HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (NYSE: NOVA) announced today the appointment of Nora Mead Brownell as an independent Class II director of the Company's Board of Directors effective Monday, October 26th, 2020.
“As an energy executive, entrepreneur, and former FERC commissioner, Nora’s career has been centered on a longstanding and unwavering commitment to fostering competitive markets to serve the public interest and we are thrilled to have her joining Sunnova’s Board of Directors,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Nora’s notable industry experience and her vision for the future of energy services will be instrumental as we look to continue our mission to power energy independence and expand our Sunnova network of customers and energy services.”
Brownell is a former Commissioner of the Federal Energy Regulatory Commission where she served a term from May 2001 to June 2006, and a former member of the Pennsylvania Public Utility Commission where she served from 1997 until 2001. Brownell’s prior public company board service includes: PG & E Corporation from April 2019 until June 2020, where she served as Chair of the Board of Directors; National Grid PLC from June 2012 until April 2019 where she served on the Remunerations, Nominations, Safety and Environment and Health committees; and Spectra Energy Partners, LP from May 2007 until November 2018, where she served on the Audit and Conflicts committees.
Since 2009, Brownell has served as a co-founder and principal of Espy Energy Solutions LLC, an energy consulting group that provides strategic planning, marketing, business planning, and other consulting services to energy utilities, equipment manufacturers, service providers and financial institutions evaluating energy investments. Brownell is also currently a director of the Morgan Stanley Infrastructure Advisory Board, where she has served since June 2014, and of Mead Family Investments (previously Times Publishing Co.), where she has served since 1996.
ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.
Kelsey Hultberg
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Clean Energy Leaders ENGIE, Nextracker, Consumers Energy, Swinerton, and More Recognized on Stage During the Virtual Conference
ARLINGTON, Va.--(BUSINESS WIRE)--#SPICon--The Cleanie Awards®, the #1 awards program dedicated to the cleantech industry, announced its 2020 winners today at Solar Power International (SPI), Energy Storage International (ESI), and North America Smart Energy Week. The awards program recognizes the movers and shakers who are driving innovation and leadership in the clean energy industry.
Despite the ongoing global pandemic, the clean energy industry continued to grow, innovate, and drive markets forward, making this year’s program the most competitive in the awards history. The awards program saw double-digit increases in the number of submissions and a 200% increase in sponsors from 2019.
“We are extremely proud to recognize this year’s movers and shakers, who truly inspire others in the broader cleantech community,” said Randee Gilmore, executive director, The Cleanie Awards. “The increase in the number of submissions is incredible given the challenging times with the global pandemic. This shows how much the industry needs a recognition program like this, and our potential to continue growing year over year.”
The full list of 2020 The Cleanie Award winners is as follows:
Company of the Year
Keep the Power On
New this year — an award for utilities going above and beyond to keep the power on during COVID-19.
Community Giveback
New this year — an award for corporations going above and beyond to support their communities in light of COVID-19.
Woman of the Year
Rising Star Under 40
Representatives from each winning organization were recognized by The Cleanie Awards’ Advisory Council members, judges, and sponsors: Solar Power Events, Solar Energy Industries Association (SEIA), American Solar Energy Society (ASES), Energy Storage Association (ESA), Solar Electric Power Alliance (SEPA), Women of Renewable Industries and Sustainable Energy (WRISE), American Wind Energy Association (AWEA), American Solar Grazing Association (ASGA), and Energy News Network (ENN).
“I am honored to once again sit amongst other leaders in clean technology on the judging panel for The Cleanie Awards,” said Chris Vlahoplus, internal advisor at ScottMadden. “I have been involved in the program since its beginning three years ago, and the applications continue to get better and better year over year. I speak on behalf of all of the judges when I say how excited I am to recognize the newest inductees into The Cleanie Awards winners circle! You should be incredibly proud and humbled by your accomplishments. You stood out from a highly competitive pool of submissions.”
Visit www.thecleanieawards.com to learn more about the program and sign up for notifications about next year’s application process.
About The Cleanie Awards®
The Cleanie Awards® is the first comprehensive awards program exclusive to the cleantech industry. It generates much needed visibility for innovators and disruptors in the industry who are creating life- and planet-changing solutions. The campaigns recognized by the award program aim to influence public opinion about technologies delivering on the promise of a clean energy future.
Randee Gilmore, Executive Director, The Cleanie Awards
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DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Batteries - Thematic Research" report has been added to ResearchAndMarkets.com's offering.
This report focuses on electric vehicle (EV) batteries. Competing chemistries and construction methods vie to become the new industry standard as players race to squeeze more capacity and longevity out of their products while also battling to reduce the cost of production.
Scope
Reasons to Buy
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/zdfxls
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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IRVING, Texas--(BUSINESS WIRE)--Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage”) is pleased to announce that the Company will release third quarter 2020 financial and operational results after the market close on Thursday, November 5, 2020. The Company will not host a conference call or webcast to discuss its third quarter 2020 results due to the pending merger with Southwestern Energy Company.
About Montage Resources
Montage Resources is an exploration and production company with approximately 195,000 net effective core undeveloped acres currently focused on the Utica and Marcellus Shales of Southeast Ohio, West Virginia, and North Central Pennsylvania. For more information, please visit the Company’s website at www.montageresources.com.
Montage Resources Corporation
Douglas Kris, Investor Relations
469-444-1736
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MANSFIELD, Ohio--(BUSINESS WIRE)--#DIVIDEND--The Board of Directors of The Gorman-Rupp Company (NYSE:GRC) has declared a quarterly cash dividend of $0.155 per share on the common stock of the Company, payable December 10, 2020, to shareholders of record November 13, 2020. The cash dividend will represent a 6.9% increase over the $0.145 dividend paid in the previous quarter.
This action will mark the 283rd consecutive quarterly dividend paid by The Gorman-Rupp Company and the 48th consecutive year of increased dividends to its shareholders, which positions Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments.
Jeffrey S. Gorman, Chairman, President and CEO commented, “Gorman-Rupp is extremely proud to continue its long history of dividend payments and increased annual dividends. This current dividend increase reflects our ongoing commitment to creating value for our shareholders, as well as our confidence in the financial strength and long-term prospects for our Company.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: (1) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (2) highly competitive markets; (3) availability and costs of raw materials; (4) loss of key personnel; (5) cyber security threats; (6) intellectual property security; (7) acquisition performance and integration; (8) compliance with, and costs related to, a variety of import and export laws and regulations; (9) environmental compliance costs and liabilities; (10) exposure to fluctuations in foreign currency exchange rates; (11) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (12) changes in our tax rates and exposure to additional income tax liabilities; (13) impairment in the value of intangible assets, including goodwill; (14) defined benefit pension plan settlement expense; (15) family ownership of common equity; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548
TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (NASDAQ: BKEP and BKEPP), plans to release third quarter 2020 financial results after market close on Wednesday, November 4, 2020.
The Partnership will discuss its third quarter 2020 results during a conference call on Thursday, November 5, 2020, at 10:00 a.m. CST (11:00 a.m. EST). The conference call will be accessible by telephone at 1-855-327-6837. International participants will be able to access the conference call at 1-631-891-4304.
Participants are requested to dial in five to ten minutes before the scheduled start time. An audio replay will be available through the “Investors” section of the Partnership’s website at investor.bkep.com.
About Blueknight Energy Partners, L.P.
Blueknight owns and operates a diversified portfolio of complementary midstream energy assets consisting of:
Blueknight provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. Blueknight is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership’s website at www.bkep.com.
Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
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DUBLIN--(BUSINESS WIRE)--The "Thermal Barrier Coatings - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 9th edition of this report. The 480-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Thermal Barrier Coatings Market to Reach $24.2 Million by 2027
Amid the COVID-19 crisis, the global market for Thermal Barrier Coatings estimated at US$16.6 Million in the year 2020, is projected to reach a revised size of US$24.2 Million by 2027, growing at a CAGR of 5.5% over the analysis period 2020-2027.
Metal, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US$7.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Intermetallic segment is readjusted to a revised 5.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.5 Million, While China is Forecast to Grow at 8.5% CAGR
The Thermal Barrier Coatings market in the U.S. is estimated at US$4.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.1 Million by the year 2027 trailing a CAGR of 8.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
Ceramic Segment to Record 5.8% CAGR
In the global Ceramic segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.2 Million in the year 2020 will reach a projected size of US$6.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.2 Million by the year 2027, while Latin America will expand at a 7% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/34rkdv
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), an innovator and manufacturer of drilling tool technologies, today announced that it will release its third quarter 2020 financial results before the opening of financial markets on Friday, November 6, 2020.
The Company will host a conference call and webcast that day to review the financial and operating results for the quarter and discuss its corporate strategy and outlook. A question-and-answer session will follow.
Third Quarter 2020 Conference Call
Friday, November 6, 2020
10:00 a.m. Mountain Time (12:00 p.m. Eastern Time)
Phone: (201) 689-8470
Internet Webcast and accompanying slide presentation: www.sdpi.com
A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Friday, November 13, 2020. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13710951, or access the webcast replay via the Company’s website at www.sdpi.com, where a transcript will be posted once available.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI) (“Company”) (“Ring”) announced today the appointment of Mr. Thomas L. Mitchell to the Company’s Board of Directors. Mr. Mitchell will be joining as an independent Director.
Mr. Mitchell is a strategic finance leader with a record of driving growth in energy business models as the Chief Financial Officer of both large and small companies in the Oil and Gas Industry. He has had a career of strong Fortune 500 experience with exploration and production companies, and broad energy exposure with offshore drilling and midstream gathering and marketing companies. In his last position as Executive Vice President and Chief Financial Officer of Devon Energy Corporation, Mr. Mitchell led the finance and business development organizations, and also helped the company successfully strengthen its asset quality through strategic acquisitions. Following his formal education, Mr. Mitchell began his career in public accounting with Arthur Andersen & Co., where he practiced as a CPA – then, in 1989, he entered the oil and gas industry at Apache Corporation where he spent eighteen years in various finance and commercial roles, the last being Vice President and Controller.
Mr. Paul McKinney, Chief Executive Officer and Chairman of the Board, commented, “We are very pleased and honored that Tom Mitchell has accepted our invitation to join our Board. We know that Tom, with his financial background and broad experience in the oil and gas industry, will be a tremendous asset to Ring and will prove invaluable as we move forward with the future growth and successful development of the Company.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and New Mexico.
www.ringenergy.com
Safe Harbor Statement
This release contains 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019, its Form 10Q for the quarter ended June 30, 2020 and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
For further information contact:
Bill Parsons
K M Financial, Inc.
(702) 489-4447
DALLAS--(BUSINESS WIRE)--Energy Transfer Operating, L.P. today announced the quarterly cash distribution of $0.4609375 per Series C Preferred Unit (NYSE: ETPprC), the quarterly cash distribution of $0.4765625 per Series D Preferred Unit (NYSE: ETPprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETPprE). These cash distributions will be paid on November 16, 2020 to Series C, Series D and Series E unitholders of record as of the close of business on November 2, 2020.
About Energy Transfer
Energy Transfer Operating, L.P. owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, its core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. Energy Transfer Operating, L.P. also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interest and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). Energy Transfer Operating, L.P.’s general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Energy Transfer website at www.energytransfer.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in Energy Transfer Operating, L.P.’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic and the recent decline in commodity prices, and we cannot predict the length and ultimate impact of those risks. Energy Transfer Operating, L.P. undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer Operating, L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Operating, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer Operating, L.P., are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
The information contained in this press release is available on our website at energytransfer.com.
Energy Transfer
Investor Relations:
Lyndsay Hannah, William Baerg, Brent Ratliff, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820
LOS ANGELES--(BUSINESS WIRE)--#EVs--Fisker Inc. (Fisker) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – today announced that it is set to reveal the production version of the Fisker Ocean, its all-electric SUV, at the 2021 Los Angeles Auto Show.
Fisker recently announced a strategic cooperation with Magna International supporting the co-development and manufacture of the Fisker Ocean SUV, projected to launch in Q4 2022. The Ocean will be assembled by Magna in Europe and is poised to deliver class-leading range, functional interior space with third-row seating and overall vehicle performance.
Earlier this week, Fisker also confirmed the signing of a significant vehicle order for 300 units with Viggo, the technology-driven Danish ride-hailing service. Viggo, founded in 2019, is aiming to challenge the standards for urban transportation through advanced data-driven innovation delivered through a fleet of 100% electric vehicles.
Henrik Fisker, chairman and chief executive officer of Fisker, stated, “It’s with great excitement that we’re making the global debut of the Fisker Ocean here in our home city of Los Angeles. As befits the world’s first digital car company, we are also planning to showcase several Fisker-unique technologies that will support our differentiated ownership experience and vehicle functionality.”
Following the cancellation of the 2020 Los Angeles Auto Show, Fisker made the strategic decision to commit to the 2021 show for the global reveal of the Ocean SUV, its first production vehicle. The 2021 Los Angeles Auto Show will run from May 21-31 at the LA Convention Center.
Originally founded in Los Angeles, Fisker recently announced details surrounding its new global HQ, named ‘Inception,’ which is to be located within Continental Park at 1888 Rosecrans Avenue in the city of Manhattan Beach.
For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..
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.
Fisker Inc.
Andrew de Lara
310.374.6177
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.111 per unit for the third quarter of 2020 ($0.444 per unit on an annualized basis), the same amount as distributed in the prior quarter. The distribution is payable on November 13, 2020, to unitholders of record at the close of business on November 3, 2020.
Third Quarter 2020 Earnings Release Date and Conference Call Information
The Partnership plans to report third quarter 2020 financial and operating results after market close on Wednesday November 4, 2020. The Partnership will host a conference call and webcast regarding third quarter 2020 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, November 5, 2020.
To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (877) 266-7551 domestically or +1 (339) 368-5209 internationally, conference ID 7506289. Participants are advised to dial in at least five minutes prior to the call.
An audio replay of the conference call will be available for thirty days by dialing (800) 585-8367 domestically or +1 (404) 537-3406 internationally, conference ID 7506289. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USDG”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USDG, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal, which is expected to be placed into service in the second quarter of 2021. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on USDG’s website is not part of this press release.
Qualified Notice to Nominees
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the amount and timing of the Partnership’s third quarter 2020 cash distribution and the business prospects of the Partnership and USDG. Words and phrases such as “plans,” “will,” “pursuing,” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership’s business. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include those as set forth under the heading “Risk Factors” in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission. The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Category: Earnings
Investor Relations Contacts:
Adam Altsuler, (281) 291-3995
Senior Vice President and Chief Financial Officer
Jennifer Waller, (832) 991-8383
Director, Financial Reporting and Investor Relations
PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) today announced that its Board of Directors declared a quarterly dividend on the Company’s common stock of $0.30 per share, or $1.20 per share on an annualized basis. The dividend is payable on November 16, 2020 to stockholders of record as of November 2, 2020.
About NRG Energy
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
Safe Harbor
This communication contains forward-looking statements that may state NRG’s or its management’s intentions, beliefs, expectations or predictions for the future. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets generally.
Investors:
Kevin L. Cole, CFA
609.524.4526
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Candice Adams
609.524.5428
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the third quarter 2020. The distribution will be paid on November 12, 2020 to unitholders of record on November 2, 2020.
Holly Energy plans to announce results for its third quarter of 2020 on November 4, 2020 before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on November 4, 2020 at 4:00 p.m. Eastern time to discuss financial results.
The webcast may be accessed at:
https://event.on24.com/wcc/r/2627977/792AA96920FB0C011D30448BC2901ADB
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. Holly Energy, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that one hundred percent (100.0%) of Holly Energy Partner's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Holly Energy Partner's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Forward-looking Statement:
The statements in this press release relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws, including statements regarding funding of capital expenditures and distributions, distributable cash flow coverage and leverage targets. These statements are based on our beliefs and assumptions and those of our general partner using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:
The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Investor Relations
EDISON, N.J.--(BUSINESS WIRE)--Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe, low-cost and long-duration zinc battery storage systems, today announced key appointments to its board of directors.
Eos is pleased to announce that Audrey Zibelman, Dr. Krishna Singh, and Alex Dimitrief will join the Eos board upon the closing of the business combination with B. Riley Principal Merger Corp. II (“BMRG”). In addition, Joe Mastrangelo, Chief Executive Officer of Eos, has been invited to join the board. The board will provide insight and counsel on the continued strategic direction of Eos while also working with Eos and customers to accelerate the adoption of Eos’ zinc-based battery solutions.
Audrey Zibelman was recently named head of Google X (“X”), after serving as CEO of Australian Energy Market Operator (“AEMO”), which manages electricity and gas systems across Australia. Ms. Zibelman will bring deep experience in tackling the multifaceted challenges of clean energy adoption, having led the effort to draw up the “Integrated System Plan”, Australia’s 20-year blueprint to transition the country to renewables. At X, which she will lead starting in 2021, Ms. Zibelman will head Alphabet’s “moonshot factory” to develop and enable new technologies that could lead to greater electrification of the economy and a diverse, decarbonized power system.
Alex Dimitrief is an experienced C-suite leader, former general counsel and trial lawyer who has steered global businesses through a wide range of complex legal, regulatory and commercial challenges. Mr. Dimitrief brings valuable and practical perspectives drawn from a unique combination of 20 years as a senior partner at a leading global law firm and over ten years as a leader at one of the largest in-house legal departments.
Dr. Krishna Singh is the founder, president and chief executive officer of Holtec International, a supplier of equipment and systems for the energy industry. With nearly 50 years of experience in the nuclear power industry and as the holder of 119 patents, Dr. Singh brings a unique perspective and knowledge that will contribute to the success of Eos. In September 2019, Eos and Holtec announced the formation of HI-POWER, LLC, a multi-gigawatt manufacturing joint venture to produce Eos’ next generation of aqueous zinc batteries. The state-of-the-art HI-POWER manufacturing facility is located in Pittsburgh, PA.
Joe Mastrangelo, Eos’ Chief Executive Officer, brings over two decades of experience as an energy industry leader, where he has led diverse teams to develop and deploy commercial scale projects around the world. Mr. Mastrangelo has broad operating experience across the energy value chain including serving as Chief Executive Officer of GE’s Power Conversion business, and over ten years of experience at GE Oil & Gas in various leadership roles in finance, quality, and commercial operations, culminating in being named a GE Corporate Officer in 2008. Mr. Mastrangelo joined Eos as a board advisor in March 2018 and assumed the role of Chief Executive Officer in August 2019.
“It is a privilege to welcome these talented leaders to the board at this exciting time in Eos’ 12-year history,” said Dan Shribman, Chief Executive Officer of BMRG and Chief Investment Officer of B. Riley Financial. “We look forward to their guidance and assistance as we take Eos public and continue to generate the incredible commercial momentum the company has seen over the last several months.”
“It is a great honor to have the board’s support of these accomplished leaders,” said Joe Mastrangelo. “Their experience and knowledge are exceptional and, together, I know we can push Eos to impressive new heights on our mission to accelerate clean energy adoption. I look forward to working with the board and my team to capitalize on the incredible market opportunity in front of us in the battery storage space.”
Following the closing of the business combination, the board will consist of seven members with each bringing extensive and proven executive management and technology expertise to help Eos in key areas of its business:
As previously announced, BMRG, a publicly traded special purpose acquisition company, and Eos have entered into a definitive merger agreement for a business combination that would result in Eos becoming a publicly listed company. Upon closing of the transaction, the combined company will be renamed Eos Energy Enterprises, Inc. (“Eos Energy”) and intends to list its shares of common stock on Nasdaq under the ticker symbol “EOSE”.
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Eos has been pursuing this opportunity since 2008 when it was founded. Eos has more than 10 years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates Eos’ aqueous, Znyth® technology to provide a safe, scalable, and sustainable alternative to lithium-ion. https://eosenergystorage.com
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Additional Information about the Business Combination
In connection with the business combination, BMRG has filed a definitive proxy statement with the United States Securities and Exchange Commission (“SEC”). BMRG stockholders and other interested persons are advised to read the definitive proxy statement, in connection with BMRG’s solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the proposed business combination, because the proxy statement will contain important information about BMRG, Eos and the proposed business combination. The definitive proxy statement has been mailed to BMRG stockholders as of the record date of October 22, 2020 for voting on the proposed business combination. Stockholders can obtain copies of the proxy statement, without charge, at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by BMRG, when and if available, can be obtained free of charge by directing a written request to B. Riley Principal Merger Corp. II, 299 Park Avenue, 21st Floor, New York, New York 10171 or by telephone at (212) 457-3300.
For Eos Energy Storage LLC
Investors
Ed Yuen
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Balki G. Iyer
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HOUSTON--(BUSINESS WIRE)--SANDRIDGE PERMIAN TRUST (OTC Pink: PERS) today announced a quarterly distribution for the three-month period ended September 30, 2020 (which primarily relates to production attributable to the Trust’s royalty interests from June 1, 2020 to August 31, 2020) of approximately $1.7 million, or $0.033 per unit. The Trust makes distributions on a quarterly basis on or about the 60th day following the completion of each quarter. The distribution is expected to occur on or before November 25, 2020 to holders of record as of the close of business on November 13, 2020.
During the three-month production period ended August 31, 2020, combined sales volumes were lower than the previous period while oil prices increased. As no additional development wells will be drilled, the Trust’s production is expected to decline each quarter during the remainder of its life.
As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $190,000 or 3.5% of the funds otherwise available for distribution each quarter to gradually increase existing cash reserves by a total of approximately $2,275,000. The withholding for this distribution is $190,000. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.
As previously disclosed, on October 13, 2020, Avalon Energy, LLC (“Avalon”), the sponsor of the Trust, notified the Trustee that Avalon had entered into a purchase and sale agreement with Montare Resources I, LLC (“Montare”) for the sale of certain wells, the production from which is burdened by overriding royalty interests held by the Trust (the “Overriding Royalty Interests”). As permitted under the Amended and Restated Trust Agreement governing the Trust, the Assets have been sold to Montare unburdened by the Trust’s Overriding Royalty Interests, and the Trust has received approximately $4.9 million for the Royalty Interests released by the Trustee in connection with the sale of the Assets. These proceeds will be distributed by the Trust, less any withholdings as determined by the Trustee, to unitholders with the quarterly distribution, if any, for the three-month period ending December 31, 2020 (which primarily relates to production attributable to the Trust’s royalty interests from September 1, 2020 to November 30, 2020) in accordance with the terms of conveyances granting the Overriding Royalty Interests to the Trust. Such distribution is expected to occur in late February 2021.
The Trust owns Overriding Royalty Interests in specified oil and natural gas wells located on properties situated in the Central Basin Platform of the Permian Basin in Andrews County, Texas (the “Underlying Properties”), and is entitled to receive proceeds from the sale of production attributable to the Overriding Royalty Interests. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of actual production volumes, oil, natural gas and natural gas liquids prices, and the amount and timing of the Trust’s administrative expenses, among other factors. All Trust unitholders share distributions on a pro rata basis.
As previously reported in the Trust’s Form 8-K filed on April 23, 2020, Avalon informed the Trustee that Avalon would be unable to pay on a timely basis the approximately $4.65 million it owes the Trust, which reflects the quarterly distribution amount for the three-month period ended March 31, 2020 (which primarily relates to production attributable to the Trust’s interests from December 1, 2019 to February 29, 2020) of approximately $3.73 million, or $0.071 per unit, together with approximately $0.73 million of Trust expenses and $0.19 million to be withheld by the Trustee for the Trust’s previously disclosed cash reserve for future known, anticipated or contingent expenses or liabilities of the Trust. Consequently, the Trustee was not able to make the quarterly distribution to unitholders in the second quarter of 2020. In accordance with the terms of the conveyances granting the Trust its Overriding Royalty Interests (the “Conveyances”), the unpaid amount owed the Trust will accrue interest at the rate of interest per annum publicly announced from time to time by The Bank of New York Mellon Trust Company, N.A. at its “prime rate” in effect at its principal office in New York City until paid to the Trust. Avalon has informed the Trustee that Avalon intends to make the payment of the May 2020 distribution to the Trust, with interest in accordance with the Conveyances, when funds are available to do so. The Trustee intends to monitor the situation closely and, if appropriate, may take legal action against Avalon to enforce the Trust’s rights under the Conveyances.
As previously reported in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, the World Health Organization characterized the outbreak of a novel strain of the coronavirus (“COVID-19”) as a pandemic, which has resulted in the implementation of a series of public health and emergency measures to combat the spread of COVID-19. These measures have adversely affected general commercial activity, the economies and financial markets of many countries and localities, and global demand for oil and natural gas. The duration and impact of COVID-19 is unknown at this time and it is not possible to reliably estimate the impact that these developments will have on future periods. The impact of the COVID-19 pandemic on crude oil consumption and the resulting build-up in inventories combined with the sharp decline in commodity prices following the announcement of price reductions and production increases in March 2020 by members of the Organization of Petroleum Exporting Countries (“OPEC+”) and other foreign, oil-exporting countries has created uncertainty in the oil and gas industry. Although OPEC+ has since agreed to certain production cuts, prices in the oil and gas market have remained depressed, as the oversupply and lack of demand in the market persist. Oil and natural gas prices are expected to continue to be volatile as a result of the near-term production instability and the ongoing COVID-19 outbreak and as changes in oil and natural gas inventories, industry demand and global and national economic performance are reported. As a result of price volatility, Avalon has seen a deterioration in cash flows from the Underlying Properties.
Volumes, average prices and distributable income available to unitholders for the period were (dollars in thousands, except average prices and per unit):
Sales Volumes |
|
|
|
|
Oil (MBbl) |
|
|
70 |
|
Natural Gas Liquids “NGL” (MBbl) |
|
|
9 |
|
Natural Gas (MMcf) |
|
|
32 |
|
Combined (MBoe) |
|
|
85 |
|
Average Price |
|
|
|
|
Oil (per Bbl) |
|
$ |
36.80 |
|
NGL (per Bbl) |
|
$ |
14.92 |
|
Natural Gas (per Mcf) |
|
$ |
0.99 |
|
Natural Gas (per Mcf) including impact of post-production expenses |
|
$ |
0.78 |
|
Revenues |
|
$ |
2,748 |
|
Expenses |
|
|
826 |
|
Distributable income |
|
$ |
1,922 |
|
Additional cash reserve |
|
|
190 |
|
Distributable income available to unitholders |
|
$ |
1,732 |
|
Distributable income per unit (52,500,000 units issued and outstanding) |
|
$ |
0.033 |
|
Pursuant to Internal Revenue Code Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at 30% of gross income unless the rate is reduced by treaty. This is intended to be a qualified notice by SandRidge Permian Trust to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b), and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold at the highest marginal rate on the distribution made to non-U.S. persons. The Tax Cuts and Jobs Act (the “TCJA”) enacted in December 2017 treats a non-U.S. holder’s gain on the sale of Trust units as ECI to the extent such holder would have had ECI if the Trust had sold all of its assets at fair market value on the date of the exchange. The TCJA also requires the transferee of units to withhold 10% of the amount realized on the sale of exchange of units (generally, the purchase price) unless the transferor certifies that it is not a nonresident alien individual or foreign corporation. Pending the finalization of proposed regulations under IRC Section 1446, the IRS has suspended this new withholding obligation with respect to publicly traded partnerships such as the Trust, which is classified as a partnership for federal and state income tax purposes.
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of this provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, the Trustee’s planned withholding of funds to increase cash reserves for future known, anticipated or contingent expenses or liabilities of the Trust, expectations regarding the ability of Avalon to make the payment of the amount it owes to the Trust for quarterly distribution for the three-month period ended September 30, 2020 (which primarily relates to production attributable to the Trust’s interests from June 1, 2020 to August 31, 2020), the impact of COVID-19 on the global economy, the timing of payment of the expected amount relating to the May 2020 distribution together with interest thereon, possible actions by the Trustee to enforce the Trust’s rights under the Conveyances, and the amount and date of any future distributions to unitholders of the Trust. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Avalon with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively impacted by prevailing low commodity prices, which could remain low for an extended period of time or decline further. In addition to the recent collapse of oil prices and the worldwide collapse of demand for oil, recent announcements by Saudi Arabia and Russia to abandon output restraints, and the economic effects of the COVID-19 pandemic, other important factors that could cause actual results to differ materially and adversely impact distributions to unitholders include lease operating expenses related to the operation of the Underlying Properties, expenses of the Trust, and reserves made by the Trust for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Avalon nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the period ended June 30, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
SandRidge Permian Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global oilfield integrity management market size is projected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1% from 2020 to 2025.
The growth of this market is driven by the increasing focus of oilfield operators to enhance their productivity by reducing downtime required in maintenance activities. Also, the oil and gas discoveries across the globe are likely to fuel market growth. North America accounted for the largest market share in 2019. The growth of the North American oilfield integrity management market is driven by rise in shale gas & tight oil production, favorable regulations related to the licensing of exploration & production activities, and an increase in oilfield discoveries in Gulf of Mexico.
The onshore segment is expected to hold the largest share of the oilfield integrity management market, by application, during the forecast period.
Onshore wells are widely drilled across the world, with more oil & gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for oilfield integrity management is high in the onshore application segment as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. In addition, the cost incurred in onshore oilfield activities is less compared to the offshore application.
Middle East & Africa: The fastest market for oilfield integrity management.
The Middle East & Africa is the fastest-growing market for oilfield integrity management, followed by North America and Europe. According to Baker Hughes' rig count report, the total onshore rig count experienced a 1% Y-o-Y decline from 2017 to 2018. Additionally, the rig to well ratio is very low in the region. This shows that there are very few new drilled wells in the region, and the production activities are highly concentrated in the mature fields. Hence, enhancement of production and any developments on these mature fields/wells are expected to drive the oilfield integrity management market during the forecast period.
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Doosan GridTech, a global smart grid technology provider, will examine how V2G chargers will impact grid resiliency at SnoPUD’s Arlington Microgrid site.
SEATTLE--(BUSINESS WIRE)--Snohomish County PUD (SnoPUD) has engaged Doosan GridTech to integrate two electric vehicle-to-grid chargers within its distributed energy resource management system (DERMS) designed by Doosan. Located at SnoPUD’s Arlington Microgrid site, the V2G stations can charge the vehicle and allow for the energy stored to flow back to the grid and provide support during an outage. The pilot program’s primary objective is to examine the effects of this two-way interface. Deployed in SnoPUD’s control center, Doosan’s flagship DERMS software, DERO®, has been actively integrating and optimizing distributed energy resources since 2017.
Since the self-contained Arlington Microgrid is required to be connected to the broad grid network during normal operations, the DERO® platform will also be updated to control and dispatch the microgrid’s energy storage system as well as the electric vehicle charging stations.
“Snohomish PUD has been collaborating with Doosan on smart grid enhancements since 2012 when we worked with them to design their pioneering distributed energy resource management system,” said John Haarlow, SnoPUD’s CEO/General Manager. “We see this as an important step in our 'utility of the future' vision and for SnoPUD to be one of the premier utilities in the country. We are excited to help our customers maximize the value of owning an electric vehicle as well as being able to leverage other distributed energy resources as they are brought on to our system.
“We look forward to working again with Doosan and appreciate their expertise in artificial intelligence. This study is the next level of progression to assure that we have the right systems in place to meet SnoPUD’s and our customers’ needs.”
Doosan will also partner with Awesense, a Canadian software company that accelerates the energy transition through data. Their digital energy platform will be integrated with the DERO control management system to enable more granular insight into the distributed energy resources, V2G devices and other assets involved in the project. The goal is to provide DERO and SnoPUD users with accurate, real-time data and analytics to aid their decision-making and scale the technology.
“We are honored that Snohomish PUD has asked us to collaborate on the updates to our DERO platform to help them further prepare for grid resiliency,” said Troy Nergaard, Doosan GridTech’s CEO. “I am happy that we can capitalize on our recent ground-breaking DERMS development with Austin Energy and bring some of that learning to SnoPUD. Now we can raise the bar on incorporating proven artificial intelligence advancements that fit the needs of SnoPUD’s progressive thinking about future grid requirements, especially in the face of the expanding V2G frontier.”
The Arlington Microgrid will focus on disaster recovery and grid resiliency. The solar + storage system is designed and sized to provide power to SnoPUD’s Arlington Community Office during an outage. When the microgrid isn’t acting like a giant solar-powered emergency generator, it will recover some of its costs by providing renewable energy integration and grid support through Doosan’s DERMS platform.
Snohomish County PUD is the second-largest publicly owned utility in Washington. We serve over 350,000 electric customers and about 21,000 water customers. Our service territory covers over 2,200 square miles, including all of Snohomish County and Camano Island.
Doosan GridTech® is an award-winning team of power system engineers, software developers and turnkey energy storage specialists. We help electric utilities and other megawatt-scale power producers evaluate, procure, integrate and optimize energy storage, solar power and other distributed energy resources. Our multi-disciplined teams in Seattle, Melbourne, and Seoul have designed, built and/or controlled over 30 energy storage installations in the Americas and Asian-Pacific regions – representing 310 MW of capacity. Ranked as one of the top energy storage solution providers by Navigant Research and Bloomberg New Energy Finance, we are the proud recipients of two Grid Innovation Awards from GreenTech Media. www.doosangridtech.com
Awesense is a Canadian software company that accelerates the energy transition through data. Working with customers worldwide, they have helped utilities decarbonize, decentralize, and digitalize their systems for over a decade. Their award-winning digital energy platform unlocks energy and geospatial data to leverage analytics, visualizations, DERMS and other assets across the organization.
Media Contact:
Troy Nergaard
Chief Executive Officer
Doosan GridTech
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Shape strategic responses through the phases of industry recovery.
BP Plc, Chevron Corp., and China National Petroleum Corp. will emerge as major gear oil market participants during 2020-2024.
LONDON--(BUSINESS WIRE)--#GearOilMarket--The gear oil market is expected to grow by USD 1.14 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the gear oil market in optimistic, probable, and pessimistic forecast scenarios.
The gear oil market will witness Neutral and At par impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to Increase as compared to 2019.
Enterprises will go through Respond, Recover and Renew phases. Download free report sample
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through respond, recover and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.
This post-pandemic business planning research will aid clients to:
Download the Post-Pandemic Business Planning Structure. Click here
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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/ gear oil market-industry-analysis
Gear Oil Market 2020-2024: Segmentation
Gear Oil is segmented as below:
The gear oil market is driven by growing demand for fully synthetic gear oil. In addition, other factors such as growing demand for gear oil from wind turbine applications is expected to trigger gear oil market toward witnessing a CAGR of almost 3% during the forecast period.
Get more insights about the global trends impacting the future of Gear Oil Market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR40872
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HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended September 30, 2020.
– Net loss and Adjusted EBITDA1 improved 36% vs Q2
– Net debt reduction of $4 million along with an increase in liquidity
– Momentum grew across Q3 with monthly sequential revenue and EBITDA increases
Consolidated Financial Highlights
Revenues increased $3.9 million, or 13%, to $34.6 million in Q3, from $30.7 million in Q2. Revenue increases took place in the High Specification Rigs and Completion and Other Services segments.
Net loss decreased $3.2 million, from a net loss of $8.9 million in Q2, to a net loss of $5.7 million in Q3. The decrease in the net loss was largely driven by increased revenues and a reduction in depreciation and general and administrative expenses, partially offset by an increase in cost of services.
Adjusted EBITDA1 increased $1.2 million from $3.2 million in Q2 to $4.4 million in Q3.
1 |
“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found on the Company's website at: www.rangerenergy.com. |
CEO Comments
“This has proven to be a successful quarter for Ranger. Q3 appears to have marked the bottom of this most recent downturn with US land drilling rig and frac spread counts down 15% and 10%, respectively, as compared to Q2. However, we performed counter to these data points delivering sequential increases in revenue, EBITDA and margin.
I am very proud of the job that our team continues to deliver. Their efforts in providing excellent services to our outstanding customer base, while demonstrating disciplined cost control, again led to top performing results in a very challenging market.
While the current market conditions continue to challenge the sustainability of many OFS companies, Ranger's performance shows that we are clearly on a different path; every month of Q3 yielded improving consolidated results, our balance sheet remains strong with a modest $20 million of term debt, and our liquidity position is up approximately 40% from the late Q2 low point. This desirable set of metrics allows us to focus on our customers, our performance and our strategic options further fueling Ranger's growth and success.
It is definitely too early to point to a broad market recovery, however within our segments and select basins we are experiencing significant positive trends. These improvements include month over month increases in High Specification Rig hours and rates, an increase in active wireline units, and additional contract opportunities from customers scheduled to add frac crews in late Q4 or early 2021. Also, our Processing Solutions group has been growing a significant backlog of bid opportunities. While we still have a long road ahead of us, we are optimistic about the future and have now moved into the fourth quarter with great momentum.
In regards to our strategic initiatives, our efficient operating model continues to prove successful as demonstrated through our consistent margin performance across 2020. Our focus on top-tier clients is yielding a growing high-quality revenue stream with additional contract opportunities ahead of us. Finally, while the acquisition and merger environment remains opportunity rich, we continue to maintain a disciplined approach; focusing on delivering clear value to our shareholders while minimizing any risk to our strong balance sheet.”
Business Segment Financial Results
High Specification Rigs
High Specification Rigs segment revenue increased by $3.1 million to $14.5 million in Q3 from $11.4 million in Q2 2020. The increase in revenues was driven by a 23% increase in rig hours to 30,200 hours in Q3 from 24,600 hours in Q2. The hourly average rig rate increased $17, or 4%, to $480 in Q3 from $463 in Q2 on customer mix shift.
Operating loss decreased by $1.5 million to a loss of $2.4 million in Q3 from a loss of $3.9 million in Q2. Adjusted EBITDA increased 41%, or $0.7 million, to $2.4 million in Q3 from $1.7 million in Q2. The decrease in operating loss and increase in Adjusted EBITDA was primarily attributable to an increase in revenues, partially offset by increased cost of services. The operating loss was further impacted by a reduction of depreciation expense.
Completion and Other Services
Completion and Other Services segment revenue increased by $1.2 million to $18.9 million in Q3 from $17.7 million in Q2 2020. The increase in revenue for the quarter is attributable to the wireline business.
Operating income increased $0.4 million to $2.2 million in Q3 from $1.8 million in Q2. Adjusted EBITDA increased 9%, or $0.4 million, to $5.0 million in Q3 from $4.6 million in Q2. The increase in operating income and Adjusted EBITDA was driven by increased revenues, partially offset by increased cost of services related to wireline services.
Processing Solutions
Processing Solutions revenue decreased $0.4 million to $1.2 million in Q3 from $1.6 million in Q2 2020. The decrease was driven primarily by a reduction in service revenue along with reduced MRU utilization, within the segment.
Operating income increased $0.3 million to income of $0.2 million in Q3 from a loss of $0.1 million in Q2. Adjusted EBITDA decreased 25%, or $0.3 million, to $0.9 million in Q3 from $1.2 million in Q2. The increase in operating income was driven by reductions in depreciation expense.
Liquidity
We ended the quarter with $13.8 million of liquidity, consisting of $10.4 million of capacity available on our revolving credit facility and $3.4 million of cash. The Q3 cash ending balance of $3.4 million compares to $6.0 million at the end of Q2 2020. Currently, our liquidity approximated $14.0 million.
Debt
We ended Q3 with aggregate net debt of $24.4 million, a reduction of $3.6 million as compared to $28.0 million at the end of Q2.
We had an outstanding draw on our revolving credit facility of $3.0 million at the end of Q3 compared to $5.0 million at the end of Q2. During the quarter, we made aggregate payments of $5.3 million on the principal credit facility balance, partially offset by borrowings of $3.3 million.
We had an outstanding balance on our Encina Financing Agreement of $22.7 million at the end of Q2 and we made aggregate payments of $2.5 million during Q3, leaving a principal balance of $20.2 million at the end of Q3.
Capital Expenditures
Total capital expenditures recorded during the quarter were $0.6 million. High Specification Rigs segment incurred $0.2 million in capital expenditures related to miscellaneous equipment, while Completion and Other Services and Processing Solutions segments both incurred $0.1 million each. Maintenance capital expense across all segments was $0.2 million for the quarter.
Conference Call
The Company will host a conference call to discuss its Q3 2020 results on October 23rd, 2020 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call from outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com.
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10147911. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
About Ranger Energy Services, Inc.
Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “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. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.
RANGER ENERGY SERVICES, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(in millions, except share and per share amounts) |
||||||||
|
|
Three Months Ended |
||||||
|
|
September 30, 2020 |
|
June 30, 2020 |
||||
Revenues |
|
|
|
|
||||
High specification rigs |
|
$ |
14.5 |
|
|
$ |
11.4 |
|
Completion and other services |
|
18.9 |
|
|
17.7 |
|
||
Processing solutions |
|
1.2 |
|
|
1.6 |
|
||
Total revenues |
|
34.6 |
|
|
30.7 |
|
||
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
||||
Cost of services (exclusive of depreciation and amortization): |
|
|
|
|
||||
High specification rigs |
|
12.3 |
|
|
10.1 |
|
||
Completion and other services |
|
14.0 |
|
|
13.3 |
|
||
Processing solutions |
|
0.3 |
|
|
0.4 |
|
||
Total cost of services |
|
26.6 |
|
|
23.8 |
|
||
General and administrative |
|
4.6 |
|
|
5.5 |
|
||
Depreciation and amortization |
|
8.4 |
|
|
9.5 |
|
||
Total operating expenses |
|
39.6 |
|
|
38.8 |
|
||
|
|
|
|
|
||||
Operating loss |
|
(5.0 |
) |
|
(8.1 |
) |
||
|
|
|
|
|
||||
Other expenses |
|
|
|
|
||||
Interest expense, net |
|
0.8 |
|
|
0.8 |
|
||
Total other expenses |
|
0.8 |
|
|
0.8 |
|
||
|
|
|
|
|
||||
Loss before income tax expense |
|
(5.8 |
) |
|
(8.9 |
) |
||
Tax benefit |
|
(0.1 |
) |
|
— |
|
||
Net loss |
|
(5.7 |
) |
|
(8.9 |
) |
||
Less: Net loss attributable to non-controlling interests |
|
(2.5 |
) |
|
(4.0 |
) |
||
Net loss attributable to Ranger Energy Services, Inc. |
|
$ |
(3.2 |
) |
|
$ |
(4.9 |
) |
|
|
|
|
|
||||
Loss per common share |
|
|
|
|
||||
Basic |
|
(0.38 |
) |
|
(0.58 |
) |
||
Diluted |
|
(0.38 |
) |
|
(0.58 |
) |
||
Weighted average common shares outstanding |
|
|
|
|
||||
Basic |
|
8,506,781 |
|
|
8,474,077 |
|
||
Diluted |
|
8,506,781 |
|
|
8,474,077 |
|
||
RANGER ENERGY SERVICES, INC. |
||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in millions, except share and per share amounts) |
||||||||
|
|
September 30, 2020 |
|
December 31, 2019 |
||||
Assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
3.4 |
|
|
$ |
6.9 |
|
Accounts receivable, net |
|
21.0 |
|
|
41.5 |
|
||
Contract assets |
|
0.9 |
|
|
1.2 |
|
||
Inventory |
|
1.7 |
|
|
3.8 |
|
||
Prepaid expenses |
|
1.9 |
|
|
5.3 |
|
||
Total current assets |
|
28.9 |
|
|
58.7 |
|
||
|
|
|
|
|
||||
Property and equipment, net |
|
197.9 |
|
|
218.9 |
|
||
Intangible assets, net |
|
8.7 |
|
|
9.3 |
|
||
Operating leases, right-of-use assets |
|
5.2 |
|
|
6.5 |
|
||
Other assets |
|
0.7 |
|
|
0.1 |
|
||
Total assets |
|
$ |
241.4 |
|
|
$ |
293.5 |
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
|
||||
Accounts payable |
|
8.2 |
|
|
13.8 |
|
||
Accrued expenses |
|
8.5 |
|
|
18.4 |
|
||
Finance lease obligations, current portion |
|
3.0 |
|
|
5.1 |
|
||
Long-term debt, current portion |
|
10.0 |
|
|
15.8 |
|
||
Other current liabilities |
|
1.0 |
|
|
2.0 |
|
||
Total current liabilities |
|
30.7 |
|
|
55.1 |
|
||
|
|
|
|
|
||||
Operating leases, right-of-use obligations |
|
4.2 |
|
|
4.5 |
|
||
Finance lease obligations |
|
1.7 |
|
|
3.6 |
|
||
Long-term debt, net |
|
12.4 |
|
|
26.6 |
|
||
Other long-term liabilities |
|
1.8 |
|
|
0.7 |
|
||
Total liabilities |
|
$ |
50.8 |
|
|
$ |
90.5 |
|
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
|
||||
Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of September 30, 2020 and December 31, 2019 |
|
— |
|
|
— |
|
||
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 9,080,589 shares issued and 8,528,762 shares outstanding as of September 30, 2020; 8,839,788 shares issued and 8,725,851 shares outstanding as of December 31, 2019 |
|
0.1 |
|
|
0.1 |
|
||
Class B Common Stock, $0.01 par value, 100,000,000 shares authorized; 6,866,154 shares issued and outstanding as of September 30, 2020 and December 31, 2019 |
|
0.1 |
|
|
0.1 |
|
||
Less: Class A Common Stock held in treasury, at cost; 551,827 treasury shares as of September 30, 2020 and 113,937 treasury shares as of December 31, 2019 |
|
(3.8 |
) |
|
(0.7 |
) |
||
Accumulated deficit |
|
(14.7 |
) |
|
(8.1 |
) |
||
Additional paid-in capital |
|
122.0 |
|
|
121.8 |
|
||
Total controlling stockholders' equity |
|
103.7 |
|
|
113.2 |
|
||
Noncontrolling interest |
|
86.9 |
|
|
89.8 |
|
||
Total stockholders' equity |
|
190.6 |
|
|
203.0 |
|
||
Total liabilities and stockholders' equity |
|
$ |
241.4 |
|
|
$ |
293.5 |
|
RANGER ENERGY SERVICES, INC. |
||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
||||
(in millions) |
||||
|
|
Nine Months Ended |
||
|
|
September 30, 2020 |
||
Cash Flows from Operating Activities |
|
|
||
Net loss |
|
$ |
(11.8 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
||
Depreciation and amortization |
|
26.8 |
|
|
Equity based compensation |
|
2.8 |
|
|
Gain on retirement of debt |
|
(2.1 |
) |
|
Other costs, net |
|
3.0 |
|
|
Changes in operating assets and liabilities |
|
|
||
Accounts receivable |
|
20.4 |
|
|
Contract assets |
|
0.3 |
|
|
Inventory |
|
0.9 |
|
|
Prepaid expenses |
|
3.4 |
|
|
Other assets |
|
(0.6 |
) |
|
Accounts payable |
|
(5.6 |
) |
|
Accrued expenses |
|
(9.9 |
) |
|
Operating lease, right-of-use obligation |
|
(1.4 |
) |
|
Other long-term liabilities |
|
1.1 |
|
|
Net cash provided by operating activities |
|
27.3 |
|
|
|
|
|
||
Cash Flows from Investing Activities |
|
|
||
Purchase of property and equipment |
|
(6.4 |
) |
|
Proceeds from disposal of property and equipment |
|
0.8 |
|
|
Net cash used in investing activities |
|
(5.6 |
) |
|
|
|
|
||
Cash Flows from Financing Activities |
|
|
||
Borrowings under Credit Facility |
|
35.9 |
|
|
Principal payments on Credit Facility |
|
(42.9 |
) |
|
Principal payments on Encina Master Financing Agreement |
|
(7.5 |
) |
|
Principal payments on ESCO Note Payable |
|
(3.6 |
) |
|
Principal payments on financing lease obligations |
|
(3.7 |
) |
|
Repurchase of Class A Common Stock |
|
(3.1 |
) |
|
Shares withheld on equity transactions |
|
(0.3 |
) |
|
Net cash used in financing activities |
|
(25.2 |
) |
|
|
|
|
||
Decrease in Cash and Cash equivalents |
|
(3.5 |
) |
|
Cash and Cash Equivalents, Beginning of Period |
|
6.9 |
|
|
Cash and Cash Equivalents, End of Period |
|
$ |
3.4 |
|
|
|
|
||
Supplemental Cash Flows Information |
|
|
||
Interest paid |
|
$ |
2.3 |
|
Supplemental Disclosure of Non-cash Investing and Financing Activity |
|
|
||
Capital expenditures |
|
$ |
0.1 |
|
Additions to fixed assets through financing leases |
|
$ |
(1.0 |
) |
Early termination of financing leases |
|
$ |
1.3 |
|
RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Adjusted EBITDA is not a financial measure determined in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before net interest expense, income tax provision (benefit), depreciation and amortization, equity-based compensation, acquisition-related and severance costs, impairment of goodwill, gain or loss on sale of assets and certain other items that we do not view as indicative of our ongoing performance.
We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income or loss determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an indication that our results will be unaffected by the items excluded from Adjusted EBITDA. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. The following tables present reconciliations of net income (loss) to Adjusted EBITDA, our most directly comparable financial measure calculated and presented in accordance with GAAP.
The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the three months ended September 30, 2020 and June 30, 2020, in millions:
|
|
Three Months Ended September 30, 2020 |
||||||||||||||||||
|
|
High
|
|
Completion
|
|
Processing
|
|
Other |
|
Total |
||||||||||
|
|
(in millions) |
||||||||||||||||||
Net income (loss) |
|
$ |
(2.4 |
) |
|
$ |
2.2 |
|
|
$ |
0.2 |
|
|
$ |
(5.7 |
) |
|
$ |
(5.7 |
) |
Interest expense, net |
|
— |
|
|
— |
|
|
— |
|
|
0.8 |
|
|
0.8 |
|
|||||
Tax expense (benefit) |
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(0.1 |
) |
|||||
Depreciation and amortization |
|
4.6 |
|
|
2.7 |
|
|
0.7 |
|
|
0.4 |
|
|
8.4 |
|
|||||
EBITDA |
|
2.2 |
|
|
4.9 |
|
|
0.9 |
|
|
(4.6 |
) |
|
3.4 |
|
|||||
Equity based compensation |
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
1.1 |
|
|||||
Severance and reorganization costs |
|
— |
|
|
— |
|
|
— |
|
|
(0.4 |
) |
|
(0.4 |
) |
|||||
Loss on disposal of property and equipment |
|
0.2 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
0.3 |
|
|||||
Adjusted EBITDA |
|
$ |
2.4 |
|
|
$ |
5.0 |
|
|
$ |
0.9 |
|
|
$ |
(3.9 |
) |
|
$ |
4.4 |
|
Three Months Ended June 30, 2020 |
||||||||||||||||||||
|
|
High
|
|
Completion
|
|
Processing
|
|
Other |
|
Total |
||||||||||
|
|
(in millions) |
||||||||||||||||||
Net income (loss) |
|
$ |
(3.9 |
) |
|
$ |
1.8 |
|
|
$ |
(0.1 |
) |
|
$ |
(6.7 |
) |
|
$ |
(8.9 |
) |
Interest expense, net |
|
— |
|
|
— |
|
|
— |
|
|
0.8 |
|
|
0.8 |
|
|||||
Tax expense (benefit) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Depreciation and amortization |
|
5.2 |
|
|
2.6 |
|
|
1.3 |
|
|
0.4 |
|
|
9.5 |
|
|||||
EBITDA |
|
1.3 |
|
|
4.4 |
|
|
1.2 |
|
|
(5.5 |
) |
|
1.4 |
|
|||||
Equity based compensation |
|
— |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
0.9 |
|
|||||
Severance and reorganization costs |
|
0.4 |
|
|
0.2 |
|
|
— |
|
|
0.4 |
|
|
1.0 |
|
|||||
Loss on disposal of property and equipment |
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(0.1 |
) |
|||||
Adjusted EBITDA |
|
$ |
1.7 |
|
|
$ |
4.6 |
|
|
$ |
1.2 |
|
|
$ |
(4.3 |
) |
|
$ |
3.2 |
|
J. Brandon Blossman
Chief Financial Officer
(713) 935-8900
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