NEW YORK--(BUSINESS WIRE)--Today, The Estée Lauder Companies (ELC) announced that it has achieved Net Zero emissions and sourced 100% renewable electricity globally for its direct operations, reaching the target it set on joining RE1001. Building upon this achievement, the company has also met its goal to set science-based emissions reduction targets for its direct operations and value chain, positioning the company to take even more decisive action against climate change in the coming decade.
“Today’s announcement signals a new level of ambition and dedication to climate action for The Estée Lauder Companies. Setting ambitious targets in line with the latest climate science is testament to our values and commitment to managing our business for the long term,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies. “In this decisive decade for climate action, we will continue to accelerate efforts to ensure a healthy, beautiful planet for generations to come.”
To achieve its Net Zero emissions and RE100 goals by 2020, ELC focused first and foremost on reducing its operational carbon footprint by deploying high-quality solutions and investing in projects bringing additional renewable energy to the grid. The portfolio approach includes signing a Virtual Power Purchase Agreement (VPPA) for 22 megawatts (MW) of wind power from the Ponderosa wind farm in Oklahoma, sealing the company’s largest renewable energy agreement to-date. The Ponderosa wind farm alone will cover more than half of the company’s electricity footprint with renewable energy technologies.
ELC further added to its global renewable energy portfolio by installing ground-mount and rooftop on-site solar arrays at its facilities around the world, bringing the company’s global total to more than 5 MW of solar capacity. In markets where ELC operations have a comparatively smaller carbon footprint, the company procured renewable energy certificates (RECs) or their international equivalent to support local renewable energy generation. To address any remaining annual emissions from operations, ELC purchased offsets from the Massachusetts Tri-City Forestry project in North America, which protects 6,500 acres of public forestland from significant commercial timber harvesting and ensures long-term sustainable management of the forest.
Helen Clarkson, Chief Executive Officer, the Climate Group, said, “We congratulate The Estée Lauder Companies on their fantastic work to switch to renewable electricity globally. When large companies like The Estée Lauder Companies set their sights on an ambitious target, they can achieve huge change at a rapid pace. This is exactly the sort of leadership we need to see in the climate decade, as we work to halve global emissions.”
ELC’s new climate targets reinforce a legacy of managing the company with a lens for the long-term and focusing on the needs of future generations. The targets address Scopes 1, 2, and 3 emissions and are independently validated and approved by the Science Based Target initiative (SBTi):
To take on the broader scope of addressing carbon impacts beyond its direct operations, ELC will build on its successes and learnings from achieving Net Zero and RE100. In doing so, the company intends to implement integrated solutions and foster joint value creation with supply chain partners and third-party manufacturers.
“The Estée Lauder Companies has been deeply committed to climate action for many years and, in 2020, we not only stayed true to our commitments, but took steps to further accelerate progress. At such a critical time for our planet and communities around the world, we know this work is more important than ever,” said Nancy Mahon, Senior Vice President, Global Corporate Citizenship and Sustainability of The Estée Lauder Companies. “The events of this year have only underscored the urgency and imperative of climate action and we’re committed to doing our part, collaborating with partners to tackle one of the greatest challenges of our time.”
For more information on ELC’s commitments and targets on climate, visit the fiscal year 2020 Citizenship and Sustainability Report.
Cautionary Note Regarding Citizenship and Sustainability Information:
This press release contains information about our citizenship and sustainability goals and efforts. Achievement of the goals involves certain risks and uncertainties, such as changes in our business (e.g., acquisitions, divestitures or new manufacturing or distribution locations), the standards by which achievement is measured, the assumptions underlying a particular goal and our ability to accurately report particular information. Actual results could differ from our stated goals or the results we expect. We also may change, or decide not to pursue, certain goals or initiatives. Moreover, the standards by which citizenship and sustainability efforts and related matters are measured are developing and evolving, and certain areas are subject to assumptions. The standards and assumptions could change over time. In addition, statements made about the company, its business or efforts may not apply to all business units (e.g., ones that are recently acquired). We assume no responsibility to update the information contained in this press release or to continue to report any information.
About The Estée Lauder Companies Inc.
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M·A·C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, BECCA, Too Faced and Dr. Jart+.
ELC-C
ELC-I
1 ELC joined the RE100 campaign in 2017. Please see www.there100.org for more information.
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LONDON--(BUSINESS WIRE)--#GlobalOffshoreDrillingMarket--Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download a Free Sample Report on COVID-19
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the offshore drilling market. The market growth in 2020 is likely to increase compared to market growth in 2019.
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The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. Although the growth in demand for oil and natural gas will offer immense growth opportunities, the growth of alternative gaming platforms is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this offshore drilling market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Offshore Drilling Market 2020-2024: Segmentation
Offshore Drilling Market is segmented as below:
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Offshore Drilling Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:
This study identifies the seizing of funding for E&P activities by World Bank as one of the prime reasons driving the Offshore Drilling Market growth during the next few years.
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Offshore Drilling Market 2020-2024: Key Highlights
Table of Contents:
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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DUBLIN--(BUSINESS WIRE)--The "Iraq Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
With vast oil and gas reserves, a large well-educated workforce, and about $450bn of major Projects, planned or underway, there is no doubting the huge potential of the Iraq market for anybody looking for new project opportunities in the Middle East. The reality however is that the country's vast potential has been undermined for decades by war, insurrection and sanctions, leaving it facing major political, economic and capacity challenges.
An improvement in Iraq's security situation in 2018 following its "liberation" from the Islamic State in Iraq and Syria (Isis) in December 2017, combined with an improving economic outlook, gave Iraqis hope that perhaps they could look forward to a period of stability during which they could start rebuilding their country.
But the joint issues of Covid-19 and falling oil prices have created a fiscal crisis as the government struggles to meet its financial commitments. Projects have had to be delayed as Baghdad prioritises social expenditure. At the same time, crude prices around $40 a barrel and OPEC quotas on production have meant that the Oil Ministry has asked the various international oil companies to slow down project expenditure and pare back output, further limiting the Projects, market.
Like elsewhere in the region, falling state revenues have placed a greater emphasis on bringing greater private sector participation in the Projects, market either through public-private-partnerships (PPPs) or attracting direct foreign investment in Projects,.
However, the political and security situation and lack of regulations make the successful implementation of PPP Projects, extremely challenging no matter what the support. Instead, the Projects, that are more likely to proceed are those which have funding support from international development banks and funds. Recent successful major Projects, like the Basra refinery upgrade project are examples where direct foreign funding can provide a way forward for much needed infrastructure development in the country.
Reasons to Buy
Key Topics Covered:
Preface
Iraq Country Overview
Impact of COVID-19
For more information about this report visit https://www.researchandmarkets.com/r/8st7kh
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LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) announced today that it and certain of its domestic and international subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas and have entered into a restructuring support agreement with an ad hoc group of the largest holders of its outstanding bond debt. This consensual financial restructuring transaction will eliminate the Company’s approximately $1.1 billion in principal amount of outstanding bond debt through the cancellation and exchange of debt for new equity in the reorganized Company.
The Company also announced today that it has repaid its $50 million first lien superpriority revolving credit agreement with Angelo, Gordon Energy Servicer, LLC, as administrative agent and the lenders party thereto.
With approximately $120 million of cash and cash equivalents as of October 30, 2020, and seven of the most advanced high-specification drillships in the world, Pacific Drilling intends to continue its world-wide operations as usual, deliver services for existing and prospective clients and, subject to court approval, pay all obligations incurred during the Chapter 11 case in full. The Company expects to emerge by year-end with access to new capital in the form of an $80 million exit facility and with approximately $100 million of cash and cash equivalents on the balance sheet.
Since the beginning of 2020, the global health crisis caused by COVID-19 and the resulting oil supply and demand imbalance have caused significant disruption in world economies and markets, including a substantial decline in the price of oil. The impact of these market conditions on Pacific Drilling’s business has been direct and significantly negative, rendering our current capital structure unsustainable over the long-term.
Bernie Wolford, Chief Executive Officer, stated, “After spending several months evaluating options for addressing our long-term financial needs in light of challenging market and operational conditions, we are pleased to reach agreement with an ad hoc group of our noteholders that paves the way for an expeditious Chapter 11 restructuring process. This restructuring is intended to enhance our financial flexibility by eliminating our entire prepetition debt and cash interest burden. We expect to emerge from this process in a stronger position to compete in today’s challenging, lower-commodity-price environment. I appreciate the ongoing support of our employees, clients and vendors as we complete this accelerated restructuring process. We remain committed to delivering the safest, most efficient and reliable deepwater drilling services in the industry.”
Additional information regarding the restructuring and Chapter 11 proceedings can be found (i) on our website at www.pacificdrilling.com/restructuring, (ii) on a website administered by our claims agent, Prime Clerk, at http://cases.primeclerk.com/PacificDrilling2020, or (iii) via our dedicated restructuring information line at: +1 877-930-4314 (toll free) or +1 347-897-4073 (international).
Advisors
Greenhill & Co. is acting as financial advisor, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to Pacific Drilling in connection with the restructuring. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to the noteholders.
About Pacific Drilling
With our best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the potential outcome of the Chapter 11 proceedings; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; expectations regarding the outcome of the ongoing bankruptcy proceedings of our two subsidiaries against whom the arbitration award related to the drillship known as the Pacific Zonda in favor of Samsung Heavy Industries Co. Ltd. (“SHI”) was rendered and the potential impact of the arbitration tribunal’s decision on our future operations, financial position, results of operations and liquidity.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the potential outcome of our Chapter 11 proceedings; evolving risks from the COVID-19 outbreak and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020, which if sustained would continue to have a material adverse effect on our financial condition, results of operations and cash flow; changes in actual and forecasted worldwide oil and gas supply and demand and prices, and the related impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; rig availability and supply of, and demand for, high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions of existing drilling contracts; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that the Company receives for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; the outcome of our subsidiaries’ bankruptcy proceedings and any actions that SHI or others may take in the bankruptcy or other proceedings against the Company and our subsidiaries; our ability to continue as a going concern; our ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 proceedings; our ability to confirm and consummate the prearranged Plan of Reorganization; the effects of the Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; risks associated with third-party motions in the Chapter 11 proceedings, which may interfere with our ability to confirm and consummate the prearranged Plan of Reorganization; increased advisory costs to execute the prearranged Plan of Reorganization; the potential adverse effects of the Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to the Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the potential effects of the expected delisting of our common shares from trading on the New York Stock Exchange; and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 8, 2020 and August 7, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
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Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
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DUBLIN--(BUSINESS WIRE)--The "Qatar Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
Like most other Projects, markets in the GCC, Qatar has been hit by the Covid-19 pandemic. In the period March-May public sector tendering slowed to a crawl and few Projects, were awarded.
However, the market picked up again in June and July. Contract awards in the first six months of the year were just 10 per cent down on the same period in 2019 and considerably higher than the first half of 2018.
A major driver of this is of course with FIFA 2022 World Cup. With just over two years to go, Doha has little choice but to maintain spending on various associated infrastructure Projects, to ensure the event will be a success. Roads, sewerage, and drainage are at the receiving end of billions of dollars of investment to ensure the state has the capacity and capability of hosting the hundreds of thousands of fans expected to come for the tournament.
An even bigger fillip is expected in the form of the $20bn-plus investment in the forthcoming LNG programme. Awards on the main EPC packages were originally forecast for this year but even if they come in 2021, they have the potential to more than double the size of the market and provide a considerable stimulus to the local economy.
Longer term, there are still question marks over what will happen to the Projects market once the World Cup is over. This is an issue for which there is still no clear answer, and which the government is expected to reveal over the next two years as part of its 2030 Vision which will drive a large part of the future project programme.
Reasons to Buy
Key Topics Covered:
Preface
Qatar Country Overview
Impact of COVID-19 and Latest Forecasts
For more information about this report visit https://www.researchandmarkets.com/r/40s1vw
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LONDON--(BUSINESS WIRE)--#GlobalSubseaProductionandProcessingMarket--The subsea production and processing market is poised to grow by USD 6.73 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Download Free Sample Report on COVID-19 Recovery Analysis
The report on the subsea production and processing 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, the latest trends and drivers, and the overall market environment. The market is driven by advances in subsea processing.
The subsea production and processing market analysis include the application segment and geography landscape. This study identifies the rise in deepwater and ultra-deepwater E&P activities as one of the prime reasons driving the subsea production and processing 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 Subsea Production and Processing market cover the following areas:
Subsea Production and Processing Market Sizing
Subsea Production and Processing Market Forecast
Subsea Production and Processing Market Analysis
Companies Mentioned
Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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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LONDON--(BUSINESS WIRE)--#GlobalOilfieldDrillingDerrickandMastMarket--The oilfield drilling derrick and mast market is poised to grow by USD 5.42 million during 2020-2024 progressing at a CAGR of almost 3% during the forecast period.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Download Free Sample Report on COVID-19 Recovery Analysis
The report on the oilfield drilling derrick and mast 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, the latest trends and drivers, and the overall market environment. The market is driven by an increase in oil and gas E&P activities.
The oilfield drilling derrick and mast market analysis includes the application segment geography landscape. This study identifies the growing upstream investment as one of the prime reasons driving the oilfield drilling derrick and mast 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 Oilfield Drilling Derrick and Mast market covers the following areas:
Oilfield Drilling Derrick and Mast Market Sizing
Oilfield Drilling Derrick and Mast Market Forecast
Oilfield Drilling Derrick and Mast Market Analysis
Companies Mentioned
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.
Technavio Research
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Media & Marketing Executive
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LONDON--(BUSINESS WIRE)--#GlobalSubmarineMarket--Technavio has been monitoring the submarine market, operating under the industrial sector. The latest report on the submarine market, 2020-2024 estimates it to register an incremental growth of $ 6.22 bn, at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download Latest Free Sample Report on COVID-19 Analysis
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. BAE Systems Plc, DSME Co. Ltd., Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Mitsubishi Heavy Industries Ltd., Naval Group, Saab AB, thyssenkrupp AG, and United Shipbuilding Corp. are among some of the major market participants.
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The growing arms race among countries has been instrumental in driving the growth of the market. However, limitations in submarine building capabilities might hamper the market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts
Submarine Market 2020-2024: Segmentation
Submarine Market is segmented as below:
Based on geographic segmentation, over 34% of the market’s growth originated from North America during the forecast period. In addition, SSN led the growth under the type segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the submarine market size.
Submarine Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The submarine market report covers the following areas:
This study identifies advances in undersea warfare as one of the prime reasons driving the Submarine Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Submarine Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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TULSA, Okla.--(BUSINESS WIRE)--Beta Crude Connector, LLC (BCC), through its Manager, Frontier Midstream Solutions IV, LLC, today announced an Open Season for its FERC regulated, crude oil pipeline located in Andrews, Ector, Martin and Midland Counties, Texas (the BCC system). Upon completion of the full system build-out, the BCC system will consist of approximately 100 miles of crude oil transportation pipeline and approximately 200,000 barrels of operational storage. The BCC system will have the capacity to accept over 150,000 barrels per day of crude oil from numerous lease tank batteries and other field receipt points in the Midland Basin of West Texas for delivery to multiple downstream pipelines, providing access to local refineries, Cushing, Oklahoma, and the U.S. Gulf Coast.
Open Season
BCC intends to conduct an Open Season to obtain long-term acreage dedications for the BCC system, which is projected to go into service in the first quarter of 2021.
Open Season Process
The Open Season is scheduled to begin on November 1, 2020 and end on November 30, 2020. All bids must be submitted to BCC by 5:00 p.m., Central Time, on or before November 30, 2020. Additional information regarding the BCC system and the Open Season can be found at (www.frontierenergyllc.com). All requests for Open Season documents, presentation of bids, and other correspondence should be directed to:
Greg Lamberson
Vice President of Planning
(918) 388-8431
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This notification along with any and all documents related Open Season is provided for informational purposes only. Notwithstanding anything contained herein to the contrary, this notification, any related agreements and any other documents related to the Open Season are not intended to constitute, nor shall they be construed to constitute, an offer or any binding obligation whatsoever on BCC. BCC reserves the right, in its sole discretion, to modify, terminate or extend the Open Season, in whole or in part, at any time and without advance notice, including without limitation, any ensuing discussions with any recipient of any documents relating to the Open Season. BCC further reserves the right to modify or supplement any of the documents associated with the Open Season without notice.
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LONDON--(BUSINESS WIRE)--#GlobalTabularAluminaMarket--Technavio has been monitoring the tabular alumina market, operating under the materials industry. The latest report on tabular alumina market, 2020-2024 estimates it to register an incremental growth of 155.90 th MT, at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Almatis BV, AluChem Inc., Bisley & Company Pty. Ltd., Imerys Fused Minerals Villach GmbH, KT Refractories US Co., Luoyang Zhongsen Refractory Co., Possehl Erzkontor GmbH & Co. KG, Ransom & Randolph Co., SILKEM Doo, and Zibo Biz-Harmony International Co. Ltd. are among some of the major market participants.
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Growing use of tabular alumina in several applications has been instrumental in driving the growth of the market. However, growing cost of production might hamper the market growth.
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Tabular Alumina Market 2020-2024: Segmentation
Tabular Alumina Market is segmented as below:
Based on geographic segmentation, over 60% of the market’s growth originated from APAC during the forecast period. In addition, the refractory segment led the growth under the application segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the tabular alumina market size.
Tabular Alumina Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The tabular alumina market report covers the following areas:
This study identifies as one of the prime reasons driving the Tabular Alumina Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Tabular Alumina Market 2020-2024: Key Highlights
Table of Contents:
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 focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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AUSTIN, Texas--(BUSINESS WIRE)--Astrotech Corporation (NASDAQ: ASTC), today announced that it has closed its previously announced registered direct offering priced at-the-market under Nasdaq rules of 2,887,906 shares of its common stock at a price of $2.15 per share for aggregate gross proceeds of $6.2 million. The Company intends to use the net proceeds from this offering for continuing operating expenses and working capital.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The shares of common stock were offered by Astrotech pursuant to a "shelf" registration statement on Form S-3 (File No. 333-226060) previously filed with the Securities and Exchange Commission (the "SEC") on July 3, 2018 and declared effective by the SEC on August 20, 2018. The offering of the securities was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC's website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, market and other conditions, the severity and duration of the COVID-19 pandemic and its impact on the U.S. and worldwide economy, the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic, the Company’s use of proceeds, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, and whether the market will accept our products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings, including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to update these forward-looking statements, except as required by law.
Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530
LONDON--(BUSINESS WIRE)--#GlobalOilfieldBiocidesMarket--Scope of the report
This report provides a detailed analysis of the oilfield biocides market by type (glutaraldehyde, chlorine, THPS, quaternary ammonium, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Akzo Nobel NV, BASF SE, Clariant International Ltd., Dow Inc., DuPont de Nemours Inc., Evonik Industries AG, Halliburton Co., Kemira Oyj, Solvay SA, and The Lubrizol Corp. The combination of biocides with micro biocides for integrated solutions is a key trend in the global oilfield biocides market which will lead to significant market growth. Combining biocides with micro biocides is known to be effective against bacteria such as APB and SRB. It also helps prevent the formation of souring (H2S), corrosion of assets (microbial influenced), and biofouling. All these factors are leading to a positive outlook for the oilfield biocides market.
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Oilfield Biocides Market: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for oilfield biocides in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 62% of the market’s growth will originate from North America during the forecast period. The growing global demand for energy has led oil and gas companies in Canada to increase unconventional exploration and production activities. In addition, the increasing consumer inclination toward the adoption of eco-friendly products and rising stringent regulations regarding the use of VOCs is driving the demand for oilfield biocides in North America. The US and Canada are the key markets for oilfield biocides in North America.
Oilfield Biocides Market: Segmentation by Type
The oilfield biocides market is segmented into five segments based on the type comprising of glutaraldehyde, chlorine, THPS, quaternary ammonium, and others. Glutaraldehyde was the most consumed type of oilfield biocides in 2019. This is due to the excellent performance of glutaraldehyde in both neutral and alkaline water. The application of glutaraldehyde significantly reduces biofilm accumulation, bacterial population, and metabolic activity in oilfields. These factors are creating significant growth potential in the segment.
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Oilfield Biocides Market: Growth Drivers
Increasing adoption of oxidizing oilfield biocides will drive market growth. End-users in the market are increasing the preference for oxidizing oil-field biocides due to their ability to destroy microorganisms in a wide range of applications, including commercial cleaning and industrial applications. They are also preferred in cases where oilfield microbial growth is too high and cannot be controlled by nonoxidizing agents. The growing competition in the oil and gas industry is driving oil and gas companies to continuously focus on discovering new resources, increase profit margins, and stay competitive. This is further increasing the demand for oxidizing oilfield biocides, which is driving the growth of the market.
Oilfield Biocides Market: Market Overview
The oilfield biocides market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Akzo Nobel NV, BASF SE, and Clariant International Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the health hazards associated with exposure to oilfield biocides will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Oilfield Biocides Market: Parent Market Overview
Technavio categorizes the global oilfield biocides market as a part of the global chemicals market. The parent global chemicals market covers companies engaged in the manufacture of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings.
Growth in the global specialty chemicals market will be driven by the shift in the preference toward specialty adhesives and sealants.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
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Website: https://www.technavio.com
NEW YORK--(BUSINESS WIRE)--Tortoise Acquisition Corp. II (the “Company”) announced today that commencing November 2, 2020, holders of the units sold in the Company’s initial public offering may elect to separately trade the Class A ordinary shares and redeemable warrants included in the units. Each unit consists of one Class A ordinary share, par value $0.0001 per share, and one-fourth of one redeemable warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and redeemable warrants that are separated will trade on the New York Stock Exchange (the “NYSE”) under the symbols “SNPR” and “SNPR WS,” respectively. Those units not separated will continue to trade on the NYSE under the symbol “SNPR.U.” Holders of the units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the holders’ units into Class A ordinary shares and redeemable warrants.
The units were initially offered by the Company in an underwritten offering. Barclays and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering. AmeriVet Securities, Inc. acted as co-manager for the offering.
Registration statements relating to the units and the underlying securities became effective on September 10, 2020.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the final prospectus relating to the offering may be obtained for free by visiting the U.S. Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov. Alternatively, a copy of the final prospectus relating to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (888) 603-5847; and Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (866) 471-2526.
ABOUT TORTOISE ACQUISITION CORP. II
Tortoise Acquisition Corp. II was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statements and prospectus for the Company’s initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Tortoise Acquisition Corp. II
Stephen Pang
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DULUTH, Minn.--(BUSINESS WIRE)--The ALLETE, Inc. (NYSE:ALE) board of directors has declared a quarterly dividend of 61.75 cents per share of common stock.
On an annual basis the dividend is equivalent to $2.47 per share, unchanged from the previous quarter.
The regular quarterly dividend is payable December 1 to common stock shareholders of record at the close of business November 16, 2020.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy, based in Bismarck, N.D.; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
Investor Contact:
Vince Meyer
218-723-3952
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ:DXPE), a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the third quarter ended September 30, 2020, at 7:00 A.M. Central Time on Friday, November 6, 2020 and to host a conference call to be web cast live on the Company’s website (www.dxpe.com) at 10:30 A.M. Central Time.
Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The online archived replay will be available immediately after the conference call at www.dxpe.com and at www.viavid.net.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.
DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Chief Financial Officer
www.dxpe.com
NEW YORK--(BUSINESS WIRE)--$PLL #Lithium--Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont” or “Company”) is pleased to present its September 2020 quarterly report. Highlights during and subsequent to the quarter were:
Keith D. Phillips, President and CEO of Piedmont, commented:
“We are extremely proud of the key milestones achieved by Piedmont during the quarter. Our agreement with Tesla highlights the strategic importance of Piedmont’s unique American spodumene deposit and confirms the trend toward spodumene as the preferred feedstock for the lithium hydroxide required in high-nickel batteries. Our relationship with Tesla represents the start of the first U.S. domestic lithium supply chain.
“Additionally, our recent U.S. public offering raised US$57.5 million and brought several strong U.S. cleantech and materials investors into our shareholder base, while strengthening Piedmont’s balance sheet, and enabling us to accelerate our development to become the first new American producer of lithium hydroxide in decades.
“We will soon commence an integrated definitive feasibility study (“DFS”), including a large infill drill campaign and pilot scale metallurgical testwork program, and will also prioritize the procurement of long lead-time items. We will continue to work on marketing arrangements for our lithium hydroxide and quartz by-products, focusing on the electric vehicle and solar panel markets, respectively. The DFS is planned for completion in Q2 2021.”
Click here to view the full ASX Announcement.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tim McKenna
Investor and Government Relations
T: +1 732 331 6457
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HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) announced today that Dick Alario has stepped down from his short-term role as Executive Vice Chairman of the Company. Mr. Alario previously served as Interim Chief Executive Officer of the Company from November 1, 2019 until the appointment of David Cherechinsky as President and Chief Executive Officer on June 1, 2020. At such time, Mr. Alario was appointed and served as our Executive Vice Chairman on an interim basis to assist with the transition of Mr. Cherechinsky to his new role as the Company’s Chief Executive Officer. Mr. Alario will continue to serve as a director of the Company.
Mr. Alario has been a member of the Board of Directors of NOW Inc. since May 2014, when the Company was spun off from National Oilwell Varco, Inc.
J. Wayne Richards, Chairman of NOW Inc.’s Board of Directors, remarked, “Dick has played a key strategic role advising DistributionNOW’s leadership team. With his wealth of experience in the oilfield services industry, we were very fortunate to have Dick serve as our interim CEO and Executive Vice Chairman during this time.”
Dick Alario stated, “I want to thank all the employees of DistributionNOW for your hard work and continued dedication to the Company. I am excited to see all of the amazing things DistributionNOW will be able to accomplish in the future. I would also like to thank the Board for the confidence they placed in me to help lead DistributionNOW to advance its market position and generate incremental value for our employees, customers and shareholders.”
David Cherechinsky, President and Chief Executive Officer of NOW Inc. remarked that "Dick has been an invaluable leader and incredible mentor to me. I look forward to continuing to work alongside the strong leadership team in place, as well as all the other outstanding women and men at DistributionNOW who support our customers, to ensure we remain focused on delivering one of the most comprehensive product offerings in the energy and industrial sectors, and to drive strong customer relationships and success in our growth initiatives. I am excited about our future and believe we will achieve success together for years to come.”
DistributionNOW is a worldwide supplier of energy and industrial products and engineered equipment solutions. With approximately 2,550 employees and a network of approximately 200 locations worldwide, we offer a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce and data and information management. Our locations provide products and solutions to exploration and production companies, energy transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers and engineering and construction companies. DistributionNOW has a legacy of over 150 years and is headquartered in Houston, Texas.
Brad Wise
Vice President, Marketing and Investor Relations
(281) 823-4006
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported a loss of $207 million ($(0.12) per share - diluted) for third quarter 2020, compared with earnings of $2.6 billion ($1.36 per share - diluted) in third quarter 2019. Included in the current quarter was a charge of $130 million attributable to a tax item related to an international upstream end-of-contract settlement and a non-cash provision of $90 million for remediation of a former mining asset. Foreign currency effects decreased earnings by $188 million.
Adjusted earnings of $201 million ($0.11 per share - diluted) in third quarter 2020 compares to adjusted earnings of $2.9 billion ($1.55 per share - diluted) in third quarter 2019. For a reconciliation of adjusted earnings/(loss), see Attachment 5.
Sales and other operating revenues in third quarter 2020 were $24 billion, compared to $35 billion in the year-ago period.
Earnings Summary
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Three Months |
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Nine Months |
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||||
Millions of dollars |
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2020 |
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2019 |
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2020 |
|
2019 |
|
Earnings by business segment |
|
|
|
|
|
|
|
|
|
|
|
Upstream |
|
$235 |
|
$2,704 |
|
$(2,934) |
|
$9,310 |
|
||
Downstream |
|
292 |
|
828 |
|
385 |
|
1,809 |
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||
All Other |
|
(734) |
|
(952) |
|
(2,329) |
|
(1,585) |
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||
Total (1)(2) |
|
$(207) |
|
$2,580 |
|
$(4,878) |
|
$9,534 |
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||
(1) Includes foreign currency effects |
|
|
$(188) |
|
$74 |
|
|
$(111) |
|
$(48) |
|
(2) Net income attributable to Chevron Corporation (See Attachment 1) |
|
||||||||||
“Third quarter results were down from a year ago, primarily due to lower commodity prices and margins resulting from the impact of COVID-19,” said Michael K. Wirth, Chevron’s chairman of the board and chief executive officer. “The world’s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity.”
“We remain focused on what we can control – safe operations, capital discipline and cost management,” Wirth continued. “Compared to last year’s third quarter, organic capital expenditures and operating expenses were down 48 percent and 12 percent, respectively.”
“I’m proud of our employees’ continued focus on safe and reliable operations during these challenging times,” Wirth added. “Our actions are guided by our long-standing financial priorities: to protect the dividend, invest for long term value and maintain a strong balance sheet.”
The company’s acquisition of Noble Energy, Inc. was completed in October following approval by Noble Energy shareholders. Wirth said, “Noble’s high-quality assets, including those in the Eastern Mediterranean, Colorado’s DJ Basin and the Permian Basin, strengthen our portfolio and are expected to increase the long-term value of our company.”
The company’s joint venture, CalBioGas LLC, successfully started production of dairy biomethane, a renewable natural gas (RNG), from dairy farms in California and marketed it as an alternative fuel for heavy-duty trucks and buses. The company also announced the formation of a joint venture with Brightmark LLC to produce and market additional dairy biomethane.
Lastly, the company signed an agreement in October to sell its Appalachia natural gas business. The transaction is expected to close before the end of the year.
UPSTREAM
Worldwide net oil-equivalent production was 2.83 million barrels per day in third quarter 2020, a decrease of 7 percent from a year ago. The decrease was largely a result of curtailed production in response to low commodity prices and asset sales, partially offset by net production increases at a number of properties.
U.S. Upstream |
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Three Months |
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Nine Months |
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|||||
Millions of dollars |
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2020 |
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2019 |
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2020 |
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2019 |
|
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Earnings |
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$116 |
|
$727 |
|
$(1,709) |
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$2,371 |
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||
U.S. upstream operations earned $116 million in third quarter 2020, compared with $727 million a year earlier. The decrease was primarily due to lower crude oil realizations.
The company’s average sales price per barrel of crude oil and natural gas liquids was $31 in third quarter 2020, down from $47 a year earlier. The average sales price of natural gas was $0.89 per thousand cubic feet in third quarter 2020, down from $0.95 in last year’s third quarter.
Net oil-equivalent production of 982,000 barrels per day in third quarter 2020 was up 48,000 barrels per day from a year earlier. Production increases from shale and tight properties in the Permian Basin in Texas and New Mexico were partially offset by normal field declines and planned maintenance in the Gulf of Mexico. The net liquids component of oil-equivalent production in third quarter 2020 increased 1 percent to 731,000 barrels per day, while net natural gas production increased 21 percent to 1.51 billion cubic feet per day, compared to last year’s third quarter.
International Upstream |
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Three Months |
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Nine Months |
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||||
Millions of dollars |
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2020 |
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2019 |
|
|
2020 |
|
2019 |
|
Earnings* |
$119 |
|
$1,977 |
|
$(1,225) |
|
$6,939 |
|
||
*Includes foreign currency effects |
|
$(107) |
|
$49 |
|
$99 |
|
$(97) |
|
|
International upstream operations earned $119 million in third quarter 2020, compared with $2.0 billion a year ago. The decrease in earnings was primarily due to lower crude oil and natural gas realizations, lower crude oil and natural gas sales volumes, and a tax item related to an end of contract settlement, partially offset by lower depreciation and operating expenses. Foreign currency effects had an unfavorable impact on earnings of $156 million between periods.
The average sales price for crude oil and natural gas liquids in third quarter 2020 was $39 per barrel, down from $56 a year earlier. The average sales price of natural gas was $3.89 per thousand cubic feet in the quarter, compared with $5.62 in last year’s third quarter.
Net oil-equivalent production of 1.85 million barrels per day in third quarter 2020 decreased 247,000 barrels per day from third quarter 2019. The decrease was due to production curtailments associated with OPEC+ restrictions and market conditions combined with asset sale related decreases of 104,000 barrels per day. The net liquids component of oil-equivalent production decreased 12 percent to 976,000 barrels per day in third quarter 2020, while net natural gas production of 5.26 billion cubic feet per day decreased 12 percent, compared to last year’s third quarter.
DOWNSTREAM
U.S. Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Nine Months |
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings |
|
$141 |
|
$389 |
|
$(397) |
|
$1,071 |
|
|
U.S. downstream operations earned $141 million in third quarter 2020, compared with $389 million a year earlier. The decrease was mainly due to lower sales volumes and lower margins on refined product sales, partially offset by lower operating expenses.
Refinery crude oil input in third quarter 2020 decreased 17 percent to 820,000 barrels per day from the year-ago period, as the company cut refinery runs in response to the weak refining margin environment.
Refined product sales of 1.00 million barrels per day were down 22 percent from third quarter 2019, mainly due to lower jet fuel, gasoline and diesel demand associated with the COVID-19 pandemic.
International Downstream |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Nine Months |
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Earnings* |
|
$151 |
|
$439 |
|
$782 |
|
$738 |
|
|
*Includes foreign currency effects |
|
$(49) |
|
$27 |
|
|
$(12) |
|
$49 |
|
International downstream operations earned $151 million in third quarter 2020, compared with $439 million a year earlier. The decrease in earnings was largely due to lower margins on refined product sales, partially offset by lower operating expenses. Foreign currency effects had an unfavorable impact on earnings of $76 million between periods.
Refinery crude oil input of 570,000 barrels per day in third quarter 2020 decreased 9 percent from the year-ago period, primarily due to the economic slowdowns in response to the COVID-19 pandemic.
Refined product sales of 1.28 million barrels per day in third quarter 2020 were down 6 percent from the year-ago period, mainly due to lower jet fuel demand associated with the COVID-19 pandemic, partially offset by higher diesel sales resulting from the second quarter 2020 acquisition of Puma Energy (Australia) Holdings Pty Ltd.
ALL OTHER
|
|
Three Months |
|
|
Nine Months |
|
||||
Millions of dollars |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
|
Net Charges* |
|
$(734) |
|
$(952) |
|
$(2,329) |
|
$(1,585) |
|
|
*Includes foreign currency effects |
|
$(32) |
|
$(2) |
|
|
$(198) |
|
$0 |
|
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.
Net charges in third quarter 2020 were $734 million, compared to $952 million a year earlier. The decrease in net charges between periods was mainly due to the absence of prior year tax charge. Higher corporate expenses partially offset the decrease between periods, primarily from a non-cash provision for remediation of a former mining asset. Foreign currency effects increased net charges by $30 million between periods.
CASH FLOW FROM OPERATIONS
Cash flow from operations in the first nine months of 2020 was $8.3 billion, compared with $21.7 billion in the corresponding 2019 period. Excluding working capital effects, cash flow from operations in the first nine months of 2020 was $8.4 billion, compared with $20.5 billion in the corresponding 2019 period.
CAPITAL AND EXPLORATORY EXPENDITURES
Capital and exploratory expenditures in the first nine months of 2020 were $10.3 billion, compared with $15.0 billion in 2019. The amounts included $3.1 billion in 2020 and $4.6 billion in 2019 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 82 percent of the company-wide total in 2020. Third quarter 2020 capital expenditures were down 48 percent compared to the prior year period. Included in the first nine months of 2020 were inorganic capital expenditures of $350 million primarily associated with the downstream acquisition of Puma Energy (Australia) Holdings Pty Ltd.
NOTICE
Chevron’s discussion of third quarter 2020 earnings with security analysts will take place on Friday, October 30, 2020, at 8:00 a.m. PDT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Additional financial and operating information and other complementary materials will be available under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
This press release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, gains on asset sales, unusual tax items, the Anadarko merger termination fee, foreign currency effects and other special items. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 5.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K, as updated by Part II, Item 1A, "Risk Factors" in the company's subsequently filed Quarterly Reports on Form 10-Q, and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
CHEVRON CORPORATION - FINANCIAL REVIEW |
Attachment 1 |
||||||||||||||||||
(Millions of Dollars, Except Per-Share Amounts) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
CONSOLIDATED STATEMENT OF INCOME |
|
|
|||||||||||||||||
|
Three Months |
|
Nine Months |
||||||||||||||||
REVENUES AND OTHER INCOME |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
Sales and other operating revenues |
$ |
23,997 |
|
|
|
$ |
34,779 |
|
|
$ |
69,628 |
|
|
|
$ |
105,291 |
|
|
|
Income from equity affiliates |
510 |
|
|
|
1,172 |
|
|
(1,040 |
) |
|
|
3,430 |
|
|
|||||
Other income |
(56 |
) |
|
|
165 |
|
|
858 |
|
|
|
1,445 |
|
|
|||||
Total Revenues and Other Income |
24,451 |
|
|
|
36,116 |
|
|
69,446 |
|
|
|
110,166 |
|
|
|||||
COSTS AND OTHER DEDUCTIONS |
|
|
|
|
|
|
|
||||||||||||
Purchased crude oil and products |
13,448 |
|
|
|
19,882 |
|
|
37,101 |
|
|
|
60,420 |
|
|
|||||
Operating expenses * |
5,658 |
|
|
|
6,400 |
|
|
18,928 |
|
|
|
18,731 |
|
|
|||||
Exploration expenses |
117 |
|
|
|
168 |
|
|
1,170 |
|
|
|
498 |
|
|
|||||
Depreciation, depletion and amortization |
4,017 |
|
|
|
4,361 |
|
|
15,022 |
|
|
|
12,789 |
|
|
|||||
Taxes other than on income |
1,091 |
|
|
|
1,059 |
|
|
3,223 |
|
|
|
3,167 |
|
|
|||||
Interest and debt expense |
164 |
|
|
|
197 |
|
|
498 |
|
|
|
620 |
|
|
|||||
Total Costs and Other Deductions |
24,495 |
|
|
|
32,067 |
|
|
75,942 |
|
|
|
96,225 |
|
|
|||||
Income (Loss) Before Income Tax Expense |
(44 |
) |
|
|
4,049 |
|
|
(6,496 |
) |
|
|
13,941 |
|
|
|||||
Income tax expense (benefit) |
165 |
|
|
|
1,469 |
|
|
(1,591 |
) |
|
|
4,429 |
|
|
|||||
Net Income (Loss) |
(209 |
) |
|
|
2,580 |
|
|
(4,905 |
) |
|
|
9,512 |
|
|
|||||
Less: Net income (loss) attributable to noncontrolling interests |
(2 |
) |
|
|
— |
|
|
(27 |
) |
|
|
(22 |
) |
|
|||||
NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION |
$ |
(207 |
) |
|
|
$ |
2,580 |
|
|
$ |
(4,878 |
) |
|
|
$ |
9,534 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
* Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs |
|||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
PER-SHARE OF COMMON STOCK |
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss) Attributable to Chevron Corporation |
|
|
|
|
|
|
|||||||||||||
- Basic |
$ |
(0.12 |
) |
|
|
$ |
1.38 |
|
|
$ |
(2.63 |
) |
|
|
$ |
5.06 |
|
|
|
- Diluted |
$ |
(0.12 |
) |
|
|
$ |
1.36 |
|
|
$ |
(2.63 |
) |
|
|
$ |
5.02 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Number of Shares Outstanding (000's) |
|
|
|
|
|||||||||||||||
- Basic |
1,853,533 |
|
|
|
1,880,607 |
|
|
1,856,363 |
|
|
|
1,885,931 |
|
|
|||||
- Diluted |
1,853,533 |
|
|
|
1,893,928 |
|
|
1,856,363 |
|
|
|
1,899,193 |
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
Attachment 2 |
||||||||||||||||||||||||||||||||||||
|
(Millions of Dollars) |
|
|||||||||||||||||||||||||||||||||||
|
(unaudited) |
|
|||||||||||||||||||||||||||||||||||
EARNINGS BY MAJOR OPERATING AREA |
Three Months |
|
Nine Months |
||||||||||||||||||||||||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||||||||||||||||||||
Upstream |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
United States |
$ |
116 |
|
|
$ |
727 |
|
|
$ |
(1,709) |
|
|
$ |
2,371 |
|
||||||||||||||||||||||
International |
119 |
|
|
1,977 |
|
|
(1,225) |
|
|
6,939 |
|
||||||||||||||||||||||||||
Total Upstream |
235 |
|
|
2,704 |
|
|
(2,934) |
|
|
9,310 |
|
||||||||||||||||||||||||||
Downstream |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
United States |
141 |
|
|
389 |
|
|
(397) |
|
|
1,071 |
|
||||||||||||||||||||||||||
International |
151 |
|
|
439 |
|
|
782 |
|
|
738 |
|
||||||||||||||||||||||||||
Total Downstream |
292 |
|
|
828 |
|
|
385 |
|
|
1,809 |
|
||||||||||||||||||||||||||
All Other (1) |
(734) |
|
|
(952) |
|
|
(2,329) |
|
|
(1,585) |
|
||||||||||||||||||||||||||
Total (2) |
$ |
(207) |
|
|
$ |
2,580 |
|
|
$ |
(4,878) |
|
|
$ |
9,534 |
|
||||||||||||||||||||||
SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary) |
|
Sep 30,
|
|
Dec 31,
|
|||||||||||||||||||||||||||||||||
Cash and Cash Equivalents |
|
|
|
|
$ |
6,866 |
|
|
$ |
5,686 |
|
||||||||||||||||||||||||||
Marketable Securities |
|
|
|
|
$ |
28 |
|
|
$ |
63 |
|
||||||||||||||||||||||||||
Total Assets |
|
|
|
|
$ |
223,063 |
|
|
$ |
237,428 |
|
||||||||||||||||||||||||||
Total Debt |
|
|
|
|
$ |
34,810 |
|
|
$ |
26,973 |
|
||||||||||||||||||||||||||
Total Chevron Corporation Stockholders' Equity |
|
|
|
|
$ |
131,774 |
|
|
$ |
144,213 |
|
||||||||||||||||||||||||||
|
Three Months |
|
Nine Months |
||||||||||||||||||||||||||||||||||
CAPITAL AND EXPLORATORY EXPENDITURES(3) |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||||||||||||||||||||||
United States |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Upstream |
$ |
904 |
|
|
$ |
2,102 |
|
|
$ |
3,932 |
|
|
$ |
5,929 |
|
||||||||||||||||||||||
Downstream |
296 |
|
|
327 |
|
|
750 |
|
|
1,381 |
|
||||||||||||||||||||||||||
Other |
44 |
|
|
102 |
|
|
183 |
|
|
233 |
|
||||||||||||||||||||||||||
Total United States |
1,244 |
|
|
2,531 |
|
|
4,865 |
|
|
7,543 |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
International |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Upstream |
1,119 |
|
|
2,137 |
|
|
4,499 |
|
|
6,873 |
|
||||||||||||||||||||||||||
Downstream |
228 |
|
|
284 |
|
|
949 |
|
|
550 |
|
||||||||||||||||||||||||||
Other |
1 |
|
|
4 |
|
|
9 |
|
|
12 |
|
||||||||||||||||||||||||||
Total International |
1,348 |
|
|
2,425 |
|
|
5,457 |
|
|
7,435 |
|
||||||||||||||||||||||||||
Worldwide |
$ |
2,592 |
|
|
$ |
4,956 |
|
|
$ |
10,322 |
|
|
$ |
14,978 |
|
||||||||||||||||||||||
(1) Includes worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
(2) Net Income (Loss) Attributable to Chevron Corporation (See Attachment 1). |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
(3) Includes interest in affiliates: |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
United States |
$ |
76 |
|
|
$ |
85 |
|
|
$ |
251 |
|
|
$ |
256 |
|
||||||||||||||||||||||
International |
729 |
|
|
1,349 |
|
|
2,812 |
|
|
4,322 |
|
||||||||||||||||||||||||||
Total |
$ |
805 |
|
|
$ |
1,434 |
|
|
$ |
3,063 |
|
|
$ |
4,578 |
|
||||||||||||||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
Attachment 3 |
||||||||||||
(Billions of Dollars) |
|
||||||||||||
(unaudited) |
|
||||||||||||
SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)1 |
|
|
|
||||||||||
|
Nine Months |
||||||||||||
OPERATING ACTIVITIES |
2020 |
|
2019 |
||||||||||
Net Income (Loss) |
$ |
(4.9) |
|
|
$ |
9.5 |
|
||||||
Adjustments |
|
|
|
||||||||||
Depreciation, depletion and amortization |
15.0 |
|
|
12.8 |
|
||||||||
Distributions more (less) than income from equity affiliates |
2.2 |
|
|
(1.9) |
|
||||||||
Loss (gain) on asset retirements and sales |
(0.6) |
|
|
(0.1) |
|
||||||||
Net foreign currency effects |
0.2 |
|
|
0.1 |
|
||||||||
Deferred income tax provision |
(3.2) |
|
|
1.0 |
|
||||||||
Net decrease (increase) in operating working capital |
— |
|
|
1.1 |
|
||||||||
Other operating activity |
(0.4) |
|
|
(0.8) |
|
||||||||
Net Cash Provided by Operating Activities |
$ |
8.3 |
|
|
$ |
21.7 |
|
||||||
|
|
|
|
||||||||||
INVESTING ACTIVITIES |
|
|
|
||||||||||
Capital expenditures |
(6.9) |
|
|
(9.9) |
|
||||||||
Proceeds and deposits related to asset sales and returns of investment |
2.0 |
|
|
1.1 |
|
||||||||
Net maturities of (investments in) time deposits |
— |
|
|
1.0 |
|
||||||||
Other investing activity(2) |
(1.4) |
|
|
(1.0) |
|
||||||||
Net Cash Used for Investing Activities |
$ |
(6.3) |
|
|
$ |
(8.8) |
|
||||||
|
|
|
|
||||||||||
FINANCING ACTIVITIES |
|
|
|
||||||||||
Net change in debt |
7.7 |
|
|
(1.9) |
|
||||||||
Cash dividends — common stock |
(7.2) |
|
|
(6.7) |
|
||||||||
Net sales (purchases) of treasury shares |
(1.5) |
|
|
(1.8) |
|
||||||||
Distributions to noncontrolling interests |
— |
|
|
— |
|
||||||||
Net Cash Used for Financing Activities |
$ |
(1.1) |
|
|
$ |
(10.5) |
|
||||||
|
|
|
|
||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(0.1) |
|
|
— |
|
||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
0.9 |
|
|
$ |
2.3 |
|
||||||
(1) Totals may not match sum of parts due to presentation in billions. |
|
|
|
||||||||||
(2) Primarily borrowings of loans by equity affiliates. |
|
|
|
||||||||||
|
|
|
|
||||||||||
CHEVRON CORPORATION - FINANCIAL REVIEW |
Attachment 4 |
|||||||||||
(unaudited) |
||||||||||||
OPERATING STATISTICS (1) |
Three Months |
|
Nine Months |
|||||||||
NET LIQUIDS PRODUCTION (MB/D): (2) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
United States |
731 |
|
|
726 |
|
|
760 |
|
|
709 |
|
|
International |
976 |
|
|
1,104 |
|
|
1,072 |
|
|
1,147 |
|
|
Worldwide |
1,707 |
|
|
1,830 |
|
|
1,832 |
|
|
1,856 |
|
|
NET NATURAL GAS PRODUCTION (MMCF/D): (3) |
|
|
|
|
|
|
|
|||||
United States |
1,507 |
|
|
1,243 |
|
|
1,511 |
|
|
1,178 |
|
|
International |
5,257 |
|
|
5,972 |
|
|
5,609 |
|
|
5,995 |
|
|
Worldwide |
6,764 |
|
|
7,215 |
|
|
7,120 |
|
|
7,173 |
|
|
TOTAL NET OIL-EQUIVALENT PRODUCTION (MB/D): (4) |
|
|
|
|
|
|
|
|||||
United States |
982 |
|
|
934 |
|
|
1,012 |
|
|
906 |
|
|
International |
1,852 |
|
|
2,099 |
|
|
2,006 |
|
|
2,146 |
|
|
Worldwide |
2,834 |
|
|
3,033 |
|
|
3,018 |
|
|
3,052 |
|
|
SALES OF NATURAL GAS (MMCF/D): |
|
|
|
|
|
|
|
|||||
United States |
3,776 |
|
|
3,945 |
|
|
4,000 |
|
|
3,980 |
|
|
International |
5,513 |
|
|
5,923 |
|
|
5,722 |
|
|
5,922 |
|
|
Worldwide |
9,289 |
|
|
9,868 |
|
|
9,722 |
|
|
9,902 |
|
|
SALES OF NATURAL GAS LIQUIDS (MB/D): |
|
|
|
|
|
|
|
|||||
United States |
230 |
|
|
233 |
|
|
228 |
|
|
213 |
|
|
International |
133 |
|
|
102 |
|
|
126 |
|
|
111 |
|
|
Worldwide |
363 |
|
|
335 |
|
|
354 |
|
|
324 |
|
|
SALES OF REFINED PRODUCTS (MB/D): |
|
|
|
|
|
|
|
|||||
United States |
1,004 |
|
|
1,294 |
|
|
997 |
|
|
1,255 |
|
|
International (5) |
1,282 |
|
|
1,356 |
|
|
1,219 |
|
|
1,344 |
|
|
Worldwide |
2,286 |
|
|
2,650 |
|
|
2,216 |
|
|
2,599 |
|
|
REFINERY INPUT (MB/D): |
|
|
|
|
|
|
|
|||||
United States |
820 |
|
|
992 |
|
|
789 |
|
|
939 |
|
|
International |
570 |
|
|
625 |
|
|
598 |
|
|
630 |
|
|
Worldwide |
1,390 |
|
|
1,617 |
|
|
1,387 |
|
|
1,569 |
|
|
|
|
|
|
|
|
|
|
|||||
(1) Includes interest in affiliates. |
|
|
|
|
|
|
|
|||||
(2) Includes net production of synthetic oil: |
|
|
|
|
|
|
|
|||||
Canada |
35 |
|
|
53 |
|
|
52 |
|
|
51 |
|
|
Venezuela Affiliate |
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
(3) Includes natural gas consumed in operations (MMCF/D): |
|
|
|
|
|
|
|
|||||
United States |
35 |
|
|
34 |
|
|
34 |
|
|
34 |
|
|
International |
535 |
|
|
611 |
|
|
571 |
|
|
611 |
|
|
(4) Oil-equivalent production is the sum of net liquids production, net natural gas production and synthetic production. The oil-equivalent gas conversion ratio is 6,000 cubic feet of natural gas = 1 barrel of crude oil. |
|
|
|
|
|
|
|
|||||
(5) Includes share of affiliate sales (MB/D): |
350 |
|
|
399 |
|
|
352 |
|
|
377 |
|
|
|
|
|
|
|
|
|
|
|||||
Sean Comey -- +1 925-842-5509
LEAWOOD, KS--(BUSINESS WIRE)--This notice provides stockholders of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distribution paid on October 30, 2020 and cumulative distributions paid fiscal year-to-date.
The following table sets forth the estimated amounts of the current distribution, payable October 30, 2020, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.
| Estimated Sources of Distributions | ||||||||
| ($) Current Distribution |
% Breakdown of the Current Distribution |
($) Total Cumulative Distributions for the Fiscal Year to Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date |
|||||
| Net Investment Income | 0.0317 |
|
63% |
|
0.3453 |
|
35% |
|
| Net Realized Short-Term Capital Gains | 0.0000 |
|
0% |
|
0.0000 |
|
0% |
|
| Net Realized Long-Term Capital Gains | 0.0000 |
|
0% |
|
0.0000 |
|
0% |
|
| Return of Capital | 0.0183 |
|
37% |
|
0.6547 |
|
65% |
|
| Total (per common share) | 0.0500 |
|
100% |
|
1.0000 |
|
100% |
|
| Average annual total return (in relation to NAV) for the 5 years ending on 9/30/2020 | -4.32% |
|||||||
| Annualized current distribution rate expressed as a percentage of NAV as of 9/30/2020 | 5.15% |
|||||||
|
||||||||
| Cumulative total return (in relation to NAV) for the fiscal year through 9/30/2020 | -28.71% |
|||||||
| Cumulative fiscal year distributions as a percentage of NAV as of 9/30/2020 | 8.59% |
|||||||
You should not draw any conclusions about TPZ's investment performance from the amount of this distribution or from the terms of TPZ's distribution policy.
TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with "yield" or "income."
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
About Tortoise
Tortoise focuses on energy infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors is the Adviser to the Tortoise Power and Energy Infrastructure Fund, Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “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. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe 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. 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 the fund’s reports that are filed with 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 by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--#earnings--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces a third-quarter 2020 loss of $799 million, compared with a loss of $141 million in the second quarter of 2020. Excluding special items of $798 million in the third quarter, primarily an impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, the company had an adjusted loss of $1 million, compared with a second-quarter adjusted loss of $324 million.
“Our diversified, integrated portfolio helped us navigate a challenging market environment in the third quarter,” said Greg Garland, chairman and CEO of Phillips 66. “Our Midstream, Chemicals and Marketing businesses benefited from improved market conditions, while Refining continued to be impacted by weak margins. We advanced our growth strategy with the recent startup of Sweeny Fracs 2 and 3, marking completion of the Sweeny Hub phase 2 expansion. Also, we announced Rodeo Renewed, a project to reconfigure our San Francisco Refinery into the world’s largest renewable fuels plant, making investments that advance a lower carbon future.
“We are proud of how our employees continue to step up to the challenges of 2020, from the pandemic to the West Coast fires and the Gulf Coast hurricanes. Our response to the storms in particular underscored our commitment to operating excellence, as our facilities were secured and sustained minimal damage. The people of Phillips 66 continue to demonstrate our values of providing energy and improving lives in what has been a very uncertain and challenging environment.
“Our diversified businesses, strong balance sheet and disciplined capital allocation enable us to effectively manage through a low margin environment. We paid $393 million in dividends in the third quarter and are committed to a secure, competitive and growing dividend. We remain focused on creating value for shareholders through operating excellence, financial discipline and return-enhancing investments.”
Midstream
|
Millions of Dollars |
|||||
|
Pre-Tax Income |
|
Adjusted Pre-Tax Income |
|||
|
Q3 2020 |
Q2 2020 |
|
Q3 2020 |
Q2 2020 |
|
Transportation |
$ |
(3) |
214 |
|
202 |
130 |
NGL and Other |
99 |
78 |
|
102 |
83 |
|
DCP Midstream |
50 |
32 |
|
50 |
32 |
|
Midstream |
$ |
146 |
324 |
|
354 |
245 |
Midstream third-quarter pre-tax income was $146 million, compared with $324 million in the second quarter. Midstream results in the third quarter included a $120 million impairment of pipeline and terminal assets related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, an $84 million impairment related to the cancellation of the Red Oak Pipeline project, $3 million of pension settlement expense and $1 million of hurricane-related costs. Second-quarter results included an $84 million gain related to Phillips 66 Partners’ prior-year sale of an interest in the Gray Oak Pipeline, as well as $5 million of pension settlement expense.
Transportation third-quarter adjusted pre-tax income of $202 million was $72 million higher than the second quarter. The increase was primarily due to higher pipeline and terminal volumes, including ramp-up of volumes on the Gray Oak Pipeline.
NGL and Other adjusted pre-tax income was $102 million in the third quarter, compared with $83 million in the second quarter. The improvement was mainly due to higher Sweeny Hub volumes and inventory impacts.
The company’s equity investment in DCP Midstream, LLC generated third-quarter adjusted pre-tax income of $50 million, an $18 million increase from the prior quarter, mainly reflecting hedging impacts.
Chemicals
|
Millions of Dollars |
|||||
|
Pre-Tax Income |
|
Adjusted Pre-Tax Income |
|||
|
Q3 2020 |
Q2 2020 |
|
Q3 2020 |
Q2 2020 |
|
Olefins and Polyolefins |
$ |
241 |
70 |
|
148 |
106 |
Specialties, Aromatics and Styrenics |
11 |
— |
|
5 |
11 |
|
Other |
(21) |
(28) |
|
(21) |
(28) |
|
Chemicals |
$ |
231 |
42 |
|
132 |
89 |
The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’ third-quarter 2020 pre-tax income was $231 million, compared with $42 million in the second quarter of 2020. Chemicals results in the third quarter included a $101 million benefit to equity earnings from lower-of-cost-or-market inventory adjustments, partially offset by $2 million of hurricane-related costs. Second-quarter results included reductions to equity earnings of $32 million in lower-of-cost-or-market inventory adjustments, as well as a $15 million asset write-off related to an international joint venture.
CPChem’s Olefins and Polyolefins (O&P) business contributed $148 million of adjusted pre-tax income in the third quarter of 2020, compared with $106 million in the second quarter. The $42 million increase was primarily due to higher polyethylene margins, driven by improved sales prices, partially offset by lower polyethylene volumes and higher operating costs. Global O&P utilization was 94% for the quarter, reflecting downtime at U.S. Gulf Coast facilities.
CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed third-quarter adjusted pre-tax income of $5 million, compared with $11 million in the second quarter. The decrease was primarily due to lower margins, partially offset by higher volumes.
The $7 million decrease in Other adjusted net costs in the third quarter mainly reflects lower employee-related expenses.
Refining
|
Millions of Dollars |
|||||
|
Pre-Tax Loss |
Adjusted Pre-Tax Loss |
||||
|
Q3 2020 |
Q2 2020 |
Q3 2020 |
Q2 2020 |
||
Refining |
$ |
(1,903) |
(878) |
(970) |
(867) |
|
Refining had a third-quarter pre-tax loss of $1.9 billion, compared with a pre-tax loss of $878 million in the second quarter. Refining results in the third quarter included a $910 million impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, $12 million of pension settlement expense and $11 million of hurricane-related costs. Second-quarter results included $26 million of pension settlement expense and a $15 million benefit to equity earnings from a lower-of-cost-or-market inventory adjustment.
Refining had an adjusted pre-tax loss of $970 million in the third quarter of 2020, compared with an adjusted pre-tax loss of $867 million in the second quarter of 2020. The decreased results were largely driven by lower realized margins, partially offset by higher volumes. Realized margins were down 32% to $1.78 per barrel in the third quarter, reflecting tightening crude spreads and lower secondary product margins. Phillips 66’s worldwide crude utilization rate was 77% in the third quarter, up from 75% in the second quarter. Improved third-quarter utilization mainly reflects increased refining runs in the Central Corridor and West Coast regions, partially offset by downtime at Gulf Coast refineries, including the impact of hurricane-related third-party power outages at the Lake Charles Refinery.
Pre-tax turnaround costs for the third quarter were $41 million, compared with second-quarter costs of $38 million. Clean product yield was 85% in the third quarter.
Marketing and Specialties
|
Millions of Dollars |
|||||
|
Pre-Tax Income |
|
Adjusted Pre-Tax Income |
|||
|
Q3 2020 |
Q2 2020 |
|
Q3 2020 |
Q2 2020 |
|
Marketing and Other |
$ |
365 |
255 |
|
366 |
259 |
Specialties |
|
50 |
31 |
|
51 |
34 |
Marketing and Specialties |
$ |
415 |
286 |
|
417 |
293 |
Marketing and Specialties (M&S) third-quarter pre-tax income was $415 million, compared with $286 million in the second quarter of 2020. M&S results in the third quarter included hurricane-related costs of $1 million and pension settlement expense of $1 million. Second-quarter results included $4 million of pension settlement expense and a $3 million reduction to equity earnings from a lower-of-cost-or-market inventory adjustment.
Adjusted pre-tax income for Marketing and Other was $366 million in the third quarter of 2020, an increase of $107 million from the second quarter of 2020. The increase primarily reflects higher margins and volumes, driven by improved market conditions and demand recovery. Refined product exports in the third quarter were 139,000 barrels per day (BPD).
Specialties generated third-quarter adjusted pre-tax income of $51 million, up from $34 million in the second quarter. The increase was largely due to higher finished lubricant volumes.
Corporate and Other
|
Millions of Dollars |
|||||
|
Pre-Tax Loss |
|
Adjusted Pre-Tax Loss |
|||
|
Q3 2020 |
Q2 2020 |
|
Q3 2020 |
Q2 2020 |
|
Corporate and Other |
$ |
(239) |
(219) |
|
(213) |
(224) |
Corporate and Other third-quarter pre-tax costs were $239 million, compared with pre-tax costs of $219 million in the second quarter. Pre-tax costs in the third quarter included a $25 million asset impairment, and second-quarter pre-tax costs included $8 million of net interest benefits related to tax audit adjustments. Pre-tax costs also included pension settlement expense of $1 million and $3 million in the third quarter and second quarter, respectively.
The $11 million decrease in Corporate and Other adjusted pre-tax costs in the third quarter was mainly driven by lower employee-related expenses, partially offset by higher net interest expense.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $491 million in cash from operations during the third quarter, including $305 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $795 million.
Capital expenditures and investments in the third quarter were $552 million. Excluding $3 million of capital funded by Gray Oak joint venture partners, adjusted capital spending was $549 million. The company expects 2020 consolidated capital expenditures and investments to be $3 billion, and adjusted capital spending to be $2.9 billion, net of cash capital contributions from joint venture partners. Phillips 66 paid $393 million in dividends in the third quarter.
As of Sept. 30, 2020, Phillips 66 had $7 billion of liquidity, reflecting $1.5 billion of cash and cash equivalents and approximately $5.5 billion of total committed capacity under its revolving credit facilities. Consolidated debt was $14.5 billion at Sept. 30, 2020, including $3.8 billion at Phillips 66 Partners (PSXP). The company’s consolidated debt-to-capital ratio was 39% and its net debt-to-capital ratio was 37%. Excluding PSXP, the debt-to-capital ratio was 35% and the net debt-to-capital ratio was 32%.
Strategic Update
Phillips 66 has completed the two new 150,000 BPD fractionators at its Sweeny Hub, bringing the site’s total fractionation capacity to 400,000 BPD. Frac 2 reached full rates in September, and Frac 3 started operations in October. The fractionators are supported by long-term customer commitments.
Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.
At the South Texas Gateway Terminal, which is being constructed by Buckeye Partners, L.P., the first dock and 5.1 million barrels of storage capacity have been commissioned. Marine and terminal operations will continue to ramp up through the end of this year as additional phases of construction are completed. Upon project completion in the first quarter of 2021, the marine export terminal will have two deepwater docks with up to 800,000 BPD of throughput capacity, along with storage capacity of 8.6 million barrels. Phillips 66 Partners owns a 25% interest in the terminal.
The company is adding a 200,000 BPD dock at its Beaumont Terminal, bringing the terminal’s total dock capacity to 800,000 BPD. The new dock is expected to be completed in the fourth quarter of 2020. The terminal has total crude and product storage capacity of 16.8 million barrels.
In Chemicals, CPChem and Qatar Petroleum are jointly pursuing development of petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. CPChem is closely monitoring economic developments and has deferred final investment decision for its U.S. Gulf Coast project.
In October, CPChem announced its first U.S. commercial-scale production of polyethylene from recycled mixed-waste plastics. CPChem is using advanced recycling technology to convert plastic waste to valuable liquids that can become new petrochemicals. CPChem’s circular polyethylene matches the performance and safety specifications of traditional polymers.
Phillips 66 announced Rodeo Renewed, a project to reconfigure its San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. The plant would no longer produce fuels from crude oil, but instead would make fuels from used cooking oil, fats, greases, soybean oils and other feedstocks. Upon expected completion in early 2024, the facility would have over 50,000 BPD, or 800 million gallons per year, of renewable fuel production capacity, making it the world’s largest facility of its kind. The conversion is expected to reduce the plant’s greenhouse gas emissions by 50% and help California meet its low carbon objectives.
In Marketing, the company continues its program to roll out updated signature image designs for Phillips 66, 76 and Conoco branded sites in the United States. During the quarter, 284 sites were reimaged. Since the program’s inception in 2015, approximately 5,000 sites have been reimaged.
In Europe, the company continues its program to update signature image designs for JET branded sites. During the quarter, 31 sites were reimaged. Since the program’s inception in 2019, 143 sites have been reimaged.
Investor Webcast
Later today, members of Phillips 66 executive management will host a webcast at noon EDT to discuss the company’s third-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to www.phillips66.com/supplemental.
Earnings (Loss) |
|
|
|
|
|
|
|
|
Millions of Dollars |
||||||
|
2020 |
|
2019 |
||||
|
Q3 |
Q2 |
Sep
|
|
Q3 |
Sep
|
|
Midstream |
$ |
146 |
324 |
(232) |
|
(460) |
279 |
Chemicals |
231 |
42 |
442 |
|
227 |
729 |
|
Refining |
(1,903) |
(878) |
(5,042) |
|
856 |
1,641 |
|
Marketing and Specialties |
415 |
286 |
1,214 |
|
498 |
1,056 |
|
Corporate and Other |
(239) |
(219) |
(655) |
|
(178) |
(593) |
|
Pre-Tax Income (Loss) |
(1,350) |
(445) |
(4,273) |
|
943 |
3,112 |
|
Less: Income tax expense (benefit) |
(624) |
(378) |
(1,053) |
|
150 |
545 |
|
Less: Noncontrolling interests |
73 |
74 |
216 |
|
81 |
227 |
|
Phillips 66 |
$ |
(799) |
(141) |
(3,436) |
|
712 |
2,340 |
|
|
|
|
|
|
|
|
Adjusted Earnings (Loss) |
|
|
|
|
|
|
|
|
Millions of Dollars |
||||||
|
2020 |
|
2019 |
||||
|
Q3 |
Q2 |
Sep
|
|
Q3 |
Sep
|
|
Midstream |
$ |
354 |
245 |
1,059 |
|
440 |
1,179 |
Chemicals |
132 |
89 |
414 |
|
269 |
771 |
|
Refining |
(970) |
(867) |
(2,238) |
|
839 |
1,603 |
|
Marketing and Specialties |
417 |
293 |
1,198 |
|
498 |
1,056 |
|
Corporate and Other |
(213) |
(224) |
(634) |
|
(178) |
(593) |
|
Pre-Tax Income (Loss) |
(280) |
(464) |
(201) |
|
1,868 |
4,016 |
|
Less: Income tax expense (benefit) |
(352) |
(190) |
(518) |
|
385 |
821 |
|
Less: Noncontrolling interests |
73 |
50 |
192 |
|
81 |
227 |
|
Phillips 66 |
$ |
(1) |
(324) |
125 |
|
1,402 |
2,968 |
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain 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, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. This release also includes a “debt-to-capital ratio excluding PSXP.” This non-GAAP measure is provided to differentiate the capital structure of Phillips 66 compared with that of Phillips 66 Partners. This release includes “adjusted capital spending,” a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. This release also includes “realized refining margin,” a non-GAAP financial measure that demonstrates how well we performed relative to benchmark industry margins.
References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66.
|
Millions of Dollars |
||||||
|
Except as Indicated |
||||||
|
2020 |
2019 |
|||||
|
Q3 |
Q2 |
Sep
|
Q3 |
Sep
|
||
Reconciliation of Consolidated Earnings (Loss) to Adjusted Earnings (Loss) |
|
|
|
|
|
||
Consolidated Earnings (Loss) |
$ |
(799) |
(141) |
(3,436) |
|
712 |
2,340 |
Pre-tax adjustments: |
|
|
|
|
|
||
Pending claims and settlements |
— |
— |
(37) |
|
— |
(21) |
|
Pension settlement expense |
17 |
38 |
55 |
|
— |
— |
|
Impairments |
1,139 |
— |
4,145 |
|
853 |
853 |
|
Impairments by equity affiliates |
— |
15 |
15 |
|
47 |
47 |
|
Lower-of-cost-or-market inventory adjustments |
(101) |
20 |
(29) |
|
42 |
42 |
|
Certain tax impacts |
— |
(8) |
(8) |
|
— |
— |
|
Asset dispositions |
— |
(84) |
(84) |
|
(17) |
(17) |
|
Hurricane-related costs |
15 |
— |
15 |
|
— |
— |
|
Tax impact of adjustments* |
(262) |
(208) |
(545) |
|
(235) |
(231) |
|
Other tax impacts |
(10) |
20 |
10 |
|
— |
(45) |
|
Noncontrolling interests |
— |
24 |
24 |
|
— |
— |
|
Adjusted earnings (loss) |
$ |
(1) |
(324) |
125 |
|
1,402 |
2,968 |
Earnings (loss) per share of common stock (dollars) |
$ |
(1.82) |
(0.33) |
(7.83) |
|
1.58 |
5.13 |
Adjusted earnings (loss) per share of common stock (dollars)† |
$ |
(0.01) |
(0.74) |
0.27 |
|
3.11 |
6.51 |
|
|
|
|
|
|
||
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) |
|
|
|
|
|
||
Midstream Pre-Tax Income (Loss) |
$ |
146 |
324 |
(232) |
|
(460) |
279 |
Pre-tax adjustments: |
|
|
|
|
|
||
Impairments |
204 |
— |
1,365 |
|
853 |
853 |
|
Pension settlement expense |
3 |
5 |
8 |
|
— |
— |
|
Lower-of-cost-or-market inventory adjustments |
— |
— |
1 |
|
— |
— |
|
Impairments by equity affiliates |
— |
— |
— |
|
47 |
47 |
|
Asset dispositions |
— |
(84) |
(84) |
|
— |
— |
|
Hurricane-related costs |
1 |
— |
1 |
|
— |
— |
|
Adjusted pre-tax income |
$ |
354 |
245 |
1,059 |
|
440 |
1,179 |
Chemicals Pre-Tax Income |
$ |
231 |
42 |
442 |
|
227 |
729 |
Pre-tax adjustments: |
|
|
|
|
|
||
Lower-of-cost-or-market inventory adjustments |
(101) |
32 |
(45) |
|
42 |
42 |
|
Impairments by equity affiliates |
— |
15 |
15 |
|
— |
— |
|
Hurricane-related costs |
2 |
— |
2 |
|
— |
— |
|
Adjusted pre-tax income |
$ |
132 |
89 |
414 |
|
269 |
771 |
Refining Pre-Tax Income (Loss) |
$ |
(1,903) |
(878) |
(5,042) |
|
856 |
1,641 |
Pre-tax adjustments: |
|
|
|
|
|
||
Pending claims and settlements |
— |
— |
— |
|
— |
(21) |
|
Asset dispositions |
— |
— |
— |
|
(17) |
(17) |
|
Pension settlement expense |
12 |
26 |
38 |
|
— |
— |
|
Impairments |
910 |
— |
2,755 |
|
— |
— |
|
Lower-of-cost-or-market inventory adjustments |
— |
(15) |
— |
|
— |
— |
|
Hurricane-related costs |
11 |
— |
11 |
|
— |
— |
|
Adjusted pre-tax income (loss) |
$ |
(970) |
(867) |
(2,238) |
|
839 |
1,603 |
Marketing and Specialties Pre-Tax Income |
$ |
415 |
286 |
1,214 |
|
498 |
1,056 |
Pre-tax adjustments: |
|
|
|
|
|
||
Lower-of-cost-or-market inventory adjustments |
— |
3 |
15 |
|
— |
— |
|
Pending claims and settlements |
— |
— |
(37) |
|
— |
— |
|
Pension settlement expense |
1 |
4 |
5 |
|
— |
— |
|
Hurricane-related costs |
1 |
— |
1 |
|
— |
— |
|
Adjusted pre-tax income |
$ |
417 |
293 |
1,198 |
|
498 |
1,056 |
Corporate and Other Pre-Tax Loss |
$ |
(239) |
(219) |
(655) |
|
(178) |
(593) |
Pre-tax adjustments: |
|
|
|
|
|
||
Impairments |
25 |
— |
25 |
|
— |
— |
|
Pension settlement expense |
1 |
3 |
4 |
|
— |
— |
|
Certain tax impacts |
— |
(8) |
(8) |
|
— |
— |
|
Adjusted pre-tax loss |
$ |
(213) |
(224) |
(634) |
|
(178) |
(593) |
*We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance. |
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†YTD 2020 is based on adjusted weighted-average diluted shares outstanding of 440,156 thousand, and other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. |
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Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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