DUBLIN--(BUSINESS WIRE)--The "Global Offshore Wind Energy Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.

The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period.

Companies Mentioned

• ABB Ltd.
• Asociacion Empresarial Eolica
• Damen Shipyards Group
• Orsted Wind Power North America LLC
• Doosan Heavy Industries & Construction
• EDF Renewables, Inc.
• Envision Energy USA Ltd.
• General Electric Co.
• Goldwind Science & Technology Co., Ltd.
• . Hitachi, Ltd.
• London Aaray Ltd.
• Mingyang Smart Energy Group Co., Ltd.
• Nordex SE
• Sinovel Wind Group Co. Ltd.
• Siemens AG
• Navingo B.V.
• Vestas Wind System A/S,
• XEMC Darwind BV

A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.

Segmental Outlook

The global offshore wind energy market is segmented based on the turbine of the foundation, depth of turbine and application. Based on the component market is segmented into the turbine, electrical structure, support structure, and others. On the basis of the depth of the turbine, the market is segmented into shallow, transitional, and deep water. Further on the basis of application, the market is segmented into the commercial, industrial, household.

Global Offshore Wind Energy Market Share by Component, 2020 (%)

Among component, the turbine segment is estimated to have a significant share in the global offshore wind energy market. The wind turbines are generally a wind turbine that turns wind energy into electricity using the aerodynamic force from rotor blades which work like an aeroplane wing or helicopter rotor blade. Some of the advantages of wind turbines are that Wind power is cost-effective, the Land-based utility-scale wind is one of the lowest-priced energy sources available today, costing 1-2 cents per kilowatt-hour after the production tax credit. Further, Wind turbine energy does not pollute the environment in the same way that power plants that burn fossil fuels, such as coal or natural gas, do, emitting particulate matter, nitrogen oxides, and Sulphur dioxide, which cause public health issues and economic losses. Additionally, wind is a form of solar energy. Wind turbines are caused by the sun's heating of the atmosphere, the Earth's rotation, and the irregularities on its surface. On existing farms or ranches, wind turbines may be built.

Regional Outlooks

The global offshore wind energy market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Europe projected to dominate the global offshore wind energy market. Contracts for difference were implemented by the UK government to ensure reliable long-term returns from electrical infrastructure ventures, lowering barriers to entry for industry participants.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global offshore wind energy
• market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

Key Topics Covered:

1. Report Summary

2. Market Overview and Insights

2.1. Scope of the Report

2.2. Analyst Insight & Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

2.3. Regulations

3. Competitive Landscape

3.1. Key Company Analysis

3.1.1. Overview

3.1.2. Financial Analysis

3.1.3. SWOT Analysis

3.2. Key Strategy Analysis

3.3. Impact of COVID-19 on key players

4. Market Determinants

4.1. Motivators

4.2. Restraints

4.3. Opportunities

5. Market Segmentation

5.1. Global Offshore Wind Energy Market by Component

5.2. Global Offshore Wind Energy Market by Depth of Turbine

5.3. Global Offshore Wind Energy Market by Application

6. Regional Analysis

7. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/pv6w3o

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today announced a status update to the monthly reporting by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”).

Hilcorp previously informed the Trust that it has only reported estimates of revenue and severance taxes applicable to the Trust’s subject interests for certain months due to Hilcorp’s ongoing transition to a new accounting system. As previously announced on July 20, 2021, Hilcorp’s May 2021 report included true-ups to the lease operating expense, property tax and capital cost categories for the production months of January 2021 through April 2021. However, the May 2021 reporting month was based on estimated revenue and severance tax. Therefore, Hilcorp will need to adjust the previously reported revenue and severance tax categories for the production months of January 2021 through May 2021 for operated wells.

On July 21, 2021, Hilcorp informed the Trust it was continuing to work internally on the revenue and severance tax reporting issues. Hilcorp was unable to confirm whether next month’s distribution would be based on estimated or actual revenue received and severance tax paid. Additionally, Hilcorp was unable to provide a specific timeline when the true-ups to the revenue and severance tax categories would occur. However, to the extent Hilcorp has underpaid the Trust, Hilcorp will be obligated to pay the Trust interest (prime rate plus 4%) as required by the Conveyance. Hilcorp has confirmed that it will waive interest to the extent there are any overpayments to the Trust based on true-ups in 2021.

The Trustee continues to prioritize these ongoing reporting issues. To this end, the Trustee remains engaged with Hilcorp regarding Hilcorp’s transition to a new accounting system and to define a timeline for when the true-ups to the revenue and severance categories will occur. The Trustee will continue to correspond with Hilcorp and the Trust’s third-party compliance auditors to ensure consistent, accurate, and timely reporting and recovery of any underpayments (plus interest) that may be owed.

San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553

MANSFIELD, Ohio--(BUSINESS WIRE)--#EARNINGS--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the second quarter and six months ended June 30, 2021.

Second Quarter 2021 Highlights

• Second quarter earnings per share were $0.27 compared to $0.22 per share for the second quarter of 2020
  • Second quarter results included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.06 per share in 2020
• Net sales increased 8.4% or $7.2 million compared to the second quarter of 2020 and increased 4.5% compared to the first quarter of 2021
• Incoming orders increased 46.6% compared to the second quarter of 2020 and increased 18.2% compared to the first quarter of 2021
• Backlog improved to $153.0 million at June 30, 2021, increasing $27.5 million during the second quarter

Net sales for the second quarter of 2021 were $93.0 million compared to net sales of $85.8 million for the second quarter of 2020, an increase of 8.4% or $7.2 million. Domestic sales increased 8.1% or $4.8 million and international sales increased 9.1% or $2.4 million compared to the same period in 2020. As the global economy has started to recover from the COVID-19 pandemic, sales and incoming orders have increased across nearly all of our markets.

Sales in our water markets increased 4.5% or $2.8 million in the second quarter of 2021 compared to the second quarter of 2020. Sales increased $3.1 million in the repair market, $1.6 million in the construction market, $0.9 million in the fire protection market, and $0.5 million in the agriculture market. Partially offsetting these increases was a sales decrease of $3.3 million in the municipal market primarily due to timing of shipments.

Sales in our non-water markets increased 18.1% or $4.4 million in the second quarter of 2021 compared to the second quarter of 2020. Sales increased $2.1 million in the petroleum market, $2.0 million in the OEM market, and $0.3 million in the industrial market.

Gross profit was $24.7 million for the second quarter of 2021, resulting in gross margin of 26.5%, compared to gross profit of $21.8 million and gross margin of 25.5% for the same period in 2020. Gross margin improved 100 basis points due to improved leverage on fixed labor and overhead resulting from increased sales volume.

Selling, general and administrative (“SG&A”) expenses were $14.1 million and 15.1% of net sales for the second quarter of 2021 compared to $12.9 million and 15.0% of net sales for the same period in 2020. SG&A expenses increased 9.4% or $1.2 million and increased 10 basis points as a percentage of sales. The increase in SG&A expenses is the result of compensation, travel and other expense items returning closer to pre-pandemic levels as operational activities begin to return to normal.

Operating income was $10.6 million for the second quarter of 2021, resulting in an operating margin of 11.4%, compared to operating income of $9.0 million and operating margin of 10.5% for the same period in 2020. Operating margin improved 90 basis points primarily as a result of improved leverage on fixed labor and overhead resulting from increased sales volume.

Other income (expense), net was $1.7 million of expense for the second quarter of 2021 compared to expense of $1.9 million for the same period in 2020. The decrease to expense was due primarily to a decrease in non-cash pension settlement charges from $1.9 million in the second quarter of 2020 to $1.7 million in the second quarter of 2021.

Net income was $7.1 million for the second quarter of 2021 compared to $5.6 million in the second quarter of 2020, and earnings per share were $0.27 and $0.22 for the respective periods. Earnings per share for the second quarter included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.06 per share in 2020.

Year to date 2021 Highlights

Net sales for the first six months of 2021 were $182.0 million compared to net sales of $177.5 million for the first six months of 2020, an increase of 2.6% or $4.5 million. Domestic sales increased 1.7% or $2.0 million and international sales increased 4.7% or $2.5 million compared to the same period in 2020.

Sales in our water markets increased 2.7% or $3.4 million in the first six months of 2021 compared to the first six months of 2020. Sales increased $4.0 million in the repair market, $2.1 million in the construction market, and $0.7 million in the agriculture market. Partially offsetting these increases was a decrease of $3.4 million in the municipal market, while the fire market was flat.

Sales in our non-water markets increased 2.2% or $1.1 million in the first six months of 2021 compared to the first six months of 2020. Sales in the petroleum market increased $2.2 million and sales in the OEM market increased $1.0 million. Partially offsetting these increases was a decrease of $2.1 million in the industrial market.

Gross profit was $47.7 million for the first six months of 2021, resulting in gross margin of 26.2%, compared to gross profit of $45.3 million and gross margin of 25.5% for the same period in 2020. Gross margin improved 70 basis points due principally to improved leverage on fixed labor and overhead resulting from increased sales volume compared to the first six months of 2020.

SG&A expenses were $28.1 million and 15.5% of net sales for the first six months of 2021 compared to $27.7 million and 15.6% of net sales for the same period in 2020. SG&A expenses increased 1.5% or $0.4 million but improved 10 basis points as a percentage of sales.

Operating income was $19.6 million for the first six months of 2021, resulting in an operating margin of 10.8%, compared to operating income of $17.6 million and operating margin of 9.9% for the same period in 2020. Operating margin improved 90 basis points primarily as a result of improved leverage on fixed labor and overhead resulting from increased sales volume compared to the first six months of 2020.

Other income (expense), net was $1.4 million of expense for the first six months of 2021 compared to expense of $3.6 million for the same period in 2020. The decrease to expense was due primarily to reduced non-cash pension settlement charges of $1.7 million in 2021 compared to $3.4 million in 2020.

Net income was $14.5 million for the first six months of 2021 compared to $11.1 million in the first six months of 2020, and earnings per share were $0.56 and $0.43 for the respective periods. Earnings per share included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.10 per share in 2020.

The Company’s backlog of orders was $153.0 million at June 30, 2021 compared to $110.3 million at June 30, 2020 and $113.1 million at December 31, 2020. Incoming orders increased 21.6% for the first six months of 2021 compared to the same period in 2020. Incoming orders during the second quarter of 2021 increased 46.6% when compared to the same period last year.

Capital expenditures for the first six months of 2021 were $3.5 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2021 are presently planned to be in the range of $12-$15 million.

Jeffrey S. Gorman, Chairman and CEO commented, “As the global economy has started to recover from the COVID-19 pandemic, our incoming orders have continued to improve. We were pleased that the increases in both sales and incoming orders have been broad-based, with almost all of our markets showing increases. This resulted in a record level of incoming orders during the second quarter of 2021 giving us a very strong backlog position as we enter the second half of the year. Although operations are beginning to return to normal, the global economic recovery is not without its challenges. We continue to manage developments in our global supply chain related to material costs and availability, lead times and transportation challenges. Our approach to building inventory levels during the pandemic has allowed us to continue to meet our customers’ needs.”

About The Gorman-Rupp Company

Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) impairment in the value of intangible assets, including goodwill; (5) defined benefit pension plan settlement expense; and (6) family ownership of common equity; and general risk factors including (7) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (8) highly competitive markets; (9) availability and costs of raw materials; (10) cyber security threats; (11) compliance with, and costs related to, a variety of import and export laws and regulations; (12) environmental compliance costs and liabilities; (13) exposure to fluctuations in foreign currency exchange rates; (14) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (15) changes in our tax rates and exposure to additional income tax liabilities; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

DUBLIN--(BUSINESS WIRE)--The "Amphibious Vehicle Market by Mode of Propulsion, Application and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

Amphibious vehicles refer to a wheeled or tracked vehicle capable of operating on both land and water. Different types of amphibious vehicles used in the market include busses, trucks, hovercrafts, aircrafts, tanks, and military combat vehicles. The amphibious vehicles are primarily used by the military forces across the globe to secure the sea borders from increasing conflicts via sea and to transport military troops from ship-to-shore. In addition, amphibious vehicles are widely used for surveillance, rescue, excavation, water transportation, water sports, and recreational activities.

The factors such as rise investment in defense sector and increase in demand for commercial applications are expected to drive the market growth. However, high initial cost of amphibious vehicle and increase in operational costs followed by serviceability hinder the market growth. Further, surge in the use of advanced amphibious combat vehicles (ACV) in marine applications and rise in demand for amphibious excavators for dredging and excavation are some of the factors anticipated to offer lucrative opportunities for market growth.

The market is segmented on the basis of mode of propulsion, application, end use, and region. By mode of transportation, it is divided into water-jet, track-based, and screw propeller. By application, it is classified into surveillance & rescue, water sports, water transportation, and excavation. By end use, it is categorized into defense and commercial. By Region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Scenario Analysis

• The COVID-19 pandemic has forced governments to focus on their spending on healthcare and safeguarding the economy, which could possibly result in shifting priorities away from defense spending.
• Market players are anticipated to experience decrease in demand due to declining budgets and procurement priorities and a flattening of the growth curve over the long term
• In post COVID situation, amphibious vehicle market is expected to undergo certain changes, as market players and defense agencies are preparing for innovation shift after the lifting of restrictions to rapidly assess and adapt their supply chains.
• The COVID-19 crisis is expected to affect commodity chains in the short & long term, owing to the decline in foreign investment.

Key Benefits

• This study presents analytical depiction of the global amphibious vehicle analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall amphibious vehicle opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global amphibious vehicle with a detailed impact analysis.
• The current amphibious vehicle is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Market Dynamics

Drivers

• Rising Investment in Defense Sector to Aid Amphibious Vehicle Adoption
• Rising the Demand for Commercial Application

Restraints

• High Initial Cost of Amphibious Vehicle
• Increase in Operational Costs Followed by Seasonal Serviceability

Opportunities

• Rising the Use of Advanced Amphibious Vehicles (Acv) in Marine Application
• Growing Demand for Amphibious Excavators for Dredging and Excavation

Key Players

• BAE Systems
• EIK Engineering Sdn. Bhd.
• General Dynamics Corporation
• Hitachi Construction Machinery
• Lockheed Martin Corporation
• Marsh Buggies Incorporated
• Rheinmetall AG
• Science Applications International Corporation
• Wetland Equipment Company, Inc.
• Wilco Manufacturing LLC

For more information about this report visit https://www.researchandmarkets.com/r/965qho

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Global revenue of $5.6 billion increased 8% sequentially
• International revenue was $4.5 billion and North America revenue was $1.1 billion
• EPS of $0.30 increased 43% sequentially
• Cash flow from operations was $1.2 billion and free cash flow was $869 million
• Board approved quarterly cash dividend of $0.125 per share

PARIS--(BUSINESS WIRE)--Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021.

Schlumberger CEO Olivier Le Peuch commented, “Our second-quarter results demonstrate the broad strength of our portfolio, the extent of our market participation—both in North America and internationally—and our enhanced ability to capture and translate activity growth into sustained margin expansion and strong free cash flow. The quarter marks a leap forward in achieving our full-year financial targets with the potential for further upside given the right conditions. As I reflect on the progress we have made since last year, I want to acknowledge the entire Schlumberger team whose exemplary commitment to safety and performance has not wavered despite the challenges. Once again, I am extremely proud of our people for their dedication and resilience, and for delivering a strong quarter, clearly seizing the beginning of the upcycle.

“Second-quarter global revenue grew 8% sequentially, outperforming the rig count growth in both North America and the international markets. All four Divisions grew, resulting in the highest sequential quarterly revenue growth rate since the second quarter of 2017.

“In North America, revenue grew 11% sequentially, representing the highest sequential quarterly growth rate for this area since the third quarter of 2017. This performance was driven by US land revenue, which increased 19% due to higher drilling activity and increased sales of well and surface production systems. Well Construction revenue in US land grew more than 30% sequentially, significantly outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup, due to higher Asset Performance Solutions (APS) project revenue, while North America offshore revenue was slightly higher due to sales of subsea production systems.

“International revenue grew 7% sequentially with all four Divisions registering growth. The revenue growth outpaced the international rig count increase—reflecting the depth and diversity of our portfolio—as activity surpassed the impact of the seasonal recovery in the Northern Hemisphere. Many countries posted double-digit sequential revenue growth.

“Globally, the second-quarter revenue growth was led by Reservoir Performance and Well Construction, where activity intensified beyond the seasonal recovery. Reservoir Performance revenue increased 12% sequentially due to the seasonal activity rebound in the Northern Hemisphere, in addition to higher exploration and appraisal activity. Well Construction revenue increased 9% sequentially from increased drilling activity in US land and broadly across the international markets, particularly offshore. Digital & Integration revenue increased 6% sequentially due to higher sales of digital solutions and higher APS project revenue. Production Systems revenue grew 6%, primarily due to higher sales of well, surface, and subsea production systems.

“Sequentially, second-quarter pretax segment operating income increased 22%. Pretax segment operating margin expanded by 162 basis points (bps) to 14% while adjusted EBITDA margin grew 118 bps to 21%. Adjusted EBITDA margin was the highest since 2018 and pretax segment operating margin reached its highest level since 2015. This performance highlights the impact of our capital stewardship and cost-out measures, which are providing us with significant operating leverage.

“Second-quarter cash flow from operations was $1.2 billion and free cash flow was $869 million. These amounts include a $477 million US federal tax refund. We are very pleased with our cash flow performance which is on track with our full-year target and enabled us to begin deleveraging the balance sheet during the quarter.

“While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, industry projections of oil demand reflect the anticipation of a wider vaccine-enabled recovery, improving road mobility, and the impact of various economic stimulus programs. Under this scenario, we believe the momentum of international activity growth that we experienced in the second quarter will continue as the cyclical recovery unfolds. This view is supported by rig count trends, capital spending signals, and customer feedback. In North America, we anticipate the growth rate to moderate; however, drilling activity could still surprise to the upside due to private E&P operator spending.

“Consequently, absent any further setback in the recovery, we continue to see our international revenue growing in the second half of 2021 by double-digits when compared to the second half of last year. This translates into full-year 2021 international revenue growth, setting the stage for a strong baseline as we move into 2022 and beyond.

“During the quarter, we also continued to execute our long-term strategy with advances in Digital and New Energy through our technology and unique partnerships. In addition, we accelerated our commitment to sustainability and decarbonization of our industry. In particular, we took definitive climate change action during the quarter and launched our Transition Technologies portfolio which will aid our clients in meeting their climate change ambitions. Finally, I am very proud that we announced our commitment to achieve net-zero emissions by 2050. Our net-zero emissions target is based on a verifiable, science-based approach that is aligned with the 1.5 degrees Celsius target of the Paris Agreement and includes our Scope 3 emissions.

“Overall, the second-quarter performance and the progress we made on our strategic targets align very well with our long-term financial ambition. We will seize the industry upcycle with strength in our core, will leverage the accretive impact of digital, and will continue building our portfolio of low-carbon energy ventures.

“I am truly excited about Schlumberger in the new industry landscape and our commitment to higher value and lower carbon for our people, our customers, our shareholders, and the global community.”

Other Events

On June 28, 2021, Schlumberger repurchased $665 million of its outstanding 3.300% Senior Notes due September 2021.

On July 22, 2021, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 7, 2021 to stockholders of record on September 1, 2021.

Revenue by Geographical Area

North America

North America revenue of $1.1 billion increased 11% sequentially, with US land revenue growing 19% due to higher drilling activity and increased sales of well and surface production systems. The North America revenue increase represented the highest sequential quarterly growth rate since the third quarter of 2017. Well Construction revenue in US land grew more than 30% sequentially, outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup due to higher APS project revenue, while offshore revenue was slightly higher due to sales of subsea production systems.

International

International revenue of $4.5 billion grew 7% sequentially outperforming the rig count growth. The revenue increases that all four Divisions experienced was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential revenue growth in several countries.

Revenue in Latin America of $1.1 billion increased 2% sequentially due to double-digit sequential revenue growth in both Argentina and Guyana from higher Reservoir Performance intervention activity. In addition, Ecuador revenue increased due to higher Well Construction activity, partially offset by reduced drilling in Mexico and lower Production Systems revenue in Brazil following strong sales in the previous quarter.

Europe/CIS/Africa revenue of $1.5 billion increased 16% sequentially. This significant growth was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential growth in most of the countries in the area. All four Divisions posted double-digit sequential revenue growth in the area, primarily from higher activity in digital solutions, stimulation, wireline, wellbore drilling including measurements, and fluids.

Revenue in the Middle East & Asia of $2.0 billion increased 4% sequentially. Growth was posted across all countries in the area except for India, which was impacted by COVID-related disruption. Double-digit sequential revenue growth was posted in Qatar, United Arab Emirates (UAE), and East Asia from higher Reservoir Performance and Well Construction activity. The revenue growth was driven by higher activity in wireline, intervention, stimulation, wellbore drilling including measurements, and fluids.

Results by Division

Digital & Integration

Digital & Integration revenue of $817 million increased 6% sequentially due to strong sales of digital solutions and higher APS project revenue partially offset by lower sales of multiclient seismic data licenses. Growth was led by Canada land from higher APS revenue in addition to higher digital solutions sales in Europe/CIS/Africa.

Digital & Integration pretax operating margin of 33% expanded 147 bps sequentially due to increased high-margin digital solutions sales and improved profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.1 billion increased 12% sequentially due to higher activity that surpassed the impact of the seasonal rebound in the Northern Hemisphere, resulting in double-digit sequential revenue growth internationally. Growth was driven by seasonal rebound of activity in Russia, China, and Europe and higher offshore exploration in Guyana and Angola, benefiting wireline and testing activity. Higher activity was also posted in Argentina, Qatar, and the UAE.

Reservoir Performance pretax operating margin of 14% expanded 373 bps sequentially. Profitability was boosted by the seasonal recovery in the Northern Hemisphere, higher offshore and exploration activity, and favorable technology mix in wireline activity in Africa and in the Middle East.

Well Construction

Well Construction revenue of $2.1 billion increased 9% sequentially. Stronger North America and international activity beyond the seasonal rebound in the Northern Hemisphere was supported by the rig count increase. North America revenue growth was driven by US land revenue growth of more than 30%, outpacing the US land rig count increase of 16%, but partially offset by the decline in Canada land revenue due to the spring breakup. International growth was led by double-digit growth in Ecuador, the United Kingdom, Algeria, Angola, Gabon, Nigeria, Russia, Qatar, Iraq, East Asia, and Australia.

Sequentially, Well Construction pretax operating margin of 13% improved by 209 bps due to higher drilling activity following the seasonal recovery in the Northern Hemisphere, higher drilling in US land, increased volume of activity in Europe & Africa and the Middle East, and increased higher-margin offshore exploration activity in Africa.

Production Systems

Production Systems revenue of $1.7 billion increased 6% sequentially. The revenue increase was led by double-digit revenue growth in Russia, the United Kingdom, Norway, Kazakhstan, Turkey, Algeria, China, Kuwait, Qatar, UAE, and Mexico. US land also posted double-digit revenue growth on strong sales of surface and well production systems, outpacing the increase in drilling and completed well counts. Overall revenue growth was driven by higher sales of surface, subsea, and well production systems.

Sequentially, Production Systems pretax operating margin of 10% expanded 146 bps, due to improved profitability from higher sales of surface, well, and subsea production systems.

Quarterly Highlights

Schlumberger’s technology integration, with deep domain knowledge and performance differentiation, continues to earn the confidence of our customers globally. This is reflected in a considerable pipeline of new contract awards across geographies that will drive future growth in Well Construction and Reservoir Performance. Some notable contract awards during the quarter include:

• In Norway, Equinor ASA awarded Schlumberger an integrated contract for up to 23 wells in its Breidablikk development in the North Sea. Schlumberger will supply drilling services, well construction fluids, cementing, electric wireline logging, and completions. Due to the complexity of the reservoir and Equinor’s focus on maximizing the potential of people and assets, the project will implement digital well planning, automation, and advanced remote operations. In addition, a cloud-enabled 3D workflow—developed jointly with Equinor using data from the GeoSphere HD* reservoir mapping-while-drilling service—will be used to optimize well placement in real time. The contract also includes 18 PhaseWatcher* subsea multiphase flowmeters from OneSubsea^®, with an option for eight additional units. Work will commence in the spring of 2022.

• In Iraq, Schlumberger was awarded a contract, valued at USD 480 million, to drill 96 wells in southern Iraq for ExxonMobil, which operates the giant West Qurna 1 Field owned by Basra Oil Company. Building on a track record of integrated well construction performance in Iraq, Schlumberger will drill these wells over a period of 4.5 years, with well designs varying from laterals exceeding 2,000 m, upsized big-bore wells, and barefoot completions. In addition to vast project management experience and state-of-the-art technologies, Schlumberger digital capabilities will further enhance overall project execution, supporting operational safety and optimized drilling efficiency.

• In the Kingdom of Bahrain, Schlumberger has been awarded a three-year, production enhancement contract—valued at USD 150 million—in the Bahrain Field. This project, which follows a successful pilot phase, will be conducted jointly with Tatweer Petroleum and will integrate fit-for-purpose technologies, including advanced logging and core analysis, extreme extended-reach drilling, and fracture stimulation techniques, to unlock the potential of a key reservoir in the field.

• ADNOC Offshore awarded Schlumberger a large, five-year contract, valued at USD 381 million, for integrated rigless services for the artificial islands offshore UAE. This is the first contract awarded by ADNOC to integrate all rigless services, including high-rate stimulation, production logging, surface testing, and coiled tubing. Schlumberger will introduce the latest technologies and high-specification equipment to overcome the unique challenges of increasing production from extended-reach laterals.

• Shell has awarded Schlumberger a contract for the provision of well services including well construction, evaluation, and pumping for a number of their activities in the Gulf of Mexico, Trinidad, and West Africa. Under the multiple year contract, a Schlumberger joint team comprising drilling, evaluation, and completions will provide integration, reliability, and efficiency improvement opportunities in Shell deepwater operations using a combination of unique, fit-for-basin technologies, standard work platforms, and advanced remote operations.

In the offshore markets, Schlumberger Production Systems is positioned to benefit significantly from the recovery by leveraging our subsea technologies, in-country value creation, domain support, and integration capabilities. This differentiated approach is being recognized with increasing awards, resulting in a notable step up in book-to-bill ratio during the quarter. Awards include:

• Petrobras awarded OneSubsea an engineering, procurement, construction, and installation (EPCI) contract, valued at more than USD 180 million, for the provision of subsea production systems equipment and associated services for four development phases of the deepwater Buzios Field offshore Brazil. The project scope includes 21 fit-for-purpose vertical subsea trees, controls systems, and seven subsea power distribution units, as well as installation, commissioning, and services for the life of field. The project will be supported by the OneSubsea Brazil Center of Excellence for Subsea Production Systems (SPS), which will drive in-country value across both equipment and service scopes. Located in the pre-salt area of the Santos Basin, Buzios is one of world’s largest deepwater oil fields.

• Equinor has awarded a large contract to Subsea Integration Alliance—a non-incorporated strategic global alliance between Subsea 7 and OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger—for its project in the Bacalhau Field, which lies 185 km offshore Brazil in a water depth of 2,050 m.

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.

AKRON, Ohio--(BUSINESS WIRE)--The following is a statement from Ripp Media on behalf of Former FirstEnergy CEO Chuck Jones:

Mr. Jones did not engage in any unlawful activity or violate any of FirstEnergy’s policies. Mr. Jones also believes that no other FirstEnergy employee engaged in unlawful activities in their dealings with government officials. Mr. Jones did not make or authorize any payment of any money to any public official in exchange for any official act.

Whether one agrees with it or not, the First Amendment and campaign finance laws allow the use of 501(c)(4) entities for appropriate political activity; allow individuals and corporations to support political candidates in a lawful manner; and allow individuals and corporations to lobby on behalf of legislation and government policies.

Mr. Jones is very disappointed that FirstEnergy would falsely implicate so many hard working and dedicated employees in wrongdoing who were committed to implementing the Board’s stated goals.

Ripp Media
Allan Ripp 646-285-1779 This email address is being protected from spambots. You need JavaScript enabled to view it.

• Global revenue of $5.6 billion increased 8% sequentially
• International revenue was $4.5 billion and North America revenue was $1.1 billion
• EPS of $0.30 increased 43% sequentially
• Cash flow from operations was $1.2 billion and free cash flow was $869 million
• Board approved quarterly cash dividend of $0.125 per share

PARIS--(BUSINESS WIRE)--Regulatory News:

Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021.

Schlumberger CEO Olivier Le Peuch commented, “Our second-quarter results demonstrate the broad strength of our portfolio, the extent of our market participation—both in North America and internationally—and our enhanced ability to capture and translate activity growth into sustained margin expansion and strong free cash flow. The quarter marks a leap forward in achieving our full-year financial targets with the potential for further upside given the right conditions. As I reflect on the progress we have made since last year, I want to acknowledge the entire Schlumberger team whose exemplary commitment to safety and performance has not wavered despite the challenges. Once again, I am extremely proud of our people for their dedication and resilience, and for delivering a strong quarter, clearly seizing the beginning of the upcycle.

“Second-quarter global revenue grew 8% sequentially, outperforming the rig count growth in both North America and the international markets. All four Divisions grew, resulting in the highest sequential quarterly revenue growth rate since the second quarter of 2017.

“In North America, revenue grew 11% sequentially, representing the highest sequential quarterly growth rate for this area since the third quarter of 2017. This performance was driven by US land revenue, which increased 19% due to higher drilling activity and increased sales of well and surface production systems. Well Construction revenue in US land grew more than 30% sequentially, significantly outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup, due to higher Asset Performance Solutions (APS) project revenue, while North America offshore revenue was slightly higher due to sales of subsea production systems.

“International revenue grew 7% sequentially with all four Divisions registering growth. The revenue growth outpaced the international rig count increase—reflecting the depth and diversity of our portfolio—as activity surpassed the impact of the seasonal recovery in the Northern Hemisphere. Many countries posted double-digit sequential revenue growth.

“Globally, the second-quarter revenue growth was led by Reservoir Performance and Well Construction, where activity intensified beyond the seasonal recovery. Reservoir Performance revenue increased 12% sequentially due to the seasonal activity rebound in the Northern Hemisphere, in addition to higher exploration and appraisal activity. Well Construction revenue increased 9% sequentially from increased drilling activity in US land and broadly across the international markets, particularly offshore. Digital & Integration revenue increased 6% sequentially due to higher sales of digital solutions and higher APS project revenue. Production Systems revenue grew 6%, primarily due to higher sales of well, surface, and subsea production systems.

“Sequentially, second-quarter pretax segment operating income increased 22%. Pretax segment operating margin expanded by 162 basis points (bps) to 14% while adjusted EBITDA margin grew 118 bps to 21%. Adjusted EBITDA margin was the highest since 2018 and pretax segment operating margin reached its highest level since 2015. This performance highlights the impact of our capital stewardship and cost-out measures, which are providing us with significant operating leverage.

“Second-quarter cash flow from operations was $1.2 billion and free cash flow was $869 million. These amounts include a $477 million US federal tax refund. We are very pleased with our cash flow performance which is on track with our full-year target and enabled us to begin deleveraging the balance sheet during the quarter.

“While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, industry projections of oil demand reflect the anticipation of a wider vaccine-enabled recovery, improving road mobility, and the impact of various economic stimulus programs. Under this scenario, we believe the momentum of international activity growth that we experienced in the second quarter will continue as the cyclical recovery unfolds. This view is supported by rig count trends, capital spending signals, and customer feedback. In North America, we anticipate the growth rate to moderate; however, drilling activity could still surprise to the upside due to private E&P operator spending.

“Consequently, absent any further setback in the recovery, we continue to see our international revenue growing in the second half of 2021 by double-digits when compared to the second half of last year. This translates into full-year 2021 international revenue growth, setting the stage for a strong baseline as we move into 2022 and beyond.

“During the quarter, we also continued to execute our long-term strategy with advances in Digital and New Energy through our technology and unique partnerships. In addition, we accelerated our commitment to sustainability and decarbonization of our industry. In particular, we took definitive climate change action during the quarter and launched our Transition Technologies portfolio which will aid our clients in meeting their climate change ambitions. Finally, I am very proud that we announced our commitment to achieve net-zero emissions by 2050. Our net-zero emissions target is based on a verifiable, science-based approach that is aligned with the 1.5 degrees Celsius target of the Paris Agreement and includes our Scope 3 emissions.

“Overall, the second-quarter performance and the progress we made on our strategic targets align very well with our long-term financial ambition. We will seize the industry upcycle with strength in our core, will leverage the accretive impact of digital, and will continue building our portfolio of low-carbon energy ventures.

“I am truly excited about Schlumberger in the new industry landscape and our commitment to higher value and lower carbon for our people, our customers, our shareholders, and the global community.”

Other Events

On June 28, 2021, Schlumberger repurchased $665 million of its outstanding 3.300% Senior Notes due September 2021.

On July 22, 2021, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 7, 2021 to stockholders of record on September 1, 2021.

Revenue by Geographical Area

North America

North America revenue of $1.1 billion increased 11% sequentially, with US land revenue growing 19% due to higher drilling activity and increased sales of well and surface production systems. The North America revenue increase represented the highest sequential quarterly growth rate since the third quarter of 2017. Well Construction revenue in US land grew more than 30% sequentially, outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup due to higher APS project revenue, while offshore revenue was slightly higher due to sales of subsea production systems.

International

International revenue of $4.5 billion grew 7% sequentially outperforming the rig count growth. The revenue increases that all four Divisions experienced was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential revenue growth in several countries.

Revenue in Latin America of $1.1 billion increased 2% sequentially due to double-digit sequential revenue growth in both Argentina and Guyana from higher Reservoir Performance intervention activity. In addition, Ecuador revenue increased due to higher Well Construction activity, partially offset by reduced drilling in Mexico and lower Production Systems revenue in Brazil following strong sales in the previous quarter.

Europe/CIS/Africa revenue of $1.5 billion increased 16% sequentially. This significant growth was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential growth in most of the countries in the area. All four Divisions posted double-digit sequential revenue growth in the area, primarily from higher activity in digital solutions, stimulation, wireline, wellbore drilling including measurements, and fluids.

Revenue in the Middle East & Asia of $2.0 billion increased 4% sequentially. Growth was posted across all countries in the area except for India, which was impacted by COVID-related disruption. Double-digit sequential revenue growth was posted in Qatar, United Arab Emirates (UAE), and East Asia from higher Reservoir Performance and Well Construction activity. The revenue growth was driven by higher activity in wireline, intervention, stimulation, wellbore drilling including measurements, and fluids.

Results by Division

Digital & Integration

Digital & Integration revenue of $817 million increased 6% sequentially due to strong sales of digital solutions and higher APS project revenue partially offset by lower sales of multiclient seismic data licenses. Growth was led by Canada land from higher APS revenue in addition to higher digital solutions sales in Europe/CIS/Africa.

Digital & Integration pretax operating margin of 33% expanded 147 bps sequentially due to increased high-margin digital solutions sales and improved profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.1 billion increased 12% sequentially due to higher activity that surpassed the impact of the seasonal rebound in the Northern Hemisphere, resulting in double-digit sequential revenue growth internationally. Growth was driven by seasonal rebound of activity in Russia, China, and Europe and higher offshore exploration in Guyana and Angola, benefiting wireline and testing activity. Higher activity was also posted in Argentina, Qatar, and the UAE.

Reservoir Performance pretax operating margin of 14% expanded 373 bps sequentially. Profitability was boosted by the seasonal recovery in the Northern Hemisphere, higher offshore and exploration activity, and favorable technology mix in wireline activity in Africa and in the Middle East.

Well Construction

Well Construction revenue of $2.1 billion increased 9% sequentially. Stronger North America and international activity beyond the seasonal rebound in the Northern Hemisphere was supported by the rig count increase. North America revenue growth was driven by US land revenue growth of more than 30%, outpacing the US land rig count increase of 16%, but partially offset by the decline in Canada land revenue due to the spring breakup. International growth was led by double-digit growth in Ecuador, the United Kingdom, Algeria, Angola, Gabon, Nigeria, Russia, Qatar, Iraq, East Asia, and Australia.

Sequentially, Well Construction pretax operating margin of 13% improved by 209 bps due to higher drilling activity following the seasonal recovery in the Northern Hemisphere, higher drilling in US land, increased volume of activity in Europe & Africa and the Middle East, and increased higher-margin offshore exploration activity in Africa.

Production Systems

Production Systems revenue of $1.7 billion increased 6% sequentially. The revenue increase was led by double-digit revenue growth in Russia, the United Kingdom, Norway, Kazakhstan, Turkey, Algeria, China, Kuwait, Qatar, UAE, and Mexico. US land also posted double-digit revenue growth on strong sales of surface and well production systems, outpacing the increase in drilling and completed well counts. Overall revenue growth was driven by higher sales of surface, subsea, and well production systems.

Sequentially, Production Systems pretax operating margin of 10% expanded 146 bps, due to improved profitability from higher sales of surface, well, and subsea production systems.

Quarterly Highlights

Schlumberger’s technology integration, with deep domain knowledge and performance differentiation, continues to earn the confidence of our customers globally. This is reflected in a considerable pipeline of new contract awards across geographies that will drive future growth in Well Construction and Reservoir Performance. Some notable contract awards during the quarter include:

• In Norway, Equinor ASA awarded Schlumberger an integrated contract for up to 23 wells in its Breidablikk development in the North Sea. Schlumberger will supply drilling services, well construction fluids, cementing, electric wireline logging, and completions. Due to the complexity of the reservoir and Equinor’s focus on maximizing the potential of people and assets, the project will implement digital well planning, automation, and advanced remote operations. In addition, a cloud-enabled 3D workflow—developed jointly with Equinor using data from the GeoSphere HD* reservoir mapping-while-drilling service—will be used to optimize well placement in real time. The contract also includes 18 PhaseWatcher* subsea multiphase flowmeters from OneSubsea^®, with an option for eight additional units. Work will commence in the spring of 2022.

• In Iraq, Schlumberger was awarded a contract, valued at USD 480 million, to drill 96 wells in southern Iraq for ExxonMobil, which operates the giant West Qurna 1 Field owned by Basra Oil Company. Building on a track record of integrated well construction performance in Iraq, Schlumberger will drill these wells over a period of 4.5 years, with well designs varying from laterals exceeding 2,000 m, upsized big-bore wells, and barefoot completions. In addition to vast project management experience and state-of-the-art technologies, Schlumberger digital capabilities will further enhance overall project execution, supporting operational safety and optimized drilling efficiency.

• In the Kingdom of Bahrain, Schlumberger has been awarded a three-year, production enhancement contract—valued at USD 150 million—in the Bahrain Field. This project, which follows a successful pilot phase, will be conducted jointly with Tatweer Petroleum and will integrate fit-for-purpose technologies, including advanced logging and core analysis, extreme extended-reach drilling, and fracture stimulation techniques, to unlock the potential of a key reservoir in the field.

• ADNOC Offshore awarded Schlumberger a large, five-year contract, valued at USD 381 million, for integrated rigless services for the artificial islands offshore UAE. This is the first contract awarded by ADNOC to integrate all rigless services, including high-rate stimulation, production logging, surface testing, and coiled tubing. Schlumberger will introduce the latest technologies and high-specification equipment to overcome the unique challenges of increasing production from extended-reach laterals.

• Shell has awarded Schlumberger a contract for the provision of well services including well construction, evaluation, and pumping for a number of their activities in the Gulf of Mexico, Trinidad, and West Africa. Under the multiple year contract, a Schlumberger joint team comprising drilling, evaluation, and completions will provide integration, reliability, and efficiency improvement opportunities in Shell deepwater operations using a combination of unique, fit-for-basin technologies, standard work platforms, and advanced remote operations.

In the offshore markets, Schlumberger Production Systems is positioned to benefit significantly from the recovery by leveraging our subsea technologies, in-country value creation, domain support, and integration capabilities. This differentiated approach is being recognized with increasing awards, resulting in a notable step up in book-to-bill ratio during the quarter. Awards include:

• Petrobras awarded OneSubsea an engineering, procurement, construction, and installation (EPCI) contract, valued at more than USD 180 million, for the provision of subsea production systems equipment and associated services for four development phases of the deepwater Buzios Field offshore Brazil. The project scope includes 21 fit-for-purpose vertical subsea trees, controls systems, and seven subsea power distribution units, as well as installation, commissioning, and services for the life of field. The project will be supported by the OneSubsea Brazil Center of Excellence for Subsea Production Systems (SPS), which will drive in-country value across both equipment and service scopes. Located in the pre-salt area of the Santos Basin, Buzios is one of world’s largest deepwater oil fields.

• Equinor has awarded a large contract to Subsea Integration Alliance—a non-incorporated strategic global alliance between Subsea 7 and OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger—for its project in the Bacalhau Field, which lies 185 km offshore Brazil in a water depth of 2,050 m.

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.

ROCKVILLE, Md.--(BUSINESS WIRE)--#SPW--The U.S. solar industry has shown record growth in the past year and leading commercial and community solar developer Standard Solar has continued to grow with the industry. The company’s success has been recognized by Solar Power World, the premier source of news and information regarding solar. Solar Power World has ranked Standard Solar at No. 6 on their 2021 Top U.S. Commercial Solar Contractors list.

The Top Solar Contractors list first launched ten years ago, honors the work of solar companies in the United States. Solar firms in the utility, commercial and residential markets are ranked by the number of kilowatts installed in the previous year. Companies are grouped and listed by specific service, markets and states.

Last year the U.S. solar industry grew 43%, and in the first quarter of 2021, total installation capacity reached 102.8 gigawatts, enough electricity to power 18.6 million American homes. Standard Solar’s projects around the U.S. are an integral part of that growth.

With hundreds of installations and more than 200 megawatts, the company has become one of the largest asset owners in distributed generation and community solar and storage in the nation.

About Standard Solar

Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 17 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 200 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.

About Solar Power World

Solar Power World is the leading online and print resource for news and information regarding solar installation, development and technology. Since 2011, SPW has helped U.S. solar contractors — including installers, developers and EPCs in all markets — grow their businesses and do their jobs better.

Standard Solar
Leah Wilkinson
703-907-0010
This email address is being protected from spambots. You need JavaScript enabled to view it.

Solar Power World
Kelly Pickerel, editor in chief
216-860-5259
kpickerel[at]wtwhmedia.com

• REE U.S. HQ to capitalize on growing market demand for EVs in North America
• REE Austin is expected to generate more than 150 jobs in the region in the next few years
• Expected annual capacity of U.S. Integration Center to be 40,000 modular EV platforms by H2 2022

TEL-AVIV, Israel--(BUSINESS WIRE)--REE Automotive Ltd. [NASDAQ: “REE”], a leader in e-Mobility, today announced that it will open its U.S. headquarters in Austin, Texas to address the growing U.S. market demand for mission-specific EVs from delivery and logistics companies, Mobility-as-a-Service and new technology players. In addition, Austin will be the location of REE’s first asset-light Integration Center for the assembly and testing of its disruptive REEcorner™ technology and ultra-modular EV platforms. The new Integration Center will offer REE’s technology to its existing and future automotive partners in North America, enabling them to build modular EVs “Powered by REE”. REE is exploring several collaborations with a number of Koch Industries, Inc. companies, to support and accelerate the establishment of REE’s integration center in Austin. Koch Strategic Platforms, LLC, a subsidiary of Koch Industries, is an investor in REE as well. The REE Austin facility is expected to create approximately 150 jobs in upcoming years.

“Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion,” said Daniel Barel, REE’s Co-Founder and CEO. “Austin is fast becoming a worldwide home for elite technology professionals. REE needs to continue growing and thriving, and Austin’s dynamism and entrepreneurial spirit definitely fit REE’s culture and values. Our U.S. presence will allow us to capitalize on the incredible opportunities in the U.S. market and put us closer to our North American-based customers and partners, including Magna International and JB Poindexter, as we work together to develop and deliver modular EVs (MEVs™).”

REEcorner™ technology integrates critical vehicle components, including steering, braking, suspension, powertrain and control, into a single compact module between the chassis and the wheel, using x-by-wire technology for steering, driving and braking. This innovation has enabled REE to develop a modular, fully-flat skateboard chassis with more room for passengers, cargo and batteries that will be highly adaptable to customers. EV platforms using REEcorners™ are agnostic to vehicle size and design, power-source and driving mode, enabling REE to target a $700 billion total addressable market, and help OEMs, delivery fleets, Mobility-as-a-Service providers and new mobility players get to market faster at a fraction of the cost.

REE intends to tap into a global network of Tier 1 partners’ manufacturing capacity, with full point-of-sale component assembly and testing set to take place in REE’s Integration Centers. REE expects this manufacturing process to significantly reduce capital expenditures and increase REE’s global presence and market share. REE’s CapEx-light manufacturing approach and Integration Centers are designed to enable the company to remain a comparatively asset-light enterprise, helping to increase operating margins and ROI and reduce the carbon footprint of its operations.

Michael Charlton, REE’s COO, commented, “REE’s Integration Centers will be designed to be fully modular and scalable to ensure the Company achieves projected production volumes. The state-of-the-art centers will utilize automation, including Automated Guided Vehicles (AGVs), for the optimal movement of assemblies, with the goal of increasing automation levels to Industry 4.0 Technology and beyond.”

About REE

REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry's flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.

For more information visit: www.ree.auto

Caution About Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plan,” “projects,” “believes,” “views,” “estimates”, “future”, “allow”, “aims”, “strives” “endeavors” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.

Media
Keren Shemesh
Chief Marketing Officer | REE Automotive
+972-54-5814333
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Investor Relations
Limor Gruber
VP Investor Relations | REE Automotive
+972-50-5239233
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― Accelerating the development of environmental technologies ―

IWATA, Japan--(BUSINESS WIRE)--#EV--Yamaha Motor Co., Ltd. (TOKYO: 7272) announced that it plans to establish an investment fund seeking potential business partners and startups for collaborations that will accelerate the development of environmental technologies.

The Yamaha Motor group has set a new goal of aiming for carbon neutrality throughout all of its business activities, including across the life cycles of its products,* by 2050.

The planned fund will aid in Yamaha Motor achieving its targets by supporting new businesses that contribute to the preservation and/or progress of the global environment. The Yamaha Motor group aims to help build new businesses that will lead to carbon-negative solutions in the environmental resources field.

*Emissions as a direct result of business activities (Scope 1 and 2) and emissions outside of these (Scope 3).

Fund Overview

Business Operations

– Searching for and investing in venture companies that specialize in environmental resources

• Total fund amount: US$100 million
• Fund period: 15 years
• Establishment: 2022 (scheduled)
• Fund operator location: Silicon Valley, California, United States
• Administrator: Yamaha Motor Ventures & Laboratory Silicon Valley (YMVSV)

Purpose and Expectations

– Support new businesses contributing to the preservation and/or progress of the global environment
– Focus on environmental resource issues requiring solutions
– Consider investments in businesses with potential for growth, regardless of region
– Aim to build new businesses that will lead to carbon-negative solutions in the environmental resources field

Related Documents

• Integrated Report 2021
  https://global.yamaha-motor.com/ir/integrated-report/integrated2021/
  
• Environmental Technology Presentation (incl. The Fund page on 13)
  https://global.yamaha-motor.com/about/csr/the_environment/plan-2050/pdf/Environmental_technology_2021_Eng.pdf

Naoto Horie
Global PR Group, Corporate Communication Division
Yamaha Motor Co., Ltd.
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Gas Separation Membrane Market, by Product Type, by Module, by Application, and by Region - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.

Recent advancements in the petrochemical industries has led to an increased use of membranes for gas separation. The membranes act as a permeable medium through which gas molecules can pass on the basis of their size and solubility in the medium. Gas separation membrane system is widely used to separate air into oxygen and nitrogen, in natural gas dehydration process, for hydrogen gas recovery in oil refinery, for the removal of volatile organic liquids (VOL) from exhaust streams, and for separation of methane from biogas. A variety of membrane materials have been used for gas separation such as polymer, zeolite, silica, and others. For instance, in March 2019, NGK Insulators, Ltd., a Japanese ceramics company announced the use of DDR-type zeolite membrane for the demonstration test of CO2 recovery during oil production.

Market players are increasing investments in research and development activities, which could contribute to the growth of the global gas separation membrane market over the forecast period. For instance, in February 2018, Air Liquide Advanced Separations, a French chemical and electronics manufacturer made an investment of US$ 170 million for setting up an Air Separation Unit (ASU) in Secunda that produces 5,000 tons of oxygen per day. This enabled the company to expand their market potential to South Africa region.

Market players are focusing on launch of products, which is expected to strengthen their position in the global gas separation membrane market. For instance, in 2018, Evonik Industries AG, a German chemical company launched SEPURAN NG membrane to enable efficient processing of natural gas.

Market players are involved in market strategies such as acquisition and partnership with other companies in order to enhance distribution, this is expected to drive the growth of the gas separation membrane market. For instance, in 2018, Air Products and Chemicals Inc., an American chemical company, signed an agreement with Royal Dutch Shell plc, a British-Dutch oil and gas company to acquire its coal gasification technology business. Moreover, in April 2017, Honeywell UOP, an American oil and gas company received a contract from Dangote oil refinery to provide design services, technology licensing, and advanced equipment for oil and gas refinery plants.

Company Profiles

• Fujifilm Manufacturing Europe B.V.
• Air Products and Chemicals, Inc.
• Honeywell UOP
• Air Liquide Advanced Separations
• Schlumberger Ltd.
• DIC Corporation
• Ube Industries Ltd.
• Parker Hannifin Corporation
• Membrane Technology and Research Inc.
• Generon

Key features of the study:

• This report provides an in-depth analysis of global gas separation membrane market, provides market size (US$ Million), and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
• It profiles leading players in the global gas separation membrane market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launch, technology up-gradation, market expansion, and marketing tactics.
• The global gas separation membrane market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global gas separation membrane market.

Key Topics Covered:

1. Research Objectives and Assumptions

2. Market Overview

3. Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
• Drivers
• Restraints
• Market Opportunities
• Impact Analysis
• PORTER's Analysis
• Industry Trends
• Pipeline Analysis
• Key Highlights
• Regulatory Scenario
• Product Launch and Approval
• Acquisition and Collaboration Scenario

4. COVID - 19 Impact Analysis

• COVID-19 Epidemiology
• Impact of COVID-19 on Demand and Supply of Gas Separation Membrane

5. Global Gas Separation Membrane Market, By Product Type, 2017-2028 (US$ Million)

6. Global Gas Separation Membrane Market, By Module, 2017 - 2028 (US$ Million

7. Global Gas Separation Membrane Market, By Application, 2017 - 2028 (US$ Million)

8. Global Gas Separation Membrane Market, By End User, 2017 - 2028 (US$ Million)

9. Global Gas Separation Membrane Market, By Region, 2017 - 2028 (US$ Million)

10. Competitive Landscape

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

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• 2021 financial performance in line with annual guidance
• Reported net loss of $6.6 million and $4.1 million for the three and six months ended June 30, 2021, respectively
• Reported adjusted EBITDA of $22.5 million and $53.4 million for the three and six months ended June 30, 2021, respectively
• Generated distributable cash flow of $7.3 and $20.1 million for the three and six months ended June 30, 2021, respectively
• Declares quarterly distribution of $0.005 or $0.02 per unit annually
• Announces Revolving Credit Facility Amendment

KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") today announced its financial results for the second quarter of 2021.

“For the second quarter of 2021, the Partnership had a solid performance in line with our annual projected cash flows of between $95 million to $102 million,” stated Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership. “As the country returns to a more open economy and refinery utilization increases, we have seen heightened demand for our services particularly within the land transportation and lubricants businesses. However, the impact of COVID-19 is still reflected in a reduction in sulfur service volumes and lower marine day rates year over year. As expected, marine utilization has increased from last quarter and we anticipate the continued economic recovery will drive demand upward allowing for the further utilization of our asset base.”

“Looking to the third quarter, which is seasonally our weakest due to the cyclical nature of both the fertilizer and butane businesses, we amended our revolving credit facility in response to rising commodity prices and the continued impact of COVID-19 on the Partnership’s trailing twelve month cash flows. I’d like thank our lenders for recognizing our ongoing commitment to capital discipline through their support of the amendment.”

SECOND QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT

TERMINALLING AND STORAGE (“T&S”)

T&S Operating Income for the three months ended June 30, 2021 and 2020 was $3.7 million and $3.3 million, respectively.

Adjusted segment EBITDA for T&S was $10.6 million for each of the three month periods ended June 30, 2021 and 2020, reflecting increased volumes on packaged lubricants products, offset by expired capital recovery fees at the Smackover Refinery.

TRANSPORTATION

Transportation Operating Income for the three months ended June 30, 2021 and 2020 was $0.7 million and $0.6 million, respectively.

Adjusted segment EBITDA for Transportation was $5.0 million and $4.9 million for the three months ended June 30, 2021 and 2020, respectively, reflecting higher land transportation load count and rates, offset by lower marine day rates coupled with a reduction in marine equipment.

SULFUR SERVICES

Sulfur Services Operating Income for the three months ended June 30, 2021 and 2020 was $6.3 million and $7.4 million, respectively.

Adjusted segment EBITDA for Sulfur Services was $8.9 million and $10.8 million for the three months ended June 30, 2021 and 2020, respectively, reflecting lower refinery utilization volumes during the second quarter of 2021 as a result of continued effects of COVID-19.

NATURAL GAS LIQUIDS (“NGL”)

NGL Operating Income for the three months ended June 30, 2021 and 2020 was $0.7 million and $1.1 million, respectively.

Adjusted segment EBITDA for NGL was $1.7 million and $1.6 million for the three months ended June 30, 2021 and 2020, respectively, primarily reflecting increased margins in our butane optimization business, offset by a reduction in NGL margins due to rising commodity prices.

UNALLOCATED SELLING, GENERAL AND ADMINISTRATIVE EXPENSE (“USGA”)

USGA expenses included in operating income for the three months ended June 30, 2021 and 2020 were $3.8 million and $4.4 million, respectively.

USGA expenses included in adjusted EBITDA for the three months ended June 30, 2021 and 2020 were $3.7 million and $4.0 million, respectively, primarily reflecting a reduction in overhead allocated from Martin Resource Management.

LIQUIDITY

At June 30, 2021, the Partnership had $180 million drawn on its $300 million revolving credit facility, an increase of $4 million from March 31, 2021. The Partnership’s leverage ratio, as calculated under the revolving credit facility, was 5.3 times and 5.4 times on June 30, 2021 and March 31, 2021, respectively. The Partnership is in compliance with all debt covenants as of June 30, 2021 and March 31, 2021.

REVOLVING CREDIT FACILITY AMENDMENT

The Partnership announced today the amendment of its revolving credit facility effective July 16, 2021. The amendment revises certain financial covenant ratios and reduces the aggregate amount of commitments from $300 million to $275 million, among other things.

Royal Bank of Canada serves as administrative agent and collateral agent for the facility. Baker Botts L.L.P acted as legal counsel to the Partnership.

QUARTERLY CASH DISTRIBUTION

The Partnership has declared a quarterly cash distribution of $0.005 per unit for the quarter ended June 30, 2021. The distribution is payable on August 13, 2021 to common unitholders of record as of the close of business on August 6, 2021. The ex-dividend date for the cash distribution is August 5, 2021.

QUALIFIED NOTICE TO NOMINEES

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

COVID-19 RESPONSE

The Partnership continues to evaluate protocols in response to the COVID-19 pandemic, including the impact of variants of COVID-19, such as the Delta variant. Where possible, employee work from home initiatives remain and travel restrictions have been lifted. Employees are encouraged to continue to exercise safety measures to protect the welfare of each other and the communities they serve.

RESULTS OF OPERATIONS

The Partnership had a net loss for the three months ended June 30, 2021 of $6.6 million, a loss of $0.17 per limited partner unit. The Partnership had a net loss for the three months ended June 30, 2020 of $2.2 million, a loss of $0.06 per limited partner unit. Adjusted EBITDA for the three months ended June 30, 2021 was $22.5 million compared to the three months ended June 30, 2020 of $23.9 million. Distributable cash flow for the three months ended June 30, 2021 was $7.3 million compared to the three months ended June 30, 2020 of $12.5 million.

The Partnership had a net loss for the six months ended June 30, 2021 of $4.1 million, a loss of $0.10 per limited partner unit. The Partnership had net income for the six months ended June 30, 2020 of $6.6 million, or $0.17 per limited partner unit. Adjusted EBITDA for the six months ended June 30, 2021 was $53.4 million compared to the six months ended June 30, 2020 of $54.9 million. Distributable cash flow for the six months ended June 30, 2021 was $20.1 million compared to the six months ended June 30, 2020 of $30.8 million.

Revenues for the three months ended June 30, 2021 were $184.3 million compared to the three months ended June 30, 2020 of $140.6 million. Revenues for the six months ended June 30, 2021 were $385.3 million compared to the six months ended June 30, 2020 of $339.5 million.

EBITDA, adjusted EBITDA, distributable cash flow and adjusted free cash flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

An attachment included in the Current Report on Form 8-K to which this announcement is included, contains a comparison of the Partnership’s Adjusted EBITDA for the second quarter 2021 to the Partnership's Adjusted EBITDA for the second quarter 2020.

Investors' Conference Call

Date: Friday, July 23, 2021
Time: 8:00 a.m. CT (please dial in by 7:55 a.m.)
Dial In #: (833) 900-2251
Conference ID: 1691938

Replay Dial In # (800) 585-8367 – Conference ID: 1691938

A webcast of the conference call will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.

About Martin Midstream Partners

Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution and transportation services. To learn more, visit www.MMLP.com.

Forward-Looking Statements

Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to guidance or to financial or operational estimates or projections rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the current and potential impacts of the COVID-19 pandemic generally, on an industry-specific basis, and on the Partnership’s specific operations and business, (ii) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, and (iii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

Use of Non-GAAP Financial Information

The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance. These include: (1) net income before interest expense, income tax expense, and depreciation and amortization ("EBITDA"), (2) adjusted EBITDA, (3) distributable cash flow and (4) adjusted free cash flow. The Partnership's management views these measures as important performance measures of core profitability for its operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The Partnership's management believes investors benefit from having access to the same financial measures that management uses.

EBITDA and Adjusted EBITDA. The Partnership defines Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments. Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with additional information to better understand the following: financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.

Distributable Cash Flow. The Partnership defines Distributable Cash Flow as Adjusted EBITDA less cash paid for interest, cash paid for income taxes, maintenance capital expenditures, and plant turnaround costs. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by the Partnership to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

Adjusted Free Cash Flow. Adjusted free cash flow is defined as distributable cash flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted free cash flow is a significant performance measure used by the Partnership's management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. The Partnership believes that adjusted free cash flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. The Partnership's calculation of adjusted free cash flow may or may not be comparable to similarly titled measures used by other entities.

EBITDA, adjusted EBITDA, distributable cash flow, and adjusted free cash flow should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these measures may not be the same method used to compute similar measures reported by other entities.

MMLP-F