LONDON--(BUSINESS WIRE)--#GlobalOffshoreOilandGasSeismicEquipmentandAcquisitionsMarket--The offshore oil and gas Seismic equipment and acquisitions market is poised to grow by USD 1.39 billion during 2020-2024 progressing at a CAGR of over 7 % during the forecast period.
The report on the offshore oil and gas Seismic equipment and acquisitions market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the rise in deepwater and ultra-deepwater E&P projects
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Download Free Sample Report on COVID-19 Recovery Analysis
The offshore oil and gas seismic equipment and acquisitions market analysis includes the technology segment and geographic landscapes. This study identifies the increasing adoption of 4D seismic survey technology as one of the prime reasons driving the offshore oil and gas Seismic equipment and acquisitions market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The offshore oil and gas Seismic equipment and acquisitions market covers the following areas:
Companies Mentioned
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TECHNOLOGY
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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ORANGE, Conn.--(BUSINESS WIRE)--$AGR--AVANGRID (NYSE: AGR), a leading sustainable energy company, announced today the appointment of Puneet Verma to the role of Vice President, Federal Government Affairs. Verma will lead federal advocacy efforts on behalf of AVANGRID’s full suite of businesses including Avangrid Networks and Avangrid Renewables.
“Puneet’s experience, reputation and acumen in the energy sector and his deep relationships with multiple stakeholders in Washington, make him a great addition to lead AVANGRID’s Federal Government Affairs team,” said AVANGRID Chief Executive Officer, Dennis Arriola. “As we continue to grow our business, particularly in offshore wind, Puneet’s strategic leadership will be an important part of helping us realize our goal of being the clean energy leader.”
Verma will lead the government relations team representing the company on Federal regulatory and legislative issues and will be based in Washington, D.C.
“This is an exciting time for the energy sector, and joining AVANGRID as it positions itself to be the clean energy leader is a very exciting opportunity to make a real impact,” said Verma.”
Prior to joining AVANGRID, Verma served as Manager for Federal Government Affairs for Chevron. Before that, he held other leadership roles with Chevron relating to international operations, legislative and regulatory analysis and the company’s renewable technologies ventures. He also held business development and engineering roles with Pacific Gas & Electric Company and Potomac Electric Power Company.
Verma has served as Chair of the American Petroleum Institute’s Environmental Advocacy Strategy Committee and Co-Chair of the Future Transportation and Fuels Subcommittee for the National Petroleum Council, an advisory committee to the Secretary of Energy.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
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LONDON, PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) has been awarded a significant(1) Engineering, Procurement, Construction and Installation contract by Equinor for the Breidablikk Pipelay, including option for the Subsea Installation scope located in the area close to the Grane Field, North Sea.
The Breidablikk project is a tie-back to the existing Grane platform. TechnipFMC’s scope includes provision of flexible jumpers and rigid pipelines as well as pipeline installation work.
Jonathan Landes, President Subsea at TechnipFMC, commented: “We have collaborated closely with Equinor in order to optimize the solutions and methodology for the pipelay installation. We are honored to once again be selected by Equinor to create value with our products and services offering.”
The Breidablikk development is subject to final approval by the Norwegian authorities.
(1) For TechnipFMC, a “significant” contract ranges between $75 million and $250 million.
Note: this inbound order was included in the Company’s first half financial results.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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BUFFALO, N.Y.--(BUSINESS WIRE)--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, industrial and infrastructure markets, announced today that it expects to release its third quarter 2020 financial results at approximately 7:30 a.m. ET on Thursday, October 29, 2020. It also expects to discuss the results on a conference call that will be webcast live that same day starting at 9:00 a.m. ET. Hosting the call will be Chief Executive Officer William Bosway and Chief Financial Officer Timothy Murphy.
Those who wish to listen to the conference call should visit the Investor Info section of the Company’s website at www.gibraltar1.com. The call also may be accessed by dialing (833) 665-0649 or (914) 987-7311. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.
About Gibraltar
Gibraltar Industries is a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, industrial, and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.
Timothy Murphy
Chief Financial Officer
(716) 826-6500 ext. 3277
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LONDON--(BUSINESS WIRE)--#GlobalSecondaryBatteryRecyclingMarket--The global secondary battery recycling market size is poised to grow by USD 5.00 billion during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The secondary battery recycling market is driven by the self-sustainability of battery raw materials. The reserves for raw materials required for manufacturing secondary batteries such as natural graphite, manganese, and nickel are highly concentrated in few countries. The high production rates of countries, such as China and South Africa provide them control over the global market, making other countries heavily dependent on these countries for the supply of raw materials. Therefore, to decrease the dependency on other countries, promoting the recycling of used secondary batteries remains the best option for countries with high battery consumption. Therefore, to decrease the dependency on other countries, promoting the recycling of used secondary batteries remains the best option for countries with high battery consumption.
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Rising Stewardship Collaboration for Battery Recycling will be a Key Market Trend
Recycling used-batteries is becoming a critical need owing to the depleting metal reserves and their adverse impact on the environment. Along with the government, the stakeholders are required to collaborate and contribute toward the recycling of the batteries. One such trend is stewardship, which is receiving significant traction in the global secondary battery recycling market. The stewardship collaboration programs bring the government, battery manufacturers, businesses, public agencies, and the consumers on the same platform, and all of them would be equally responsible for the end-of-life management of the batteries.
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Secondary Battery Recycling Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from August 15, 2020 through November 14, 2020. This distribution will be payable on November 16, 2020 to Series A preferred unitholders of record as of the opening of business on November 2, 2020.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Daphne H. Foster
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Global Partners LP
(781) 894-8800
Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800
LONDON--(BUSINESS WIRE)--#GlobalSmartGridCommunicationsMarket--The global smart grid communications market size is poised to grow by USD 1.65 billion during 2020-2024, progressing at a CAGR of almost 11% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The smart grid communications market is driven by the rise in the installation of smart energy meters. The installation of smart energy meters is growing rapidly to facilitate two-way communication between utilities and consumers. Moreover, smart energy meters also record and report usage of data which allows customers to make informed decisions based on real-time power consumption. These factors will result in high demand for smart grid communication as smart energy metering solutions are an integral part of this system and support the overall objective of managing the power grid. The installation of smart meters is thus the primary step towards the full-scale deployment of smart grids. The increased installation of smart energy meters has led to the generation of huge volumes of meter data, which will boost the need for smart grid communications.
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Integration of Renewable Energy Sources into Smart Grids will be a Key Market Trend
Several developed and emerging economies globally are attempting to diversify their energy sources to reduce their dependence on fossil fuel. This is done by increasing renewable energy in their energy supply mix. Moreover, the integration of renewable energy sources into smart grid communications can also be attributed to the rise in environmental concerns and losses in the existing electricity grid. The smart grid communications incorporated with renewable energy sources are well-equipped to handle the intermittent power supply, which will result in its high adoption among various end-users.
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Smart Grid Communications Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Solution
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
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DUBLIN--(BUSINESS WIRE)--The "Solar Chimney Market - Global Industry Perspective, Comprehensive Analysis and Forecast 2020-2026" report has been added to ResearchAndMarkets.com's offering.
According to the report, global demand for Solar Chimney market was valued at approximately USD 113.6 million in 2019, and is expected to generate revenue of around USD 126.1 million by end of 2026, growing at a CAGR of around 1.5 % between 2020 and 2026.
Solar chimney also known thermal chimney, is the technique used for providing ventilation using solar energy. The solar chimney operates using three essential parts such as glass roof collector, chimney, and wind turbines. Air that is passed through the glazed glass roof heats up the water present in the tubes. The water gets heated at the day times and eliminates heat at the night.
Depletion of fossil non renewable sources had led the inventors to focus on the exploitation of renewable sources. Solar energy is the most abundant form of energy and is considered to be cost efficient compared to the other renewable resources. Solar chimney is recently developed technique and is expected to gain superior market in the near future. Solar chimney performs the function of offering ventilation in buildings. The growing infrastructure sector in the emerging countries and high demand for advance and automated systems drives the market for solar chimney. However, poor efficiency level may impact on the growth of solar chimney market. The solar chimney consists of several properties such as low maintenance cost, robust construction and cost effective. These factors are likely to offer better growth opportunities for solar chimney during the forecast period.
The report provides a comprehensive view on the solar chimney market we have included a detailed value chain analysis. To understand the competitive landscape in the market, an analysis of Porter's Five Forces model for the solar chimney market has also been included. The study encompasses a market attractiveness analysis, wherein regions are benchmarked based on their market size, growth rate and general attractiveness. The report also analyzes several driving and restraining factors and their impact on the market during the forecast period.
Solar chimney is mostly used in buildings for providing natural stack ventilation. The solar chimney posses the heat storage system, that delivers the heat at the night. The solar chimney can operate for 20hrs along with no extra cost is associated for building up the solar chimney. The solar chimney can generate around 150 to 200MW energy continuously for 24 hrs if the height of chimney is increased and large glazed roof if present.
Key Topics Covered:
1. Preface
2. Executive Summary
2.1. Solar Chimney Market, 2016-2026 (USD Billion)
2.2. Solar Chimney Market: Snapshot
3. Solar Chimney Market - Industry Analysis
3.1. Solar Chimney Market: Market Dynamics
3.2. Market Drivers
3.2.1. The growing infrastructure sector in the emerging countries
3.2.2. High demand for advance and automated systems
3.2.3. Low maintenance cost, robust construction and cost effective
3.3. Restraints
3.3.1. Poor efficiency level
3.4. Opportunities
3.4.1. Emerging Economies
3.5. Porter's Five Forces Analysis
3.6. Market Attractiveness Analysis
3.6.1. Market attractiveness analysis By Type
3.6.2. Market attractiveness analysis By Application
3.6.3. Market attractiveness analysis by Region
4. Solar Chimney Market- Competitive Landscape
4.1. Company market share analysis
4.1.1. Global Solar Chimney Market: company market share, 2019
4.2. Strategic development
4.2.1. Acquisitions & mergers
4.2.2. New Type launches
4.2.3. Agreements, partnerships, collaborations and joint ventures
4.2.4. Research and development and Regional expansion
4.3. Price trend analysis
5. Global Solar Chimney Market -Type Analysis
5.1. Global Solar Chimney Market overview: By Type
5.1.1. Global Solar Chimney Market share, By Type,2019 and 2026
5.2. Small Size
5.2.1. Global Solar Chimney Market by Small Size, 2016-2026 (USD Billion)
5.3. Medium Size
5.3.1. Global Solar Chimney Market by Medium Size, 2016-2026 (USD Billion)
5.4. Large Size
5.4.1. Global Solar Chimney Market by Large Size, 2016-2026 (USD Billion)
6. Global Solar Chimney Market -Application Analysis
6.1. Global Solar Chimney Market overview: By Application
6.1.1. Global Solar Chimney Market share, By Application, 2019 and 2026
6.2. Commercial
6.2.1. Global Solar Chimney Market by Commercial, 2016-2026 (USD Billion)
6.3. Residential
6.3.1. Global Solar Chimney Market by Residential, 2016-2026 (USD Billion)
6.4. Industrial
6.4.1. Global Solar Chimney Market by Industrial, 2016-2026 (USD Billion)
7. Global Solar Chimney Market - Regional Analysis
7.1. Global Solar Chimney Market overview: by Region
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Latin America
7.6. The Middle East and Africa
8. Company Profiles
8.1. Solar Innovations, Inc
8.2. Helioakmi S.A
8.3. EnviroMission Limited
8.4. Specflue Ltd
For more information about this report visit https://www.researchandmarkets.com/r/envb9g
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DUBLIN--(BUSINESS WIRE)--The "Smart Cities Market by Strategy, Technology, and Outlook for Solutions, Applications and Services 2020 - 2025" report has been added to ResearchAndMarkets.com's offering.
This report evaluates the smart cities market including leading vendors and strategies (such as a single vs. multi-vendor centric approach), infrastructure, solutions, applications, and services. The report analyzes market factors driving solution adoption, technology readiness and fitness for use, and other considerations.
The report assesses the aforementioned factors to derive penetration and revenue to forecast market value for the period of 2020 - 2025. The report also analyses the role of technology accelerating digital transformation including AI, edge processing, 5G deployment and usage, and advanced data analytics.
The majority of the world's population lives in an urban area and this is projected to grow to 71% by 2050. Global metropolitan areas are facing unprecedented challenges as the pace of urbanization is increasing at a pace that is testing the ability of city planners to meet the current and anticipated needs of its citizens. In addition, the enhanced mobility of modern society has created extreme competition between cities to attract skilled residents, corporations, and related jobs.
Smart cities represent a combination of solutions deployed in an urban environment to transform the administration and support of living and working environments to meet these challenges. Accordingly, Information and Communications Technologies (ICT) are transforming at a rapid rate, driven by urbanization, the industrialization of emerging economies, and the specific needs of various smart city initiatives. Smart city development is emerging as a focal point for growth drivers in several key ICT areas including AI, IoT, connected devices, broadband wireless, edge computing, and big data analytics.
Technological innovation is one of the driving factors for the development of cities. These innovations are also an important support for those searching for new ways to manage resources and deliver services. A lot of smart city technologies are being developed to manage specific issues in energy distribution, energy management, transportation management, and public safety. New generations of sensor networks, big data analytics, and IoT applications are being deployed in public and privately managed physical spaces to meet these requirements, though many challenges remain.
An important focus area for smart cities is technology infrastructure to enable smart utilities (smart grids, sanitation, water, and gas), smarter buildings, and workplaces. Systems and resources are intertwined as mobility, communications, energy, water, platforms, monitoring/control, performance management, predictability and forecasting all merge together. We see great synergy coming in public and corporate collaboration, but it will take up to twenty years to fully develop.
Major initiatives are beginning to make a substantial positive impact as critical milestones are achieved. This includes network and system interoperability, security and privacy controls, and technology integration. For the latter, one of the key areas that we see is the combination of AI and IoT forming "thinking" cities that rely upon the Artificial Intelligence of Things (AIoT). Industry verticals we see as early beneficiaries include utilities, public safety, and transportation. Specific AIoT-enhanced smart city solutions within these verticals are poised to improve the overall efficiency and operational effectiveness of delivery systems as well as human capital management.
Optimizing systems and services for the smart cities market will be an ongoing process. This is because developing a smart city represents an ongoing transformation process in which the correct environment for smart solutions to be efficiently accepted takes shape over a period of decades. Sustainable smart city technology deployments depend upon careful planning and execution as well as monitoring and adjustments as necessary.
For example, feature/functionality must be blended to work efficiently across many different industry verticals as smart city solutions address the needs of disparate market segments with multiple overlapping and sometimes mutually exclusive requirements. This will stimulate the need for both cross-industry coordination as well as orchestration of many different capabilities across several important technologies.
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NEW YORK--(BUSINESS WIRE)--Lazard Ltd (NYSE: LAZ) has released its annual in-depth studies comparing the costs of energy from various generation technologies and the costs of energy storage technologies for different applications.
Lazard’s latest annual Levelized Cost of Energy Analysis (LCOE 14.0) shows that as the cost of renewable energy continues to decline, certain technologies (e.g., onshore wind and utility-scale solar), which became cost-competitive with conventional generation several years ago on a new-build basis, continue to maintain competitiveness with the marginal cost of selected existing conventional generation technologies.
Lazard’s latest annual Levelized Cost of Storage Analysis (LCOS 6.0) shows that storage costs have declined across most use cases and technologies, particularly for shorter-duration applications, in part driven by evolving preferences in the industry regarding battery chemistry.
This year’s LCOE, for the first time, includes a study of hydrogen as a supplemental fuel component for combined cycle gas generation.
“As the costs of utility-scale wind and solar continue to decline and compete with the marginal cost of conventional energy generation, the focus remains on tackling the challenge of intermittency,” said George Bilicic, Vice Chairman and Global Head of Lazard’s Power, Energy & Infrastructure Group. “For the first time, we have integrated green and blue hydrogen into our analyses, which recognizes the energy sector’s increasing appreciation of hydrogen’s potentially disruptive and strategic role in managing the intermittency of renewable power generation.”
LCOE 14.0
LCOS 6.0
LCOE 14.0 and LCOS 6.0 reflect Lazard’s approach to long-term thought leadership, commitment to the sectors in which we participate and focus on intellectual differentiation. The two studies are posted at www.lazard.com/perspective.
Lazard’s Global Power, Energy & Infrastructure Group serves private and public sector clients with advisory services regarding M&A, financing and other strategic matters. The group is active in all areas of the traditional and alternative energy industries, including regulated utilities, independent power producers, alternative energy and infrastructure.
About Lazard
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from more than 40 cities across 25 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.
Clare Pickett, +1 212 632 6963
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LONDON--(BUSINESS WIRE)--#GlobalSolarCoverGlassMarket--The global solar cover glass market size is poised to grow by USD 1.04 billion during 2020-2024, progressing at a CAGR of about 29% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The solar cover glass market is driven by the rise in solar PV installations. Population growth and technological advances in the field of electrical and electronic appliances have increased the demand for energy. In addition, the rise in demand for industrial electric motor systems, growth in the electronic appliances market, and increase in the use of HVAC systems due to variation in temperature will increase the demand for electricity worldwide. With this rise in demand for energy, governments of various countries have started investing in renewable energy. Also, reduced carbon footprints of solar and wind energy compared with coal will drive the renewable energy market during the forecast period. This will stimulate the demand for solar PV installations, thereby driving market growth.
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Government Regulations Supporting Clean Energy Production will be a Key Market Trend
Government policies supporting clean energy production also drive the market growth of solar PV. Various policy renewals and reformations have been proposed by governments with regard to emission rates in power plants over the past few years. Most of the countries have formulated policies to support the growth of renewable power generation due to the growing focus on climatic change. After the Paris Agreement, countries such as India and the US have decreased their use of coal power production plants to reduce emissions. For instance, in India, coal-fired power generation projects of about 47.4 GW at different stages were canceled in 2019. Such stringent policies have helped increase the number of solar energy projects over the last decade. This is resulting in an increase in demand for solar cover glass, thereby driving the market.
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Solar Cover Glass Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
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Website: www.technavio.com/
The IDSS DETECTTM 1000 has successfully completed Certification Testing and the first to achieve APSS Level 1 performance.
BOXBOROUGH, Mass.--(BUSINESS WIRE)--#aviation--Integrated Defense and Security Solutions (IDSS) announced that its advanced computed tomography (CT) checkpoint scanner, the DETECT™ 1000, is the first scanner to achieve the Advanced Passenger Security Screening (APSS) Level 1 certification.
The APSS spec represents an increase in detection performance over previous TSA specifications. The spec defines multiple levels of performance represented by numerically increasing “levels.” Each level raises the bar for threat detection, and drives the systems to higher levels of performance. IDSS DETECT™ 1000 achieved the initial level “0” in January 2020. IDSS is the first company to take its performance to the next level, achieving Level 1 in the most recent testing.
“The APSS Level 1 performance is a significant indicator of the capabilities of the DETECT™ 1000 to address advanced threats worldwide. The performance is the result of the DETECT™’s high resolution, low noise image, which allows the Artificial Intelligence (AI) algorithms to accurately detect the advanced threats. IDSS is pleased to bring this important capability to checkpoint screening. As we move forward in an environment to better manage COVID-19 and have less interaction with passengers and handling of baggage, the DETECT™ 1000 provides for increased security while offering all passengers a fast, accurate and convenient security screening experience,” said IDSS CEO, Jeffrey Hamel.
Integrated Defense and Security Solutions is a small business, which develops and manufactures security technology systems based in Boxborough, Massachusetts. The company was founded in 2012 by a team of security experts with the goal of developing security solutions to address current and future threats. Our first product, the DETECT™ 1000 has received certification by the Transportation Security Administration (TSA), and the European Civil Aviation Conference (ECAC EDSCB C2 & C3) for explosives detection in carry-on baggage. While designed initially for explosives detection, the DETECT™ 1000 superior image quality and x-ray information has been leveraged for the Non-Intrusive Inspection (NII) of mail and parcels as well as cargo.
Sissy Pressnell, IDSS
Phone: 202-365-2476
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Upon closing, creates a pure-play global semiconductor powerhouse focused on providing disruptive technology solutions to high-growth segments including EV, 5G and industrial applications
DURHAM, N.C.--(BUSINESS WIRE)--Cree, Inc. (Nasdaq: CREE) today announced that the Company has entered into a definitive agreement to sell its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) for up to $300 million, including fixed upfront and deferred payments and contingent consideration.
Under the terms of the agreement, which has been approved by the Company’s board of directors, Cree expects to receive an initial cash payment of $50 million upon closing and $125 million to be paid upon maturity of a seller note issued by SMART to Cree due August 2023. Cree also has the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close, also payable in the form of a three-year seller note.
“We are pleased to announce the sale of our LED Products business to SMART, which represents another key milestone in our transformational journey to create a pure-play global semiconductor powerhouse,” said Cree CEO Gregg Lowe. “This transaction uniquely positions us with a sharpened strategic focus to lead the industry transition from silicon to silicon carbide and further strengthens our financial position, which will support continued investments to capitalize on multi-decade growth opportunities across EV, 5G and industrial applications. SMART has a strong platform and a solid track record of successfully acquiring and integrating technology businesses.”
Cree LED has one of the industry’s widest portfolios of highly efficient LED chips and high-performance LED components and represents one of the strongest brands in the industry. SMART is a global leader in specialty memory, storage and high-performance computing solutions serving the electronics industry for over 30 years. Leveraging SMART’s diverse customer base and global operations, Cree LED will be well positioned to continue to deliver industry leading products.
“We are thrilled to welcome Cree LED to the SMART family,” said Mark Adams, President and CEO of SMART Global Holdings. “As the leader in LED lighting technology with a highly respected brand and expansive patent portfolio, Cree has a track record of delivering best-in-class solutions and I am very excited about the opportunities that lie ahead for Cree LED as part of the SMART portfolio of products.”
The transaction is subject to required regulatory approvals and satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021. Following the closing of the transaction, SMART will license and incorporate the Cree LED brand name into the SMART portfolio of businesses.
In connection with the transaction, Morgan Stanley & Co. LLC is acting as financial advisor and Smith Anderson is acting as legal advisor to Cree.
Conference Call and Webcast Information
Cree’s management team will host a conference call to discuss the transaction as well as the Company’s strategic transformation and an updated long-term financial outlook, and host a question and answer session. The conference call will be available to the public through a live audio web broadcast via the internet. For webcast details visit Cree’s website at investor.cree.com.
Date: |
October 19, 2020 |
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Time: |
8:00am Eastern Time (ET) |
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Webcast: |
About Cree, Inc.
Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.
For additional product and Company information, please refer to www.cree.com.
Forward Looking Statements
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Cree’s actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the anticipated benefits of the transaction, including future financial and operating performance. Actual results, including with respect to Cree’s ability to complete the transaction on time or at all, Cree’s targeted earnout payment and plans to grow the Wolfspeed business, could differ materially due to a number of factors, including but not limited to, risks associated with divestiture transactions generally, including the inability to obtain, or delays in obtaining, required regulatory approvals, issues, delays or complications in completing carveout activities to allow Cree LED to operate on a standalone basis after the closing, including incurring unanticipated costs to complete such activities; the ability of Cree LED to generate sufficient revenue and gross profit in the first full four quarters post-transaction close to result in payment of the targeted earnout payment or any earnout payment; the ability of SMART to pay the note used to finance the transaction; risks associated with integration or transition of the operations, systems and personnel of Cree LED, each, as applicable within the term of the post-closing transition services agreement between SMART and Cree; unfavorable reaction to the sale by customers, competitors, suppliers and employees; the risk that costs associated with the transaction will be greater than Cree expects; risks relating to the COVID-19 pandemic that might delay or otherwise impact Cree’s ability to complete the transaction or transition operations and employees as Cree anticipates; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 28, 2020, and subsequent reports filed with the SEC. These forward-looking statements represent Cree's judgment as of the date of this release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Cree disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.
Cree® and Wolfspeed® are registered trademarks of Cree, Inc.
Cree Investor Relations Contact:
Tyler Gronbach
Cree, Inc.
VP, Investor Relations
Phone: 919-407-4820
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Cree Media Contact:
Joanne Latham
Cree, Inc.
VP, Corporate Marketing
Phone: (919) 407-5750
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“The Role of the Ocean in Climate Change and Sea Level Rise”
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--ROTH Capital Partners (ROTH), www.roth.com, a full service investment bank focused on serving emerging growth companies and their investors announced that they co-hosted a webinar on October 8th, 2020, with companies to increase advocacy and awareness in support of the upcoming UN ocean conference in Lisbon, UN's Decade of Ocean Science for Sustainable Development 2021 - 2030, and UN Sustainable Development Goal (SDG) #14, "Life Below Water: Conserve and sustainably use the oceans, seas, and marine resources."
NGO Sustainability, the Governments of Portugal, Kenya, Sri Lanka and ROTH Capital Partners hosted this UN side event for UN delegates and Secretariat as well as the private sector, students, experts and academia to harness increased momentum for the forthcoming UN ocean conference and further awareness on "The Role of the Ocean in Climate Change and Sea Level Rise." Topics discussed were the role of oceans in carbon sequestration, ocean acidification, geoengineering, marine pollution, and sea level rise and its effect on small island developing states.
According to Jesse Pichel, Managing Director of Sustainability Investment Banking at ROTH Capital Partners and also a Board Member of NGO Sustainability Inc., “Traditionally business has been the engine of economic, technological, and social progress, while increasingly contributing to social causes. There is growing consensus that private sector engagement is an indispensable tool for most effective outcomes.”
Invited companies participated in a panel moderated by Madhushree Chaterjee, UN Department of Economic and Social Affairs (DESA), Chief of Natural Resources. Webinar introductory speakers were the Ambassador of Portugal Duarte Lopez, the Charge d’Affaire of Kenya, Susan Mwangi, the Charge d’Affaire of Sri Lanka, Satya Rodrigo, as well as Ambassador Peter Thompson, Special Envoy for the Ocean for the UN Secretary-General, and Craig Irwin – Senior Research Analyst and Managing Director – Sustainability – ROTH Capital Partners.
Program topics and speakers:
"Climate Change and Sea Level Rise in United Nations Ocean Processes"
Valentina Germani - Senior Legal Officer (Programme Advisor), UN Division for Ocean Affairs and the Law of the Sea (DOALOS)
"The Blue Economy and Blue Carbon"
Markus Pohlmann- World Bank, Senior Counsel, Environment & International Law
"Ocean Acidification: A Conundrum for International Law?"
Nilufer Oral - Member of the International Law Commission & Co-Chair of the Study Group on Sea Level Rise in Relation to International Law
"The Role of Ocean Business and Investment in Climate Change and Sea Level Rise: Ocean Restoration and Coastal Adaptation"
Paul Holthus- Founding President & CEO of the World Ocean Council
"Wind and Solar Powered Marine Vessels"
Drew Stephens- VP Geosciences, OceanAero
"Renewable Energy Sector and Sustainable Investment"
Rob Campbell- Chief Commercial Officer, Ballard Power Systems
"The Potential Role of Marine Climate Geoengineering"
William Burns- Professor of Research and Co-Director of the Institute for Carbon Removal Law & Policy at American University
"Using Political Activism as an Engagement Tool in Climate Change"
Bruce Monger- Cornell University, Senior Lecturer in Earth and Atmospheric Sciences
The detailed program outline as well as speaker biographies, can be found on the NGO Sustainability Web site at: www.unngosustainability.org
To access the recording of this event, please send your name, email and affiliation to: This email address is being protected from spambots. You need JavaScript enabled to view it. by October 23rd, 2020.
ROTH’s collective sustainability banking team has been involved in ~170 sustainability transactions over the past decade with a total transaction value over $16B. (Source: ROTH Capital Partners | 10/14/2020)
ROTH is a founding member of Sustain SoCal (formerly CleanTech OC), a trade association with its roots in cleantech economic growth that accelerates sustainability in Southern California through innovation, collaboration and education.
About NGO Sustainability:
NGO Sustainability is a non-profit organization in Consultative Status with the United Nations that is dedicated to promoting sustainable development and renewable energy. Their mission is to preserve Planet Earth for future generations by empowering citizens and governments to implement sustainable practices and raise awareness.
NGO Sustainability promotes a three-dimensional vision of sustainable development that integrates environmental, economic, and social factors.
In a field as complex as sustainable development, NGO Sustainability seeks to create an understanding of how the United Nations approaches these three factors to create a unified global goal. We do this by regularly hosting meetings with guest speakers at the U.N. Headquarters in New York, on such topics as the December 2015 Paris Climate Change Agreement, renewable energy, climate change, water management, and environmental governance. For more information on NGO Sustainability, visit www.unngosustainability.org.
About Roth Capital Partners, LLC:
ROTH Capital Partners, LLC (ROTH), is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access.
Headquartered in Newport Beach, Calif., ROTH is privately-held and owned by its employees, and maintains offices throughout the U.S. For more information on ROTH, www.roth.com.
Investor and Media Contact:
ROTH Capital Partners
Isabel Mattson-Pain
Director of Marketing & Corporate Access
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949-720-7117
ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today announced that the Company will release its third quarter 2020 results after market close on Thursday, November 5, 2020, to be followed by a conference call at 5:00 p.m. (Eastern Time).
The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10149196. The replay will be available until November 12, 2020.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.
To learn more about Hannon Armstrong, please visit the Company's website at www.hannonarmstrong.com. In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, Hannon Armstrong uses its website as a channel of distribution of material Company information. Financial and other material information regarding Hannon Armstrong is routinely posted on the Company's website and is readily accessible.
ABOUT HANNON ARMSTRONG
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
HANNON ARMSTRONG
INVESTOR RELATIONS INQUIRIES:
Chad Reed
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189
Gains commitment from global infrastructure software developer to advance next generation of digital twin solutions
OSLO, Norway--(BUSINESS WIRE)--FutureOn, the fast-growing Norwegian software company that works with an expanding portfolio of global energy companies, announced today that it has secured an investment from the Bentley Acceleration Fund and established a strategic partnership with US-based Bentley Systems to accelerate the digitalization of the oil and gas industry.
FutureOn and Bentley Systems (Nasdaq: BSY), the infrastructure engineering software company, will combine FutureOn’s award-winning field design application (FieldAP) and its API-centric collaboration platform (FieldTwin) with Bentley’s iTwin platform to provide customers a next-generation digital twin solution capable of driving design methodologies in upstream project development for the next decade. Both FutureOn and Bentley platforms use open web standards to facilitate complex integration and customization, and the combined offerings are already being implemented in exploration and production workflows.
“This is a significant milestone for FutureOn which will greatly drive the growth of our business by extending its reach,” said FutureOn CEO Paal Roppen. “Also, while we will work closely with Bentley we will maintain our neutrality as an independent software vendor with a clear mandate to provide our customers a fully open and standards-driven digital platform. This flexibility supports our customers’ desire for remote collaborative decision making at a critical time for the oil and gas industry.”
FutureOn emerged from the highly respected 3D visualization agency Xvision with over 20 years of visual engineering experience specifically in the oil and gas subsea domain. In 2019 FutureOn’s FieldAP received the OTC Spotlight on New Technology Award for best software innovation in the oil and gas industry. Most recently, the company has launched the cloud-based data platform FieldTwin, which offers centralized API integrations to many of the leading engineering simulation and data analysis tools. When combined with FieldTwin, FieldAP enables cross-discipline remote collaboration for design and development of subsea digital twins.
“FutureOn has grown quickly and taken an industry-leading position in very short time thanks to bold moves like this,” added Roppen. “Today, digitalization is more important than ever for the oil and gas industry as challenging market conditions persist. Innovative and disruptive technologies such as those we develop alongside Bentley will fill an emerging void.”
“We are excited for this new opportunity to collaborate with FutureOn to provide advanced digital twin technology for the oil and gas industry, and especially for the addition of subsea expertise,” said Ken Adamson, Bentley vice president, design integration. “Combining our design, modeling, and analysis experience with FutureOn’s data management and visualization acumen to help build subsea digital twins will enable our users to further enhance their engineering performance, operations and profitability.”
For more information about FutureOn, its FieldTwin platform or the company’s work with Bentley Systems please visit www.futureon.com.
About Bentley Systems’ Acceleration Fund
Bentley Systems’ Acceleration Fund was founded in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Fund is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments, and acquiring and expanding digital integrators. Investments to date include Digital Water Works, Digital Construction Works, Virtuosity, and The Cohesive Companies. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.bentleyaccelerationfund.com.
About FutureOn
FutureOn is an agile young Norwegian software company with a passion for innovation and a head full of creative ideas. They bring along a bench of smart thinkers who have been providing appealing visual content to the oil and gas industry for many years and have now turned that creative ability into a software platform. That platform called FieldTwin is changing the way oil and gas engineers are seeing their whole world and collaborating in ways they have never even considered in the past. For more information, please visit www.futureon.com.
FutureOn
Morgan Moritz
Pierpont Communications
+ 1 512 745-2575
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today a net loss of $17 million, or $0.02 per diluted share, for the third quarter of 2020. This compares to a net loss for the second quarter of 2020 of $1.7 billion, or $1.91 per diluted share. Adjusted net income for the third quarter of 2020, excluding severance and other charges, was $100 million, or $0.11 per diluted share. This compares to adjusted net income for the second quarter of 2020, excluding impairments and other charges, of $46 million, or $0.05 per diluted share. Halliburton's total revenue in the third quarter of 2020 was $3.0 billion, a 7% decrease from revenue of $3.2 billion in the second quarter of 2020. Reported operating income was $142 million in the third quarter of 2020 compared to reported operating loss of $1.9 billion in the second quarter of 2020. Excluding impairments, severance and other charges, adjusted operating income was $275 million in the third quarter of 2020, a 17% increase from adjusted operating income of $236 million in the second quarter of 2020.
“The fundamentally different course we are charting is having a positive impact on our performance. Halliburton’s strong third quarter results demonstrate that we are effectively executing on our strategic priorities,” commented Jeff Miller, Chairman, President and CEO.
“Total company revenue was about $3.0 billion and adjusted operating income was $275 million. We improved our margin performance both internationally and in North America and are on track to generate over $1.0 billion in free cash flow for the year.
“The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing.
“We have a strong international business, a lean North America operation, and an efficient capital deployment strategy, all enabled by continued adoption of leading digital technologies that benefit our customers and Halliburton.
“We believe executing on our strategic priorities will boost our earnings power reset and free cash flow generation today and as we power into and win the eventual recovery,” concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the third quarter of 2020 was $1.6 billion, a decrease of $98 million, or 6%, when compared to the second quarter of 2020, while operating income was $212 million, an increase of $53 million, or 33%. The decline in revenue was driven by reduced completion tool sales across Europe/Africa/CIS, the Gulf of Mexico, and Latin America, coupled with lower cementing activity in Middle East/Asia and North America land. It was partially offset by higher stimulation activity and artificial lift sales in North America land, higher activity across multiple product service lines in Argentina, as well as increased pipeline services in Europe/Africa/CIS. Additionally, service delivery improvements and cost reductions related to stimulation activity in North America land contributed to increased overall margins.
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2020 was $1.4 billion, a decrease of $123 million, or 8%, when compared to the second quarter of 2020, while operating income was $105 million, a decrease of $22 million, or 17%. These declines were primarily due to reduced drilling-related and wireline services in North America and the Eastern Hemisphere, coupled with lower project management activity in Middle East/Asia, partially offset by improved drilling activity in Latin America.
Geographic Regions
North America
North America revenue in the third quarter of 2020 was $984 million, a 6% decrease when compared to the second quarter of 2020. This decline was driven by decreased well construction activity in U.S. land, coupled with reduced activity across multiple product service lines in the Gulf of Mexico, partially offset by higher stimulation activity and artificial lift sales in U.S. land.
International
International revenue in the third quarter of 2020 was $2.0 billion, a 7% decrease when compared to the second quarter of 2020, primarily driven by reduced well construction and project management activity in Middle East/Asia, lower completion tool sales in Europe/Africa/CIS, and lower wireline activity in the Eastern Hemisphere, partially offset by increased pressure pumping and drilling-related services in Latin America and increased pipeline services in Europe/Africa/CIS.
Latin America revenue in the third quarter of 2020 was $380 million, a 10% increase sequentially, resulting primarily from increased activity across multiple product service lines in Argentina, Colombia and Mexico, partially offset by reduced activity in Ecuador and lower completion tool sales in Guyana.
Europe/Africa/CIS revenue in the third quarter of 2020 was $649 million, a 6% decrease sequentially, resulting primarily from lower completion tool sales across the region, reduced drilling-related services in Norway, and a decline in fluids and cementing activity in Russia, partially offset by higher activity across multiple product service lines in Azerbaijan and a seasonal increase in pipeline services in Europe.
Middle East/Asia revenue in the third quarter of 2020 was $962 million, a 13% decrease sequentially, largely resulting from reduced well construction activity across the region, lower project management and wireline activity in the Middle East, and decreased project management activity in India, partially offset by higher completion tool sales in United Arab Emirates and Saudi Arabia.
Other Financial Items
Halliburton recognized $133 million of pre-tax severance and other charges in the third quarter to further adjust its cost structure to market conditions.
Selective Technology & Highlights
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking Statements
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand for oil and gas; the current significant surplus in the supply of oil and the ability of the OPEC+ countries to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; the continuation or suspension of our stock repurchase program, the amount, the timing and the trading prices of Halliburton common stock, and the availability and alternative uses of cash; changes in the demand for or price of oil and/or natural gas; potential catastrophic events related to our operations, and related indemnification and insurance matters; protection of intellectual property rights and against cyber-attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; compliance with laws related to income taxes and assumptions regarding the generation of future taxable income; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers, delays or failures by customers to make payments owed to us and the resulting impact on our liquidity; execution of long-term, fixed-price contracts; structural changes and infrastructure issues in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; agreement with respect to and completion of potential dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2019, Form 10-Q for the quarter ended June 30, 2020, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
HALLIBURTON COMPANY Condensed Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) |
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Three Months Ended |
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September 30 |
|
June 30 |
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2020 |
|
2019 |
|
2020 |
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Revenue: |
|
|
|
|
|
|||||||||
Completion and Production |
$ |
1,574 |
|
|
|
$ |
3,506 |
|
|
|
$ |
1,672 |
|
|
Drilling and Evaluation |
1,401 |
|
|
|
2,044 |
|
|
|
1,524 |
|
|
|||
Total revenue |
$ |
2,975 |
|
|
|
$ |
5,550 |
|
|
|
$ |
3,196 |
|
|
Operating income (loss): |
|
|
|
|
|
|||||||||
Completion and Production |
$ |
212 |
|
|
|
$ |
446 |
|
|
|
$ |
159 |
|
|
Drilling and Evaluation |
105 |
|
|
|
150 |
|
|
|
127 |
|
|
|||
Corporate and other |
(42 |
) |
|
|
(60 |
) |
|
|
(50 |
) |
|
|||
Impairments and other charges (a) |
(133 |
) |
|
|
— |
|
|
|
(2,147 |
) |
|
|||
Total operating income (loss) |
142 |
|
|
|
536 |
|
|
|
(1,911 |
) |
|
|||
Interest expense, net |
(122 |
) |
|
|
(141 |
) |
|
|
(124 |
) |
|
|||
Other, net |
(21 |
) |
|
|
(23 |
) |
|
|
(48 |
) |
|
|||
Income (loss) before income taxes |
(1 |
) |
|
|
372 |
|
|
|
(2,083 |
) |
|
|||
Income tax benefit (provision) (b) |
(18 |
) |
|
|
(76 |
) |
|
|
402 |
|
|
|||
Net income (loss) |
$ |
(19 |
) |
|
|
$ |
296 |
|
|
|
$ |
(1,681 |
) |
|
Net (income) loss attributable to noncontrolling interest |
2 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|||
Net income (loss) attributable to company |
$ |
(17 |
) |
|
|
$ |
295 |
|
|
|
$ |
(1,676 |
) |
|
Basic and diluted net income (loss) per share |
$ |
(0.02 |
) |
|
|
$ |
0.34 |
|
|
|
$ |
(1.91 |
) |
|
Basic and diluted weighted average common shares outstanding |
882 |
|
|
|
876 |
|
|
|
877 |
|
|
|||
(a) |
See Footnote Table 1 for details of the 2020 impairments and other charges. |
(b) |
The tax benefit (provision) includes the tax effect on impairments and other charges recorded during the respective periods. |
See Footnote Table 1 for Reconciliation of As Reported Operating Income (Loss) to Adjusted Operating Income. |
|
See Footnote Table 2 for Reconciliation of As Reported Net Loss to Adjusted Net Income. |
|
HALLIBURTON COMPANY Condensed Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) |
|||||||||
|
Nine Months Ended |
||||||||
|
September 30 |
||||||||
|
2020 |
|
2019 |
||||||
Revenue: |
|
|
|
||||||
Completion and Production |
$ |
6,029 |
|
|
|
$ |
10,973 |
|
|
Drilling and Evaluation |
5,179 |
|
|
|
6,244 |
|
|
||
Total revenue |
$ |
11,208 |
|
|
|
$ |
17,217 |
|
|
Operating income (loss): |
|
|
|
||||||
Completion and Production |
$ |
713 |
|
|
|
$ |
1,284 |
|
|
Drilling and Evaluation |
452 |
|
|
|
418 |
|
|
||
Corporate and other |
(152 |
) |
|
|
(190 |
) |
|
||
Impairments and other charges (a) |
(3,353 |
) |
|
|
(308 |
) |
|
||
Total operating income (loss) |
(2,340 |
) |
|
|
1,204 |
|
|
||
Interest expense, net |
(380 |
) |
|
|
(428 |
) |
|
||
Loss on early extinguishment of debt (b) |
(168 |
) |
|
|
— |
|
|
||
Other, net |
(92 |
) |
|
|
(61 |
) |
|
||
Income (loss) before income taxes |
(2,980 |
) |
|
|
715 |
|
|
||
Income tax benefit (provision) (c) |
265 |
|
|
|
(190 |
) |
|
||
Net income (loss) |
$ |
(2,715 |
) |
|
|
$ |
525 |
|
|
Net (income) loss attributable to noncontrolling interest |
5 |
|
|
|
(3 |
) |
|
||
Net income (loss) attributable to company |
$ |
(2,710 |
) |
|
|
$ |
522 |
|
|
Basic and diluted net income (loss) per share |
$ |
(3.08 |
) |
|
|
$ |
0.60 |
|
|
Basic weighted average common shares outstanding |
879 |
|
|
|
874 |
|
|
||
Diluted weighted average common shares outstanding |
879 |
|
|
|
875 |
|
|
||
(a) |
During the nine months ended September 30, 2020, Halliburton recognized a pre-tax charge of $3.4 billion primarily related to non-cash impairments of long-lived assets associated with pressure pumping equipment and real estate, as well as inventory write-offs, severance costs, and other charges. During the nine months ended September 30, 2019, Halliburton recognized a pre-tax charge of $308 million primarily related to asset impairments and severance costs. |
(b) |
During the nine months ended September 30, 2020, Halliburton recognized a $168 million loss on extinguishment of debt related to the early redemption of $1.5 billion aggregate principal amount of senior notes. |
(c) |
The tax benefit (provision) includes the tax effect on impairments and other charges recorded during the respective periods. Additionally, during the nine months ended September 30, 2020, based on current market conditions and the expected impact on the Company's business, Halliburton recognized a $310 million tax expense associated with a valuation allowance on its deferred tax assets. |
HALLIBURTON COMPANY Condensed Consolidated Balance Sheets (Millions of dollars) (Unaudited) |
||||||||
|
||||||||
|
September 30 |
|
December 31 |
|||||
|
2020 |
|
2019 |
|||||
Assets |
||||||||
Current assets: |
|
|
|
|||||
Cash and equivalents |
$ |
2,115 |
|
|
$ |
2,268 |
|
|
Receivables, net |
3,145 |
|
|
4,577 |
|
|||
Inventories |
2,580 |
|
|
3,139 |
|
|||
Other current assets |
1,183 |
|
|
1,228 |
|
|||
Total current assets |
9,023 |
|
|
11,212 |
|
|||
Property, plant and equipment, net |
5,033 |
|
|
7,310 |
|
|||
Goodwill |
2,804 |
|
|
2,812 |
|
|||
Deferred income taxes |
2,056 |
|
|
1,683 |
|
|||
Operating lease right-of-use assets |
761 |
|
|
931 |
|
|||
Other assets |
1,197 |
|
|
1,429 |
|
|||
Total assets |
$ |
20,874 |
|
|
$ |
25,377 |
|
|
|
|
|
|
|||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
1,548 |
|
|
$ |
2,432 |
|
|
Accrued employee compensation and benefits |
503 |
|
|
604 |
|
|||
Current portion of operating lease liabilities |
240 |
|
|
208 |
|
|||
Current maturities of long-term debt |
195 |
|
|
11 |
|
|||
Other current liabilities |
1,437 |
|
|
1,623 |
|
|||
Total current liabilities |
3,923 |
|
|
4,878 |
|
|||
Long-term debt |
9,632 |
|
|
10,316 |
|
|||
Operating lease liabilities |
754 |
|
|
825 |
|
|||
Employee compensation and benefits |
530 |
|
|
525 |
|
|||
Other liabilities |
832 |
|
|
808 |
|
|||
Total liabilities |
15,671 |
|
|
17,352 |
|
|||
Company shareholders’ equity |
5,200 |
|
|
8,012 |
|
|||
Noncontrolling interest in consolidated subsidiaries |
3 |
|
|
13 |
|
|||
Total shareholders’ equity |
5,203 |
|
|
8,025 |
|
|||
Total liabilities and shareholders’ equity |
$ |
20,874 |
|
|
$ |
25,377 |
|
|
HALLIBURTON COMPANY Condensed Consolidated Statements of Cash Flows (Millions of dollars) (Unaudited) |
||||||||||||||
|
Nine Months Ended |
|
Three Months Ended |
|||||||||||
|
September 30 |
|
September 30 |
|||||||||||
|
2020 |
|
2019 |
|
2020 |
|||||||||
Cash flows from operating activities: |
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
(2,715 |
) |
|
|
$ |
525 |
|
|
|
$ |
(19 |
) |
|
Adjustments to reconcile net income (loss) to cash flows from operating activities: |
|
|
|
|
|
|||||||||
Impairments and other charges |
3,353 |
|
|
|
308 |
|
|
|
133 |
|
|
|||
Depreciation, depletion and amortization |
829 |
|
|
|
1,253 |
|
|
|
230 |
|
|
|||
Working capital (a) |
476 |
|
|
|
(656 |
) |
|
|
180 |
|
|
|||
Deferred income tax benefit |
(380 |
) |
|
|
(77 |
) |
|
|
(27 |
) |
|
|||
Other operating activities |
(320 |
) |
|
|
(75 |
) |
|
|
(77 |
) |
|
|||
Total cash flows provided by (used in) operating activities |
1,243 |
|
|
|
1,278 |
|
|
|
420 |
|
|
|||
Cash flows from investing activities: |
|
|
|
|
|
|||||||||
Capital expenditures |
(510 |
) |
|
|
(1,190 |
) |
|
|
(155 |
) |
|
|||
Proceeds from sales of property, plant and equipment |
199 |
|
|
|
143 |
|
|
|
77 |
|
|
|||
Other investing activities |
(33 |
) |
|
|
(83 |
) |
|
|
15 |
|
|
|||
Total cash flows provided by (used in) investing activities |
(344 |
) |
|
|
(1,130 |
) |
|
|
(63 |
) |
|
|||
Cash flows from financing activities: |
|
|
|
|
|
|||||||||
Payments on long-term borrowings |
(1,653 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|||
Proceeds from issuance of long-term debt, net |
994 |
|
|
|
— |
|
|
|
— |
|
|
|||
Dividends to shareholders |
(238 |
) |
|
|
(472 |
) |
|
|
(40 |
) |
|
|||
Stock repurchase program |
(100 |
) |
|
|
(100 |
) |
|
|
— |
|
|
|||
Other financing activities |
25 |
|
|
|
33 |
|
|
|
5 |
|
|
|||
Total cash flows provided by (used in) financing activities |
(972 |
) |
|
|
(550 |
) |
|
|
(35 |
) |
|
|||
Effect of exchange rate changes on cash |
(80 |
) |
|
|
(35 |
) |
|
|
(18 |
) |
|
|||
Increase (decrease) in cash and equivalents |
(153 |
) |
|
|
(437 |
) |
|
|
304 |
|
|
|||
Cash and equivalents at beginning of period |
2,268 |
|
|
|
2,008 |
|
|
|
1,811 |
|
|
|||
Cash and equivalents at end of period |
$ |
2,115 |
|
|
|
$ |
1,571 |
|
|
|
$ |
2,115 |
|
|
(a) |
Working capital includes receivables, inventories and accounts payable. |
|
See Footnote Table 3 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow. |
||
HALLIBURTON COMPANY Revenue and Operating Income (Loss) Comparison By Operating Segment and Geographic Region (Millions of dollars) (Unaudited) |
||||||||||||||
|
Three Months Ended |
|||||||||||||
|
September 30 |
|
June 30 |
|||||||||||
Revenue |
2020 |
|
2019 |
|
2020 |
|||||||||
By operating segment: |
|
|
|
|
|
|||||||||
Completion and Production |
$ |
1,574 |
|
|
|
$ |
3,506 |
|
|
|
$ |
1,672 |
|
|
Drilling and Evaluation |
1,401 |
|
|
|
2,044 |
|
|
|
1,524 |
|
|
|||
Total revenue |
$ |
2,975 |
|
|
|
$ |
5,550 |
|
|
|
$ |
3,196 |
|
|
|
|
|
|
|
|
|||||||||
By geographic region: |
|
|
|
|
|
|||||||||
North America |
$ |
984 |
|
|
|
$ |
2,949 |
|
|
|
$ |
1,049 |
|
|
Latin America |
380 |
|
|
|
608 |
|
|
|
346 |
|
|
|||
Europe/Africa/CIS |
649 |
|
|
|
831 |
|
|
|
691 |
|
|
|||
Middle East/Asia |
962 |
|
|
|
1,162 |
|
|
|
1,110 |
|
|
|||
Total revenue |
$ |
2,975 |
|
|
|
$ |
5,550 |
|
|
|
$ |
3,196 |
|
|
|
|
|
|
|
|
|||||||||
Operating Income (Loss) |
|
|
|
|
|
|||||||||
By operating segment: |
|
|
|
|
|
|||||||||
Completion and Production |
$ |
212 |
|
|
|
$ |
446 |
|
|
|
$ |
159 |
|
|
Drilling and Evaluation |
105 |
|
|
|
150 |
|
|
|
127 |
|
|
|||
Total |
317 |
|
|
|
596 |
|
|
|
286 |
|
|
|||
Corporate and other |
(42 |
) |
|
|
(60 |
) |
|
|
(50 |
) |
|
|||
Impairments and other charges |
(133 |
) |
|
|
— |
|
|
|
(2,147 |
) |
|
|||
Total operating income (loss) |
$ |
142 |
|
|
|
$ |
536 |
|
|
|
$ |
(1,911 |
) |
|
See Footnote Table 1 for Reconciliation of As Reported Operating Income (Loss) to Adjusted Operating Income. |
HALLIBURTON COMPANY Revenue and Operating Income (Loss) Comparison By Operating Segment and Geographic Region (Millions of dollars) (Unaudited) |
|||||||||
|
Nine Months Ended |
||||||||
|
September 30 |
||||||||
Revenue |
2020 |
|
|
2019 |
|
||||
By operating segment: |
|
|
|
||||||
Completion and Production |
$ |
6,029 |
|
|
|
$ |
10,973 |
|
|
Drilling and Evaluation |
5,179 |
|
|
|
6,244 |
|
|
||
Total revenue |
$ |
11,208 |
|
|
|
$ |
17,217 |
|
|
|
|
|
|
||||||
By geographic region: |
|
|
|
||||||
North America |
$ |
4,493 |
|
|
|
$ |
9,551 |
|
|
Latin America |
1,242 |
|
|
|
1,766 |
|
|
||
Europe/Africa/CIS |
2,171 |
|
|
|
2,402 |
|
|
||
Middle East/Asia |
3,302 |
|
|
|
3,498 |
|
|
||
Total revenue |
$ |
11,208 |
|
|
|
$ |
17,217 |
|
|
|
|
|
|
||||||
Operating Income (Loss) |
|
|
|
||||||
By operating segment: |
|
|
|
||||||
Completion and Production |
$ |
713 |
|
|
|
$ |
1,284 |
|
|
Drilling and Evaluation |
452 |
|
|
|
418 |
|
|
||
Total |
1,165 |
|
|
|
1,702 |
|
|
||
Corporate and other |
(152 |
) |
|
|
(190 |
) |
|
||
Impairments and other charges |
(3,353 |
) |
|
|
(308 |
) |
|
||
Total operating income (loss) |
$ |
(2,340 |
) |
|
|
$ |
1,204 |
|
|
FOOTNOTE TABLE 1
HALLIBURTON COMPANY Reconciliation of As Reported Operating Income (Loss) to Adjusted Operating Income (Millions of dollars) (Unaudited) |
|||||||
|
Three Months Ended |
||||||
|
September 30, 2020 |
June 30, 2020 |
|||||
As reported operating income (loss) |
$ |
142 |
|
$ |
(1,911 |
) |
|
|
|
|
|||||
Impairments and other charges: |
|
|
|||||
Severance |
83 |
|
241 |
|
|
||
Long-lived asset impairments |
31 |
|
1,252 |
|
|
||
Inventory costs and write-downs |
11 |
|
494 |
|
|
||
Other |
8 |
|
160 |
|
|
||
Total impairments and other charges (a) |
133 |
|
2,147 |
|
|
||
Adjusted operating income (b) |
$ |
275 |
|
$ |
236 |
|
|
For Investors:
Abu Zeya
Halliburton, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2688
For Media:
Emily Mir
Halliburton, Public Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2601
McFadyen brings more than 30 years of leadership experience in the marine, defense and aerospace industries
BELOIT, Wis.--(BUSINESS WIRE)--Fairbanks Morse, a leading provider of solutions that are powering the world forward, has named James (Jay) McFadyen as Vice President and General Manager of Aftermarket.
“Jay’s experience leading global businesses through organizational and operational transformations will be a tremendous asset to Fairbanks Morse as we expand aftermarket services domestically and internationally,” said George Whittier, CEO of Fairbanks Morse. “He has a history of consistently delivering profit growth through close collaboration with customers. I am very pleased to welcome Jay to Fairbanks Morse.”
McFadyen has more than 30 years of experience in the marine, defense and aerospace industries with leading global companies including Rolls-Royce, GE, and most recently as Vice President for Leonardo DRS-Naval Power Systems. Recognized as an innovator, McFadyen twice won GE’s award for Engineering Accomplishment of the Year and formed the first business unit at Rolls-Royce to be recognized as an Innovation Center of Excellence. As Senior Vice President, Ship Intelligence at Rolls-Royce, he was responsible for the development and delivery of the digital strategy, helping lead the digital revolution within the Marine industry.
He held several senior leadership roles at Rolls-Royce and as Senior Vice President of Marine Services, he led a team of nearly 1,000 employees in providing product strategy, aftermarket business execution and technical support for all Rolls-Royce Marine aftermarket products. Previously he oversaw all aspects of the aftermarket business in the Americas with a team operating across 16 sites to deliver spare parts, field service and upgrades for every customer segment in the Marine business.
“I am excited to join the talented team at Fairbanks Morse and to lead the company’s strategic focus on producing innovative and comprehensive aftermarket services to our customers,” said Jay McFadyen, Fairbanks Morse Vice President and General Manager for Aftermarket. “Fairbanks Morse has a long and distinguished history of providing power solutions and services to its marine and military customers, and I look forward to building on that legacy.”
McFadyen earned a Master of Business Administration from Boston College, a Master of Science in Mechanical Engineering from Boston University and a Bachelor of Science in Mechanical Engineering from Tufts University.
About Fairbanks Morse
Fairbanks Morse manufactures and services heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse® and ALCO® brand names, which are used primarily in marine and power generation applications. Fairbanks Morse has been the original equipment manufacturer of its engines for over 125 years and has a large installed base for which it supplies aftermarket parts and services. Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard. One hundred percent of manufacturing is conducted in its U.S. based facility in Beloit, Wis., while aftermarket parts and services are delivered through its growing network of service centers strategically located around the U.S. Fairbanks Morse is a portfolio company of Arcline Investment Management. Learn more about Fairbanks Morse by visiting www.fairbanksmorse.com.
Media Contact:
Mercom Communications
Wendy Prabhu
1.512.215.4452
www.mercomcapital.com
This email address is being protected from spambots. You need JavaScript enabled to view it.
ConocoPhillips and Concho Resources Combination Built Upon Shared Vision to Deliver Superior Returns Through Price Cycles
All-Stock Transaction Valued at $9.7 Billion Honors Proven Financial Framework and is Expected to be Accretive on Consensus Key Financial Metrics
HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an all-stock transaction. Under the terms of the transaction, which has been unanimously approved by the board of directors of each company, each share of Concho Resources (Concho) common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips common stock, representing a 15 percent premium to closing share prices on October 13. The transaction combines two high-quality industry leaders to create a company with an approximately $60 billion enterprise value that will offer stakeholders a superior investment choice for sustainable performance and returns through cycles. Highlights of the transaction include:
“The leadership and boards of both companies believe today’s transaction is an affirmation of our commitment to lead a structural change for our vital industry,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “Concho is a tremendous fit with ConocoPhillips. Together, ConocoPhillips and Concho will have unmatched scale and quality across the important value drivers in our business: an enviable low cost of supply asset base, a strong balance sheet, a disciplined capital allocation approach, ESG excellence and great people. Importantly, the transaction meets our long-stated and clear criteria for mergers and acquisitions because it is completely consistent with our financial and operational framework.”
“Through this combination, we are joining a diversified energy company with even more scale and resources to create shareholder value in today’s markets and beyond,” said Tim Leach, chairman and chief executive officer of Concho Resources. “Thanks to our team, Concho is one of the largest unconventional shale producers in the United States, with a high-quality asset base, a culture of operational excellence, safety and efficiency, and a strong balance sheet. Through consolidation, we will apply our assets, capabilities and superior performance to the business model of the future, creating a better-capitalized company with enhanced capital discipline, more flexibility and an unwavering commitment to sustainability. From our position of strength and in light of market trends, our board of directors and management team evaluated a wide range of options and unanimously determined that combining with ConocoPhillips is the best path forward for Concho and our shareholders. We look forward to bringing together our complementary operations, teams and cultures to realize the upside potential of this exciting combination.”
Transaction Rationale and Benefits
Today’s transaction brings together two companies with the leadership, assets and a capital allocation approach to generate growing free cash flow, supported by a top-tier investment-grade balance sheet that provides investors with sustainability, resilience and flexibility. The combined company will have competitive advantages across sector fundamentals:
Leadership and Governance
Upon closing, Concho’s Chairman and Chief Executive Officer Tim Leach will join ConocoPhillips’ board of directors and executive leadership team as executive vice president and president, Lower 48. This transaction will enhance the company’s competitive position in Midland.
Transaction Details
The transaction is subject to the approval of both ConocoPhillips and Concho stockholders, regulatory clearance and other customary closing conditions. The transaction is expected to close in the first quarter of 2021. In the meantime, an integration planning team consisting of representatives from both companies will be formed to ensure required business processes and programs are implemented seamlessly post-closing. In light of the pending merger, ConocoPhillips has suspended share repurchases until after the transaction closes.
Lance continued, “Opportunities to consolidate quality on the scale of these two companies do not come along often, so we are seizing this moment to create a company to lead the necessary transformation of our vital sector for the benefit for all stakeholders in the future.”
ConocoPhillips will host a conference call today at 8 a.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials, go to www.conocophillips.com/investor.
Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to ConocoPhillips, and Wachtell, Lipton, Rosen & Katz is serving as ConocoPhillips’ legal advisor. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as financial advisors to Concho. Sullivan & Cromwell LLP is acting as legal advisor to Concho.
Additional Information
Additional information regarding this transaction and accompanying presentation can be found on the ConocoPhillips Investor Relations website and in filings with the Securities and Exchange Commission (the “SEC”). ConocoPhillips has also created a section of its web site to keep its stakeholders apprised of the process. Please review www.conocophillips.com/concho for more information.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees at June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
About Concho Resources
Concho Resources (NYSE: CXO) is one of the largest unconventional shale producers in the Permian Basin, with operations focused on safely and efficiently developing oil and natural gas resources. We are working today to deliver a better tomorrow for our shareholders, people and communities. For more information about Concho, visit www.concho.com.
Forward-Looking Statements
This communication relates to a proposed business combination transaction between ConocoPhillips and Concho Resources. Forward-looking statements relate to future events and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, and the anticipated closing date for the proposed transaction and other aspects of our operations or operating results. 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 expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties, and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results or events to differ materially from those described in these forward-looking statements: the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, 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 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 ConocoPhillips’ business; ConocoPhillips’ ability to collect payments when due under ConocoPhillips’ settlement agreement with PDVSA; ConocoPhillips’ ability to collect payments from the government of Venezuela as ordered by the ICSID; ConocoPhillips’ ability to liquidate the common stock issued to ConocoPhillips by Cenovus Energy Inc. at prices ConocoPhillips deems acceptable, or at all; ConocoPhillips’ ability to complete ConocoPhillips’ other announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for ConocoPhillips’ other announced 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 such announced dispositions, acquisitions or ConocoPhillips’ remaining business; business disruptions during or following ConocoPhillips’ other announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from such dispositions in the manner and timeframe ConocoPhillips currently anticipates, if at all; potential liability for remedial actions under existing or future environmental regulations and adverse results in litigation matters, including the potential for litigation related to the proposed transaction; 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; changes in fiscal regime or tax, environmental and other laws applicable to the combined company’s business; disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; ConocoPhillips’ ability to successfully integrate Concho’s businesses and technologies; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner, or at all; the risk that ConocoPhillips or Concho Resources will be unable to retain and hire key personnel; the risk associated with ConocoPhillips’ and Concho’s ability to obtain the approvals of their respective stockholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; uncertainty as to the long-term value of ConocoPhillips’ common stock; and the diversion of management time on transaction-related matters. These risks, as well as other risks related to the proposed transaction, will be included in the registration statement on Form S-4 and joint proxy statement/prospectus that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to ConocoPhillips’ and Concho’s respective periodic reports and other filings with the SEC, including the risk factors contained in ConocoPhillips’ and Concho’s most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain and are made only as of the date hereof. Except as required by law, neither ConocoPhillips nor Concho Resources undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise.
No Offer or Solicitation – This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information about the Merger and Where to Find It – In connection with the proposed transaction, ConocoPhillips intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of ConocoPhillips and Concho Resources and that also constitutes a prospectus of ConocoPhillips. Each of ConocoPhillips and Concho Resources may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that ConocoPhillips or Concho Resources may file with the SEC. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of ConocoPhillips and Concho Resources. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about ConocoPhillips, Concho Resources and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by ConocoPhillips will be available free of charge on ConocoPhillips’ website at http://www.conocophillips.com or by contacting ConocoPhillips’ Investor Relations Department by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 281-293-5000. Copies of the documents filed with the SEC by Concho Resources will be available free of charge on Concho’s website at https://ir.concho.com/investors/.
Participants in the Solicitation – ConocoPhillips, Concho Resources and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of ConocoPhillips, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ConocoPhillips’ proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2020, and ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 18, 2020, as well as in Forms 8-K filed by ConocoPhillips with the SEC on May 20, 2020 and September 8, 2020, respectively. Information about the directors and executive officers of Concho Resources, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Concho’s proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 16, 2020, and Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 19, 2020. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from ConocoPhillips or Concho Resources using the sources indicated above.
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, and any reserve estimates provided in this news release that are not specifically designated as being estimates of proved reserves may include “potential” reserves and/or other estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. 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.
ConocoPhillips
John C. Roper (media)
281-293-1451
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
281-293-5000
This email address is being protected from spambots. You need JavaScript enabled to view it.
Concho Resources
Investor Relations
Megan P. Hays
Vice President of Investor Relations & Public Affairs
432-685-2533
Michael Healey
Manager of Investor Relations
432-818-1387
MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) highlights its 45 years of dividend increases in its investor newsletter, Inside View, which also includes the following topics:
The newsletter is available on MGE Energy's website at:
http://www.mgeenergy.com/insideview
Inside View is published periodically to provide investors with information about MGE Energy and its primary subsidiary, Madison Gas and Electric.
About MGE Energy
MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. It is the parent company of Madison Gas and Electric, which generates and distributes electricity in Dane County, Wis., and purchases and distributes natural gas in seven south-central and western Wisconsin counties. MGE Energy's assets total approximately $2 billion, and its 2019 revenues were $569 million.
Investor relations contact
Ken Frassetto
Director - Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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