DALLAS--(BUSINESS WIRE)--HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) and Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”), plan to announce results for the quarter ending December 31, 2022 on February 24, 2023, before the opening of trading on the NYSE. HF Sinclair and HEP have scheduled a joint webcast conference on February 24, 2023 at 8:30 a.m. Eastern time to discuss financial results.
This webcast may be accessed at:
https://events.q4inc.com/attendee/250565072
An audio archive of this webcast will be available using the above noted link through March 10, 2023.
About HF Sinclair Corporation:
HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. Through its subsidiaries, HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. HF Sinclair also owns a 47% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HF Sinclair subsidiaries.
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.
HF Sinclair Corporation
Craig Biery, 214-954-6510
Vice President, Investor Relations
or
Trey Schonter, 214-954-6510
Manager, Investor Relations
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (“Li-Cycle”or the “Company”) (NYSE: LICY), today announced that it plans to release its fourth quarter and full year 2022 financial results (for the year ended October 31, 2022) prior to market open on Monday, January 30, 2023. Management will review the results during a conference call and audio-only webcast at 8:30 a.m. (Eastern Time) on the same day.
Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:
Domestic: |
1 (800) 579-2543 |
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International: |
1 (203) 518-9783 |
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Participant Code: |
LICYQ422 |
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Webcast: |
https://investors.li-cycle.com |
A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Investor Relations
Nahla A. Azmy
Sheldon D’souza
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Press
Louie Diaz
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DALLAS--(BUSINESS WIRE)--Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”) and HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”), plan to announce results for the quarter ending December 31, 2022 on February 24, 2023, before the opening of trading on the NYSE. HEP and HF Sinclair have scheduled a joint webcast conference on February 24, 2023 at 8:30 a.m. Eastern time to discuss financial results.
This webcast may be accessed at:
https://events.q4inc.com/attendee/250565072
An audio archive of this webcast will be available using the above noted link through March 10, 2023.
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.
About HF Sinclair Corporation:
HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. Through its subsidiaries, HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. HF Sinclair also owns a 47% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HF Sinclair subsidiaries.
Holly Energy Partners, L.P.
Craig Biery, 214-954-6510
Vice President, Investor Relations
or
Trey Schonter, 214-954-6510
Manager, Investor Relations
MIAMI--(BUSINESS WIRE)--#electricvehicles--OBE Power Networks (“OBE Power”) announces the closing of a senior secured funding facility with SUSI Energy Efficiency Fund II, managed by SUSI Partners, a Swiss-based infrastructure investment manager. The facility will support OBE Power in further advancing its unique EV Charging-as-a-Service (“EV CaaS”) offering to a fast-growing customer base in the live-work-play-learn ecosystem, thus enabling the company to expand its current Florida and Texas footprint to the entire country.
OBE Power provides EV CaaS solutions in strategic urban locations through long-term exclusive agreements with investment grade hosts including municipalities, corporate headquarters, residential buildings, hospitals, and universities. The company offers a broad suite of EV CaaS and Software as a Service (“SaaS”) solutions to both hosts and fleet managers and is targeting a 10-fold growth over the next three years based on projected market conditions. OBE Power is currently ranked as one of the top 15 Charge Point Owners & Operators in the United States.
“With the rapidly expanding adoption of electric passenger and commercial-fleet vehicles across the U.S., as well as the recently announced federal and state EV incentive programs, we are excited to see the validation of our EV CaaS solution through the funding facility with SUSI Partners and look forward to growing our partnership as we expand our offerings to regional and national accounts,” said Alejandro Burgana, Co-Founder and Managing Director of OBE Power.
Alexander Hunzinger, Head of Credit Investments at SUSI Partners, commented: “It is great to see our credit financing solution, through which we have invested more than half a billion USD to date, be applied to an ever-growing array of energy transition solutions. As an investment manager with an exclusive focus on energy transition infrastructure, we are pleased to support OBE Power in driving forward the electrification of transportation in the U.S., a market in which we see a lot of potential and consider to be of great importance for the achievement of global climate goals.”
Says Luis Paul, Co-Founder and Managing Director of OBE Power, “Our funding facility with SUSI Partners is an important steppingstone in the continued nationwide growth of our EV CaaS offering. With this financing, we will be well positioned to continue to help hosts meet the EV charging requirements of their customers and clients by providing a convenient and affordable charging and software solution with an efficient host onboarding and management program.”
OBE Power was advised by ERG Capital Markets (US) LLC.
About OBE Power
OBE Power www.obepower.com, founded in 2017 in Miami, Florida, is the owner and operator of an integrated ecosystem of electric vehicle charging services for site hosts, EV drivers and related stakeholders. The Company’s platform provides an owner operated “Electric Vehicle Charging as a Service” (EV CaaS) business model at no cost to Host Customers, while providing conveniently located charging locations that promote the distributed Live/Work/Play/Learn sustainable lifestyle to their retail customers.
About SUSI Partners
Founded in 2009, SUSI Partners www.susi-partners.com is a Swiss-based investment manager specialized in sustainable energy infrastructure investments with EUR 1.9bn in capital commitments from institutional investors. The firm’s investment strategy focuses on private equity and credit opportunities across the energy transition spectrum, including clean energy generation, energy efficiency measures, and solutions enabling clean energy use. With a successful track record of more than 140 transactions in over 20 countries to date, SUSI Partners seeks to achieve attractive risk-adjusted returns for its clients and their beneficiaries while contributing meaningfully to achieving global climate neutrality.
Alejandro Burgana
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Steve Jackson appointed Managing Director of Australia business
SYDNEY & CHICAGO--(BUSINESS WIRE)--#Australia--Bluestar Energy Capital (‘Bluestar’ or ‘the Company’) today announced the appointment of Steve Jackson as Managing Director of its Australian renewable development platform, Bluestar Energy Australia Pty Ltd. Steve has over 30 years of experience in all facets of the Australian power industry and has held executive positions with leading private and public electricity companies. Jackson will be based in Bluestar’s Sydney CBD office.
Steve has held prior positions as Vice President (APAC Regional Manager) at First Solar and Head of Development at FRV Australia.
“Steve has a proven track record in establishing and scaling leading platforms in the Australian energy transition,” commented Declan Flanagan, Founder & CEO of Bluestar. “I am delighted to have such an accomplished energy executive build on our business in Australia.”
“Bluestar has such a high calibre team with a fantastic track record of success in developing renewable energy projects globally. I’m fortunate to hit the ground running with great resources, one permitted wind project, and other projects having commenced development with an established developer here in Australia,” commented Jackson. “I look forward to building another high performing team of Aussie industry professionals to develop more wind, solar, and storage projects. The challenge of meeting Australian decarbonization targets is considerable, creating a huge opportunity to build a globally significant platform and I look forward to helping achieve this.”
Since the completion of its US$100 million initial fundraising from founder Declan Flanagan and investors S2G Ventures and Great Bay Renewables in 2022, Bluestar has been successfully scaling its global presence. The company now has offices in Chicago, Austin, Dublin, and Sydney. Its fast-growing team consists of more than 30 professionals, and its project development pipeline already exceeds 1 gigawatt (GW), including Bluestar’s first fully permitted project in Australia, which is on track to enter construction next year.
“I am very pleased with the progress we have made in a short period of time. It’s a testament to the great group of professionals at Bluestar,” commented Flanagan. “But this is a long-term and patient plan. There are plenty of challenges to the global energy transition as well as undisciplined capital chasing investments, which makes Bluestar’s greenfield development-focused strategy especially important.”
About Bluestar Energy Capital
Bluestar Energy Capital (Bluestar) is a global renewable energy investment company focused on development platforms and project development capital. Bluestar delivers investable clean energy projects at scale through its regional development platforms, Nova Clean Energy, LLC, and Bluestar Energy Australia. Bluestar is headquartered in Chicago, Illinois with offices in Austin, Texas, Dublin, Ireland, and Sydney. Follow Bluestar on LinkedIn. Follow our platform company, Nova Clean Energy on LinkedIn.
Wendy Prabhu, Mercom Communications
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US: +1.512.215.4452
UK: +44.203.617.1930
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an update on the 30-day Initial Production Rate (“IP30”) of its Glenn 16-3H well in its Tishomingo field in Oklahoma.
Glenn 16-3H Well
The Glenn 16-3H well (100% working interest) has averaged about 990 Barrels of oil equivalent (“BOEPD”) (805 Barrels of oil per day (“BOPD")) for thirty production days while the well has been flowing back the completion stimulation fluid.
Wolf Regener, President and CEO, commented, “The IP30 of the Glenn 16-3H well, along with the previous wells from our 2022 drilling program, have all far exceeded our expectations.
“We look forward to drilling our next wells later this quarter, as we have signed a drilling rig contract, where the rig is expected to arrive around the beginning of March 2023.
“To put this excellent well result in perspective, the forecasted 30-day proved curve case (IP30) utilized by our third-party engineering firm for our December 31, 2021 reserve report was 388 BOEPD (“Reserve Report IP30”), while the initial 30-day type curve used by the Company’s management for wells in the corridor assumes a 472 BOEPD IP30 rate (“Management IP30”). The Glenn 16-3H well’s IP30 is about 2.5 times higher than the Reserve Report IP30, which is similar to the Brock 9-3H well’s IP30 which we announced on January 9, 2023.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Cautionary Statements
In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that were drilled prior to December 31st, 2021, are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.
Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing of and expected results from planned wells development. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com
MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced that it has entered into a series of portfolio management transactions, comprising of a bolt-on acquisition, a divestiture of non-operated production and acreage and a divestiture of a portion of its water infrastructure assets in Reeves County, Texas.
“At Permian Resources, we believe our focus on portfolio management will continue to drive value for our shareholders. The combined transactions high-grade our portfolio, adding 45 top-quartile locations, 4,000 net acres with significant development potential and 3,100 net royalty acres while generating approximately $100 million in net cash proceeds,” said James Walter, Co-CEO of Permian Resources.
Acquisition Summary
Permian Resources has entered into a definitive agreement to acquire 4,000 net leasehold acres, 3,300 net royalty acres and 1,100 barrels of oil equivalent per day (“Boe/d”) (73% oil) of net production, located predominantly in Lea County, New Mexico from an undisclosed third-party for a total purchase price of $98 million.
This purchase price reflects an acquisition value of approximately $8,000 per net leasehold acre and approximately $7,000 per net royalty acre. The properties’ operated position consists of largely undeveloped acreage and is contiguous to one of the Company’s existing core blocks in Lea County. Permian Resources has identified approximately 45 gross operated two-mile locations from the properties being acquired that immediately compete for capital within the existing portfolio. The acquired properties also include non-operated acreage largely adjacent to and surrounding Permian Resources’ position, which the Company plans to utilize for future acreage trades and other portfolio management transactions.
Non-Operated Divestitures Summary
Permian Resources also announced the divestiture of producing, non-operated properties in Reeves County consisting of approximately 1,800 Boe/d (44% oil) and 3,500 net leasehold acres to an undisclosed third-party for $60 million, reflecting a valuation multiple of greater than 5x 2023 estimated EBITDA. The divested acreage represents the substantial majority of the Company’s non-operated position in Texas and included minimal remaining inventory.
The Company also sold a non-operated position consisting of 300 net leasehold acres in Eddy County, New Mexico for $35,000 per net acre, resulting in approximately $10 million of net proceeds.
Midstream Infrastructure Transactions Summary
The Company signed definitive agreements with an undisclosed third-party that result in Permian Resources divesting a portion of its saltwater disposal wells and associated produced water infrastructure in Reeves County for total consideration of $125 million. The full consideration will be received at closing with $60 million subject to repayment if certain thresholds tied to Permian Resources’ future drilling activity in the service area over the next several years are not met. The Company expects to retain the full consideration based on its current development plan. The counterparty has a strong record of operating midstream assets, and the divested infrastructure has ample additional capacity to service the Company’s future produced water disposal needs. The transaction is expected to close during the first quarter of 2023, subject to regulatory approval.
(For maps and further details summarizing Permian Resources’ recent acquisition and divestitures, please see the presentation materials on its website under the Investor Relations tab.)
2023 Preliminary Outlook
The Company is not adjusting its previously announced fourth quarter 2022 and full year 2023 preliminary outlook as a result of these transactions and plans to issue full year 2023 guidance concurrent with its fourth quarter and full year 2022 earnings results.
About Permian Resources
Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. The Company’s assets and operations are located in the core of the Delaware Basin. For more information, please visit www.permianres.com.
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
Forward-looking statements may include statements about:
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, risks relating to the merger, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks described in our filings with the SEC.
Reserve engineering is a process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any oil and gas reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.
Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
Hays Mabry
Sr. Director, Investor Relations
(832) 240-3265
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Launches new independent, publicly traded company focused on returning capital to stockholders through owning financial interests as a non-operator in oil and gas wells drilled by leading U.S. operators
NEW YORK & CENTENNIAL, Colo.--(BUSINESS WIRE)--Jefferies Financial Group Inc. (“Jefferies”) (NYSE: JEF) and Vitesse Energy, Inc. (“Vitesse”) (NYSE: VTS) announced today the completion of the distribution (the “Distribution”) by Jefferies of all the outstanding shares of common stock of Vitesse (“Vitesse Common Stock”) held by Jefferies. As a result of the Distribution, Vitesse became an independent, publicly traded company. Prior to the Distribution, Vitesse acquired all of the issued and outstanding equity interests of Vitesse Energy, LLC and Vitesse Oil, LLC.
Common shares of Jefferies (“Jefferies Common Shares”) and Vitesse Common Stock will each begin trading “regular way” today, January 17, 2023, on the New York Stock Exchange under the symbols “JEF” and “VTS,” respectively.
Rich Handler, CEO of Jefferies, and Brian Friedman, President of Jefferies, remarked: “We congratulate Bob Gerrity, Brian Cree and their team for all the smart and hard work they have done to build Vitesse into the solid business it is and to help manage the process of becoming an independent, publicly traded company. As we have noted before, we each look forward to being stockholders of Vitesse and to seeing its success in the coming years.”
Bob Gerrity, CEO of Vitesse, stated: “We at Vitesse could not be more excited to have gone public. We are extremely grateful to Jefferies for having provided the insight and resources that allowed us to grow from the start-up we were in 2014 to where we are today. And we are especially grateful for their confidence in us as we move into the future as an independent, publicly traded company.”
In connection with the Distribution, on January 13, 2023, Jefferies shareholders received one share of Vitesse Common Stock for every 8.49668 Jefferies Common Shares held at the close of business on December 27, 2022. Fractional shares will be aggregated and sold into the public market and the proceeds distributed pro rata to Jefferies shareholders who otherwise would have received such fractional shares. The shares will be credited to “street name” shareholders through the Depository Trust Corporation. Approximately 26.6 million shares of Vitesse Common Stock were distributed to Jefferies shareholders, which equals approximately 94.37% of the total issued and outstanding shares of Vitesse Common Stock.
About Jefferies
Jefferies is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research and wealth and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments.
About Vitesse
Vitesse is an independent energy company engaged in the acquisition, development, and production of non-operated oil and natural gas properties in the United States that are generally operated by leading oil companies and are primarily in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. Vitesse also has properties in the Central Rockies, including the Denver-Julesburg Basin and the Powder River Basin. Since Vitesse’s inception in 2014, Vitesse has built a strong and diversified asset base through a combination of property acquisitions, development activities and the implementation of proprietary platforms and processes utilizing its extensive data resources.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about the future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” “would,” or similar expressions. Forward-looking statements may include, without limitation, statements relating to the spin-off of Vitesse, such as the anticipated timing and implementation of the distribution of Vitesse Common Stock to Jefferies shareholders. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Factors that could cause actual results to materially differ from those expressed in the forward-looking statements set forth in this press release include, without limitation, risks that either the distribution of proceeds from the sale of fractional shares or regular-way trading in Vitesse Common Stock or Jefferies Common Shares will not proceed as expected. The forward-looking statements in this press release also should be considered in light of the risks and uncertainties described in the reports Jefferies and Vitesse file with the U.S. Securities and Exchange Commission (the “SEC”) and in the information statement (the “Information Statement”) containing details regarding the Distribution, Vitesse’s business and management following the spin-off and other information regarding the spin-off that was made available to Jefferies shareholders prior to the distribution date. You should read and interpret any forward-looking statement together with the reports Jefferies and Vitesse file with the SEC and the Information Statement. Jefferies and Vitesse are providing the information in this press release as of this date and assume no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Jefferies Financial Group Inc.:
Jonathan Freedman (212) 778-8913
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Vitesse Energy, Inc.:
Ben Messier (720) 532-8232
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HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus”) today announced that its Board of Directors approved the payment of a quarterly cash dividend of $0.11 per share of Class A common stock with payment to occur on March 16, 2023 to holders of record of Class A common stock at the close of business on February 27, 2023. A corresponding distribution of up to $0.11 per CW Unit has also been approved for holders of CW Units of Cactus Wellhead, LLC.
Declarations of any dividends in the future, and the amount of any such dividends, are subject to approval by Cactus’ Board of Directors.
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers throughout the United States and Australia, while also providing equipment and services in select international markets.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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HOUSTON--(BUSINESS WIRE)--NOW Inc. (NYSE:DNOW) has scheduled a conference call to discuss the results for the fourth quarter and full-year 2022 on Thursday, February 16, 2023 at 8:00 am (US Central Time). Financial results for the fourth quarter and the year ending December 31, 2022 are expected to be released that morning before the market opens.
The call will be broadcast through the Investor Relations link on NOW Inc.’s web site at ir.dnow.com on a listen-only basis. Listeners should log in prior to the start of the call to register for the webcast. A replay of the call will be available online for thirty days following the conference. Participants may also join the conference call by dialing 1-844-200-6205 within North America or 1-929-526-1599 outside of North America, Access Code: 703044, five to ten minutes prior to the scheduled start time and asking for the “NOW Inc. Earnings Conference Call” or the “DistributionNOW Earnings Conference Call.”
DistributionNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of 160 years. Headquartered in Houston, Texas, with approximately 2,350 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production companies, midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction companies as well as companies operating in the decarbonization, energy transition and renewables end markets.
NOW Inc.
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754
NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH) announced today that it has priced a private offering of $500 million of senior notes due 2031 (the “notes”).
The notes, which carry an interest rate of 6.375%, were priced for purposes of resale at 100.000% of their aggregate principal amount. The issuance and sale of the notes is expected to close on or about January 24, 2023, subject to customary closing conditions. Clean Harbors intends to use the net proceeds of the offering and a $114.0 million loan under Clean Harbors’ existing revolving credit facility, together with cash on hand, to repay the $614.0 million aggregate principal amount of senior secured term loans due in 2024 which are now outstanding under the Company’s term loan credit facility and to pay fees and expenses in connection with the offering of the notes and accrued interest in connection with such repayment of senior secured term loans.
The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes, nor shall there be any sale of notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates throughout the United States, Canada, Mexico, Puerto Rico and India.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “risk factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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Respected nuclear industry players, DL E&C and Doosan Enerbility, will make a strategic investment into X-energy totaling $25 million
ROCKVILLE, Md.--(BUSINESS WIRE)--$AAC #SMRs--X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactor and fuel technology for clean energy generation, announced today a strategic investment from DL E&C (KRX: 375500) and Doosan Enerbility (KRX: 034020) (“Doosan”) of $25 million in a private round of financing pursuant to the Company’s previously announced Series C-2 investment round to support the advancement of the global deployment of X-energy’s Xe-100 Generation IV advanced small modular reactor.
Leading nuclear industry heavyweights, DL E&C and Doosan, focus respectively on global engineering, procurement and construction and major nuclear component design and manufacturing, with each company bringing decades of experience and expertise in the nuclear power industry.
Doosan—which will continue to work with X-energy as a major component and system vendor—will engineer, supply and manufacture key components for the Xe-100 plant, including the reactor pressure vessel, a critical component that contains the reactor core, composed largely of X-energy’s proprietary TRISO-X nuclear fuel. Doosan and X-energy also plan to jointly pursue diverse applications of the Xe-100 technology, such as efficient provision of power and heat to industrial processes like hydrogen production.
DL E&C—one of the world’s leading power and energy sector engineering and construction firms, having installed 51GW of power plants in 17 countries and participated in the construction of several nuclear plants—will work with X-energy to identify opportunities around the world to employ its renowned practices to support the deployment of Xe-100 plants on a global scale.
In addition to the $25 million investment from DL E&C and Doosan, X-energy is continuing to negotiate the terms of a potential incremental investment from certain additional Korean investors. To date, X-energy has raised $148 million in financing to support its previously-announced proposed business combination with Ares Acquisition Corporation (NYSE: AAC) (“AAC”); to the extent raised, any additional proceeds would be additive to this amount.
“We are thrilled to partner with world-class nuclear companies like Doosan and DL E&C as we continue to work toward the deployment of our Xe-100 advanced small modular reactor,” said X-energy CEO J. Clay Sell. “These companies’ expertise and support has been and will continue to be invaluable as we continue to expand our business. We are grateful for their confidence in our technology, our team and our mission to revolutionize the energy industry.”
“Beyond our long-standing business focus on large-scale nuclear equipment supply, Doosan has established a solid foothold in SMR as a global foundry,” said Jongdoo Kim, Executive Vice President and Head of Nuclear Business Group of Doosan. "We are very glad to take part as a key supplier of major equipment including the reactor for the Xe-100, the Gen. IV HTGR of X-energy.”
“Our investment in X-energy, coupled with our intention to help develop and deploy the world’s leading nuclear technology, is in-line with our stated goal to focus on eco-friendly projects as our growth engines for the future,” said Mr. Jaeho Yoo, Chief Executive for Plant Business Division of DL E&C. “To fulfill decarbonization goals with alternative energy, X-energy has impressed us the most with their industry-leading multi-application reactor with several use cases for chemical process plants which has long been DL E&C's core competency. We are excited to work together with X-energy to deploy the Xe-100 around the world as the most versatile reactor technology to achieve net zero through pioneering hydrogen and ammonia.”
As previously announced on December 6, 2022, X-energy has entered into a definitive business combination agreement with AAC, a publicly traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s shareholders and other customary closing conditions.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear and broader use cases when compared with other SMRs. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About Doosan Enerbility
Doosan supplies not only the core components of nuclear power plants, such as reactors, steam generators, reactor cooling pumps, but also man-machine interface systems, nuclear fuel handling facilities, nuclear fuel casks, turbines & generators and the majority of auxiliary equipment for nuclear reactor systems to domestic and overseas nuclear power plants. Doosan maintains a high quality standard based on extensive experience in manufacturing major components of nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea, which is capable of raw material production to final assembly of nuclear components. Doosan has manufactured and supplied 34 reactor pressure vessels & 124 steam generators globally. For more information, visit: https://www.doosanenerbility.com/en.
About DL E&C
Since its establishment in 1939, DL E&C has been providing a broad range of solution services in global mid/downstream energy sector such as oil & gas, refining petrochemical and power plant including nuclear as an Engineering, Procurement and Construction (EPC) contactor with abundant track records in more than 35 nations. DL E&C is the flagship company of DL Group, which consists of 13 affiliates in chemical, developer, power generation, logistics, manufacturing, IT, etc. For more information, visit www.dlenc.co.kr/eng/main.do.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business Combination”) with X-energy, AAC will file a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), which will include a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been filed and declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement will include information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.
The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Participants in the Solicitation
AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
X-energy
Investors:
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Ares Acquisition Corporation
Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
or
Brittany Cash
+1-212-301-0347
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HOUSTON--(BUSINESS WIRE)--Crestwood Midstream Partners LP (“CMLP”), a wholly owned subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), announced today that it has priced $600 million in aggregate principal amount of 7.375% unsecured Senior Notes due 2031 (the “Notes”) in a private offering (the “Notes Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). This represents a $100 million increase in the original offering amount. The Notes will be guaranteed on a senior unsecured basis by all of CMLP’s subsidiaries that guarantee its existing notes and the indebtedness under its revolving credit facility (the “Revolving Credit Facility”). CMLP expects to close the offering on January 19, 2023, subject to customary closing conditions, and the Notes will be issued at par.
CMLP intends to use the net proceeds from the Notes Offering to repay a portion of borrowings under the Revolving Credit Facility. CMLP also intends to repay and terminate Crestwood Permian Basin Holdings LLC’s (“CPJV”) credit facility with borrowings under the Revolving Credit Facility within 30 days after the closing of the Notes Offering, at which time CMLP intends to designate CPJV and certain of its wholly owned subsidiaries as restricted subsidiaries and guarantors of the existing notes and the Notes.
The Notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of the Notes or related guarantees in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135(c) under the Securities Act.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in CMLP’s filings with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
About Crestwood Midstream Partners LP
Houston, Texas, based CMLP is a limited partnership and wholly owned subsidiary of CEQP that owns and operates midstream businesses in multiple shale resource plays across the United States. CMLP is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water.
Crestwood Midstream Partners LP
Investor Contacts
Andrew Thorington, 713-380-3028
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Vice President, Finance and Investor Relations
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
Renewable diesel conversion project remains on schedule, on budget, and on track for mechanical completion by late March
Throughput volumes for the fourth quarter of 2022 were approximately 77,000 bpd, exceeding prior forecast of 74,000 bpd by 4%
Fourth quarter 2022 financial results expected to benefit from continued robust refining margins, lack of hedge impact and reduced inventory backwardation charges, vs. third quarter 2022 results
HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ: VTNR) ("Vertex" or “the Company"), a leading specialty refiner and marketer of high-quality refined products, today provided an update on the construction of its renewable diesel conversion project as well as its fourth quarter 2022 operating and financial results.
Renewable Diesel Conversion Project Remains on Schedule and Budget
Vertex is continuing to advance construction activities on its renewable diesel conversion project, which is designed to convert the Mobile, Alabama refinery’s (the “Mobile Refinery's”) existing hydrocracking unit to produce renewable diesel fuel on a standalone basis. On January 6, 2023, the Company safely completed shutdown procedures on the hydrocracker unit for the next stage of construction activities, as planned. The unit is scheduled to remain offline for a total of approximately 70 days while the project is finalized, with ultimate mechanical completion expected to occur during the final week of March, 2023.
Upon completion of the project, the refinery is expected to commence production of renewable diesel in 2Q 2023. Initial volumes are planned to ramp to approximately 8 – 10 thousand barrels per day (Mbpd), with production volumes anticipated to subsequently ramp up to approximately 14 Mbpd upon installation of additional required infrastructure.
The project continues to progress on schedule and on budget, with total capital expenditures on the renewable diesel conversion project during the fourth quarter of approximately $33.2 million. Total capital expenditures spent to date on the renewable diesel project are $72 million, or approximately 76% of the total projected budget for the project of $90-$100 million.
Fourth Quarter Throughput Volumes Exceed Prior Guidance By 4%
Throughput volumes at the Company’s Mobile Refinery for the fourth quarter of 2022 came in at approximately 77 Mbpd, exceeding management’s prior forecast of 73 – 75 Mbpd, by 4% at the mid-point. The stronger throughput volumes for the quarter versus the Company's previously communicated estimates reflect continued consistent, efficient operations at the Mobile Facility. Operating expenses per barrel for the fourth quarter of 2022 are estimated to total between $3.75 - $4.00 per barrel, while the targeted capture rate on the benchmark Gulf Coast 2-1-1 crack spread is expected to be 50%-54%, in-line with prior forecasts.
Total capital expenditures for the fourth quarter of 2022 were approximately $42 million, slightly ahead of the prior forecasted capex range of $35-$40 million.
Updated 4Q 2022 Guidance
Based on performance during the quarter, we are updating the prior guidance we provided for 4Q 2022 as follows:
|
4Q 2022 |
||
Prior Guidance |
Current Guidance |
||
(as of 11/8/22) |
(as of 1/17/2023) |
||
Mobile Refinery Throughput Volume (Mbpd)1 |
73 - 75 |
|
77 |
Capacity Utilization (%) |
99% |
|
103% |
Direct Operating Expense ($/bbl) |
$3.50 - $3.75 |
|
$3.75 - $4.00 |
Capture Rate (%)2 |
50% - 54% |
|
50% - 54% |
Capex ($/MM) |
$35 - $40 |
|
$42 |
% Capex Spent on RD Project |
- |
|
79% |
1. Preliminary actual throughput volume results (Mbpd = Thousand barrels per day). |
|||
2. Capture rate relates to benchmark Gulf Coast 2-1-1 Crack Spread. |
|||
Benjamin P. Cowart, President and CEO of Vertex stated, “Our progress on the construction of the renewable diesel conversion project continues to track right in-line with our planned timeline and budget, something I am very proud of given the scale and breadth of the project. We continue to expect the unit to be brought back online following the planned 70-day outage in mid-March with full mechanical completion anticipated shortly thereafter.” Mr. Cowart continued, “Our Q4 2022 throughput volumes reflect the strength in operational performance I know the team is capable of. With refining margins remaining strong and the team executing on the ground in Mobile, I look forward to updating the market on our full Q4 2022 results in the near future.”
ABOUT VERTEX ENERGY
Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the Company’s ability to raise sufficient capital to complete future capital projects and the terms of such funding, to the extent necessary; the timing of planned capital projects at the Company’s Mobile Refinery, downtime associated with such projects and the outcome of such projects; the future production of the Mobile Refinery; the estimated timeline of the renewable diesel capital project at the Mobile Refinery, estimated and actual production associated therewith, estimated revenues over the course of the agreement with Idemitsu, anticipated and unforeseen events which could reduce future production at the refinery or delay planned capital projects, changes in commodity and credits values, and certain early termination rights associated with the Idemitsu agreement and conditions precedent to such agreement; certain mandatory redemption provisions of the outstanding senior convertible notes, the conversion rights associated therewith, and dilution caused by such conversions; the Company’s ability to comply with required covenants under outstanding senior notes and a term loan and pay amounts due under such senior notes and term loan, including interest and other amounts due thereunder; the ability of the Company to retain and hire key personnel; risks associated with the ability of Vertex to complete current plans for expansion and growth, and planned capital projects; the level of competition in our industry and our ability to compete; our ability to respond to changes in our industry; the loss of key personnel or failure to attract, integrate and retain additional personnel; our ability to protect our intellectual property and not infringe on others’ intellectual property; our ability to scale our business; our ability to maintain supplier relationships and obtain adequate supplies of feedstocks; our ability to obtain and retain customers; our ability to produce our products at competitive rates; our ability to execute our business strategy in a very competitive environment; trends in, and the market for, the price of oil and gas and alternative energy sources; the impact of inflation on margins and costs; the volatile nature of the prices for oil and gas caused by supply and demand, including volatility caused by the ongoing Ukraine/Russia conflict, increased interest rates, recessions and increased inflation; our ability to maintain our relationships with our partners; the impact of competitive services and products; the outcome of pending and potential future litigation, judgments and settlements; rules and regulations making our operations more costly or restrictive; changes in environmental and other laws and regulations and risks associated with such laws and regulations; economic downturns both in the United States and globally, increases in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; risk of increased regulation of our operations and products; disruptions in the infrastructure that we and our partners rely on; interruptions at our facilities; unexpected changes in our anticipated capital expenditures resulting from unforeseen and expected required maintenance, repairs, or upgrades; our ability to acquire and construct new facilities; our ability to effectively manage our growth; decreases in global demand for, and the price of, oil, due to COVID-19, state, federal and foreign responses thereto, inflation, recessions or other reasons, including declines in economic activity or global conflicts; our ability to acquire sufficient amounts of used oil feedstock through our collection routes, to produce finished products, and in the absence of such internally collected feedstocks, and our ability to acquire third-party feedstocks on commercially reasonable terms; expected and unexpected downtime at our facilities; risks associated with COVID-19, the global efforts to stop the spread of COVID-19, potential downturns in the U.S. and global economies due to COVID-19 and the efforts to stop the spread of the virus, and COVID-19 in general; anti-dilutive rights associated with our outstanding securities; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; dependence on third party transportation services and pipelines; risks related to obtaining required crude oil supplies, and the costs of such supplies; counterparty credit and performance risk; unanticipated problems at, or downtime effecting, our facilities and those operated by third parties; risks relating to our hedging activities; and risks relating to planned and future divestitures and acquisitions. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly filed reports, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Vertex's future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PROJECTIONS
The financial projections (the "Projections") included herein were prepared by Vertex in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Vertex were based, in part, on economic, competitive, and general business conditions prevailing at the time the Projections were developed. Any future changes in these conditions, may materially impact the ability of Vertex to achieve the financial results set forth in the Projections. The Projections are based on numerous assumptions, including realization of the operating strategy of Vertex; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; static material and equipment pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Vertex, and some or all of which may not materialize. The Projections also assume the continued uptime of the Company's facilities at historical levels and the successful funding of, timely completion of, and successful outcome of, planned capital projects. Additionally, to the extent that the assumptions inherent in the Projections are based upon future business decisions and objectives, they are subject to change. Although the Projections are presented with numerical specificity and are based on reasonable expectations developed by Vertex's management, the assumptions and estimates underlying the Projections are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Vertex. Accordingly, the Projections are only estimates and are necessarily speculative in nature. It is expected that some or all of the assumptions in the Projections will not be realized and that actual results will vary from the Projections. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Projections. The projected financial information contained herein should not be regarded as a representation or warranty by Vertex, its management, advisors, or any other person that the Projections can or will be achieved. Vertex cautions that the Projections are speculative in nature and based upon subjective decisions and assumptions. As a result, the Projections should not be relied on as necessarily predictive of actual future events.
INVESTOR CONTACT
John Ragozzino Jr., CFA (ICR)
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Black & Veatch pinpoints, at Hydrogen India Summit 2023, decarbonization models that will hasten India's shift to cleaner fuels
DELHI, India--(BUSINESS WIRE)--With India’s reliance on imported crude oil, opportunities exist to plan for and grow the use of green hydrogen as a zero-emissions fuel source for the country’s transport sector, including commercial fleets and aviation.
“The commercial credibility of hydrogen development is absolutely key, particularly around securing viable off-takers for the product. There are a few emerging business models that are being studied and developed more closely in India, for domestic consumption and export. This includes the use of hydrogen for transport fleets, the use of hydrogen derivatives as an aviation fuel and the production of green ammonia,” said Ruturaj Govilkar, Country Manager and Managing Director, India, Black & Veatch.
India serves as an integral part of Black & Veatch’s innovation network exploring and providing hydrogen and other emerging sustainable solutions for clients globally. Countries throughout the world continue to announce new decarbonization and hydrogen strategies, and India recently approved the National Green Hydrogen Mission with an initial outlay of Rs.19,744 crore (US$ 2.3 billion). The Mission aims to make India a global hub for production, utilization and export of green hydrogen and its derivatives.
Speaking at the Hydrogen India Summit 2023, Govilkar proposed that, together, electric vehicles (EVs) and vehicles powered by hydrogen – in particular commercial fleets – are an alternate form of transportation that may eventually be more cost-effective, compared to the rising cost of fossil fuels.
Other promising commercial models include the production of green ammonia for export whereby importing countries could substitute ammonia directly for natural gas and use it for critical applications like power generation, or the use of ammonia as a fuel for shipping. A significant advantage is that outside the electrolysis process to produce green hydrogen, the production of ammonia is a well-established technology.
Similar to the ammonia synthesis loop, Black & Veatch notes that the basic method for producing synthetic fuel for aviation or other uses is proven, and pending wider usage.
Editor’s Notes:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.
EMILY CHIA | +65 6335 6623 P | +65 9875 8907 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
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NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH) announced today that it is commencing a private offering of $500 million of senior notes (the “notes”). Clean Harbors expects the notes to mature in 2031. It is anticipated that the net proceeds from this offering and a $114.0 million loan under Clean Harbors’ existing revolving credit facility, together with cash on hand, will be used to repay the $614.0 million aggregate principal amount of senior secured term loans due in 2024 which are now outstanding under the Company’s term loan credit facility and to pay fees and expenses in connection with the offering of the notes and accrued interest in connection with such repayment of senior secured term loans.
The notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes, nor shall there be any sale of notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The notes will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates throughout the United States, Canada, Mexico, Puerto Rico and India.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “risk factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its various filings with the Securities and Exchange Commission.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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SAN JOSE, Calif.--(BUSINESS WIRE)--AVACO continues to expand its contract manufacturing service to target broader markets of the semiconductor equipment industry. As a veteran contract manufacturer for the FPD, PV, battery, and additive manufacturing industries, AVACO will take on a new marketing initiative providing a highly cost-effective solution to various industries that require reliable repeatability control and automation capability for both R&D and mass production equipment.
FemtoMetrix®, the world leader in optical Non-Visual Defect (NVD) inspection for surface and buried defects, has recently entered into a manufacturing service agreement with AVACO Co., Ltd. to build Harmonic F-Series process control tools. Alon Raphael, CEO of FemtoMetrix, says, “By working with AVACO, FemtoMetrix has a world-class manufacturing Partner that can build our Harmonic F-Series metrology systems, reliably and repeatably. This will allow FemtoMetrix to continue improving our SHG technology and expand our application set within semiconductors and beyond.” AVACO brings decades of experience in semiconductor capital equipment and contract manufacturing. The Harmonic F-Series tools are used for in-line process monitoring.
With a proven track record in the highly competitive mass production manufacturing market, AVACO offered both the original design and contract manufacturing for world-class production equipment throughout the years, holding exceptional expertise in automation control, mass production, complex assemblies, system design, and turnkey solution. “AVACO anticipates phenomenal growth for the semiconductor equipment market that will also require greater flexible processes to meet product variations, and our company’s background that encompasses high quality, reliable products, unparalleled service, and competitive prices will give the competitive edge for customer satisfaction for the CM and ODM demands,” stated Chuck Kim, AVACO’s Vice President & GM, Business Development.
AVACO is pleased to announce its participation in the IME Anaheim West 2023 (Design & Manufacturing West) Exhibit, February 7-9, 2023 at Anaheim Convention Center, Anaheim, CA. For more information, please visit us at Exhibit Halls A-E Booth #3479. Additional information can be found on our website at www.avaco.com.
About AVACO Co., Ltd.:
AVACO, a publicly traded company headquartered in Daegu, South Korea (KOSDAQ:083930), is a global supplier of OEM equipment and Contract manufacturing service that specializes in the mass production of manufacturing equipment that encompasses all aspects related to PVD, ALD, various BEOL, PV, additive manufacturing, semiconductor processing & metrology equipment, and factory automation equipment.
For more information, visit www.avaco.com, contact AVACO Inc. at 669-230-3111, or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it..
AVACO Inc.
Heather Kim, 669-230-3111
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HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) has declared a cash dividend of $0.75 per share ($3.00 on an annualized basis) for the fourth quarter ended December 31, 2022. The announced quarterly dividend is consistent with prior communications and will be paid on Thursday, February 16, 2023 to shareholders of record as of market close on Monday, February 6, 2023.
Kinetik will host its fourth quarter 2022 results conference call on Tuesday, February 28, 2023 at 8:00 am Central Standard Time (9:00 am Eastern Standard Time) to discuss fourth quarter results. The Company will issue its earnings release after market on Monday, February 27, 2023. The text of the earnings release, the accompanying presentation and link to the live webcast will be available on the Company’s website at www.kinetik.com. A replay of the conference call will also be available on the website following the call.
Kinetik previously implemented a Dividend Reinvestment Plan (the “DRIP” or the “Plan”) open to all shareholders. Participation is optional for public shareholders; meanwhile, Blackstone, I Squared, Apache and Management are reinvesting 100% of their applicable quarterly dividends under the DRIP. The DRIP provides Kinetik’s shareholders with the opportunity to have all or a portion of the cash dividends declared on their common shares automatically reinvested into additional common shares of the Company. Shareholders may elect to terminate participation in the Plan at any time.
A complete description of the Plan is included in the Company’s Form S-3 registration statement filed with the SEC on April 4, 2022 and is posted on the Company’s website at www.kinetik.com.
To participate, shareholders of record may register online by visiting the American Stock Transfer’s website at www.astfinancial.com or by contacting American Stock Transfer, the Plan Administrator, by telephone toll free from inside the United States at 1-(800)-278-4353 or outside of the United States at 1-(718)-921-8124. Shareholders may also contact the Plan Administrator in writing at American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219. Please include a reference to Kinetik Holdings Inc. in all correspondence. Shareholders who own common stock through a broker should consult their broker regarding participation in the Plan.
About Kinetik Holdings Inc.
Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.
Kinetik Investors:
(713) 487-4832
Maddie Wagner
Website: www.kinetik.com
PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS:TE)(ISIN:NL0014559478) will issue its full year 2022 financial results on Thursday March 2, 2023, at 07:30 CET. The Company will host a results conference call on the same day at 14:00 CET.
To participate in the conference call, please use one of the following telephone numbers and dial in approximately 10 minutes prior to the scheduled start time:
FR: |
+33 170918704 |
UK: |
+44 1 212818004 |
US: |
+1 718 7058796 |
Conference Code: |
880901 |
The event will be webcast simultaneously and can be accessed at:
https://edge.media-server.com/mmc/p/tf9e3ns7
To listen to the webcast, please register on the website at least 10 minutes before the call begins. The webcast will be available on-demand shortly after it has finished.
Please note that the 2023 financial results calendar is available here: T.EN Events Calendar
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter. For further information: www.technipenergies.com.
Investor relations
Phillip Lindsay
Vice-President Investor Relations
Tel: +44 (0) 20 7585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
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– Enabling a closed-loop recycling system for carbon fiber –
NEW YORK & DÜSSELDORF, Germany--(BUSINESS WIRE)--#asahikasei--Asahi Kasei, a diversified Japanese multinational company, has developed a new technology for recycling carbon fiber plastic compounds together with the National Institute of Technology, Kitakyushu College and Tokyo University of Science.
Carbon fiber reinforced plastics (CFRP) are highly attractive for various industries in demanding application fields due to their unique balance of rigidity, mechanical strength and light weight – also compared with conventional glass fiber reinforced plastics. However, CFRPs are expensive and challenging from a recycling perspective, as it is difficult to extract the carbon fibers from the resin after usage.
Together with its project partners at the National Institute of Technology at Kitakyushu College and the Tokyo University of Science, Asahi Kasei has developed a recycling method that allows carbon fibers to be extracted from CFRP or carbon fiber reinforced thermoplastics (CFRTP) used in automobiles. This results in high-quality, inexpensive continuous carbon fiber that can be recycled perpetually, contributing to the circular economy. Unlike carbon fiber that is chopped up during the recycling process, Asahi Kasei’s method allows carbon fiber to be extracted from a plastic compound seamlessly, resulting in continuous strands of carbon fiber that can be reapplied in exactly the same manner while retaining properties identical to the original substance.
The conventional technologies for recycling carbon fibers by chopping and re-applying them results in a lower quality, less durable product that is insufficient for high-performance applications. To address this issue, Asahi Kasei has developed an “electrolyzed sulfuric acid solution method” that can decompose CFRP and CFRTP waste material in a way that allows the carbon fiber to retain its original strength and continuous nature while fully decomposing any residual resins present in the plastic waste. This allows for its continued use in high-performance applications and presents an inexpensive, circular solution to the end-of-life dilemma of carbon fiber plastic compounds. Thus, these carbon fiber compounds present in vehicles for weight reduction can be easily and inexpensively be broken down at end-of-vehicle-life and reapplied to new vehicles in the future.
In addition, Asahi Kasei is developing a carbon fiber reinforced thermoplastic unidirectional tape (CFRTP-UD tape) that utilizes both recycled continuous carbon fiber and the company’s Leona™ polyamide resin. Boasting a higher strength than metal, this CFRTP-UD tape can be applied to automobile frames and bodies, further enabling the recycling of end-of-vehicle-life parts into different, new automobile parts. This presents a solution to the long-term challenge that carbon fiber usage for vehicles has posed on the industry and is expected to economically benefit and strengthen carbon fiber’s usage within the automobile industry on a global scale. Moving forward, Asahi Kasei will perform demonstrations and develop the business, aiming for practical application around 2030.
About Asahi Kasei
The Asahi Kasei Group contributes to life and living for people around the world. Since its foundation in 1922 with ammonia and cellulose fiber businesses, Asahi Kasei has consistently grown through the proactive transformation of its business portfolio to meet the evolving needs of every age. With more than 46,000 employees around the world, the company contributes to a sustainable society by providing solutions to the world's challenges through its three business sectors of Material, Homes, and Health Care. Its Material sector, comprised of Environmental Solutions, Mobility & Industrial, and Life Innovation, includes a wide array of products, from battery separators and biodegradable textiles to engineering plastics and sound solutions. For more information, visit https://www.asahi-kasei.com/.
The Asahi Kasei Group aims to contribute to a carbon-neutral and sustainable world from the perspective of “Care for Earth” by focusing on initiatives such as the use of biomass raw materials, recycled raw materials, and renewable energy. The company strives to meet the expectations of its customers and society by further advancing the provision of products and services with such sustainable characteristics while deepening collaboration with other companies to reach a carbon-neutral society by 2050. To learn more, visit https://www.asahi-kasei.com/sustainability/.
Company Contact North America:
Asahi Kasei America, Inc.
Jon Todd
39475 W. Thirteen Mile Road, Suite 201, Novi, MI 48377
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Company Contact Europe:
Asahi Kasei Europe GmbH
Sebastian Schmidt
Fringsstrasse 17, 40221 Düsseldorf
Tel: +49 (0) 211-3399-2058
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