SWINDON, England--(BUSINESS WIRE)--Sensata Technologies (NYSE: ST), a leading industrial technology company and provider of sensor-rich solutions and insights for customers, today announced the acquisition of Spear Power Systems, a leader in lithium-ion based energy storage solutions for mission-critical and demanding end user applications.
Since its founding in 2013, Spear Power Systems has been a leader in electrification solutions by developing next generation scalable lithium-ion battery storage systems for demanding land, sea and air applications. Spear Power Systems’ energy storage systems are cell-agnostic and include proprietary battery management and monitoring for all lithium-ion chemistries from multiple battery suppliers offering high energy density, modular architecture, light weight, and extreme safety and reliability.
The acquisition of Spear Power Systems advances Sensata’s electrification portfolio and strategy into new clean energy markets. Spear Power Systems expands on Sensata’s acquisition of Lithium Balance in battery management systems and provides energy storage solutions for OEMs and system integrators in fast-growing end markets that offer significant growth opportunities.
“We are pleased that the talented Spear Power Systems team, including over 40 highly experienced engineers, will be joining Sensata,” said Vineet Nargolwala, Executive Vice President, Sensing Solutions at Sensata Technologies. “Spear Power Systems enables us to deliver more comprehensive energy storage solutions to help enable the electrification and replacement of combustion applications in support of OEM customers in diverse end-markets. These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy.”
Spear’s co-founder and CEO, Jeff Kostos, expressed excitement about the deal: “Since our inception in 2013, Spear has had a goal of developing technically differentiated solutions in energy storage to address the growing demand in the niche e-mobility markets within which we operate. This deal will mean increased resources so that our incredible team can expand our development, commercial, and operational activities at a pace to meet the rapidly growing need for clean energy solutions. We are very excited to play a meaningful role in contributing towards Sensata’s electrification strategy.”
Timing and Required Approvals
Financial terms of the transaction were not disclosed. The transaction is subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions. Sensata and Spear Power expect to complete the transaction during the fourth quarter of 2021.
About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 21,000 employees and operations in 12 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, electrified, and connected. For more information, please visit Sensata’s website at www.sensata.com.
About Spear Power Systems
Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, President & CEO, and Dr. Joon Kim, CTO, Spear designs and manufactures safe, high performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Based in Kansas City, Missouri, Spear takes a chemistry agnostic approach towards integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize the value for its clients. For more information, visit www.spearpowersystems.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, the impact of COVID-19 on the Company’s business and the global economy, commodity prices, the impact of restructuring actions and the Company's success in implementing its operating strategy. The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
Investor Contact:
Jacob Sayer
+1 (508) 236-1666
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Media Contact:
Alexia Taxiarchos
+1 (617) 259-8172
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month of August 2021 to holders of record as of the close of business on August 31, 2021, as costs, charges and expenses attributable to the Trust’s royalty properties, and applicable reserves, exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-Q, unitholders may not receive any material distributions during the remainder of 2021 and beyond, because the Trust expects to increase cash reserves to provide added liquidity.
Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2020 under “Part I, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.q4web.com/home/default.aspx
- New social paradigm shift "QX" is right around the corner -
TOKYO--(BUSINESS WIRE)--#AirMobility--Sumitomo Corporation Quantum Transformation (QX) Project will present at the IEEE Quantum AI Sustainability Symposium on September 1st, 2021. The QX Project was launched in March 2021 by Sumitomo Corporation, a global Fortune 500 trading and investment company, with the intent to provide new value to society by applying quantum computing technology to the wide-ranging industries in which the company operates. This is the world’s first project that defines “Quantum Transformation (QX)” as the next social paradigm shift, beyond “Digital Transformation (DX)”.
The founder and head of the QX Project, Masayoshi Terabe, will present about the vision and activities of QX at the IEEE Quantum AI Sustainability Symposium. The organizer “IEEE” is the world's largest technical professional organization for the advancement of technology. In this talk, he will show how quantum computing can contribute to sustainability. For example, he will introduce the Quantum Sky project, which is a pilot experiment for developing flight routes for numerous air mobility vehicles by quantum computing. Also you can find other concepts like Quantum Smart City and Quantum Energy Management.
The objective of the QX Project is to create new value to the society by combining vast business fields of Sumitomo Corporation throughout its more than 900 consolidated companies, from underground to space, and an extensive number of business partners around the world.
A broad and deep ecosystem is necessary to achieve QX. This is because combining a wide range of technologies, not limited to quantum, and working with a crossover of various industries, is essential. If you are interested in this project, let’s take on the challenge of creating a new business, and a new society together!
[information]
[Appendix]
Contact info:
Luke Hasumura, responsible for Vision & Ecosystem on Quantum Transformation.
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+81-3-6285-7489
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE): DXP Enterprises, Inc. (the “Company”) today announced that it has received a written notice (the “Notice”) on August 17, 2021, from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (the “Form 10-Q”) in a timely manner. The Notice advised the Company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it has not timely filed the Form 10-Q with the Securities and Exchange Commission (the “SEC”).
As previously reported by the Company in its Form 12b-25 filed with the SEC on August 9, 2021, and its Current Report on Form 8-K filed with the SEC on August 16, 2021, the Company was unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense.
Nasdaq has informed the Company that, under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice or until October 18, 2021, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q (August 9, 2021, extended until August 16, 2021 pursuant to the Form 12b-25 filing), or until February 14, 2022, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The Notice has no immediate effect on the listing or trading of the Company’s securities.
The Company is working diligently to complete its Form 10-Q. The Company intends to file the Form 10-Q with the SEC on or before September 15, 2021.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company's expectations regarding the filing of the Form 10-Q. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q, in the expected time frame; unanticipated changes to the Company's operating results in the Form 10-Q as filed or in relation to prior periods, and unanticipated impact of such changes and its materiality. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Kent Yee 713-996-4700
Senior Vice President, CFO
www.dxpe.com
Recognized for Groundbreaking and Innovative Building Maintenance Technologies
SOLON, Ohio--(BUSINESS WIRE)--#2021VisionAward--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies including its UV™ by Energy Focus series of UVC disinfection products, has been honored with a FacilitiesNet.com “2021 Vision Award” for the Company’s mUVe™ autonomous surface disinfection robot. The mUVe™ robot delivers chemical-free and rapid surface disinfection, destroying molds, bacteria, viruses and other pathogens with UVC light at the 254 nanometer wavelength, which has been proven highly effective in breaking the DNA and RNA bonds of pathogens, rendering them inactive and unable to replicate. Following the “Top Product of the Year” award from E+E for the Company’s Suncycle™ autonomous circadian lighting system, this is the second prestigious award Energy Focus has received this year for its technological innovations surrounding HCL.
The FacilitiesNet.com “2021 Vision Awards” honor innovation and excellence in products contributing to the efficient, profitable operations and management of institutional and commercial buildings in the United States. The mUVe™ robot received the award in the building maintenance category, having been evaluated by independent judges for its technological advancements, efficiency, productivity, cost savings and tenant satisfaction.
The mUVe™ robot incorporates patent-pending technology with an extremely powerful 475-watt UVC 254nm amalgam lamp. With 1-million-square-feet mapping capability, machine-vision-powered sensors and voice warning systems, mUVe™ can be operated easily and safely by a trained operator. It is designed to deliver 99.9%+ disinfection effectiveness against common pathogens, including viruses, bacteria and molds, within the range of 1 meter (or 3.3 feet). Moving at a speed of 18 inches per second, mUVe™ disinfects approximately 10,000 square feet of space within one hour without using noxious, time-consuming, and hit-or-miss chemicals.
“We are pleased and humbled to receive this timely technology award from a leading publication and voice for the facility management industry as we are planning to launch mUVe™ sales later this year,” said James Tu, Chairman and Chief Executive Officer of Energy Focus. “The mUVe™ robot was born out of the COVID-19 pandemic as part of our overall UVC disinfection product portfolio strategy to provide effective, comprehensive, and chemical-free disinfection solutions for spaces of all kinds. Given the advanced capabilities of mUVe™, we expect it will help facilities with heavy traffic, such as universities, hospitals, factories, warehouses, and hubs plus other uses such as transportation vehicles, to disinfect public spaces in a precise, cost effective, and energy efficient manner. The mUVeTM robot, provides a powerful, additional layer of safety measures to help prevent contagions in the post-pandemic world.”
About Energy Focus, Inc.
Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions, as well as UVC Disinfection (“UVCD”) technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocusTM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVTM by Energy Focus technologies and products, announced in late 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com .
Forward Looking Statements
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies, services and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine and other logistics channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower prices or cost structures, or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends; (xxiii) our ability to fulfill our warranty obligations with safe and reliable products; (xxiv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxv) any flaws or defects in our products or in the manner in which they are used or installed; (xxvi) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxvii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxviii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxix) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxx) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
DGI Comm
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212-825-3210
The Acquisition of Smarter Grid Solutions Bolsters Mitsubishi Electric’s Solutions to the Distributed Energy Resources (DER) Market
WARRENDALE, Pa.--(BUSINESS WIRE)--Mitsubishi Electric Power Products, Inc. (MEPPI) and Mitsubishi Electric Corporation (MELCO) today announced that the deal to acquire U.K.‑based Smarter Grid Solutions (SGS) has closed. SGS is a leading developer of software management solutions for the distributed energy resources (DER) market. Financial terms of the transaction were not disclosed.
Globally, the power electric market has been trending toward decentralized generation sources, including DER and SGS’ enterprise software solutions are used to manage power grids and market participation in energy systems with high penetrations of distributed, clean and flexible energy assets.
SGS will report into Mitsubishi Electric Corporation’s North American power systems subsidiary, Mitsubishi Electric Power Products, Inc., and will maintain operations in Glasgow, Scotland.
About Smarter Grid Solutions
Smarter Grid Solutions (SGS) is a U.K.-based energy management enterprise software company that operates internationally with offices in Glasgow, Scotland, and New York City. The company’s products are used to manage power grids and market participation in energy systems with high volumes of distributed, clean and flexible energy assets. SGS’ customers use its DER management system (DERMS) products to integrate DER into markets and grids to deliver grid capacity management, flexible interconnection, virtual power plant, microgrid, fleet energy asset operations, energy as a service (EaaS) and local energy applications. For more information, visit www.smartergridsolutions.com.
About Mitsubishi Electric Power Products, Inc.
Headquartered in Warrendale, Pennsylvania, Mitsubishi Electric Power Products, Inc. (MEPPI) is a U.S. affiliate of Mitsubishi Electric Corporation serving the North American power systems, data center, rail transportation, and large visual display markets. MEPPI products include gas circuit breakers, vacuum circuit breakers, power transformers, gas-insulated substations, FACTS, high voltage DC systems, battery energy storage systems, electric generators, nuclear power plant control systems, uninterruptible power supplies, rail transportation equipment, rail signaling systems, and high-definition LED displays. Information on MEPPI’s complete line of products and services can be found at www.MEPPI.com.
About Mitsubishi Electric Corporation
With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com *U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021
Tim Kovach
Marketing Communications Manager
Mitsubishi Electric Power Products, Inc. (MEPPI)
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Phone: (724) 778-5275
Partnership Underscores Advantage of Unique Technology
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--#BWUAS--PteroDynamics, an aircraft design and manufacturing company that develops innovative vertical take-off and landing (VTOL) aircraft, is today announcing it has secured a contract with Naval Air Warfare Center Aircraft Division (NAWCAD) to deliver 3 VTOL prototypes for the Blue Water Maritime Logistics UAS (BWUAS) program.
In 2018, Military Sealift Command and Fleet Forces Command identified a need for the United States Navy to develop a capability to autonomously deliver cargo with an unmanned aerial system (UAS) to and from ships at sea. Their analysis found that 90% of critical repair cargo delivered at sea by helicopters and V-22 aircraft weighed less than 50 pounds. A VTOL UAS can fill this critical need and free the manned aircraft to perform other higher priority missions.
“We are honored to be selected for this important project,” said Matthew Graczyk, PteroDynamics’ CEO. “This contract is the start of an important partnership, and we look forward to delivering the prototypes to NAWCAD.”
“This is an exciting milestone for our distinctive VTOL aircraft,” added Val Petrov, PhD, PteroDynamics’ founder and CTO. “Our design is well suited for operations on ships where windy conditions and tight spaces challenge other VTOL aircraft during takeoffs and landings.”
“Using unmanned, autonomous aircraft for delivery of these critical payloads is an important capability for the Navy to have,” said Blue Water’s project lead, Bill Macchione. “The innovative design of PteroDynamics offers significant potential for both military and civilian missions.”
About PteroDynamics
PteroDynamics is an aircraft design and manufacturing company that has developed a novel VTOL aircraft design that folds its wings during flight to transition between rotorcraft and fixed-wing configurations. Protected by three issued and five pending U.S. and international patents, Transwing® aircraft have improved controllability in takeoff and landing and typically require 1/3 of the ground footprint as compared to other aircraft with the same wingspan. Transwing®’s clean aerodynamic shape also allows it to fly faster and further than competitive designs. PteroDynamics is venture-backed by Kairos Ventures.
About NAWCAD
NAWCAD conducts research, development, test, evaluation, and sustainment for all United States Navy and United States Marine Corps aircraft and aircraft systems. Its diverse workforce of more than 10,000 military, civilian, and contractor engineers, scientists, testers, and other professionals support an evolving battlespace through research, development, test, and evaluation of both fielded and not-yet fielded naval and marine corps platforms and technology. Headquartered in Patuxent River, Maryland, the warfare center collaborates across its sites in St. Inigoes, Maryland; Lakehurst, New Jersey; and Orlando, Florida to ensure America’s warfighter always goes into conflict with significant advantage.
Kayla Jones
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Xos Announces Completion of Merger with NextGen Acquisition Corporation
LOS ANGELES--(BUSINESS WIRE)--Xos, Inc. (“Xos”), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced that it has completed its previously announced business combination with NextGen Acquisition Corporation (NASDAQ: NGAC, “NextGen”) to take Xos public. The combined company has been renamed “Xos, Inc.” and its shares will commence trading on the Nasdaq Capital Market on August 20, 2021 under the ticker symbol “XOS”. NextGen’s shareholders approved the business combination at a special meeting of stockholders on August 18, 2021.
“We are thrilled to bring Xos public and advance our purpose-built zero-emission electric solutions alternative for fleet owners and operators and to capitalize on the significant market opportunity for electrification in the last-mile commercial vehicle market,” Dakota Semler, Co-Founder, Chairman and CEO of Xos, commented. “We founded Xos to provide a technology platform for our customers that aligns with their sustainability goals and climate change mitigation efforts and also delivers significant total cost of ownership savings. This transaction will fund our delivery commitments and our strong growth well into the future.”
Xos develops purpose-built electrification solutions for medium- and heavy-duty last-mile commercial vehicles. Xos’ proprietary X-Platform is a modular battery powertrain and chassis system designed to be customized for each vehicle, enabling maximum flexibility of applications. Xos has delivered fully electric trucks built upon the X-Platform to large commercial fleets including FedEx Ground operators, Loomis, Thompson Cat, Lonestar and UniFirst.
“As a well-capitalized public company with a 6,000-unit backlog of contracted and optional orders and a product validated by customers, Xos is ideally positioned to address a $100 billion total addressable market for medium- and heavy-duty last-mile commercial electric vehicles,” said George Mattson, Co-Chairman of NextGen and lead independent director of Xos. “My partner Greg Summe and I are delighted to have partnered with Xos. I look forward along with our world class board of directors to working with the Xos team as they continue to execute on the Company’s strategic growth plans as a public company, buoyed by a global movement toward the electrification of commercial fleets to address climate change and the continued growth of e-commerce.”
BofA Securities served as exclusive financial advisor to Xos, and Cooley LLP served as legal advisor to Xos. Goldman Sachs & Co. LLC served as exclusive financial advisor and lead capital markets advisor to NextGen and as sole placement agent for the PIPE transaction. Rothschild & Co acted as additional financial advisor to NextGen. Credit Suisse LLC served as additional capital markets advisor to NextGen. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to NextGen.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets zero emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.
About NextGen
NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of PerkinElmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol "NGAC." For more information, please visit www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the financial position, business strategy and the plans and objectives of management for future operations and the products, customers and markets of Xos. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the effect of the announcement of the business combination on Xos’ business relationships, operating results, and business generally, (ii) risks that the business combination disrupts current plans and operations of Xos and potential difficulties in Xos employee retention as a result of the transaction, (iii) the outcome of any legal proceedings that may be instituted against Xos, (iv) the ability to maintain the listing of Xos’ securities on a national securities exchange, (v) the price of Xos’ securities may be volatile due to a variety of factors, including changes in the industries in which Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting Xos’ business, Xos’ inability to implement its business plan or meet or exceed its financial projections and changes in the capital structure, (vi) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, and (vii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in the other documents filed by Xos from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Xos assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.
Xos Investor Relations
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Xos Media Relations
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Market leaders in amine reclamation combine
ALVIN, Texas--(BUSINESS WIRE)--ORG Chem Group LLC (“Chem Group”) announced today it has acquired substantially all of the assets of MPR Services, Inc (“MPR”). The acquisition further expands Chem Group’s presence within the amines reclamation industry, and will introduce onsite reclamation capabilities delivered through mobile and permanent units. The combined organizations will be headquartered in Evansville, IN with additional facilities in Troy, IN, Hot Springs, AR and Alvin, TX.
Headquartered in Alvin, TX, MPR is a leading provider of reclamation services, serving customers in the U.S., Europe and beyond. MPR has been providing permanent and mobile reclamation services to the oil refining, natural gas / LNG facilities, petrochemical and ammonia / syngas industry customers since 1989, with proprietary technologies built for purifying gas treating amine solutions used for acid gas removal. Prior to the acquisition, MPR was a wholly owned subsidiary of Tessenderlo Kerley Inc.. a leader in producing and marketing specialty products used in the agriculture, mining, and chemical industries.
Chem Group is a leading fluid service provider to a diversified base of industrial sectors, as well as supplier of specialty products and technical services. Over its 40-year history, Chem Group has developed significant expertise in safe, efficient, and innovative strategies to extract significant residual value from a broad range of materials, driving sustainability in the value chains and markets the company serves. Chem Group is majority owned by an affiliate of private investment firm Owner Resource Group LLC (“ORG”).
Chem Group CEO, Dave Carson, said, “We are excited to welcome the MPR team into our organization. Combining MPR’s expertise and focus with Chem Group’s technical capabilities is a very attractive opportunity. The acquisition strengthens Chem Group’s reclamation value proposition within markets of focus.”
“MPR Services has been an integral part of Tessenderlo Kerley, Inc. for over 20 years. Their new journey as Chem Group MPR Services is destined to build on their success and chart their path to greater growth and opportunity,” said Russell Sides, Executive Vice President, Tessenderlo Kerley, Inc.
The transaction received additional financing support from Cadence Bank NA. The transaction closed on August 16, 2021.
For additional information, please visit www.orgroup.com or contact Will Burnett (This email address is being protected from spambots. You need JavaScript enabled to view it. or 512-505-4180).
Owner Resource Group, LLC
Owner Resource Group is an Austin, Texas based private investment firm founded to bring superior outcomes to privately held businesses. The company’s affiliates make investments that enable business owners and management teams to pursue their objectives and accelerate the growth of their companies in a disciplined manner. ORG appreciates an owner’s need for fairness, certainty, flexibility and confidentiality when considering a transaction. After a transaction, the ORG philosophy is to align our interests with management to support the existing culture and continued growth.
The firm is most helpful to businesses with the following aspirations:
» Business owners hoping to achieve a full or partial exit
» Businesses looking to expand their capabilities, offerings or geographic reach
» Management teams that would like to establish or increase their ownership in a business
Will Burnett
This email address is being protected from spambots. You need JavaScript enabled to view it.
512-505-4180
HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) due to excess production costs for the June 2021 production month. Excess production costs occur when production costs exceed the gross proceeds for a certain period.
For the production month of June 2021, the operator of the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”), reported to the Trust profits of $1,850,948.35 gross ($1,388,211.26 net to the Trust), which was negatively offset by Hilcorp’s true-ups and corrections of prior period true-ups causing excess production costs.
More specifically, Hilcorp informed the Trust that the true-ups that occurred last month to the lease operating and capital cost categories for the January 2021 through April 2021 production months resulting in additional profits were made in error. Based on information provided by Hilcorp, the June 2021 reporting month includes a reduction of $2,043,557.99 gross profits ($1,532,668.49 net to the Trust) due to corrections for those periods.
In addition, Hilcorp has informed the Trust that the June 2021 reporting month includes a reduction of $899,139.46 gross profits ($674,354.60 net to the Trust) based on true-ups to the revenue, severance tax, and expense categories for the May 2021 production month. As previously announced, Hilcorp is waiving interest on any overpayments to the Trust in 2021.
Cash reserves will be utilized to pay Trust administrative expenses of $150,148. Hilcorp will charge the excess production costs of $1,091,749.10 gross ($818,811.83 net to the Trust) to the next month’s distribution. No cash distributions will be distributed by the Trust until future net proceeds are sufficient to pay then-current Trust liabilities and replenish cash reserves.
The Trustee will continue to communicate with Hilcorp regarding these reporting issues and the Trust’s third-party compliance auditors will continue to audit all payments made by Hilcorp to the Trust, including adjustments, true-ups, and recoupments. In addition, the Trustee is consulting with outside counsel to review the rights of the Trust in respect of these ongoing reporting issues and to evaluate any potential legal remedies that may be available under the Conveyance.
Based upon information provided to the Trust by Hilcorp (including true-ups), gas production for the subject interests totaled 1,568,223 Mcf (1,742,470 MMBtu) for June 2021, as compared to 2,695,014 Mcf (2,994,460 MMBtu) for May 2021. Dividing revenues by production volume yielded an average gas price for June 2021 of $3.46 per Mcf ($3.12 per MMBtu), as compared to an average gas price for May 2021 of $1.88 per Mcf ($1.69 per MMBtu).
Hilcorp also reported that for the reporting month of June 2021, revenue included an estimated $100,000 for non-operated revenue and approximately $400,000 from the settlement of audit exceptions. For the month ended June 2020, Hilcorp reported to the Trust (including true-ups) capital costs of $29,335, lease operating expenses and property taxes of $6,140,851, and severance taxes of $1,048,749.
Contact: |
San Juan Basin Royalty Trust |
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BBVA USA, Trustee |
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2200 Post Oak Blvd., Floor 18 |
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Houston, TX 77056 |
website: www.sjbrt.com e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. |
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Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources |
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and Senior Vice President |
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Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Itron’s Premier Customer-Focused Event Will Gather Leaders from Across Energy, Water, Industrial IoT and Smart Communities
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Energy--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that Itron Inspire 2021, its premier customer-focused event, will be held virtually only, Oct. 4-8, 2021. The customer-focused event will bring together leaders from across energy, water, industrial IoT (IIoT) and smart communities to share perspectives and best practices to drive the industry forward. Originally, this year’s Itron Inspire was planned as a hybrid event with both virtual and in-person components.
“Due to increasing uncertainty around the COVID-19 Delta variant and with the safety of our customers, partners and employees in mind, we made the decision to host Itron Inspire virtually. We look forward to gathering online and exchanging ideas that help move our industry forward, especially around pressing matters such as better preparing for natural disasters and managing the influx of renewables and electric vehicles,” said Marina Donovan, vice president of global marketing and public affairs. “We have an excellent lineup of speakers and thought leaders including a number of customer lead breakout sessions.”
Itron Inspire’s main event, the Knowledge Conference, will take place Oct. 4-6, 2021, and will feature two insightful keynotes, two big picture sessions and 20 breakout sessions. Post-conference forums will also take place virtually in the weeks following the Knowledge Conference. More details to come.
Keynotes & General Sessions
Big Picture Sessions:
Breakout Sessions:
Breakout sessions will take place each day of the conference following the general session in the following tracks:
For more information about Itron Inspire 2021, including details on securing a refund for your in-person registration and purchasing a virtual conference pass, please visit www.itron.com/inspire.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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DUBLIN--(BUSINESS WIRE)--The "Cold Chain Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global cold chain market is expected to grow from $212.24 billion in 2020 to $239.67 billion in 2021 at a compound annual growth rate (CAGR) of 12.93%. The market is expected to reach $344.51 billion in 2025 at a CAGR of 9.49%.
Major players in the cold chain market are Agro Merchants Group LLC, Americold Logistics, Lineage Logistics LLC, Nichirei Corporation, Burris Logistics Inc., Kloosterboer Group B.V., Henningsen Cold Storage, VersaCold Logistics, Cold Chain Technologies Inc., Hanson Logistics, Trenton Cold Storage, United States Cold Storage, Tippmann Group, Swire Cold Storage Ltd, and Nova Cold Logistics.
The cold chain market consists of sales of cold chain and related services by entities (organizations, sole traders, and partnerships) that provides cold chain storage services. These services are used for the management and transportation of temperature-sensitive products through refrigeration, thermal packaging, and other methods. This plays a crucial role in temperature control for the perishable goods and assures the quality and health of the perishable goods to the final consumer across the distribution chain.
The main types of cold chains are refrigerated warehousing and refrigerated transport. Refrigerated warehousing or cold storage is a place where temperature-controlled goods are cooled or stored to prevent it from decaying or not adhering to laws and regulations that apply to that item. Refrigerated transport or reefer freight is the vehicle transporting of products using a built-in refrigeration system that helps maintain a desired temperature throughout the transportation process. The various temperatures used in cold chain include frozen and chilled. Cold chain storage used in different sectors such as pharmaceutical, healthcare, food & beverages, chemical, others.
North America was the largest region in the cold chain market in 2020. Asia Pacific region is projected to record fastest growth over the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high operational costs for cold chain could act as a restraint for the market in the forecast period. The operating costs include energy costs for electricity, real-estate costs, labor costs and others. For instance, according to Global Cement and Concrete Association (GCCA) Cold Chain Index 2020, labor accounted for the largest share of expenses, at 46% in the North American refrigerated warehouse market. The high operational costs could hamper R&D expenditure by companies, thus impacting the cold chain market in the forecast period.
Growing consumer demand for perishable foods contributed to the growth of the cold chain market in the historic period. The demand for perishable foods such as dairy products, fruits, vegetables, and meat is growing with the increasing urban population and changes in eating habits of the populace. Consumers are shifting towards to the purchase of perishable goods that have a long time until expiration owing to the nature of perishability. Developing markets in the Asia Pacific and Latin America are observing high demand for perishable food products.
Major companies operating in the cold chain market are continuously investing in automation solutions to survive in the competitive business environment. For instance, in January 2020, Kloosterboer, a Netherlands-based company engaged in providing innovative and sustainable solutions in the supply chain for temperature-controlled food products, invested in an automated and extremely sustainable reefer container terminal in its place in the port of Vlissingen.
Scope
Markets Covered:
1) By Type: Refrigerated Warehousing; Refrigerated Transport
2) By Temperature Type: Frozen; Chilled
3) By Industry Vertical: Pharmaceutical; Healthcare; Food & Beverages; Chemical; Others
Companies Featured: Agro Merchants Group LLC; Americold Logistics; Lineage Logistics LLC; Nichirei Corporation; Burris Logistics Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Time Series: Five years historic and ten years forecast.
Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/u3jn2t
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Refinery Condensate Splitter Units Outlook to 2025 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Condensate Splitter Units" report has been added to ResearchAndMarkets.com's offering.
The global refinery condensate splitter units capacity increased from 3,119 thousand barrels per day (mbd) in 2015 to 4,121 mbd in 2020 at an Average Annual Growth Rate (AAGR) of 5.6 percent. It is expected to increase from 4,121 mbd in 2020 to 5,007 mbd in 2025 at an AAGR of 3.9 percent.
The United Arab Emirates, South Korea, Iran, the US, and Qatar are the major countries that accounted for 58 percent of the total global condensate splitter units capacity in 2020.
Report Scope:
Key Benefits:
Key Topics Covered:
1. Introduction
2. Global Refinery Condensate Splitter Units, Snapshot
3. Africa Refinery Condensate Splitter Units
4. Asia Refinery Condensate Splitter Units
5. Europe Refinery Condensate Splitter Units
6. Former Soviet Union Refinery Condensate Splitter Units
7. Middle East Refinery Condensate Splitter Units
8. North America Refinery Condensate Splitter Units
For more information about this report visit https://www.researchandmarkets.com/r/itwyf3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
MADISON, Wis.--(BUSINESS WIRE)--The board of directors of MGE Energy, Inc. (Nasdaq: MGEE) today increased the regular quarterly dividend rate approximately 5% to $0.3875 per share on the outstanding shares of the company's common stock. The dividend is payable Sept. 15, 2021, to shareholders of record Sept. 1, 2021. This raises the annualized dividend rate by 7 cents from $1.48 per share to $1.55 per share.
"Today’s dividend increase marks the company's 46th consecutive year of increasing its dividend, an accomplishment that everyone at MGE Energy can be proud of. We recognize the importance of dividend growth to the overall shareholder value proposition," Chairman, President and CEO Jeff Keebler said. "Today’s action by our board reinforces our long record of shareholder value through dividends and dividend growth and demonstrates the continued strength and resilience of MGE Energy's long-term business strategy in building your community energy company for the future."
MGE Energy has increased its dividend annually for the past 46 years and has paid cash dividends for more than 110 years.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties.
Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.
HANOVER, Md.--(BUSINESS WIRE)--Dragos, Inc., a provider of cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments, and the Downstream Natural Gas Information Sharing and Analysis Center (DNG-ISAC) have announced an initiative to strengthen security and community-wide visibility for industrial cybersecurity in the North American natural gas industry.
Dragos’s Neighborhood Keeper is scheduled to be deployed via the DNG-ISAC, enabling DNG ISAC’s analyst to gain greater visibility into industrial control system (ICS) cyber threats facing the natural gas sector. The DNG-ISAC analyst will have the ability to view anonymous and aggregated information about threat analytics and Indicators of Compromise (IOC) as they are detected by the Dragos Platform and shared with Neighborhood Keeper. Insights and trends gleaned from this information will be shared more broadly with all DNG-ISAC members. At the same time, Dragos customers in the natural gas sector will benefit from access to a larger pool of DNG-ISAC cybersecurity expert analysis providing feedback on threats and vulnerabilities.
Originally developed with the support of an award from the U.S. Department of Energy, Neighborhood Keeper is a free, opt-in, anonymized information-sharing network available to all Dragos Platform customers. “Achieving strong industrial cybersecurity in the natural gas industry requires a collaborative approach,” said Robert M. Lee, Chief Executive Officer and Co-Founder, Dragos, Inc. “Supply chains in natural gas are increasingly interconnected and interdependent, making it important to act as a community and mature together to collectively defend against attackers, from state actors to cybercriminal organizations. The DNG-ISAC will now have visibility to cyber threat activity across the industry, and in the future that will be further enhanced with capabilities such as being able to reach out to anonymous asset operators with relevant threat intelligence and even enhance that data with DNG-ISAC’s own insights.”
Cyber threats targeting ICS/OT networks continue to increase in frequency and sophistication, while data collection and analysis remain extremely limited for industrial defenders. Because adversaries can move through ICS/OT networks undetected, they are able to continually train and prepare for the next cyber attack. DNG-ISAC Executive Director Jim Linn said, “The goal of the DNG-ISAC is to provide our members with accurate, timely, actionable, and relevant information on threats to ICS/OT networks across the entire North American natural gas industry. We look forward to adding Neighborhood Keeper to our toolbox.”
About DNG-ISAC
The DNG-ISAC serves natural gas utility (distribution) companies by facilitating communications between participants, the federal government, and other critical infrastructures. Specifically, the DNG-ISAC coordinates closely with the E- ISAC (Electric Sector) and shares information back and forth between electric, combination (natural gas and electric) and natural gas utilities. The DNG-ISAC promptly disseminates threat information and indicators from government and other sources and provides analysis, coordination and summarization of related industry-affecting information.
About Dragos, Inc.
Dragos has a global mission: to safeguard civilization from those trying to disrupt the industrial infrastructure we depend on every day. The practitioners who founded Dragos were drawn to this mission through decades of government and private sector experience.
Dragos codifies the knowledge of our cybersecurity experts into an integrated software platform that provides customers critical visibility into ICS and OT networks so that threats are identified and can be addressed before they become significant events. Our solutions protect organizations across a range of industries, including power and water utilities, energy, and manufacturing, and are optimized for emerging applications like the Industrial Internet of Things (IIOT).
Dragos is privately held and headquartered in the Washington, D.C. area with regional presence around the world, including Canada, Australia, New Zealand, Europe, and the Middle East.
Bruce McConnel, Dragos Corporate Communications
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Jim Linn, Executive Director, DNG-ISAC
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DUBLIN--(BUSINESS WIRE)--The "Kuwait Oil and Gas Strategic Analysis and Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
The comprehensive guide provides analysis and forecasts of the Kuwait oil and gas market for the period 2010 to 2028. Asset by asset details of all existing and planned projects across Kuwait oil and gas value chain are detailed in the report.
Driven by strong methodology and proprietary databases, reliable projections of oil, gas, petroleum products, coal, LNG-supply and demand are made to 2028. The research work examines the existing infrastructure (oil and gas assets), market conditions, investment climate and competitive landscape of upstream, midstream and downstream sectors.
SWOT Analysis and benchmarking tools are used to analyze and compare the real prospects and challenges of investing or expanding in the industry. Furthermore, the report details all the investment opportunities sector wise, highlighting the industry growth potential and project feasibility. Detailed information on new fields, blocks, pipelines, refineries, storage assets and LNG terminals along with the investments required, current status of the projects and commencement feasibility are provided.
The report also analyzes three key companies in Kuwait oil and gas industry. Business operations, SWOT Analysis and financial performance of the companies are provided. All latest developments in the industry along with their possible impact on the industry are included in the report.
Some of the key issues addressed in the report include:
Key Topics Covered:
1. Overview
2. Kuwait Energy Profile
3. Kuwait Economic and Demographic Analysis
4. Kuwait Supply-Demand Analysis and Forecasts to 2028
5. Kuwait Oil and Gas Industry Competitive Landscape
6. Kuwait Oil and Gas SWOT Analysis
7. Key Oil and Gas Investment Opportunities in Kuwait
8. Kuwait Oil and Gas Benchmarking with Peer Markets
9. Kuwait Exploration and Production Market Analysis
10. Kuwait Refinery Market Analysis
11. Kuwait Liquefied Natural Gas Market Analysis
12. Kuwait Storage Market Analysis
13. Kuwait Pipeline Market Analysis
14. Profiles of Oil and Gas Companies in Kuwait
15. Kuwait Oil and Gas News Updates, 2017-2020
For more information about this report visit https://www.researchandmarkets.com/r/bmsbm6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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Acquisition provides entry into high growth renewable natural gas market
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today closed on its previously announced acquisition of Kinetrex Energy. The $310 million acquisition includes two small-scale, domestic LNG production and fueling facilities, a 50% interest in a landfill-based renewable natural gas (RNG) facility in Indiana, and signed commercial agreements for three additional RNG facilities with construction to begin shortly. Kinetrex is the leading supplier of liquefied natural gas (LNG) in the Midwest and a rapidly growing player in producing and supplying RNG under long-term contracts to transportation service providers. The company will continue operations as Kinetrex Energy, a Kinder Morgan company.
“We are very pleased to be adding Kinetrex Energy’s business to the full suite of energy solutions and services that Kinder Morgan has to offer customers,” said Energy Transition Ventures President Jesse Arenivas. “We’re confident that additional RNG opportunities will continue to emerge in the near term and deliver attractive returns to our shareholders.”
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 144 terminals and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel, jet fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the transaction; the prospects for RNG; the anticipated benefits of the transaction; and the anticipated timing and benefits of Kinetrex’s planned development projects to KMI’s business and stockholders. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include changes in the supply of and demand for renewable natural gas; the timing, cost, and success of expansion projects; commodity prices, particularly the prices for Renewable Identification Numbers under the U.S. Environmental Protection Agency’s Renewable Fuel Standard Program; counterparty financial risk; the timing and success of business development efforts; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Melissa Ruiz, Media Relations
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Kinder Morgan Investor Relations
(800) 348-7320
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WASHINGTON--(BUSINESS WIRE)--#GovWaste--Today, Citizens Against Government Waste (CAGW) named Sen. Ed Markey (D-Mass.) our August 2021 Porker of the Month for proposing a taxpayer-funded Civilian Climate Corps that would hire millions of people and cost billions of dollars.
Even though Congress has already spent trillions of dollars over the past year on emergency relief packages that have nothing to do with the COVID-19 pandemic, Sen. Markey thinks this is a good time to spend billions more on Green New Deal proposals like the Civilian Climate Corps (CCC). The CCC is supposed to be like FDR’s Civilian Conservation Corps, but this is not the Great Depression and there are more jobs available than workers to fill them. Sen. Markey’s sidekick, Rep. Alexandria Ocasio-Cortez (D-N.Y.) thinks the government should spend $132 billion to hire 1.5 million CCC climate activists. These CCC workers would earn at least $15 an hour plus full health benefits, housing, food, clothing, transportation, and allowance, all at the taxpayers’ expense. Sen. Markey is so enamored with the idea of spending money on these kinds of activities that he said, “Without question, the Green New Deal is in the DNA of this green [$3.5 trillion] budget resolution.”
CAGW President Tom Schatz said, “Sen. Markey’s proposed Civilian Climate Corps would allow hired ‘climate activists’ to pick up the trash and tell Americans how to think, feel, and act about climate change, all on the taxpayers’ dime. This new agency is one of the worst examples in recent memory of a government program that would force more Americans to become dependent on the government for their livelihood. Sen. Markey’s progressive ploy will cause an epic eruption of wasteful spending. For proposing an expensive, irresponsible, and ridiculous program, Sen. Markey is an easy choice for CAGW’s August Porker of the Month.”
Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government. For more than two decades, Porker of the Month is a dubious honor given to lawmakers and government officials who have shown a blatant disregard for the interests of taxpayers.
Alexandra Abrams (202) 467-5310
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on August 30, 2021 based on the Trust’s calculation of net profits generated during June 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.1 million. Revenues from the Developed Properties were approximately $2.8 million, lease operating expenses including property taxes were approximately $1.7 million, and development costs were approximately $26,000. The average realized price for the Developed Properties was $70.39 per Boe for the Current Month, as compared to $64.97 per Boe in May 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to June 2020. The cumulative net profits deficit amount for the Developed Properties declined slightly to approximately $25.5 million in the Current Month versus approximately $26.0 million in the prior month.
The Current Month’s calculation included approximately $73,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $67.59 per Boe in the Current Month, as compared to $62.43 per Boe in May 2021. The cumulative net profits deficit for the Remaining Properties increased by approximately $66,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $75,000, together exceeded the payment of approximately $73,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $98,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $98,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,567,600, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
40,449 |
1,348 |
$70.39 |
|
Remaining Properties (b) |
15,060 |
502 |
$67.59 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.2 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first quarter of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $4.2 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $186,000, net to the Trust’s interest. PCEC also has informed the Trustee that following the end of the second quarter of 2021, in light of such accounting guidance under Accounting Standards Codification 410-20-35-3, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $0.4 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $51,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
HOUSTON--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced financial and operating results for the second quarter and six months ended June 30, 2021.
SUMMARY OF FINANCIAL RESULTS
“As we climb out of the activity decline caused by the COVID-19 pandemic, we continue our ongoing efforts to lower our cost structure. To better reflect the markets we serve, we are taking steps to rationalize our fleet and facility footprint and continuing our work on increasing efficiency in our service dispatch processes and other back office systems. We expect our G&A expense to be lower in the second half of 2021. While we are focused on recovering pricing lost during the COVID-19 induced downturn, we face significant inflationary pressures that offset those hard fought price increases, including higher wage costs due to competition for employees and fuel prices. Finally, I would like to recognize that throughout all of the changes our industry has undergone, the people at Nuverra continue to safely execute excellent customer service. I would like to thank all of the great people at Nuverra for their hard work, dedication and focus throughout all of the challenges we have faced over the past year.” said Pat Bond, Chief Executive Officer.
SECOND QUARTER 2021 RESULTS
For the second quarter of 2021 when compared to the second quarter of 2020, revenue increased by 1%, or $0.3 million, resulting primarily from increases in water transport services in the Rocky Mountain and Southern divisions, offset by a decrease in water transport services in the Northeast division and a decrease in disposal services in the Southern division. Despite an increase in the average commodity prices for both crude oil and natural gas quarter over quarter, which increased 136% and 74%, respectively, over this time, new drilling and completion activities have remained low relative to the levels seen in the past. Rig count at the end of the second quarter of 2021 compared to the end of the second quarter of 2020 declined 24% in the Rocky Mountain division, 5% in the Northeast division and, offset by a 29% increase in the Southern division.
The Rocky Mountain division has experienced a significant slowdown as compared to the prior year, as evidenced by the rig count declining 24% from 21 at June 30, 2020 to 16 at June 30, 2021. The average rig count for the first quarter of 2020 was 52, representing a 69% decrease since that time. Although there was a notable increase in WTI crude oil price per barrel, which averaged $66.19 in the second quarter of 2021 versus an average of $28.00 for the same period in 2020, new drilling and completion activities have been very low versus levels seen prior to the COVID-19 pandemic. Part of this decline in activity is the result of many of the larger exploration and production companies either focusing their capital spending in other basins or having a predetermined drilling program and not looking to increase production as they focus on drilling within cash flow at the request of their investors. Revenues for the Rocky Mountain division increased by $0.6 million, or 5%, during the three months ended June 30, 2021 as compared to the three months ended June 30, 2020, primarily due to a $0.4 million, or 4% increase in water transport revenues from higher driver utilization. Company-owned trucking revenue declined 15%, or $1.2 million and third-party trucking revenue increased 145%, or $1.6 million. We continue to face a truck driver shortage in the Rocky Mountain Division similar to other areas of the country and industries. We are actively recruiting to attempt to increase our driver count. Company-owned trucking activity is more levered to production water volumes, and third-party trucking activity is more sensitive to drilling and completion activity. The principal factors in the increase in third-party trucking revenue was a small increase in revenue per rental days (approximately 25%). Our rental and landfill businesses are our two service lines most levered to drilling activity. Rental revenues increased by 11%, or $0.2 million, in the current year due to higher utilization and pricing. Our landfill revenues decreased 64%, or $0.2 million, compared to prior year due primarily to landfill being near capacity. We actively managed the facility to keep volumes low and are currently working on expanding the facility to take in additional volumes. Our salt water disposal well revenue increased $0.4 million or 33%, compared to prior year as higher completion activity and production volumes in the areas near our wells led to a 28% increase in average barrels per day disposed during the current year. Other revenue, which derives from the sale of “junk” or “slop” oil obtained through the skimming of disposal water, decreased by $0.1 million.
Revenues for the Northeast division decreased by $0.3 million, or 4%, during the second quarter of 2021 as compared to the second quarter of 2020 due to decreases in water transport services of $0.2 million, or 4%, and other revenue of $0.1 million or 41%. During the quarter the Northeast division sought to consolidate operations by identifying locations and customers that are not profitable and try to recalibrate focus on fewer and more profitable customers. Although natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, increased 73.5% from an average of $1.70 for the three months ended June 30, 2020 to an average of $2.95 for the three months ended June 30, 2021, producers continued their drilling activities at historically low levels. The limited new drilling activities caused a 5% rig count reduction in the Northeast operating area from 40 at June 30, 2020 to 38 at June 30, 2021. For our trucking services, revenues per billed hour decreased by 5% which was a function of the increased competition and the operator focus on reducing costs. The regional driver count declined approximately 12% year over year which also contributed to the lower revenue. We continue to face a truck driver shortage in our Northeast Division similar to that seen in our Rocky Mountain Division and similarly are actively recruiting to attempt to increase our driver count. The combination of a lower rig count, water reuse and sharing and competition, contributed to the decline in disposal volumes and pricing. In addition to these factors, we chose to close our Wellsboro truck yard in Northern Pennsylvania and relocated certain trucks to other areas of operation during the second quarter. This led to a decrease in revenue as we ceased operations at that location.
The Southern division usually has experienced a lesser impact relative to the other business units from the impact of the COVID-19 downturn, driven by its focus on servicing customers who are focused on dry natural gas, which has experienced a relatively smaller impact from the downturn in commodity prices. Revenues for the Southern division remained flat during the second quarter of 2021 as compared to the second quarter of 2020, primarily due to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region. Rig count increased 29% in the area, from 38 at June 30, 2020 to 49 at June 30, 2021 driving an increase in trucking revenue and an increase in volumes received in our disposal wells not connected to our pipeline by an average of 1,776 barrels per day (or 9%) during the current year. Volumes received in the disposal wells connected to the pipeline decreased by an average of 6,571 barrels per day (or 17%) during the current year.
Total costs and expenses for the second quarter of 2021 and 2020 were $32.0 million and $30.2 million, respectively. Total costs and expenses, adjusted for special items, for the second quarter of 2021 were $30.8 million, or a 6% increase, when compared with $29.1 million in the second quarter of 2020. This is primarily a result of $1.3 million of transitional costs, which include severance and stock based compensation for executives, as well as an increase in fleet-related expenses, including fuel and maintenance and repair costs and compensation costs.
Net loss for the second quarter of 2021 was $3.9 million, a decrease of $2.9 million as compared to a net loss for the second quarter of 2020 of $6.8 million. For the second quarter of 2021, the Company reported a net loss, adjusted for special items, of $6.6 million. This compares with a net loss, adjusted for special items, of $5.8 million in the second quarter of 2020.
Adjusted EBITDA for the second quarter of 2021 was a $0.2 million loss, a decrease of 109.7% as compared to adjusted EBITDA for the second quarter of 2020 of $2.5 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain division. Second quarter of 2021 adjusted EBITDA margin was (1)%, compared with 10% in the second quarter of 2020 driven primarily by higher operating costs during the second quarter of 2021.
YEAR-TO-DATE (“YTD”) RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2021
When compared to the six months ended 2020, 2021 revenue decreased by 22.4%, or $14.0 million. The decline in service revenue is primarily due to decreases in water transport services in the Rocky Mountain and Southern divisions, coupled with a decrease of disposal services in all three divisions. Although there was a notable increase in commodity prices for both crude oil and natural gas, which increased 69.0% and 77.9%, respectively, over this time period, the impact of COVID-19 is the main driver for the decline in demand for gasoline, diesel and jet fuel, which has led to lower drilling and completion activity with fewer rigs operating in the Rocky Mountain and Northeast divisions and significant well shut-ins primarily in the Rocky Mountain division. Further, as we saw demand for commodities begin to rise we did not see a similar rise in production. A major driver for this has been the focus of exploration and production companies on drilling within cash flow at the request of their investors, versus growing production volumes. Despite the rise in commodity prices we have not seen the typical response in activity levels experienced historically. In addition to the lack of additional production during the six months ended June 30, 2021, we have seen our fuel costs and driver costs both rise at significant rates. During the second quarter of 2021, we began reaching out to customers requesting price increases for our services to help cover these costs, but it is unclear at this time to what extent we will be successful. Rig count during the first half of 2021 compared to 2020 declined 62% in the Rocky Mountain division, 16% in the Northeast division and increased 9% in the Southern division.
The Rocky Mountain division experienced a significant slowdown, with rig count declining 24% from 37 during the six months ended June 30, 2020 to 14 during the same period in June 30, 2021. Although there was a notable increase in WTI crude oil price per barrel, which averaged $62.21 during the first half of 2021 versus an average of $36.82 for the same period in 2020, revenues for the Rocky Mountain division decreased by $10.1 million, or 28%, during the six months ended June 30, 2021 as compared to the same period in 2020 primarily due to a $4.4 million, or 19%, decrease in water transport revenues from lower trucking volumes. Third-party trucking revenue decreased 15%, or $0.7 million, and revenue from company-owned trucking revenue declined 19%, or $3.4 million. Average total billable hours were down 22% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels, thereby resulting in meaningful revenue reduction. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased by 40%, or $2.0 million, in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of rental equipment. Our landfill revenues decreased 90%, or $1.6 million, compared to the prior year primarily due to the landfill being near capacity. We actively managed the facility to keep volumes low and are currently working on expanding the facility to take in additional volumes. Our salt water disposal well revenue decreased $4.4 million, or 19%, compared to the prior year as well shut-ins and lower completion activity led to a 17% decrease in average barrels per day disposed during the current year, with water from producing wells continuing to maintain a base level of volume activity.
Revenues for the Northeast division decreased by $2.8 million, or 15%, during six months ended June 30, 2021 as compared to the same period in 2020 due to decreases in water transport services of $2.0 million, or 15%, and disposal services of $0.3 million, or 8%. Although natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, increased 77.9% from an average of $1.81 for the six months ended June 30, 2020 to an average of $3.22 for the six months ended June 30, 2021, the rig count declined 5% in the Northeast operating area, from 40 at June 30, 2020 to 38 at June 30, 2021. This led to lower activity levels for both water transport services and disposal services. Our customers continued the industry trend of water reuse and water sharing in 2021. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, total billable hours were down 8% from the prior year and pricing decreases also contributed to the decline, offset by disposal volumes increase in our salt water disposal wells of 2% in average barrels per day.
Revenues for the Southern division decreased by $1.1 million, or 13%, during the six months ended June 30, 2021 as compared to the same period in 2020. The decrease was due primarily to lower disposal well volumes both on the pipeline and for saltwater disposal assets not connected to our pipeline due in part to the winter storm in the first quarter of 2021 resulting in lost revenue days due to power outages and dangerous road conditions. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 5,771 barrels per day (or 13%) during the current period and volumes received in the disposal wells connected to the pipeline decreased by an average of 16,801 barrels per day (or 22%) during the current period.
Total costs and expenses for the six months ended June 30, 2021 and 2020 were $62.6 million and $90.1 million, respectively. Total costs and expenses, adjusted for special items, for the six months ended June 30, 2021 were $61.3 million, or a 16.3% decrease, when compared with $73.2 million for the six months ended June 30, 2020. This is primarily a result of lower volumes and related costs in water transport services and disposal services and company cost cutting initiatives resulting in a 25% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions as well as general and administrative expenses.
Net loss for the six months ended June 30, 2021 was $11.5 million, a decrease of $18.4 million as compared to a net loss for 2020 of $29.8 million for the first half of 2020. For the first half of 2021, the Company reported a net loss, adjusted for special items, of $14.1 million. This compares with a net loss, adjusted for special items, of $13.0 million for the same period in 2020.
Adjusted EBITDA for six months ended June 30, 2021 was $1.0 million, a decrease of 123% as compared to adjusted EBITDA of $4.4 million for the same period in 2020. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain division. The year to date 2021 adjusted EBITDA margin was 2.1%, compared with 7.1% in 2020 driven primarily by declines in revenue partially offset by cost reductions in 2020.
CASH FLOW AND LIQUIDITY
Net cash used in operating activities for the six months ended June 30, 2021 was $2.4 million, mainly attributable to a gain recorded on PPP Loan forgiveness of $(4.0) million, increase of $0.1 million in accounts receivable, increase of $0.7 million in prepaid expenses, while capital expenditures net of asset sales consumed $1.1 million. Asset sales were related to unused or underutilized assets. Gross capital expenditures for the six months ended June 30, 2021 of $1.3 million primarily included the purchase of property, plant and equipment as well as expenditures to extend the useful life and productivity of our fleet, equipment and disposal wells.
Total liquidity available as of June 30, 2021 was $12.4 million. This consisted of $7.4 million of cash and $5.0 million available under our operating line of credit. As of June 30, 2021, total debt outstanding was $29.0 million, consisting of $13.0 million under our equipment term loan, $9.7 million under our real estate loan, $0.2 million under our vehicle term loan, $0.1 million for an equipment term loan and $6.9 million of finance leases for vehicle financings and real property leases, less $0.9 million of debt issuance costs.
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and commodity market disruptions; changes in commodity prices; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19), acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, or distribution channels, or which otherwise disrupt our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including vacated easements, environmental impact studies, forced shutdown by governmental agencies and litigation affecting the Dakota Access Pipeline; bans on drilling and fracking leases and permits on federal land; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our operating line of credit; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; our ability to control costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks and uncertainties associated with the potential for a further appeal of the order confirming our previously completed plan of reorganization; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our business strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water and water sharing in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
Nuverra Environmental Solutions, Inc.
Investor Relations
602-903-7802
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