market Drivers
4.1.2 Market Restraints
4.2 Supply Chain Analysis
4.3 Impact of Covid-19 and Russia-Ukraine War
Chapter 5 Global Market Analysis by Technology
5.1 Overview
5.2 Alkaline Water Electrolyzer (Awe)
5.3 Proton Exchange Membrane (Pem) Electrolyzer
Chapter 6 Global Market Analysis by Power Source
6.1 Overview
6.2 Wind
6.3 Solar
6.4 Other Sources
Chapter 7 Global Market Analysis by Region
7.1 Global Market for Green Hydrogen by Region
7.2 North America
7.3 Europe
7.4 Asia-Pacific
7.5 Rest of the World
Chapter 8 Competitive Landscape
8.1 Competitive Environment Analysis
8.2 Recent Key Developments
Chapter 9 Company Profiles
9.1 Green Hydrogen/Electrolyzer Suppliers
Chapter 10 Project Scope and Methodology
For more information about this report visit https://www.researchandmarkets.com/r/c2bh0k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PARIS, Tenn.--(BUSINESS WIRE)--Rivian, an American builder of all-electric trucks, SUVs and commercial vehicles, and Clearloop, the carbon solutions platform helping to expand access to clean energy in the American communities that can benefit the most, held a “first charge” event today to unveil Rivian’s new Waypoints electric vehicle (EV) charging site in Paris, Tennessee. This event follows Clearloop and Rivian’s previously announced partnership to support the development of one megawatt (MW) of the Paris Solar Farm project developed, owned, and operated by Silicon Ranch, Clearloop’s parent company, in Puryear, TN. Rivian’s Waypoints chargers across Tennessee will be powered by 100 percent carbon-free renewable energy.
By sharing a common approach based on emissionality to determine where new solar generation can displace the most carbon, Rivian and Clearloop are working together to expand access to clean energy in the communities that can benefit the most. Solar power currently makes up less than 1 percent of Tennessee’s total electricity mix, while 16 percent of electricity in California comes from solar, for example. As a result, a megawatt-hour of electricity in Tennessee emits around 32 percent more carbon than a megawatt-hour in Northern California, according to WattTime, a non-profit that tracks the carbon emissions that renewables avoid.
“Rivian is setting a clear example for other companies on how decarbonization investments can play a role in economic development,” said Laura Zapata, CEO and co-founder of Clearloop. “We’re proud to work with forward-thinking communities like Henry County and corporate partners like Rivian to ensure that the innovation and benefits of new clean energy investments continue to benefit all corners of our country, starting with those right here at home.”
Rivian’s new Waypoints will allow any electric vehicle (including Rivian’s R1T pickup and R1S SUV) to charge with renewable energy at Eiffel Tower Park thanks to its industry-standard J1772 plug. Waypoints chargers are currently located in eleven state parks across Tennessee: Radnor Lake, Cumberland Mountain, South Cumberland, Montgomery Bell, Cove Lake, Indian Mountain, Meeman-Shelby Forest, Natchez Trace, Warrior’s Path, Fall Creek Falls, and Pickwick Landing. As of December 2022, Rivian's 1MW portion of the Paris Solar Farm-Puryear is expected to annually generate more renewable energy than is needed for all of these sites combined.
“Driving system-wide change goes beyond just making corporate claims. Rivian is committed to enabling pathways for customers to sustainably charge their vehicles and contribute to a better planet. We see a tremendous opportunity to drive system-wide positive impact through projects like this one here in Tennessee,” said Andrew Peterman, Director of Renewable Energy at Rivian. “This is just the beginning of Rivian’s evolving approach to impact-focused renewable procurement and a case study for how creative collaborations like ours with Clearloop can expand clean energy and promote local communities in the Southeast.”
As a signatory of the Emissions First Partnership, Rivian is committed to maximizing carbon reductions and ensuring that renewable sourcing has the greatest potential to expand access to clean energy in the communities and regions that can benefit the most. Clearloop uses emissionality, a quantitative measurement that compares the impact of renewable energy projects on driving down emissions, to determine where new solar generation can displace the most carbon, shifting the way corporate investments avoid and reduce carbon to achieve emissions reductions faster and more effectively. The company also assesses social and economic factors to determine which communities stand to benefit most from the economic boost that renewable energy and the accompanying infrastructure bring.
Students and educators from Henry County High School attended the event and had the opportunity to learn more about solar and EV technologies and careers in the renewable energy and automotive industries.
About Clearloop
Clearloop creates carbon solutions for companies of all sizes to help decarbonize the American economy in the communities that need it the most. As a Silicon Ranch company, Clearloop helps corporate climate leaders meet their net-zero and corporate responsibility goals by supporting the development of new solar projects. These projects directly reduce greenhouse gas emissions while spurring economic investment in an effort to usher in a more equitable energy transition in the United States. By bringing solar projects to regions of the country with disproportionately carbon-intense electricity generation, Clearloop is shifting the way corporate investments offset and reduce carbon to achieve emissions reductions faster and more effectively. To learn more, visit clearloop.us and follow us on Instagram, Twitter, and LinkedIn.
About Rivian
Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.
Media
Rivian: Peebles Squire, This email address is being protected from spambots. You need JavaScript enabled to view it.
Clearloop: Katie Jacobs, This email address is being protected from spambots. You need JavaScript enabled to view it.
CALGARY, Alberta--(BUSINESS WIRE)--#AlternativeEnergy--Azolla Hydrogen is pleased to announce the successful commissioning of the AZ225 Biodrome unit, which is now fully operational. The unit has undergone rigorous testing and has performed exceedingly well. We would like to recognize the Alberta vendors and suppliers that made this happen, with a special thank you to the incredible team at Bilton Welding and Manufacturing.
Azolla’s Biodrome technology produces fuel-cell spec hydrogen onsite, ready for dispensing to customers. The AZ225 unit will be capable of producing 225kg of hydrogen per day utilizing a modest footprint of 424sq.ft. The unit combines Azolla Hydrogen’s Biodrome technology with a 400 Bar Neuman & Esser compressor creating a seamless and efficient system. “We have enjoyed working with innovators like Azolla Hydrogen and continue to build on the global partnerships needed to achieve the ambitious climate goals set by our national strategies,” states Patrick McCalley, NEA’s Sales Manager for the H2 Economy, Americas.
“This is in alignment with our 2023 commercialization plan to offer additional production capacity and pressures to meet customer demand.” says Jared Sayers, CEO of Azolla Hydrogen. “The AZ225 Biodrome unit represents a major step forward in producing and delivering low-carbon hydrogen fuel. We look forward to working with our customers to bring this innovative solution to their businesses.”
About Azolla Hydrogen Ltd.:
Azolla Hydrogen is a hydrogen producer focused on supplying the transportation sector in North America. Our mission is to accelerate the adoption of low-carbon hydrogen to reduce carbon emissions. Our main objective is to generate value through the decentralized production and delivery of fuel-cell spec hydrogen to our customers. Follow us on LinkedIn for updates – Azolla Hydrogen
Jared Sayers - CEO
Azolla Hydrogen
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HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) today announced results for the fourth-quarter and full-year 2022.
Fourth-Quarter Results
| (Stated in millions, except per share amounts) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue | $7,879 |
$7,477 |
$6,225 |
5% |
|
27% |
|||
| Income before taxes - GAAP basis | $1,347 |
$1,134 |
$755 |
19% |
|
78% |
|||
| Income before taxes margin - GAAP basis | 17.1% |
15.2% |
12.1% |
192 bps |
|
495 bps |
|||
| Net income attributable to SLB - GAAP basis | $1,065 |
$907 |
$601 |
17% |
|
77% |
|||
| Diluted EPS - GAAP basis | $0.74 |
$0.63 |
$0.42 |
17% |
|
76% |
|||
|
|
|
|||||||
| Adjusted EBITDA* | $1,921 |
$1,756 |
$1,381 |
9% |
|
39% |
|||
| Adjusted EBITDA margin* | 24.4% |
23.5% |
22.2% |
89 bps |
|
219 bps |
|||
| Pretax segment operating income* | $1,557 |
$1,400 |
$986 |
11% |
|
58% |
|||
| Pretax segment operating margin* | 19.8% |
18.7% |
15.8% |
104 bps |
|
393 bps |
|||
| Net income attributable to SLB, excluding charges & credits* | $1,026 |
$907 |
$587 |
13% |
|
75% |
|||
| Diluted EPS, excluding charges & credits* | $0.71 |
$0.63 |
$0.41 |
13% |
|
73% |
|||
|
|
|
|||||||
| Revenue by Geography |
|
|
|
||||||
| International | $6,194 |
$5,881 |
$4,898 |
5% |
|
26% |
|||
| North America | 1,633 |
1,543 |
1,281 |
6% |
|
27% |
|||
| Other | 52 |
53 |
46 |
n/m |
|
n/m |
|||
$7,879 |
$7,477 |
$6,225 |
5% |
|
27% |
||||
| *These are non-GAAP financial measures. See sections titled "Charges & Credits", "Divisions", and "Supplemental Information" for details. | |||||||||
| n/m = not meaningful | |||||||||
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue by Division | |||||||||
| Digital & Integration | $1,012 |
$900 |
$889 |
12% |
|
14% |
|||
| Reservoir Performance | 1,554 |
1,456 |
1,287 |
7% |
|
21% |
|||
| Well Construction | 3,229 |
3,084 |
2,388 |
5% |
|
35% |
|||
| Production Systems | 2,215 |
2,150 |
1,765 |
3% |
|
26% |
|||
| Other | (132) |
(113) |
(104) |
n/m |
|
n/m |
|||
$7,879 |
$7,477 |
$6,225 |
5% |
|
27% |
||||
|
|
|
|||||||
| Pretax Operating Income by Division |
|
|
|
||||||
| Digital & Integration | $382 |
$305 |
$335 |
25% |
|
14% |
|||
| Reservoir Performance | 282 |
244 |
200 |
16% |
|
41% |
|||
| Well Construction | 679 |
664 |
368 |
2% |
|
85% |
|||
| Production Systems | 238 |
224 |
159 |
6% |
|
49% |
|||
| Other | (24) |
(37) |
(76) |
n/m |
|
n/m |
|||
$1,557 |
$1,400 |
$986 |
11% |
|
58% |
||||
|
|
|
|||||||
| Pretax Operating Margin by Division |
|
|
|
||||||
| Digital & Integration | 37.7% |
33.9% |
37.7% |
386 bps |
|
-2 bps |
|||
| Reservoir Performance | 18.2% |
16.7% |
15.5% |
146 bps |
|
265 bps |
|||
| Well Construction | 21.0% |
21.5% |
15.4% |
-50 bps |
|
564 bps |
|||
| Production Systems | 10.8% |
10.4% |
9.0% |
32 bps |
|
173 bps |
|||
| Other | n/m |
n/m |
n/m |
n/m |
|
n/m |
|||
19.8% |
18.7% |
15.8% |
104 bps |
|
393 bps |
||||
| n/m = not meaningful | |||||||||
SLB CEO Olivier Le Peuch commented, “We delivered strong fourth-quarter results and concluded a remarkable year for SLB with great success. Revenue grew across all Divisions and geographical areas, with robust year-end sales in digital and particularly strong service activity offshore and in the Middle East where we witnessed a significant inflection as capacity expansion projects mobilized.
“Sequentially, fourth-quarter revenue grew 5%; EPS, excluding charges and credits, expanded to $0.71; and adjusted EBITDA margins grew to 24.4%—219 basis points (bps) higher than the same quarter last year—exceeding our target exit rate. More importantly, fourth-quarter pretax segment operating margins and EPS were the highest since 2015, reflecting our enhanced earnings power and potential as activity growth momentum is sustained through the next few years.
An Outstanding Year of Success with Significant Tailwinds
“We concluded the year with 23% growth in revenue; 70% growth in EPS, excluding charges and credits; adjusted EBITDA margin expansion of 152 bps; cash flow from operations of $3.7 billion; and 13% ROCE, its highest level since 2014.
“Overall, 2022 was transformative for SLB as we set new safety, operational, and performance benchmarks for our customers and strengthened our market position both internationally and in North America. We launched our bold new brand identity, reinforcing our leadership position in energy technology, digital, and sustainability, and demonstrated our ability to deliver superior earnings in this early phase of a structural upcycle in energy.
“In North America, we seized the growth cycle throughout the year, increased our pretax operating margins close to 600 bps, and almost doubled our pretax operating income. We effectively harnessed our refocused portfolio, fit-for-basin technology, and performance differentiation to gain greater market access and improved pricing, particularly in the drilling markets where we significantly outperformed rig count growth. Today, we have built one of the highest-quality oilfield services and equipment businesses in North America through the implementation of our returns-focused strategy.
“In the international markets, after a first half of the year that was impacted by geopolitical conflict and supply chain bottlenecks, activity began to visibly inflect in the second half of the year, resulting in full year revenue growth of 20% and margin expansion of more than 150 bps. We laid the foundation for further growth and margin expansion through pricing improvements and a solid pipeline of incremental contract awards. In the Middle East, SLB is well positioned to be a key beneficiary of this visible market expansion, and we expect record levels of upstream investment by NOCs to continue in the next few years. During the year, we secured a sizeable share of tender awards in the region, driven by our differentiated performance, fit-for-purpose technology, and best-in-class local content. Similarly, across offshore basins, we continue to consolidate our advantaged position with new contract awards, particularly in Latin America and Africa.
“In this context, our investments in capex and inventory increased as we exited the year in support of new international and offshore project mobilizations. These factors, combined with lower-than-expected year-end collections, resulted in free cash flow reducing to $0.9 billion for the fourth quarter. Despite these effects, we continued to strengthen our balance sheet during the quarter by reducing both net and gross debt.
“Beyond our financial results, we made significant progress in our sustainability initiatives during the year. We reduced our Scope 1 and 2 carbon emissions intensity and launched several new Transition Technologies* to support the decarbonization of oil and gas. Our Transition Technologies portfolio revenue grew more than 30% year on year, and we project it will cross the $1 billion revenue mark in 2023.
“Finally, we initiated increased returns to shareholders, demonstrating confidence in our strategy, our financial outperformance, and our commitment to superior returns. We increased our dividend by 40% in April 2022, followed by a further 43% increase today, and we resumed our share buyback program this month.
“I am extremely proud of our full-year results, and I would like to extend my thanks to the entire team for their outstanding performance.”
Primed for Strong Growth and Returns—A Distinctive New Phase in the Upcycle
Le Peuch said, “The fourth quarter affirmed a distinctive new phase in the upcycle. In the Middle East, revenue increased by double digits sequentially, with growth in Saudi Arabia, Iraq, and the United Arab Emirates in the solid teens, affirming the much-anticipated acceleration of activity in the region. Offshore activity continued to strengthen, partially offset by seasonality in the Northern Hemisphere. In North America, US land rig count remains at robust levels, although the pace of growth is moderating. Additionally, pricing continues to trend favorably, extending beyond North America and into the international regions, supported by new technology and very tight equipment and service capacity in certain markets.
“These activity dynamics, improved pricing, and our commercial success—particularly in the Middle East, offshore, and North American markets—combine to set a very strong foundation for outperformance in 2023.
“Looking ahead, we believe the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in oil and gas and in low-carbon energy resources. First, oil and gas demand is forecast by the International Energy Agency (IEA) to grow by 1.9 million barrels per day in 2023 despite concerns for a potential economic slowdown in certain regions. In parallel, markets remain very tightly supplied. Second, energy security is prompting a sense of urgency to make further investments to ensure capacity expansion and diversity of supply. And third, the secular trends of digital and decarbonization are set to accelerate with significant digital technology advancements, favorable government policy support, and increased spending on low-carbon initiatives and resources.
“Based on these factors, global upstream spending projections continue to trend positively. Activity growth is expected to be broad-based, marked by an acceleration in international basins. These positive activity dynamics will be amplified by higher service pricing and tighter service sector capacity. The impact of loosening COVID-19 restrictions and an earlier than expected reopening of China could support further upside potential over 2023.
“Overall, the combination of these effects will result in a very favorable mix for SLB with significant growth opportunities in our Core, Digital, and New Energy. We expect another year of very strong growth and margin expansion. We have a clear strategy, an advantaged portfolio, and the right team in place to drive our business forward. I look forward to another successful year for our customers and our shareholders.”
Other Events
On October 26, 2022, SLB announced it entered into an agreement to acquire Gyrodata Incorporated, a global company specializing in gyroscopic wellbore positioning and survey technology. The acquisition will integrate Gyrodata’s wellbore placement and surveying technologies within SLB’s Well Construction business, to bring customers innovative drilling solutions. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2023.
In December 2022, SLB repurchased $804 million of its outstanding notes, consisting of $395 million of 3.75% Senior Notes due 2024 and $409 million of 4.00% Senior Notes due 2025.
On January 19, 2023, SLB’s Board of Directors approved a 43% increase in SLB’s quarterly cash dividend from $0.175 per share of outstanding common stock to $0.25 per share, beginning with the dividend payable on April 6, 2023, to stockholders of record on February 8, 2023.
Fourth-Quarter Revenue by Geographical Area
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| North America | $1,633 |
$1,543 |
$1,281 |
6% |
27% |
||||
| Latin America | 1,619 |
1,508 |
1,204 |
7% |
34% |
||||
| Europe/CIS/Africa | 2,067 |
2,039 |
1,587 |
1% |
30% |
||||
| Middle East & Asia | 2,508 |
2,334 |
2,107 |
7% |
19% |
||||
| Eliminations & other | 52 |
53 |
46 |
n/m |
n/m |
||||
$7,879 |
$7,477 |
$6,225 |
5% |
27% |
|||||
|
|
||||||||
| International | $6,194 |
$5,881 |
$4,898 |
5% |
26% |
||||
| North America | $1,633 |
$1,543 |
$1,281 |
6% |
27% |
||||
| n/m = not meaningful | |||||||||
International
Revenue in Latin America of $1.6 billion increased 7% sequentially due to higher Well Construction revenue from increased drilling activity and improved pricing, mainly in Mexico and Brazil. Increased Production Systems sales in Brazil and higher APS project activity in Ecuador also contributed to the sequential revenue growth. Year on year, revenue grew 34% due to higher drilling activity and increased pricing across the area. Higher APS project activity in Ecuador, increased stimulation and drilling activity in Argentina, and higher Production Systems sales and drilling in Brazil also contributed to the year-on-year revenue growth.
Europe/CIS/Africa revenue of $2.1 billion increased 1% sequentially due to strong activity across all Divisions in Africa, mainly in Angola, Central & East Africa, and higher reservoir evaluation and intervention activity in the Caspian, Azerbaijan, and Turkmenistan. These increases, however, were almost fully offset by activity declines in Russia, Scandinavia, and Europe due to the onset of seasonal effects. Compared to the same quarter last year, revenue grew 30% due to strong Well Construction activity and improved pricing across the area, higher Production Systems sales in Europe and Scandinavia, and activity increases in Africa across Divisions.
Revenue in the Middle East & Asia of $2.5 billion increased 7% sequentially mainly due to double-digit growth across the Middle East, primarily in Saudi Arabia, the United Arab Emirates, Iraq, and Qatar, from strong activity led by Well Construction and Production Systems. Asia was sequentially flat as revenue growth in East Asia, India, and Australia was offset by declines in Indonesia and China, with the latter due to the onset of seasonal effects. Year on year, revenue increased 19% due to increased activity across Divisions in Asia and higher activity from new projects in the Middle East—notably, increased drilling and stimulation activity in Saudi Arabia, the United Arab Emirates, Iraq, and Qatar.
North America
North America revenue of $1.6 billion increased 6% sequentially driven by strong year-end exploration data licensing sales in the US Gulf of Mexico boosting North America offshore revenue. US land revenue increased sequentially due to drilling revenue growth, which outperformed the rig count growth. Compared to the same quarter last year, North America revenue grew 27%. All Divisions experienced significant year-on-year revenue growth, led by Well Construction and Production Systems.
Fourth-Quarter Results by Division
Digital & Integration
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International | $723 |
$671 |
$624 |
8% |
|
16% |
|||
| North America | 288 |
229 |
263 |
26% |
|
9% |
|||
| Other | 1 |
- |
2 |
n/m |
|
n/m |
|||
$1,012 |
$900 |
$889 |
12% |
|
14% |
||||
|
|
|
|||||||
| Pretax operating income | $382 |
$305 |
$335 |
25% |
|
14% |
|||
| Pretax operating margin | 37.7% |
33.9% |
37.7% |
386 bps |
|
-2 bps |
|||
| n/m = not meaningful | |||||||||
Digital & Integration revenue of $1.0 billion increased 12% sequentially, propelled by year-end exploration data licensing sales in the Gulf of Mexico and Africa; increased APS project activity in Ecuador; and higher digital sales in Europe, Africa, and Latin America.
Year on year, revenue growth of 14% was driven primarily by higher APS project revenue in Ecuador and increased exploration data and digital sales both in North America and internationally.
Digital & Integration pretax operating margin of 38% expanded 386 bps sequentially, due to improved profitability in exploration data licensing and digital solutions. Year on year, pretax operating margin was essentially flat.
Reservoir Performance
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International | $1,430 |
$1,335 |
$1,194 |
7% |
|
20% |
|||
| North America | 123 |
119 |
92 |
3% |
|
33% |
|||
| Other | 1 |
2 |
1 |
n/m |
|
n/m |
|||
$1,554 |
$1,456 |
$1,287 |
7% |
|
21% |
||||
|
|
|
|||||||
| Pretax operating income | $282 |
$244 |
$200 |
16% |
|
41% |
|||
| Pretax operating margin | 18.2% |
16.7% |
15.5% |
146 bps |
|
265 bps |
|||
| n/m = not meaningful | |||||||||
Reservoir Performance revenue of $1.6 billion increased 7% sequentially from new stimulation and intervention projects and activity gains in the Middle East, mainly in Saudi Arabia; intervention activity in the Caspian; and higher exploration evaluation activity as a result of new technology adoption in Europe and Africa, primarily in offshore Scandinavia, Angola, and Ivory Coast.
Year on year, revenue growth of 21% was broad, with double-digit growth across all areas due to increased activity. The revenue growth was led by the Middle East & Asia, which grew 22%. Intervention and stimulation services experienced double-digit growth, both on land and offshore.
Reservoir Performance pretax operating margin of 18% expanded 146 bps sequentially. Profitability was boosted by higher offshore and exploration activity, mainly in Africa, and strong development activity, particularly in US land, and in the Middle East & Asia. Year on year, pretax operating margin expanded 265 bps, with profitability improving both in evaluation and intervention, and geographically improving in US land, Asia, Africa, and Latin America.
Well Construction
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International | $2,522 |
$2,406 |
$1,901 |
5% |
|
33% |
|||
| North America | 652 |
621 |
441 |
5% |
|
48% |
|||
| Other | 55 |
57 |
46 |
n/m |
|
n/m |
|||
$3,229 |
$3,084 |
$2,388 |
5% |
|
35% |
||||
|
|
|
|||||||
| Pretax operating income | $679 |
$664 |
$368 |
2% |
|
85% |
|||
| Pretax operating margin | 21.0% |
21.5% |
15.4% |
-50 bps |
|
564 bps |
|||
| n/m = not meaningful | |||||||||
Well Construction revenue of $3.2 billion increased 5% sequentially, outperforming global rig count growth due to strong activity from new projects and solid pricing improvements internationally, particularly in the Middle East & Asia and Latin America. Revenue growth in the Middle East was particularly strong in Saudi Arabia and Qatar, while in Latin America, drilling activity increased mainly in Brazil and Mexico. Europe/CIS/Africa was flat as strong growth in Africa—mainly in Angola, Gabon, Namibia, and South Africa—was offset by seasonal effects in the Northern Hemisphere. In North America, sequential revenue growth outpaced the rig count increase in US land. All business lines, which include measurement, drilling, fluids, and equipment, posted sequential increases, with equipment reporting double-digit growth during the quarter.
Year on year, revenue growth of 35% was driven by strong activity and solid pricing improvements, led by Latin America, which grew 54%, and North America which increased 48%. Europe/CIS/Africa revenue increased 29% while Middle East & Asia revenue grew 24% year on year. High double-digit growth was recorded across the Division’s business lines led by drilling fluids and measurements—both on land and offshore.
Well Construction pretax operating margin of 21% contracted 50 bps sequentially, as improved profitability from increasing activity in the Middle East & Asia, North America, and Latin America was more than offset by the onset of seasonal effects in the Northern Hemisphere. Year on year, pretax operating margin expanded 564 bps, with profitability improving across all areas, driven by higher activity and improved pricing.
Production Systems
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Dec. 31, 2022 |
Sept. 30, 2022 |
Dec. 31, 2021 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International | $1,638 |
$1,569 |
$1,278 |
4% |
|
28% |
|||
| North America | 575 |
578 |
484 |
-1% |
|
19% |
|||
| Other | 2 |
3 |
3 |
n/m |
|
n/m |
|||
$2,215 |
$2,150 |
$1,765 |
3% |
|
26% |
||||
|
|
|
|||||||
| Pretax operating income | $238 |
$224 |
$159 |
6% |
|
49% |
|||
| Pretax operating margin | 10.8% |
10.4% |
9.0% |
32 bps |
|
173 bps |
|||
| n/m = not meaningful | |||||||||
Production Systems revenue of $2.2 billion increased 3% sequentially on higher international sales of artificial lift, completions, and midstream production systems, partially offset by reduced sales of valves and subsea production systems. International revenue was boosted by double-digit growth in the Middle East & Asia, particularly in Saudi Arabia, the United Arab Emirates, Iraq, East Asia, and Australia; and in Latin America, mainly in Brazil, Mexico, and Guyana.
Year on year, double-digit revenue growth of 26% was driven by new projects and increased product deliveries mainly in Europe/CIS/Africa, North America, and Latin America.
Production Systems pretax operating margin of 11% in the quarter expanded 32 bps sequentially due to a more favorable revenue mix. Year on year, pretax operating margin expanded 173 bps driven by higher sales and execution efficiency as supply chain and logistics constraints eased.
Quarterly Highlights
CORE
Contract Awards
As the strong growth cycle in oil and gas advances, SLB continues to secure new contracts in North America and internationally, particularly in offshore basins and the Middle East. During the quarter, SLB secured the following notable projects:
Investor Relations Contacts:
Ndubuisi Maduemezia – Vice President of Investor Relations
Joy V. Domingo – Director of Investor Relations
Office +1 (713) 375-3535
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Media Contacts:
Josh Byerly – Vice President of Communications
Moira Duff – Director of External Communications
Office +1 (713) 375-3407
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Oil & Gas Rig Market, By Type (Jackups, Semisubmersibles, Drill Ships, and Others), By Water Depth (Shallow Water, Deepwater and Ultra-deepwater), By Region, Competition, Forecast and Opportunities, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Offshore Oil & Gas Rig Market is expected to grow at a steady CAGR of 5.69% in the forecast period to reach USD22,522.64 million by 2027.
The market is driven by the rise in the demand for oil & gas across the globe and increasing investments by the public and private players to boost the oil & gas industry. Also, the positive economic growth worldwide and volatile oil process and exhausting oil reserves are expected to propel the demand for the Global Offshore Oil & Gas Rig Market over the next five years.
Rapid industrialization and urbanization are generating the demand for fuel across the globe. Oil & gas production is necessary to provide energy to run the operations. They find wide applications in transportation, power production, manufacturing industry and other applications and with the growth of the industries, the demand for offshore oil & gas rigs is expected to grow at a significant rate in the forecast period.
Several government authorities across the globe are raising their capital expenditure (CAPEX) to attract the energy investors into their country. Market players are investing to find new innovative solutions to fulfil the energy requirements across the globe.
Jackups was the dominant segment in 2021 and held 66.02% of the overall market share
The segment is expected to maintain its dominance through the next five years. Jackups offers several advantages over the other offshore drilling platforms including their ability to be quickly deployed and easy movement between locations. They are the most cost-effective offshore drilling platform as they require fewer crew as compared to its counterparts.
Objective of the Study:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Offshore Oil & Gas Rig Market.
Report Scope:
Years considered for this report:
Offshore Oil & Gas Rig Market, By Type:
Offshore Oil & Gas Rig Market, By Water Depth:
Offshore Oil & Gas Rig Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/xbywxk
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