RICHMOND, Va.--(BUSINESS WIRE)--#CleanEnergy--Owens & Minor announced today a new pilot program that uses an electric semi-truck to deliver large-scale medical products and PPE to hospitals in Southern California. In collaboration with Penske Logistics and Penske Truck Leasing, the seven-month pilot program launched in the second quarter. Through the pilot, Owens & Minor has deployed heavy-duty battery electric Freightliner eCascadia from Daimler Trucks North America. The initiative builds upon Owens & Minor’s ongoing commitment to increasing sustainability across operations as outlined in its recently published 2020 Environmental Social Governance Report.
“Every day, Owens & Minor’s core Mission is Empowering Our Customers to Advance Healthcare. In doing so, we maintain a focus on protecting and supporting the communities where people live and work,” said Jeff Jochims, Executive Vice President, Chief Operating Officer and President, Medical Distribution at Owens & Minor. “We believe sustainability remains foundational to our Mission. By launching this electric vehicle pilot program for large scale delivery to hospitals, we are pushing the envelope of what can be done to support healthcare while helping to facilitate a safer and healthier environment.”
The electric Freightliner eCascadia runs five days per week along a 152-mile total route making stops at five hospital locations throughout Southern California.
“It was an easy decision to launch this pilot program with our longstanding partner Owens & Minor, because we know the critical role that medical distribution plays in our country’s healthcare supply chain,” said Marc Althen, Penske Logistics President. “The integration into the fleet operations for Owens & Minor was seamless. We’re excited to extend our track record of safety, training and positive driver experience with this new electric vehicle technology.”
In 2018, Penske Truck Leasing and Daimler Trucks North America announced a partnership to test commercial electric trucks from their Freightliner brand in real-world situations and drive future improvements to the technology. The venture is supported by the South Coast Air Quality Management District (South Coast AQMD), whose $16.8 million grant helped fund the program. South Coast AQMD focuses on improving air quality in large portions of Los Angeles, Orange County, Riverside and San Bernardino counties, including the Coachella Valley.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a global healthcare solutions company that incorporates product manufacturing, distribution support and innovative technology services to deliver significant and sustained value across the breadth of the industry – from acute care to patients in their home. Aligned to its Mission of Empowering Our Customers to Advance Healthcare™, more than 15,000 global teammates serve over 4,000 healthcare industry customers. A vertically-integrated, predominantly Americas-based footprint enables Owens & Minor to reliably supply its self-manufactured surgical and PPE products. This seamless value chain integrates with a portfolio of products representing 1,200 branded suppliers. Operating continuously since 1882 from its headquarters in Richmond, Virginia, Owens & Minor has grown into a FORTUNE 500 company with operations located across North America, Asia, Europe and Latin America. For more information about Owens & Minor, visit owens-minor.com, follow @Owens_Minor on Twitter and connect on LinkedIn at www.linkedin.com/company/owens-&-minor.
About Penske Logistics
Penske Logistics is a Penske Transportation Solutions company with operations in North America, South America, Europe and Asia. Penske Logistics provides supply chain management and logistics services to leading companies around the world. Penske Logistics delivers value through its design, planning and execution in transportation, warehousing, and freight management. Visit www.penskelogistics.com to learn more.
Media: Heather Sabharwal, Sr. Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Energy-saving products move APS customer experience closer to 100% clean
PHOENIX--(BUSINESS WIRE)--With more energy-saving technology available than ever before, Arizona Public Service Co. (APS) is poised to add new smart customer products to its already comprehensive customer energy efficiency and demand-side management program portfolio. APS’s newly issued Distributed Demand-side Resources (DDSR) Request for Proposals (RFP) is seeking aggregated clean energy resources that will create more residential and business customer opportunities to manage energy costs, incentivize energy use when solar resources are abundant, conserve energy when demand is high and maintain grid reliability.
“We’re passionate about delivering a high-quality customer experience and incorporating smart conservation strategies that conveniently fit customer needs,” said Daniel Haughton, APS director of Customer to Grid Solutions. “Our team is focused on increasing access to customer-sited demand-side products, planning for their seamless integration into our grid and adding resources that will help power APS toward reaching a 100% carbon-free energy mix by 2050.”
APS is seeking proposals for products that aggregate distributed technologies to provide systemwide capacity resources from 5-40 megawatts and locational resources of 1-5 megawatts. This RFP is open to all eligible distributed demand-side technologies, including both dispatchable and non-dispatchable resources, which can include products such as energy storage, smart thermostats, managed electric vehicle charging stations and connected water heater and pool pump controls. Proposed projects must begin service no earlier than June 1, 2022, and no later than June 1, 2024. APS will allow projects to be phased in during that period as long as they achieve full capacity by the latter date.
This RFP was developed with input from stakeholders to support the future development of a DDSR Aggregation Tariff, which was proposed in a recent Arizona Corporation Commission decision. The RFP will help APS gain market information on DDSR technologies and the value streams they can bring to customers and the grid, including reliability, cost savings, locational value and grid support.
APS has already successfully integrated new and emerging energy efficiency and demand-side management products into its wide-ranging portfolio of customer technology programs to provide dependable methods of load reduction. Among these customer resources is APS Cool Rewards, a nationally recognized voluntary energy conservation program that provides residential customers a way to manage energy use on hot summer days. APS Cool Rewards, now with more than 44,000 enrolled thermostats, and APS Marketplace, a one-stop online shop for competitively priced smart home products, are part of the utility’s signature programs recognized with the ENERGY STAR Partner of the Year Award by the Environmental Protection Agency (EPA) for delivering innovation in technology, customer service and energy efficiency.
The entire RFP process is monitored and reviewed by a third-party independent monitor. Important information regarding respondent registration and proposal requirements for the RFP can be found at aps.com/rfp.
APS serves more than 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
This press release contains forward-looking statements based on current expectations. These forward-looking statements are identified by words such as “estimates,” “expects” and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, except as may be required by applicable law.
Media Contact:
Yessica del Rincón, (480) 209-8513
Website:
aps.com/newsroom
Brings a global leader and flagship brand in thermoplastic vulcanizates (TPV) to Engineered Materials’ leading customer solution set
DALLAS--(BUSINESS WIRE)--$CE--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced the signing of a definitive agreement to acquire the Santoprene™ TPV elastomers business of Exxon Mobil Corporation. Celanese will acquire the industry-renowned Santoprene™ brand as part of a comprehensive TPV product portfolio, along with intellectual property, production and commercial assets, and a world-class organization.
“With the acquisition of the Santoprene™ business, we are further expanding the unrivaled portfolio of engineered solutions we bring to our customers,” said Lori Ryerkerk, chairman and chief executive officer. “This transaction represents a high-return opportunity to drive future shareholder value by deploying our excess cash from the monetization of our passive ownership in Polyplastics and continued strong cash generation in our businesses. We are eager to welcome the Santoprene™ team to Celanese and look forward to their contributions to our continued growth in Engineered Materials.”
“This transaction substantially strengthens our existing elastomers portfolio, allowing us to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical, and sustainability,” said Tom Kelly, senior vice president Engineered Materials. “The reputation of the Santoprene™ brand in TPV is consistent with Engineered Materials’ flagship brands including Hostaform® in POM and GUR® in UHMW-PE. With this product as part of the Engineered Materials portfolio and project pipeline model, we are confident that our joint commercial and technical teams across the globe will generate meaningful shareholder value.”
Transaction Overview
The Santoprene™ business of ExxonMobil is a leading global producer of TPV serving a variety of end-uses including automotive, construction, appliance, medical, and industrial. TPV is a chemically cross-linked, high-performance material which leverages a unique combination of engineering thermoplastic and elastomer properties. The Santoprene™ portfolio is highly functionalized to specific application requirements and is supported by industry-leading intellectual property.
According to the terms of the definitive agreement, Celanese will acquire the Santoprene™ business from ExxonMobil for a total purchase price of $1.15 billion on a cash-free, debt-free basis. As part of the transaction, Celanese will acquire the following:
The Company expects the transaction to be immediately accretive to 2022 adjusted earnings per share and free cash flow.
The acquisition is expected to be financed by excess cash and available liquidity on the Celanese balance sheet.
The transaction is subject to regulatory approvals, carve-out preparations, and other customary closing conditions, which will determine the timing of close. The transaction is expected to close in the fourth quarter of 2021.
Celanese is advised by Kirkland & Ellis LLP as principal legal counsel and Goldman Sachs & Co. LLC as financial advisor.
Conference Call
Celanese management will host a conference call on Wednesday, June 30 at 11:00 a.m. Eastern time. Lori Ryerkerk, chairman and chief executive officer; Tom Kelly, senior vice president Engineered Materials; and Scott Richardson, chief financial officer will be available to discuss the transaction and Celanese’s broader strategic and capital allocation priorities.
The Company’s presentation and accompanying prepared remarks covering this transaction can be found on its website at investors.celanese.com under News & Events/Events Calendar. This call will be available by webcast at https://investors.celanese.com or by phone:
Dial-in Number: 1-877-407-0989
International Dial-In Number: 1-201-389-0921
Ask for the Celanese Webcast
Alternatively, to enter the call immediately without waiting for operator assistance, attendees may pre-register for the call by clicking the link below. Once registered, attendees will receive an Outlook calendar invite with the date and time of call, the dial-in phone number and the unique attendee pin which is sent automatically to the email address provided.
Registrant Link:
http://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13721002&linkSecurityString=1095624226
A replay of the conference call will be available on demand on June 30, 2021, from 1:00 p.m. Eastern time until July 14, 2021, 12:00 a.m. Eastern time, at the following number:
Replay Number: 1-877-660-6853
Passcode: 13721002
The replay and transcript will be available on demand at investors.celanese.com. The materials will be furnished with the Securities and Exchange Commission on a Form 8-K prior to the call.
About Celanese
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com.
Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the Company’s plans, objectives, goals, strategies, future revenues, synergies, performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statements contained in this release. These include the Company’s ability to obtain regulatory approval for, and satisfy closing conditions to, the transactions described herein, the timing of closing thereof, and the Company’s ability to realize the anticipated benefits of the transaction. Numerous other factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Celanese Contacts:
Investor Relations
Brandon Ayache
+1 972 443 8509
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Media Relations – Global
W. Travis Jacobsen
+1 972 443 3750
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Media Relations Europe (Germany)
Petra Czugler
+49 69 45009 1206
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.
The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway.
Also, a growing focus on the European Union's (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.
Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels acts as a restraint for the growth of the market during the forecast year.
The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.
The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.
Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.
North America: The fastest market for offshore support vessels
The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.
Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.
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For more information about this report visit https://www.researchandmarkets.com/r/jb15p8
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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74% of Employees Would Consider Leaving Their Job if Office Health and Sustainability Expectations Go Unmet: NEXT Energy Technologies Report
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Returning to the office is causing a growing rift between workers and managers according to a new report from NEXT Energy Technologies, Inc., released today. The report shows most employees (74%) are willing to leave their jobs if existential issues like health and sustainability are not adequately addressed in the workplace.
NEXT surveyed more than 450 remote employees and more than 150 senior managers and C-suite decision-makers across business verticals to better understand employees’ priorities in considering a return to in-person office spaces. The report, The Case for Office Space: How Buildings Need to Change to Suit a Climate-Conscious, COVID-Weary Workforce, found that in a quickly rebounding economy, a changed and newly empowered workforce has clear conditions about health and sustainability for their offices.
Productivity Is Steady, but Companies and Employees Split on Returning to the Office
While both employers and employees agree WFH has not diminished overall productivity, they are starkly split on what to do next: one-third (32%) of companies represented in the report are requiring employees to return to the office full-time now that the COVID threat is subsiding.
“We’re seeing a standoff between companies that, for a variety of legitimate reasons, want their staff to return to in-person offices and a high-demand workforce that is holding more decision-making power than ever before,” said Daniel Emmett, founder and CEO of NEXT.
Employees Want Control Over Their Health Through Office Space Influence
When asked to recall their old in-person work schedules, 57% of employees said working in the office negatively impacted their health. Employees cited a number of factors they believed took a toll on their health, primarily their mental health, a lack of sunlight and inadequate space between employee workstations.
Employees Prioritize Climate and Sustainability
With a heightened appreciation and outlook of their personal health, many workers are focusing on how external factors, those beyond their control, impact their physical well-being. A large majority (83%) believe that the environment, and the imminent climate crisis, play a direct role in their health. The report shows employees are looking for an office-environment overhaul; they want to have influence over the company’s health and wellness measures moving forward.
“We all went through a lot in the past year, and not just because of the COVID pandemic. Wildfires, extreme heat, droughts, floods and other unpredictable climate events are all taking a toll on people’s well-being,” continued Emmett.
Companies, however, are not entirely on board with this change. Close to half (42%) of decision-makers said their employees do not currently have influence over their company’s health and wellness measures while 82% of employees believe they should.
“Most rational people, including business decision-makers, understand that the climate crisis is directly linked with their individual health. Employees being asked to return to work are not willing to compromise their beliefs,” concluded Emmett.
Most Companies Not Doing Enough
With the link from health to the climate crisis directly drawn, sustainability measures naturally fall into employees’ expectations for healthy offices. Employees expect their companies to take the climate crisis seriously in conjunction with the ongoing pandemic, and they want their business leaders to make changes to the office that reflect this.
The two important factors employees want to be addressed in their workspaces are renewable energy (66%) and reduced reliance on single-use materials (51%). More than half (53%) of decision-makers said they’d be willing to implement more energy-saving and generating features in the office to meet employees’ needs.
Eighty-five percent (85%) of decision-makers believe that overall, their company is meeting some or all of its employees’ expectations for a healthy office environment — employees surveyed in the report did not share that sentiment.
To read more about employees’ and companies’ attitudes around the return to the office, download the full report here.
About NEXT Energy Technologies, Inc.
NEXT Energy Technologies is a Santa Barbara, California company developing transparent energy harvesting window technology that allows architects and building owners to transform windows and glass facades into producers of low-cost, on-site, renewable energy for buildings. NEXT’s technology is enabled by proprietary organic semiconducting materials that are earth-abundant, low-cost, and are coated as an ink in a high-speed, low-cost, and low energy process. For more information, visit https://www.nextenergytech.com/.
Eric Becker
104 West Partners for NEXT Energy Technologies
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HOUSTON--(BUSINESS WIRE)--Taurus Industrial Group, LLC (“Taurus”), a SCF Partners portfolio company, is pleased to announce the acquisition of Amber LP (“Amber”), an electrical and instrumentation services provider to the downstream and industrial sectors. Amber’s addition boosts Taurus’ current electrical and instrumentation capabilities by providing a broader customer base and increased synergies with Taurus’ current engineering, electrical testing, and construction businesses.
Founded in 1978, Amber provides highly specialized industrial electrical and instrumentation services to downstream, industrial and utility customers along the Gulf Coast. The company is headquartered in Houston, Texas.
Ernest “Rocky” Revia, CEO of Taurus, said, “Amber has a stellar reputation in our industry for quality and safety, which are the most important factors in our work. They are a premier service provider in the electrical and instrumentation arena along the Texas Gulf Coast. For the past 40+ years, our companies have worked alongside Amber in many facilities where we have seen their commitment to safety and quality, attention to detail, and superior project performance. We would like to thank the Shrum family for their stewardship of Amber and look forward to their continued leadership as we continue to provide and expand electrical and instrumentation services.”
Raymond Shrum, who will continue as President of Amber, said, “Joining forces with Taurus was a natural fit. They have a long history in our industry and provide complimentary services to create a one-stop solution for our customers.”
About Taurus Industrial Group
Taurus Industrial Group brings together familiar and highly regarded service providers with an outstanding combination of people and knowhow, safely delivering high-performance solutions to operators in the ever-growing industrial landscape. From engineering to implementation, the Taurus companies provide services for electrical and power systems, automation and control instrumentation, civil and mechanical projects, rotating and reciprocating equipment maintenance, refractory, scaffolding, insulation, paint and plant turnarounds. With principal offices in Houston, Texas, and localized service facilities in Corpus Christi, Port Lavaca, Freeport, Deer Park, Orange, Baton Rouge and Decatur, Illinois, the Taurus companies cover the US Gulf Coast and Midwest with capability, reliability, and strength. Learn more at www.taurusig.com.
About SCF Partners
For over 30 years, SCF Partners has supported entrepreneurs by providing equity capital and strategic growth assistance to build leading companies in the energy services and equipment industries operating around the world. SCF Partners is headquartered in Houston, with additional investments administered through Calgary, Aberdeen, and Singapore. To learn more, visit www.scfpartners.com.
Daniel Frayne
713-676-1201
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Company Provides Concho Transaction Update; Increases 2021 Share Repurchases by $1 Billion; Reduces 2021 Capital and Adjusted Operating Cost Guidance
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a market update today to reaffirm its commitment to the disciplined, returns-focused strategy it launched in 2016. The company will outline details of a compelling 2022-2031 operating and financial plan that reflects numerous transformational activities undertaken over the past 18 months, most notably the acquisition of Concho.
“We’re looking forward to providing today’s market update, which comes at a defining moment for our sector,” said Ryan Lance, chairman and chief executive officer. “We believe we’re entering a constructive environment for the business, but we also recognize that we’re in a period of evolving energy transition. ConocoPhillips is meeting this moment with a very compelling plan that is resilient and durable, but also flexible. We can and will adapt as the future plays out, all while remaining focused on delivering superior returns to shareholders through cycles. We don’t believe any other company in our E&P sector offers a more investable plan for this vital business.”
Today’s market update includes the following highlights:
Lance continued, “We have embraced a new imperative for the business that we call the Triple Mandate. We want to play a valued role in whatever pathway the energy transition takes by investing in the lowest cost of supply barrels, delivering competitive returns of and on capital, and achieving our net-zero emissions ambition. Since 2016, we’ve been on a continuous path to be the most relevant, sustainable E&P company in the business. Today’s strong 10-year plan takes another step forward in that direction.”
The ConocoPhillips market update will begin at 9:00 a.m. Central time and is expected to be roughly two hours in duration, including a question-and-answer session. A link to the live webcast and slide deck will be available on the ConocoPhillips Investor Relations website, www.conocophillips.com/investor, roughly 15 minutes prior to the start of the webcast. The event will also be archived and available for replay later in the day, with a transcript posted shortly afterward.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $84 billion of total assets, and approximately 10,300 employees at March 31, 2021. Production excluding Libya averaged 1,488 MBOED for the three months ended March 31, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Graphics that project into a future date constitute forward-looking statements. Also, words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is believed to be reasonable at the time such forward-looking statement is made based on management’s good faith plans and objectives under the following assumptions: the phased conversion of acquired volumes from 2-stream to 3-stream accounting beginning in 2022; exclusion of Libya and the Willow project in Alaska in production and capital forecasts, as well as associated metrics; inclusion of resources associated with Libya and the Willow project in total resources; an oil price of $50/BBL West Texas Intermediate in 2020 dollars, escalating at two percent annually; an oil price of $55/BBL Brent in 2020 dollars, escalating at two percent annually; a gas price of approximately $3/MMBTU Henry Hub in 2020 dollars increasing in real terms towards a price of approximately $3.25 by 2031, escalating at two percent annually; cost and capital escalation in line with price escalation; and inclusion of carbon tax in the cash flow forecasts for assets where a tax is currently assessed. If no carbon tax exists for the asset, it is not included in the cash flow forecasts. These statements are not guarantees of future performance and involve certain risks and uncertainties and are subject to change as management is continually assessing factors beyond our control that may or may not be currently known. Given the foregoing and the extended time horizon of this presentation, actual outcomes and results will likely differ from what is expressed or forecast in the forward-looking statements, and such differences may be material. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date and neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term “resource” in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.
Use of Non-GAAP Financial Information – This news release contains certain financial measures that are not prepared in accordance with GAAP, including operating costs, adjusted operating costs, cash from operations, free cash flow and return on capital employed (ROCE).
The company believes that the non-GAAP measures operating costs and adjusted operating costs are useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. Operating costs is defined by the company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Adjusted operating costs is defined as the company’s operating costs further adjusted to exclude expenses that do not directly relate to the company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. The company further believes that the non-GAAP measure cash from operations is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes free cash flow is useful to investors in understanding how existing cash from operations is utilized as a source for sustaining our current capital plan and future development growth. Free Cash Flow is defined as cash from operations net of capital expenditures and investments. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The company believes that ROCE is a good indicator of long-term company and management performance. ROCE is a measure of the profitability of ConocoPhillips’ capital employed in its business. ConocoPhillips calculates ROCE as a ratio, the numerator of which is historically reported or forecasted net income plus after-tax interest expense and the denominator of which is average total equity plus total debt. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.
Each of the non-GAAP measures included in this news release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.
Any non-GAAP measures related to current period included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure at the end of this news release. For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
| ConocoPhillips | ||||||
| Table 1: Reconciliation of production and operating expenses to adjusted operating costs | ||||||
| $ millions, except as indicated | ||||||
| 2021 FY Guidance |
||||||
| Production and operating expenses | ~5,575 | |||||
| Adjustments: | ||||||
| Selling, general and administrative (G&A) expenses | ~625 | |||||
| Exploration G&A, G&G and lease rentals | ~275 | |||||
| Operating costs | ~6,475 | |||||
| Adjustments to exclude special items: | ||||||
| Transaction and restructuring expenses | ~(375) | |||||
| Adjusted operating costs | ~6,100 | |||||
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SAN JOSE, Calif.--(BUSINESS WIRE)--#IoT--Cloudleaf, Inc. and 7PSolutions, LLC are pleased to announce their strategic supply chain asset monitoring and tracking partnership. Cloudleaf provides a SaaS digital intelligence platform that leverages IoT and digital twin technology to bring enhanced solutions that provide end-to-end supply chain visibility across the globe. 7PSolutions provides global real-time GPS monitoring and tracking solutions, including 24/7 monitoring, maintaining product integrity, inventory management and cargo security with law enforcement escalation.
Together, Cloudleaf and 7PSolutions are providing organizations with the ability to make intelligent real-time decisions based on actual events as raw materials, components and finished product move through their complex global supply chains. Decisions that can ensure schedules are maintained, product remains viable, and customers updated to any changes in order status.
“7P is excited to partner with Cloudleaf. Our unique real-time GPS solutions combined with Cloudleaf’s digital visibility platform provide actionable data for our customers,” says Jeff Clark, Founder and CEO of 7PSolutions. “Leveraging 7P’s 24/7 global monitoring and escalation for recovering sensitive commodities or dispatching of law enforcement creates a solution that helps ensure product integrity and protects our customers’ brands.”
“The combination of Cloudleaf’s data platform-based operations, analytics, and visibility with 7P’s products portfolio brings greater risk assurance and flexibility to monitoring and reacting to supply chain excursions and uncertainty. Together we shine a light on more supply chain blind spots than ever before, especially in security of assets,” says Ken Carpenter, Cloudleaf’s Head of Partnerships.
For more information, please go to www.cloudleaf.com and www.7Pgps.com.
About Cloudleaf
Cloudleaf powers next-generation digital supply chains with insights from ground truth and real-time decision-making. Our SaaS platform leverages hyper-scale cloud, digital twin, AI/ML, and IoT technologies to deliver continuous visibility and intelligence. We enable business leaders to make the right decisions in real time to increase revenues, avoid disruptions, deliver better business outcomes, improve customer satisfaction and increase sustainability. For more information, visit: https://www.cloudleaf.com/.
About 7PSolutions
7PSolutions was founded in 2010 to provide real-time visibility to the global supply chain. Our independent reusable and disposable GPS devices are designed for use in all modes of global transportation. In addition, our unique hardwired solutions manage and monitor assets around the world. Solutions that enable our customers to make real-time decisions, enhance internal and external customers experience, increase productivity and reduce loss. For more information, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil Chemical Company has signed an agreement with Celanese for the sale of its global Santoprene™ business for $1.15 billion, subject to working capital and other adjustments.
The sale includes two world-scale manufacturing sites in Pensacola, Florida and Newport, Wales along with associated product, process development and laboratory equipment, operating and administration buildings, control systems and documentation, and intellectual property.
“Reaching this agreement with Celanese is consistent with our strategy and allows us to focus on serving the growing market for primary olefin derivatives, where we can leverage our competitive advantages of industry leading scale, integration and proprietary technology,” said Jack Williams, senior vice president of Exxon Mobil Corporation.
ExxonMobil’s Santoprene™ brand is a global leader in a specialized market. The company will continue to serve elastomers customers with specialty products, including Butyl rubber and Vistalon™, which are used in a variety of applications.
The transaction is expected to close in the fourth quarter of 2021, subject to regulatory, information and consultation processes, and third-party approvals. The ExxonMobil employees impacted by the sale are expected to transfer to positions at Celanese following change-in-control.
Morgan Stanley & Co. LLC served as financial advisor to ExxonMobil Chemical Company.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement
Statements of future events or conditions in this release are forward-looking statements. Actual future results, including the closing of the sale and purchase agreement; performance of and results from other investments; and other business plans, could vary significantly depending on a number of factors including changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; obtaining necessary approvals and consents and satisfaction of other conditions precedent contained in the applicable agreements; the outcome of commercial negotiations; actions of competitors and commercial counterparties; political and regulatory developments; and other factors discussed under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.
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Paperless Process Delivers Time and Cost Savings Without Compromising Safety
HOUSTON, Texas--(BUSINESS WIRE)--The first commercial U.S. vessel designed, built and verified using an end-to-end 3D design process is now under construction in a pioneering project by ABS, Robert Allan Ltd. (RAL), Signet Maritime Corporation (Signet) and the United States Coast Guard (USCG).
Designed by RAL, the Advanced Rotortug® (ART), which is designed to escort vessels and offshore assets at the Port of Corpus Christi, will receive its Certificate of Inspection from the USCG and will now be built and operated by Signet to ABS Class, making it the first commercial vessel in U.S. history to be produced using only 3D models in design and construction for all structures.
A purely 3D process reduces costs and time investment, while streamlining interaction between all stakeholders throughout the design, verification and construction phases, without compromising safety.
“This landmark achievement sets the bar for future projects both in the U.S. and internationally. Together with our forward-looking partners, we have realized a long-held dream of the industry to leave behind 2D paper plans and move to the next generation of vessel production. ABS is proud to help unlock this capability and to be genuinely leading the industry in this area, once again delivering the advantages of digital classification today. The advantages are significant, and we are confident that once the industry develops the infrastructure to handle 3D models in shipyards, a pure 3D process will become the default approach,” said Christopher J. Wiernicki, ABS Chairman, President and CEO.
“As Naval Architects, we find ourselves developing ship structure in 3D more than ever, even at the basic design stage for new vessels. We believe that delivering 3D models instead of traditional 2D drawings benefits all stakeholders – us as the designer, Class societies, clients, shipyards, and equipment suppliers. ‘Direct Design’ of structure in 3D not only streamlines the transition to production design modeling for the shipyard, but also gives us as naval architects earlier estimates of weights and centers, steel quantities as well as the means to check for structural interferences.
“We are very pleased that ABS has taken the initiative to work with us on a process to review and approve 3D structural models on our project with Signet Maritime Corp. Not only has it become easier to exchange complex structural design information this way, but the time from the basic design stage to the production design stage is shortened, allowing the shipyard to start cutting steel earlier,” said Mike Fitzpatrick, CEO of Robert Allan Ltd.
“The understanding and fidelity of this construction model represents a major milestone in the history of the U.S. maritime industry. 3D design review ensures the designer, engineer, production manager, fitter, welder, and surveyor all work from the same complete model. Each individual has access to both the micro (component) and macro (complete assembly) with which they are working to better understand the bracket, frame, or bulkhead as it relates to the module, section, and ship. Providing that level of awareness to all participants in the process will give ABS, Robert Allan, and Signet a superior finished product and contribute to an overall safer waterway through technological advancement,” said Timothy S. McCallum, Signet Vice President, Engineering and Dynamics.
The milestone is just the latest in a succession of ABS firsts in 3D Model-based Class. ABS was the first to develop a process for ingesting 3D models into class software to allow 3D model-based reviews in 2018. ABS then became the first classification organization to accept 3D models for class surveys in April 2020.
More information about ABS 3D Model-based Class services is available here.
About ABS
ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.
For more information, contact
ABS Media Relations
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KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced results from its 2021 annual meeting of stockholders. In addition, the Board of the Company authorized management to enter into an agreement to convert the right to receive the Company’s 9.0% Series C Preferred Stock into 7.375% Series A Cumulative Redeemable Preferred Stock.
"We are grateful for the affirmative votes on all four 2021 annual meeting ballot items, and in particular the overwhelming support of stockholders for the issuance of our Class B Common Stock associated with the Crimson Transaction earlier this year and the internalization of our REIT manager. We believe that both of these ballot items represent important steps forward as we work to build the industry’s first midstream infrastructure REIT that can both own and operate select assets," said Dave Schulte, Chief Executive Officer. "Additionally, the board authorization to enter into an agreement to convert the right to receive our 9.0% Series C Exchangeable Preferred equity into 7.375% Series A Cumulative Redeemable Preferred equity, upon execution and assuming effectiveness as of June 30, is expected to reduce our expected annual preferred dividend cost by more than $450,000 and further simplify our capital structure."
Annual Meeting of Stockholders Results
CorEnergy held its annual meeting of stockholders on June 29, 2021. At the meeting, voting stockholders approved all four items of business described in the proxy statement:
(1) |
to elect one director, David J. Schulte, to serve until the Company’s 2024 annual meeting of stockholders and until his successor is duly elected and qualified; |
|
(2) |
to approve the issuance of Class B Common Stock upon conversion of the Series B Preferred Stock issuable pursuant to the terms of the Crimson Transaction; |
|
(3) |
to approve a Contribution Agreement and the transactions contemplated by the Contribution Agreement to internalize the Company’s external manager, Corridor InfraTrust Management, LLC through the acquisition of Corridor in exchange for the Internalization Consideration; and |
|
(4) |
to ratify the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm for its fiscal year ending December 31, 2021. |
Conversion of Right to Receive Series C Preferred Stock
In the Crimson Transaction that closed on February 4, 2021, the holders of certain units of Crimson were given the right to convert those units into CorEnergy’s Series C Preferred Stock, which carries a 9.0% annual dividend rate payment in cash. Upon issuance, the Series C Preferred Stock could be converted by the holder into 7.375% Series A Cumulative Redeemable Preferred Stock. In addition, CorEnergy had the right to elect for the exchange if the Series A Preferred equity volume weighted average trading price was greater than $23.50 for 30 consecutive trading days, which has been the case since June 4, 2021. This action by the Board of Directors contemplates an agreement between the Company and the holders of the Crimson units with the right to receive CorEnergy’s Series C Preferred Stock, to instead give such holders the right to convert the Crimson units directly into Depositary shares representing 7.375% Series A Cumulative Redeemable Preferred Stock. In choosing to accelerate the transaction, the board and the holders of those Crimson units believe the capital structure is simplified and the Company is able to lock in additional dividend savings for the prospective benefit of all equity holders in CorEnergy.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, among others, failure to realize the anticipated benefits of the Transaction or Internalization; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Transaction, risks related to the uncertainty of the projected financial information with respect to Crimson, the risk that a condition to the closing of the Internalization may not be satisfied, CorEnergy’s ability to consummate the Internalization, and those factors discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.
Source: CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc.
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DUBLIN--(BUSINESS WIRE)--The "North America Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and End User" report has been added to ResearchAndMarkets.com's offering.
The North America hydrographic survey market is expected to grow from US$ 35.90 million in 2019 to US$ 56.55 million by 2027; it is estimated to grow at a CAGR of 6.0 % from 2020 to 2027.
The increasing maritime commerce and transport accelerates the market growth. Maritime commerce and transport is a key to trade and globalization; moreover, it is essential for ensuring national security. The movement of passengers and cargo demand an efficient marine transportation system. Government agencies, such as the US Army Corps of Engineers, NOAA, US Department of Transportation (DOT), US Coast Guard, US Customs and Border Protection, and Environmental Protection Agency (EPA) regulate marine commerce and transportation. These government agencies are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. Commercial shipping is crucial for the regional and domestic coastal trade of any country. Ships transporting dry and liquid bulk goods, containers, and passengers need efficient and safe shipping lanes and ocean routes as well as suitable port facilities and infrastructure.
The ocean planning activities must ensure that the allotment of ocean space to other activities is compatible with safe maritime commerce and transport. North America is heavily investing in hydrographic surveys to have properly charted waters that can aid a rising need for maritime commerce and transportation. Optimized charts enable faster transits of ships with deeper drafts, allowing the movement of huge goods through navigational chokepoints and ports. Precise hydrographic software and services are vital for ensuring the navigation safety as well as supporting and boosting safe maritime commerce and transport, which would contribute to the constant sustainable growth of the North America economy, thereby escalating the demand for hydrographic survey software and services, ultimately driving the North America market.
Countries in North America, especially the US, are highly affected due to COVID-19 outbreak. North America is one of the most important regions for adopting and developing new digital technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any negative impact on the growth of industries adversely affects the economic growth of the region. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak. The country is a prominent market for the hydrographic survey in the oil & gas and marine sectors. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the hydrographic survey services or software. The shortage in the workforce and the practical difficulties due to social distancing hindered the oil & gas activities in the US, which leads to a halt in various ongoing projects. It also impacted the integration of hydrographic survey software. The ongoing COVID-19 crisis and critical situation in the US would hinder the growth of the North America hydrographic survey market for the next few months.
Based on component, the software segment led the North America hydrographic survey market in 2019. Hydrographic survey software products help process hydrographic data, and the processed data are used for hydrography map creation, target detection, new and old survey analysis, and comparison, and so on. The introduction of custom-designed software has enabled the complete automation of these surveys. Hydrographic survey software products are used in industries such as engineering, dredging, construction, environmental, and fishing. The rising innovations in technology and surging demand for oil and gas exploration are significant factors driving the growth of the market for the software segment. For instance, HYPACK/Xylem Inc. offers hydrographic survey software for planning and conducting surveys. The software assists in data collection and processing by providing navigational and dredging support and offers reports for performance and data statistics. The advantages of software such as fast processing of data, customization, and easy to use are propelling its demand, thereby driving the growth of the North America hydrographic survey market.
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qeywix
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HOUSTON & RIO DE JANEIRO--(BUSINESS WIRE)--Baker Hughes announced today that it has been awarded two flexible pipe contracts by Petrobras in the second quarter of 2021. The first contract covers up to 96 kilometers of flexible pipe for the Sapinhoá and Tupi fields and the second contract covers up to 226 kilometers of flexible pipe for the Marlim 2 and Itapu fields.
Including two flexible pipe contracts Petrobras awarded to Baker Hughes for the Buzios field in the first quarter of this year, Petrobras has contracted Baker Hughes during the first half of 2021 to provide it up to 370 kilometers of flexible pipe for its subsea projects. This is larger than the volume of flexible pipe awarded by Petrobras to Baker Hughes in 2019 and 2020 combined.
Baker Hughes flexible pipes will be used for a mix of production lines, gas injection flowlines, water injection lines, and services lines for pre- and post-salt subsea developments in Brazil. The company’s flexible pipe solutions are designed to ensure reliable connections and optimal flow under high pressures and in extreme temperatures and corrosive conditions.
“Our extensive deployment track record across the region, coupled with our in-depth experience in pipe design, manufacturing, and installation allows us to provide Petrobras with flexible pipe technology to increase the performance, reliability and economics of its most challenging subsea field developments,” said Domenico Di Giambattista, vice president of flexible pipe systems for Oilfield Equipment at Baker Hughes.
Today’s announcement follows Baker Hughes’ contract award from Petrobras for subsea oilfield equipment to support the revitalization of the Marlim and Voador fields in the Campos Basin offshore Brazil. The contract includes several key interconnected technologies from Baker Hughes’ Subsea Connect family of Aptara™ products, including subsea production and injection manifold systems. Petrobras also recently awarded the company a wellhead contract for Mero 4, the largest pre-salt field in Brazil.
“These back to back contract wins reflect our strong capabilities and the relationship we have developed with Petrobras as a trusted partner,” said Adyr Tourinho, vice president of Brazil and Oilfield Equipment for Latin America at Baker Hughes. “Whether it’s subsea wellheads, flowlines, or manifolds, our track record and expertise in the region translates into reliability, adaptability and efficiency for our customers.”
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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GRAZ, Austria--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – today took another significant step forward towards the start of production for the Fisker Ocean SUV with the official opening of several Fisker-dedicated operational areas at Magna’s world-class manufacturing facility in Graz, Austria. Fisker CEO and Chairman, Henrik Fisker, was onsite in Graz with teams from engineering, manufacturing, purchasing and quality to review the new facilities, the progress being made on the path to volume production and to commence a countdown clock timed to the start of production.
“The Ocean program continues to progress exactly how we forecast,” says CEO and Chairman, Henrik Fisker. “Seeing areas such as prototype manufacturing and testing facilities ready for the Ocean was a motivating sight for everyone at Fisker and Magna. Having the confidence that the Ocean will launch on time with outstanding quality continues to validate our asset-lite strategy and specifically, our partnership with Magna.”
Co-located teams from Fisker and Magna covering areas including manufacturing engineering and purchasing are now situated in a dedicated program office, ideally situated close to engineering, the prototype shop and the future production areas for Body-in-White (BIW), the paint shop and general assembly. The engineering center and prototype shop will drive the first build phases for the Ocean. The prototype facility, which has a capacity of approximately 1,500 vehicles per year, will enable the prototype build phase to be carried out using serial production conditions, helping to train the production team and ensure a smooth transfer to the serial production line. The Ocean will also benefit from the extensive testing facilities at Graz, including those for durability, NVH, climate extremes and a test track – all of which help drive program integration across manufacturing and engineering.
Fisker and Magna recently signed their long-term manufacturing agreement and confirmed that production of the all-electric Fisker Ocean SUV is projected to start on Nov. 17, 2022, in Graz. The manufacturing agreement between the two companies covers planned volumes, manufacturing costs and quality metrics over the program’s lifecycle through 2029. It covers all stages, including the critical planning and launch phases. This agreement underpins all facility investments, including body shop, a clear path to start manufacturing in Nov. 2022 and rapid ramp-up to full run-rate production.
The Fisker Ocean SUV will use a version of a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform, and in the process, create new intellectual property (“IP”). Combined with Fisker-developed IP, the new aluminum-intensive FM29 platform is projected to deliver class-leading range and interior space at a Bill of Materials and manufacturing cost that enables the Ocean to enter the market at a starting MSRP of $37,499 in the United States (excluding EV-related subsidies) and below €32,000 in Germany (including taxes and EV-related subsidies) – as well as offer compelling, high-value option packages to customers across the Ocean’s entire price range.
“Seeing the countdown clock show 506 days until we start manufacturing was a timely reminder of the work ahead,” added Mr. Fisker. “However, also seeing the quality of the facilities and the teamwork between the Fisker and Magna teams gave me tremendous confidence that we can continue to achieve our program milestones on our way to the start-of-production.”
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About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our Chief Executive Officer and statements regarding the Company’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, as amended, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Fisker Inc.
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BRISTOL, England--(BUSINESS WIRE)--StorMagic®, simplifying storage and security from the edge to the core, announced today with HivecellⓇ, the edge-as-a-service company, the launch of Hivecell HCI with StorMagic SvSAN, the only complete, true edge-as-a-service solution to deliver edge computing on an enterprise scale.
StorMagic and Hivecell, two organizations committed to solving end users’ challenges at the edge, have partnered to deliver this joint solution. Some of the challenges Hivecell HCI addresses include deploying, managing and maintaining hundreds or thousands of sites, the lack of technical staff onsite, limited IT infrastructure (data closets, power and cooling, bandwidth) and the costly and time-consuming constraints that accompany upgrading and expanding systems and software at the edge.
Through the industry’s only complete edge-as-a-service solution, StorMagic and Hivecell provide powerful Intel® processing and highly available storage to deliver the performance and uptime customers require for running edge applications. Centralized monitoring, management, updates and upgrades are provided as a service, eliminating capital expenditures and reducing operating expenses. Hivecell HCI eliminates the need for technical staff to install or maintain hardware and there are no special requirements for power, cooling or networking.
“StorMagic software solutions are simple, robust, flexible and always cost-effective, attributes that enable us to better address pain points that our end users face at the edge,” said Brian Grainger, president of StorMagic, Inc. (US), chief revenue officer and board member. “Together with Hivecell and Intel, we’re proud to deliver a solution that eliminates the need for a large technical staff to install or maintain, while still delivering 100% uptime for the mission critical edge site. Customers can easily implement, run and scale edge sites from a few to thousands without the heavy IT infrastructure often needed to maintain the hardware.”
Deploying and upgrading software is often a key challenge for edge environments, which is why Hivecell enables three different modes for customer software deployment: cloud-based, enterprise and disconnected. Hivecell HCI with StorMagic SvSAN and Intel provides a future-proofed, comprehensive solution that can be deployed and running with just a click.
“Hivecell’s capability to process data in real time can make a tremendous difference in a company’s ability to make quick, yet informed, decisions and avert pauses in production,” said Jeffrey Ricker, co-founder and CEO at Hivecell. “It’s becoming clear that edge computing is the future for data processing and we are thrilled to partner with StorMagic and Intel to offer a fully complete, edge-as-a-service platform with a high availability storage solution that doesn’t require buying or maintaining software or hardware and can be installed with no training.”
As the world becomes increasingly more digitized and connected, more data is produced, with 50% of all new data being generated at the edge largely thanks to the rise in IoT devices. Use cases for this joint solution include ruggedized environments, retail, supply chain, oil & gas, manufacturing, healthcare, mining, shipping and utilities.
For more information, visit www.stormagic.com, www.hivecell.com, or download the joint solution whitepaper here.
About StorMagic
StorMagic is making the complex simple for edge computing environments and leading the industry in bringing the edge to the core. Our storage and security products are flexible, robust, easy to use and cost-effective, without sacrificing enterprise-class features, for organizations with one to thousands of sites. SvSAN is a highly available two-node virtual SAN designed for hyperconverged edge and small datacenter sites. SvKMS is an encryption key manager for edge, datacenter and cloud. ARQvault is the first active intelligent repository and gathers data anywhere, stores it forever, and finds it fast. StorMagic customers around the world have deployed our solutions in thousands of sites to store, protect and use edge data and significantly lower costs. Visit www.stormagic.com.
About Hivecell
Hivecell is the Edge as a Service company redefining the category of edge computing with easy-to-deploy, future-proofed, technology agnostic solutions empowering companies to scale infinitely and save massive amounts of resources in their management and processing of big data. It takes compute power out of the data center and places it at the true edge, enabling companies to efficiently manage thousands of remote locations without the use of a huge IT team and at 50 percent of the cost of traditional cloud providers. To learn more visit, http://www.hivecell.com.
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Zoe Cushman
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“7 Saturdays” Digital Video Series Introduces Californians to Cost-effective Ways to Prepare their Homes for Wildfire.
SAN FRANCISCO--(BUSINESS WIRE)--To prepare homes for the threat of wildfire, Californians across the state are looking for affordable ways to make their homes more fire safe. Making improvements to a home’s infrastructure (known as home hardening) can prevent embers from entering and starting a fire.
In the third episode of Pacific Gas and Electric Company’s (PG&E) brand-new digital video series, “7 Saturdays to a More Fire-Resistant Home,” customers will learn three simple and affordable ways to make their homes more fire resistant in just one Saturday. You can stream the show on PG&E’s preparedness website, the Safety Action Center, which provides information to help customers keep their families, homes and businesses safe during natural disasters and other emergencies.
The “7 Saturdays” series is co-hosted by Alicia Mason and David Hawks, a PG&E Senior Public Safety Specialist and former CAL FIRE Chief of the Butte Unit. According to Hawks, “Embers can travel several miles and find their way into gaps and cracks on your home and ignite a fire. By hardening your home, you improve the chances that your home will withstand a wildfire and keep embers out.” For over 31 years, Hawks has served California as a firefighter and he understands that simple home adjustments can better protect people and communities during an emergency. This episode will show customers:
You can watch the third episode now on the Safety Action Center (safetyactioncenter.pge.com). New episodes will launch every week, for seven weeks.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today announced that on August 1, 2021, the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will increase by 2.2 percent. The adjustment matches the combined 2.2 percent increase in longshore wage and assessment rates that take effect in early July.
Beginning August 1, the TMF will be $34.21 per TEU (twenty-foot equivalent unit) or $68.42 for all other sizes of container. The TMF is charged on non-exempt containers. Containers exempt from the TMF include empty containers; import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority; and transshipment cargo. Empty chassis and bobtail trucks are also exempt.
The OffPeak program provides regularly scheduled night or Saturday shifts to handle trucks delivering and picking up containers at the 12 container terminals in the two adjacent ports. PierPass launched the OffPeak program in 2005 to reduce severe cargo-related congestion and air pollution on local streets and highways around the Los Angeles and Long Beach ports. Nearly half of all port truck trips now take place during the off-peak shifts. The container terminal operators mitigate truck traffic at their gates with appointment systems that spread truck trips out over the hours of operation.
The TMF helps offset the cost of operating extended gate hours. Labor costs are the largest single component of extended gate costs.
According to an analysis by maritime industry consultants SC Analytics, the net costs incurred by the terminals to operate the off-peak shifts in 2020 totaled $276 million. During that year, the terminals received $235 million from the TMF, offsetting about 85 percent of the OffPeak program’s costs.
About PierPass
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission, and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports. For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
Media Contact:
Paul Sherer
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WALL, N.J.--(BUSINESS WIRE)--As a part of its long-term succession planning, New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR), announced John Wyckoff will succeed Craig Lynch as Vice President-Energy Delivery following his retirement today. In addition, Kraig Sanders was promoted to a newly expanded role of Vice President-Operations.
“For nearly 37 years, Craig Lynch has been a cornerstone of our team, and we appreciate all he’s done for our company,” said Steve Westhoven, President and CEO of New Jersey Resources. "Under his leadership, we built a natural gas delivery system that is best in class, and today we operate one of the most environmentally sound pipeline networks in the country.”
“John and Kraig are talented leaders who are well respected throughout our organization and the natural gas industry,” Westhoven continued. “Throughout their tenures with New Jersey Natural Gas, both John and Kraig have distinguished themselves with proven expertise and a commitment to excellence in everything they do. We are fortunate to have them as a part of our leadership team, and I am confident that they will continue to serve our company and customers well in their new positions.”
Mr. Wyckoff will oversee Energy Delivery, with its nearly 700 employees, and the safe and reliable operation of NJNG’s delivery system, which serves over 560,000 customers throughout New Jersey. He will be responsible for all field operations, engineering, and system enhancements while leading the continued expansion and maintenance of the company’s distribution and transmission pipelines consistent with all federal, state and local regulations.
A resident of Tinton Falls, Mr. Wyckoff joined NJNG in 1989 as a systems engineer and moved into areas of increasing responsibility throughout his career. He was named Director of Engineering in 2011, where he was responsible for designing and building critical infrastructure projects to ensure the resiliency of NJNG’s pipeline network. In 2019, he was promoted to Vice President-NJNG. Today, NJNG operates the most environmentally sound delivery system in New Jersey, with the lowest leaks per mile of any natural gas utility in the state.
Mr. Wyckoff earned a Bachelor of Science degree in mechanical engineering from the University of Delaware and a Master’s degree in material science and engineering from Rutgers, the State University of New Jersey. He is a licensed Professional Engineer in the State of New Jersey. He’s been a member of the American Gas Association (AGA) for over 20 years and previously served as chair of its Engineering Committee.
In his role as Vice President-Operations, Mr. Sanders will report to Mr. Wyckoff and be responsible for NJNG’s distribution operations and customer service, in addition to his current oversight of transmission operations and gas control.
Mr. Sanders joined NJNG as a systems engineer and has been with the company for 22 years. In 2013, he was named Director of PMT, managing the safe, reliable operation of the largest intrastate natural gas transmission system in New Jersey. In 2019, he was promoted to Vice President-NJNG.
A resident of Asbury Park, Mr. Sanders is a graduate of Stanford University, where he earned a Bachelor of Science degree in civil engineering. He is a member of the Northeast Gas Association and serves on the Supplemental Gas and Transmission Measurement Committee of the AGA.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR consists of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR:
www.njresources.com
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Michael Kinney
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Life cycle carbon negative RNG projects to collectively generate 89,000 metric tons of greenhouse gas credits
SAN FRANCISCO--(BUSINESS WIRE)--Brightmark, the global waste solutions provider, today broke ground on three renewable natural gas (RNG) projects in Michigan. The projects are owned by and will be operated through subsidiaries of Brightmark RNG Holdings LLC, a partnership with Chevron U.S.A. Inc. Brightmark currently owns and operates 27 RNG projects in 8 states and will operate 6 RNG projects in Michigan upon completion of these 3 projects, which is expected in the first half of 2022. Of this portfolio of RNG projects, 17 are owned by subsidiaries of the joint venture with Chevron.
In addition to collectively generating on a life cycle basis approximately 89,000 metric tons of greenhouse gas credits in accordance with the California Low Carbon Fuel Standard, the products generated in part from renewable feedstocks by the projects include biofertilizer, digested dairy fiber for use as cow bedding or as a peat moss substitute, and irrigation water.
“Michigan has been a great partner and we are excited to further expand our RNG footprint here and break ground on these lifecycle carbon negative projects,” said Bob Powell, Founder and Chief Executive Officer of Brightmark. “Transitioning to a lower carbon energy economy creates significant opportunities for Michigan to put people to work in good-paying jobs in industries that are key to addressing climate change. We are proud to be a leader in supporting more sustainable farming practices, and these new RNG projects have the potential to deliver great financial and environmental benefits to the farmers and communities that we partner with.”
In October 2020, Brightmark LLC and Chevron U.S.A. Inc. originally announced the formation of the Brightmark RNG Holdings LLC joint venture to own projects across the United States to produce and market dairy biomethane, a renewable natural gas. Equity investments by each company in the new venture fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron purchases RNG produced from these projects and markets the volumes for use in vehicles operating on compressed natural gas.
“Working with Brightmark to add new projects in Michigan underpins our commitment to improving how affordable, reliable, ever-cleaner energy is developed and delivered,” said Andy Walz, president of Chevron Americas Fuels & Lubricants. “Chevron is seeking to advance the energy transition by leveraging our existing capabilities across the full RNG value chain – marketing, sales, distribution, brands and infrastructure – to maximize margin capture and help industries and consumers that use our products build a lower carbon future.”
Project Overviews
The Red Arrow RNG project in Hartford, Michigan will use anaerobic digestion to convert 200,000 gallons of manure per day from 5,750 dairy cows into about 128,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle Earth at the equator 131 times. The facility will generate approximately 34,000 metric tons of greenhouse gas credits each year. The RNG produced at Red Arrow Dairy will be injected into the ANR Pipeline.
“One of my favorite parts of the job is implementing new technologies here on the farm that enable us to run more efficiently and improve the sustainability of our operations,” said Rudolf de Jong, President of Red Arrow Dairy. “I’m excited to get our anaerobic digestor up and running to see the positive impacts it will have on farm operations.”
The SunRyz RNG project in Morenci, Michigan will convert 133,000 gallons of manure per day from 3,250 dairy cows into about 76,000 MMBtu of RNG each year – enough fuel to enable a heavy-duty truck to circle the equator 77 times. The facility will generate approximately 27,000 metric tons of greenhouse gas emissions credits. The RNG generated at SunRyz will be injected into the nearby Rover pipeline.
“Adding an anaerobic digester is just the latest sustainability upgrade we’ve made at SunRyz,” said Case Ryzebol, Manager of SunRyz Dairy. “We’re always looking for ways to reduce costs and be good stewards of the environment at the same time. Brightmark gave us an opportunity to do just that with this project.”
The Meadow Rock Renewable Natural Gas project in Greenville, Michigan will convert 75,000 gallons of manure per day from 3,020 dairy cows into nearly 67,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle the Earth’s equator 68 times. The facility will generate approximately 28,000 metric tons of greenhouse gas emissions credits. The RNG produced at Meadow Rock will be injected into the ANR Pipeline.
“We’re proud to be partnering with Brightmark on anaerobic digestion projects at two of our Michigan dairy farms,” added Jordan den Dulk, Manager of Meadow Rock Dairy. “The Brightmark team has been responsive to our needs from day one, and we’re looking forward to the sustainability and financial benefits of these projects.”
Anaerobic digestion systems can prevent notable quantities of methane, a potent greenhouse gas, from being released into the atmosphere. Research shows that when all climate benefits are considered together, RNG from dairy manure can reduce greenhouse gas emissions 400% when it is used to replace traditional vehicle fuels through this net lifecycle carbon-negative process. After the methane is extracted from the processed manure, the remaining soil nutrients will be returned to the farmers for use as fertilizer and water for forage crops for their cows. These partnerships will allow the farms to reduce land application of raw manure and improve odor, water quality and nutrient management practices.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on circular plastics renewal and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
Cory Ziskind
ICR
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646-277-1232
VANCOUVER--(BUSINESS WIRE)--Record high temperatures during the historic heat wave in B.C. have taken their toll on Lower Mainland 9-1-1 operators, who this past weekend were swamped by a record-breaking number of calls and stretched to the limit in their ability to answer them all, says the union representing workers at E-Comm Emergency Communications for BC.
“Between the heat wave, the province-wide restart, and a 9-1-1 operator staffing shortage, there simply aren’t enough of us to get to these calls as quickly as we need to,” said CUPE 8911 (Emergency Communications Professionals of BC) President Donald Grant.
“When you call 9-1-1, seconds count. Delays can lead to property damage, injuries, and even death. When you’re on hold we feel your frustration, pain and suffering. We are working as hard as we can to get to your call, but we are stretched to the limit.”
E-Comm 9-1-1 operators received close to 8,000 calls on June 26 and more than 7,300 calls on June 27—more than 55 per cent above the daily average in June. As of this morning, at one point there was a 47-minute hold time for police emergency lines and more than five-minute waits on 9-1-1 before connection with an operator.
In a video message, Grant urged members of the public who call 9-1-1 to stay on the line, know their location, and support 9-1-1 operators in their efforts to get callers the help they need.
“When you call 9-1-1, the voice you hear is a person like me or you who is answering calls as quickly as they can,” he said. “We’re the first people who answer your call and stay on the line with you until you get through to the service you need—police, fire, or ambulance—in your town or city.”
The Emergency Communications Professionals of BC (CUPE 8911) represent more than 500 9-1-1 operators, call takers, dispatchers, IT staff and support professionals employed by E-Comm. They are located in Vancouver, Burnaby and Saanich. For more information, visit www.ecpbc.ca.
cope491
Donald Grant, President CUPE 8911, Emergency Communications Professionals of BC: 778.898.9081
Dan Gawthrop, CUPE Communications Representative: 604.999.6132
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