DUBLIN--(BUSINESS WIRE)--The "Project Management Software Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Project Management Software market is expected to register a CAGR of 10.67% during the forecast period (2020 - 2025). As today's corporations increase in size and complexity, an all-inclusive solution is needed to manage and coordinate an entire organization's portfolio of different projects. These solutions help the management to shuffle between plans, workload, budgets, and resources, carefully observe the project progress and report on delivery success.
Key Market Trends
Oil and Gas Segment to Witness High Growth
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Sophistication and Growing Awareness Among End Users
4.2.2 Ability to Connect and Integrate Multiple Disparate Systems
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.1 Deployment
5.2 End-user Vertical
5.3 Geography
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/3c8z86
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Up to $145 Million Available for Upstream Renewable Natural Gas Projects and Downstream Fueling
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (Nasdaq: CLNE) and its largest shareholder, Total S.E., today announced a memorandum of understanding to create a 50/50 joint venture to develop carbon-negative renewable natural gas (RNG) production facilities in the United States, as well as credit support to build additional downstream RNG fueling infrastructure. Total will provide $50 million and Clean Energy $30 million for the proposed joint venture and Total will be providing credit support of $65 million to support Clean Energy development in the RNG value chain, including $45 million for contracted RNG fueling infrastructure.
The companies have already partnered to expand the use of RNG in the heavy-duty truck market with its Zero Now program, which allows fleets to purchase natural gas trucks for the same price as diesel trucks. The demand for carbon-negative RNG, which is derived from dairies and other agricultural facilities, has rapidly accelerated through the Zero Now program with trucking companies such as Kenan Advantage, KeHE Distributors, Estes Express Lines, Tradelink Transport, among many others, taking advantage of the economic savings while powering their new fleets with the cleanest fuel in the world.
Negative-carbon RNG is produced when carbon emissions are captured from dairies and turned into a transportation fuel, reducing the harmful effects on long-term climate change. As a result, the California Air Resources Board gives these carbon-negative RNG projects a carbon intensity (“CI”) Score (gCO2e/MJ) of -250 (or lower) compared to 97 for diesel and 46 for electric batteries. Clean Energy is the largest provider of RNG as a transportation fuel in the United States and Canada, and the largest RNG fuel provider under the California LCFS program.
“We are very fortunate to have a partner in Total that is so supportive on a number of levels,” said Andrew J. Littlefair, CEO and president of Clean Energy. “Both our companies have recognized the enormous opportunity that a carbon-negative fuel can play in our ambitious efforts to combat climate change. This new agreement will allow Clean Energy to increase the flow of low-CI RNG as the demand expands, as well as the capital to build new fueling stations for additional contracted fleets.”
Clean Energy’s goal is to meet the rapidly growing demand by customers for carbon-negative RNG and to deliver 100% Redeem™ branded RNG to its entire fueling infrastructure by 2025, which it is well on its way to achieving.
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of the cleanest fuel for the transportation market in the United States and Canada. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding, among other things: the completion and timing of the transaction contemplated by the Memorandum of Understanding (“MOU”); Clean Energy’s plans for its RNG business; increased market adoption of carbon-negative RNG as a vehicle fuel; growth in Clean Energy’s customer base for its Redeem™ RNG vehicle fuel; the strength of Clean Energy’s vehicle fueling infrastructure and its ability to leverage this infrastructure to increase sales of Redeem™ vehicle fuel and to deliver 100% Redeem™ branded RNG to its entire fueling infrastructure by 2025; the benefits of RNG as an alternative vehicle fuel, including economic and environmental benefits; and growth in and certainty of supply of RNG. Actual results and the timing of events could differ materially from those expressed in or implied by these forward-looking statements as a result of a variety of factors, including, among others: Clean Energy’s and TOTAL’S ability to close the joint venture contemplated by the MOU on the timeline anticipated or at all; supply, demand, use and prices of crude oil, gasoline, diesel, natural gas and alternative fuels, as well as heavy-duty trucks and other vehicles powered by these fuels; the willingness of fleets and other consumers to adopt RNG as a vehicle fuel; and general economic, political, regulatory, market and other conditions. The forward-looking statements made in this press release speak only as of the date of this press release and Clean Energy undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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SAN FRANCISCO--(BUSINESS WIRE)--With winter months upon us and while many customers are still sheltering, working and schooling from home due to the ongoing pandemic, Pacific Gas and Electric Company (PG&E) is reminding customers to protect themselves against the dangers of carbon monoxide.
According to the Center for Disease Control, every year in the U.S. at least 430 people die from accidental carbon monoxide poisoning and approximately 50,000 people will be sent to the hospital. Carbon monoxide is especially dangerous because it is odorless and can’t be seen, and all California homes are required to have carbon monoxide detectors. Customers can take these steps to protect their homes and their families:
Gas Safety Tips
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
MEDIA RELATIONS:
415-973-5930
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) and Grand Mesa Pipeline, LLC, a wholly-owned subsidiary of NGL (“Grand Mesa”), announced today that Grand Mesa has entered into a settlement agreement with Extraction Oil and Gas, Inc. (NYSE: XOG) as it relates to XOG’s bankruptcy proceedings. Under the settlement, NGL and Extraction entered into a new term supply agreement, retaining Extraction’s crude volumes for shipping on the Grand Mesa Pipeline; and Grand Mesa will receive an allowed unsecured claim which it expects to liquidate for cash proceeds. In consideration for this new supply agreement, Grand Mesa, has agreed to support confirmation of XOG’s bankruptcy plan, including through the withdrawal of its previously filed objection and pending appeals.
The agreements between XOG, NGL and Grand Mesa as described remain subject to approval by the Bankruptcy Court, among other conditions.
Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
NGL Energy Partners LP
Trey Karlovich, 918.481.1119
Executive Vice President and Chief Financial Officer
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or
Linda Bridges, 918.481.1119
Senior Vice President – Finance and Treasurer
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LONDON--(BUSINESS WIRE)--#GlobalOilfieldDrillingDerrickandMastMarket--The oilfield drilling derrick and mast market is expected to grow by $ 5.42 mn, progressing at a CAGR of almost 3% during the forecast period.
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The increase in oil and gas E&P activities is one of the major factors propelling the market growth. However, factors such as the adoption of alternative energy sources will hamper the market growth.
More details: https://www.technavio.com/report/oilfield-drilling-derrick-and-mast-market-size-industry-analysis
Oilfield Drilling Derrick And Mast Market: Application Landscape
Based on the application, the onshore segment is expected to witness lucrative growth during the forecast period.
Oilfield Drilling Derrick And Mast Market: Geographic Landscape
By geography, North America is going to have a lucrative growth during the forecast period. About 35% of the market’s overall growth is expected to originate from North America. The US and Canada are the key markets for oilfield drilling derrick and mast in North America.
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Related Reports on Energy Include:
Companies Covered:
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Key Topics Covered:
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.
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Media & Marketing Executive
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PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider, has signed an extension of services with LUKOIL North America LLC, a client of WEX for 34 years. The multi-year agreement continues the use of branded fuel cards throughout North America.
“WEX offers a turn-key, innovative and consistently-performing program that allows LUKOIL North America to offer its fleet customers the products and services they expect,” says Jake Naggy, senior manager of commercial activities at LUKOIL North America. “As we expand, WEX will be a key technology partner in that growth.”
LUKOIL North America’s long-standing working relationship with WEX started in 1986 with Getty Petroleum Marketing, Inc., LUKOIL’s predecessor. Since that time, by focusing on customer relationships and technology, both companies have seen rapid growth throughout North America.
“The length of our working relationship is a testament to our professionalism and commitment to customer service,” says Jay Collins, senior vice president and general manager of WEX small business. “Our companies have a deep mutual respect for each other. As LUKOIL grows, we’re committed to growing our partnership, as well.”
About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in 20 currencies through approximately 5,000 associates around the world. WEX fleet cards offer 15 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to approximately $40 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and more than 32 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
About LUKOIL North America
LUKOIL North America is a subsidiary of the major global energy company PJSC LUKOIL, and strives to deliver maximum satisfaction to the motoring public through high quality motor fuels and oils with outstanding service. LUKOIL North America markets LUKOIL-branded motor fuels and lubricants through a network of 219 fueling stations across the Northeastern and Mid-Atlantic United States. In addition, LUKOIL North America offers various associate services, including fleet fueling. For more information visit lukoilamericas.com.
WEX Contact:
Kellie Jones
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LUKOIL North America Contact:
Jake Naggy
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Nationally recognized leaders in finance, investing, diversity, real estate, environment, technology, health, and community provide their views on the path forward
SAN DIEGO--(BUSINESS WIRE)--#BonnieShaw--The Clearpoint Agency expert Q&A series called The Path Forward seeks to answer the questions facing us today: What will life look like post COVID-19? What are the challenges and opportunities, and what must we learn from the crisis? Are recent racial injustice protests representing an inflection point? Where should business and communities focus? Leaders in business, politics, finance, life sciences, investing, environment, technology, community and more are featured in this ongoing series.
Volume 3, published today, contains the opinions of Chris Marsh, Managing Director, UBS Financial Services, San Diego Market; Patti Perez, Author and Founder and CEO of PersuasionPoint; and Wolf Bielas, Entrepreneur, Investor and Managing Partner of Downtown Works. Volume 1 and Volume 2 are also available, with commentary from other experts.
“We’ve all experienced a turbulent 2020 together. The pandemic is an event that will influence history. But what specific and lasting changes can we anticipate post COVID-19? The economy, politics, racial justice, business, technology, family – every aspect of our lives has been impacted,” said Clearpoint Agency President Bonnie D. Shaw. “This prompted us to ask thought leaders we admire how they think we will evolve as we move forward.”
To access Clearpoint Agency’s Q&A series click here.
If you are a leader in your field or community and would like to be featured in The Path Forward Q&A series, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. with your name, title, bio, or LinkedIn profile for consideration.
About Clearpoint Agency
Clearpoint Agency develops award-winning PR and digital marketing programs for B2B and B2C clients in technology, financial services, life sciences, healthcare, e-commerce, associations, and consumer products. From strategy and content development, to media relations and social media, the experts at Clearpoint have the experience to generate buzz for your brand, creatively communicate your message to target audiences, and generate leads. For more information visit www.clearpointagency.com or follow Clearpoint on Facebook, LinkedIn Twitter and Clearview Blog.
Hilary McCarthy
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760.230.2424
DUBLIN--(BUSINESS WIRE)--The "Carbon Capture, Utilization & Storage Technologies" report has been added to ResearchAndMarkets.com's offering.
This report provides an analysis of the global market for carbon, capture utilization and storage technologies and current market trends. It uses 2019 as a base year and provides estimates for 2020 and 2025 with a projection of CAGR in the forecast duration. The report includes a discussion of technological factors, competitive factors, and economic trends affecting the market. Furthermore, it explains the major drivers and regional dynamics of the global carbon, capture utilization, and storage technology market and current trends within the industry.
The report covers carbon, capture utilization, and storage technology segments in brief. The global market for carbon, capture utilization, and storage technologies has been analyzed in terms of technologies, source, applications, service, country, and region. The report concludes with detailed profiles of major vendors in the global carbon, capture utilization, and storage technology market. The publisher examined key categories and regions of the carbon, capture utilization, and storage technology market and forecasted market growth from 2020 to 2025.
The global market size estimates are provided both values ($ million) and in volume (million metric ton). All tons in this report are metric tons or MTs (2,205 lbs.), not U.S. tons (2,000 lbs.) unless otherwise noted. The British spelling "tonne" is not used in this report.
Companies Mentioned
The Report Includes:
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Executive Summary
Chapter 3 Overview of the Carbon Industry
Chapter 4 Global CCUS Market Dynamics
Chapter 5 Global CCUS Market Outlook
Chapter 6 Market Breakdown by Technology
Chapter 7 Market Breakdown by Service
Chapter 8 Market Breakdown by Source
Chapter 9 Market Breakdown by Application
Chapter 10 Opportunities in the Global Market
Chapter 11 North American CCUS Market Outlook
Chapter 12 European CCUS Market Outlook
Chapter 13 Asia-Pacific CCUS Market Outlook
Chapter 14 LAMEA CCUS Market Outlook
Chapter 15 Emerging Technologies
Chapter 16 Profiles of Leading Companies
For more information about this report visit https://www.researchandmarkets.com/r/pkwl6t
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced the Space City Solar Project is progressing with critical development milestones having signed the first tranche of 55 megawatts (MWac) / 73 MWdc to BASF through a Power Purchase Agreement. The Project’s total capacity is up to 345 MWac / 455 MWdc. Space City Solar, located in Wharton County, Texas, is expected to commence construction in Summer 2021 and begin delivery of clean electricity in Summer 2022.
Approximately 300 jobs are expected to be created during the construction phase with more than $30 million generated in new tax revenue over the operating life for Wharton County taxing entities. In addition to providing stable payments to local landowners who chose to lease their land, the Louise Independent School District has the ability to receive $2.5 million in revenue, including $1.8 million in the first year of operation providing the district enacts a Chapter 313 Agreement by December 31, 2020.
Space City Solar is specially designed to generate clean energy while minimizing impacts to wildlife, habitat, and other environmental resources. The project will utilize high efficiency bifacial solar photovoltaic (PV) modules.
“This transaction demonstrates EDF Renewables’ continued commitment to helping corporate customers meet their wholesale power supply needs and sustainability initiatives,” said Matt McCluskey, Vice President, South Region Development for EDF Renewables. “Space City Solar will provide an economic boost to the local economy through construction jobs, local spend and an expanded tax base.”
With 35 years of experience and 16 gigawatts of renewable projects developed throughout North America, EDF Renewables provides a fully integrated bundle of energy solutions from grid-scale wind, solar, and solar plus storage projects to electric vehicle charging and energy storage management.
About EDF Renewables North America:
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
About BASF:
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 20,000 employees in North America and had sales of $19.7 billion in 2018. For more information about BASF’s North American operations, visit www.basf.com.
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 122,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of around €63 billion in 2018. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.
Sandi Briner, +1 858-521-3525
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LONDON--(BUSINESS WIRE)--#GlobalFlexiblePipesMarketforOilandGas--The flexible pipes market for oil and gas is poised to grow by USD 123.54 mn during 2020-2024, progressing at a CAGR of over 2% during the forecast period.
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The report on the flexible pipes market for oil and gas 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 and the overall market environment. The market is driven by rising investment in upstream oil and gas activity.
The flexible pipes market for oil and gas analysis includes type segment and geography landscape. This study identifies the growing acceptance of engineering-grade flexible materials as one of the prime reasons driving the flexible pipes market for oil and gas 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 flexible pipes market for oil and gas covers the following areas:
Flexible Pipes Market For Oil And Gas Sizing
Flexible Pipes Market For Oil And Gas Forecast
Flexible Pipes Market For Oil And Gas Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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.
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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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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) (the “Company”) announced today that Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31. Mark A. (“Mac”) McFarland, the Company’s Executive Chairman, will serve as interim Chief Executive Officer and James N. Chapman will serve as Lead Independent Director. The Board of Directors will launch a search process for the Company’s next CEO.
Mr. McFarland said, “Todd has led this organization through a very challenging period of time in our industry and the Company’s new board is thankful for his service and dedication. Looking forward, we will continue to focus on providing affordable energy in a safe and environmentally responsible manner and will engage proactively with our employees, regulators and stakeholders. In addition to our CEO search, we have initiated a full-scale business review and strategic repositioning effort with specific emphasis on cost reductions, capital discipline and asset rationalization to create value for our shareholders.”
Mr. Stevens said, “It has been an honor to work with the men and women of CRC over the last 6+ years. I want to express my deepest gratitude to them and wish them and the Company all the best in the future.”
Forward-Looking Statement Disclosure
All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company’s business, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, the risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequently filed Quarterly Reports on Form 10-Q.
About California Resources Corporation
California Resources Corporation is the largest oil and natural gas exploration and production company in California. The Company operates its world-class resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, the Company focuses on safely and responsibly supplying affordable energy for California by Californians.
Scott Espenshade (Investor Relations)
(818) 661-6010
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Margita Thompson (Media)
(818) 661-6005
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Transaction Highlights
TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has entered into multiple definitive agreements to sell its crude oil terminalling, pipeline, and trucking business segments for approximately $162 million in total cash consideration, including estimated crude oil linefill and inventory. Net proceeds, after transaction costs, will be used initially to reduce borrowings outstanding under the Partnership’s revolving credit facility and for general partnership purposes.
“This announcement represents a significant milestone as we transition Blueknight away from traditional oil and gas operations into a pure-play, downstream terminalling business focused on infrastructure and transportation end markets,” said Andrew Woodward, Chief Executive Officer. “We are excited about the financial flexibility to both materially improve our balance sheet and pursue future investment opportunities predicated on risk-adjusted returns while maintaining our long-term financial targets.”
“Pro forma for the transactions, Blueknight’s differentiated, asphalt terminalling business delivers an industry-leading, stable cash flow profile underpinned by long-term, take-or-pay contracts with a weighted average term of six years. Our leverage ratio is expected to be approximately 2.0 times initially, and our coverage ratio on all distributions is expected to be approximately 1.2 times or greater on an annual basis. We believe these transactions, coupled with our new and improved strategy, best position the Partnership for long-term growth and success,” added Woodward.
Woodward concluded, “I would also like to express my deepest thanks to all the employees who have supported these operations over the years and during this time of transition. On behalf of the entire organization, we sincerely appreciate all of your hard work and continued dedication.”
Transaction Details
Blueknight entered into a definitive agreement to sell its crude oil terminalling segment to Enbridge, Inc. (NYSE: ENB) for a purchase price of $132 million, subject to customary adjustments and excluding crude oil linefill and inventory. This segment includes approximately 6.6 million barrels of crude oil storage in Cushing, Oklahoma. The transaction is subject to Hart-Scott-Rodino review and closing is expected to occur within the next 60 days.
In addition, Blueknight entered into a separate definitive agreement to sell its crude oil pipeline business to subsidiaries of CVR Energy, Inc. (NYSE: CVI) for a purchase price of $20 million, subject to customary adjustments and excluding crude oil linefill and inventory. This business includes 604 miles of crude oil pipeline and approximately 0.3 million barrels of related crude oil storage located primarily in Oklahoma. The transaction is subject to customary terms and conditions and closing is expected to occur within the next 45 days.
Consideration for crude oil linefill and inventory is estimated in accordance with market-based valuation formulas set forth in each of the respective agreements and is subject to change at closing.
Lastly, Blueknight entered into a definitive agreement to sell its crude oil trucking business to an undisclosed buyer, subject to customary adjustments.
Advisors
Simmons Energy | A Division Of Piper Sandler is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Blueknight. Sidley Austin LLP is serving as legal counsel to Enbridge, Inc. Baker Botts LLP is serving as legal counsel to CVR Energy, Inc.
Forward-Looking Statements
This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Blueknight
Blueknight owns and operates a diversified portfolio of complementary midstream energy assets consisting of:
Blueknight provides integrated terminalling, gathering and transportation services for companies engaged in the production, distribution and marketing of liquid asphalt and crude oil. Blueknight is headquartered in Tulsa, Oklahoma. For more information, visit the Partnership’s website at www.bkep.com.
Chase Jacobson, Blueknight Investor Relations
(918) 237-4032
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McNally Capital and Genesys Management Team Sell Aircraft Avionics Business to Moog Inc.
CHICAGO--(BUSINESS WIRE)--#aerospace--McNally Capital (“McNally”), a leader in Direct Family Capital, is pleased to announce the sale of Genesys Aerosystems (“Genesys”) to Moog Inc. (NYSE: MOG.A and MOG.B). Genesys is a leading provider of integrated avionics systems for military, special-mission, and civil operators.
McNally invested in Genesys in partnership with the company’s founders. The investment stemmed from McNally’s focus on the aerospace & defense industry and was consistent with the firm’s strategy of partnering with founders and management owners to provide them with family capital.
Ward McNally, Managing Partner and Founder of McNally Capital, stated, “I’m proud of the partnership we’ve built with the Genesys management team. The sale of Genesys is a further proof point of our ability to create value for our investors and management teams through a full transaction lifecycle. It is also a testament to our track record of successfully bringing family capital and industry expertise to founder-owned businesses.”
McNally Capital partnered on the acquisition with Robert (“Rob”) Wilson, former President of Business Aviation & General Aviation at Honeywell, who brought his extensive aerospace expertise to Genesys. Rob worked alongside the management team and McNally to develop a long-term strategic plan and served on the Board of Directors of Genesys.
“McNally’s history of investing family capital alongside founders and management owners made us the right partner for the management team at Genesys. Our internal expertise in the Aerospace & Defense industry, alongside the knowledge and experience of Rob Wilson, enabled us to further establish Genesys as a leader in the aircraft avionics sector,” stated Ravi P. Shah, Principal at McNally Capital.
Roger Smith, Genesys President and CEO, stated, “Our decision to partner with McNally Capital was based on their tremendous industry expertise, track record of partnering with founders and management teams to drive growth, and capital resources. We greatly appreciate the support McNally has provided us. The firm, and their partnership with Rob [Wilson], has enabled us to further establish Genesys as a mission-critical systems provider and provide a fulfilling work environment. We are excited to have found a new partner in Moog, which positions us to continue to develop our team and to serve our customers with industry-leading avionics solutions.”
McNally Capital invests capital on behalf of the McNally family, who owned and operated Rand McNally & Company, as well as family offices and other like-minded investors. The firm is currently investing out of a committed fund. McNally makes thesis-driven investments in the U.S. and looks for businesses where family capital can benefit owners and management teams. The firm targets founder- and management-owned companies and partners in their acquisitions with a bench of Industry Partners, who provide incremental industry and operating knowledge and expertise.
McNally Capital is focused on combining the best of family capital values with institutional capabilities and sophistication. The firm targets lower middle market businesses with $5 to $30 million in EBITDA.
Stephens Inc. served as the sell-side advisor to Genesys Aerosystems. Ropes & Gray LLP served as legal counsel.
About McNally Capital
McNally Capital is a family-owned private equity firm targeting thesis-driven investments in the U.S., specifically founder and management-owned companies. Formed by the McNally family, who owned and operated Rand McNally & Company, McNally Capital is dedicated to upholding a 140+ year legacy as a family-owned and operated company. We look for businesses where flexible capital can provide a benefit to owners and management teams. Our mission is to harness the financial, intellectual, and human capital of our family office and investor ecosystem to build value for our investors, management teams, and portfolio companies. For more information, please visit www.mcnallycapital.com.
About Genesys Aerosystems
Genesys Aerosystems is a leading provider of integrated avionics systems for military, special-mission, and civil operators. Product lines include flight displays, radios, autopilots, and sensors. For more information, visit www.genesys-aerosystems.com.
About Moog Inc.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.
Beth Rahn, Principal & Head of Family Capital, (312) 357-3717, This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#GlobalWellheadEquipmentMarket--The wellhead equipment market is poised to grow by USD 0.61 bn during 2020-2024, progressing at a CAGR of over 2% during the forecast period.
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The report on the wellhead equipment 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 and the overall market environment. The market is driven by rising oil and gas consumption.
The wellhead equipment market analysis includes application segment and geography landscape. This study identifies the increasing number of deep and ultra-deepwater drilling projects as one of the prime reasons driving the wellhead equipment 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 wellhead equipment market covers the following areas:
Wellhead Equipment Market Sizing
Wellhead Equipment Market Forecast
Wellhead Equipment Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced that it has appointed G. Larry Lawrence to its Board of Directors (the “Board”) effective December 17, 2020. Mr. Lawrence is an oilfield business leader with extensive experience across finance, accounting and operations. He brings an extensive accounting background along with decades of experience in the energy industry.
“We are excited about the future of ProPetro with the addition of Larry as an independent Director,” said Phillip Gobe, Chief Executive Officer of the Company. “His experience as a director and financial acumen will strengthen key functions at ProPetro, and his appointment demonstrates our commitment to strong governance principles.”
“I am honored to join ProPetro’s Board and look forward to contributing to the Board’s governance and oversight initiatives. In addition, I look forward to the opportunity to support a premier service provider operating in the premier oil-producing Permian Basin,” said Mr. Lawrence.
About G. Larry Lawrence
Mr. Lawrence previously served as Audit Committee Chair of Legacy Reserves, LLP’s Board of Directors, a role he held from 2006 to 2019. Mr. Lawrence previously served as Chief Financial Officer of Natural Gas Services Group for nine years, as Chief Financial Officer for Lynx Operating Co. Inc. for three years and as Chief Financial Officer for Pure Resources, Inc. for two years. He has also held finance and management consulting positions for Parson Group, ARCO and Crescent Consulting. Mr. Lawrence earned his bachelor’s degree with an accounting major from Dillard University in New Orleans.
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.
ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) announced today that its board of directors (the “Board”) has approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) to protect stockholder interests and maximize value for all stockholders.
The Rights Plan is similar to plans adopted by other public companies and is designed to ensure that no person or group can gain a control or control-like position in the Company’s stock through open market accumulations or other tactics potentially disadvantaging the interests of the stockholders without negotiating with the Board and without paying an appropriate control premium to all stockholders of the Company. The rights will be issued to stockholders of record on January 4, 2021. The Rights Plan will expire on December 21, 2021. The Board will consider an earlier termination of the Rights Plan if market and other conditions warrant.
The Rights Plan is intended to position the Board to fulfill its fiduciary duties on behalf of all stockholders by ensuring that the Board has sufficient time to make informed judgments that are in the best long-term interests of the Company and its stockholders. The issuance of the rights does not in any way diminish the financial strength of the Company or interfere with its business plans. The Rights Plan is not designed to prevent any action that the Board determines to be in the best interest of the Company and its stockholders.
The Rights Plan provides for the issuance of one right for each outstanding share of the Company’s common stock. In general, the rights will become exercisable only if a person or group acquires beneficial ownership of 45% or more of the Company’s outstanding common stock or announces a tender or exchange offer that would result in beneficial ownership of 45% or more of the Company’s common stock.
If a person or group acquires beneficial ownership of 45% or more of the Company’s outstanding common stock, each right will entitle holders, other than the acquiring person or group, to purchase common stock of the Company having a market value of twice the exercise price. The Rights Plan also includes an exchange option. If a person or group acquires beneficial ownership of 45% or more of the outstanding common stock, the Board may at its option exchange the rights at an exchange ratio of one share of common stock per right.
If a stockholder beneficially owns 45% or more of the Company’s common stock at the time of the adoption of the Rights Plan, such stockholder’s ownership will be grandfathered, but the rights would become exercisable if such stockholder subsequently increases its ownership by one share.
The Rights Plan also includes a qualifying offer provision, which allows stockholders to require the Board to call a special meeting to vote on a pending offer, provided the offer meets certain qualifying criteria.
Additional details regarding the Rights Plan are contained in a Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the SEC at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 (“COVID-19”) pandemic and commodity market disruptions; changes in commodity prices or general market conditions; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19) or acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our or our customers’ operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including litigation regarding the Dakota Access Pipeline; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our revolving credit facility; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; control of costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks and uncertainties associated with the outcome of an appeal of the order confirming our previously completed plan of reorganization; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
The forward-looking statements contained, or incorporated by reference, herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s views as of the date of this press release. The Company undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise. Additional risks and uncertainties are disclosed from time to time in the Company’s filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Nuverra Environmental Solutions, Inc.
Investor Relations
602-903-7802
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced that David Sledge, the current Chief Operating Officer (“COO”), will be succeeded in his role by Adam Muñoz at the end of 2020.
“We are very appreciative of David’s service to ProPetro over the past nine years,” said Chairman and Chief Executive Officer Phillip Gobe. “David has had a long and distinguished career in oilfield services. David’s career in the Permian Basin spans over 41 years and multiple service lines where he has seen success at every stop. We are proud for David to have been such a large part of our success and growth, and we wish him well in his future endeavors.”
David Sledge stated, “I am extremely proud to have been a part of the ProPetro team for the past nine years and I am looking forward to retirement. During my time with the Company, I had the opportunity to work alongside some of the most talented people in our industry, and I wish the team continued success.”
David’s tenure with ProPetro spanned a period where the company grew from just a single operating hydraulic fracturing fleet to as many as 27 active fleets. David also oversaw an operational and safety record that is well regarded across the industry. He previously served on the Board of Directors of Comstock Resources, Inc. from 1996 to 2018. Prior to joining ProPetro, Mr. Sledge was Vice President - Drilling for Basic Energy Services from 2007 to 2009 and was President and Chief Operating Officer of Sledge Drilling Corp., which was sold to Basic Energy Services in 2007. David also spent 25 years working with his father, Gene Sledge, at Gene Sledge Drilling Corporation before the company sold to Patterson Drilling in 1996.
Upon his departure, David will be succeeded in the role of Chief Operating Officer by the Company’s current Senior Vice President of Operations Adam Muñoz. Adam Muñoz joined the Company in 2010 to initiate ProPetro’s Permian pressure pumping operation. Prior to joining ProPetro, Adam held sales and operations roles at Frac Tech Services and Weatherford International. Since joining ProPetro, Adam has served as the Director of Business Development and Technical Services where he was responsible for overseeing the growth of the hydraulic fracturing operations as well as managing the department’s day-to-day technical services. Prior to his current role, Adam served as the Vice President of Frac Services where his duties included leading the hydraulic fracturing division through specific efforts to increase operational efficiencies and maximize financial productivity.
“We are also pleased to see Adam advance his career here at ProPetro,” commented Gobe. “Adam has played an instrumental role in the ProPetro culture of safe, superior performance at the wellsite in addition to developing strong and collaborative relationships with our customers. In his new role, Adam will continue this commitment to excellence and customer satisfaction.”
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.
ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
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Module-level Rapid Shutdown solution for SMA-powered solar arrays in the United States
SEATTLE--(BUSINESS WIRE)--APsystems welcomes SMA to its growing network of inverter manufacturers compatible with its APsmart brand of Sunspec standard-compliant Photovoltaic Rapid Shutdown Equipment (PVRSE). Solar professionals in the United States can now combine the complete range of SunSpec Rapid Shutdown-certified SMA inverters with a reliable, safe and cost-effective APsmart Rapid Shutdown solution. Available throughout APsmart US distribution partner networks, the APsmart RSD has been certified by CSA to meet the UL 1741 standard for electrical safety and is fully compliant with the National Electric Code (NEC) 2014, 2017 and 2020 690.12 Rapid Shutdown Requirements.
“We are proud to have SMA, one of the most respected and recognized brands in the industry, join our list of inverter manufacturing partners using the APsmart RSD with their products,” said Olivier Jacques, APsystems business unit president and global executive vice president.
Already compatible with leading inverter manufacturers including Chint, CSI, Delta, Fronius, GoodWe, Growatt, Solectria and Solis, the APsmart RSD comes with a 25-year warranty, and tens of thousands of units have already been installed around the world since its launch last year.
“The APsmart RSD is Sunspec certified for rapid shutdown and delivers an easy, reliable and cost-effective solution for code compliance,” said Charles Ellis, VP of sales for the Americas region, SMA America. “When paired with SMA inverters, installers can be confident this technology will deliver best-in-class performance.”
As a result of intensive testing and cooperation from both SMA and APsystems, the approved Rapid Shutdown solution will now be available to customers through the APsmart distribution channel.
“The APsmart RSD solution is quickly being accepted as the new industry benchmark for rapid shutdown devices,” said Dr. Yuhao Luo, APsystems CTO. “We’ve built a powerful, reliable product that through its core function prioritizes the safety of homeowners and first responders.”
Technical documentation on the RSD-S-PLC can be found on the APsmart website where interested installers and SMA channel partners can also register for an upcoming training webinar on the APsmart PVRSE.
About APsystems
APsystems is the #1 global multi-platform MLPE solution provider, offering both AC and DC MLPE power conversion products as well as energy storage and rapid shutdown devices for the global solar PV industry. APsystems microinverters are intelligent, innovative, and the best-selling multi-module microinverters in the world.
Founded in Silicon Valley in 2010, APsystems encompasses 4 global business units serving customers in more than 120 countries. With millions of units sold producing more than 1 TWh of clean, renewable energy, APsystems continues to be a leader in the ever-growing solar MLPE segment.
Information on APsystems can be found at https://APsystems.com.
Information on APsmart Rapid Shutdown Devices can be found at https://apsmartglobal.com/
Press contact: Jason Higginson – This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (the “Company”) (NYSE: NOV) announced today plans to change its corporate name to “NOV Inc.”, effective January 1, 2021. The Company’s ticker symbol, “NOV”, will remain unchanged.
“Our Company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers,” stated Clay Williams, Chairman, President and CEO. “As the world looks to expand its energy portfolio to lower-carbon sources, we find our core engineering, manufacturing and project management expertise is providing new and exciting opportunities within this transition. The corporate name change reflects the Company’s broadening mission within energy to continue to drive economic efficiency and safety, as we have done for decades within traditional oil and gas.”
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by National Oilwell Varco with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that, in connection with the previously announced offers to eligible holders to exchange (each, an “Exchange Offer” and collectively, the “Exchange Offers”) any and all outstanding notes issued by Concho Resources Inc. (“Concho”) as set forth in the table below (the “Existing Concho Notes”) for (1) up to $3,900,000,000 aggregate principal amount of new notes issued by ConocoPhillips and fully and unconditionally guaranteed by ConocoPhillips Company (the “New ConocoPhillips Notes”) and (2) cash, and related consent solicitations by Concho (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the Existing Concho Notes (the “Proposed Amendments”), as of 5:00 p.m., New York City time, on Dec. 18, 2020 (the “Early Tender Date”), the following principal amounts of each series of Existing Concho Notes have been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked):
Title of Series /
|
Aggregate Principal
|
Existing Concho Notes Tendered at
|
||||
Principal Amount |
Percentage |
|||||
3.750% Senior Notes due 2027 / 20605PAH4 |
$1,000,000,000 |
$979,058,000 |
97.91% |
|||
4.300% Senior Notes due 2028 / 20605PAK7 |
$1,000,000,000 |
$970,136,000 |
97.01% |
|||
2.400% Senior Notes due 2031 / 20605PAM3 |
$500,000,000 |
$488,292,000 |
97.66% |
|||
4.875% Senior Notes due 2047 / 20605PAJ0 |
$800,000,000 |
$799,720,000 |
99.97% |
|||
4.850% Senior Notes due 2048 / 20605PAL5 |
$600,000,000 |
$588,979,000 |
98.16% |
|||
In addition, ConocoPhillips announced that it has increased the exchange consideration for Existing Concho Notes validly tendered after the Early Tender Date from $970 principal amount of the New ConocoPhillips Notes per $1,000 principal amount of Existing Concho Notes to $1,000 principal amount of the New ConocoPhillips Notes per $1,000 principal amount of Existing Concho Notes. As previously contemplated, eligible holders tendering after the Early Tender Date will not receive any cash consideration, and as such, it remains the case that the consideration to be paid for Existing Concho Notes validly tendered and not validly withdrawn (i) prior to the Early Tender Date and (ii) following the Early Tender Date will not be the same. All other terms and conditions of the Exchange Offers remain unchanged.
Concho has also received the requisite number of consents to adopt the Proposed Amendments with respect to each of the five outstanding series of Existing Concho Notes that are subject to the Exchange Offers and Consent Solicitations. Concho intends to promptly enter into a supplemental indenture with the trustee for the Existing Concho Notes (the “Supplemental Indenture”) to effect the Proposed Amendments.
Withdrawal rights for the Exchange Offers and Consent Solicitations expired as of the Early Tender Date.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated Dec. 7, 2020 (the “Offering Memorandum and Consent Solicitation Statement”). Each Exchange Offer and Consent Solicitation is conditioned upon the completion of the other Exchange Offers and Consent Solicitations, although ConocoPhillips may waive such condition at any time with respect to an Exchange Offer. Any waiver of a condition by ConocoPhillips with respect to an Exchange Offer will automatically waive such condition with respect to the corresponding Consent Solicitation.
In addition, the Exchange Offers and Consent Solicitations are conditioned upon the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated as of Oct. 18, 2020 (as it may be amended from time to time, the “Merger Agreement”), among ConocoPhillips, Falcon Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”) and Concho, pursuant to which Merger Sub will merge with and into Concho (the “Merger”) with Concho surviving the Merger as a wholly owned subsidiary of ConocoPhillips.
ConocoPhillips, in its sole discretion, may modify or terminate the Exchange Offers and may extend the Expiration Date (as defined herein) and/or the settlement date with respect to the Exchange Offers, subject to applicable law. Any such modification, termination or extension by ConocoPhillips will automatically modify, terminate or extend the corresponding Consent Solicitation, as applicable.
The Exchange Offers and Consent Solicitations will expire at 5:00 p.m., New York City time, on Jan. 15, 2021, unless extended (the “Expiration Date”). The settlement date will be promptly after the Expiration Date and is expected to be within two business days after the Expiration Date.
Documents relating to the Exchange Offers and Consent Solicitations will be distributed only to eligible holders of Existing Concho Notes who certify that they are either (a) “Qualified Institutional Buyers” as that term is defined in Rule 144A under the Securities Act of 1933 (the “Securities Act”), or (b) persons that are outside the “United States” and that (i) are not “U.S. persons,” as those terms are defined in Rule 902 under the Securities Act, (ii) in the case of persons located in the European Economic Area or the United Kingdom, are not “Retail Investors” (as defined in the Offering Memorandum and Consent Solicitation Statement), (iii) in the case of persons located in the United Kingdom, are “Relevant Persons” (as defined in the Offering Memorandum and Consent Solicitation Statement) and (iv) are not located in Canada. The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Offering Memorandum and Consent Solicitation Statement, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866) 470-3800 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or This email address is being protected from spambots. You need JavaScript enabled to view it.. The eligibility form is available electronically at: https://gbsc-usa.com/eligibility/conocophillips.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement as amended by this press release and only to such persons and in such jurisdictions as is permitted under applicable law.
The New ConocoPhillips Notes have not been and will not be registered under the Securities Act or any state securities laws. Therefore, the New ConocoPhillips Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
All statements other than historical facts may be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations and business strategies, statements regarding the Merger, including the anticipated benefits of the Merger, the anticipated impact of the Merger on ConocoPhillips’ business and future financial and operating results, the expected amount and timing of synergies from the Merger, and the anticipated closing date for the Merger and other aspects of operations or operating results. All statements, other than statements of historical fact, that address activities, events or developments that ConocoPhillips or Concho expects, believes or anticipates will or may occur in the future are forward-looking statements. 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, ConocoPhillips or Concho 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 ConocoPhillips’ and Concho’s 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 included in this press release. These include the ability to successfully integrate Concho’s businesses and technologies; the risk that the expected benefits and synergies of the Merger may not be fully achieved in a timely manner, or at all; the risk that ConocoPhillips or Concho will be unable to retain and hire key personnel; the risk associated with ConocoPhillips’ and Concho’s ability to obtain the approvals of the respective stockholders required to consummate the Merger and the timing of the closing of the Merger, including the risk that the conditions to the Merger are not satisfied on a timely basis or at all or the failure of the Merger to close for any other reason or to close on the anticipated terms; unanticipated difficulties or expenditures relating to the Merger, the response of business partners and retention as a result of the announcement and pendency of the Merger; uncertainty as to the long-term value of ConocoPhillips common stock; the diversion of management time on Merger-related matters; the inability to realize anticipated cost savings and capital expenditure reductions; the inadequacy of storage capacity for ConocoPhillips and Concho products, and ensuing curtailments, whether voluntary or involuntary, required to mitigate this physical constraint; the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; fluctuations in crude oil, bitumen, natural gas, LNG and NGLs prices, including a prolonged decline in these prices relative to historical or future expected levels; the impact of significant declines in prices for crude oil, bitumen, natural gas, LNG and NGLs, which may result in recognition of impairment charges on ConocoPhillips’ or Concho’s long-lived assets, leaseholds and nonconsolidated equity investments; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in reserves replacement rates, whether as a result of the significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; unexpected changes in costs or technical requirements for constructing, modifying or operating E&P facilities; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal; lack of, or disruptions in, adequate and reliable transportation for ConocoPhillips’ or Concho’s sales volumes, including crude oil, bitumen, natural gas, LNG and NGLs; the inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or the inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; the failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future E&P and LNG development in a timely manner (if at all) or on budget; potential disruption or interruption of ConocoPhillips’ or Concho’s operations due to accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks, and information technology failures, constraints or disruptions; changes in international monetary conditions and foreign currency exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs relating to ConocoPhillips’ or Concho’s sales volumes, including crude oil, bitumen, natural gas, LNG, NGLs and any materials or products (such as aluminum and steel) used in the operation of ConocoPhillips’ or Concho’s business; substantial investment in, and development and use of, competing or alternative energy sources, including as a result of existing or future environmental rules and regulations; liability for remedial actions, including removal and reclamation obligations, under existing and future environmental regulations and litigation; significant operational or investment changes imposed by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce GHG emissions; liability resulting from litigation, including litigation related to the Merger, or ConocoPhillips’ or Concho’s failure to comply with applicable laws and regulations; general domestic and international economic and political developments, including armed hostilities; expropriation of assets; changes in governmental policies relating to crude oil, bitumen, natural gas, LNG and NGLs pricing, regulation or taxation, and other political, economic or diplomatic developments; volatility in the commodity futures markets; changes in tax and other laws, regulations (including alternative energy mandates), or royalty rules applicable to ConocoPhillips’ or Concho’s business; competition and consolidation in the oil and gas E&P industry; any limitations on ConocoPhillips’ or Concho’s access to capital or increase in ConocoPhillips’ or Concho’s cost of capital, including as a result of illiquidity or uncertainty in domestic or international financial markets; ConocoPhillips’ or Concho’s inability to execute, or delays in the completion of, any asset dispositions or acquisitions ConocoPhillips or Concho elects to pursue; potential failure to obtain, or delays in obtaining, any necessary regulatory approvals for pending or future asset dispositions or acquisitions, or that such approvals may require modification to the terms of the transactions or the operation of ConocoPhillips’ or Concho’s remaining business; potential disruption of ConocoPhillips’ or Concho’s operations as a result of pending or future asset dispositions or acquisitions, including the diversion of management time and attention; the inability to deploy the net proceeds from any asset dispositions that are pending or that ConocoPhillips or Concho elects to undertake in the future in the manner and timeframe ConocoPhillips or Concho currently anticipates, if at all; the inability to liquidate the common stock issued to ConocoPhillips by Cenovus Energy as part of ConocoPhillips’ sale of certain assets in western Canada at prices ConocoPhillips deems acceptable, or at all; the operation and financing of ConocoPhillips’ or Concho’s joint ventures; and the ability of ConocoPhillips or Concho customers and other contractual counterparties to satisfy their obligations to ConocoPhillips or Concho, including ConocoPhillips’ ability to collect payments when due from the government of Venezuela or PDVSA.
Additional important risks, uncertainties and other factors are described in the Offering Memorandum and Consent Solicitation Statement, ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and ConocoPhillips’ Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings ConocoPhillips makes with the SEC and in Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Concho’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings Concho makes with the SEC.
Except as required by law, neither ConocoPhillips nor Concho 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Additional Information about the Merger and Where to Find It
In connection with the Merger, ConocoPhillips filed with the SEC a registration statement on Form S-4 on November 18, 2020 (as amended on December 7, 2020), that includes a joint proxy statement of ConocoPhillips and Concho and that also constitutes a prospectus of ConocoPhillips. The registration statement was declared effective by the SEC on December 10, 2020, and on December 11, 2020 ConocoPhillips and Concho each filed the definitive joint proxy statement/prospectus in connection with the Merger with the SEC. ConocoPhillips and Concho commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about December 11, 2020. Each of ConocoPhillips and Concho will also file other relevant documents with the SEC regarding the Merger. This document is not a substitute for the registration statement, the definitive joint proxy statement/prospectus or any other document that ConocoPhillips or Concho has filed or may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE DEFINITIVE 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 BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Investors and security holders are able to obtain free copies of the registration statement and all other documents containing important information about ConocoPhillips, Concho and the Merger, once such documents are filed with the SEC, including the definitive joint proxy statement/prospectus, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by ConocoPhillips may be obtained 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 may be obtained free of charge on Concho’s investor relations website at https://ir.concho.com/investors/.
Participants in the Solicitation
ConocoPhillips, Concho and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Merger. 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, 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. Investors may obtain additional information regarding the interests of those persons and other persons who may be deemed participants in the Merger by reading the definitive joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Merger when such materials become available. Investors should read the definitive joint proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from ConocoPhillips or Concho using the sources indicated above.
John C. Roper (media)
281-293-1451
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Investor Relations
281-293-5000
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