HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on October 26, 2020 based on the Trust’s calculation of net profits generated during August 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in $0.3 million of operating income. Revenues from the Developed Properties were $1.7 million, lease operating expenses including property taxes were $1.4 million, and development costs were approximately $0.01 million. The average realized price for the Developed Properties was $40.57 per Boe for the Current Month, as compared to $39.57 per Boe in July 2020. Although the average realized price per Boe increased compared to July 2020, commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. The cumulative net profits deficit amount for the Developed Properties remained steady at approximately $25.1 million in the current month versus approximately $25.1 million in the prior month.
The Current Month’s calculation included approximately $44,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $37.91 per Boe in the Current Month, as compared to $36.47 per Boe in July 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $0.01 million and was approximately $2.9 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of $75,000 together exceeded the payment of approximately $44,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $126,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC, will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has informed the Trustee that due to the current economic conditions, including the low commodity prices and market oversupply of oil, for the foreseeable future, PCEC does not expect to loan such funds to the Trust other than the $1 million letter of credit. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $126,000, which together with prior drawdowns would leave approximately $330,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $268,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
|||||
Sales Volumes |
Average Price |
||||
(Boe) |
(Boe/day) |
(per Boe) |
|||
Developed Properties (a) |
42,535 |
1,372 |
$ |
40.57 |
|
Remaining Properties (b) |
16,641 |
537 |
$ |
37.91 |
|
(a) Crude oil sales represented 99% of sales volumes |
|||||
(b) Crude oil sales represented 100% of sales volumes |
|||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by its consultants, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before PCEC’s consultants completed their analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO that PCEC provided to the Trustee, and Martindale is continuing to evaluate that estimate. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to the ARO estimated by PCEC.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC previously informed the Trustee that due to the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, PCEC had shut in approximately 20% of its production since the beginning of the crisis. PCEC has informed the Trustee that despite the continued reduced demand for and oversupply of crude oil, PCEC is no longer shutting wells in. PCEC continuously evaluates, based on price, whether to shut in wells or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Scott Wood Litigation Against Newbridge Resources Group, LLC
The Trustee has learned that on September 23, 2020, Scott Wood, the former Chief Executive Officer of Newbridge Resources Group, LLC (“Newbridge”), the entity that ultimately controls PCEC, filed a lawsuit in the Delaware Court of Chancery against Newbridge and the managers of Newbridge appointed by K-4 Oil, LLC, alleging as his sole cause of action that such managers acted in bad faith in connection with the exercise of Mr. Wood’s buyout from Newbridge by purposely undervaluing his 50% interest in Newbridge (the “Complaint”).
In support of the Complaint, Mr. Wood cites the Evergreen Capital Management LLC (“Evergreen”) lawsuit against PCEC and the Trustee and acknowledges that Evergreen “attributes the manipulation of PCEC's finances to Wood individually (as CEO) rather than to NewBridge.” In the Complaint, Mr. Wood denies Evergreen’s allegations and alleges instead that Newbridge managers “caused a massive increase to the estimated abandonment and plugging costs used in calculating asset retirement obligations, rather than amortizing those costs over the lifetime of the oil well”. The Trust is aware that Moss Adams has certified such plugging and abandonment costs and calculations to the Newbridge managers. PCEC has informed the Trustee (1) that Mr. Wood’s allegations are baseless and defamatory, (2) that PCEC maintains that the reliance on the certification provided by Moss Adams fully protects the managers from any liability pursuant to Section 18-406 of the Delaware Limited Liability Company Act, and (3) that Newbridge intends to defend and assert counterclaims against Mr. Wood in connection with the Complaint. The Trustee intends to continue to monitor the proceedings related to the Complaint.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“New Fortress” or the “Company”) announced today that it has signed a Memorandum of Understanding (“MOU”) with the Philippine National Oil Company (“PNOC”) to advance the development of infrastructure to supply reliable, cost-competitive power and natural gas into the Philippine market, for the benefit of the country and the Filipino people.
Under the MOU, PNOC and NFE will work together to identify potential opportunities to accelerate the development of important LNG and power infrastructure in the country, leveraging future investments to build a new and durable LNG value chain in the Philippines capable of generating jobs, revenue and opportunity far beyond prospective terminal or power plant sites.
“The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines,” said Wes Edens, CEO and Chairman of NFE. “Increasing access to power across the islands at a rapid pace will create significant growth opportunities. We look forward to working closely with our partners at PNOC and the government to bring more reliable power and help accelerate the clean energy transition.”
The MOU was signed October 14, 2020 in a virtual ceremony that featured PNOC President and CEO Admiral Reuben S. Lista (Ret) and New Fortress Chairman and CEO Wes Edens. Secretary of Energy, Alfonso G. Cusi, who is also the ex-officio Chairman of the Board of PNOC, was also present to extend the Department of Energy’s support to the cooperation.
“We are confident that, with this cooperation with New Fortress Energy, PNOC will find meaningful ways to contribute to achieving energy security and stability in the country,” said Admiral Lista. “NFE can help us bridge the gaps in the value chain for a robust LNG industry and enable us to take that giant leap towards the realization of the Philippines’ potential as a strategic LNG hub for the Asia-Pacific region.”
State-run PNOC was already in the process of competitive selection for a partner for a LNG Terminal Project when it was shelved in December 2018 in light of increased private sector interest to undertake, on its own, the entire project. The decision was intended to demonstrate the government’s policy to encourage private capital investment without prejudice to PNOC’s assumed role as the catalyst to develop and establish a growing value chain for the LNG in the country.
The MOU is non-binding on the parties, and actual terms of any future definitive agreement may differ from the terms of the MOU.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including but not limited to the Company’s plans to build LNG and power infrastructure in the Philippines, the investment’s capability of generating jobs, revenue and opportunity, the ability of the MOU to enable cleaner, more affordable and more reliable energy, increasing access to power in the Philippines rapidly or at all, and accelerating the clean energy transition of the Philippines, the ability of PNOC to work with NFE to find ways to achieve energy security and stability or realize the potential of the Philippines as a strategic hub for LNG, and the plans for NFE and PNOC to develop a future definitive agreement. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the ability and willingness of the Company and PNOC to enter into a binding agreement on favorable terms or at all, the difficulty in predicting the timing or outcome of any proposed project including those discussed in this press release, the market price for natural gas and alternative fuels, the timing to completion, cost, capacity, dispatch rate and heat rate of any proposed project, and the ability of NFE and PNOC to continue to build an LNG value chain or leverage LNG as part of an energy transition in the Philippines even if any intial project is successful on its own. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.
IR:
Alan Andreini
(212) 798-6128
This email address is being protected from spambots. You need JavaScript enabled to view it.
Joshua Kane
(516) 268-7455
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended September 30, 2020, which is flat quarter over quarter. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on November 13, 2020, to unitholders of record as of November 6, 2020.
Robert G. Phillips, Chairman, President and Chief Executive Officer commented, “Based on preliminary third quarter results, Crestwood’s operations were in-line with internal expectations driven by new well connect activity and limited shut-in volumes in its Gathering & Processing segment and increased natural gas and NGL storage demand in its Marketing, Supply & Logistics and Storage & Transportation segments. Crestwood’s third quarter results, combined with limited growth capital requirements and full realization of previously announced G&A and O&M savings, drove positive free cash flow generation during the quarter that allowed Crestwood to further strengthen its balance sheet by de-leveraging and building significant distribution coverage. As a result, Crestwood’s board of directors has elected to maintain the partnership’s common and preferred distributions at existing levels for the third quarter and remains confident in the company’s ability to achieve its financial objectives and exceed the mid-point of its revised guidance in 2020.”
Crestwood plans to report financial results for the third quarter 2020 on Tuesday, October 27, 2020, before the New York Stock Exchange opens for trading. Following the announcement, management will host a conference call for investors and analysts at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) that day to discuss the operating and financial results. Crestwood will provide an update on its operations and financial strategy at that time. The call will be broadcast live over the internet via audio webcast. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least ten minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Tax Notice to Foreign Investors
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Crestwood’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Crestwood’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Crestwood, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
Crestwood Equity Partners LP
Investor Contacts
Josh Wannarka, 713-380-3081
This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior Vice President, Investor Relations, ESG & Corporate Communications
Rhianna Disch, 713-380-3006
This email address is being protected from spambots. You need JavaScript enabled to view it.
Director, Investor Relations
New features in GPS 24xd marine antenna provide heading and positioning accuracy to within 1 meter
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), the world’s leading marine electronics manufacturer1, today announced the GPS 24xd marine position receiver and antenna with multi-band GPS, offering mariners the most advanced positioning and heading data available. The GPS 24xd utilizes both L1 and L5 frequencies, along with multi-constellation support (GPS, Galileo2, GLONASS, BeiDou2), to provide multi-band GPS capability enabling location accuracy within 1 meter. Thanks to built-in magnetic heading sensors, it’s possible to pinpoint heading within 3 degrees, which in turn delivers optimum chart stability, radar overlay and mini-automatic radar plotting aid (MARPA), even at slower speeds.
“We remain ambitious about our mission to provide the most innovative and cutting-edge marine technology on the market today, and we believe that the GPS 24xd is a testament to that commitment,” said Dan Bartel, Garmin vice president of global consumer sales. “Using innovative multi-band GPS, we are confident that the new GPS 24xd will provide Garmin customers with the highest level of reliability and precision for their cruising, fishing and sailing adventures.”
Advanced Positional Performance
Mariners can now experience the unrivaled accuracy of the GPS 24xd antenna while cruising the water at any speed. Built on the foundation of the existing GPS 19x, the GPS 24xd offers revolutionary multi-band technology, the first of its kind in the consumer marine industry, and 10Hz position update rates for the finest high sensitivity tracking the market has to offer. These new features are accompanied by expanded compatibility with GPS, Galileo2, GLONASS and BeiDou2 satellite constellations to provide boaters across the globe with consumer market-leading accuracy on the water, no matter the condition, distance or destination.
Reliable Magnetic Heading
An added magnetic heading sensor allows boaters to better maintain chart stability and radar overlay, regardless of speed. By delivering heading accuracy within +/- 3 degrees, this magnetic sensor makes the GPS 24xd ideal for slow cruising, when GPS COG (Course Over Ground) data can become less reliable.
Multi-SBAS Compatibility
To further its high sensitivity tracking on the water, the GPS 24xd includes Multi-SBAS (Satellite-Based Augmentation System) compatibility to correct signal measurement errors and provide rich information regarding signal accuracy, integrity, continuity and availability. This extended compatibility ensures that boaters always know exactly where they are headed while navigating to their next waypoint.
Pricing and Availability
The GPS 24xd series is available now with a suggested retail price of $299.99, which includes a pole mount, surface mount and under-deck mount for easy installation on any boat. It’s available for both NMEA 2000® and NMEA 0183-capable Garmin marine chartplotters, including the award-winning GPSMAP® series. For more information, visit www.garmin.com.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the sixth consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion® and Navionics®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.
1 Based on 2019 reported sales
2 Supported when available
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP Fusion and Navionics are registered trademarks of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 28, 2019, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Category: Marine
Riley Swickard
913-397-8200
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) is pleased to announce that one of its wholly-owned subsidiaries has acquired all of the equity interests of a Southern California retail propane distribution company, operating under the tradename Central Coast Propane (“Central Coast”).
Founded in 1992, and located in Paso Robles, California, Central Coast is an established independent retail propane distributor serving approximately 2,800 residential and commercial customers in Southern California.
“The acquisition of Central Coast is Superior’s fourth acquisition in 2020 and third retail propane acquisition in California. Central Coast has an attractive mix of residential and commercial customers, and we anticipate this acquisition will provide synergy opportunities with our existing retail and wholesale propane operations in California,” said Luc Desjardins, Superior’s President and CEO.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “approximately”, "anticipated”, “will”, and similar expressions.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
ANNAPOLIS, Md.--(BUSINESS WIRE)--CleanBay Renewables Inc. (CleanBay), an enviro-tech company focused on the production of sustainable renewable natural gas and organic fertilizer, today announced the selection of Evoqua Water Technologies LLC (NYSE: AQUA), an industry leader in mission-critical water treatment solutions, as a key partner for its Westover, Maryland bio-refinery.
Evoqua and CleanBay are currently in negotiations for Evoqua to provide its field-proven anaerobic digestion and water treatment technology for CleanBay’s Westover facility, which is anticipated to recycle more than 150,000 tons of chicken litter annually and convert it into renewable natural gas, renewable electricity and a nutrient-rich fertilizer product. Based on their stellar track record and significant past performance, Evoqua has also been selected to negotiate an agreement to serve as the facility’s long-term operations and maintenance service provider.
“After an exhaustive market assessment, Evoqua has proven to be the best solution to help us meet our environmental and economic goals,” said Thomas Spangler, CleanBay Renewables’ Executive Chairman. “The expertise they’ve acquired from over 100 years in the water industry made our selection an easy one. We look forward to working together to provide the Delmarva community with renewable natural gas and organic fertilizer they can count on, as well as offer a solution to the poultry industry that contributes toward the environmental sustainability objectives they’ve been working so hard to achieve.”
Evoqua has over 200,000 installations worldwide, with over 2,500 anaerobic digesters in North America. The company’s world-class expertise and ever-expanding portfolio of products has established Evoqua as a trusted advisor to municipal, industrial and recreational customers and has earned a reputation for quality, safety and reliability worldwide.
“We are pleased to have the opportunity to provide our breadth of experience in water treatment and anaerobic digestion to help CleanBay meet their sustainability goals,” said Rodney Aulick, Evoqua’s Executive Vice President, Integrated Solutions & Services. “Through this partnership we will not only create renewable energy and organic fertilizer, but we will also take CleanBay’s sustainability one step further by applying our zero-liquid discharge approach.”
CleanBay offers a unique solution to the environmental challenges faced by the food and agriculture sectors. By recycling poultry byproducts, CleanBay is decreasing air, land and water pollution while simultaneously creating a renewable energy source and an organic fertilizer. Further, the humic acid contained within the organic fertilizer product will enable additional carbon reduction through soil remediation.
“Our process closes the sustainability loop by converting poultry litter into a polished fertilizer product and returning it back to the farming community to support further crop development and healthy soils,” said Donal Buckley, CleanBay’s Chief Executive Officer. “As we continue to develop new facilities, we will rapidly become one of the largest single sources for organic fertilizer in the country.”
Construction of the Westover facility is expected to begin later this year.
About CleanBay Renewables Inc.
Founded in 2013, CleanBay Renewables Inc. is an enviro-tech company that harnesses science, technology and economics to tilt the balance back in favor of nature, while protecting the agricultural sector that provides a vital service to humanity. For more information, visit https://cleanbayrenewables.com.
About Evoqua Water Technologies
Evoqua Water Technologies is a leading provider of mission-critical water and wastewater treatment solutions, offering a broad portfolio of products, services and expertise to support industrial, municipal and recreational customers who value water. Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 160 locations across ten countries. Serving more than 38,000 customers and 200,000 installations worldwide, our employees are united by a common purpose: Transforming Water. Enriching Life. For more information, visit: https://www.evoqua.com
Andy Hallmark
Outreach Director
CleanBay Renewables
410.514.6488
This email address is being protected from spambots. You need JavaScript enabled to view it.
MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) invites you to participate in a conference call with its management team on Thursday, October 29, 2020 at 5:00PM Eastern Time to discuss the Company’s third quarter results, as well as certain forward-looking information. The Company plans to release its third quarter results after the market closes on the same date.
The live conference call will be accessible by telephone at (800) 768-3591 (within the United States and Canada) or (212) 231-2931 (International). Audio replay of the call will be available through November 12, 2020. The replay numbers are: (800) 633-8284 (within the United States and Canada) and (402) 977-9140 (International). The call ID is 21971082.
The conference call will also be available via live webcast. The live webcast may be accessed by visiting the Company’s website at www.wfscorp.com and clicking on the webcast icon. An archive of the webcast will be available on the Company’s website two hours after the completion of the live call and will remain available until November 12, 2020.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing supply fulfillment, energy procurement advisory services, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, call 305-428-8000 or visit www.wfscorp.com.
Ira M. Birns
Executive Vice President & Chief Financial Officer
or
Glenn Klevitz, Vice President, Treasurer & Investor Relations
305-428-8000
PLEASANTON, Calif.--(BUSINESS WIRE)--#coldchain--DeltaTrak® introduces its new FlashLink RTL Prime 3G-2T In-Transit Logger at PMA Fresh Summit, Fruit Attraction LIVEConnect, and Asia Fruit Logistica.
FlashLink RTL Prime 3G-2T In-Transit Logger, Model 22367, is the first of its kind. With its unique 15m/50ft external and internal sensor combination, one logger can monitor supply air temperature in real-time, while also recording temperature at the back of the container. Additionally, this unit tracks location and light, automatically uploading information 24/7 to FlashTrak cloud service, which is accessible from any internet-enabled device. Both sets of temperature data and light readings are displayed in one graph, along with the shipping route and geofence alert notice when the ship arrives into port.
According to DeltaTrak President and CEO, Frederick Wu, “There’s no other real-time data logger on the market that offers this solution. It gives exporters the additional benefit of comparing real time supply air temperatures for the front and back of the container on a single graph from one logger. You can easily see if measurements are within a three-degree difference, and if your shipment was within proper contracted temperature limits. When there is a problem, this data is key evidence to expedite investigations for insurance claims. Comparing the supply air temperature to the carrier’s temperature data will help determine if cargo damage was caused due to reefer equipment performance or other possible issues, like air flow obstructions,” says Mr. Wu.
FlashLink RTL Prime 3G-2T features a light sensor which sends notifications whenever container doors are opened, alerting stakeholders to tampering or other unauthorized access. All FlashLink RTL models have on-board, fail-safe memory, which records data every 10 minutes. Backup downloadable PDF reports are available via a standard micro USB adapter cable. Access to data in the cloud gives exporters the visibility to make immediate decisions, assurance of HACCP/FSMA compliance and insurance claim protection.
About DeltaTrak®
DeltaTrak® is a leading innovator of cold chain management, environmental monitoring and food safety solutions for the food, produce, life science, and chemical industries. Contact DeltaTrak® by phone at 1-800-962-6776 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Additional information can be found at www.deltatrak.com.
Alex Kingston
Marketing
DeltaTrak, Inc.
Voice: (925) 249-2250
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#apac--The Global Surfactants market will register an incremental spend of about $10 billion, growing at a CAGR of 5.00% during the five-year forecast period. A targeted strategic approach to Global Surfactants sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
Key benefits to buy this report:
Information on Latest Trends and Supply Chain Market Information Knowledge centre on COVID-19 impact assessment
SpendEdge's reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Global Surfactants market procurement intelligence report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights into the best procurement practices to mitigate losses.
Insights into buyer strategies and tactical negotiation levers:
Several strategic and tactical negotiation levers are explained in the report to help buyers achieve the best prices for Global Surfactants market. The report also aids buyers with relevant Global Surfactants pricing levels, pros and cons of prevalent pricing models such as volume-based pricing, spot pricing, and cost-plus pricing and category management strategies and best practices to fulfil their category objectives.
For more insights on buyer strategies and tactical negotiation levers Click Here
To access the definite purchasing guide on the Global Surfactants that answers all your key questions on price trends and analysis:
To get instant access to over 1000 market-ready procurement intelligence reports without any additional costs or commitment, Subscribe Now for Free.
Some of the top Global Surfactants suppliers listed in this report:
This Global Surfactants procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
This procurement report helps buyers identify and shortlist the most suitable suppliers for their Global Surfactants requirements by answering the following questions:
Get access to regular sourcing and procurement insights to our digital procurement platform- Contact Us.
Table of Content
Appendix
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo
SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us
DUBLIN--(BUSINESS WIRE)--The "Global Fuel Oil Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.
The fuel oil market is poised to grow by $ 84.77 billion during 2020-2024 progressing at a CAGR of -13% during the forecast period.
The reports on fuel oil market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
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 world energy demand and increase in oil and gas E&P investments.
The fuel oil market analysis includes application segment and geographic landscapes. This study identifies the rise in world refining capacity as one of the prime reasons driving the fuel oil market growth during the next few years.
The 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.
Companies Mentioned
The fuel oil market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The 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 such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influences. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary.
This market research report provides a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Application
6. Customer Landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wf3iwb
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced a cash distribution of $0.525 per common unit ($2.10 on an annualized basis) for the third quarter of 2020. The distribution will be paid on November 6, 2020, to unitholders of record as of the close of business on October 26, 2020.
Third Quarter 2020 Earnings Conference Call
In addition, USA Compression will release its third quarter 2020 results prior to the opening of U.S. financial markets on Tuesday, November 3. Management will conduct an investor conference call the same day starting at 11 a.m. Eastern Time (10 a.m. Central Time) to discuss financial and operating results. The call will be broadcast live over the internet. Investors may participate either by phone or audio webcast.
By Phone: |
Dial 800-367-2403 inside the U.S. and Canada at least 10 minutes before the call and ask for the USA Compression Partners Earnings Call. Investors outside the U.S. and Canada should dial 334-777-6978. The conference ID for both is 2953707. |
|
|
A replay of the call will be available through November 13, 2020. Callers inside the U.S. and Canada may access the replay by dialing 888-203-1112. Investors outside the U.S. and Canada should dial 719-457-0820. The conference ID for both is 2953707. |
|
By Webcast: |
Connect to the webcast via the “Events” page of USA Compression’s Investor Relations website at http://investors.usacompression.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call. |
ABOUT USA COMPRESSION PARTNERS, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
NON-U.S. WITHHOLDING INFORMATION
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of USA Compression’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, USA Compression’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Matt Liuzzi / 512-369-1624
This email address is being protected from spambots. You need JavaScript enabled to view it.
Technology creates continuous strain profiles with microscopic detail that increases the safety and production efficiency of subsurface oil and gas systems
ROANOKE, Va.--(BUSINESS WIRE)--#CHISL--Luna Innovations Inc. (NASDAQ: LUNA) today announced that, working in partnership with Shell’s GameChanger™ early-stage-technologies program, it has developed an innovative concept for measuring in-situ stresses in subsurface rock using its fiber optic sensing solutions. When deployed, this technique would provide critical measurements with unmatched consistency and depth resolution, allowing safer and more efficient well operations.
Businesses that rely on underground operations, such as the petroleum and geothermal industries, require accurate estimates of in-situ stress, which refers to the existing pressure that exists underground before a hole is drilled. This affects drilling, surveying, and fluid injection (hydraulic fracturing, water flooding, CO2 sequestration) as well as phenomena such as fault re-activation and induced seismicity.
The new technology, Luna’s Continuous Horizontal In-situ Stress Logger (CHISL), uses Luna’s high-definition fiber optic sensing (HD-FOS) and ODiSI® product to obtain direct, high-resolution strain measurements of induced micro-fractures and borehole deformation. New algorithms then process the strain measurements at the borehole to estimate in-situ maximum and minimum horizontal stress and their orientations.
“The development of this new technology -- using existing Luna fiber optic sensors and our ODiSI instrument -- lets the oil & gas industry assess critical parameters that have otherwise been unmeasurable,” said Scott Graeff, President and Chief Executive Officer of Luna. “We greatly appreciate Shell GameChanger for its support as well as its expertise with use cases in the oil & gas industry. Together, we show how the industry’s toughest test, measurement, and analysis challenges can be tackled with ideas like CHISL.”
Luna’s CHISL sensor integrates fiber optic sensors into a flexible hydraulic sleeve, which applies pressure to a borehole wall until small longitudinal fractures are formed. Unlike hydraulic fracturing, where fluid flows into the fractures and causes them to grow in length away from the borehole, CHISL does not allow the fluid to flow into the induced fractures.
“A reliable estimate of in-situ stress is critical for many applications in oil and gas industry. For example, the success of hydraulic fracturing in shales greatly depends on the created fracture height, which in turn is strongly controlled by the stress variations with depth. Luna’s technology would allow stress depth profiles to be estimated with unprecedented resolution,” commented Alexei Savitski, Geomechanics Subject Matter Expert at Shell. “The maximum horizontal stress is one of the most uncertain subsurface properties and is usually inferred from other data. But CHISL would allow this uncertainty to be reduced significantly, which is critical for assessing the risks of fault re-activation and induced seismicity.”
The CHISL sensor will provide new kinds of data that can be leveraged to increase safety, production efficiency, and optimization of future subsurface engineered systems. Future field operations using a ruggedized sensor could yield in-situ stress measurements for unprecedented lengths of boreholes and in less time than traditional hydraulic-fracturing techniques. Apart from the stress profiling of rock formations for planning of hydraulic fracturing, other applications include caprock integrity sensing for oil wells and optimized drilling of complex oil wells.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.
About Shell GameChanger™
Shell GameChanger™ is a program that seeks to deliver high-impact energy technology through collaboration with startups. For more than 20 years, it has helped numerous startups to get the funding and expert support they need to grow. In recent years, GameChanger™ has strategically focused on technology development that speeds up Shell’s energy transition effort, including forming strategic alliances with various incubators, academic institutions and national laboratories to increase significantly both the quantity and the quality of the deal flow.
Media:
Jane Bailey
Phone: 540-525-0364
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Allison Woody
Phone: 540-769-8465
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#FuelDispenserMarket--Technavio has been monitoring the global fuel dispenser market size and it is poised to grow by USD 1.43 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download Latest Free Sample Report on COVID-19 Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Beijing SANKI Petroleum Technology Co. Ltd., Bennett Pump Co., Censtar Science & Technology Corp. Ltd., Dover Corp., Gilbarco Inc., HENSHEN MACHINERY Co. Ltd., Scheidt & Bachmann GmbH, SPYRIDIS GROUP, Tatsuno Corp., and Zhejiang Datian machine Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
The increasing inbound and outbound tourism has been instrumental in driving the growth of the market. However, the decline in number of fuel stations might hamper market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts
Fuel Dispenser Market 2020-2024: Segmentation
Fuel Dispenser Market is segmented as below:
Fuel Dispenser Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The fuel dispenser market report covers the following areas:
This study identifies the growing focus on reducing carbon footprint as one of the prime reasons driving the Fuel Dispenser Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Fuel Dispenser Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
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 focus 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
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/
DUBLIN--(BUSINESS WIRE)--The "Oil Accumulator - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.
According to this report, the Global Oil Accumulator Market accounted for $522.71 million in 2019 and is expected to reach $878.17 million by 2027, growing at a CAGR of 6.7% during the forecast period.
Some of the factors such as shale gas exploration boom in the US and increasing usage of oil accumulator in various applications such as blow out preventer & well head control are propelling the market growth. However, issues related to transition to renewable sources of energy is hindering the market growth.
Oil Accumulator is a device that stores energy during the drilling procedure in the hydraulic system. It compresses a gas bladder which is charged to a little extent with hydraulic fluids. Through this process, energy gets stored. Oil Accumulator is used in mud pumps, blowout preventers, and drilling rigs. It is also called a hydro-pneumatic device, which majorly handles pressure arising from fluctuations, leakage compensation, noise reduction, and pulsation damping.
Based on the type, the bladder accumulator segment is going to have a lucrative growth during the forecast period owing to the rise in investment in onshore and offshore applications. Bladder accumulators are quite useful in different offshore applications and they own high durability.
By geography, North America is estimated to have a lucrative growth during the forecast period due to the leading countries, such as the US and Canada, which are immensely contributing to the growth of the oil accumulator market in the North America region.
Companies Mentioned
What the report offers:
Key Topics Covered:
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of COVID-19
4 Porters Five Forces Analysis
4.1 Bargaining Power of Suppliers
4.2 Bargaining Power of Buyers
4.3 Threat of Substitutes
4.4 Threat of New Entrants
4.5 Competitive Rivalry
5 Global Oil Accumulator Market, By Pressure Rating
5.1 Introduction
5.2 Up to 6,000 Psi
5.3 Above 6,000 Psi
6 Global Oil Accumulator Market, By Type
6.1 Introduction
6.2 Bladder Accumulator
6.3 Diaphragm Accumulator
6.4 Piston Accumulator
7 Global Oil Accumulator Market, By Application
7.1 Introduction
7.2 Blow Out Preventer & Well Head Control
7.3 Mud Pumps
7.4 Offshore Rigs
7.5 Onshore
8 Global Oil Accumulator Market, By Geography
8.1 Introduction
8.2 North America
8.3 Europe
8.4 Asia-Pacific
8.5 South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launches
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
For more information about this report visit https://www.researchandmarkets.com/r/7kynuw
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #RNG--Greenlane Renewables Inc. (“Greenlane”) (TSXV: GRN / FSE: 52G) today announced that it has entered into an investor relations agreement with Bristol Capital Ltd. ("Bristol") to provide investor relations and communication services (the “Agreement”). Bristol will provide investor relations services to Greenlane, including introductions to Bristol's direct network of investment professionals, coordination of public events and proactive investor relations campaigns to increase Greenlane's exposure in the investment community.
Bristol has been retained for an initial term of twelve (12) months commencing on October 15, 2020 (“Effective Date”), with automatic renewal, subject to early termination under certain circumstances. In consideration of the services to be provided by Bristol, Greenlane will pay Bristol a monthly fee ranging from CDN$7,000 and CDN$10,000 depending on the level of services provided by Bristol to Greenlane in each month. In addition, Greenlane agreed to issue stock options to Bristol to acquire up to 150,000 common shares under Greenlane’s share option plan (the “Options”) with an exercise price equal to the closing price per Greenlane common share listed on the TSX Venture Exchange, following the expiration of the current blackout period which is expected to occur upon the release of Greenlane’s Q3 financial statements. A quarter of the Options shall vest every three (3) months for the initial term of the Agreement. The Company will continue to retain Incite Capital Markets for investor relations and communication services in addition to Bristol.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 100 biogas upgrading units supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers improve their environmental impact, green credentials, and bottom line. For further information, please visit www.greenlanerenewables.com.
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
COLUMBUS, Ohio--(BUSINESS WIRE)--Hexion Inc. (“Hexion” or the “Company”) is strengthening its commitment to minimize its impact on climate change and develop more innovative sustainable products as part of its updated sustainability goals for 2020 and beyond.
“Our focus on sustainability and the societal trends we see is greater than ever before,” said Craig Rogerson, Chairman, President and Chief Executive Officer. “Faced with a global pandemic, climate change and opportunities surrounding diversity, equity and inclusion, we continue to focus our efforts on making a positive impact while accelerating our growth. These new goals strengthen our long-standing commitment to sustainability and delivering on our strategic approach to ‘Responsible Chemistry,’ which includes supporting our associates, customers and communities.”
Earlier this year, the Company completed an updated materiality assessment where it engaged with various internal and external stakeholders. From that assessment, the Company determined its most important areas of focus. While not limiting its sustainability efforts to these focus areas alone, these topics drove bold goal discussions and included:
“Meaningful impact is driven by action more than intent, which is why Hexion completed a materiality assessment in 2020 as part of its ongoing sustainability strategic planning initiatives,” said Stephanie Couhig, Senior Vice President, Environmental, Health and Safety, Hexion. “By focusing efforts on these goals, Hexion can make a positive change. From demand for energy efficiency to creating bio-based and circular products, chemistry can play an important role in addressing climate change as we positively address our carbon footprint.”
Work continues to establish an aspirational goal around climate change and Greenhouse Gas emission reductions, as well as assembling Hexion’s Scope 3 emissions. All are expected to be finalized in the first quarter of 2021.
For more about Hexion’s updated Sustainability goals, visit www.hexion.com/sustainability.
About the Company
Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Additional information about Hexion Inc., its products and sustainability is available at www.hexion.com.
John Kompa
614-225-2223
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mike Montooth
614-225-2140
This email address is being protected from spambots. You need JavaScript enabled to view it.
ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced that it will issue third quarter 2020 results after market close on Wednesday, October 28, 2020. A conference call will be held Thursday, October 29, 2020 at 8:30 A.M. EST to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: (877) 407-0789
International Live: (201) 689-8562
Audio Webcast: http://public.viavid.com/index.php?id=141402
To listen to a replay of the teleconference through November 12, 2020:
Domestic Replay: (844) 512-2921
International Replay: (412) 317-6671
Replay PIN Number: 13709168
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
FORWARD LOOKING STATEMENTS
This release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward-looking statements in this news release, see VSE’s public filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and VSE specifically disclaims any obligation to update these statements in the future.
INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Pace of Adoption to Rapidly Accelerate as Customers Focus on Key Benefits Including Reduced Total Cost of Ownership, Simplifying complexities and Minimizing Downtimes
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, unveiled new survey findings that explore the strong, growing interest among customers in moving IT operations to the cloud. Leveraging a SaaS delivery model allows ports to eliminate hidden costs and unscheduled downtime at the terminal and grants terminal managers the freedom to do what they do best — focus on running operations. Recent reports note that industry adoption of SaaS is expected to increase to 67% within the next five years and these findings are echoed by Navis’ survey, which found that market interest in cloud solutions has raised nearly 40% compared to last year (54% in 2019 vs. 93% in 2020), with 79% of respondents having an existing timeline to move or considering moving to the cloud.
The results from the survey, titled “Understanding Your Terminal Strategy with Cloud-based Technologies” gathered from 79 Navis N4 customers, provide insight on the current level of interest and projected timelines for moving their TOS and other terminal applications to the cloud, the key benefits customers anticipate as well as the myths and concerns associated with the move. Navis customers are among those actively exploring their options and mapping future strategies that include the cloud:
“Cloud-based solutions and SaaS offerings are gaining momentum in the shipping industry as we have seen with Octopi by Navis for smaller terminals. Now, larger terminals are increasingly looking at how terminal operating solutions can further optimize their operations and save them time and money,” said Andy Barrons, Chief Strategy Officer at Navis. “Solutions like Navis N4 SaaS and Octopi by Navis provide our customers with the complete package to not only streamline day-to-day operations utilizing the cloud, but lay the groundwork for continuous terminal innovation moving forward. As we saw in our survey, terminals are beginning to explore the many benefits that a SaaS solution provides and we’re excited to partner with our customers as they make this important transition.”
While a majority of the industry still operates on-premise software solutions, Navis customers realize the tangible benefits to be achieved by putting the TOS in the cloud. Among the survey responses, the top benefits expected when moving to the cloud include increased cost savings, greater stability and reliability, ease of upgrades, as well as transitioning TOS monitoring and management to a managed service provider.
For more information about N4 SaaS, please visit: https://www.navis.com/en/products/terminal-solutions/n4-saas/
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
This email address is being protected from spambots. You need JavaScript enabled to view it.
Geena Pickering
Affect
T+1 212 398 9680
This email address is being protected from spambots. You need JavaScript enabled to view it.
Former Senior Vice President of Sembcorp Industries brings 25 years of diverse energy and leadership experience with global companies
LONDON & ALEXANDRIA, Va.--(BUSINESS WIRE)--Highview Power, a global leader in long duration energy storage solutions, has named Nomi Ahmad its Chief Financial Officer effective Jan. 1, 2021.
“Nomi possesses more than 25 years of significant experience across power development, project finance, mergers and acquisitions, engineering procurement and construction and asset management globally,” said Javier Cavada, CEO and President of Highview Power. “I am pleased to welcome someone of Nomi’s calibre to Highview Power’s already impressive leadership team.”
Ahmad joins Highview Power from Sembcorp Industries Ltd, where he most recently served as Senior Vice President after leading Sembcorp Energy UK (SEUK). Under Ahmad’s leadership, Sembcorp acquired and integrated the UK’s largest decentralised energy platform and successfully positioned SEUK as a major power player with a diverse technology base of renewable, combined heat and power, rapid response gas engine and battery assets across more than 40 sites, providing centralized utilities to large industrial customers and ancillary/balancing services to the grid with advanced merchant capability. Over the course of his career, Ahmad has originated, developed, financed, built and divested power projects totaling 9.5 gigawatts. Prior to joining Sembcorp, Ahmad held roles of increasing seniority at Wärtsilä Corporation, El Paso Energy, Lanco Infratech, Smith Cogeneration and Kidder Peabody. Ahmad earned a Bachelor of Science in Computer Science and Business Economics from Brown University.
“I am thrilled to join Highview Power and look forward to working with the team to drive development of liquid air energy storage projects around the world,” said Nomi Ahmad, Chief Financial Officer of Highview Power. “This is an exciting time for clean energy, and Highview’s Power’s technology will play a critical role in stabilizing the grid and delivering resiliency to markets around the world whilst enabling the global transition to decarbonisation.”
About Highview Power
Highview Power is a designer and developer of the CRYOBattery™, a proprietary cryogenic energy storage system that delivers reliable and cost-effective long-duration energy storage to enable a 100 percent renewable energy future. Its proprietary technology uses liquid air as the storage medium and can deliver anywhere from 20 MW/100 MWh to more than 200 MW/2 GWh of energy and has a lifespan over 30 years. Developed using proven components from mature industries, it delivers pumped-hydro capabilities without geographical constraints and can be configured to convert waste heat and cold to power. For more information, please visit: http://www.highviewpower.com.
Wendy Prabhu
Mercom Communications, a division of Mercom Capital Group
1-512-215-4452 | This email address is being protected from spambots. You need JavaScript enabled to view it.
LOS ANGELES--(BUSINESS WIRE)--#EVs--Fisker Inc. (“Fisker”) today announced it is entering into agreements with Magna International Inc. (“Magna”) that provide the framework for strategic platform sharing and manufacturing cooperation for the Fisker Ocean SUV.
Henrik Fisker, chairman and chief executive officer of Fisker, stated, “We chose to leverage the Magna EV architecture after detailed due diligence on several options – and in consideration of our own product and technology strategy. Further, having Magna take such a committed position in the project and our company demonstrates the depth of this cooperation. Combined with our own Fisker developed IP, the new FM29 platform is projected to deliver class-leading range, interior space with third-row seating and overall vehicle performance. These factors, combined with capital investments, Bill of Materials and manufacturing costs, will enable us to deliver the Ocean to market at a starting MSRP of $37,499.”
The Fisker Ocean will initially be manufactured exclusively by Magna in Europe, where it currently produces several high-quality vehicles on behalf of global brands. Magna has decades of experience in vehicle production, having produced more than 3.7 million vehicles of 30 different models. Magna and Fisker have agreed to work together to continue to develop new technologies that will accelerate innovation across multiple automotive systems and architectures for Fisker vehicles.
Using Fisker-Flexible Platform Adaptive Design (FF-PAD), Fisker’s design, engineering and software teams will integrate Magna EV architecture with the award-winning exterior design of the Ocean. The new FM29 lightweight aluminum-intensive platform is the basis not only for the Ocean – but may also be the basis for future vehicles.
Swamy Kotagiri, president of Magna International, added, “We are very happy to be able to work with Fisker on such an exciting sustainable product and to see what additional opportunities this cooperation may bring. This is a great example of our strategy to leverage our strong portfolio to scale for future mobility needs and utilize our full vehicle engineering and manufacturing capabilities. This is a unique competitive position for us, particularly with new mobility players and OEMs seeking to expand their electrified offerings.”
“This relationship with Magna marks an important milestone for Fisker as the company continues to make progress towards achieving its future goals. We are confident that Fisker will continue this positive momentum as we work towards the close of our transaction and beyond,” said Geoffrey Strong, chairman and chief executive officer of Spartan Energy Acquisition Corporation (NYSE: SPAQ) (“Spartan”) and senior partner, co-head of infrastructure and natural resources at Apollo Global Management, Inc. (NYSE:APO).
For additional information regarding Fisker’s agreements with Magna, please refer to the supplemental proxy materials to be filed by Spartan with the U.S. Securities and Exchange Commission on Oct. 15, 2020.
For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more and to reserve the all-electric Fisker Ocean, visit www.FiskerInc.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding Spartan’s proposed acquisition of Fisker, Spartan’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Spartan and Fisker disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Spartan and Fisker caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Spartan or Fisker. In addition, Spartan cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Spartan or Fisker following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Spartan, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts Spartan’s or Fisker’s current plans and operations as a result of the announcement of the transactions; (v) Fisker’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Fisker to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) changes in applicable laws or regulations; and (viii) the possibility that Fisker may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Spartan’s periodic filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other SEC filings. Spartan’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Important Information for Investors and Shareholders
In connection with the proposed business combination, Spartan Energy Acquisition Corp. has filed a definitive proxy statement with the SEC. Additionally, Spartan Energy Acquisition Corp. will file other relevant materials, including supplements to the definitive proxy statement, with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. Security holders of Spartan Energy Acquisition Corp. are urged to read the definitive proxy statement (and any supplements thereto) and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Spartan Energy Acquisition Corp. and its directors and officers may be deemed participants in the solicitation of proxies of Spartan’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Spartan’s executive officers and directors in the solicitation by reading Spartan’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the definitive proxy statement and other relevant materials filed with the SEC in connection with the business combination. Information concerning the interests of Spartan’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, are set forth in the definitive proxy statement relating to the business combination.
Fisker Inc.
Andrew de Lara
310.374.6177
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.