Annual recognition by NAM’s Manufacturing Institute celebrates outstanding women in industry
THE WOODLANDS, Texas--(BUSINESS WIRE)--Chevron Phillips Chemical announced today that Operations Superintendent Amanda Baca at the Sweeny/Old Ocean Facilities is among the 130 national recipients of the prestigious 2021 STEP Ahead awards by the National Association of Manufacturers’ (NAM) Manufacturing Institute. The distinct honor celebrates women with an impressive track record of leadership, professional excellence and community involvement in science, technology, engineering and production (STEP) careers.
“We congratulate Amanda for the well-deserved recognition, following her many outstanding contributions to the company and local community as an inspiring leader and caring team player,” said Maricela Caballero, senior vice president of human resources. “At Chevron Phillips Chemical, we have amazing women that elevate our performance with their insight and dedicated work.
“We continue to create an environment where women can succeed and develop as effective leaders,” she added. “That’s why it’s so exciting to see someone as exceptional as Amanda receive such a prized distinction.”
Baca received top marks by Manufacturing Institute following her remarkable work and dedicated service in multiple areas. Those include her successful efforts to reduce operating costs and improve production volumes and margins at Chevron Phillips Chemical’s Sweeny/Old Ocean Facilities. Further, she serves as a mentor in and outside the company, and is actively engaged in community involvement, for which she also earned the Leaders Under 40 Award for Brazoria County, Texas.
“It is a great honor and privilege to receive this recognition, as well as a humbling reminder of how critical it is to work for an organization that nurtures the next generation of women leaders,” said Baca. “I look forward to continuing to grow as a leader and bring further value to Chevron Phillips Chemical and the community.”
“Women in manufacturing proved themselves time and time again after the pandemic began, leading our industry in innovation and progress,” said Carolyn Lee, executive director at Manufacturing Institute. “We will honor these manufacturing leaders with the STEP Ahead Awards, elevating their success and granting them a platform to inspire the next generation of women manufacturing leaders.”
Manufacturing Institute will celebrate the 2021 STEP Ahead award recipients at a Nov. 4 gala in Washington, D.C. The organization is the workforce development and education partner of NAM. Its STEP Women’s Initiative works to empower and inspire women in manufacturing as the nation’s top program to close the gender gap within the sector.
About Chevron Phillips Chemical
Chevron Phillips Chemical ranks first among America’s best large employers in the oil and gas sector according to Forbes. The company is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own more than $17 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.
“Chevron Phillips Chemical” or “CPChem” may refer to one or more Chevron Phillips Chemical's subsidiaries or affiliates 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.
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DUBLIN--(BUSINESS WIRE)--The "Palm Oil - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Palm Oil is estimated at US$42.8 Billion in the year 2020, is projected to reach a revised size of US$57.2 Billion by 2026, growing at a CAGR of 5% over the analysis period.
Crude Palm Oil, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$34.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Palm Kernel Oil segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Palm Oil market.
The U.S. Market is Estimated at $11.9 Billion, While China is Forecast to Reach $11.7 Billion by 2026
The Palm Oil market in the U.S. is estimated at US$11.9 Billion in the year 2021. The country currently accounts for a 26.98% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.7 Billion by the year 2026 trailing a CAGR of 8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$12.7 Billion by the end of the analysis period.
Future growth in the market will be driven by growing prominence of certified sustainable palm oil (CSPO) against the backdrop of public concerns over environmental, social, and deforestation issues related to palm oil cultivation. Demand for sustainably produced palm oil is also driven by growing focus of developed nations on clean and green fuel and growing application as a feedstock in biofuel production. The biofuel productivity yield of palm oil is the highest among all oilseed crops and is surpassed only by sugarcane in terms of productivity yield.
Other factors driving increasing consumption of palm oil include its attribute of being the cheapest form of vegetable oil; increasing production in Indonesia and Malaysia; growing demand from the food sector for use as margarine, bakery fat, frying fat, and cooking oil; and high yields produced from a hectare of palm oil plantation. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards Trans-fat-free, and GMO-free palm oil.
Palm Kernel Oil Segment to Reach $14 Billion by 2026
Due to high level of saturated fat, palm kernel oil offers superior oxidative stability after frying, making it an attractive option for restaurants. The oil is also gaining attention from commercial food providers as it remains solid at the room temperature that makes it easy to transport and store. Increasing consumer focus on health & wellness along with undesirable effect of partially hydrogenated oils on the cholesterol level is driving food and snack processors to switch towards trans-fat-free, cost-effective options such as palm oil.
Global market for Palm Kernel Oil segment is estimated at US$10.2 Billion in 2020, and is projected to reach US$14 Billion by 2026 reflecting a compounded annual growth rate of 5.4% over the analysis period. United States constitutes the largest regional market for Palm Kernel Oil segment, accounting for 28.8% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 8.9% over the analysis period, to reach US$2.8 Billion by the close of the analysis period.
MARKET TRENDS & DRIVERS
FOCUS ON SELECT PLAYERS (Total 88 Featured)
For more information about this report visit https://www.researchandmarkets.com/r/ccqwk9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (the “Partnership”) announced today that the Board of Directors (the “Board”) of its general partner, Global GP LLC, has declared a cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from May 15, 2021 through August 14, 2021. This distribution will be payable on August 16, 2021 to holders of record as of the opening of business on August 2, 2021.
The Board also declared a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership’s Series B preferred units for the period from May 15, 2021 through August 14, 2021. This distribution will be payable on August 16, 2021 to holders of record as of the opening of business on August 2, 2021.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Interim General Counsel and Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800
HAMILTON, Bermuda--(BUSINESS WIRE)--July 16, 2021 - Triton International Limited (NYSE:TRTN) will host its second quarter 2021 earnings conference call on July 27, 2021 at 8:30 a.m. Eastern Time. The earnings announcement and presentation will be released by 7:00 a.m. that morning and will be available on www.trtn.com.
The conference call will be Webcast, and an archive of the Webcast will be available one hour after the live call. To access the live Webcast or archive, please visit the Company’s website at www.trtn.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Webcast.
To listen by phone, please dial in approximately 15 minutes prior to the start time and reference the Triton International Limited conference call.
Live Teleconference Dial-In:
Domestic: 1-877-418-5277
International: 1-412-717-9592
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of over 6.2 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations
Fundraising strengthens Generate’s position as the leading diversified investment and operating platform for sustainable infrastructure
Consortium of some of the world’s largest pension funds from Australia, Europe, U.S. and Canada participate in round led by existing investors AustralianSuper and QIC with new investment from Harbert Management Corporation
SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading sustainable infrastructure company, today announced it has raised $2 billion in corporate equity from some of the world’s leading institutional investors to accelerate the deployment of sustainable infrastructure. Existing investors AustralianSuper and QIC led the fundraising round with new investment from Harbert Management Corporation, Aware Super, and CBRE Caledon. The fundraising tapped many of the world’s largest long-term oriented pension funds and institutional investors from Australia, the U.S., and Europe, including additional commitments from existing investors AP2 of Sweden, Railways Pension of the UK and The Wellcome Trust.
Generate builds, owns, operates and finances sustainable infrastructure that delivers affordable and reliable resource solutions for companies, governments and communities. Over the last seven years, Generate has built a portfolio of about $2 billion in sustainable infrastructure assets across the energy, waste, water and transport markets, deploying proven solutions that can have an immediate impact on reducing greenhouse gas emissions and improving resource efficiency. The company works with more than 40 technology and project development partners to build infrastructure that serves the mission-critical needs of over 1,000 customers, including companies, universities, school districts, cities and non-profits across North America.
The new equity infusion makes Generate one of the most well-capitalized sustainability-focused enterprises in the world and will allow it to continue expanding its reach into new sectors and regions to meet rising demand for sustainable infrastructure.
“Generate is purpose-built to deploy sustainable infrastructure at scale and we are thrilled to reach this milestone that builds on our strong track record and enables our next phase of growth,” said Scott Jacobs, chief executive and co-founder of Generate. “Successful infrastructure projects require a long time horizon, dedicated operational expertise and a commitment to deliver returns for all of the many stakeholders involved in infrastructure. The urgent need to deploy proven climate solutions and get the world to a Net Zero pathway has never been greater. We are grateful to have a truly values-aligned set of investors committed to our mission of rebuilding the world.”
As the only one-stop shop for companies and communities looking to meet their Net Zero goals with new infrastructure, Generate offers customers the chance to quickly deploy solutions across diverse clean technology sectors. Because of Generate’s well-established Infrastructure-as-a-Service model, customers no longer need to make large capital commitments to meet their sustainability goals. They can rely on Generate to manage those infrastructure assets rather than taking that financial and operational risk – removing the key barriers to adoption of decarbonization and resource efficiency solutions. Generate’s holding company structure means that project developers and technology companies pioneering the Infrastructure Revolution have access to any and all types of financing and help needed to rebuild the world.
Generate has accelerated its business over the past year, despite a global pandemic and economic uncertainty, doubling staff across all business lines to meet this unprecedented opportunity in sustainable infrastructure. The company recently launched its Generate Credit unit dedicated to creating more credit solutions for green projects and companies, and geographic expansion beyond North America is also underway.
“Generate is a market leader, with an innovative business model that successfully leverages growing global demand for sustainable infrastructure solutions. Investing in Generate provides both an attractive investment return for our members and fosters the development of new sustainability focused technology which is making a real impact on the global transition to clean energy,” said AustralianSuper Head of Infrastructure Nik Kemp.
Added Ross Israel, Head of Global Infrastructure at QIC: “We are very pleased to continue partnering with Generate as it grows its sustainable infrastructure platform across power, mobility, waste, and water. This follow-on investment reinforces QIC’s sector-centric, thematic-based investment strategy across energy transition, decarbonization, and distributed infrastructure. We look forward to further leveraging our infrastructure sector expertise to accelerate the expansion of Generate’s high-quality platform across dynamic and rapidly growing markets for its customers.”
“As one of Australia’s largest pension funds, we have committed to achieving net zero by 2050 and have ambitious targets to invest in renewables and sustainable technologies to help us achieve this goal. This new partnership with Generate supports our growing portfolio of sustainable infrastructure assets in the US and globally. We look forward to supporting Generate’s continued impressive growth and development while delivering strong returns to our members,” said Mark Hector, Senior Portfolio Manager, Infrastructure and Real Assets, Aware Super.
Generate offers sustainability project developers and technology companies a comprehensive and flexible range of financial and operational solutions, establishing itself as the only “one-stop-shop” for sustainable infrastructure pioneers. The asset base the company owns, operates and finances includes renewable power, community solar, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, and waste management. Generate’s projects create thousands of jobs across communities and the infrastructure assets already on its balance sheet are expected to prevent over 43 million metric tons of CO2e from entering the atmosphere over the course of their operating lives.
“In infrastructure, stakeholder alignment is extremely challenging when you consider all of the various needs customers, communities, investors, regulators, suppliers and developers have. Generate has pioneered approaches that meet all of those needs, while solving some of the world’s most pressing problems. We are excited to continue partnering with the Generate team to rebuild the world,” says Helena Olin, head of infrastructure and real assets at Swedish national pension AP2.
Added Claude Estes, Co-Head of Investments at Harbert Infrastructure: “Generate has a deep bench of experienced professionals, an extensive pipeline via leading development partners and an aligned investor base which includes several of the largest and most respected capital providers in the world. Harbert believes that Generate will continue to execute on their vision and will benefit from durable energy transition tailwinds for the foreseeable future.”
About Generate
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Emily Chasan
(415) 480-2914
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AVANGRID joint venture enters Project Labor Agreement with Massachusetts Building Trades for construction of Vineyard Wind 1
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, is pleased to announce that its joint venture, Vineyard Wind, has today entered into a Project Labor Agreement (PLA) with the Massachusetts Building Trades and local union affiliates for the construction beginning later this year of Vineyard Wind 1, an 800 megawatt (MW) offshore wind project.
“We are proud to work with organized labor to make history by building the nation’s first large-scale offshore wind project, Vineyard Wind 1,” said Dennis V. Arriola, CEO of AVANGRID. “The PLA is a triple-win for workers, our communities and industry and sets a strong precedent as we build the offshore wind energy infrastructure in the U.S. Investing in the workforce that will build the clean and connected future creates strong, sustainable communities and will enable the long-term growth and success of the offshore wind industry in this country.”
The agreement ensures fair, family-supporting wages and thorough workplace protections for the workers who will be constructing Vineyard Wind 1, the nation’s first commercial-scale offshore wind project. The PLA also ensures that there will be talented and skilled laborers available during construction to meet the project’s needs and deliver Vineyard Wind 1 on schedule.
AVANGRID, through its subsidiary Avangrid Renewables, is a leading developer and operator of onshore wind and solar and is pioneering the development of offshore wind in the U.S. In addition to Vineyard Wind 1, Avangrid Renewables is a partner on Park City Wind, an 804 MW project that will serve the state of Connecticut, as well as on additional lease areas off the coast of Massachusetts and Rhode Island which can deliver up to 3,500 MW. In the mid-Atlantic, Avangrid Renewables is developing Kitty Hawk Offshore Wind which has the potential to deliver 2,500 MW of clean energy into Virginia and North Carolina.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
Learn about the Iberdrola Group’s global pandemic response at its COVID-19 Hub.
Media:
Morgan Pitts
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503.933.8907
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BOSTON--(BUSINESS WIRE)--Global Container International Holdings LLC (“GCI”) today announced that Stephen Controulis will be joining its executive management team as Chief Financial Officer.
Steve is an accomplished C-Suite executive with significant experience in financial services, including more than 20 years in the container leasing industry where he was the Chief Financial Officer of Triton Container International Limited. Most recently, Steve was the Chief Financial Officer of Solar Mosaic, a specialty “clean-energy” finance company. Steve holds an MBA degree from the University of Michigan and a BS degree from New York University.
Jeffrey Gannon, CEO of GCI, noted, “We are incredibly excited to bring Steve on board and to welcome him back to the container leasing industry. Steve brings a depth of experience that makes him uniquely qualified to immediately add value to our rapidly expanding business platform. We look forward to him joining our team.”
About Global Container International LLC
Global Container International LLC is a Bermuda-based marine container leasing company with worldwide operations including offices or agency representation in the United States, Hong Kong, Shanghai, Singapore, Antwerp, Taipei, and Seoul. For more information, please visit www.gcxint.com
Global Container International Holdings LLC
Jeffrey Gannon, +1-339-203-0939
Chief Executive Officer
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HOUSTON--(BUSINESS WIRE)--Gulf Coast Ultra Deep Royalty Trust (OTC Pink: GULTU) (the Trust) announced today that it will distribute to unitholders a cash distribution totaling $47,999 for the quarter ended June 30, 2021.
Unitholders of record on July 30, 2021 will receive a cash distribution of $0.000209 per unit payable on August 13, 2021.
Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended June 30, 2021 are set forth in the table below:
Natural gas (Mcf) sales volumes (a) |
76,780 |
|
|
Natural gas (per Mcf) average sales price |
$ |
3.24 |
|
Gross proceeds |
$ |
248,875 |
|
Post-production costs and specified taxes |
(35,493 |
) |
|
Royalty income |
213,382 |
|
|
Interest and dividend income |
8 |
|
|
Administrative expenses |
(165,391 |
) |
|
Income in excess of administrative expenses |
47,999 |
|
|
Cash proceeds available for distribution |
$ |
47,999 |
|
(a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
About Gulf Coast Ultra Deep Royalty Trust. The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests. The subject interests and the Trust’s overriding royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (SEC). As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit http://gultu.q4web.com/.
Cautionary Statement Regarding Forward-Looking Information. This press release contains 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. Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the amount and date of quarterly distributions to unitholders. Forward-looking statements are not guarantees or assurances of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that may cause actual results to differ materially from those anticipated by the forward-looking statements include, but are not limited to, the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to a record date for a quarterly cash distribution. Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions. Other important factors that may cause actual results to differ materially include risks inherent in production of oil and gas properties, the ability of commodity purchasers to make payment, the economic effects of the COVID-19 pandemic and federal, state and local governmental actions in response to the pandemic, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trust cautions investors that it does not intend, and assumes no obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A. serves as trustee of the Trust. If you have any questions related to the Trust, please see below for contact information:
Gulf Coast Ultra Deep Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
(512) 236-6555
New councils will bring the voices, concerns and goals of customers directly to operating company leaders
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. [NYSE: AGR], a leading sustainable energy company, today announced the ongoing formation of new Customer Listening Councils for its electric and gas utility companies in Maine, New York, Connecticut and Massachusetts. The formation of these councils is consistent with the company’s strong Environmental, Social, Governance and Financial (ESG+F) framework, and will enable a representative group of customers and stakeholders to voice their interests directly to company leaders. In addition, the companies will share operational updates and planned activities to build increased understanding of the companies’ operating and strategic goals.
“At AVANGRID, we know that the success of our organization depends on the success and satisfaction of our customers in every market we serve,” said Dennis V. Arriola, CEO of AVANGRID. “Building deeper, stronger relationships with our customers, including residential, businesses, municipalities, as well as other community stakeholders is the best way to manage a successful sustainable energy company and align our goals with the expectations of the people we are proud to serve.”
Through Avangrid Networks, the company operates eight utilities including: Central Maine Power, Maine Natural Gas, New York State Electric & Gas, Rochester Gas and Electric, Berkshire Gas and UIL Holdings Corporation, which includes United Illuminating (UI), Southern Connecticut Gas and Connecticut Natural Gas. The councils will represent customers in the states and service territories where the utilities operate and are forming now through outreach and invitation.
“Our customers rely on us to deliver their energy services reliably, safely and affordably, and they expect and deserve operational excellence,” said Catherine Stempien, CEO and President of Avangrid Networks. “But what a customer views as ‘excellent’ may differ from the way we view it, and that’s why these councils are vital. Sitting down with customers to hear what they have to say and talk through their issues, expectations and goals for the future is the right and important thing to do.”
In each state, the councils will comprise individuals representing consumers, businesses, municipalities and state and local agencies that operate in the communities we serve. The councils are expected to meet 3-4 times annually and will be coordinated by the local company president. Membership of the council will rotate periodically to ensure new voices and perspectives are heard.
Maine:
In Maine, CMP’s Customer Listening Council will expand on work already under way through the company’s Customer Champion, former State Senator Dawn Hill, who was invited by CMP to serve in 2019 as an independent voice advocating for customers.
“Maine’s energy consumers and the people of CMP are not at cross purposes, and I say this as a customer, a consumer advocate, and a Mainer who appreciates and loves who we are as a state community,” Hill said. “We deserve excellent service and reliable operations and I have personally witnessed and been directly involved with CMP’s genuine efforts and progress in those areas. CMP leaders and employees alike respect and value their customers. Building the Maine Customer Listening Councils is yet another step that shows their commitment to our state.”
New York:
In New York, business leaders are also welcoming their listening council.
“I’m pleased that NYSEG and RG&E have included us in the New York Customer Listening Council, as both companies are vital to the success of the business community in Western New York,” said Dottie Gallagher, President & CEO of the Buffalo Niagara Partnership. “Particularly as our state recovers from the impact of COVID-19, bringing together a diverse group of stakeholders to gain our input will equip the companies to best serve their customers now and well into the future.”
Connecticut/Massachusetts:
In Connecticut, UIL President Franklyn Reynolds hosted the first Customer Listening Council meeting on June 21. He is working with Massachusetts leaders on Council formation for Berkshire Gas.
“Regardless of what a business makes, sells or delivers – from pizza to automobiles to electricity – we are all in the ‘people business’,” Reynolds said. “And especially since our products are fundamental to modern life, we must understand, respect and listen to the customers who rely on the services and products we provide. I believe these councils will make us better, stronger partners to our customers. I thank those who have joined our council and look forward to future meetings.”
Garrett Sheehan, President of Greater New Haven Chamber of Commerce and a member of the Connecticut council noted: “The team at United Illuminating has always been responsive to the needs of the business community. The Customer Listening Council in Connecticut takes this to another level. UI is creating regular contact points with senior leadership. In my experience, they want to hear everything, the good and the bad. There is a real commitment to our community, and I am seeing it through actions.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media: Susan G. Millerick
959.245.4816 (mobile) This email address is being protected from spambots. You need JavaScript enabled to view it.
Analysts: Patricia Cosgel,
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for July 2021. The net profits interest calculation represents reported oil production for the month of April 2021 and reported natural gas production during March 2021. The calculation includes accrued costs incurred in May 2021.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.7 million. As a result of the prior administrative advances to the Trust of $0.7 million, however, no distribution will be paid to the Trust’s unitholders of record on July 30, 2021 in August 2021. Distributions to the Trust will resume once the administrative advances, which now total approximately $0.1 million, have been repaid to COERT Holdings 1 LLC (the “Sponsor”).
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
Current Month |
|
44,962 |
|
1,499 |
|
246,964 |
|
7,967 |
|
$ 59.37 |
|
$ 2.81 |
Prior Month |
|
36,475 |
|
1,177 |
|
308,677 |
|
11,024 |
|
$ 61.56 |
|
$ 2.32 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.7 million for the current month on realized wellhead prices of $59.37/Bbl, up $0.5 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties remained consistent with the prior month at $0.7 million.
Total accrued operating expenses for the period were $2.1 million, a $0.1 million increase month-over-month from the prior period. Capital expenditures increased $0.1 million from the prior period to $0.3 million.
The remaining administrative advances for the prior months will be repaid with any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, the Sponsor anticipates that the Underlying Properties will continue to generate positive net profits to enable the Trust to repay the cumulative administrative advances before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2020 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 23, 2021. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
SPRING, Texas & BURBANK, Calif.--(BUSINESS WIRE)--ExxonMobil and Avelo Airlines announced today that ExxonMobil will be the sole aviation lubricants supplier for Avelo’s growing fleet. Avelo, the first new mainline U.S. carrier to launch in nearly 15 years, selected ExxonMobil based on trust in the company’s products and legacy in the aviation industry.
Avelo is currently using Mobil JetTM Oil II across its fleet of single-class 189-seat Boeing 737-800 aircraft and is in the process of converting to Mobil™ HyJet™ V and Mobilgrease™ 33. Poised for rapid growth, Avelo needed a lubricant supplier that could scale with its fleet.
“We chose ExxonMobil as our lubricants partner because their experience and reputation in the aviation industry is unmatched,” said Greg Baden, Chief Operating Officer, Avelo. “ExxonMobil shares our commitment to excellence, helping us Inspire Travel through everyday low fares. As a trusted brand, we are confident that ExxonMobil can support our needs today and grow with us tomorrow.”
The ExxonMobil suite of aviation lubricants has a long history of strong performance in various aircraft and engines which made Avelo confident in its selection.
“ExxonMobil has been a technology leader since 1903, with aviators and engineers relying on our expertise to push the boundaries of flight. From supporting the Wright Brothers’ first flight to now being the exclusive lubricants supplier for Avelo, we remain committed to providing innovative aviation lubricant solutions to address customers’ evolving needs,” said Ali Bakr, ExxonMobil Global Aviation Lubricants Sales Director. “We’re excited to continue to make history with Avelo, supporting them as they work to Inspire Travel.”
ExxonMobil has a state-of-the-art Port Allen aviation lubricants plant in Baton Rouge, Louisiana. The 90,000-square foot facility is equipped with advanced production technologies designed to raise the bar in product quality and integrity, including in-line blending, high-speed quart line and flow-through racking systems. The plant received the Zero Net Waste to Landfill Silver Validation from UL, which demonstrates ExxonMobil’s commitment to reducing environmental impacts and providing airlines with cleaner lubricant choices through Mobil-branded lubricants, including jet oils, greases and hydraulic oils. ExxonMobil is the first petroleum products company to secure this validation.
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About Avelo Airlines
Avelo Airlines was founded with a simple purpose — to Inspire Travel. The airline offers Customers time- and money-saving convenience, surprisingly low everyday fares, and a refreshingly smooth and caring experience through its “Avelo Soul of Service” culture. Operating a fleet of next-generation Boeing 737 aircraft, Avelo provides nonstop service between 11 destinations across the Western U.S. and its base at Hollywood Burbank Airport (BUR). Later this year, Avelo will begin service to and from its first East Coast base at Tweed New Haven Airport (HVN). For more information visit aveloair.com.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (the “Company”) (NYSE:MUR) announced today that it will redeem $150 million in aggregate principal amount of its 6.875% Senior Notes due 2024 (the “Notes”) on August 16, 2021, the redemption date for the Notes.
The redemption price for the Notes called for redemption will be equal to 101.719% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date in accordance with the terms of the Notes and the indenture under which the Notes were issued. The Notes to be redeemed will be selected in accordance with the procedures of The Depository Trust Company. Interest on the portion of the Notes selected for redemption will cease to accrue on and after the redemption date.
Additional information concerning the terms of the redemption is contained in the notice distributed to holders of the Notes. Beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution. This news release does not constitute a notice of redemption of the Notes.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. The company sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
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IRVING, Texas--(BUSINESS WIRE)--Andrew Swiger, senior vice president of Exxon Mobil Corporation (NYSE:XOM), has announced his intention to retire effective Sept. 1 after more than 43 years of service. The board of directors has elected Kathryn Mikells, a former executive with Diageo, United Airlines and Xerox, as senior vice president and chief financial officer, effective Aug. 9.
“I’d like to thank Andy, both personally and on behalf of the board of directors, for his many years of dedicated service, and wish him all the best in his retirement,” said Darren Woods, chairman and chief executive officer. “We welcome Kathy to ExxonMobil and look forward to the perspective and experience she brings as we work together to deliver on our strategies and increase shareholder value.”
Swiger joined Mobil in 1978 as an operations engineer in Morgan City, Louisiana, after receiving a petroleum engineering degree from the Colorado School of Mines. He held a series of upstream and corporate assignments before moving to the downstream in 1996 as general manager of the Jurong refinery and petrochemical plant in Singapore. In 1999, he became president and general manager of Mobil Oil Canada, and was later appointed corporate production advisor at ExxonMobil’s headquarters in Irving, Texas.
In 2001, Swiger moved to London as production vice president for Africa, and in 2003 was appointed production vice president for the Europe/Caspian/Russia region. He was named executive vice president of ExxonMobil Production Company in 2004, and became president of ExxonMobil Gas & Power Marketing in 2006. Swiger was elected senior vice president and a member of the management committee in 2009 and became principal financial officer in 2013.
Mikells joins ExxonMobil from Diageo plc, where she held the position of chief financial officer since 2015 and was a member of the board of directors. In this role, she was accountable for strategy, investor relations, supply chain, procurement and finance. Previously she was chief financial officer at Xerox, ADT, Nalco and United Airlines. During her time at United Airlines, she was also vice president of investor relations and treasurer. Mikells holds an MBA from the University of Chicago.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has signed a Memorandum of Understanding to participate in the recently announced Acorn carbon capture and storage project (CCS) in Scotland. The project plans to capture and store approximately 5-6 million tons of CO2 per year by 2030 from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal.
The Acorn Project has the potential to provide more than half of the 10 million tons per year of CO2 storage the UK government is targeting, and when expanded has the potential to store more than 20 million tons of CO2 emissions per year by the mid-2030s.
“ExxonMobil has more than 30 years’ experience in CCS technology and is advancing plans for multiple new CCS opportunities around the world,” said Joe Blommaert, president of Low Carbon Solutions at ExxonMobil. “We are pleased to support the Acorn Project in the deployment of CCS, one of the most important technologies required to achieve society’s climate goals.”
ExxonMobil also said it has joined NECCUS, an alliance of industry, government and academic experts committed to reducing carbon emissions from industrial facilities in Scotland.
ExxonMobil’s membership will help the alliance explore the potential of technology-driven solutions to reduce emissions by drawing on the company’s extensive global experience with carbon capture and storage. NECCUS members include the Scottish government, four leading Scottish universities and several industry partners.
“Our membership in NECCUS and our involvement with Acorn underscores our commitment to addressing the dual challenge of meeting the world’s energy needs while reducing emissions from our operations,” Blommaert said. “As a world leader in the development and use of carbon capture and storage, we will work with the alliance to identify how this technology can play a pivotal role in reducing Scotland’s emissions.”
“NECCUS welcomes ExxonMobil to our alliance,” said Mike Smith, CEO of NECCUS. “Decarbonising industrial emissions will be a challenging but essential part of meeting the national 2045 net-zero target. We believe Scotland is well placed to deliver on technologies such as carbon capture and storage, and hydrogen, which are necessary to achieve a net-zero industrial cluster. Collaboration across the organisations within NECCUS will be essential to this ambition, and the experience ExxonMobil brings will enhance this collaboration.”
In March, ExxonMobil established a Low Carbon Solutions business to commercialize low-emission technologies. It is initially focusing on CCS, the process of capturing CO2 from industrial activity that would otherwise be released into the atmosphere, and injecting it into deep underground geologic formations for safe, secure and permanent storage.
ExxonMobil is the industry leader in CCS technology and has more than 30 years of experience capturing carbon. The company has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world.
The International Energy Agency projects CCS could mitigate up to 15 percent of global emissions by 2040, and the U.N. Intergovernmental Panel on Climate Change (IPCC) estimates global de-carbonization efforts could be twice as costly without CCS.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement: Statements of future events, investment opportunities or conditions in this release are forward-looking statements. Actual future results, including project plans, timing, results, and costs, future reductions in emissions and emissions intensity, carbon capture results and the impact of operational and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to obtain and timing of required governmental and other third party consents; the development and pace of supportive market conditions and national, regional and local policies relating to carbon capture and emission reductions; changes in laws and regulations including laws and regulations regarding greenhouse gas emissions, carbon costs, and taxes; trade patterns and the development and enforcement of local, national and international mandates and treaties; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; the outcome of commercial negotiations and the actions of competitors; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy will webcast a conference call with financial analysts on Friday, July 30, 2021, beginning at 9 a.m. Eastern Daylight Time, at which senior management will discuss the company’s financial performance through the second quarter of 2021.
This listen-only, live audio presentation will be accessible from the Investors section of the Eversource website at https://www.eversource.com/Content/general/about/investors/presentations-webcasts.
Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.3 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2021 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,300 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
Jeffrey R. Kotkin
860-665-5154
NEW YORK & LONDON--(BUSINESS WIRE)--General Atlantic, a leading global growth equity firm, announced today the formation of BeyondNetZero (“BnZ”), a new venture targeting growth equity investments related to climate change. BnZ is being established in partnership with Lord (John) Browne of Madingley, Senior Advisor to General Atlantic, who will serve as Chairman of the venture. BnZ combines General Atlantic’s significant growth equity expertise, along with a new team of proven climate investors and industry executives, to create a unique capability to identify growth climate investment opportunities.
The BnZ team will identify and scale innovative solutions that focus on meeting and exceeding Net Zero emissions targets. The venture will leverage an extensive global network across the General Atlantic and BnZ teams to source, execute and support investments in high-growth businesses that ultimately have the potential to combat climate change at scale.
Collectively, the team brings decades of experience in both addressing climate-focused problems and building pioneering growth companies. The BnZ team is led by Lord Browne as Chairman and includes those with significant relevant expertise in investing, operating and building companies. This senior team includes four Managing Directors and two Principals across the U.S. and Europe, with plans for further team expansion in the coming months. The venture will also benefit from the insights and support of a diverse and respected team of strategic advisors around the world with expansive academic, scientific and business experience.
As part of its commitment to help companies achieve impact beyond Net Zero, the venture has secured an exclusive strategic partnership with SYSTEMIQ, an independent consultancy, think tank and investment firm, that will help develop a proprietary approach to measuring, reporting and driving emissions reductions.
BnZ will take a thematic approach to identifying opportunities, focusing on:
BnZ will seek to identify entrepreneurs with technologies poised to be deployed at commercial stage; established technologies; and those offering solutions for companies that are looking to pivot away from unsustainable models. This focus on asset-light and technology-driven business models will draw upon the BnZ team’s strategic partnerships, dedicated research capabilities and significant understanding of market dynamics.
Bill Ford, Chairman and Chief Executive Officer of General Atlantic, commented: “Addressing global climate change requires both a systemic transformation of the energy economy and scale of investment never seen before. Technology, innovation and entrepreneurship will play a vital role in this monumental transition. Growth equity is uniquely positioned to drive this shift and support founders in deploying innovative solutions at scale. With the BnZ team, we believe we can create meaningful progress by harnessing our long-held belief in the ability of global entrepreneurship to shift the paradigm.”
Lord Browne of Madingley (John Browne), Chairman of BnZ and Senior Advisor to General Atlantic, was from 1995 to 2007 Group Chief Executive of BP. He was the first energy industry leader to recognize publicly the risks of climate change and pledge action. He has significant experience in investment in and leadership of renewable energy and climate related technologies. He commented: “Climate change is the biggest threat to life, as we know it. The actions we need to take affect almost all aspects of production and consumption – a new fast-evolving industrial revolution of enormous scale. I am delighted that the specific expertise of the BnZ team will be combined with General Atlantic’s focus on working with growing businesses in rapidly changing sectors. This combination will create a distinctively differentiated approach to energy, industry and the consumer.”
BnZ’s diverse team of investment experts and strategic advisors includes:
Investment Professionals
Eli Aheto
Eli Aheto is a Managing Director on the BeyondNetZero team. Before joining BeyondNetZero, Aheto led investments in renewable energy, mobility and agricultural technology at Virgo Investment Group. Aheto began his career at Goldman Sachs and General Atlantic before joining Anchorage Capital Group to lead the firm’s energy investments.
Michael Bevan
Michael Bevan is a Managing Director on the BeyondNetZero team. Bevan has over 25 years of investment experience exclusively focused on sustainable growth investing. Previously, Bevan was a General Partner with Element Partners, a firm dedicated to growth equity investing in environmental businesses. Prior to Element, he was a Partner at Advent International and helped co-manage a dedicated fund focused on minority growth equity transactions into companies focused on sustainability. He also worked at EnerTech Capital, a venture capital fund focused on alternative energy technology investing.
Rhea Hamilton
Rhea Hamilton will be joining the BeyondNetZero team as a Managing Director in August. Hamilton brings nearly two decades of investing experience focused on climate and sustainability. Before joining BeyondNetZero, she was a Managing Director for OGCI Climate Investments, where she led the venture and growth equity investments globally. Prior to this, Hamilton headed private equity transactions focused on sustainable technology and clean energy, both for a large European family office as well as for a pioneer in sustainable investing, RobecoSAM.
Emmanuel Lagarrigue
Emmanuel Lagarrigue is a Managing Director on the BeyondNetZero team. Before joining BeyondNetZero, Lagarrigue was a Member of the Schneider Electric Executive Committee, serving first as Chief Strategy & Sustainability Officer and then Chief Innovation Officer. Lagarrigue led the company’s strategy and technology investments in sustainability, energy transition and digital transformation. He previously held multiple general management positions at Schneider Electric in multiple regions including the U.S., Asia, Europe and South America.
Wilson Bowen
Wilson Bowen is a Principal on the BeyondNetZero team. Before joining BeyondNetZero, Bowen was a Principal at Blackstone Growth focused on technology investments. Prior to that, he worked at TPG and Morgan Stanley.
Matthew Powell
Matthew Powell is a Vice President on the BeyondNetZero team and will serve as the Head of ESG & Reporting for the venture. Before joining BeyondNetZero, Powell was the Chief of Staff at L1 Energy.
Advisors
Enass Abo-Hamed
Enass Abo-Hamed serves as an Advisor to the BeyondNetZero team. She is the Co-Founder and CEO of H2GO Power Ltd., an award-winning spin-out company from the University of Cambridge that develops energy storage technologies. Currently, she is also a Royal Academy of Engineering Enterprise Fellow and a technology expert consultant to European Commission (REA). With more than a decade of research and business experience in hydrogen production & storage, catalysis, renewable energy and energy storage, Abo-Hamed is passionate about climate entrepreneurship, multidisciplinary engineering and clean energy technology policy.
Ajay Banga
Ajay Banga serves as an Advisor to the BeyondNetZero team. He is the Executive Chairman of Mastercard, after serving 11 years as its CEO. He is a global leader in technology, data, financial services and innovating for inclusion. Banga is a co-founder of The Cyber Readiness Institute, Chairman of the International Chamber of Commerce and a trustee of the United States Council for International Business. As an advisor to governments, companies and organizations of all kinds, he has advocated for partnership and systems that deliver on profit and purpose.
Diana Fox Carney
Diana Fox Carney serves as an Advisor to the BeyondNetZero team. She is a Senior Advisor at Eurasia Group, where she advises clients on environmental issues and climate transition. Previously, she worked at think tanks in Canada and the UK and was executive director at Pi Capital. Fox Carney also sits on the boards of the Shell Foundation and ClientEarth USA.
Sir Suma Chakrabarti
Sir Suma Chakrabarti serves as an Advisor to the BeyondNetZero team. Previously, he was President of the European Bank for Reconstruction and Development (EBRD) from 2012 to 2020. Under his leadership, EBRD achieved record investment levels and policy outcomes in emerging markets, including in climate finance, focused particularly on the private sector. He has also led UK Government departments, and currently advises emerging market leaders and chairs a global think tank.
Steven A. Denning
Steven A. Denning serves as an Advisor to the BeyondNetZero team and is also Chairman Emeritus of General Atlantic. Denning helped build General Atlantic with a vision of supporting entrepreneurs as they work to grow their businesses. For over four decades, Denning has helped General Atlantic become a leading global growth investment firm, today with 14 offices around the world. Denning also served on the Board of Trustees of Stanford University from 2004 to 2017, including as its Chairman from 2012 to 2017, and was a member of The Nature Conservancy Board of Directors from 2007 to 2016, including as Co-Chair from 2013 to 2016. Before joining General Atlantic, Denning worked at McKinsey & Company and served for six years in the U.S. Navy.
J. Erik Fyrwald
J. Erik Fyrwald serves as an Advisor to the BeyondNetZero team. Fyrwald is currently CEO of Syngenta. He previously served as CEO of Univar from 2012 to 2016. Previously, following a 27-year career at DuPont, he joined Nalco Company, serving as Chairman and CEO until 2011, when Nalco merged with Ecolab Inc. Following the merger, he served as president of Ecolab. Fyrwald currently serves on the boards of directors of Syngenta, Bunge Limited, CropLife International, Eli Lilly and Company, the Swiss American Chamber of Commerce and the UN World Food Program Farm to Market Initiative.
Mark Gainsborough
Mark Gainsborough serves as an Advisor to the BeyondNetZero team. Gainsborough is the former head of Shell New Energies, with a strong track record of investments in renewables, energy storage, hydrogen, biofuels and nature-based solutions. He currently serves on the boards of companies developing low carbon technologies and is the Co-Founder of Low Carbon Advisors, helping CEOs and boards to navigate the path to Net Zero carbon emissions.
Lynn Gladden
Lynn Gladden serves as an Advisor to the BeyondNetZero team. She is Professor of Chemical Engineering at the University of Cambridge. Gladden is a Fellow of the Royal Society and Royal Academy of Engineering and a foreign member of the U.S. National Academy of Engineering. She is also the Chair of the Judging Panel of the Queen Elizabeth Prize for Engineering.
Rachel Kyte
Rachel Kyte, CMG, serves as an Advisor to the BeyondNetZero team. She is the fourteenth Dean of The Fletcher School at Tufts University. Previously, she served as Special Representative of the UN Secretary General, CEO of Sustainable Energy for All (SEforALL) and a World Bank Group Vice President and special envoy for Sustainable Development and Climate Change. She currently advises international organizations, firms and governments on transitions and climate action.
Elizabeth Littlefield
Elizabeth Littlefield serves as an Advisor to the BeyondNetZero team. Littlefield previously served as President and CEO of OPIC, now known as the U.S. International Development Corporation (DFC), during the Obama Administration. Prior to this role, she was the CEO of CGAP, the microfinance policy center housed at the World Bank, and was the Managing Director of JPMorgan’s emerging markets capital markets business. She currently chairs the board of M-KOPA, the leading pay-as-you go solar company in Africa. Littlefield is also a senior adviser at Albright Stonebridge Group and serves on the boards of several environmental and mission-driven organizations operating in developing countries.
John Thornton
John Thornton serves as an Advisor to the BeyondNetZero team. He is Executive Chairman of Barrick Gold Corporation, Non-Executive Chairman of PineBridge Investments, and a director of Ford Motor Company and SparkCognition, a leader in industrial artificial intelligence. Thornton was formerly President of Goldman Sachs and Chairman of the Brookings Institution. He is currently Co-Chairman of Asia Society, Vice Chairman of Morehouse College and is an International Advisory Board member of Tsinghua University School of Economics and Management and School of Public Policy and Management.
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $65 billion in assets under management and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
For more information on BeyondNetZero, visit www.beyond-net-zero.com.
About SYSTEMIQ
SYSTEMIQ is a B Corp created in 2016 to drive achievement of the UN Sustainable Development Goals and the Paris Agreement by transforming markets and business models across three areas: land use, circular materials and energy. Working with partners across sectors, SYSTEMIQ aims to unlock economic opportunities that benefit business, society and the environment. To learn more, visit www.systemiq.earth.
Media Contacts
Mary Armstrong & Emily Japlon
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Daybreak Power developing the $4.9 billion pumped storage hydro facility
2,600 MW project creates 3,500 jobs, anchors transition to carbon-free power
Will deliver renewable energy to Seattle, Portland and across the Pacific Northwest
ARLINGTON, Va.--(BUSINESS WIRE)--Daybreak Power Inc., a developer of gigawatt-scale energy storage projects, announced today that the Federal Energy Regulatory Commission has issued a preliminary permit for its proposed 2,650 megawatt Halverson Canyon Pumped Storage project near Creston, Wash., about 35 miles upstream from Grand Coulee Dam on the Columbia River.
FERC’s decision June 28 marks an important early milestone for this estimated $4.9 billion project, which would connect to the nearby Pacific Northwest transmission system and ensure reliable, around-the-clock delivery of wind and solar power from Montana and throughout the Northwest.
The Halverson Canyon project is a pumped storage hydropower facility that would use water from Lake Roosevelt and a new reservoir in an upland area above the lake to create a gigantic battery. The facility would use cheap, abundant renewable energy to pump water to the upper reservoir, then release it through turbines and back to the lake to generate 10 hours or more of renewable energy on-demand each day.
The Halverson Canyon project would not dam any rivers, inundate sacred places or deplete water resources. It was sited to minimize impacts on endangered species, steer clear of culturally significant sites and minimize adverse impacts on recreation.
In June, the Bureau of Reclamation selected the Halverson Canyon project through a competitive process to receive a preliminary Lease of Power Privilege. Reclamation has determined the project offers the most cost-effective alternative for pumped storage at Lake Roosevelt.
Daybreak Power is committed to working with area landowners, the recreation industry, conservation groups and the nearby Colville, Spokane and other Tribes to wisely develop this storage project that will open a path to building a 100 percent carbon-free economy once and for all.
“Study after study shows we’re going to need massive amounts of storage to integrate high levels of wind and solar, and we need to do it smart,” said Daybreak CEO Jim Day. “The Halverson Canyon project does that. This project marks a turning point for the Pacific Northwest to transition off fossil resources and onto carbon-free renewables at a scale never seen before.”
The Halverson Canyon facility is Daybreak’s third and largest energy storage proposal, following its proposed 1,540 MW Next Generation Pumped Storage facility near Hoover Dam and 2,210 MW Navajo Energy Storage Station near Lake Powell.
Each of these projects dwarfs any proposed storage facility using lithium-ion batteries, leveraging the economy of scale, long duration and 50+ year lifespan of pumped hydro facilities to offer a far more cost-effective storage solution. Pumped hydro is a well understood technology that has provided 95 percent of the nation’s electricity storage for decades—far longer than the lifespan of current batteries, which wear out in just a few years.
“It’s time to start building storage projects that actually work to deliver renewable energy on-demand and around-the-clock,” Day said. “Let’s make it happen!”
Daybreak Power is a developer of large-scale energy storage projects, with nearly 50,000 megawatt-hours of pumped storage hydropower capacity in its pipeline. We founded the company in 2018 to provide the cost-effective storage that will pave the way to reaching 100 percent carbon-free power by 2050. Visit us at www.daybreakpower.com to see how we are working to achieve our company motto: “Let’s Make It Happen!”
For media inquiries, please call 703-624-4971 or contact Joyce Patry at This email address is being protected from spambots. You need JavaScript enabled to view it..
ANNAPOLIS, Md.--(BUSINESS WIRE)--#earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate solutions, today announced that the Company will release its second quarter 2021 results after market close on Thursday, August 5, 2021, to be followed by a conference call at 5:00 p.m. (Eastern Time).
The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10158488. The replay will be available until August 12, 2021.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.
To learn more about Hannon Armstrong, please visit the Company's website at www.hannonarmstrong.com. In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, Hannon Armstrong uses its website as a channel of distribution of material Company information. Financial and other material information regarding Hannon Armstrong is routinely posted on the Company's website and is readily accessible.
ABOUT HANNON ARMSTRONG
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $7 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
HANNON ARMSTRONG
INVESTOR INQUIRIES:
Chad Reed
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410-571-6189
CHICAGO--(BUSINESS WIRE)--The Southern Devall Group (the “Company”) is the holding company for the combined businesses of Southern Towing and Devall Towing. The Southern Devall Group is an affiliate of CC Industries (“CCI”) and a leading towboat and barge operator across the Gulf Intracoastal and U.S. inland waterways. Following the Company’s successful acquisition of Devall Towing, Ed Grimm has retired as CEO of The Southern Devall Group. The Company announced today that Stephen Kelley is assuming the role of Chief Operating Officer of Southern Towing. Stephen joined Southern Towing in 2017 with previous experience at Martin Resource Management Corporation and KPMG. Kevin Conway will continue in his role as Vice President of Sales and Marketing of Southern Towing and Kenny Devall will continue in his role as Chief Operating Officer of Devall Towing.
Chris Sullivan will assume the role of interim Chief Executive Officer of The Southern Devall Group alongside his current responsibilities in CCI’s Corporate Development Group and as a board member of The Southern Devall Group.
“We are grateful for the leadership and years of service from Ed Grimm, especially through our acquisitions of Southern Towing in 2019 and Devall Towing in 2021. We wish Ed all the best as he looks to spend more time with his family,” said CCI’s President and CEO, Bill Crown. “We have the utmost confidence in Chris Sullivan, Stephen Kelley, Kenny Devall, and their management teams to continue supporting and growing The Southern Devall Group.”
Chris Sullivan stated, “We look forward to continuing to provide customers integrated marine transportation solutions through Devall Towing and Southern Towing’s capabilities on the Gulf Intracoastal and U.S. inland waterways.”
About Southern Towing
Southern Towing is one of the nation’s largest transporters of liquid fertilizer and other products along the inland waterways of the United States. Southern Towing operates a fleet of 27 towboats and 78 barges and provides marine transportation services to customers in agriculture and industrial markets. Southern Towing was founded in 1958 and is headquartered in Memphis, Tennessee.
About Devall Towing
Devall Towing is a leading marine transportation provider of specialty chemicals on the Gulf Intracoastal Waterway and Lower Mississippi River. Devall operates a fleet of 36 towboats and 131 liquid tank barges as well as fleeting locations in Lake Charles, Louisiana and Victoria, Texas, with combined capacity for up to 175 barges. Devall Diesel Services provides marine diesel sales and service with dealerships in Louisiana and Texas. Devall was founded in 1952 by Alfred Devall and is headquartered in Sulphur, Louisiana.
About CC Industries, Inc.
CC Industries is the Chicago-based holding company for the Crown family’s privately-held companies, including: GILLIG, Great Dane Trailers, J.L. Clark, Miracapo Pizza Company, Provisur Technologies, Riverside Rail, Selig, Southern Towing Company, and Trail King Industries. The Crown family has a long history of owning and growing industrial businesses. The Crown family’s original business dates itself to 1919 when Henry Crown and his brothers started Material Service Corporation.
Jason Green
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(312) 750-6717
KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE:KSU) reported revenues of $749.5 million, an increase of 37% from second quarter 2020. Overall, carload volumes were up 31% compared to prior year.
Second Quarter 2021
Second quarter revenues were $749.5 million, an increase of 37% primarily resulting from higher volumes, higher fuel surcharge, and the strengthening of the Mexican peso against the U.S. dollar.
Second quarter operating expenses were $1,181.2 million, including a $700 million termination fee paid to Canadian Pacific. The $700 million reimbursement from Canadian National will be recognized upon KCS shareholder vote on the merger with Canadian National. Operating loss was $431.7 million and the reported operating ratio was 157.6%. Second quarter net loss was $378.0 million, or $4.17 per diluted share. Adjusted second quarter operating income, operating ratio, net income, and diluted earnings per share were as follows:
(in millions, except operating ratio and diluted earnings per share) |
|
Three Months Ended June 30, 2021 |
|||||||||||||
|
|
Operating
|
|
Operating
|
|
Net Income
|
|
Diluted Earnings
|
|||||||
GAAP Operating Results |
|
$ |
(431.7 |
) |
|
157.6 |
% |
|
$ |
(378.0 |
) |
|
$ |
(4.17 |
) |
Merger Costs |
|
|
720.8 |
|
|
(96.2 |
)% |
|
|
569.4 |
|
|
|
6.26 |
|
Other Adjustments, Net |
|
|
— |
|
|
— |
|
|
|
(2.6 |
) |
|
|
(0.03 |
) |
Adjusted Operating Results (non-GAAP) |
|
$ |
289.1 |
|
|
61.4 |
% |
|
$ |
188.8 |
|
|
$ |
2.06 |
|
|
|
|
|
|
|
|
|
|
|||||||
See following pages for reconciliations to GAAP |
|
|
|
|
|
|
|
|
|||||||
"KCS delivered strong second quarter volume growth, as our franchise benefited from unique growth drivers and the economy recovered from the COVID-19 downturn,” stated president and chief executive officer, Patrick J. Ottensmeyer. “Although we are pleased with the strong volume growth, we fell short of our own expectations for customer service.
“Our operating team is focused on implementing structural and sustainable changes that will improve operational performance and the resiliency of our network. To that end, we have deployed additional assets and crews in support of our service recovery, setting the Company up to continue delivering robust volume growth while improving customer service in the second half of 2021.
“During the second quarter, KCS also announced a pro-competitive merger with Canadian National, which will deliver more choices to customers through the creation of new, single line service options between the U.S., Canada and Mexico. This combination represents an exciting opportunity for KCS and CN stakeholders, and we look forward to delivering a safer, faster, cleaner and stronger railroad. For more information on the transaction and its benefits, visit ConnectedContinent.”
Statement Regarding Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying second quarter 2021 earnings release contains non-GAAP financial measures. KCS management believes that certain non-GAAP financial measures used to review and in certain cases manage the Company's business fall within the meaning of Regulation G (Disclosure of non-GAAP financial measures) and may provide its users of the financial information with additional meaningful comparison when reviewing the Company's results. KCS management uses non-GAAP information in its planning and forecasting processes and to further analyze its own financial trends and operational performance, as well as making financial comparisons to prior periods presented on a similar basis. Management believes investors and users of the Company's financial information should consider all of the above factors when evaluating KCS's results.
These non-GAAP measures should be viewed as a supplement and not considered a substitute for GAAP measures. Some of KCS's non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures.
GAAP Reconciliations |
||||||||||||||||
($ in millions, except per share amounts) |
||||||||||||||||
Reconciliation of Diluted Earnings (Loss) per Share to |
|
|
|
|||||||||||||
Adjusted Diluted Earnings per Share |
Three Months Ended June 30, 2021 |
|||||||||||||||
|
Income
|
|
Income Tax
|
|
Net Income
|
|
Diluted
|
|||||||||
As reported |
$ |
(459.6 |
) |
|
$ |
(81.6 |
) |
|
$ |
(378.0 |
) |
|
$ |
(4.17 |
) |
|
Adjustments for: |
|
|
|
|
|
|
|
|||||||||
Merger costs |
|
720.8 |
|
|
|
151.4 |
|
|
|
569.4 |
|
|
|
6.26 |
|
|
Foreign exchange gain |
|
(6.8 |
) |
|
|
(2.0 |
) |
|
|
(4.8 |
) |
|
|
(0.05 |
) |
|
Foreign exchange component of income taxes |
|
— |
|
|
|
(2.2 |
) |
|
|
2.2 |
|
|
|
0.02 |
|
|
Adjusted |
$ |
254.4 |
|
|
$ |
65.6 |
|
|
|
188.8 |
|
|
|
|||
Less: Noncontrolling interest and preferred stock dividends |
|
|
|
|
|
(0.6 |
) |
|
|
|||||||
Adjusted net income available to common stockholders - see (a) below |
|
|
|
|
$ |
188.2 |
|
|
$ |
2.06 |
|
|||||
GAAP Reconciliations (continued) |
||||||||||||||||
($ in millions, except per share amounts) |
||||||||||||||||
|
Three Months Ended June 30, 2020 |
|||||||||||||||
|
Income
|
|
Income Tax
|
|
Net Income |
|
Diluted
|
|||||||||
As reported |
$ |
151.1 |
|
|
$ |
40.8 |
|
|
$ |
110.3 |
|
|
$ |
1.16 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
|||||||||
Restructuring charges |
|
10.5 |
|
|
|
2.8 |
|
|
|
7.7 |
|
|
|
0.08 |
|
|
Foreign exchange gain |
|
(7.8 |
) |
|
|
(2.3 |
) |
|
|
(5.5 |
) |
|
|
(0.06 |
) |
|
Foreign exchange component of income taxes |
|
— |
|
|
|
2.8 |
|
|
|
(2.8 |
) |
|
|
(0.03 |
) |
|
Adjusted |
$ |
153.8 |
|
|
$ |
44.1 |
|
|
|
109.7 |
|
|
|
|||
Less: Noncontrolling interest and preferred stock dividends |
|
|
|
|
|
(0.6 |
) |
|
|
|||||||
Adjusted net income available to common stockholders - see (a) below |
|
|
|
|
$ |
109.1 |
|
|
$ |
1.15 |
|
|||||
Reconciliation of Operating Expenses to Adjusted |
Three Months Ended |
|
Six Months Ended |
|||||||||||||
Operating Expenses |
June 30, |
|
June 30, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Operating expenses as reported |
$ |
1,181.2 |
|
|
$ |
367.5 |
|
|
$ |
1,634.2 |
|
|
$ |
810.4 |
|
|
Adjustment for merger costs |
|
(720.8 |
) |
|
|
— |
|
|
|
(740.1 |
) |
|
|
— |
|
|
Adjustment for restructuring charges |
|
— |
|
|
|
(10.5 |
) |
|
|
— |
|
|
|
(16.5 |
) |
|
Adjusted operating expenses - see (b) below |
$ |
460.4 |
|
|
$ |
357.0 |
|
|
$ |
894.1 |
|
|
$ |
793.9 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating income (loss) as reported |
$ |
(431.7 |
) |
|
$ |
180.4 |
|
|
$ |
(178.7 |
) |
|
$ |
469.2 |
|
|
Adjusted operating income - see (b) below |
|
289.1 |
|
|
|
190.9 |
|
|
|
561.4 |
|
|
|
485.7 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating ratio (c) as reported |
|
157.6 |
% |
|
|
67.1 |
% |
|
|
112.3 |
% |
|
|
63.3 |
% |
|
Adjusted operating ratio - see (b) and (c) below |
|
61.4 |
% |
|
|
65.2 |
% |
|
|
61.4 |
% |
|
|
62.0 |
% |
|
(a) |
The Company believes adjusted diluted earnings per share is meaningful as it allows investors to evaluate the Company’s performance for different periods on a more comparable basis by adjusting for the impact of changes in foreign currency exchange rates, and items that are not directly related to the ongoing operations of the Company. The income tax expense impacts related to these adjustments are calculated at the applicable statutory tax rate. |
|
(b) |
The Company believes adjusted operating expenses, operating income and operating ratio are meaningful as they allow investors to evaluate the Company's performance for different periods on a more comparable basis by adjusting for items that are not directly related to the ongoing operations of the Company. |
|
(c) |
Operating ratio is calculated by dividing operating expenses by revenues; or in the case of adjusted operating ratio, adjusted operating expenses divided by revenues. |
Investor Conference Call and Webcast
KCS will also hold its second quarter 2021 earnings conference call on Friday, July 16, 2021 at 8:45 a.m. eastern time. Shareholders and other interested parties are invited to participate via live webcast or telephone. To participate in the live webcast and to view accompanying presentation materials, please log into investors.kcsouthern.com immediately prior to the presentation. To join the teleconference, please call (844) 308-6428 from the U.S., or (412) 317-5409 from all other countries.
A replay of the presentation will be available by calling (877) 344-7529 from the U.S., (855) 669-9658 from Canada or (412) 317-0088 from all other countries and entering conference ID 10152592. The webcast replay and presentation materials will be archived on the company’s website.
About Kansas City Southern
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com
Forward-Looking Information
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. In addition, management may make forward-looking statements orally or in other writing, including, but not limited to, in press releases, quarterly earnings calls, executive presentations, in the annual report to stockholders and in other filings with the Securities and Exchange Commission. Readers can usually identify these forward-looking statements by the use of such words as "may," "will," "should," "likely," "plans," "projects," "expects," "anticipates," "believes" or similar words. These statements involve a number of risks and uncertainties. Actual results could materially differ from those anticipated by such forward-looking statements as a result of a number of factors or combination of factors including, but not limited: the merger with Canadian National Railway Company ("CN") is subject to various closing conditions and there can be no assurances as to whether and when it may be completed; failure to complete the Company’s merger with CN could negatively impact the Company’s stock price and future business and financial results; Company’s stockholders cannot be sure of the value of the merger consideration they will receive from CN in the merger; lawsuits may be filed against the Company and/or CN challenging the transactions contemplated by the merger between, among others, the Company and CN; the shares of CN common stock to be received by the Company’s stockholders upon completion of the merger will have different rights from shares of the Company’s common stock; after completion of the merger, CN may fail to realize the projected benefits and cost savings of the merger; public health threats or outbreaks of communicable diseases, such as the ongoing COVID-19 pandemic and its impact on KCS’s business, suppliers, consumers, customers, employees and supply chains; rail accidents or other incidents or accidents on KCS’s rail network or at KCS’s facilities or customer facilities involving the release of hazardous materials, including toxic inhalation hazards; legislative and regulatory developments and disputes, including environmental regulations; loss of the rail concession of Kansas City Southern’s subsidiary, Kansas City Southern de México, S.A. de C.V.; domestic and international economic, political and social conditions; disruptions to the Company’s technology infrastructure, including its computer systems; increased demand and traffic congestion; the level of trade between the United States and Asia or Mexico; fluctuations in the peso-dollar exchange rate; natural events such as severe weather, hurricanes and floods; the outcome of claims and litigation involving the Company or its subsidiaries; competition and consolidation within the transportation industry; the business environment in industries that produce and use items shipped by rail; the termination of, or failure to renew, agreements with customers, other railroads and third parties; fluctuation in prices or availability of key materials, in particular diesel fuel; access to capital; climate change and the market and regulatory responses to climate change; dependency on certain key suppliers of core rail equipment; changes in securities and capital markets; unavailability of qualified personnel; labor difficulties, including strikes and work stoppages; acts of terrorism or risk of terrorist activities, war or other acts of violence; and other factors affecting the operation of the business; and other risks identified in this news release, in KCS's Annual Report on Form 10-K for the year ended December 31, 2020, and in other reports filed by KCS with the Securities and Exchange Commission.
Forward-looking statements reflect the information only as of the date on which they are made. KCS does not undertake any obligation to update any forward-looking statements to reflect future events, developments, or other information.
Kansas City Southern and Subsidiaries |
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(In millions, except share and per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
June 30, |
|
June 30, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Revenues |
$ |
749.5 |
|
|
$ |
547.9 |
|
|
$ |
1,455.5 |
|
|
$ |
1,279.6 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
128.4 |
|
|
|
103.8 |
|
|
|
257.9 |
|
|
|
237.2 |
|
|
Purchased services |
|
55.8 |
|
|
|
44.6 |
|
|
|
109.6 |
|
|
|
97.9 |
|
|
Fuel |
|
79.0 |
|
|
|
39.5 |
|
|
|
149.9 |
|
|
|
114.4 |
|
|
Equipment costs |
|
24.1 |
|
|
|
18.1 |
|
|
|
45.2 |
|
|
|
40.0 |
|
|
Depreciation and amortization |
|
91.2 |
|
|
|
89.3 |
|
|
|
183.2 |
|
|
|
178.7 |
|
|
Materials and other |
|
81.9 |
|
|
|
61.7 |
|
|
|
148.3 |
|
|
|
125.7 |
|
|
Merger costs |
|
720.8 |
|
|
|
— |
|
|
|
740.1 |
|
|
|
— |
|
|
Restructuring charges |
|
— |
|
|
|
10.5 |
|
|
|
— |
|
|
|
16.5 |
|
|
Total operating expenses |
|
1,181.2 |
|
|
|
367.5 |
|
|
|
1,634.2 |
|
|
|
810.4 |
|
|
Operating income (loss) |
|
(431.7 |
) |
|
|
180.4 |
|
|
|
(178.7 |
) |
|
|
469.2 |
|
|
Equity in net earnings of affiliates |
|
3.4 |
|
|
|
0.2 |
|
|
|
9.4 |
|
|
|
1.2 |
|
|
Interest expense |
|
(39.1 |
) |
|
|
(38.1 |
) |
|
|
(78.1 |
) |
|
|
(72.3 |
) |
|
Foreign exchange gain (loss) |
|
6.8 |
|
|
|
7.8 |
|
|
|
(0.5 |
) |
|
|
(51.7 |
) |
|
Other income, net |
|
1.0 |
|
|
|
0.8 |
|
|
|
0.2 |
|
|
|
2.2 |
|
|
Income (loss) before income taxes |
|
(459.6 |
) |
|
|
151.1 |
|
|
|
(247.7 |
) |
|
|
348.6 |
|
|
Income tax expense (benefit) |
|
(81.6 |
) |
|
|
40.8 |
|
|
|
(23.1 |
) |
|
|
86.0 |
|
|
Net income (loss) |
|
(378.0 |
) |
|
|
110.3 |
|
|
|
(224.6 |
) |
|
|
262.6 |
|
|
Less: Net income attributable to noncontrolling interest |
|
0.5 |
|
|
|
0.6 |
|
|
|
0.9 |
|
|
|
1.1 |
|
|
Net income (loss) attributable to Kansas City Southern and subsidiaries |
|
(378.5 |
) |
|
|
109.7 |
|
|
|
(225.5 |
) |
|
|
261.5 |
|
|
Preferred stock dividends |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Net income (loss) available to common stockholders |
$ |
(378.6 |
) |
|
$ |
109.7 |
|
|
$ |
(225.6 |
) |
|
$ |
261.4 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings (loss) per share: |
|
|
|
|
|
|
|
|||||||||
Basic earnings (loss) per share |
$ |
(4.17 |
) |
|
$ |
1.16 |
|
|
$ |
(2.48 |
) |
|
$ |
2.75 |
|
|
Diluted earnings (loss) per share |
$ |
(4.17 |
) |
|
$ |
1.16 |
|
|
$ |
(2.48 |
) |
|
$ |
2.74 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average shares outstanding (in thousands): |
|
|
|
|
|
|
|
|||||||||
Basic |
|
90,767 |
|
|
|
94,476 |
|
|
|
90,762 |
|
|
|
95,070 |
|
|
Effect of dilution |
|
— |
|
|
|
417 |
|
|
|
— |
|
|
|
464 |
|
|
Diluted |
|
90,767 |
|
|
|
94,893 |
|
|
|
90,762 |
|
|
|
95,534 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Kansas City Southern and Subsidiaries |
|||||||||||||||||||||||||||||||
Revenue & Carload/Units by Commodity - Second Quarter 2021 and 2020 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues |
|
|
|
Carloads and Units |
|
|
|
Revenue per |
|
|
||||||||||||||||||||
|
(in millions) |
|
|
|
(in thousands) |
|
|
|
Carload/Unit |
|
|
||||||||||||||||||||
|
Second Quarter |
|
% |
|
Second Quarter |
|
% |
|
Second Quarter |
|
% |
||||||||||||||||||||
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chemical & Petroleum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chemicals |
$ |
64.8 |
|
|
$ |
52.2 |
|
|
24 |
% |
|
24.5 |
|
|
21.2 |
|
|
16 |
% |
|
$ |
2,645 |
|
|
$ |
2,462 |
|
|
7 |
% |
|
Petroleum |
132.9 |
|
|
70.6 |
|
|
88 |
% |
|
60.9 |
|
|
36.7 |
|
|
66 |
% |
|
2,182 |
|
|
1,924 |
|
|
13 |
% |
|||||
Plastics |
34.8 |
|
|
35.7 |
|
|
(3 |
%) |
|
18.0 |
|
|
17.7 |
|
|
2 |
% |
|
1,933 |
|
|
2,017 |
|
|
(4 |
%) |
|||||
Total |
232.5 |
|
|
158.5 |
|
|
47 |
% |
|
103.4 |
|
|
75.6 |
|
|
37 |
% |
|
2,249 |
|
|
2,097 |
|
|
7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Industrial & Consumer Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Forest Products |
62.6 |
|
|
57.8 |
|
|
8 |
% |
|
24.8 |
|
|
24.2 |
|
|
2 |
% |
|
2,524 |
|
|
2,388 |
|
|
6 |
% |
|||||
Metals & Scrap |
51.0 |
|
|
40.4 |
|
|
26 |
% |
|
28.1 |
|
|
22.6 |
|
|
24 |
% |
|
1,815 |
|
|
1,788 |
|
|
2 |
% |
|||||
Other |
31.0 |
|
|
22.4 |
|
|
38 |
% |
|
21.5 |
|
|
21.2 |
|
|
1 |
% |
|
1,442 |
|
|
1,057 |
|
|
36 |
% |
|||||
Total |
144.6 |
|
|
120.6 |
|
|
20 |
% |
|
74.4 |
|
|
68.0 |
|
|
9 |
% |
|
1,944 |
|
|
1,774 |
|
|
10 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Agriculture & Minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Grain |
88.9 |
|
|
64.1 |
|
|
39 |
% |
|
40.7 |
|
|
33.0 |
|
|
23 |
% |
|
2,184 |
|
|
1,942 |
|
|
12 |
% |
|||||
Food Products |
36.6 |
|
|
39.0 |
|
|
(6 |
%) |
|
13.8 |
|
|
15.2 |
|
|
(9 |
%) |
|
2,652 |
|
|
2,566 |
|
|
3 |
% |
|||||
Ores & Minerals |
6.1 |
|
|
5.3 |
|
|
15 |
% |
|
7.8 |
|
|
7.0 |
|
|
11 |
% |
|
782 |
|
|
757 |
|
|
3 |
% |
|||||
Stone, Clay & Glass |
8.3 |
|
|
6.0 |
|
|
38 |
% |
|
3.6 |
|
|
2.5 |
|
|
44 |
% |
|
2,306 |
|
|
2,400 |
|
|
(4 |
%) |
|||||
Total |
139.9 |
|
|
114.4 |
|
|
22 |
% |
|
65.9 |
|
|
57.7 |
|
|
14 |
% |
|
2,123 |
|
|
1,983 |
|
|
7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utility Coal |
31.2 |
|
|
23.2 |
|
|
34 |
% |
|
38.7 |
|
|
25.6 |
|
|
51 |
% |
|
806 |
|
|
906 |
|
|
(11 |
%) |
|||||
Coal & Petroleum Coke |
12.0 |
|
|
9.5 |
|
|
26 |
% |
|
14.6 |
|
|
14.5 |
|
|
1 |
% |
|
822 |
|
|
655 |
|
|
25 |
% |
|||||
Frac Sand |
4.2 |
|
|
1.7 |
|
|
147 |
% |
|
3.1 |
|
|
1.5 |
|
|
107 |
% |
|
1,355 |
|
|
1,133 |
|
|
20 |
% |
|||||
Crude Oil |
7.1 |
|
|
4.9 |
|
|
45 |
% |
|
6.7 |
|
|
2.5 |
|
|
168 |
% |
|
1,060 |
|
|
1,960 |
|
|
(46 |
%) |
|||||
Total |
54.5 |
|
|
39.3 |
|
|
39 |
% |
|
63.1 |
|
|
44.1 |
|
|
43 |
% |
|
864 |
|
|
891 |
|
|
(3 |
%) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intermodal |
91.1 |
|
|
63.5 |
|
|
43 |
% |
|
250.3 |
|
|
191.0 |
|
|
31 |
% |
|
364 |
|
|
332 |
|
|
10 |
% |
|||||
Automotive |
49.4 |
|
|
15.6 |
|
|
217 |
% |
|
27.7 |
|
|
11.6 |
|
|
139 |
% |
|
1,783 |
|
|
1,345 |
|
|
33 |
% |
|||||
TOTAL FOR COMMODITY GROUPS |
712.0 |
|
|
511.9 |
|
|
39 |
% |
|
584.8 |
|
|
448.0 |
|
|
31 |
% |
|
$ |
1,218 |
|
|
$ |
1,143 |
|
|
7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other Revenue |
37.5 |
|
|
36.0 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ |
749.5 |
|
|
$ |
547.9 |
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Kansas City Southern and Subsidiaries |
|||||||||||||||||||||||||||||||
Revenue & Carload/Units by Commodity - Year to Date June 30, 2021 and 2020 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Revenues |
|
|
|
Carloads and Units |
|
|
|
Revenue per |
|
|
||||||||||||||||||||
|
(in millions) |
|
|
|
(in thousands) |
|
|
|
Carload/Unit |
|
|
||||||||||||||||||||
|
Year to Date |
|
% |
|
Year to Date |
|
% |
|
Year to Date |
|
% |
||||||||||||||||||||
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chemical & Petroleum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chemicals |
$ |
125.4 |
|
|
$ |
114.7 |
|
|
9 |
% |
|
49.4 |
|
|
45.8 |
|
|
8 |
% |
|
$ |
2,538 |
|
|
$ |
2,504 |
|
|
1 |
% |
|
Petroleum |
268.1 |
|
|
166.4 |
|
|
61 |
% |
|
120.1 |
|
|
83.2 |
|
|
44 |
% |
|
2,232 |
|
|
2,000 |
|
|
12 |
% |
|||||
Plastics |
70.3 |
|
|
76.0 |
|
|
(8 |
%) |
|
35.5 |
|
|
37.5 |
|
|
(5 |
%) |
|
1,980 |
|
|
2,027 |
|
|
(2 |
%) |
|||||
Total |
463.8 |
|
|
357.1 |
|
|
30 |
% |
|
205.0 |
|
|
166.5 |
|
|
23 |
% |
|
2,262 |
|
|
2,145 |
|
|
5 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Industrial & Consumer Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Forest Products |
120.3 |
|
|
126.7 |
|
|
(5 |
%) |
|
48.3 |
|
|
51.6 |
|
|
(6 |
%) |
|
2,491 |
|
|
2,455 |
|
|
1 |
% |
|||||
Metals & Scrap |
97.3 |
|
|
102.7 |
|
|
(5 |
%) |
|
54.6 |
|
|
54.8 |
|
|
— |
|
|
1,782 |
|
|
1,874 |
|
|
(5 |
%) |
|||||
Other |
61.0 |
|
|
50.2 |
|
|
22 |
% |
|
43.8 |
|
|
45.0 |
|
|
(3 |
%) |
|
1,393 |
|
|
1,116 |
|
|
25 |
% |
|||||
Total |
278.6 |
|
|
279.6 |
|
|
— |
|
|
146.7 |
|
|
151.4 |
|
|
(3 |
%) |
|
1,899 |
|
|
1,847 |
|
|
3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Agriculture & Minerals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Grain |
163.6 |
|
|
141.9 |
|
|
15 |
% |
|
76.4 |
|
|
68.4 |
|
|
12 |
% |
|
2,141 |
|
|
2,075 |
|
|
3 |
% |
|||||
Food Products |
73.6 |
|
|
81.7 |
|
|
(10 |
%) |
|
28.5 |
|
|
31.7 |
|
|
(10 |
%) |
|
2,582 |
|
|
2,577 |
|
|
— |
|
|||||
Ores & Minerals |
11.3 |
|
|
11.1 |
|
|
2 |
% |
|
15.0 |
|
|
14.7 |
|
|
2 |
% |
|
753 |
|
|
755 |
|
|
— |
|
|||||
Stone, Clay & Glass |
15.8 |
|
|
14.2 |
|
|
11 |
% |
|
6.7 |
|
|
6.0 |
|
|
12 |
% |
|
2,358 |
|
|
2,367 |
|
|
— |
|
|||||
Total |
264.3 |
|
|
248.9 |
|
|
6 |
% |
|
126.6 |
|
|
120.8 |
|
|
5 |
% |
|
2,088 |
|
|
2,060 |
|
|
1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utility Coal |
62.9 |
|
|
46.8 |
|
|
34 |
% |
|
76.6 |
|
|
54.8 |
|
|
40 |
% |
|
821 |
|
|
854 |
|
|
(4 |
%) |
|||||
Coal & Petroleum Coke |
22.4 |
|
|
21.1 |
|
|
6 |
% |
|
27.1 |
|
|
29.5 |
|
|
(8 |
%) |
|
827 |
|
|
715 |
|
|
16 |
% |
|||||
Frac Sand |
7.6 |
|
|
5.5 |
|
|
38 |
% |
|
6.0 |
|
|
4.6 |
|
|
30 |
% |
|
1,267 |
|
|
1,196 |
|
|
6 |
% |
|||||
Crude Oil |
19.1 |
|
|
22.2 |
|
|
(14 |
%) |
|
15.0 |
|
|
12.8 |
|
|
17 |
% |
|
1,273 |
|
|
1,734 |
|
|
(27 |
%) |
|||||
Total |
112.0 |
|
|
95.6 |
|
|
17 |
% |
|
124.7 |
|
|
101.7 |
|
|
23 |
% |
|
898 |
|
|
940 |
|
|
(4 |
%) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intermodal |
172.4 |
|
|
152.2 |
|
|
13 |
% |
|
483.1 |
|
|
424.6 |
|
|
14 |
% |
|
357 |
|
|
358 |
|
|
— |
|
|||||
Automotive |
93.5 |
|
|
69.5 |
|
|
35 |
% |
|
54.1 |
|
|
43.8 |
|
|
24 |
% |
|
1,728 |
|
|
1,587 |
|
|
9 |
% |
|||||
TOTAL FOR COMMODITY GROUPS |
1,384.6 |
|
|
1,202.9 |
|
|
15 |
% |
|
1,140.2 |
|
|
1,008.8 |
|
|
13 |
% |
|
$ |
1,214 |
|
|
$ |
1,192 |
|
|
2 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other Revenue |
70.9 |
|
|
76.7 |
|
|
(8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
TOTAL |
$ |
1,455.5 |
|
|
$ |
1,279.6 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
KCS: Ashley Thorne, 816-983-1530, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.