ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced its results for the three and six months ended June 30, 2020.

All amounts reported below are in thousands of Canadian dollars, except for per share data and unless otherwise noted.

Second quarter ended June 30, 2020 highlights include:

• Operating earnings were $28,999, an increase of 3% or $916 compared to the same period in 2019. Increases in operating earnings resulting from growth in the size of our Ocean Self-Unloader and Tanker fleets were partially offset by lower dry-bulk volumes caused by the impact of COVID-19 on customers in both our ocean and domestic business units.
• Revenues were $151,270 compared to $159,169 for the 2019 quarter. Revenues in all business units were affected by lower fuel cost recovery charges and lower levels of customer demand.
• Operating earnings for Domestic Dry-Bulk were $19,429, up 5% compared to $18,570 in 2019, as higher freight rates and cost mitigation actions offset the impact of reduced volumes in certain customer sectors.
• Operating earnings for Product Tankers were $8,124, up 14% compared to $7,131 in 2019, primarily as a result of increased revenue days from the addition of the Algoterra, which joined our fleet part way through the second quarter last year.
• Operating earnings in Ocean Self-Unloaders were $3,749, down 13% compared to $4,316 for 2019. Decreases in Pool volumes, particularly in the construction sector, and the impact of scheduled dry-dockings drove this decrease, despite the increase in the fleet size.
• Net earnings were $17,742 compared to $22,113 for 2019, as higher interest and tax costs, combined with reduced earnings from joint ventures, more than offset the improvement in operating earnings.

Basic earnings per share for the three months ended June 30, 2020 were $0.47 compared to $0.58 for the same period in 2019. For the six months ended June 30, 2020 the basic loss per share was $0.16 compared to a loss of $0.02 for the same period in the prior year.

EBITDA, which includes our share of joint venture EBITDA, for the three months ended June 30, 2020 was $53,951 an increase of 2% or $1,260, compared to the same period in 2019. EBITDA is determined as follows:

"First and foremost, these solid results demonstrate the resilience of our people," said Gregg Ruhl, President and Chief Executive Officer of Algoma. "Because of their passion for their work, for Algoma and for the customers and industries we serve, our operations never missed a beat even as the impacts of COVID-19 hit just as we were fitting out many of our vessels for the 2020 season." Mr. Ruhl continued, "Our results also demonstrate the resilience of our business model. We were able to right-size our operating fleet quickly in the face of reduced demand, keeping our most efficient and modern tonnage fully and profitably trading by idling older, less profitable vessels. Our pricing also largely remained firm in the face of a sudden supply/demand imbalance, as our book of business is made up primarily of longer term arrangements with our customers."

Outlook
Our dry-bulk businesses are tied closely to the inventory cycles of our key customers. Domestically, our spring business is largely driven by inventory replenishment following a winter in which no raw materials can be delivered to manufacturing facilities. Demand in the summer typically moderates and we expect that impact will be more significant for our 2020 third quarter than is ordinarily the case, as a result of the impact of COVID-19 on our customers' production planning. Our international self-unloaders typically experience modestly higher demand in the summer, driven by the timing of construction and infrastructure projects. We expect this will also be less evident in 2020, as a majority of materials in these sectors is moved into US markets. Concern about a second wave and rising infections adds uncertainty to predictions about all of our markets. While there are some signs of cautious optimism as the economy re-opens, we expect the recovery will have a lagging impact in our markets, perhaps not being felt significantly until later in 2020 or in 2021.

The MD&A for the three and six months ended June 30, 2020 includes further details. Full results for the three and six months ended June 30, 2020 can be found on the Company’s website at www.algonet.com/investor-relations and on SEDAR at www.sedar.com.

Normal Course Issuer Bid

On March 19, 2020, the Company renewed its normal course issuer bid with the intention to purchase, through the facilities of the TSX, up to 1,890,457 of its Common Shares ("Shares") representing approximately 5% of the 37,809,143 Shares which were issued and outstanding as at the close of business on March 4, 2020 (the “NCIB”). In order to preserve capital, no common shares were purchased under the NCIB during the second quarter.

Cash Dividends

The Company’s Board of Directors have authorized payment of a quarterly dividend to shareholders of $0.13 per common share. The dividend will be paid on September 1, 2020 to shareholders of record on August 18, 2020.

Use of Non-GAAP Measures

There are measures included in this press release that do not have a standardized meaning under generally accepted accounting principles (GAAP). The Company includes these measures because it believes certain investors use these measures as a means of assessing financial performance. EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Please refer to the Management’s Discussions and Analysis for the three and six months ended June 30, 2020 for further information regarding non-GAAP measures.

About Algoma Central

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers, and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley
Chief Financial Officer
905-687-7897

Or visit
www.algonet.com or www.sedar.com

DUBLIN--(BUSINESS WIRE)--The "Solar Simulators - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 8th edition of this report. The 241-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Solar Simulators Market to Reach $9.6 Billion by 2027

Amid the COVID-19 crisis, the global market for Solar Simulators estimated at US$6.8 Billion in the year 2020, is projected to reach a revised size of US$9.6 Billion by 2027, growing at a CAGR of 5.1% over the analysis period 2020-2027. Class AAA, one of the segments analyzed in the report, is projected to record a 5.5% CAGR and reach US$4.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Class ABA segment is readjusted to a revised 5.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $2 Billion, While China is Forecast to Grow at 4.8% CAGR

The Solar Simulators market in the U.S. is estimated at US$2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.7 Billion by the year 2027 trailing a CAGR of 4.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.9% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.

Class ABB Segment to Record 4% CAGR

In the global Class ABB segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1 Billion in the year 2020 will reach a projected size of US$1.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2027.

Competitors identified in this market include, among others:

• Abet Technologies, Inc.
• Asahi Spectra Co., Ltd.
• Endeas Oy
• Iwasaki Electric Co., Ltd.
• Meyer Burger Technology Ltd.
• Newport Corporation
• Nisshinbo Mechatronics, Inc.
• OAI
• Sciencetech-Inc.
• Solar Light Company, Inc.
• Spectrolab, Inc.
• Wacom Electric Co., Ltd.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Global Competitor Market Shares
• Solar Simulator Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 46

For more information about this report visit https://www.researchandmarkets.com/r/xofpef

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

- Second Quarter Revenue of $482.0 Million
- Record Total Backlog of $912.8 Million
- Second Quarter GAAP Diluted Earnings Per Share (“EPS”) of $0.47
- Second Quarter Adjusted Diluted EPS of $0.64

ARLINGTON, Va.--(BUSINESS WIRE)--FLIR Systems, Inc. (NASDAQ: FLIR) (“FLIR” or the “Company”), a world leader in the design, manufacture, and marketing of intelligent sensing technologies, today announced financial results for the second quarter ended June 30, 2020.

Commenting on FLIR’s second quarter results, Jim Cannon, President and Chief Executive Officer, said, “I am extremely pleased with our strong performance and operational execution in the quarter amid unprecedented challenges. This quarter marked the second consecutive quarter of record-breaking total backlog, and we continue to build a robust, sustainable pipeline with several key program wins. Additionally, we are beginning to realize cost savings from the successful execution of Project Be Ready, which aims to better align resources with higher growth opportunities, while reducing costs. We also continue to see demand for our Elevated Skin Temperature—or EST—solutions and we are extremely proud of the role our products and technologies continue to play in helping mitigate the spread of COVID-19. Importantly, our continued emphasis on cash optimization has provided financial flexibility as we enter the second half of the year.”

Mr. Cannon continued, “I am humbled and inspired by the commitment of our employees around the globe and their dedication to our mission to save lives and livelihoods during this crucial time. As we look ahead, we remain focused on ensuring the safety of our employees, delivering the mission-critical products our customers need and continuing to create value for our shareholders. We are confident that the purposeful diversity of our product portfolio will continue to be a competitive strength for FLIR in the quarters ahead. We look forward to emerging from this difficult environment as an even stronger company.”

Summary Results

Revenues for the quarter were $482.0 million, consistent with the prior year quarter. Bookings totaled $546.3 million in the quarter, representing a book-to-bill ratio of 1.13. Backlog at the end of the quarter was a record $912.8 million, reflecting a 12.8% increase relative to the prior year quarter.

GAAP Earnings Results

Gross profit for the quarter was $252.2 million, compared to $233.4 million in the prior year quarter. Gross margin increased to 52.3% from 48.4% in the prior year quarter, primarily attributable to favorable product mix in the Industrial Technologies segment. Earnings from operations for the quarter was $99.8 million, compared to $63.7 million in the prior year quarter. Operating margin increased to 20.7% from 13.2% in the prior year quarter, primarily as a result of higher revenue and gross profit in the Industrial Technologies segment as well as decreases in intangible asset amortization, marketing, travel, and deferred compensation expenses. Diluted EPS was $0.47, compared to $0.34 in the prior year quarter. The weighted average diluted share count for the quarter was 132 million, down from 137 million in the prior year quarter primarily due to stock repurchase activity initiated in the first quarter of 2020.

Non-GAAP Earnings Results

Adjusted gross profit for the quarter was $261.9 million, compared to $246.3 million in the prior year quarter. Adjusted gross margin increased to 54.3% from 51.1% in the prior year quarter, primarily attributable to favorable product mix in the Industrial Technologies segment. Adjusted operating income for the quarter was $126.1 million, compared to $95.8 million in the prior year quarter. Adjusted operating margin increased to 26.2% from 19.9% in the prior year quarter, primarily as a result of higher revenue and gross profit in the Industrial Technologies segment and decreases in marketing, travel, and deferred compensation expenses. Adjusted diluted EPS was $0.64, compared to $0.52 in the prior year quarter.

Segment Results

Industrial Technologies Segment

Industrial Technologies revenues for the quarter were $300.2 million, representing an increase of $15.7 million, or 5.5% compared to the prior year quarter. The revenue increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic, partially offset by lower volume in commercial end markets such as maritime and security products.

Industrial Technologies segment operating income was $107.1 million, compared to $71.6 million in the prior year quarter. Segment operating margin increased to 35.7% from 25.2% in the prior year quarter, primarily attributable to the aforementioned higher revenue and associated gross profit, favorable product mix, and lower marketing, travel, and deferred compensation expenses.

Industrial Technologies bookings totaled $334.0 million for the quarter, representing a book-to-bill ratio of 1.11. Backlog at the end of the quarter was $350.7 million, reflecting a 48.1% increase relative to the prior year quarter, primarily as a result of award timing and increased orders for EST solutions.

Defense Technologies Segment

Defense Technologies revenues for the quarter of $181.8 million decreased by $15.7 million, or 7.9% compared to the prior year quarter. The revenue decrease was primarily attributable to the completion of certain contracts that contributed to revenue in the prior year quarter partially offset by increased volumes for unmanned systems.

Defense Technologies segment operating income was $41.2 million, compared to $45.8 million in the prior year quarter. Segment operating margin decreased to 22.6% from 23.2% in the prior year quarter, primarily attributable to the aforementioned lower revenue and associated gross profit.

Defense Technologies bookings totaled $212.2 million for the quarter, representing a book-to-bill ratio of 1.17. Backlog at the end of the quarter was $562.1 million, reflecting an 1.8% decrease relative to the prior year quarter, primarily as a result of order and subsequent deployment timing for a few major programs.

Balance Sheet and Liquidity

FLIR ended the second quarter of 2020 with $333 million in cash and cash equivalents and approximately $365 million in borrowing capacity under its credit facility based on current profitability levels and leverage covenants.

After the end of the quarter, on July 20, 2020 the Company announced the pricing of a public offering of $500 million aggregate principal amount 2.5% notes due August 1, 2030 (the “Notes”). FLIR expects to receive net proceeds of approximately $494 million, after deducting underwriting discounts and estimated offering expenses. The proceeds from the sale of the Notes are expected to be used to redeem FLIR’s $425 million in aggregate principal amount of 3.125% notes due June 15, 2021 (the “2021 notes”), and for general corporate purposes, which may include funding for working capital, investments in its subsidiaries, capital expenditures, or acquisitions. On August 3, 2020, the Company completed the offering and the Notes were issued. The Company intends to redeem the 2021 notes in full on August 19, 2020.

COVID-19 Update

As previously announced, FLIR’s businesses have been deemed essential for critical infrastructure under the Cybersecurity and Infrastructure Security Agency exemption, and all of its manufacturing facilities remain operational. FLIR has implemented stringent safety protocols and continues to monitor recommendations and guidelines issued by the Centers for Disease Control, the European Centre for Disease Prevention, and the World Health Organization to ensure the health and safety of its employees.

Given the high degree of uncertainty in the current macroeconomic environment resulting from COVID-19, the Company remains focused on cash optimization activities, disciplined capital allocation, and executing Project Be Ready to simplify its product portfolio and better align resources with higher growth opportunities while reducing costs.

Shareholder Return Activity

FLIR’s Board of Directors has declared a quarterly cash dividend of $0.17 per share on FLIR common stock, payable on September 4, 2020, to shareholders of record as of close of business on August 21, 2020.

FLIR expects to continue to provide returns to its stockholders in the form of quarterly dividends. However, in accordance with the Company’s focus on cash optimization activities given the macroeconomic uncertainty resulting from COVID-19, FLIR’s share repurchase program remained paused throughout the second quarter of 2020.

Financial Outlook

The COVID-19 pandemic has generated significant uncertainty, including an overall lack of visibility into future demand trends and economic conditions in the markets in which FLIR operates. The Company is continuing to closely monitor the impact of the pandemic on its operational and financial performance and take action as necessary; however, the magnitude and duration of the outbreak including its impact to FLIR’s operations, supply chain partners and customers remains uncertain. As a result, the Company has withdrawn its previously issued guidance for the full year ending December 31, 2020.

Conference Call

FLIR has scheduled a conference call at 9:00 a.m. Eastern Time today to discuss its results for the quarter. The details for the conference call can be found below. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online from a link in the Events & Presentations section of the Company’s Investor Relations website at www.FLIR.com/investor. A replay will be available upon completion of the conference call at this same internet address. Summary second quarter and historical financial data may be accessed online from the Financial Info Database link under the Financials & Filings section of the Company’s Investor Relations website.

Second Quarter Financial Results Conference Call

About FLIR Systems, Inc.

Founded in 1978, FLIR Systems is a world-leading industrial technology company focused on intelligent sensing solutions for defense and industrial applications. FLIR Systems’ vision is to be “The World’s Sixth Sense,” creating technologies to help professionals make more informed decisions that save lives and livelihoods. For more information, please visit www.flir.com and follow @flir.

Forward-Looking Statements

Statements, estimates or projections in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” or similar expressions) should be considered to be forward looking statements. Such statements are based on current expectations, estimates, and projections about FLIR’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following:

• risks related to United States government spending decisions and applicable procurement rules and regulations;
• negative impacts to operating margins due to reductions in sales or changes in product mix;
• impairments in the value of tangible and intangible assets;
• unfavorable results of legal proceedings;
• risks associated with international sales and business activities, including the regulation of the export and sale of our products worldwide and our ability to obtain and maintain necessary export licenses, as well as the imposition of significant tariffs or other trade barriers;
• risks related to subcontractor and supplier performance and financial viability as well as raw material and component availability and pricing;
• risks related to currency fluctuations;
• adverse general economic conditions or volatility in our primary markets;
• our ability to compete effectively and to respond to technological change;
• risks related to product defects or errors;
• our ability to protect our intellectual property and proprietary rights
• cybersecurity and other security threats and technology disruptions
• our ability to successfully manage acquisitions, investments and divestiture activities and integrate acquired companies;
• our ability to achieve the intended benefits of our strategic restructuring;
• our ability to attract and retain key senior management and qualified technical, sales and other personnel;
• risks to our supply chain, production facilities or other operations, and changes to general, domestic, and foreign economic conditions, due to the COVID-19 pandemic; and
• other risks discussed from time to time in filings and reports filed with the Securities and Exchange Commission.

COVID-19 may exacerbate one or more of the aforementioned and/or other risks, uncertainties and other factors more fully described in the Company’s reports filed with the SEC. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and FLIR does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or internet service providers.

Definitions and Non-GAAP Financial Measures

Bookings are defined as contractual agreements awarded during the reporting period. Backlog is defined as total estimated amount of future revenues to be recognized under negotiated contracts.

We report our financial results in accordance with United States generally accepted accounting principles (GAAP). As a supplement to our GAAP financial results, this earnings announcement contains some or all of the following non-GAAP financial measures: (i) adjusted gross profit, (ii) adjusted gross margin (defined as adjusted gross profit divided by revenue), (iii) adjusted operating income, (iv) adjusted operating margin (defined as adjusted operating income divided by revenue), (v) adjusted net earnings, and (vi) adjusted diluted EPS. These non-GAAP measures of financial performance are not prepared in accordance with GAAP and computational methods may differ from those used by other companies. Additionally, these non-GAAP measures should not be considered a substitute for any other performance measure determined in accordance with GAAP, and the Company cautions investors and potential investors to consider these measures in addition to, not as a substitute for, its consolidated financial results as presented in accordance with GAAP. Each of the non-GAAP measures is adjusted from GAAP results as outlined in the "GAAP to Non-GAAP Reconciliation" table included within this earnings release.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our core operating performance on a period-to-period basis. Items excluded consist of: (i) separation, transaction, and integration costs, (ii) amortization of acquired intangibles, (iii) restructuring expenses and asset impairment charges, (iv) discrete legal and compliance matters, and (v) discrete tax items. We do not consider these items to be directly related to our core operating performance. Non-GAAP measures are used internally to evaluate the core operating performance of our business, for comparison with forecasts and strategic plans, and as a factor for determining incentive compensation for certain employees. Accordingly, supplementing GAAP financial results with these non-GAAP financial measures enables the comparison of our ongoing operating results in a manner consistent with the metrics reviewed by management. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:

• the comparability of our ongoing operating results over the periods presented;
• the ability to identify trends in our underlying business; and
• the comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

• Separation, transaction, and integration costs – Represents transaction and integration costs related to divestiture and acquisition initiatives.
• Amortization of acquired intangibles – Represents amortization expense associated with acquired intangible assets.
• Restructuring expenses and asset impairment charges – Represents employee separation expenses, facility termination costs, and other expenses as well as goodwill, intangible asset, and inventory impairment charges associated with Company restructuring activities.
• Discrete legal and compliance matters – Represents costs incurred associated with certain legal and compliance matters that are not representative of ongoing operational costs. These expenses are primarily attributable to an administrative agreement with the U.S. Department of State (the “Consent Agreement”) to address and remediate certain historical practices associated with U.S. and international trade control laws and regulations. Such costs include a Directorate of Defense Trade Controls penalty, expenses associated with retention of a Special Compliance Officer, and remedial actions required by the terms of the Consent Agreement or otherwise necessary to remedy and achieve full compliance with U.S. and international trade control laws and regulations.
• Discrete tax items – Represents tax expenses and benefits related to discrete events or transactions that are not representative of the Company’s estimated tax rate related to ongoing operations. These items include charges and reversals of provisions associated with certain unrecognized tax benefits, benefits or charges associated with the windfalls or shortfalls resulting from vesting and exercise activity of share-based compensation, benefits associated with the reversal of previously recorded valuation allowances against certain deferred tax assets, and other discrete items not included in the annual effective tax rate associated with our ongoing operations.

Adjusted net earnings and adjusted diluted EPS include an estimate to reflect the tax effect of the discrete items identified above. The tax effect is calculated by applying the Company’s overall estimated effective tax rate, excluding significant discrete items, to earnings before income taxes.

Note: The Company made certain reclassifications to the prior years' financial statements to conform them to the presentation as of and for the three and six months ended June 30, 2020 that management has determined had no material effect for the periods presented.

Investor Relations
Lasse Glassen
Addo Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(424) 238-6249

HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (NYSE: ROYT) today announced that it has received notification from the New York Stock Exchange (“NYSE”) of its determination to suspend trading of the Trust’s units of beneficial interest (the “Trust units”), effective as of the close of trading on August 5, 2020, and to initiate proceedings to delist the Trust units. The determination to commence the delisting proceeding results from the Trust’s inability to satisfy the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Trust units fell below $1.00 over a 30 consecutive trading-day period that ended November 25, 2019, and the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on August 5, 2020.

As a result of the suspension, the Trust expects that the Trust units will begin trading on August 6, 2020 under the symbol “ROYTL” on the OTC Pink Market, which is operated by OTC Markets Group Inc. (“OTC Pink”). To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Trust units on OTC Pink may result in a less liquid market available for existing and potential unitholders and could further depress the trading price of the Trust units. There is no assurance that an active market in the Trust units will develop on OTC Pink.

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 the Trust’s expectations regarding the timing of the transition of the quotation of the Trust units to OTC Pink and expectations regarding the trading of the Trust units on OTC Pink. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trustee does not intend, and does not assume 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 and all of its other filings with the SEC. The Trust’s quarterly and other filed reports are or will be 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

HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (NYSE American: CQP):

Summary of Second Quarter 2020 Results (in millions, except LNG data)

Recent Highlights

Operational

• As of July 31, 2020, more than 1,025 cumulative LNG cargoes totaling over 70 million tonnes of LNG have been produced, loaded, and exported from the SPL Project (defined below).

Financial

• In May 2020, Sabine Pass Liquefaction, LLC (“SPL”) issued an aggregate principal amount of $2.0 billion of 4.500% Senior Secured Notes due 2030. Net proceeds of the offering, along with cash on hand, were used to redeem all of SPL’s outstanding 5.625% Senior Secured Notes due 2021.

Liquefaction Project Update

Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) reported net income of $406 million and $841 million, respectively, for the three and six months ended June 30, 2020 compared to $232 million and $617 million for the comparable 2019 periods. The increases in net income for the three and six months ended June 30, 2020 were primarily due to increased total margins² and decreased costs related to certain maintenance and related activities at the SPL Project which occurred in the 2019 periods, partially offset by increased loss on modification or extinguishment of debt and costs incurred in response to the COVID-19 pandemic. The increase in net income for the six months ended June 30, 2020 was further partially offset by increased interest expense and increased operating and maintenance expenses primarily related to additional Trains in operation.

Total margins increased during the three and six months ended June 30, 2020 primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery and an increase in margins per MMBtu of LNG delivered to customers and recognized in income, partially offset by a decrease in volumes of LNG recognized in income primarily due to cargoes for which long-term customers have not elected delivery. During the six months ended June 30, 2020, the increase in total margin was further partially offset by a decrease in net gains from changes in fair value of commodity derivatives. Margins per MMBtu of LNG delivered to customers and recognized in income increased during the three and six months ended June 30, 2020 primarily due to a higher proportion of total volumes sold under higher-margin long-term contracts, partially offset by a decrease in market pricing for short-term cargoes sold.

Adjusted EBITDA¹ was $846 million for the three months ended June 30, 2020, compared to $591 million for the comparable 2019 period, and $1.64 billion for the six months ended June 30, 2020, compared to $1.20 billion for the comparable 2019 period. The increases in Adjusted EBITDA during the three and six months ended June 30, 2020 were primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery and an increase in margins per MMBtu of LNG delivered to customers and recognized in income as detailed above, partially offset by a decrease in volumes of LNG recognized in income primarily due to cargoes for which long-term customers have not elected delivery and costs incurred in response to the COVID-19 pandemic.

During the three and six months ended June 30, 2020, we recognized $388 million and $404 million, respectively, in revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery, of which $244 million would have otherwise been recognized subsequent to June 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended June 30, 2020 excluded $16 million that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers, as these revenues were recognized during the three months ended March 31, 2020. Excluding the $244 million impact of cargo cancellations related to periods subsequent to June 30, 2020 and those received in prior periods for the current periods, our total revenues would have been $1.24 billion and $2.94 billion for the three and six months ended June 30, 2020, respectively.

During the three and six months ended June 30, 2020, 58 and 150 LNG cargoes, respectively, were exported from the SPL Project, none of which were commissioning cargoes.

Cargo Cancellation Revenue Summary

The following table summarizes the timing impacts of revenue recognition related to cargoes for which customers elected to not take delivery on our revenues for the three and six months ended June 30, 2020 (in millions):

SPL Project

We operate five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

Distributions to Unitholders

We will pay a cash distribution per common and subordinated unit of $0.645 to unitholders of record as of August 7, 2020 and the related general partner distribution on August 14, 2020. The payment of such distribution will result in the conversion of the subordinated units into common units on a one-for-one basis on August 17, 2020.

Investor Conference Call and Webcast

Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the second quarter 2020 on Thursday, August 6, 2020, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.

About Cheniere Partners

Cheniere Partners is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners is currently operating five natural gas liquefaction Trains and is constructing one additional Train for a total production capacity of approximately 30 mtpa of LNG at the Sabine Pass terminal. The Sabine Pass LNG terminal has operational regasification facilities that include five LNG storage tanks, two marine berths and vaporizers and an additional marine berth that is under construction. Cheniere Partners also owns the Creole Trail Pipeline, a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Reconciliation of Non-GAAP Measures

Regulation G Reconciliation

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, changes in the fair value of our commodity derivatives, impairment expense and loss on disposal of assets, and non-recurring costs related to our response to the COVID-19 outbreak which are incremental to and separable from normal operations. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2020 and 2019 (in millions):

Cheniere Energy Partners, L.P.
Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
or
Media Relations
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Jenna Palfrey, 713-375-5491

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (TSX: SPB):

August 2020 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of August 2020 of $0.06 per share payable on September 15, 2020. The record date is August 31, 2020 and the ex-dividend date will be August 28, 2020. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Upcoming Release of 2020 Second Quarter Results and Conference Call

Superior expects to release its 2020 second quarter results on Wednesday, August 12, 2020 after market close. A conference call and webcast to discuss the 2020 second quarter results is scheduled for 10:30 AM EDT on Thursday, August 13, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior consists of three primary operating businesses: Canadian propane distribution includes the distribution of retail propane in Canada and the marketing of wholesale natural gas liquids in Canada and California, U.S. propane distribution includes the distribution of retail propane and other liquid fuels primarily in the Eastern United States, as well as the Midwest and California, and Specialty Chemicals includes the production and distribution of specialty chemicals products.

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 “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2019, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

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
Toll Free: 1-866-490-PLUS (7587)
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (NYSE American: LNG):

Summary of Second Quarter 2020 Results (in millions, except LNG data)

Summary Full Year 2020 Guidance (in billions)

Recent Highlights

Strategic

• In April 2020, Midship Pipeline Company, LLC, in which we have an equity investment, placed into service the Midship natural gas pipeline and related compression and interconnect facilities.

Operational

• As of July 31, 2020, more than 1,175 cumulative LNG cargoes totaling over 80 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

Financial

• For the six months ended June 30, 2020, we reported net income¹ of $572 million, Consolidated Adjusted EBITDA² of $2.43 billion, and Distributable Cash Flow² of approximately $830 million.
• During the six months ended June 30, 2020, we repurchased an aggregate of 2.9 million shares of our common stock for $155 million under our share repurchase program.
• In May 2020, the date of first commercial delivery was reached under the 20-year LNG Sale and Purchase Agreements with PT Pertamina (Persero), Naturgy LNG GOM, Limited, Woodside Energy Trading Singapore Pte Ltd, Iberdrola, S.A. and Électricité de France, S.A. relating to Train 2 of the CCL Project (defined below).
• In May 2020, Sabine Pass Liquefaction, LLC (“SPL”) issued an aggregate principal amount of $2.0 billion of 4.500% Senior Secured Notes due 2030. Net proceeds of the offering, along with cash on hand, were used to redeem all of SPL’s outstanding 5.625% Senior Secured Notes due 2021.
• In June 2020, we entered into a $2.62 billion three-year delayed draw term loan credit agreement (the “Cheniere Term Loan Facility”), which in July 2020 was increased to $2.695 billion. In July 2020, borrowings under the Cheniere Term Loan Facility were used to (1) redeem all of the remaining outstanding principal amount of the 11.0% Convertible Senior Secured Notes due 2025 issued by Cheniere CCH Holdco II, LLC, subsequent to the $300 million redemption in March 2020, with cash at a price of $1,080 per $1,000 principal amount of notes, (2) repurchase $844 million in aggregate principal amount of outstanding 4.875% Convertible Senior Notes due 2021 issued by Cheniere (the “2021 Convertible Notes”) at individually negotiated prices from a small number of investors, and (3) pay related fees and expenses of the Cheniere Term Loan Facility. The remaining borrowing capacity under the Cheniere Term Loan Facility, approximately $372 million, is expected to be used to repay and/or repurchase a portion of the remaining outstanding principal amount of the 2021 Convertible Notes and for the payment of related fees and expenses.

Liquefaction Projects Update

Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported net income¹ of $197 million, or $0.78 per share—basic and diluted for the three months ended June 30, 2020, compared to a net loss of $114 million, or $0.44 per share—basic and diluted, for the comparable 2019 period. Net income increased during the three months ended June 30, 2020 as compared to the comparable 2019 period primarily due to increased total margins³ and decreased net loss related to interest rate derivatives, partially offset by (i) increased income attributable to non-controlling interest, (ii) increased income tax expense, (iii) costs incurred in response to the COVID-19 pandemic, (iv) increased loss on modification or extinguishment of debt, and (v) increased interest expense. Total margins increased during the three months ended June 30, 2020 primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery and an increase in margins per MMBtu of LNG delivered to customers and recognized in income, partially offset by net losses from changes in fair value of commodity derivatives and a decrease in volumes of LNG recognized in income primarily due to cargoes for which long-term customers have not elected delivery.

Cheniere reported net income of $572 million, or $2.27 per share—basic and $2.26 per share—diluted for the six months ended June 30, 2020, compared to $27 million, or $0.11 per share—basic and diluted, for the comparable 2019 period. Net income increased during the six months ended June 30, 2020 as compared to the comparable 2019 period primarily due to increased total margins, partially offset by (i) increased interest expense, (ii) increased income tax expense, (iii) increased operating and maintenance expenses primarily due to additional Trains in operation and costs incurred in response to the COVID-19 pandemic, (iv) increased income attributable to non-controlling interest, and (v) increased loss on modification or extinguishment of debt. Total margins increased during the six months ended June 30, 2020 primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery, an increase in LNG volumes recognized in revenue primarily due to additional Trains in operation, increased net gains from changes in fair value of commodity derivatives, and slightly increased margins per MMBtu of LNG delivered to customers and recognized in income.

Margins per MMBtu of LNG delivered to customers and recognized in income increased during the three and six months ended June 30, 2020 primarily due to an increase in the proportion of volumes sold pursuant to higher-margin long-term contracts, partially offset by a decrease in market pricing for short-term cargoes sold.

Consolidated Adjusted EBITDA was $1.39 billion for the three months ended June 30, 2020, compared to $615 million for the comparable 2019 period. The increase in Consolidated Adjusted EBITDA during the three months ended June 30, 2020 was primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery and increased margins per MMBtu of LNG delivered to customers and recognized in income, partially offset by a decrease in volumes of LNG recognized in income primarily due to cargoes for which long-term customers have not elected delivery.

Consolidated Adjusted EBITDA was $2.43 billion for the six months ended June 30, 2020, compared to $1.27 billion for the comparable 2019 period. The increase in Consolidated Adjusted EBITDA during the six months ended June 30, 2020 was primarily due to accelerated revenues recognized from LNG cargoes for which customers have notified us that they will not take delivery, an increase in LNG volumes recognized in income primarily due to additional Trains in operation, and slightly increased margins per MMBtu of LNG delivered to customers and recognized in income, partially offset by increased operating and maintenance expenses primarily due to additional Trains in operation.

During the three and six months ended June 30, 2020, we recognized $708 million and $761 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $458 million would have otherwise been recognized subsequent to June 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended June 30, 2020 excluded $53 million that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers, as these revenues were recognized during the three months ended March 31, 2020. Excluding the impact of cargo cancellations related to periods subsequent to June 30, 2020 and those received in prior periods for the current periods, our total revenues would have been $2.00 billion and $4.65 billion for the three and six months ended June 30, 2020, respectively.

During the three and six months ended June 30, 2020, 78 and 206 LNG cargoes, respectively, were exported from our liquefaction projects, none of which were commissioning cargoes. One cargo exported from our liquefaction projects and sold on a delivered basis was in transit as of June 30, 2020.

“We delivered strong results for the second quarter of 2020, despite the challenging LNG market environment and continued global impact of the COVID-19 pandemic, which further proves the resiliency and strength of Cheniere’s business model,” said Jack Fusco, Cheniere’s President and Chief Executive Officer.

“Our customers value the flexibilities our long-term contracts provide, which enable LNG buyers to effectively manage their portfolios through various market conditions, while continuing to underpin Cheniere’s financial stability. Despite continued market challenges, our visibility on achieving our financial goals for the year is unchanged, and today we are reconfirming our full year 2020 guidance of $3.8 to $4.1 billion in Consolidated Adjusted EBITDA and $1.0 to $1.3 billion in Distributable Cash Flow.”

LNG Volume Summary

The following table summarizes the volumes of operational and commissioning LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the three and six months ended June 30, 2020:

In addition, during the three and six months ended June 30, 2020, we recognized the financial impact of 34 TBtu and 48 TBtu of LNG, respectively, on our Consolidated Financial Statements related to LNG cargoes sourced from third parties.

Cargo Cancellation Revenue Summary

The following table summarizes the timing impacts of revenue recognition related to cargoes for which customers elected to not take delivery on our revenues for the three and six months ended June 30, 2020 (in millions):

Additional Discussion and Analysis of Financial Condition and Results

Details Regarding Second Quarter and Year-to-Date June 30, 2020 Results

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) as of June 30, 2020 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

Income from operations increased $505 million and $1.2 billion during the three and six months ended June 30, 2020, respectively, as compared to the comparable 2019 periods, primarily due to increased total margins as detailed above, partially offset by costs incurred in response to the COVID-19 pandemic. During the six months ended June 30, 2020, the increase was also partially offset by increased operating and maintenance expenses primarily due to additional Trains in operation.

Selling, general and administrative expense included share-based compensation expenses of $19 million and $38 million for the three and six months ended June 30, 2020, respectively, compared to $23 million and $43 million for the comparable 2019 period.

Capital Resources

As of June 30, 2020, we had cash and cash equivalents of $2.0 billion on a consolidated basis, of which $1.3 billion was held by Cheniere Partners. In addition, we had current restricted cash of $505 million designated for the following purposes: $167 million for the SPL Project, $101 million for the CCL Project and $237 million for other restricted purposes.

Liquefaction Projects

SPL Project

Through Cheniere Partners, we operate five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

CCL Project

We operate two Trains and are commissioning one additional Train for a total production capacity of approximately 15 mtpa of LNG near Corpus Christi, Texas (the “CCL Project”).

Corpus Christi Stage 3

We are developing an expansion adjacent to the CCL Project for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG (“Corpus Christi Stage 3”). We expect to commence construction of the Corpus Christi Stage 3 project upon, among other things, entering into an engineering, procurement, and construction contract and additional commercial agreements, and obtaining adequate financing.

Investor Conference Call and Webcast

We will host a conference call to discuss our financial and operating results for the second quarter 2020 on Thursday, August 6, 2020, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)