Business Wire News

HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone Minerals," "Black Stone," or "the Company") today announces its financial and operating results for the third quarter of 2020.


Highlights

  • Total mineral and royalty production for the third quarter of 2020 equaled 31.1 MBoe/d, a decrease of 8.6% over the prior quarter; total production, including working interest volumes, was 37.9 MBoe/d for the quarter.
  • Net income and Adjusted EBITDA for the quarter totaled $23.7 million and $65.5 million, respectively.
  • Distributable cash flow was $58.8 million for the third quarter, resulting in distribution coverage for all units of 1.9x based on the announced cash distribution of $0.15 per unit.
  • Completed the previously-announced asset sales in July 2020 for total cash proceeds of $150 million; recognized a gain of $24.0 million associated with the sales.
  • Total debt at the end of the third quarter was $147 million; total debt to trailing twelve-month Adjusted EBITDA was 0.5x at quarter-end. As of October 30, 2020, total debt had been reduced to $124 million.
  • Announced distribution of $0.15 per common unit with respect to the third quarter of 2020.

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “We continued to focus on our core principles of balance sheet strength and active property management during the third quarter. In light of the challenging environment, we substantially reduced our debt levels during the quarter with proceeds from the recent asset sales and retained free cash flow. We are also taking advantage of the relative strength in natural gas prices to aggressively market our extensive acreage positions across the Haynesville Shale and Austin Chalk formations."

Quarterly Financial and Operating Results

Production

Black Stone Minerals reported mineral and royalty volume was 31.1 MBoe/d (69% natural gas) for the third quarter of 2020, compared to 37.5 MBoe/d for the comparable period in 2019. Royalty production for the second quarter of 2020 was 34.0 MBoe/d.

Working interest production for the third quarter of 2020 was 6.9 MBoe/d, and represents decreases of 21% and 40%, respectively, from the levels generated in the quarters ended June 30, 2020 and September 30, 2019. The continued decline in working interest volumes is consistent with the Company's decision in 2017 to farm out its working-interest participation to third-party capital providers.

Total reported production averaged 37.9 MBoe/d (82% mineral and royalty, 73% natural gas) for the third quarter of 2020. Total production was 49.0 MBoe/d and 42.6 MBoe/d for the quarters ended September 30, 2019 and June 30, 2020, respectively.

Realized Prices, Revenues, and Net Income

The Company’s average realized price per Boe, excluding the effect of derivative settlements, was $18.18 for the quarter ended September 30, 2020. This is an increase of 27% from $14.37 per Boe for the second quarter of 2020 and a 25% decrease compared to $24.30 for the third quarter of 2019. Realized natural gas prices in the third quarter of 2020 were 97% of the average Henry Hub benchmark price for the quarter, which was consistent with the second quarter of 2020. Realized oil prices for the third quarter of 2020 were 88% of the average West Texas Intermediate ("WTI") benchmark price, a decrease from 106% of WTI in the second quarter of 2020.

Black Stone reported oil and gas revenue of $63.4 million (54% oil and condensate) for the third quarter of 2020, an increase of 14% from $55.7 million in the second quarter of 2020. Oil and gas revenue in the third quarter of 2019 was $109.6 million.

The Company reported a loss on commodity derivative instruments of $21.1 million for the third quarter of 2020, composed of a $21.3 million gain from realized settlements and a non-cash $42.4 million unrealized loss due to the change in value of Black Stone’s derivative positions during the quarter. Black Stone reported a loss of $19.2 million and a gain of $24.3 million on commodity derivative instruments for the quarters ended June 30, 2020 and September 30, 2019, respectively.

Lease bonus and other income was $1.4 million for the third quarter of 2020, primarily related to leasing activity in the Haynesville/Bossier play as well as certain surface leases in Polk County, Texas. Lease bonus and other income for the quarters ended June 30, 2020 and September 30, 2019 was $2.0 million and $3.5 million, respectively.

There was no impairment for the quarters ended September 30, 2020 and September 30, 2019.

The Company reported net income of $23.7 million for the quarter ended September 30, 2020, compared to a loss of $8.4 million in the preceding quarter. For the quarter ended September 30, 2019, net income was $70.2 million.

Adjusted EBITDA and Distributable Cash Flow

Adjusted EBITDA for the third quarter of 2020 was $65.5 million, which compares to $72.4 million in the second quarter of 2020 and $96.2 million in the third quarter of 2019. The decrease relative to the prior quarter is primarily attributable to the wider oil differentials discussed above, which are not offset by Black Stone's commodity hedges to WTI prices. Distributable cash flow for the quarter ended September 30, 2020 was $58.8 million. For the quarters ended June 30, 2020 and September 30, 2019, distributable cash flow was $64.4 million and $85.8 million, respectively.

Financial Position and Activities

As of September 30, 2020, Black Stone Minerals had $3.1 million in cash and $147.0 million outstanding under its credit facility. The ratio of total debt at September 30, 2020 to trailing twelve-month Adjusted EBITDA was 0.5x.

During the third quarter of 2020, the Company paid down $176.0 million of outstanding borrowings under its credit facility from the net proceeds of two asset sales and internally-generated cash flow. As of October 30, 2020, $124 million was outstanding under the credit facility and the Company had $2.0 million in cash.

Black Stone and its lenders are currently finalizing the regularly scheduled Fall borrowing base redetermination under the credit facility. The Company expects the borrowing base to be reduced to $400 million from its previous level of $430 million. As part of the redetermination process, Black Stone agreed to increase the interest rate on the credit facility by 25 basis points to LIBOR plus a margin of 2.0 to 3.0 percent.  Black Stone is in compliance with all financial covenants associated with its credit facility.

During the third quarter of 2020, the Company made no repurchases of units under the Board-approved $75 million unit repurchase program and issued no units under its at-the-market offering program.

Third Quarter 2020 Distributions

As previously announced, the Board approved a cash distribution of $0.15 for each common unit attributable to the third quarter of 2020. The quarterly distribution coverage ratio attributable to the third quarter of 2020 was approximately 1.9. Distributions will be payable on November 20, 2020 to unitholders of record as of the close of business on November 13, 2020.

Activity Update

Rig Activity

As of September 30, 2020, Black Stone had 29 rigs operating across its acreage position. This is consistent with rig activity on the Company's acreage as of June 30, 2020 and is below the 97 rigs operating on the Company's acreage as of September 30, 2019.

Shelby Trough Update

On May 5, 2020, Black Stone entered into a development agreement with affiliates of Aethon Energy (“Aethon”) with respect to the Company’s undeveloped Shelby Trough Haynesville and Bossier shale acreage in Angelina County, Texas. The agreement provides for minimum well commitments by Aethon in exchange for reduced royalty rates and exclusive access to Black Stone’s mineral and leasehold acreage in the contract area. The agreement calls for a minimum of four wells to be drilled in the initial program year, which begins in the third quarter of 2020, increasing to a minimum of 15 wells per year beginning with the third program year. Aethon plans to drill the first wells under the development agreement in the fourth quarter of 2020.

Black Stone continues to evaluate alternatives to encourage further development activity in the Shelby Trough in San Augustine county through a combination of working with XTO and utilizing the Company’s available acreage position and contractual rights to bring in a second operating partner.

Update to Hedge Position

Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2020 and 2021. The Company's hedge position as of October 30, 2020 is summarized in the following tables:

Oil Hedge Position

 

Oil Swap

Oil Swap Price

 

Oil Costless
Collars

Collar Floor

Collar Ceiling

 

MBbl

$/Bbl

 

MBbl

$/Bbl

$/Bbl

3Q20

210

$57.32

 

70

$56.43

$67.14

4Q20

630

$57.32

 

210

$56.43

$67.14

1Q21

480

$36.18

 

 

 

 

2Q21

480

$36.18

 

 

 

 

3Q21

480

$36.18

 

 

 

 

4Q21

480

$36.18

 

 

 

 

Natural Gas Hedge Position

 

Gas Swap

Gas Swap Price

 

BBtu

$/MMbtu

4Q20

10,120

$2.69

1Q21

9,900

$2.69

2Q21

10,010

$2.69

3Q21

10,120

$2.69

4Q21

10,120

$2.69

More detailed information about the Company's existing hedging program can be found in the Quarterly Report on Form 10-Q for the third quarter of 2020, which is expected to be filed on or around November 3, 2020.

Conference Call

Black Stone Minerals will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2020 on Tuesday, November 3, 2020 at 9:00 a.m. Central Time. Black Stone recommends participants who do not anticipate asking questions to listen to the call via the live broadcast available at http://investor.blackstoneminerals.com. Analysts and investors who wish to ask questions should dial (877) 447-4732 and use conference code 4129508. A recording of the conference call will be available on Black Stone's website through December 4, 2020.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

  • the Company’s ability to execute its business strategies;
  • the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other parties in response to the pandemic;
  • the volatility of realized oil and natural gas prices;
  • the level of production on the Company’s properties;
  • overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
  • the Company’s ability to replace its oil and natural gas reserves;
  • the Company’s ability to identify, complete, and integrate acquisitions;
  • general economic, business, or industry conditions;
  • competition in the oil and natural gas industry; and
  • the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.

BLACK STONE MINERALS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per unit amounts)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

 

Oil and condensate sales

$

34,335

 

 

$

68,255

 

 

$

111,845

 

 

$

200,031

 

Natural gas and natural gas liquids sales

29,107

 

 

41,340

 

 

96,060

 

 

156,622

 

Lease bonus and other income

1,386

 

 

3,484

 

 

7,669

 

 

15,846

 

Revenue from contracts with customers

64,828

 

 

113,079

 

 

215,574

 

 

372,499

 

Gain (loss) on commodity derivative instruments

(21,086)

 

 

24,290

 

 

49,751

 

 

12,294

 

TOTAL REVENUE

43,742

 

 

137,369

 

 

265,325

 

 

384,793

 

OPERATING (INCOME) EXPENSE

 

 

 

 

 

 

 

Lease operating expense

3,160

 

 

4,356

 

 

10,280

 

 

13,497

 

Production costs and ad valorem taxes

9,905

 

 

15,877

 

 

31,836

 

 

44,919

 

Exploration expense

4

 

 

64

 

 

28

 

 

372

 

Depreciation, depletion, and amortization

19,823

 

 

27,375

 

 

62,198

 

 

84,933

 

Impairment of oil and natural gas properties

 

 

 

 

51,031

 

 

 

General and administrative

9,381

 

 

14,189

 

 

32,738

 

 

49,750

 

Accretion of asset retirement obligations

286

 

 

275

 

 

836

 

 

829

 

(Gain) loss on sale of assets, net

(24,045)

 

 

 

 

(24,045)

 

 

 

TOTAL OPERATING EXPENSE

18,514

 

 

62,136

 

 

164,902

 

 

194,300

 

INCOME (LOSS) FROM OPERATIONS

25,228

 

 

75,233

 

 

100,423

 

 

190,493

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

Interest and investment income

1

 

 

44

 

 

35

 

 

137

 

Interest expense

(1,664)

 

 

(5,395)

 

 

(9,055)

 

 

(16,572)

 

Other income (expense)

168

 

 

365

 

 

71

 

 

293

 

TOTAL OTHER EXPENSE

(1,495)

 

 

(4,986)

 

 

(8,949)

 

 

(16,142)

 

NET INCOME (LOSS)

23,733

 

 

70,247

 

 

91,474

 

 

174,351

 

Distributions on Series B cumulative convertible preferred units

(5,250)

 

 

(5,250)

 

 

(15,750)

 

 

(15,750)

 

NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS

$

18,483

 

 

$

64,997

 

 

$

75,724

 

 

$

158,601

 

ALLOCATION OF NET INCOME (LOSS):

 

 

 

 

 

 

 

General partner interest

$

 

 

$

 

 

$

 

 

$

 

Common units

18,483

 

 

64,997

 

 

75,724

 

 

134,608

 

Subordinated units

 

 

 

 

 

 

23,993

 

 

$

18,483

 

 

$

64,997

 

 

$

75,724

 

 

$

158,601

 

NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:

 

 

 

 

 

 

 

Per common unit (basic)

$

0.09

 

 

$

0.32

 

 

$

0.37

 

 

$

0.87

 

Weighted average common units outstanding (basic)

206,732

 

 

205,957

 

 

206,690

 

 

155,513

 

Per subordinated unit (basic)

$

 

 

$

 

 

$

 

 

$

0.48

 

Weighted average subordinated units outstanding (basic)

 

 

 

 

 

 

50,458

 

Per common unit (diluted)

$

0.09

 

 

$

0.32

 

 

$

0.37

 

 

$

0.87

 

Weighted average common units outstanding (diluted)

206,732

 

 

205,957

 

 

206,690

 

 

155,513

 

Per subordinated unit (diluted)

$

 

 

$

 

 

$

 

 

$

0.48

 

Weighted average subordinated units outstanding (diluted)

 

 

 

 

 

 

50,458

 

The following table shows the Company’s production, revenues, pricing, and expenses for the periods presented:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)
(Dollars in thousands, except for realized prices and per Boe data)

Production:

 

 

 

 

 

 

 

 

Oil and condensate (MBbls)

 

953

 

 

1,207

 

 

2,980

 

 

3,631

 

Natural gas (MMcf)1

 

15,220

 

 

19,816

 

 

51,922

 

 

59,025

 

Equivalents (MBoe)

 

3,490

 

 

4,510

 

 

11,634

 

 

13,469

 

Equivalents/day (MBoe)

 

37.9

 

 

49.0

 

 

42.5

 

 

49.3

 

Realized prices, without derivatives:

 

 

 

 

 

 

 

 

Oil and condensate ($/Bbl)

 

$

36.03

 

 

$

56.55

 

 

$

37.53

 

 

$

55.09

 

Natural gas ($/Mcf)1

 

1.91

 

 

2.09

 

 

1.85

 

 

2.65

 

Equivalents ($/Boe)

 

$

18.18

 

 

$

24.30

 

 

$

17.87

 

 

$

26.48

 

Revenue:

 

 

 

 

 

 

 

 

Oil and condensate sales

 

$

34,335

 

 

$

68,255

 

 

$

111,845

 

 

$

200,031

 

Natural gas and natural gas liquids sales1

 

29,107

 

 

41,340

 

 

96,060

 

 

156,622

 

Lease bonus and other income

 

1,386

 

 

3,484

 

 

7,669

 

 

15,846

 

Revenue from contracts with customers

 

64,828

 

 

113,079

 

 

215,574

 

 

372,499

 

Gain (loss) on commodity derivative instruments

 

(21,086)

 

 

24,290

 

 

49,751

 

 

12,294

 

Total revenue

 

$

43,742

 

 

$

137,369

 

 

$

265,325

 

 

$

384,793

 

Operating expenses:

 

 

 

 

 

 

 

 

Lease operating expense

 

$

3,160

 

 

$

4,356

 

 

$

10,280

 

 

$

13,497

 

Production costs and ad valorem taxes

 

9,905

 

 

15,877

 

 

31,836

 

 

44,919

 

Exploration expense

 

4

 

 

64

 

 

28

 

 

372

 

Depreciation, depletion, and amortization

 

19,823

 

 

27,375

 

 

62,198

 

 

84,933

 

Impairment of oil and natural gas properties

 

 

 

 

 

51,031

 

 

 

General and administrative

 

9,381

 

 

14,189

 

 

32,738

 

 

49,750

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

1,664

 

 

5,395

 

 

9,055

 

 

16,572

 

Per Boe:

 

 

 

 

 

 

 

 

Lease operating expense (per working interest Boe)

 

$

4.99

 

 

$

4.11

 

 

$

4.38

 

 

$

3.98

 

Production costs and ad valorem taxes

 

2.84

 

 

3.52

 

 

2.74

 

 

3.33

 

Depreciation, depletion, and amortization

 

5.68

 

 

6.07

 

 

5.35

 

 

6.31

 

General and administrative

 

2.69

 

 

3.15

 

 

2.81

 

 

3.69

 

1

As a mineral-and-royalty-interest owner, Black Stone Minerals is often provided insufficient and inconsistent data on natural gas liquid ("NGL") volumes by its operators. As a result, the Company is unable to reliably determine the total volumes of NGLs associated with the production of natural gas on its acreage. Accordingly, no NGL volumes are included in reported production; however, revenue attributable to NGLs is included in natural gas revenue and the calculation of realized prices for natural gas.

Non-GAAP Financial Measures

Adjusted EBITDA and Distributable cash flow are supplemental non-GAAP financial measures used by Black Stone's management and external users of the Company's financial statements such as investors, research analysts, and others, to assess the financial performance of its assets and its ability to sustain distributions over the long term without regard to financing methods, capital structure, or historical cost basis.

The Company defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization adjusted for impairment of oil and natural gas properties, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets. Black Stone defines Distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cash operating activities, estimated replacement capital expenditures during the subordination period, cash interest expense, distributions to preferred unitholders, and restructuring changes. Gains and losses on sales of assets were previously included in Adjusted EBITDA and excluded from Distributable cash flows. Black Stone believes this change to remove gains and losses on sales of assets from the definition of Adjusted EBITDA more closely conforms with peer company practice.

Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles (“GAAP”) in the United States as measures of the Company's financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable GAAP financial measure. The Company's computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)
(In thousands, except per unit amounts)

Net income (loss)

 

$

23,733

 

 

$

70,247

 

 

$

91,474

 

 

$

174,351

 

Adjustments to reconcile to Adjusted EBITDA:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

19,823

 

 

27,375

 

 

62,198

 

 

84,933

 

Impairment of oil and natural gas properties

 

 

 

 

 

51,031

 

 

 

Interest expense

 

1,664

 

 

5,395

 

 

9,055

 

 

16,572

 

Income tax expense (benefit)

 

(155)

 

 

(353)

 

 

7

 

 

(187)

 

Accretion of asset retirement obligations

 

286

 

 

275

 

 

836

 

 

829

 

Equity–based compensation

 

1,825

 

 

3,867

 

 

1,405

 

 

16,906

 

Unrealized (gain) loss on commodity derivative instruments

 

42,374

 

 

(10,644)

 

 

17,043

 

 

6,026

 

(Gain) loss on sale of assets, net

 

(24,045)

 

 

 

 

(24,045)

 

 

 

Adjusted EBITDA

 

65,505

 

 

96,162

 

 

209,004

 

 

299,430

 

Adjustments to reconcile to Distributable cash flow:

 

 

 

 

 

 

 

 

Change in deferred revenue

 

(6)

 

 

37

 

 

(315)

 

 

27

 

Cash interest expense

 

(1,401)

 

 

(5,132)

 

 

(8,273)

 

 

(15,793)

 

Estimated replacement capital expenditures1

 

 

 

 

 

 

 

(2,750)

 

Preferred unit distributions

 

(5,250)

 

 

(5,250)

 

 

(15,750)

 

 

(15,750)

 

Restructuring charges

 

 

 

 

 

4,815

 

 

 

Distributable cash flow

 

$

58,848

 

 

$

85,817

 

 

$

189,481

 

 

$

265,164

 

 

 

 

 

 

 

 

 

 

Total units outstanding2

 

206,749

 

 

205,960

 

 

 

 

 

Distributable cash flow per unit

 

$

0.285

 

 

$

0.417

 

 

 

 

 

1

The board established a replacement capital expenditure estimate of $11.0 million for the period of April 1, 2018 to March 31, 2019. Due to the expiration of the subordination period, we do not intend to establish a replacement capital expenditure estimate for periods subsequent to March 31, 2019.

2

The distribution attributable to the three months ended September 30, 2020 is estimated using 206,748,889 common units as of October 30, 2020; the exact amount of the distribution attributable to the three months ended September 30, 2020 will be determined based on units outstanding as of the record date of November 13, 2020. Distributions attributable to the three months ended September 30, 2019 were calculated using 205,959,790 common units as of the record date of November 14, 2019.

 


Contacts

Jeff Wood
President and Chief Financial Officer
Evan Kiefer
Director, Finance and Investor Relations
Telephone: (713) 445-3200
This email address is being protected from spambots. You need JavaScript enabled to view it.

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"One of the primary growth drivers for this market is the higher fuel efficiency of natural gas trucks,” says a senior analyst for Industrials at Technavio.

The higher fuel efficiency of natural gas trucks is one of the primary growth factors for this market. It has been observed that fuel prices account for almost 30% of the total acquisition cost of commercial vehicles. Although this induces fleet owners to prefer commercial vehicles with a reasonable engine horsepower and better fuel efficiency, fluctuating fuel prices make it difficult for fleet owners to forecast operational costs. This will result in the increased adoption of natural gas vehicles since the low cost of natural gas reduces the cost per mile of NGVs.

As the markets recover Technavio expects the light and heavy duty natural gas vehicle market size to grow by 251.43 K units during the period 2020-2024.

Light and Heavy duty Natural Gas Vehicle Market Segment Highlights for 2020

  • The light and heavy duty natural gas vehicle market is expected to post a year-over-year growth rate of 0.21%.
  • The coming years will witness a significant rise in the demand for light commercial vehicles (LCV) that play a significant role in the delivery of time-critical goods, high-value goods, and support services.
  • The focus of LCV fleet operators to reduce their maintenance, repair, and operational expenses will propel the growth of this segment in the light and heavy duty natural gas vehicles market due to the low fuel costs of NGVs.
  • However, the market growth in the light duty NGV segment will be slower than the growth of the market in the heavy-duty NGV segment.

Regional Analysis

  • 59% of the growth will originate from the APAC region.
  • The rise in living standards and increasing disposable income in countries such as India, China, and South Korea, the growing need for logistics services, and the increasing demand for fuel-efficient vehicles from fleet operators to reduce operating costs will significantly drive light and heavy duty natural gas vehicle market growth in this region over the forecast period.
  • China and India are the key markets for light and heavy duty natural gas vehicles in APAC. Market growth in this region will be slower than the growth of the market in South America.

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Notes:

  • The light and heavy duty natural gas vehicle market size is expected to accelerate at a CAGR of over 2% during the forecast period.
  • The light and heavy duty natural gas vehicle market is segmented by Application (Light-duty NGV and Heavy-duty NGV) and Geography (APAC, North America, Europe, South America, and MEA).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including AB Volvo, CNH Industrial NV, Cummins Inc., Daimler AG, General Motors Co., MAN SE, Navistar International Corp., PACCAR Inc., Renault SA, and Volkswagen AG.

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About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Contacts

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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors has declared a 2020 fourth quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on December 23, 2020, to shareholders of record at the close of business on December 3, 2020.


About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.


Contacts

For Investors:
Abu Zeya
Halliburton, Investor Relations
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281-871-2688

For Media:
Emily Mir
Halliburton, Public Relations
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281-871-2601

DUBLIN--(BUSINESS WIRE)--The "Europe Advanced Energy Management System Market By Component (Hardware, Software and Service), By End User Vertical (Power and Energy (P&E), Oil & Gas, Telecom & IT, Office and Commercial Building and Others), By Solution, By Country, Forecast & Opportunities, 2025" report has been added to ResearchAndMarkets.com's offering.


The European Advanced Energy Management System Market is expected to grow at a double digit CAGR during the forecast period owing to increasing electricity consumption and the growing demand for energy efficiency in the various end-use industries.

Furthermore, need for energy management during the high electricity demand and shift from conventional fossil fuels to alternate energy sources is anticipated to drive the demand for advanced energy management systems in Europe.

Advanced energy management system is a technology, involving conversion of electricity to energy and vice versa based on the demand of electricity. The technology is gaining prominence as it offers cost effective and reliable power management for the end-user industries such as power & energy, IT & telecom and manufacturing, among others. Additionally, growing need for reducing GHG emissions and reduce reliance on fossil fuels is expected to positively impact the growth of the market until 2025. Even Paris agreement or COP21 was also signed in 2015 for reducing the GHG emission and combat climate change by 2100.

The European Advanced Energy Management System Market is segmented based on component, end-user vertical, solution, country, and company. In terms of software, which is a sub-segment of component, utility energy management system accounted for the lion's share in 2019 owing to stringent government initiatives for the introduction of smart grid and declining prices of IoT components.

Companies Mentioned

  • IBM
  • Rockwell Automation
  • Schneider Electric
  • Honeywell
  • General Electric
  • Cisco
  • Eaton Corporation
  • SAP
  • Elster Group
  • Siemens
  • CA Technologies
  • Tendril

Objective of the Study:

  • To analyze and forecast the market size of the European Advanced Energy Management System Market.
  • To classify and forecast the European Advanced Energy Management System Market based on component, end-user vertical, solution, country, and company.
  • To identify drivers and challenges for the European Advanced Energy Management System Market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the European Advanced Energy Management System Market.
  • To conduct pricing analysis for the European Advanced Energy Management System Market.
  • To identify and analyze the profile of leading players operating in the European Advanced Energy Management System Market.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on Europe Advanced Energy Management System Market

4. Executive Summary

5. Voice of Customer

6. Europe Advanced Energy Management System Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Component (Hardware, Software, Service)

6.2.1.1. Hardware (Sensors, Controllers, Displays, Others)

6.2.1.2. Software (Utility Energy Management System, Industrial Energy Management System, Enterprise Carbon and Energy Management, Residential Energy Management System, Others)

6.2.1.3. Service (Monitoring & Control, Implementation & Integration, Maintenance, Consulting & Training)

6.2.2. By End User Vertical (Power and Energy (P&E), Oil & Gas, Telecom and IT, Manufacturing, Office and Commercial Building (Municipal, University, School, and Hospital System) and Others)

6.2.3. By Solution (Carbon Management, Demand Response Management, Utility Billing and Customer Information System, Others)

6.2.4. By Country (Germany, France, United Kingdom, Italy, Spain)

6.2.5. By Company (2019)

6.3. Market Attractiveness Index

7. Germany Advanced Energy Management System Market Outlook

8. France Advanced Energy Management System Market Outlook

9. United Kingdom Advanced Energy Management System Market Outlook

10. Italy Advanced Energy Management System Market Outlook

11. Spain Advanced Energy Management System Market Outlook

12. Market Dynamics

12.1. Drivers

12.2. Challenges

13. Market Trends & Developments

14. Competitive Landscape

14.1. Competition Outlook

14.2. Global Players Profiled (Leading Companies)

15. Strategic Recommendations

16. About the author & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/bpxbf7


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

CHICAGO--(BUSINESS WIRE)--The Board of Directors of Exelon Corporation declared a regular quarterly dividend of $0.3825 per share on Exelon’s common stock. The dividend is payable on Thursday, Dec. 10, 2020, to shareholders of record of Exelon as of 5 p.m. Eastern time on Monday, Nov. 16, 2020.


About Exelon Corporation

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2019 revenue of $34 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.


Contacts

Exelon Investor Relations Hotline
312-394-2345

Paul Adams
Exelon Corporate Communications
410-470-4167
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  • Generates 3Q20 GAAP EPS of $0.76; non-GAAP EPS of $0.79
  • Reports 3Q20 consolidated revenue of $520 million, up 3% vs. 3Q19
  • Increases 2020 full-year non-GAAP EPS guidance to ~$3.00
  • Increases 2020 segment guidance given the performance observed in the Nuclear Operations Group and the Nuclear Power Group

LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT #earnings--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2020 revenue of $520 million, a 3% increase compared with $506 million in the third quarter of 2019. GAAP net income for the third quarter 2020 was $73.2 million, or $0.76 per diluted share, compared with GAAP net income of $74.8 million, or $0.78 per diluted share, in the prior-year period. Non-GAAP net income for the third quarter 2020 was $75.6 million, or $0.79 per diluted share, compared with non-GAAP net income of $75.3 million, or $0.79 per diluted share, in the prior-year period. A reconciliation of non-GAAP results is detailed in Exhibit 1.


“BWXT delivered solid results in the third quarter, exhibiting consistent underlying business performance across all segments and indicating the stability of our end markets even under challenging economic conditions,” said Rex D. Geveden, president and chief executive officer. “Another strong quarter of financial results leads us to increase our 2020 EPS guidance for the second time this year, with the opportunity to achieve our long-term EPS guidance in the first year of the outlined 3-year performance period.”

“The Nuclear Operations Group continues to be the bedrock of the Company’s 2020 performance, with continued customer support for mission-critical nuclear components. The Nuclear Power Group is trending positive in both its commercial nuclear power and nuclear medicine businesses and was also able to secure funds under the Canadian COVID-19 Economic Response Plan designed to offset the negative financial pressure created by the pandemic. All of this leads us to increase the full year revenue and earnings guidance,” said Geveden.

Segment Results

Nuclear Operations Group (NOG) segment revenue was $387 million for the third quarter of 2020, a 2% decrease from the prior-year period, driven by higher downblending and naval nuclear fuel volume, more than offset by lower long lead material production. NOG operating income was $68.5 million in the third quarter of 2020, a 27% decrease compared with the prior-year period, driven by higher downblending and naval nuclear fuel volume, more than offset by lower long lead material production, and fewer positive contract adjustments to backlog contracts compared with the prior-year period. Third quarter 2020 segment operating margin was 17.7%. Given the quarterly fluctuations experienced from the timing of certain items, year-to-date results can be more reflective of the underlying strength of the segments. Year-to-date revenue was up 15.4% along with strong operating income growth, resulting in year-to-date operating margins of 20.1%.

Nuclear Power Group (NPG) segment revenue was $108 million for the third quarter of 2020, a 28% increase from the prior-year period primarily due to higher field service activity, higher fuel production and fuel handling services, and the Laker Energy acquisition, partially offset by lower component volume. NPG GAAP and non-GAAP operating income was $29.2 million and $29.7 million, respectively, in the third quarter of 2020, a significant respective increase from GAAP and non-GAAP operating income in the prior-year period driven primarily by higher revenue and funds received under the Canadian COVID-19 Economic Response Plan of $16.6 million to offset year-to-date incurred expenses related to the headwinds created by the COVID-19 pandemic. Third quarter 2020 segment GAAP and non-GAAP operating margins were 27.0% and 27.5%, respectively.

Nuclear Services Group (NSG) segment operating income was $7.6 million in the third quarter of 2020, up 37% compared with $5.5 million for the third quarter of 2019 driven by lower costs.

Cash and Capital Returned to Shareholders

The Company utilized $7.5 million of net cash in operating activities in the third quarter of 2020 compared with $43.9 million of cash generated from operating activities in the prior-year period. At the end of the third quarter 2020, the Company’s cash balance, net of restricted cash, was $44.7 million.

The Company returned $18.1 million of cash to shareholders during the third quarter 2020 through dividends, bringing the total year-to-date cash returned to shareholders to $74.9 million, including $20.0 million in share repurchases and $54.9 million in dividends. As of September 30, 2020, remaining share repurchase authorization was $145 million.

On October 30, 2020, the BWXT Board of Directors declared a quarterly cash dividend of $0.19 per common share. The dividend will be payable on December 10, 2020, to shareholders of record on November 20, 2020.

2020 Guidance

BWXT 2020 guidance has been updated to reflect year-to-date performance and management’s outlook on the remainder of the year. 2020 guidance continues to incorporate business conditions related to the COVID-19 pandemic and assumes that current conditions will remain in effect through the remainder of 2020.

BWXT updated the following guidance for 2020:

  • Increased non-GAAP EPS from a range of $2.80 – $2.90 to ~$3.00 (excludes pension and post-retirement benefits mark-to-market)
  • Increased consolidated revenue growth from up ~8% to up ~9%
    • Increased NOG revenue growth from up ~10% to up more than 10%
    • Increased NPG revenue growth from down ~1% to up slightly
  • Increased NPG operating margin from ~11% to ~14%

BWXT reiterated the following guidance for 2020:

  • Non-GAAP operating income and margin
    • NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement
    • NSG operating income of ~$25 million
    • Other segment operating expense primarily R&D of ~1% of revenue
    • Unallocated corporate expenses of ~$15 million
  • Other income primarily related to pension and other post-employment benefits of ~$37 million
  • Capital expenditures of ~$270 million
  • Non-GAAP effective tax rate of ~23%

Long-term Guidance

BWXT long-term guidance continues to reflect current business conditions related to the COVID-19 pandemic and assumes that current conditions will remain in effect through the remainder of 2020.

BWXT reiterated long-term guidance that, excluding the benefit of tax reform, the Company anticipates a non-GAAP EPS compound annual growth rate (CAGR) in the low-double digits over a three-to-five year period from 2017 based on a robust organic growth strategy and balance sheet capacity.

The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.

Conference Call to Discuss Third Quarter 2020 Results

Date: Monday, November 2, 2020, at 9:00 a.m. EST

Live Webcast: Investor Relations section of website at www.bwxt.com

Full Earnings Release Available on BWXT Website

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/q32020-release

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for the NOG, NPG and NSG segments including the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes; changes in general economic conditions, reduced demand for our products and services, disruptions to our supply chain and/or production, changes in government regulations and other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; and our 2020 guidance and long-term guidance. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities; the extent to which the COVID-19 health crisis impacts our business; the impact of COVID-19 on our employees, contractors, suppliers, customers and other partners and their business activities; the extent to which the length and severity of the COVID-19 health crisis exceeds our current expectations; the potential recurrence or subsequent waves of COVID-19 or similar diseases; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2019 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

EXHIBIT 1

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)

Three Months Ended September 30, 2020

 

GAAP

Restructuring Costs

One-time franchise tax
audit expense

Non-GAAP

 

 

 

 

 

Operating Income

$

88.8

$

0.5

$

2.6

$

91.9

Other Income (Expense)

3.1

3.1

Provision for Income Taxes

(18.7)

(0.1)

(0.6)

(19.4)

Net Income

73.2

0.4

2.0

75.6

Net Income Attributable to Noncontrolling Interest

(0.0)

(0.0)

Net Income Attributable to BWXT

$

73.2

$

0.4

$

2.0

$

75.6

 

 

 

 

 

Diluted Shares Outstanding

95.7

 

 

95.7

Diluted Earnings per Common Share

$

0.76

$

0.00

$

0.02

$

0.79

 

 

 

 

 

Effective Tax Rate

20.3%

 

 

20.4%

 

 

 

 

 

NPG Operating Income

$

29.2

$

0.5

$

$

29.7

Three Months Ended September 30, 2019

 

GAAP

Restructuring Costs

Non-GAAP

 

 

 

 

Operating Income

$

98.5

$

0.6

$

99.0

Other Income (Expense)

(4.0)

(4.0)

Provision for Income Taxes

(19.5)

(0.1)

(19.6)

Net Income

75.0

0.4

75.4

Net Income Attributable to Noncontrolling Interest

(0.2)

(0.2)

Net Income Attributable to BWXT

$

74.8

$

0.4

$

75.3

 

 

 

 

Diluted Shares Outstanding

95.8

 

95.8

Diluted Earnings per Common Share

$

0.78

$

0.00

$

0.79

 

 

 

 

Effective Tax Rate

20.6%

 

20.7%

 

 

 

 

NPG Operating Income

$

9.0

$

0.3

$

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Tables may not foot due to rounding.

(2)

BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.

(3)

BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Contacts

Investor Contact:
Mark Kratz
Director, Investor Relations
980-365-4300
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Jud Simmons
Director, Media and Public Relations
434-522-6462
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NEW YORK--(BUSINESS WIRE)--Global investment firm KKR today announced the signing of agreements with NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), and NextEra Energy Partners, LP (NYSE: NEP) relating to two separate transactions to acquire equity interests in portfolios of contracted utility-scale wind and solar assets.


KKR will invest approximately $1.4 billion in total in the two transactions for interests in 1,625 megawatts (MW) of renewable energy assets. This includes an approximately $300 million direct equity purchase from NextEra Energy Resources for a 50% interest in a 1,000 megawatt (MW) portfolio, and, separately, a $1.1 billion convertible equity portfolio financing agreement with NextEra Energy Partners for an interest in a 1,125 net MW portfolio.

KKR has also signed a Letter of Intent with NextEra Energy Partners to invest approximately $900 million in future renewable energy transactions to provide access to capital for future growth.

“We are pleased to participate in this landmark transaction to acquire contracted, highly diversified renewable energy assets and support the future growth of NextEra Energy, the world’s largest generator of energy from the wind and sun,” said Brandon Freiman, KKR Partner and Head of North American Infrastructure. “We have built a strong relationship with the NextEra Energy Partners team through our two prior transactions and we are proud to support the development of future clean energy projects while delivering attractive exposure for our investors to core infrastructure assets.”

The assets in the portfolios consist of 12 distinct operating utility-scale wind and solar assets in geographically diverse locations throughout the United States. The assets have approximately 19 years of remaining weighted average power purchase agreement (PPA) duration contracted with investment grade counterparties. The equity financing KKR is providing NextEra Energy Partners to fund this transaction will grow the portfolio of jointly-owned renewable generation assets to over 2.3 gigawatts (GW), further deepening the alignment of interests between both parties. NextEra Energy Resources’ retained interest in the assets, also provides alignment of interests with KKR. Affiliates of NextEra Energy will continue to operate, maintain and manage the facilities on behalf of the partners.

KKR will make the investment through its core infrastructure strategy, as well as with participation by Healthcare of Ontario Pension Plan (HOOPP Infrastructure), the CAAT Pension Plan and Varma Mutual Pension Insurance Company. KKR has a decade of experience investing in renewable energy, with significant capital deployed in renewable assets including more than 10.5 GW of installed renewable capacity. KKR invests in infrastructure assets on a global basis, with a team of more than 45 dedicated investment professionals who handle transactions across a range of sub-sectors and geographies.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.


Contacts

Kristi Huller, Cara Major or Miles Radcliffe-Trenner
212-750-8300
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DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Flue Gas Desulfurization Market By Type (Dry FGD System, Semi-dry FGD System, Wet FGD System), By Installation (Greenfield, Brownfield), By End User (Power generation, Chemical, Iron & Steel Industry, Others), By Country, Forecast & Opportunities, 2025" report has been added to ResearchAndMarkets.com's offering.


The Asia Pacific Flue Gas Desulfurization Market is expected to grow at a steady rate during the forecast period. The growing environmental concerns especially those pertaining to increasing air pollution levels especially in countries such as India and China are expected to drive the growth of the Asia Pacific Flue Gas Desulfurization Market during forecast period. Additionally, supportive government & regulatory authorities' policies to maintain the air quality standards and reduce the SOx emission level are further expected to propel the market during forecast period.

The Asia Pacific Flue Gas Desulfurization Market is segmented based on type, installation, end-user, country and company. Based on type, the market can be fragmented into dry FGD system, semi-dry FGD system and wet FGD system. The wet FGD system is expected to dominate the market owing to the presence of stringent emission regulations pertaining to heavy industries and power generation. Additionally, the growth of real estate industry increases the demand of cement and thereby increases the need for wet FGD systems. Based on end-user, the market can be categorized into power generation, chemical, iron & steel industry, cement manufacturing and others. The cement manufacturing industry segment is expected to dominate the market attributable to the growing construction and infrastructural activities in Asia Pacific region.

Companies Mentioned

  • Mitsubishi Heavy Industries
  • Thermax Limited
  • Ducon Technology Inc.
  • General Electric Company
  • Siemens AG
  • Babcock & Wilcox Enterprises Inc.
  • Clyde Bergemann Power Group, Inc
  • FLSmidth & Co. A/S
  • E I DuPont India Pvt Ltd
  • CECO Environmental India Private Limited

Objective of the Study:

  • To analyze and forecast the market size of the Asia Pacific Flue Gas Desulfurization Market.
  • To classify and forecast the Asia Pacific Flue Gas Desulfurization Market based on type, installation, end-user, company and country distribution.
  • To identify drivers and challenges for the Asia Pacific Flue Gas Desulfurization Market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Asia Pacific Flue Gas Desulfurization Market.
  • To identify and analyze the profile of leading players operating in the Asia Pacific Flue Gas Desulfurization Market.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Global Flue Gas Desulfurization (FGD) System Market Overview

6. Asia Pacific Flue Gas Desulfurization (FGD) System Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type (Dry FGD System, Semi-dry FGD System, Wet FGD System)

6.2.2. By Installation (Greenfield, Brownfield)

6.2.3. By End User (Power generation, Chemical, Iron & Steel Industry, Cement Manufacturing, Others)

6.2.4. By Company

6.2.5. By Country

6.3. Product Market Map

6.4. Asia Pacific: Country Analysis

6.4.1. China Flue Gas Desulfurization (FGD) System Market Outlook

6.4.2. India Flue Gas Desulfurization (FGD) System Market Outlook

6.4.3. Japan Flue Gas Desulfurization (FGD) System Market Outlook

6.4.4. South Korea Flue Gas Desulfurization (FGD) System Market Outlook

6.4.5. Australia Flue Gas Desulfurization (FGD) System Market Outlook

6.4.6. Singapore Flue Gas Desulfurization (FGD) System Market Outlook

6.4.7. Indonesia Flue Gas Desulfurization (FGD) System Market Outlook

7. Market Dynamics

7.1. Drivers

7.2. Challenges

8. Market Trends & Developments

9. Competitive Landscape

9.1. Competition Outlook

9.2. Company Profiles

9.3. Regional Player Profiled (Leading Companies)

10. Strategic Recommendations

11. About the author & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/5wq74w


Contacts

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This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.


TORONTO--(BUSINESS WIRE)--DREAM IMPACT TRUST (TSX:MPCT.UN) ("Dream Impact", "we" or the "Trust") today reported its financial results for the three and nine months ended September 30, 2020.

On October 13, 2020, the Trust announced its refined focus to become a pure-play impact investment vehicle. While considered new in the Canadian public markets, impact investing is the allocation of capital to generate a positive, social and environmental benefit while achieving attractive financial market returns. As part of this announcement, we have identified our three core impact verticals: Attainable and Affordable Housing, Inclusive Communities, and Resource Efficiency, which align with the widely recognized and accepted United Nations Sustainable Development Goals.

By establishing frameworks and incorporating guidelines from the world’s leading impact and environmental, social and governance ("ESG") bodies, the Trust expects to formalize its declarations and approach to impact management, over the next year. This is expected to include: creating the impact pathways for each of the Trust’s qualifying assets, measuring our impact in a repeatable and systematic manner, and having our progress and achievements audited by an independent third party. For further details on our core impact verticals and impact management approach, refer to Section 1.4, "Impact Investing", of our Management's Discussion and Analysis ("MD&A") for the quarter.

With the fundamental objective of generating competitive market returns and creating positive social and environmental impact, we are extremely pleased to become a signatory to the Operating Principals of Impact Management," said Michael Cooper, Portfolio Manager. "We believe impact investing is ingrained in Dream’s long-standing history as a developer and have seen the phenomenal effects we can make on our communities. With Dream Impact Trust's portfolio, we have the opportunity to build best-in-class assets and foster long-standing positive change for our stakeholders. As we set up the framework for impact over the next twelve months and define our impact declarations, we are committed to providing transparency on how we measure and report on the impact we are creating."

Selected financial and operating metrics for the three and nine months ended September 30, 2020 are summarized below:

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2020

 

2019

 

 

 

2020

 

 

2019

 

Consolidated results of operations

 

 

 

 

 

Net income (loss)

$

(47)

 

$

2,855

 

 

$

1,471

 

$

12,408

 

Net income (loss) from continuing operations

(47)

 

(576)

 

 

 

1,471

 

 

3,844

 

Net operating income ("NOI")⁽¹⁾

3,059

 

10,871

 

 

 

8,410

 

 

33,543

 

Cash generated from (utilized in) operating activities from continuing operations

6,148

 

(245)

 

 

 

8,704

 

 

156

 

Net income (loss) per unit⁽¹⁾

 

0.04

 

 

 

0.02

 

 

0.18

 

Net income (loss) from continuing operations per unit⁽¹⁾

 

(0.01)

 

 

 

0.02

 

 

0.05

 

Cash generated from (utilized in) operating activities from continuing operations per unit⁽¹⁾

0.09

 

 

 

 

0.13

 

 

 

 

 

 

 

 

 

Distributions declared and paid per unit

0.10

 

0.10

 

 

 

0.30

 

 

0.30

 

Units outstanding – end of period

64,682,490

 

68,446,743

 

 

 

64,682,490

 

 

68,446,743

 

Units outstanding – weighted average

65,792,982

 

71,173,761

 

 

 

67,959,617

 

 

70,506,607

 

In the third quarter of 2020, the Trust reported a nominal net loss compared to $2.9 million of net income in the comparative period. The decline from prior year was primarily attributable to lower recurring income from non-core asset sales and normal course loan repayments, lower development income due to the variability in completion timelines and non-cash foreign exchange fluctuations. These items were partially offset by lower G&A and fair value adjustments. Results for the period were in line with expectations due to our focus on the development segment, which inevitably will result in fluctuations in the generation of income and cash flow due to the long-term nature of our projects. In the nine months ended September 30, 2020, we had minimal inventory available for occupancy, however, we continued to progress on our development pipeline and achieve key milestones. Our development segment is expected to generate attractive returns and NAV(1) accretion over the long term.

As at September 30, 2020, the Trust had ample liquidity with $114.6 million of cash on hand. The Trust’s debt-to-asset value(1) as at September 30, 2020 was 13.9%, relatively consistent with June 30, 2020, or 37.4% compared to 34.0% as at June 30, 2020, inclusive of project-level debt and assets within our development segment, including equity accounted investments, as a result of progress on our developments. Dream Impact has sufficient cash on hand to fund all normal course debt repayments, cash requirements for our development investments and ongoing unitholders' distributions beyond the next 18 months.

Subsequent to September 30, 2020, the Province of Ontario approved zoning for West Don Lands Blocks 3/4/7 and 20 through a Municipal Zoning Order ("MZO") which provides for approximately 1,516 rental units, including 455 affordable, and 300,000 square feet ("sf") of commercial space in downtown Toronto. This is in addition to the 770 rental units, including 231 affordable, currently under construction on Block 8. The MZO approval is a significant milestone as it provides timing and density certainty to deliver one of the largest affordable housing programs in Canada and assists all three levels of government in achieving their affordable policy objectives. Upon completion, the West Don Lands will deliver, under the Province's Affordable Housing Lands Program, an aggregate 2,286 purpose-built rental units, including 686 affordable, and 300,000 sf of commercial space.

Throughout 2020 we have made significant progress towards key milestones and/or completion of our existing developments, which will be reflected in our financial results upon completion. Over 70% of our projects are zoned, with the remaining 30% of Dream Impact's development projects or assets with redevelopment potential currently in the rezoning process. Depending on the specific municipality, this process may take upwards of 2-3 years from the timing of submission. Over the next 24 months we anticipate obtaining significant zoning approvals, including 49 Ontario, an income property with significant redevelopment potential in downtown Toronto.

RESULTS HIGHLIGHTS BY SEGMENT

Development
In the third quarter, the Trust's development segment recorded a net loss of $0.5 million relative to net income of $5.4 million in the comparative period. The decrease was primarily related to occupancy income generated from the completion of the Axis Condominiums project in the comparative period and fluctuations in foreign exchange related to our Virgin Hotels Las Vegas investment. Due to the long-term nature of projects in the development segment, the Trust expects results will fluctuate between periods due to the various construction timelines and availability of completed inventory. As our development projects progress towards completion and achieve various milestones, we expect an increase in income and cash flows from this segment over time. The Trust has historically targeted a pre-tax internal rate of return ("IRR")(1) of at least 15%-20% on new equity investments in residential and mixed-use development projects.

During the third quarter, the Trust had the following key achievements and activity within its development segment:

Empire Lakeshore is a 1,280-unit residential condominium project located in close proximity to downtown Toronto. In the three months ended September 30, 2020, the Trust received cash distributions from the project of $43.2 million, representing our return of capital on the project. The Trust anticipates receiving further cash distributions over the next 18-month period from this non-core legacy asset.

In the third quarter, we successfully launched sales for the first two condominium buildings at Brightwater, a 72-acre waterfront community in Port Credit. The site was originally home to an oil refinery and required significant remediation work along with rezoning by the Trust and its partners. As of November 2, 2020, 89% of the 311 units brought to market have been sold, with first occupancies expected in 2023. Substantially all of the remaining units are currently under contract and are subject to rescission. In aggregate, between 2023 and 2032, Brightwater is expected to generate approximately 3,000 residential units and nearly 400,000 sf of retail and commercial space. To date, we have contributed $38.6 million for a 23% ownership interest in this impact investment.

In the three months ended September 30, 2020, Zibi, our 34-acre mixed-use waterfront community along the Ottawa River, received loan proceeds of $10.0 million from the CMHC Innovation Fund. The goal of the CMHC Innovation Fund is to encourage new funding models and innovative building techniques in the affordable housing sector. The funding received will be used to support affordable housing units for various blocks within the multi-phase development that includes over 4.0 million sf of density consisting of over 1,000 residential units and over 2.0 million sf of commercial space. As at September 30, 2020, $3.1 million of the funding is available for Block 10, a 162-unit rental building in Gatineau, Quebec, which is currently under construction, with the remainder of funding allocated to future blocks. As of September 30, 2020, Dream Impact increased its ownership in this impact investment to 44% from 40%.

Year to date, the Trust has invested $15.9 million into Zibi, which includes an investment in Zibi Community Utility, a District Thermal Energy System which will provide zero-carbon heating and cooling for all Zibi tenants and residents, in partnership with Hydro Ottawa. Upon completion, Zibi is expected to be one of Canada’s most sustainable communities and the country’s first "One Planet Master-Planned Community".

Subsequent to September 30, 2020, Dream Impact increased its equity ownership in the Frank Gehry development, from 18.75% to approximately 25%, with no additional capital investment. To date, the Trust has invested $36.6 million in the landmark residential project located in the heart of downtown Toronto. Each partner holds a third of the interest in the project, including Dream Unlimited/Dream Impact's combined ownership of 33%.

In the nine months ended September 30, 2020, the Trust contributed $24.2 million, including transaction costs, to projects within its development segment, with a further $5-$10 million anticipated to be contributed to its development projects by the end of 2020. The Trust's contributions year to date were primarily related to Zibi, Brightwater and the West Don Lands, our affordable housing development in downtown Toronto. We anticipate making further capital investments in our development projects in the range of $30-$40 million over the next 18 months.

Based on current development timelines, over the next five-year period, an additional 2,100 residential units and 0.4 million sf of retail and commercial product are expected to be completed (at the 100% project level). This includes both assets we intend to hold and those for immediate sale. For full details, refer to Sections 1.7, "Summary of Portfolio Assets", and 10.1, "Summary of Development and Recurring Income Assets" in our MD&A for the three and nine months ended September 30, 2020. Build-to-hold assets, such as West Don Lands and future blocks at Zibi, are part of the Trust's long-term impact investing strategy.

Recurring Income
In the third quarter, the Trust's recurring income segment generated net income of $2.1 million compared to a net loss of $1.1 million in the comparative period. The increase was primarily driven by a fair value loss recognized on a non-core income property which was subsequently sold in the fourth quarter of 2019, partially offset by reduced income contribution from the Trust's lending portfolio and income properties due to normal course loan repayments and asset dispositions in the prior period.

In response to the ongoing COVID-19 pandemic, the Trust has continued to support our tenants through temporary rent deferrals on an as needed basis and through the Canada Emergency Commercial Rent Assistance ("CECRA") program. The CECRA program is intended to provide relief to small businesses impacted by COVID-19. The net impact of this program was minimal to Dream Impact's financial results for the period.

Other(2)
In the three months ended September 30, 2020, the Other segment recorded a net loss of $1.6 million relative to a net loss of $4.9 million in the comparative period. The improvement of $3.3 million was due to a lower income tax expense and reduced asset management fees due to a lower asset base and the settlement of fees in Trust units based on relative market pricing. Effective April 2019, Dream Impact and Dream Asset Management Corporation ("DAM") agreed to satisfy management fees payable to DAM in units of the Trust. The Trust units were valued at $8.74 per unit, equal to the net asset value ("NAV")(1) as at December 31, 2018, for purposes of determining the number of units to be issued. For accounting purposes, the asset management fees are recorded at the Trust's trading price of $5.32 per unit on the date of settlement for the third quarter. As a result, the Trust's asset management fees recognized in the period were lower relative to the prior period to the benefit of the Trust.

Unit Buyback Activity
From the inception of the Trust's unit buyback program in December 2014 to November 2, 2020, the Trust has repurchased 13.8 million units for cancellation, for a total cost of $85.9 million. Year to date in 2020, the Trust has repurchased 5.0 million units for a total cost of $23.5 million.

As at November 2, 2020, the Trust's asset manager, DAM, owns 16.8 million units of the Trust, inclusive of 1.3 million units acquired under the Trust's distribution reinvestment plan, 1.7 million units through the asset management fee settlement, and the remainder acquired on the open market for DAM's own account. In aggregate, DAM owns 26% of the Trust.

Cash Generated from Operating Activities - Continuing Operations
Cash generated from operating activities in the third quarter of 2020 was $6.1 million compared with cash utilized in operating activities of $0.2 million in the comparative period. The increase in cash generated of $6.3 million was primarily attributable to changes in non-cash working capital and the settlement of specific amounts receivable for the guarantee of third-party debt.

The table below provides a summary of the Trust's portfolio as at September 30, 2020, including total unitholders' equity:

As at

September 30, 2020

 

December 31, 2019

 

Development

$

261,181

 

$

271,130

 

Recurring income

169,859

 

197,197

 

Other(2)

99,860

 

99,224

 

Total unitholders' equity

530,900

 

567,551

 

Total unitholders' equity per unit(1)

8.21

 

8.25

 

Total debt

88,615

 

89,269

 

Total assets

637,219

 

696,141

 

Cash

114,599

 

117,787

 

Footnotes

(1)

For the Trust's definition of the following non-IFRS measures: NAV, debt-to-total asset value inclusive of project-level debt, IRR, NOI, net income (loss) per unit, net income (loss) from continuing operations per unit, cash generated from (utilized in) operating activities from continuing operations per unit, total unitholders' equity per unit and a reconciliation of NOI to net income (loss), please refer to the Non-IFRS Measures and Other Disclosures section of the Trust's MD&A for the three and nine months ended September 30, 2020.

(2)

Includes other Trust amounts not specifically related to the segments.

Conference Call
Senior management will host a conference call on Friday, November 13, 2020 at 11:00am (ET). To access the call, please dial 1.888.465.5079 in Canada or 1.416.216.4169 elsewhere and use passcode 9919 703#. To access the conference call via webcast, please go to Dream Impacts' website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact
Dream Impact is a real estate impact investing vehicle that targets projects that create positive and lasting impacts on communities and the environment, while achieving market returns. Dream Impact provides investors with access to an exceptional portfolio of real estate development and income properties that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide investors with a portfolio of high-quality real estate development opportunities that generate both strong financial returns and provide positive, social and environmental impacts in our communities; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV(1) over time; provide predictable cash distributions to unitholders on a tax-efficient basis; and leverage access to an experienced management team and strong partnerships to generate investment opportunities, capitalize on strong market fundamentals and generate attractive returns for investors. For more information, please visit: www.dreamimpacttrust.ca.

Non-IFRS Measures
The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including NAV, debt-to-total asset value, debt-to-total asset value inclusive of project-level debt, IRR, NOI, net income (loss) per unit, net income (loss) from continuing operations per unit, cash generated from (utilized in) operating activities from continuing operations per unit, and total unitholders' equity per unit, as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to unitholders' equity, net income, total comprehensive income or cash flows generated from operating activities (continuing), or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the “Non-IFRS Measures and Other Disclosures” section in the Trust’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2020.

Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding: the Trust's focus on becoming a pure-play impact investment vehicle and expectations for formalizing its approach to impact management over the next year; our ability to achieve our impact and sustainability goals; our plans and proposals for current and future development projects, including projected sizes, density and uses, timing for expected zoning approvals and expected sustainability impact; the demand for and expected returns on our impact investments; development timelines, including commencement of construction and/or revitalization of our development projects; anticipated returns from our development projects and the timing thereof, including expected returns from the Empire Lakeshore development; the Trust's expectations regarding the amount of capital investments it expects to make in its development projects by end of 2020 and in 2021; anticipated effect of our developments on our NAV, unitholders’ equity, growth and cash flows in future periods; our targeted pre-tax IRR for development projects; expected profits from our development and recurring income projects; and the Trust’s sufficiency of cash on hand to fund normal course debt repayments, cash requirements and ongoing distributions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19) pandemic on the Trust; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing; foreign exchange fluctuations. All forward-looking information in this press release speaks as of November 2, 2020. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust’s website at www.dreamimpacttrust.ca.


Contacts

Meaghan Peloso
Chief Financial Officer
416 365-6322
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Kimberly Lefever
Director, Investor Relations
416 365-6339
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DUBLIN--(BUSINESS WIRE)--The "Maghreb (Algeria, Morocco and Tunisia) Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.


With about $200bn of Projects, planned, the three Maghreb markets covered in this report promise a substantial pipeline of potential future business opportunities for project investors, developers, contractors, consultants and manufacturers.

The diversified economies of Algeria, Morocco and Tunisia are delivering some of the highest levels of economic growth in the world as they continue their recovery from the dislocation caused by the 2011 political uprisings. Economic development programmes are opening up the markets to private investment, and the governments are developing their manufacturing, tourism and services sectors to create jobs and drive new revenues.

The spectre of COVID-19 will undeniably put a dent, at least temporarily, on the pace of Projects, market growth in the region. The collapse in oil prices will similarly hold back growth in Algeria, but help the energy importing Morocco and Tunisia. There is also an issue around political stability particularly in Algeria where uncertainty has slowed new Projects, and hindered new contract awards.

Since 2008, about $13.5bn a year of project contracts have been awarded across the Maghreb region. Project contract awards witnessed both positive and negative growth alternatively for most years with peak annual level of awards reaching $25bn in 2013 and hitting a low $6.3bn in 2018 before recovering to more than $8bn last year. However, the outlook for project contract awards growth in Maghreb is positive with more than $140bn transport, construction and power awards to be awarded in the coming years.

But doing business in Maghreb comes with many challenges. And resilience, patience and flexibility are needed by anyone seeking to work in the region. Unlike the GCC, where the markets are similar to one another, Maghreb offers three highly diverse markets, each with very distinct opportunities and risks.

Reasons to Buy

  • Opportunities and challenges in Maghreb's Projects, market
  • Analysis of the pipeline of planned Projects, and contract awards
  • Key policies and drivers shaping the outlook for Projects, in Maghreb
  • Political and economic background
  • The barriers and challenges that may arise
  • Sector-by-sector breakdown of future project plans
  • Key drivers of Projects, in each sector
  • Maghreb's most valuable key Projects, and major project sponsors

Key Topics Covered:

Preface

  • Executive Summary
  • Regional Overview
  • Algeria
  • Morocco
  • Tunisia
  • Country Overview
  • Projects Market

Impact of COVID-19

  • Oil and Gas
  • Construction
  • Transport
  • Power and Water

For more information about this report visit https://www.researchandmarkets.com/r/l9zmsd


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

FORT WORTH, Texas--(BUSINESS WIRE)--Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced its financial and operating results for the third quarter ended September 30, 2020.


Third Quarter 2020 Results

  • Reported revenues from continuing operations of $95.4 million, net loss from continuing operations of $29.2 million and loss per share from continuing operations of $1.17;
  • Compared to the second quarter of 2020, revenues increased 6% sequentially in the third quarter after reaching a low point in May amid the COVID-19 pandemic, with revenue increasing sequentially for each month of the third quarter;
  • G&A expenses for the quarter decreased 16% relative to the second quarter of 2020 as the Company's previously announced expense reduction efforts continue to make a positive impact; and
  • The active well servicing rig count in the last week of October was up nearly 100 rigs from the trough in May, with Agua Libre Midstream disposal water volumes up 5% relative to the second quarter of 2020, and piped volumes up 9% over the same period.

The Company reported third quarter 2020 revenue from continuing operations of $95.4 million, a net loss from continuing operations of $29.2 million and a basic and diluted loss per share of $1.17, not including loss from discontinued operations of $2.9 million or $0.12 basic and diluted loss per share. This is compared to continuing operations revenues of $89.6 million, a net loss on continuing operations of $39.7 million, or $1.59 basic and diluted loss per share in the second quarter of 2020. In the third quarter of 2019, Basic generated $144.2 million in continuing operations revenues. For the third quarter of 2020, continuing operations EBITDA(1) was a loss of $4.5 million. Continuing operations EBITDA(1) was a loss of $14.4 million for the second quarter of 2020 and $6.5 million for the third quarter of 2019. Continuing operations Adjusted EBITDA(1) was a loss of $7.8 million for the third quarter of 2020, compared to a loss of $5.0 million during the second quarter of 2020 and $13.1 million during the third quarter of 2019.

Keith Schilling, President and CEO stated, “While extraordinary challenges persist due to the COVID-19 pandemic, we are seeing progress in reducing our overall cost structure, with G&A expenses down 16% from that of the second quarter. We are seeing continued improvement in activity levels and revenue, with sequential increases in each month of the third quarter. That progression is continuing into October, with our active rig count now nearly double the low experienced in May. However, in November and December, we expect seasonality to impact revenue and margins and therefore we remain focused on cost structure and liquidity management. These measures include limiting capital expenditures, which totaled approximately $1 million for the third quarter. We expect to be below our previously stated target of $5 million for the second half of 2020."

Third Quarter 2020 Business Segment Results

(See Segment Data tables for quarterly and annual financial and operational data)

Well Servicing

Well Servicing revenue was $53.2 million during the third quarter of 2020, an increase of 12% sequentially from $47.3 million in the prior quarter. The increase was primarily due to increased activity as a result of improving commodity prices. Well servicing revenues were $57.4 million in the third quarter of 2019. Weather and holidays negatively impacted well servicing revenues by approximately $1.4 million in the third quarter of 2020 compared to $1.7 million in both the second quarter of 2020 and the third quarter of 2019, respectively.

Segment profit in the third quarter of 2020 was $8.4 million, an increase of 6% compared to $7.9 million in the prior quarter, and a decrease of 9% from $9.3 million during the third quarter of 2019. Segment profit margin was 16% of segment revenue in the third quarter of 2020, down from 17% in the prior quarter. In the third quarter of 2019, segment profit margin was 16% of segment revenue. Segment profits in the third quarter of 2020 were impacted by $1.9 million of non-recurring charges, compared to $1.8 million in the second quarter of 2020.

Water Logistics

Water Logistics revenue in the third quarter of 2020 was $30.7 million, compared to $33.3 million in the prior quarter. During the third quarter of 2019, this segment generated $48.5 million in revenue.

Total disposal volumes at Agua Libre Midstream increased to 7.8 million barrels, with pipeline water volumes increasing by 9% to 3.6 million barrels to make up 46% of total barrels disposed during the third quarter of 2020, compared to a total of 7.4 million barrels, with 3.3 million pipeline barrels during the second quarter of 2020. Disposal volumes continue to be depressed from 2019 levels due to a lack of completion activity and associated flowback volumes, and decreasing production overall due to wells being shut in.

Segment profit in the third quarter of 2020 was 7%, or $2.2 million, compared to a profit of 23% or $7.7 million in the second quarter of 2020. Segment profit in the same period in 2019 was $13.7 million, or 28% of segment revenue. Segment profits in the third quarter of 2020 were impacted by $2.4 million of non-recurring charges, compared to $0.5 million in the second quarter of 2020.

Completion & Remedial Services

Completion & Remedial Services revenue from continuing operations was $11.5 million in the third quarter of 2020 compared to $9.1 million in the prior quarter. The 27% increase in revenues was primarily due to the increased 24-hour rig package work in the third quarter. In the third quarter of 2019, this segment generated $38.3 million in revenue.

Segment profit in the third quarter of 2020 was 0% of revenue compared to a segment loss of 6% of revenue or $0.6 million in the prior quarter. Segment profit margins increased due largely to higher revenue levels. During the third quarter of 2019, segment gross profit was $12.6 million, or 33% of segment revenue. Segment profits in the third quarter of 2020 were impacted by $0.2 million of non-recurring charges compared to $0.7 million in the second quarter of 2020.

General & Administrative Expense

General and administrative (“G&A”) expense decreased to $25.5 million in the third quarter of 2020 compared to $30.4 million in the second quarter of 2020 and $28.5 million in the third quarter of 2019, prior to Basic's acquisition of C&J Well Services ("C&J"). Non-recurring charges for the quarter totaled $2.5 million compared to $7.5 million in the second quarter of 2020 and $2.0 million in the third quarter of 2019. Non-cash stock compensation, included in G&A, was $0.1 million for the third quarter of 2020, compared with $0.1 million in the second quarter of 2020. Third quarter 2019 non-cash stock compensation, included in G&A, was $1.2 million.

Interest Expense

Net interest expense for the third quarter of 2020 was $11.7 million, which included accrued interest on Basic’s Senior Secured Notes, the ABL Facility, the Senior Secured Promissory Note, capital leases and other financings. Net interest expense in the second quarter of 2020 was $12.8 million, and $11.5 million in the third quarter of 2019.

Income Taxes

Tax expense for the third quarter of 2020 was $40 thousand. The effective tax rate was 0.1% in the third quarter of 2020 compared to 0.8% in the prior quarter and 8.9% in the third quarter of 2019. The deferred tax liabilities acquired with the acquisition of C&J provided a source of future taxable income which allowed the Company to recognize a tax benefit on a portion of the long-lived asset impairment recorded during the three months ended March 31, 2020.

As of September 30, 2020, considering the impact on NOL carryforward limitations as a result of transactions during the first quarter of 2020, the Company had approximately $366.7 million of NOL carryforwards for federal income tax purposes. The Company provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. As of September 30, 2020, a valuation allowance of $138.4 million was recorded against the Company's net deferred tax assets for all jurisdictions that are not expected to be realized.

Cash and Total Liquidity

As of September 30, 2020, the Company had cash, restricted cash and cash equivalents of $14.2 million. The Company had $16.3 million of availability, as defined under the ABL Facility as of September 30, 2020. To maintain compliance with certain of the minimum availability covenant requirements, in early July 2020 the Company repaid the $2.6 million amount of borrowings that was previously outstanding as of June 30, 2020, and during the third quarter of 2020, the Company advanced $7.4 million, net, of our available cash balance to the Administrative Agent to maintain compliance with the minimum availability covenant requirements.

Capital Expenditures

Total capital expenditures during the third quarter of 2020 were approximately $1.1 million. Additionally, the Company received $6.5 million in proceeds from dispositions during the quarter. The Company currently anticipates full year 2020 capital expenditures of approximately $11.5 million, of which approximately $2 million will be categorized as expansion capital.

About Basic Energy Services

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota and Colorado. Our operations are focused in liquids-rich basins that have historically exhibited strong drilling and production economics in recent years with a significant presence in the San Joaquin Basin, Permian Basin, Powder River Basin, and the Bakken, Eagle Ford, and Denver-Julesburg shales. We provide our services to a diverse group of over 2,000 oil and gas companies. Additional information on Basic Energy Services is available on the Company’s website at www.basices.com.

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and reflect Basic’s current views about future events. The words "believe," "estimate," "expect," "anticipate," "project," "intend," "seek," "could," "should," "may," "potential" and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although Basic believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions and estimates, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release and the presentation. These risks and uncertainties include, without limitation, our ability to successfully execute, manage and integrate acquisitions, including the recent acquisition of C&J, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for crude oil, including the recent significant decline in oil prices, and natural gas, local and global impacts of the COVID-19 virus, and the negative impacts of the delisting of the Company’s common stock from the NYSE. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Any forward-looking statement speaks only as of the date on which such statement is made and Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise, except as required by applicable law.

1Adjusted EBITDA and EBITDA are not measures determined in accordance with United States generally accepted accounting principles (“GAAP”). See “Supplemental Non-GAAP Financial Measures” below for further explanation and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP

- Tables to Follow -

 

 

 

 

 

 

 

 

Basic Energy Services, Inc.

Consolidated Statements of Operations and Other Financial Data

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020 

 

2019 

 

2020 

 

2019 

 

 

 

 

 

 

 

 

 

(Unaudited)

Revenues:

 

 

 

 

 

 

 

Well Servicing

$

53,211

 

 

 

$

57,439

 

 

 

$

158,670

 

 

 

$

177,941

 

 

Water Logistics

30,705

 

 

 

48,451

 

 

 

108,340

 

 

 

155,083

 

 

Completion & Remedial Services

11,484

 

 

 

38,273

 

 

 

46,430

 

 

 

112,304

 

 

Total revenues

95,400

 

 

 

144,163

 

 

 

313,440

 

 

 

445,328

 

 

Expenses:

 

 

 

 

 

 

 

Well Servicing

44,766

 

 

 

48,111

 

 

 

134,968

 

 

 

143,081

 

 

Water Logistics

28,506

 

 

 

34,783

 

 

 

87,207

 

 

 

107,611

 

 

Completion & Remedial Services

11,503

 

 

 

25,685

 

 

 

42,331

 

 

 

78,070

 

 

General and administrative, including stock-based compensation of $68 and $1,163 in the three months ended September 30, 2020 and 2019, respectively, and $1,481 and $7,767 in the nine months ended September 30, 2020 and 2019, respectively

25,451

 

 

 

28,529

 

 

 

90,958

 

 

 

90,471

 

 

Impairments

1,830

 

 

 

 

 

 

101,458

 

 

 

 

 

Depreciation and amortization

12,976

 

 

 

17,819

 

 

 

40,593

 

 

 

51,297

 

 

(Gain) loss on disposal of assets

(5,190

)

 

 

738

 

 

 

(5,700

)

 

 

2,014

 

 

Total expenses

119,842

 

 

 

155,665

 

 

 

491,815

 

 

 

472,544

 

 

Operating loss

(24,442

)

 

 

(11,502

)

 

 

(178,375

)

 

 

(27,216

)

 

Other income (expense):

 

 

 

 

 

 

 

Interest expense

(11,683

)

 

 

(11,584

)

 

 

(35,077

)

 

 

(32,556

)

 

Interest income

 

 

 

113

 

 

 

63

 

 

 

472

 

 

Gain on derivative

6,966

 

 

 

 

 

 

3,916

 

 

 

 

 

Other income

46

 

 

 

212

 

 

 

107

 

 

 

558

 

 

Loss from continuing operations before income taxes

(29,113

)

 

 

(22,761

)

 

 

(209,366

)

 

 

(58,742

)

 

Income tax (expense) benefit

(40

)

 

 

(2,016

)

 

 

4,058

 

 

 

(137

)

 

Loss from continuing operations

$

(29,153

)

 

 

$

(24,777

)

 

 

$

(205,308

)

 

 

$

(58,879

)

 

Loss from discontinued operations

$

(2,926

)

 

 

$

(14,100

)

 

 

$

(16,250

)

 

 

$

(35,251

)

 

Net loss

$

(32,079

)

 

 

$

(38,877

)

 

 

$

(221,558

)

 

 

$

(94,130

)

 

 

 

 

 

 

 

 

 

Net loss from continuing operations per share, basic and diluted

$

(1.17

)

 

 

$

(0.97

)

 

 

$

(8.23

)

 

 

$

(2.22

)

 

Net loss from discontinued operations per share, basic and diluted

$

(0.12

)

 

 

$

(0.55

)

 

 

$

(0.65

)

 

 

$

(1.33

)

 

Net loss per share of common stock, basic and diluted

$

(1.29

)

 

 

$

(1.52

)

 

 

$

(8.88

)

 

 

$

(3.55

)

 

 
 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

2019

 

2020

 

2019

Other Financial Data:

 

 

 

 

 

 

 

EBITDA (1)

$

(4,454

)

 

 

$

6,529

 

 

$

(133,759

)

 

 

$

24,639

 

Adjusted EBITDA (1)

$

(7,809

)

 

 

$

13,139

 

 

$

(11,433

)

 

 

$

41,280

 

Capital expenditures:

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

$

 

 

 

$

 

 

$

59,350

 

 

 

$

 

Property and equipment

$

1,050

 

 

 

$

14,474

 

 

$

6,872

 

 

 

$

46,263

 

Capital leases

$

 

 

 

$

1,444

 

 

$

498

 

 

 

$

7,588

 

1Adjusted EBITDA and EBITDA are not measures determined in accordance with United States generally accepted accounting principles (“GAAP”). See “Supplemental Non-GAAP Financial Measures” below for further explanation and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP

(a) Includes approximately $68,000 and $1,163,000 of non-cash compensation for the three months ended September 30, 2020 and 2019, respectively, and $1,481,000 and $7,767,000 for the nine months ended September 30, 2020 and 2019, respectively.

 

 

As of

 

September 30, 2020

 

December 31, 2019

 

(Unaudited)

 

Audited

Balance Sheet Data:

 

 

 

Cash, restricted cash and cash equivalents

$

14,236

 

 

 

$

36,217

 

Net property and equipment

236,539

 

 

 

297,113

 

Total assets

396,705

 

 

 

550,474

 

Total long-term debt

304,050

 

 

 

308,365

 

Total stockholders' equity (deficit)

$

(156,065

)

 

 

$

41,123

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

2020

 

2019

 

 

 

 

Cash Flow Data:

(unaudited)

Net cash provided by operating activities

$

222

 

 

 

$

28,512

 

 

Net cash used in investing activities

(15,954

)

 

 

(39,552

)

 

Net cash (used in) financing activities

(6,249

)

 

 

(28,800

)

 

Segment Financial and Operational Data (unaudited, in thousands):

 

 

Well Servicing

 

Water
Logistics

 

Completion &
Remedial Services

 

Continuing
Operations Total

 

Discontinued
Operations

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

Operating revenues

$

53,211

 

 

 

$

30,705

 

 

 

$

11,484

 

 

 

$

95,400

 

 

 

$

 

 

Direct operating costs

(44,766

)

 

 

(28,506

)

 

 

(11,503

)

 

 

(84,775

)

 

 

(2,301

)

 

Segment profits

$

8,445

 

 

 

$

2,199

 

 

 

$

(19

)

 

 

$

10,625

 

 

 

$

(2,301

)

 

Direct margin by segment

16%

 

7%

 

—%

 

11%

 

—%

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

Operating revenues

$

47,318

 

 

 

$

33,254

 

 

 

$

9,065

 

 

 

$

89,637

 

 

 

$

25

 

 

Direct operating costs

(39,385

)

 

 

(25,582

)

 

 

(9,646

)

 

 

(74,613

)

 

 

(892

)

 

Segment profits

$

7,933

 

 

 

$

7,672

 

 

 

$

(581

)

 

 

$

15,024

 

 

 

$

(867

)

 

Direct margin by segment

17%

 

23%

 

(6)%

 

17%

 

(3,468)%

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

Operating revenues

$

57,439

 

 

 

$

48,451

 

 

 

$

38,273

 

 

 

$

144,163

 

 

 

$

34,202

 

 

Direct operating costs

(48,111

)

 

 

(34,783

)

 

 

(25,685

)

 

 

(108,579

)

 

 

(29,886

)

 

Segment profits

$

9,328

 

 

 

$

13,668

 

 

 

$

12,588

 

 

 

$

35,584

 

 

 

$

4,316

 

 

Direct margin by segment

16%

 

28%

 

33%

 

25%

 

13%

 
 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020

 

2019

 

2020

 

2019

Segment Data:

 

 

 

 

 

 

 

Well Servicing:

 

 

 

 

 

 

 

Weighted average number of rigs

539

 

307

 

504

 

308

Rig hours (000's)

120

 

149

 

351.4

 

469

Rig utilization rate

31%

 

68%

 

33%

 

71%

Revenue per rig hour, excluding manufacturing

$441

 

$381

 

$436

 

$357

Well servicing rig profit per rig hour

$61

 

$90

 

$65

 

$80

Segment profits as a percent of revenue, excluding manufacturing

16%

 

24%

 

15%

 

23%

 

 

 

 

 

 

 

 

Water Logistics:

 

 

 

 

 

 

 

Weighted average number of fluid service trucks

1,336

 

795

 

1,220

 

809

Truck hours (000's)

278.3

 

382.5

 

954.1

 

1,209.8

Pipeline volumes (000's)

3,575

 

3,807

 

10,470

 

10,031

Segment profits as a percent of revenue

7%

 

28%

 

20%

 

31%

 

 

 

 

 

 

 

 

Completion & Remedial Services:

 

 

 

 

 

 

 

Coiled tubing HHP

25,300

 

25,300

 

25,300

 

25,250

Rental and Fishing Tool Stores

23

 

13

 

23

 

13

Segment profits as a percent of revenue

—%

 

33%

 

9%

 

30%

 

Supplemental Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA

This earnings release contains references to the non-GAAP financial measure of earnings (net income/loss) before interest, taxes, depreciation and amortization, or “EBITDA.” This earnings release also contains references to the non-GAAP financial measure of earnings (net income/loss) before interest, taxes, depreciation and amortization, inventory write-downs, impairment expenses, the gain or loss on disposal of assets, non-cash stock compensation, gain or loss on derivative, severance costs, professional fees incurred in association with completed or contemplated transactions, tax consulting, bad debt, transition services, and contemplated deal costs or “Adjusted EBITDA.” EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. However, the Company believes EBITDA and Adjusted EBITDA are useful supplemental financial measures used by its management and directors and by external users of its financial statements, such as investors, to assess:

  • The financial performance of its assets without regard to financing methods, capital structure or historical cost basis;
  • The ability of its assets to generate cash sufficient to pay interest on its indebtedness; and
  • Its operating performance and return on invested capital as compared to those of other companies in the oilfield services industry.

EBITDA and Adjusted EBITDA each have limitations as an analytical tool and should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Limitations to using EBITDA as an analytical tool include:

  • EBITDA does not reflect its current or future requirements for capital expenditures or capital commitments;
  • EBITDA does not reflect changes in, or cash requirements necessary, to service interest or principal payments on, its debt;
  • EBITDA does not reflect income taxes;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in the industry may calculate EBITDA differently than Basic does, limiting its usefulness as a comparative measure.

In addition to each of the limitations with respect to EBITDA noted above, the limitations to using Adjusted EBITDA as an analytical tool include:

  • Adjusted EBITDA does not reflect Basic’s gain or loss on disposal of assets;
  • Adjusted EBITDA does not reflect Basic’s non-cash stock compensation;
  • Adjusted EBITDA does not reflect Basic’s inventory write-downs;
  • Adjusted EBITDA does not reflect Basic’s impairment expenses;
  • Adjusted EBITDA does not reflect Basic's gain on derivative;
  • Adjusted EBITDA does not reflect Basic’s professional and legal fees related to costs incurred for completed or contemplated mergers and acquisitions that we did not pursue during the three months ended September 30, 2019;
  • Adjusted EBITDA does not reflect Basic's strategic consulting fees;
  • Adjusted EBITDA does not reflect Basic's training related payroll costs for rig redeployments;
  • Adjusted EBITDA does not reflect Basic's significant insurance claims during the three months ended September 30, 2020;
  • Adjusted EBITDA does not reflect Basic's severance costs;
  • Adjusted EBITDA does not reflect Basic’s fees related to costs incurred for transition and consulting services to integrate completed acquisitions;
  • Adjusted EBITDA does not reflect accrual for executive severance payments during the nine months ended September 30, 2019;
  • Adjusted EBITDA does not reflect the write-off of certain bad debt incurred from certain customers that filed for bankruptcy during the three months ended September 30, 2020; and
  • Other companies in the industry may calculate Adjusted EBITDA differently than Basic does, limiting its usefulness as a comparative measure.

The following table presents a reconciliation of net loss to EBITDA (unaudited, in thousands):

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2020

 

2019

 

2020

 

2019

Reconciliation of Net Loss to EBITDA:

 

 

 

 

 

 

 

Net loss from continuing operations

$

(29,153

)

 

 

$

(24,777

)

 

 

$

(205,308

)

 

 

$

(58,879

)

 

Income tax expense (benefit)

40

 

 

 

2,016

 

 

 

(4,058

)

 

 

137

 

 

Net interest expense

11,683

 

 

 

11,471

 

 

 

35,014

 

 

 

32,084

 

 

Depreciation and amortization

12,976

 

 

 

17,819

 

 

 

40,593

 

 

 

51,297

 

 

EBITDA

$

(4,454

)

 

 

$

6,529

 

 

 

$

(133,759

)

 

 

$

24,639

 

 

 

Contacts

Trey Stolz
Director of Financial Planning & Analysis
Basic Energy Services, Inc.
817-334-4100


Read full story here

DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.


The COVID-19 pandemic has in most countries caused significant disruption to the Projects market, and Saudi Arabia has been no exception. As the coronavirus took hold and the kingdom went to economic lockdown in the Spring, the government announced a raft of measures including a cut back in Projects spending as its revenues from oil sales declined sharply.

However, data from the first six months of the year shows that Saudi Arabia has weathered the storm fairly well. At $13.2bn the value of contracts awarded between January and June was just 15% down on the same period in 2019 and actually higher than the same period in 2017 and 2018.

The figures highlight the intent with which the government is developing its capital Projects programme. Schemes like the PIF Projects are being prioritised, backed by proceeds from the sale of shares in Aramco and increased state borrowing. The increasing emergence of PPP Projects is another sign that Riyadh is exploring different options to finance its 2030 Vision.

Despite this, there is no doubt that 2020 will end up being a very difficult year. This reflected by the revised forecast in which the publisher anticipates a total of $32bn worth of contracts to be awarded for the year as a whole in a best-case basis, down from $48bn awarded in 2019.

It is unclear how quickly the market will recover in 2021 and beyond. Much will depend on the oil price which still lies $20 a barrel lower than it did at the start of the year. If it stays at its current levels, it is difficult to see how the government can maintain spending at historical levels.

Reasons to Buy

  • Opportunities and challenges in the kingdom's Projects, market
  • Analysis of the pipeline of planned Projects, and contract awards 2020-2022
  • Key policies and drivers shaping the outlook for Projects, in Saudi Arabia
  • Political and economic background
  • The barriers and challenges that may arise
  • Sector-by-sector breakdown of future project plans
  • Key drivers of Projects, in each sector
  • Saudi Arabia's most valuable key Projects, and major project sponsors

Key Topics Covered:

Preface

  • Executive Summary

Saudi Arabia Country Overview

  • Saudi Arabia Projects Market

Impact of COVID-19 and Latest Forecasts

  • Oil and Gas
  • Construction
  • Transport
  • Industrial
  • Power and Water

For more information about this report visit https://www.researchandmarkets.com/r/t8pk9c


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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Raises and Narrows its 2020 Earnings Per Share Guidance Range to $2.26-$2.36

Board of Directors Declares Quarterly Dividend of $0.37 Per Share

FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended September 30, 2020.

Summary:

  • Consolidated net income and diluted earnings per share for the third quarter of 2020 were $35.9 million and $0.87 per share, respectively, compared with $24.7 million and $0.62 per share for the same period last year.
  • Consolidated operating revenues for the third quarter of 2020 increased 3.1% to $235.8 million compared with $228.7 million for the third quarter of 2019.
  • The corporation is raising and narrowing its 2020 earnings per share guidance range to $2.26-$2.36 from $2.10‑$2.30 announced August 3, 2020.

CEO Overview

Our third quarter earnings per share increased 40 percent over the third quarter of 2019 driven by increased earnings in our Electric and Plastics segments. We are extremely pleased with our third quarter financial results given the challenging economic times,” said President and CEO Chuck MacFarlane.

Employees across the organization continue to do an outstanding job of being responsive, flexible and determined while addressing COVID-19 challenges.

We continue to focus on the health and safety of our employees, customers and communities, while providing reliable electric service and on-time product delivery and taking counter measures to limit the operational and financial impacts related to the COVID-19 pandemic.

Our Electric segment third quarter earnings increased $7.1 million due to increasing investments in our Merricourt Wind Energy Center and Astoria Station projects, a favorable decision regarding the state jurisdictional treatment of federally approved transmission rate incentives, effective cost management actions targeted at offsetting the impacts of COVID-19, and reductions in operating expenses.

We continued to experience reduced overall electric sales to industrial and commercial customers during the third quarter. Our sales to residential customers were strong. The reduction in industrial and commercial sales is primarily due to demand reduction related to COVID-19.

Our Plastics segment third quarter earnings increased $4.9 million compared with 2019 third quarter results, driven by higher quarter over quarter sales volume and increased pipe prices. Demand in the residential construction market remained strong while several factors led to supply constraints and rising prices. We also want to thank Steve Laskey, the President of our Plastics Segment who retired at the end of September. We are extremely grateful for his leadership. Terry Mitzel, who has been with the Northern Pipe Products for twelve years, most recently as President, now leads the Plastics segment, providing great experience and continuity.

Our Manufacturing segment third quarter earnings increased $0.2 million compared with third quarter 2019 results, driven by improved margins on lower sales. Despite a drop in overall sales, BTD started to experience recovery in sales in the third quarter driven by strong recreational vehicle and lawn and garden end-market sales.

Despite the pandemic, the electric utility continues to execute on its record capital spending year. We continue to make good progress on our generation construction projects. The Merricourt Wind Energy Center continues to be on budget. All 75 turbines have been erected and the first turbine was energized on October 14, 2020. A defective blade was identified during the testing and commissioning of the turbines. We are investigating the defect along with 17 additional blades manufactured in the same facility. Depending on the extent of the defect and repair and replacement alternatives, the date of commercial operation of the project, or a portion thereof, may be delayed beyond December 2020. The risk of loss on assets of the project only transfers to Otter Tail Power Company at commercial operation. Commercial and contractual provisions are in place such that we don’t believe this blade defect issue will materially impact the project. The remaining blades on the project were manufactured in a different plant and we are not aware of any defects in those blades. We are earning returns on project costs incurred to date in each of our state jurisdictions. We estimate direct generation and transmission capital costs for this project will be approximately $260 million. Additional transmission system upgrades for the project amounting to approximately $6.4 million will be made by a neighboring MISO transmission owner. The project is expected to generate enough energy to power more than 65,000 homes.

Construction of Astoria Station, our 245-megawatt natural gas-fired combustion turbine generation project, remains on budget with commercial operation expected to begin in the first quarter of 2021. Major construction milestones were reached in the third quarter, with all major equipment on site and in place, the gas interconnection complete and the generator tie line complete. The project is moving into testing and commissioning phase. Astoria Station complements our wind generation by providing a reliable resource during low wind periods, and it will have flexible operating options, including fast start capability and low CO2 emissions. We estimate direct generation and transmission capital costs for Astoria Station will be approximately $152.5 million.

Otter Tail Power Company announced in September the $60 million Hoot Lake Solar project. This is a 49‑megawatt (MW) project we plan to build on land around Hoot Lake Plant in Fergus Falls, Minnesota. The project will include up to 170,000 solar panels and generate enough energy to power approximately 10,000 homes each year. This project offers us a unique opportunity to re-use our existing Hoot Lake transmission rights, substation and land after retiring Hoot Lake Plant in 2021. The substation will connect electricity produced by Hoot Lake Solar to the energy grid for customers throughout our service area.

Solar generation has several advantages for us to implement at this time and at this location. Over the past few years, the cost of solar energy has significantly decreased while efficiency has increased. A diverse mix of energy resources helps us maintain affordable and reliable service for years to come.

Otter Tail Power Company continues to enhance its generation mix as it transitions to a cleaner energy future while maintaining low rates in the region for its customers. By 2023, carbon dioxide emissions from its generation resources are expected to be approximately 30 percent lower than 2005 levels and up to 35 percent of our energy is projected to come from renewable resources, all while keeping average residential rates among the lowest in the nation.

Otter Tail Power Company filed a request with the Minnesota Public Utilities Commission on November 2, 2020 for an increase in general rates in Minnesota. Investment in cleaner energy generation primarily is driving this request. The Merricourt Wind Energy Center and Astoria Station are part of our plan to meet customers’ future energy needs. Continued focus on enhancing customer experience also is part of the request. A recently implemented customer information system allows customers more access and options related to their energy use and the company’s services. Otter Tail Power Company proposed to increase net revenues from Minnesota non-fuel base rates by $14.5 million, or 6.77 percent. Even with this increase Otter Tail Power Company will continue to have some of the lowest rates in the country.

Otter Tail Power Company continues to benefit from strong rate base growth investments and expects to invest $898 million in capital projects from 2020 through 2024. These investments represent over 90 percent of our total capital spending over the next five years and include regulated investments in renewable and natural gas‑fired generation, technology and infrastructure and transmission projects. We expect this to result in a projected compounded annual growth rate of approximately 8.6 percent in utility rate base from year-end 2019 through 2024 and to deliver value to customers and shareholders. We continue to make system investments to meet our customers’ expectations, reduce operating and maintenance costs, reduce emissions and improve reliability and safety.

Our long-term focus remains on executing our growth strategies, which are expected to increase shareholder value. For the utility, our strategy is to continue to invest in rate base growth opportunities and drive cost efficiency with operating and maintenance expenses, which will lower our overall risk, create a more predictable earnings stream, maintain our credit quality and preserve our ability to pay dividends. Over time, we expect the electric utility business will provide approximately 75 percent of our overall earnings.

The utility is complemented by well-run, strategic manufacturing and plastic pipe businesses, which provide organic growth opportunities from new products and services, market expansion and increased efficiencies. We expect these companies will provide approximately 25 percent of our earnings over the long term.

We are raising and narrowing our 2020 diluted earnings per share guidance range to $2.26 to $2.36 from our August 3, 2020 guidance range of $2.10 to $2.30, based on our financial results through the first nine months of 2020 and updated view of current business conditions in our Plastics and Manufacturing segments. We maintain our long-term earnings per share growth rate target of 5 to 7 percent off a 2019 base.”

Board of Directors Declares Quarterly Dividend

On November 2, 2020 the corporation’s Board of Directors declared a quarterly common stock dividend of $0.37 per share. This dividend is payable December 10, 2020 to shareholders of record on November 13, 2020.

Cash Flows and Liquidity

Our consolidated cash provided by operating activities for the nine months ended September 30, 2020 was $141.3 million compared with $105.1 million for the nine months ended September 30, 2019.

Investing activities for the nine months ended September 30, 2020 included capital expenditures of $220.6 million compared with $149.7 million for the nine months ended September 30, 2019. The increase in capital expenditures was primarily for construction of Astoria Station and the Merricourt Wind Energy Center (Merricourt).

Financing activities in the first nine months of 2020 included the issuance of $75.0 million in long-term debt at Otter Tail Power Company, $42.6 million borrowed under the Otter Tail Corporation Credit Agreement and net proceeds of $32.7 million raised from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund Otter Tail Power Company’s construction program expenditures. We also paid $45.1 million in common dividends in the first nine months of 2020. Financing activities in the first nine months of 2019 included proceeds of $90.4 million from borrowings under the Otter Tail Power Company credit agreement to fund Otter Tail Power Company capital expenditures. We paid $41.8 million in common dividends in the first nine months of 2019.

The following table presents the status of the corporation’s lines of credit:

(in thousands)

Line Limit

In Use on
September 30,
2020

Restricted due to
Outstanding
Letters of Credit

Available on
September 30,
2020

Available on
December 31,
2019

Otter Tail Corporation Credit Agreement

$

170,000

$

48,600

$

--

$

121,400

$

164,000

Otter Tail Power Company Credit Agreement

 

170,000

 

--

 

7,670

 

162,330

 

154,524

Total

$

340,000

$

48,600

$

7,670

$

283,730

$

318,524

Both credit agreements are in place until October 31, 2024.

We have issued $55 million of common equity under our At-the-Market Offering Program, and Dividend Reinvestment and Employee Stock Purchase plans. This started in the fourth quarter of 2019 and we expect to issue up to an additional $20 million in common equity under these programs into 2021 depending on conditions in the equity capital markets caused by the COVID‑19 pandemic or other factors.

2020 Segment Performance Summary

Electric

 

Three Months ended September 30,

 

 

 

 

($s in thousands)

2020

 

2019

 

Change

 

% Change

Retail Electric Revenues

$

99,605

$

99,424

$

181

 

0.2

 

Transmission Services Revenues

 

12,288

 

11,692

 

596

 

5.1

 

Wholesale Electric Revenues

 

1,500

 

1,631

 

(131

)

(8.0

)

Other Electric Revenues

 

1,830

 

1,626

 

204

 

12.5

 

Total Electric Revenues

$

115,223

$

114,373

$

850

 

0.7

 

Net Income

$

24,737

$

17,682

$

7,055

 

39.9

 

Retail Megawatt-hour Sales

 

1,075,336

 

1,091,427

 

(16,091

)

(1.5

)

Heating Degree Days (HDDs)

 

61

 

42

 

19

 

45.2

 

Cooling Degree Days (CDDs)

 

363

 

288

 

75

 

26.0

 

The following table shows heating and cooling degree days as a percent of normal.

 

Three Months ended September 30,

 

2020

 

2019

HDDs

115.1%

 

76.4%

CDDs

104.6%

 

83.0%

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in the third quarters of 2020 and 2019 and between quarters.

 

2020 vs Normal

2019 vs Normal

2020 vs 2019

Effect on Diluted Earnings Per Share

$0.01

$(0.02)

$0.03

The $0.2 million increase in retail sales revenue includes:

  • A $3.3 million increase in Minnesota and North Dakota Renewable Resource Adjustment Rider revenues related to earning a return on funds invested in Merricourt while the project is under construction.
  • A $2.1 million increase in Transmission Cost Recovery (TCR) revenues, mainly due to the recognition of Minnesota TCR Rider revenues resulting from a favorable decision regarding the state jurisdictional treatment of federally approved transmission rate incentives.
  • A $1.5 million increase in retail revenues mainly related to increased residential kwh consumption due to favorable weather impacts in the third quarter of 2020 compared to the third quarter of 2019.
  • A $1.1 million increase in revenues from the North Dakota Generation Cost Recovery (GCR) Rider which went into effect in July 2019 to provide a return on funds invested in Astoria Station while the generation project is under construction.

These increases in revenue were mostly offset by:

  • A $6.6 million decrease in retail revenue related to the recovery of decreased fuel and purchased power costs to serve retail customers. Fuel costs decreased as a result of a 24.0% decrease in kwhs generated at Otter Tail Power Company's fuel-burning power plants, but also as a result of a 37.9% decrease in the cost of fuel per kwh generated at Coyote Station related to higher-cost coal burned in the third quarter of 2019 due to the absorption of mine operating costs in inventory during Coyote Station's second quarter 2019 maintenance shutdown.
  • A $1.2 million decrease in revenue due to decreased kwh sales to commercial and industrial customers, mainly due to COVID-19-related impacts in the third quarter of 2020.

Transmission services revenue increased $0.6 million mainly due to an increase in facility service agreement revenues related to transmission upgrades made to accommodate independent generator access to the transmission grid.

Production fuel costs decreased $6.8 million due to a 24.0% decrease in kwhs generated from our fuel-burning plants and a 21.7% decrease in fuel-cost per kwh of generation, weighted heavily by higher fuel costs per kwh of generation at Coyote Station in the third quarter of 2019. Coyote Station was down for maintenance in the second quarter of 2019 and all the fixed and variable mine operating costs incurred during the second quarter and absorbed in inventory were expensed as fuel costs when Coyote Station resumed operations in the third quarter of 2019.

The cost of purchased power to serve retail customers increased $0.3 million as a result of an 18.7% increase in kwh purchases, mostly offset by a 14.1% decrease in the cost per kwh purchased. The increase in purchased power volume was a function of reduced generation at Big Stone Plant, which went offline for scheduled maintenance in September 2020, and the availability of low-priced energy in the wholesale market. The decrease in purchased power prices was driven mainly by low prices for natural gas-fired generation.

Electric operating and maintenance expense decreased $3.0 million primarily due to an increase in the proportion of labor costs capitalized resulting from our ongoing construction activity and a decrease in other expenses due to cost management initiatives. These decreases were partially offset by an increase in bad debt expense, mainly due to adoption of COVID-19-related service suspensions and debt collection policies.

Property tax expense increased $0.4 million due to property additions and increased jurisdictional valuations.

Depreciation expense increased $0.4 million mainly due to 2019 capital additions for generation and transmission plant.

Electric segment interest expense increased $1.0 million due to debt issuances of $100 million in October 2019, $35 million in February 2020 and $40 million in August 2020 under Otter Tail Power Company’s 2019 Note Purchase Agreement.

Electric segment other income increased $0.3 million mostly due to a $0.3 million increase in allowance for equity funds used during construction, mainly related to the Minnesota share of construction work in progress on the Astoria Station project.

Income tax expense in the Electric segment increased $2.0 million, mainly as a result of a $9.0 million increase in segment income before income taxes.

Manufacturing

 

Three Months ended September 30,

 

 

 

 

(in thousands)

2020

 

2019

 

Change

 

% Change

Operating Revenues

$

59,849

$

65,722

$

(5,873

)

(8.9

)

Net Income

 

3,311

 

3,155

 

156

 

4.9

 

BTD’s revenues decreased $5.4 million between quarters, driven by a $4.1 million decline in prices of materials passed through to customers and $1.3 million in decreased sales volumes. The decrease in sales volumes primarily resulted from lower parts sales to construction and industrial equipment manufacturers, partially offset by increased parts sales to recreational vehicle, agricultural and lawn and garden equipment manufacturers. Increases in parts revenue related to favorable product pricing were offset by lower tooling and scrap revenues.

Cost of products sold at BTD decreased $6.6 million, mainly as a result of the $4.1 million in lower material costs passed through to customers but also due to improved productivity and the decrease in sales volume. A $0.8 million increase in operating income at BTD was mostly offset by a $0.6 million increase in income tax expense, resulting in a $0.2 million increase in net income between quarters.

Revenues at T.O Plastics decreased $0.5 million leading to a $0.1 million decrease in net income. The decreased sales level was mainly due to market softness generated by the uncertainty of how COVID-19 was going to impact these end markets.

Plastics

 

Three Months ended September 30,

 

 

 

 

(in thousands)

2020

 

2019

 

Change

 

% Change

Operating Revenues

$

60,693

$

48,566

$

12,127

25.0

Net Income

 

10,343

 

5,397

 

4,946

91.6

Plastics segment revenues and net income increased $12.1 million and $4.9 million, respectively, primarily due to a 21.2% increase in pounds of polyvinyl chloride (PVC) pipe sold driven by distributors rebuilding inventory in the third quarter after reducing inventory levels in the second quarter due to uncertainty over the impact of COVID-19 on sales. Cost of products sold increased $5.1 million due to the increase in sales volume, partially offset by a 6.3% decrease in the cost per pound of PVC pipe sold. The decrease in the cost per pound of PVC pipe sold is primarily due to lower material input costs. Plastics segment operating expenses increased $0.4 million mainly due to increased employee benefit costs.

Corporate

 

Three Months ended September 30,

 

 

 

 

(in thousands)

2020

 

2019

 

Change

 

% Change

Operating Losses

$

(3,555

)

$

(2,040

)

$

(1,515

)

(74.3

)

Interest Charges

 

(1,243

)

 

(1,299

)

 

56

 

(4.3

)

Other Income

 

861

 

 

521

 

 

340

 

65.3

 

Losses before Income Taxes

$

(3,937

)

$

(2,818

)

$

(1,119

)

(39.7

)

Income Tax Savings

 

1,480

 

 

1,329

 

 

151

 

11.4

 

Net Loss

$

(2,457

)

$

(1,489

)

$

(968

)

65.0

 

The $1.5 million increase in corporate operating expenses is mainly due to a $1.0 million increase in performance-based incentive accruals driven by improved quarter-over-quarter results. The $0.3 million increase in other income is due to increases in the value of corporate-owned life insurance policies and equity investments held at our captive insurance company related to the third quarter 2020 recovery in equity markets. Corporate income tax savings increased $0.2 million.

2020 Business Outlook

We are raising and narrowing our 2020 diluted earnings per share guidance range based on our financial results through the first nine months of 2020 and updated view of current business conditions in our Plastics and Manufacturing segments. We now expect our 2020 diluted earnings per share to be in the range of $2.26 to $2.36 instead of $2.10 to $2.30. This revision in guidance is primarily driven by strong performance in our Plastics segment along with continued favorable business conditions in this segment expected through the rest of 2020. Also, the impact of COVID-19 on our Electric segment has been less than previously expected. Our 2020 diluted earnings per share guidance includes $0.04 of dilution associated with actual and planned issuances of common shares under our At-the-Market Offering Program and Dividend Reinvestment and Employee Stock Purchase Plans to help fund construction projects at Otter Tail Power Company.

We currently expect capital additions to be $380 million in 2020, with our Electric segment accounting for 96% of those additions, largely driven by the Merricourt and Astoria Station rate base projects. A five-year anticipated capital expenditures table is provided below our 2020 earnings outlook.

Segment components of our revised 2020 earnings per share guidance range compared with 2019 actual earnings and with our previously issued guidance are as follows.

Diluted Earnings Per Share

2019
EPS by
Segment

2020 Guidance

February 20, 2020

2020 Guidance

May 5, 2020

2020 Guidance

August 3, 2020

2020 Guidance

November 2, 2020

Low

High

Low

High

Low

High

Low

High

Electric

$1.48

$1.67

$1.70

$1.65

$1.70

$1.67

$1.70

$1.67

$1.69

Manufacturing

$0.32

$0.31

$0.35

$0.14

$0.23

$0.15

$0.23

$0.23

$0.25

Plastics

$0.51

$0.43

$0.47

$0.43

$0.47

$0.50

$0.54

$0.64

$0.66

Corporate

($0.14)

($0.19)

($0.15)

($0.22)

($0.15)

($0.22)

($0.17)

($0.28)

($0.24)

Total

$2.17

$2.22

$2.37

$2.00

$2.25

$2.10

$2.30

$2.26

$2.36

Return on Equity

11.6%

11.0%

11.7%

9.9%

11.1%

10.4%

11.4%

11.2%

11.7%

The estimates and assumptions underlying our latest 2020 guidance as compared to our August 3, 2020 guidance are summarized below.

  • Our 2020 guidance for our Electric segment includes:
    • Capital spending on the Merricourt and Astoria Station rate base projects of $177 million and $81 million, respectively, in 2020. The Merricourt project has rider recovery mechanisms in place in all three state jurisdictions. The Astoria Station project has rider recovery mechanisms in place in South Dakota and North Dakota. This project earns allowance for funds used during construction in Minnesota, has already been approved in our integrated resource plan and is expected to be recovered through a general rate increase in Minnesota requested on November 2, 2020.

Contacts

Media contact: Stephanie Hoff, Director of Corporate Communications, (218) 739-8535 or (218) 205-6179
Investor contact: Loren Hanson, Manager of Investor Relations, (218) 739-8481 or (800) 664-1259


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Continued Strong Operating Performance Generates More Than $1 Billion of Net Cash Provided by Operating Activities and Strong Operating EBITDA Margin

HOUSTON--(BUSINESS WIRE)--Waste Management, Inc. (NYSE: WM) today announced financial results for the quarter ended September 30, 2020.


 

Three Months Ended

Three Months Ended

 

September 30, 2020

September 30, 2019

(in millions, except per share amounts)

(in millions, except per share amounts)

 

 

As Reported

 

As Adjusted(a)

 

As Reported

 

As Adjusted(a)

 

 

 

 

 

 

 

 

Revenue

$3,861

 

$3,861

 

$3,967

 

$3,967

 

 

 

 

 

 

 

 

Income from Operations

$680

 

$721

 

$734

 

$737

 

 

 

 

 

 

 

 

Operating EBITDA(b)

$1,099

 

$1,140

 

$1,138

 

$1,141

 

 

 

 

 

 

 

 

Net Income(c)

$390

 

$465

 

$495

 

$502

 

 

 

 

 

 

 

 

Diluted EPS

$0.92

 

$1.09

 

$1.16

 

$1.19

“We’ve consistently pointed to operating EBITDA as the best measure of the health of our business, and despite the challenging backdrop, we delivered third quarter adjusted operating EBITDA results in line with last year’s record performance and expanded adjusted operating EBITDA margin by 70 basis points,” said Jim Fish, Waste Management’s President and Chief Executive Officer.(a) “This is a testament both to our team’s ability to optimize our business in the new environment as well as the progress of economic recovery in North America.

“In addition to our strong quarterly results, we are also proud to have published our 2020 Sustainability Report last month. Titled ‘Building Value Together,’ the report describes how we are addressing challenges and opportunities related to the environment, social issues and governance, and doing so in close partnership with our customers, suppliers and communities. Amidst the crises of 2020, we remained steadfast to our commitments of putting people first, advocating for inclusion and diversity, protecting the environment, and contributing to a circular economy.”

Given the strength of the Company’s third quarter, which demonstrated the resilience of the business model and strong execution on reducing the cost to serve, the Company expects to exceed its 2020 adjusted operating EBITDA margin guidance of 28.0% to 28.5% and generate free cash flow in excess of $2 billion. (a)(d)

KEY HIGHLIGHTS FOR THE THIRD QUARTER OF 2020

Revenue

  • In the third quarter of 2020, revenue declined $99 million in the Company’s collection and disposal business compared to the third quarter of 2019, driven by $192 million in volume declines partially offset by $93 million of growth from yield.
  • Core price for the third quarter of 2020 was 3.2% compared to 4.0% in the third quarter of 2019 and 1.3% in the second quarter of 2020.(e)
  • Collection and disposal yield was 2.6% in both the third quarter of 2020 and the third quarter of 2019 compared to 1.6% in the second quarter 2020.
  • Total Company volumes declined 5.0% in the third quarter of 2020, or 5.1% on a workday adjusted basis, compared to growth of 1.9% on a workday adjusted basis in the third quarter of 2019 and a decline of 10.3% in the second quarter of 2020.

Cost Management

  • Operating expenses as a percentage of revenue improved 110 basis points to 60.4% when compared to the third quarter of 2019. The improvement was primarily driven by the Company’s proactive management of costs, which reduced overtime hours and maintenance expenses. In addition, the Company’s continued strategic focus on increasing the compressed natural gas composition of its fleet, combined with lower market prices for diesel fuel, resulted in lower operating costs and improved margins.
  • SG&A expenses were 10.8% of revenue in the third quarter of 2020 compared to 9.7% in the third quarter of 2019. On an adjusted basis, SG&A expenses were 10.1% of revenue in the third quarter of 2020 compared to 9.7% in the third quarter of 2019.(a) The increase in SG&A expenses as a percent of revenue is primarily related to the decline in revenue as well as additional incentive compensation costs and the Company’s intentional accelerated spending on technology.

Profitability

  • Total Company operating EBITDA was $1.10 billion, or 28.5% of revenue, for the third quarter of 2020. On an adjusted basis, total Company operating EBITDA was $1.14 billion, or 29.5% of revenue, for the third quarter of 2020 compared to adjusted operating EBITDA of $1.14 billion and 28.8% of revenue for the same period in 2019.(a)
  • Operating EBITDA in the Company’s collection and disposal business, adjusted on the same basis as total Company operating EBITDA, was $1.27 billion, or 31.2% of revenue, for the third quarter of 2020, compared to $1.30 billion, or 30.9% of revenue, for the third quarter of 2019.

Free Cash Flow & Capital Allocation

  • In the third quarter of 2020, net cash provided by operating activities was $1.03 billion compared to $952 million in the third quarter of 2019, an increase of $77 million, or 8.1%.
  • In the third quarter of 2020, capital expenditures were $343 million compared to $483 million in the third quarter of 2019.
  • In the third quarter of 2020, free cash flow was $691 million compared to $478 million in the third quarter of 2019.(a)
  • The Company paid $230 million of dividends to shareholders.

Fish concluded, “We have taken to heart lessons learned during this pandemic such that we will emerge a stronger, more differentiated company. We’ve learned that we can operate our business with a lower cost structure, and we are holding on to operating efficiencies and cost savings as our volumes recover. Our customer service digitalization investments are unquestionably the right approach, and we have accelerated these efforts to reap the benefits sooner. With further contributions from the acquisition of Advanced Disposal that closed last week and our progress in transforming the recycling business, we are well positioned for a strong finish to the year with positive momentum heading into 2021.”

 

(a)

 

The information labeled "As Adjusted" in the table above, as well as adjusted operating EBITDA margin, adjusted SG&A expenses, and free cash flow are non-GAAP measures. Please see "Non-GAAP Financial Measures" below and the reconciliations in the accompanying schedules for more information.

(b)

 

Management defines operating EBITDA as GAAP income from operations before depreciation and amortization; this measure may not be comparable to similarly-titled measures reported by other companies.

(c)

 

For purposes of this press release, all references to "Net income" refer to the financial statement line item "Net income attributable to Waste Management, Inc."

(d)

 

The Company's 2020 guidance excludes (i) transaction and advisory costs incurred in connection with the acquisition of Advanced Disposal Services, Inc. and (ii) post-closing financial contributions related to the acquisition of Advanced Disposal Services, Inc, including divestiture proceeds.

(e)

 

Core price is a performance metric used by management to evaluate the effectiveness of our pricing strategies; it is not derived from our financial statements and may not be comparable to measures presented by other companies. Core price is based on certain historical assumptions, which may differ from actual results, to allow for comparability between reporting periods and to reveal trends in results over time. Beginning with the fourth quarter 2019, the Company has updated its core price calculation. With advancements in technology, the Company began collecting additional transactional customer level data, which provides improved clarity of the impact of the Company’s pricing activities. While this does not change the year-over-year core price performance result, the new measure reflects a more precise calculation in the evaluation of revenue changes.

The Company will host a conference call at 10 a.m. (Eastern) today to discuss the third quarter results. Information contained within this press release will be referenced and should be considered in conjunction with the call.

The conference call will be webcast live from the Investors section of Waste Management’s website www.wm.com. To access the conference call by telephone, please dial (877) 710-6139 approximately 10 minutes prior to the scheduled start of the call. If you are calling from outside of the United States or Canada, please dial (706) 643-7398. Please utilize conference ID number 9177824 when prompted by the conference call operator.

A replay of the conference call will be available on the Company’s website www.wm.com and by telephone from approximately 1:00 PM (Eastern) today through 5:00 PM (Eastern) on Monday, November 16, 2020. To access the replay telephonically, please dial (855) 859-2056, or from outside of the United States or Canada dial (404) 537-3406 and use the replay conference ID number 9177824.

ABOUT WASTE MANAGEMENT

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.

FORWARD-LOOKING STATEMENTS

The Company, from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. This press release contains a number of such forward-looking statements, including but not limited to, all statements regarding 2020 free cash flow and operating EBITDA margin guidance; future performance or financial results of our business; responses and impacts of COVID-19; investments, cost structure, efficiencies and volumes; benefits from the acquisition of Advanced Disposal Services, Inc. (“Advanced Disposal”) and results from our recycling business. You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, increased competition; pricing actions; failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets and negotiate attractive terms; failure to consummate or integrate acquisitions; failure to obtain the results anticipated from acquisitions; failure to successfully integrate the acquisition of Advanced Disposal, realize anticipated synergies or obtain the results anticipated from such acquisition; environmental and other regulations, including developments related to emerging contaminants and renewable fuel; commodity price fluctuations; international trade restrictions; weakness in general economic conditions and capital markets; public health risk and other impacts of COVID-19 or similar pandemic conditions, including increased costs, social and commercial disruption, service reductions and other adverse effects on our business, financial condition, results of operations and cash flows; failure to obtain and maintain necessary permits; disposal alternatives and waste diversion; declining waste volumes; failure to develop and protect new technology; failure of technology to perform as expected, including implementation of a new enterprise resource planning system; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; significant environmental or other incidents resulting in liabilities and brand damage; significant storms and destructive events influenced by climate change; labor disruptions; impairment charges; and negative outcomes of litigation or governmental proceedings. Please also see the Company’s filings with the SEC, including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K as updated by our subsequent quarterly reports on Form 10-Q, for additional information regarding these and other risks and uncertainties applicable to its business. The Company assumes no obligation to update any forward-looking statement, including financial estimates and forecasts, whether as a result of future events, circumstances or developments or otherwise.

NON-GAAP FINANCIAL MEASURES

To supplement its financial information, the Company has presented, and/or may discuss on the conference call, adjusted earnings per diluted share, adjusted net income, adjusted income from operations, adjusted SG&A expenses, adjusted operating EBITDA, adjusted operating EBITDA margin, and free cash flow, as well as projections of adjusted operating EBITDA margin and free cash flow for 2020. These are non-GAAP financial measures, as defined in Regulation G of the Securities Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP but believes that also discussing non-GAAP measures provides investors with (i) financial measures the Company uses in the management of its business and (ii) additional, meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance and are not representative or indicative of its results of operations.

The Company’s non-GAAP results and projections exclude the impact of our acquisition of Advanced Disposal. In addition, the Company’s projected full year 2020 adjusted operating EBITDA margin is anticipated to exclude the effects of other events or circumstances in 2020 that are not representative or indicative of the Company’s results of operations. Such excluded items are not currently determinable, but may be significant, such as asset impairments and one-time items, charges, gains or losses from divestitures or litigation, and other items. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative reconciliation of such projection to the comparable GAAP measure.

The Company discusses free cash flow and provides a projection of free cash flow because the Company believes that it is indicative of its ability to pay its quarterly dividends, repurchase common stock, fund acquisitions and other investments and, in the absence of refinancings, to repay its debt obligations. Free cash flow is not intended to replace “Net cash provided by operating activities,” which is the most comparable GAAP measure. The Company believes free cash flow gives investors useful insight into how the Company views its liquidity, but the use of free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that the Company has committed to, such as declared dividend payments and debt service requirements. The Company defines free cash flow as net cash provided by operating activities, less capital expenditures, plus proceeds from divestitures of businesses and other assets (net of cash divested); this definition may not be comparable to similarly-titled measures reported by other companies.

The quantitative reconciliations of non-GAAP measures to the most comparable GAAP measures are included in the accompanying schedules, with the exception of projected adjusted operating EBITDA margin. Non-GAAP measures should not be considered a substitute for financial measures presented in accordance with GAAP.

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except per Share Amounts)

(Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Operating revenues

 

$

3,861

 

$

3,967

 

$

11,151

 

$

11,609

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

2,332

 

 

2,441

 

 

6,841

 

 

7,182

Selling, general and administrative

 

 

416

 

 

386

 

 

1,218

 

 

1,186

Depreciation and amortization

 

 

419

 

 

404

 

 

1,235

 

 

1,179

Restructuring

 

 

7

 

 

1

 

 

9

 

 

3

(Gain) loss from divestitures, asset impairments and unusual items, net

 

 

7

 

 

1

 

 

68

 

 

8

 

 

 

3,181

 

 

3,233

 

 

9,371

 

 

9,558

Income from operations

 

 

680

 

 

734

 

 

1,780

 

 

2,051

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(97)

 

 

(105)

 

 

(328)

 

 

(301)

Loss on early extinguishment of debt

 

 

(52)

 

 

(1)

 

 

(52)

 

 

(85)

Equity in net losses of unconsolidated entities

 

 

(16)

 

 

(14)

 

 

(56)

 

 

(39)

Other, net

 

 

1

 

 

1

 

 

2

 

 

(52)

 

 

 

(164)

 

 

(119)

 

 

(434)

 

 

(477)

Income before income taxes

 

 

516

 

 

615

 

 

1,346

 

 

1,574

Income tax expense

 

 

126

 

 

120

 

 

288

 

 

350

Consolidated net income

 

 

390

 

 

495

 

 

1,058

 

 

1,224

Less: Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

1

Net income attributable to Waste Management, Inc.

 

$

390

 

$

495

 

$

1,058

 

$

1,223

Basic earnings per common share

 

$

0.92

 

$

1.17

 

$

2.50

 

$

2.88

Diluted earnings per common share

 

$

0.92

 

$

1.16

 

$

2.49

 

$

2.86

Weighted average basic common shares outstanding

 

 

422.7

 

 

424.5

 

 

423.1

 

 

424.6

Weighted average diluted common shares outstanding

 

 

424.6

 

 

427.4

 

 

425.0

 

 

427.4

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions)

(Unaudited)

 

 

September 30,

 

December 31,

 

 

2020

 

2019

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

703

 

$

3,561

Receivables, net

 

 

2,217

 

 

2,319

Other

 

 

437

 

 

329

Total current assets

 

 

3,357

 

 

6,209

Property and equipment, net

 

 

12,846

 

 

12,893

Goodwill

 

 

6,504

 

 

6,532

Other intangible assets, net

 

 

450

 

 

521

Other

 

 

1,615

 

 

1,588

Total assets

 

$

24,772

 

$

27,743

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable, accrued liabilities and deferred revenues

 

$

2,639

 

$

2,926

Current portion of long-term debt

 

 

167

 

 

218

Total current liabilities

 

 

2,806

 

 

3,144

Long-term debt, less current portion

 

 

10,255

 

 

13,280

Other

 

 

4,554

 

 

4,249

Total liabilities

 

 

17,615

 

 

20,673

Equity:

 

 

 

 

 

 

Waste Management, Inc. stockholders’ equity

 

 

7,155

 

 

7,068

Noncontrolling interests

 

 

2

 

 

2

Total equity

 

 

7,157

 

 

7,070

Total liabilities and equity

 

$

24,772

 

$

27,743

WASTE MANAGEMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

(Unaudited)

 

 

Nine Months Ended

 

 

September 30,

 

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

 

 

Consolidated net income

 

$

1,058

 

$

1,224

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,235

 

 

1,179

Loss on early extinguishment of debt

 

 

52

 

 

85

Other

 

 

364

 

 

289

Change in operating assets and liabilities, net of effects of acquisitions and divestitures

 

 

(59)

 

 

75

Net cash provided by operating activities

 

 

2,650

 

 

2,852

Cash flows from investing activities:

 

 

 

 

 

 

Acquisitions of businesses, net of cash acquired

 

 

(3)

 

 

(513)

Capital expenditures

 

 

(1,238)

 

 

(1,532)

Proceeds from divestitures of businesses and other assets (net of cash divested)

 

 

20

 

 

29

Other, net

 

 

(20)

 

 

(80)

Net cash used in investing activities

 

 

(1,241)

 

 

(2,096)

Cash flows from financing activities:

 

 

 

 

 

 

New borrowings

 

 

231

 

 

4,558

Debt repayments

 

 

(3,942)

 

 

(502)

Premiums paid on early extinguishment of debt

 

 

(30)

 

 

(84)

Net commercial paper borrowings (repayments)

 

 

597

 

 

(1,001)

Common stock repurchase program

 

 

(402)

 

 

(248)

Cash dividends

 

 

(696)

 

 

(658)

Exercise of common stock options

 

 

49

 

 

60

Tax payments associated with equity-based compensation transactions

 

 

(34)

 

 

(32)

Other, net

 

 

(17)

 

 

(13)

Net cash (used in) provided by financing activities

 

 

(4,244)

 

 

2,080

Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents

 

 

1

 

 

1

(Decrease) increase in cash, cash equivalents and restricted cash and cash equivalents

 

 

(2,834)

 

 

2,837

Cash, cash equivalents and restricted cash and cash equivalents at beginning of period

 

 

3,647

 

 

183

Cash, cash equivalents and restricted cash and cash equivalents at end of period

 

$

813

 

$

3,020

WASTE MANAGEMENT, INC.

SUMMARY DATA SHEET

(In Millions)

(Unaudited)

 

Operating Revenues by Line of Business

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Commercial

 

$

1,025

 

$

1,069

 

$

3,016

 

$

3,147

Residential

 

 

662

 

 

661

 

 

1,969

 

 

1,956

Industrial

 

 

709

 

 

766

 

 

2,027

 

 

2,190

Other collection

 

 

120

 

 

130

 

 

347

 

 

361

Total collection

 

 

2,516

 

 

2,626

 

 

7,359

 

 

7,654

Landfill

 

 

946

 

 

993

 

 

2,707

 

 

2,880

Transfer

 

 

482

 

 

471

 

 

1,362

 

 

1,357

Recycling

 

 

290

 

 

245

 

 

819

 

 

800

Other

 

 

458

 

 

469

 

 

1,297

 

 

1,345

Intercompany (a)

 

 

(831)

 

 

(837)

 

 

(2,393)

 

 

(2,427)

Total

 

$

3,861

 

$

3,967

 

$

11,151

 

$

11,609

 

Internal Revenue Growth

 

 

Period-to-Period Change for the Three Months
Ended September 30, 2020 vs. 2019

 

 

Period-to-Period Change for the Nine Months
Ended September 30, 2020 vs. 2019

 

 

 

 

 

 

As a % of

 

 

 

 

 

 

As a % of

 

 

 

 

 

As a % of

 

 

 

 

 

As a % of

 

 

 

 

 

 

Related

 

 

 

 

 

 

Total

 

 

 

 

 

Related

 

 

 

 

 

Total

 

 

 

Amount

 

Business(b)

 

 

 

Amount

 

Company(c)

 

 

Amount

 

Business(b)

 

 

Amount

 

Company(c)

 

Collection and disposal

 

$

93

 

2.6

%

 

 

 

 

 

 

 

 

$

220

 

2.1

%

 

 

 

 

 

 

Recycling commodities (d)

 

 

39

 

16.6

 

 

 

 

 

 

 

 

 

 

4

 

0.6

 

 

 

 

 

 

 

Fuel surcharges and mandated fees

 

 

(42)

 

(27.3)

 

 

 

 

 

 

 

 

 

 

(118)

 

(25.3)

 

 

 

 

 

 

 

Total average yield (e)

 

 

 

 

 

 

 

 

$

90

 

2.3

%

 

 

 

 

 

 

 

$

106

 

0.9

%

Volume

 

 

 

 

 

 

 

 

 

(197)

 

(5.0)

 

 

 

 

 

 

 

 

 

(593)

 

(5.1)

 

Internal revenue growth

 

 

 

 

 

 

 

 

 

(107)

 

(2.7)

 

 

 

 

 

 

 

 

 

(487)

 

(4.2)

 

Acquisitions

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

43

 

0.4

 

Divestitures

 

 

 

 

 

 

 

 

 

(1)

 

 

 

 

 

 

 

 

 

 

(3)

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

(2)

 

 

 

 

 

 

 

 

 

 

(11)

 

(0.1)

 

Total

 

 

 

 

 

 

 

 

$

(106)

 

(2.7)

%

 

 

 

 

 

 

 

$

(458)

 

(3.9)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-to-Period Change for the Three Months
Ended September 30, 2020 vs. 2019

 

Period-to-Period Change for the Nine Months
Ended September 30, 2020 vs. 2019

 

 

As a % of Related Business(b)

 

As a % of Related Business(b)

 

 

Yield

 

Volume(f)

 

Yield

 

Volume(f)

Commercial

 

3.4

%

 

(5.7)

%

 

2.5

%

 

(4.9)

%

Industrial

 

3.0

 

 

(9.4)

 

 

2.5

 

 

(9.3)

 

Residential

 

3.5

 

 

(2.9)

 

 

2.6

 

 

(2.3)

 

Total collection

 

3.2

 

 

(5.7)

 

 

2.5

 

 

(5.2)

 

MSW

 

1.9

 

 

0.1

 

 

2.3

 

 

(3.1)

 

Transfer

 

3.6

 

 

1.4

 

 

3.0

 

 

(1.0)

 

Total collection and disposal

 

2.6

%

 

(5.5)

%

 

2.1

%

 

(5.8)

%

_____________________________

(a)

 

Intercompany revenues between lines of business are eliminated in the Condensed Consolidated Financial Statements included herein.

(b)

 

Calculated by dividing the increase or decrease for the current year period by the prior year period’s related business revenue adjusted to exclude the impacts of divestitures for the current year period.

(c)

 

Calculated by dividing the increase or decrease for the current year period by the prior year period’s total Company revenue adjusted to exclude the impacts of divestitures for the current year period.

(d)

 

Includes combined impact of commodity price variability and changes in fees.

(e)

 

The amounts reported herein represent the changes in our revenue attributable to average yield for the total Company.

(f)

 

Workday adjusted volume impact.

WASTE MANAGEMENT, INC.
SUMMARY DATA SHEET
(In Millions)
(Unaudited)
Free Cash Flow (a)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Net cash provided by operating activities

$

1,029

$

952

$

2,650

$

2,852

Capital expenditures

 

(343)

 

(483)

 

(1,238)

 

(1,532)

Proceeds from divestitures of businesses and other assets (net of cash divested)

 

5

 

9

 

20

 

29

Free cash flow

$

691

$

478

$

1,432

$

1,349

 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Supplemental Data
 
Internalization of waste, based on disposal costs

 

68.4%

 

66.4%

 

68.4%

 

66.4%

 
Landfill amortizable tons (in millions)

 

28.7

 

31.2

 

82.9

 

91.6

 
Acquisition Summary (b)
 
Gross annualized revenue acquired

 

1

 

51

 

3

 

170

 
Total consideration, net of cash acquired

 

1

 

78

 

2

 

513

 
Cash paid for acquisitions consummated during the period, net of cash acquired

 

1

 

71

 

2

 

504

 
Cash paid for acquisitions including contingent consideration and other items from prior periods, net of cash acquired

 

1

 

76

 

4

 

518

 
 
Amortization, Accretion and Other Expenses for Landfills:

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Landfill amortization expense:
Cost basis of landfill assets

$

120

$

129

$

345

$

372

Asset retirement costs

 

28

 

23

 

89

 

68

Total landfill amortization expense

 

148

 

152

 

434

 

440

Accretion and other related expense

 

26

 

26

 

76

 

76

Landfill amortization, accretion and other related expense

$

174

$

178

$

510

$

516


Contacts

Analysts
Ed Egl
713.265.1656
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Media
Janette Micelli
602.579.6152
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Read full story here

LEAWOOD, KS--(BUSINESS WIRE)--The combined 2020 third quarter stockholders’ report for TYG, NTG, TTP, NDP, TPZ and TEAF has been released. This report is available online at cef.tortoiseecofin.com. Please call (866) 362-9331 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to request hard copies of this report free of charge. Additionally, the unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF as of October 31, 2020 are as follows:


Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $410.6 million and its unaudited net asset value was $255.9 million, or $20.48 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 428 percent, and its coverage ratio for preferred shares was 313 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

342.5

$

27.42

Cash and Cash Equivalents

 

10.0

 

0.80

Income Tax Receivable

 

52.1

 

4.17

Other Assets

 

6.0

 

0.48

Total Assets

 

410.6

 

32.87

 

Senior Notes

 

87.9

 

7.04

Preferred Stock

 

32.3

 

2.59

Total Leverage

 

120.2

 

9.63

 

Other Liabilities

 

2.3

 

0.18

Current Tax Liability

 

32.2

 

2.58

Net Assets

$

255.9

$

20.48

 

12.49 million common shares currently outstanding.

TYG has completed approximately $13.6 million of share repurchases under the publicly announced repurchase plan allowing up to $25.0 million through December 31, 2020. Under the program, TYG has repurchased 841,725 shares of its common stock at an average price of $16.142 and an average discount to NAV of 24.9%.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $195.9 million and its unaudited net asset value was $123.2 million, or $20.59 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 453 percent, and its coverage ratio for preferred shares was 341 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

192.5

$

32.17

Cash and Cash Equivalents

 

0.1

 

0.02

Other Assets

 

3.3

 

0.56

Total Assets

 

195.9

 

32.75

 

 

 

Short-Term Borrowings

 

0.3

 

0.05

Senior Notes

 

38.2

 

6.39

Preferred Stock

 

12.7

 

2.12

Total Leverage

 

51.2

 

8.56

 

 

 

Other Liabilities

 

0.8

 

0.14

Current Tax Liability

 

20.7

 

3.46

Net Assets

$

123.2

$

20.59

 

5.98 million common shares currently outstanding.

NTG has completed approximately $5.5 million of share repurchases under the publicly announced repurchase plan allowing up to $12.5 million through December 31, 2020. Under the program, NTG has repurchased 338,074 shares of its common stock at an average price of $16.211 and an average discount to NAV of 25.3%.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $64.8 million and its unaudited net asset value was $39.8 million, or $16.32 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 349 percent, and its coverage ratio for preferred shares was 262 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

58.2

$

23.86

Cash and Cash Equivalents

 

5.8

 

2.36

Other Assets

 

0.8

 

0.34

Total Assets

 

64.8

 

26.56

 

 

 

Senior Notes

 

18.4

 

7.54

Preferred Stock

 

6.1

 

2.50

Total Leverage

 

24.5

 

10.04

 

 

 

Other Liabilities

 

0.5

 

0.20

Net Assets

$

39.8

$

16.32

 

2.44 million common shares currently outstanding.

TTP has completed approximately $0.9 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through December 31, 2020. Under the program, TTP has repurchased 65,155 shares of its common stock at an average price of $13.799 and an average discount to NAV of 25.6%.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $30.0 million and its unaudited net asset value was $24.9 million, or $13.48 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 598 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

29.8

$

16.13

Cash and Cash Equivalents

 

0.1

 

0.05

Other Assets

 

0.1

 

0.09

Total Assets

 

30.0

 

16.27

 

Credit Facility Borrowings

 

5.0

 

2.71

 

Other Liabilities

 

0.1

 

0.08

Net Assets

$

24.9

$

13.48

 

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $108.0 million and its unaudited net asset value was $81.0 million, or $11.65 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 403 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

106.3

$

15.29

Cash and Cash Equivalents

 

0.2

 

0.02

Other Assets

 

1.5

 

0.22

Total Assets

 

108.0

 

15.53

 

 

 

Credit Facility Borrowings

 

26.7

 

3.84

 

 

 

Other Liabilities

 

0.3

 

0.04

Net Assets

$

81.0

$

11.65

 

6.95 million common shares currently outstanding.

On October 14th, TPZ publicly announced a share repurchase program allowing up to $5.0 million in common stock repurchases through August 31, 2021. Under the program, TPZ has repurchased 1,700 shares of its common stock at an average price of $8.240 and an average discount to NAV of 29.3%.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of October 31, 2020, the company’s unaudited total assets were approximately $230.9 million and its unaudited net asset value was $198.7 million, or $14.73 per share.

As of October 31, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 731 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at October 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

226.5

$

16.79

Cash and Cash Equivalents

 

0.3

 

0.02

Other Assets

 

4.1

 

0.30

Total Assets

 

230.9

 

17.11

 

 

 

Credit Facility Borrowings

 

31.5

 

2.33

 

 

 

Other Liabilities

 

0.7

 

0.05

Net Assets

$

198.7

$

14.73

 

13.49 million common shares outstanding.

The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.


Contacts

Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Self-funding Operations with Joint Venture Pipeline Ramp

HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (“Noble Midstream” or the “Partnership”) today reported third-quarter 2020 financial and operational results. The Partnership’s results are consolidated to include Noble Midstream’s 54.4% ownership of Black Diamond Gathering, LLC (“Black Diamond Gathering”). Equity Method Investments refer to Noble Midstream’s equity interests in joint ventures that are not wholly-owned by the Partnership.


Certain results are shown as “attributable to the Partnership,” which exclude the noncontrolling interests in Black Diamond Gathering retained by Greenfield Midstream1. Noble Midstream believes the results “attributable to the Partnership” provide the best representation of the ongoing operations from which the Partnership’s unitholders will benefit.

Third-Quarter 2020 Operating Results and Highlights

  • Generated $36 million Net Income attributable to the Partnership, $72 million Net Cash Provided by Operating Activities, and $96 million in Adjusted Net EBITDA2
  • Self-funded quarterly operations, investing $8 million of organic capital and $43 million in Equity Method Investments
  • Gathered 315,000 barrels of gross oil and gas equivalent per day (Boe/d) and 156,000 barrels of produced water per day (Bw/d)
  • Transported more than 790,000 gross (181,000 net) barrels per day (Bbl/d) across intermediate and long-haul pipeline equity interests, up 10% sequentially

Robin Fielder, Chief Executive Officer of the Partnership, stated, “Noble Midstream generated operating cash flows in excess of our capital and equity method investments for the second-consecutive quarter through continued optimization and cost reductions. We are encouraged to see customer completion activity return and anticipate exiting 2020 with strong fourth-quarter activity. Along with full-year run-rate contribution from our transmission business, the Partnership is well-positioned for the future. We are excited to be a part of the Chevron organization and will work closely with our new parent to integrate our business and create unitholder value.”

 

3Q20

Gross Volumes

Actuals

Oil and Gas Gathered (MBoe/d)

315

Produced Water Gathered (MBw/d)

156

Fresh Water Delivered (MBw/d)

22

 

 

Financials (in millions)

 

Net Income Attributable to the Partnership

$36

Net Cash Provided by Operating Activities

$72

Adjusted Net EBITDA2

$96

Distributable Cash Flow2

$79

Distribution Coverage Ratio2

4.7x

Organic Capital, Excluding Equity Investments

$8

Resilient Gathering and Growing Transmission Businesses Drive Cash Flow Generation

Third-quarter 2020 revenues totaled $187 million, an increase of 28% sequentially, largely related to higher third-party crude oil sales, which when netted with cost of oil sales, equated to a gain of $4 million. Affiliate oil and gas gathering revenue of $81 million declined 4% sequentially as Noble Energy reduced completion activity. Third-party oil and gas gathering revenue of $21 million declined 3% sequentially.

Total operating expenses were $125 million with $20 million in direct operating expenses, down slightly quarter-over-quarter and 23% annually, as a result of continued cost-reduction measures and temporary reductions in customer activity levels. The Partnership identified roughly $20 million in annual, overall direct operating cost savings and anticipates that more than 50% are sustainable at current activity levels. Investment losses were $18 million, of which $12 million was related to the EPIC Y-Grade and BANGL joint venture described below.

The Partnership reported third-quarter 2020 Net Cash Provided by Operating Activities of $72 million and Adjusted Net EBITDA2 of $96 million, up slightly from second-quarter 2020. Maintenance capital expenditures and cash interest expense attributable to the Partnership totaled $7 million and $6 million, respectively, leading to $79 million Distributable Cash Flow2 attributable to the Partnership. Despite producer curtailments and lower basin activity levels, an increase in EBITDA2 from equity method investments benefited quarterly financials.

Noble Midstream invested $8 million in third-quarter organic capital expenditures. Equity method investments during the quarter totaled $43 million, including $24 million for EPIC Crude, $17 million for EPIC Y-Grade, $4 million for EPIC Propane, and a $2 million reimbursement at Delaware Crossing.

Curtailed Volumes Returned to Production and Completions Resuming

Noble Midstream connected two third-party wells during the quarter, located in the Delaware Basin.

In the Partnership's wholly-owned DJ Basin assets, oil and gas gathering averaged 171,000 Boe/d, up 6% sequentially, and produced water volumes averaged 29,000 Bw/d. Freshwater delivery averaged 22,000 Bw/d, and the Partnership delivered water to 9 third-party wells in September. DJ Basin capital expenditures totaled $2.3 million.

Black Diamond oil gathering throughput volumes averaged 72,000 Bo/d, excluding marketing volumes, down 9% sequentially, and oil sales volumes were 17,000 Bo/d. Net1 capital expenditures totaled $1.6 million. Total DJ Basin curtailed volumes averaged 11,000 Boew/d and returned to full production during the quarter.

In the Delaware Basin, quarterly oil and gas gathering throughput and produced water gathering volumes were 72,000 Boe/d and 127,000 Bw/d, respectively, both down 14% sequentially. Total Delaware Basin curtailments averaged 9,000 Boew/d and returned to production by August. Capital expenditures totaled $4.3 million.

Equity Method Investment Volumes Ramping

The Partnership averaged 790,000 gross Bbl/d (181,000 net) across its intermediate and long-haul transmission systems. Equity method investment volumes and cash flows are expected to grow in the fourth-quarter 2020 as activity returns to the DJ and Delaware basins and the first EPIC greenfield fractionator increases throughput.

EPIC Crude ended interim service in April 2020 and recorded its first full-service period in the third quarter with increasing mainline throughput volumes. The Partnership does not anticipate additional material equity method investment contributions for EPIC Crude.

The EPIC Y-Grade first greenfield fractionator commenced service at the end of the second-quarter 2020 and progressed toward nameplate capacity throughout the third quarter. During the quarter, EPIC Y-Grade announced an undivided joint interest (UJI) and joint venture transaction with BANGL, a consortium led by MPLX and Whitewater Midstream. The BANGL consortium purchased 30% of the pipeline capacity in the existing long-haul NGL pipeline and contracted a 10-year transportation and fractionation agreement to deliver Y-Grade natural gas liquids (NGLs) to a fractionation complex in Sweeny, Texas. The EPIC Y-Grade partners expect to partially reinvest the proceeds to convert its ethane line to Y-Grade service and extend it to Sweeny. This transaction should provide connectivity to another market, increase cash flow back to the partners, and allow EPIC Y-Grade to potentially defer a construction decision on the second greenfield fractionator.

Third-quarter 2020 Saddlehorn throughput averaged approximately 164,000 Bo/d, down slightly sequentially. Expansion remains on track for 2021, which is designed to add 100,000 Bbl/d of oil transportation. Volumes on the Advantage Pipeline system averaged 66,000 Bo/d, compared to 72,000 Bo/d during the second-quarter 2020, and generated $5.5 million in gross distributions to the joint venture partners during the quarter. Delaware Crossing averaged 20,000 Bbl/d in gathering and transportation volumes with essentially all third-party curtailed production back online in July.

Strong Balance Sheet and Liquidity

As of September 30, 2020, the Partnership had $422 million in liquidity and $1.6 billion in total debt. During the quarter, total debt balance increased slightly by $10 million to account for remaining equity method investment capital expenditures and working capital phasing. The Partnership anticipates to delever in the fourth-quarter 2020.

Noble Midstream has a current debt obligation of $500 million that matures July 31, 2021. The Partnership is evaluating opportunities with its parent to address this obligation.

On October 20, 2020, the Board of Directors of Noble Midstream’s general partner, Noble Midstream GP LLC, declared a third-quarter cash distribution of $0.1875 per unit, flat versus second-quarter 2020.

2020 Earnings and Cash Flow Guidance Raised as Fourth-Quarter Activity Increases

After minimal affiliate activity in the third-quarter 2020, Noble Midstream anticipates the resumption of affiliate well completions in the fourth quarter as well as third-party activity in the DJ and Delaware Basins. The Partnership estimates 17 to 20 well completions across its wholly-owned DJ Basin gathering systems. In Black Diamond, the Partnership still estimates more than 150 well connections this year with 25 to 30 connections expected in the fourth-quarter 2020. In the Delaware Basin, affiliate completion activity resumed in October, and the Partnership anticipates 8 to 10 well connections, including 1 to 3 third-party connections.

Noble Midstream is narrowing its 2020 organic capital expenditures expectations from $60 to $80 million to $70 to $80 million and is lowering the top end of its expected 2020 equity method investment range, now $240 to $250 million, from a top end of $260 million previously.

The Partnership anticipates the midpoint of its Net Income Attributable to the Partnership to be $125 million in 2020. Noble Midstream is increasing the midpoint of its expected 2020 Adjusted Net EBITDA2 by 1% to $385 to $400 million and the midpoint of the 2020 Distributable Cash Flow2 by 4% to $300 to $315 million. Distribution Coverage Ratio2 and Net Debt to Trailing Twelve Month (TTM) Adjusted Net EBITDA2 expectations were adjusted to >4.5x and 3.9x to 4.2x, respectively.

 

 

2020 Guidance

Financials (in millions)

 

 

 

 

Net Income

 

$125

Adjusted Net EBITDA 2

 

$385

-

$400

Distributable Cash Flow 2

 

$300

-

$315

Net Debt to TTM Adjusted Net EBITDA 2

 

3.9x

-

4.2x

Distribution Coverage Ratio 2

 

>4.5x

 

 

 

 

 

2020 Organic Capital

 

$70

-

$80

Equity Method Investment Capital

 

$240

-

$250

1 “Net” is equivalent to “attributable to the Partnership”.
2 Adjusted Net EBITDA, Distributable Cash Flow (DCF), Distribution Coverage Ratio and Net Debt to Trailing Twelve Month (TTM) Adjusted Net EBITDA are not Generally Accepted Accounting Principles (GAAP) measures. Definitions and reconciliations of these Non-GAAP measures to their most directly comparable GAAP reporting measures appear in Schedule 4 of the financial tables which follow. Noble Midstream does not provide guidance on the reconciling items between forecasted Adjusted Net EBITDA, Distributable Cash Flow, Net Debt to TTM Adjusted Net EBITDA or Distribution Coverage Ratio and Net Cash Provided by Operating Activities due to the uncertainty regarding timing and estimates of certain of these items. Noble Midstream provides a range of such Non-GAAP financial measures to allow for the variability in timing and uncertainty of estimates of such reconciling items. Therefore, Noble Midstream cannot reconcile forecasted Adjusted Net EBITDA, Distributable Cash Flow, Net Debt to TTM Adjusted Net EBITDA or Distribution Coverage Ratio to Net Cash Provided by Operating Activities without unreasonable effort.

About Noble Midstream

Noble Midstream is a master limited partnership originally formed by Noble Energy, Inc. and majority-owned by Chevron Corp. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream strives to be the midstream provider and partner of choice for its safe operations, reliability, and strong relationships while enhancing value for all stakeholders. For more information, please visit www.nblmidstream.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “estimate,” “anticipate,” “believe,” “project,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “on schedule,” “on track,” “strategy” and other similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Midstream Partners LP’s (“Noble Midstream,” “we,” or “our”) current views about future events. Our forward-looking statements may include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, the costs of being a publicly traded partnership and our capital programs. In addition, our forward-looking statements address the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the COVID-19 pandemic and the actions of foreign oil producers (most notably Saudi Arabia and Russia) to maintain market share and impact commodity pricing and the expected impact on our business, operations, earnings and results. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Noble Midstream does not assume any obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those projected. These risks include, without limitation, changes in general economic conditions, including without limitation the impacts of the COVID-19 pandemic; our customers’ ability to meet their drilling and development plans; competitive conditions in the Partnership’s industry; actions taken by third-party operators, gatherers, processors and transporters; the demand for crude oil and natural gas gathering and processing services; our ability to successfully implement our business plan; our ability to complete internal growth projects on time and on budget; the ability of third parties to complete construction of pipelines in which Noble Midstream holds equity interests on time and on budget; the price and availability of debt and equity; the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels; risks associated with the change in ownership of our General Partner; and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Disclosure Regarding Forward-Looking Statements” in Noble Midstream’s 2019 Annual Report on Form 10-K and in subsequent reports that we file with the U.S. Securities and Exchange Commission (SEC).

Non-GAAP Financial Measures

This news release also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Midstream’s overall financial performance. Please see the attached schedules for reconciliations of the non-GAAP financial measures used in this news release to the most directly comparable GAAP financial measures and for the reasons why management believes non-GAAP measures provide useful information to investors.

Schedule 1

Noble Midstream Partners LP

Revenue and Throughput Volume Statistics

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2020

 

2019

 

2020

 

2019

DJ Basin

 

 

 

 

 

 

 

Crude Oil Sales Volumes (Bbl/d)

16,691

 

 

9,625

 

 

16,462

 

 

8,813

 

Crude Oil Gathering Volumes (Bbl/d)

172,393

 

 

181,486

 

 

177,210

 

 

179,392

 

Natural Gas Gathering Volumes (MMBtu/d)

525,417

 

 

496,238

 

 

497,965

 

 

458,087

 

Natural Gas Processing Volumes (MMBtu/d)

39,876

 

 

48,988

 

 

41,697

 

 

50,823

 

Produced Water Gathering Volumes (Bbl/d)

29,452

 

 

41,508

 

 

37,426

 

 

40,474

 

Fresh Water Delivery Volumes (Bbl/d)

22,125

 

 

134,629

 

 

92,873

 

 

177,565

 

 

 

 

 

 

 

 

 

Delaware Basin

 

 

 

 

 

 

 

Crude Oil Gathering Volumes (Bbl/d)

51,064

 

 

51,822

 

 

56,845

 

 

46,530

 

Natural Gas Gathering Volumes (MMBtu/d)

159,734

 

 

180,707

 

 

172,241

 

 

139,877

 

Produced Water Gathering Volumes (Bbl/d)

126,688

 

 

151,739

 

 

145,551

 

 

137,868

 

 

 

 

 

 

 

 

 

Total Gathering Systems

 

 

 

 

 

 

 

Crude Oil Sales Volumes (Bbl/d)

16,691

 

 

9,625

 

 

16,462

 

 

8,813

 

Crude Oil Gathering Volumes (Bbl/d)

223,457

 

 

233,308

 

 

234,055

 

 

225,922

 

Natural Gas Gathering Volumes (MMBtu/d)

685,151

 

 

676,945

 

 

670,206

 

 

597,964

 

Barrels of Oil Equivalent (Boe/d) (1)

314,822

 

 

322,872

 

 

324,674

 

 

306,508

 

Natural Gas Processing Volumes (MMBtu/d)

39,876

 

 

48,988

 

 

41,697

 

 

50,823

 

Produced Water Gathering Volumes (Bbl/d)

156,140

 

 

193,247

 

 

182,977

 

 

178,342

 

 

 

 

 

 

 

 

 

Total Fresh Water Delivery

 

 

 

 

 

 

 

Fresh Water Delivery Volumes (Bbl/d)

22,125

 

 

134,629

 

 

92,873

 

 

177,565

 

(1)

Includes crude oil sales volumes that are transported on our gathering systems and sold to third-party customers.

Schedule 2

Noble Midstream Partners LP

Consolidated Statement of Operations

(in thousands, except per unit amounts, unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2020

 

2019

 

2020

 

2019

Revenues

 

 

 

 

 

 

 

Gathering and Processing Affiliate

$

80,030

 

 

$

90,586

 

 

$

251,999

 

 

$

244,102

 

Gathering and Processing — Third Party

18,792

 

 

17,169

 

 

60,762

 

 

54,264

 

Fresh Water Delivery Affiliate

8,420

 

 

20,847

 

 

42,319

 

 

66,801

 

Fresh Water Delivery — Third Party

1,628

 

 

2,132

 

 

7,613

 

 

8,395

 

Crude Oil Sales — Third Party

76,173

 

 

48,870

 

 

187,750

 

 

133,522

 

Other — Affiliate

504

 

 

791

 

 

2,159

 

 

2,393

 

Other — Third Party

1,818

 

 

1,279

 

 

4,758

 

 

3,559

 

Total Revenues

187,365

 

 

181,674

 

 

557,360

 

 

513,036

 

Costs and Expenses

 

 

 

 

 

 

 

Cost of Crude Oil Sales

72,089

 

 

46,240

 

 

181,052

 

 

125,216

 

Direct Operating

19,654

 

 

25,688

 

 

66,543

 

 

88,996

 

Depreciation and Amortization

26,443

 

 

24,571

 

 

78,728

 

 

71,585

 

General and Administrative

6,244

 

 

4,373

 

 

18,176

 

 

13,905

 

Goodwill Impairment

 

 

 

 

109,734

 

 

 

Other Operating Expense (Income)

864

 

 

(469

)

 

4,726

 

 

(488

)

Total Operating Expenses

125,294

 

 

100,403

 

 

458,959

 

 

299,214

 

Operating Income

62,071

 

 

81,271

 

 

98,401

 

 

213,822

 

Other Expense (Income)

 

 

 

 

 

 

 

Interest Expense, Net of Amount Capitalized

6,437

 

 

3,952

 

 

19,927

 

 

11,502

 

Investment Loss, Net

18,068

 

 

5,621

 

 

26,207

 

 

5,028

 

Other Non-Operating Income

(1,336

)

 

 

 

 

 

 

Total Other Expense, Net

23,169

 

 

9,573

 

 

46,134

 

 

16,530

 

Income Before Income Taxes

38,902

 

 

71,698

 

 

52,267

 

 

197,292

 

Income Tax Expense

166

 

 

1,179

 

 

187

 

 

3,219

 

Net Income

38,736

 

 

70,519

 

 

52,080

 

 

194,073

 

Less: Net Income Prior to the Drop-Down and Simplification

 

 

4,136

 

 

 

 

11,237

 

Net Income Subsequent to the Drop-Down and Simplification

38,736

 

 

66,383

 

 

52,080

 

 

182,836

 

Less: Net Income (Loss) Attributable to Noncontrolling Interests

2,952

 

 

25,751

 

 

(42,043

)

 

62,236

 

Net Income Attributable to Noble Midstream Partners LP

35,784

 

 

40,632

 

 

94,123

 

 

120,600

 

Less: Net Income Attributable to Incentive Distribution Rights

 

 

5,820

 

 

 

 

13,967

 

Net Income Attributable to Limited Partners

$

35,784

 

 

$

34,812

 

 

$

94,123

 

 

$

106,633

 

 

 

 

 

 

 

 

 

Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic

 

 

 

 

 

 

 

Common Units

$

0.40

 

 

$

0.88

 

 

$

1.04

 

 

$

2.65

 

Subordinated Units

$

 

 

$

 

 

$

 

 

$

2.89

 

 

 

 

 

 

 

 

 

Net Income Attributable to Limited Partners Per Limited Partner Unit — Diluted

 

 

 

 

 

 

 

Common Units

$

0.40

 

 

$

0.88

 

 

$

1.04

 

 

$

2.64

 

Subordinated Units

$

 

 

$

 

 

$

 

 

$

2.89

 

 

 

 

 

 

 

 

 

Weighted Average Limited Partner Units Outstanding Basic

 

 

 

 

 

 

 

Common Units

90,170

 

 

39,604

 

 

90,162

 

 

31,855

 

Subordinated Units

 

 

 

 

 

 

7,747

 

 

 

 

 

 

 

 

 

Weighted Average Limited Partner Units Outstanding Diluted

 

 

 

 

 

 

 

Common Units

90,170

 

 

39,624

 

 

90,166

 

 

31,879

 

Subordinated Units

 

 

 

 

 

 

7,747

 

Schedule 3

Noble Midstream Partners LP

Consolidated Balance Sheet

(in thousands, unaudited)

 

 

September 30, 2020

 

December 31, 2019

ASSETS

 

 

 

Current Assets

 

 

 

Cash and Cash Equivalents

$

17,403

 

 

$

12,676

 

Accounts Receivable — Affiliate

48,966

 

 

42,428

 

Accounts Receivable — Third Party

45,051

 

 

44,093

 

Other Current Assets

8,474

 

 

8,730

 

Total Current Assets

119,894

 

 

107,927

 

Property, Plant and Equipment

 

 

 

Total Property, Plant and Equipment, Gross

2,063,911

 

 

2,006,995

 

Less: Accumulated Depreciation and Amortization

(297,181

)

 

(244,038

)

Total Property, Plant and Equipment, Net

1,766,730

 

 

1,762,957

 

Investments

899,468

 

 

660,778

 

Intangible Assets, Net

253,652

 

 

277,900

 

Goodwill

 

 

109,734

 

Other Noncurrent Assets

3,028

 

 

6,786

 

Total Assets

$

3,042,772

 

 

$

2,926,082

 

LIABILITIES, MEZZANINE EQUITY AND EQUITY

 

 

 

Current Liabilities

 

 

 

Accounts Payable — Affiliate

$

3,724

 

 

$

8,155

 

Accounts Payable — Trade

56,986

 

 

107,705

 

Current Portion of Debt

501,753

 

 

 

Other Current Liabilities

9,773

 

 

11,680

 

Total Current Liabilities

572,236

 

 

127,540

 

Long-Term Liabilities

 

 

 

Long-Term Debt

1,144,599

 

 

1,495,679

 

Asset Retirement Obligations

40,900

 

 

37,842

 

Other Long-Term Liabilities

3,963

 

 

4,160

 

Total Liabilities

1,761,698

 

 

1,665,221

 

Mezzanine Equity

 

 

 

Redeemable Noncontrolling Interest, Net

116,104

 

 

106,005

 

Equity

 

 

 

Common Units (90,171 and 90,136 units outstanding, respectively)

803,466

 

 

813,999

 

Noncontrolling Interests

361,504

 

 

340,857

 

Total Equity

1,164,970

 

 

1,154,856

 

Total Liabilities, Mezzanine Equity and Equity

$

3,042,772

 

 

$

2,926,082

 

Schedule 4
Noble Midstream Partners LP
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures

Non-GAAP Financial Measures

This news release, the financial tables and other supplemental information include Adjusted EBITDA, Adjusted Net EBITDA, Distributable Cash Flow, Net Debt to Trailing Twelve Month Adjusted Net EBITDA and Distribution Coverage Ratio, all of which are non-GAAP measures which may be used periodically by management when discussing our financial results with investors and analysts.

We define Adjusted EBITDA as net income before income taxes, net interest expense, depreciation and amortization and certain other items that we do not view as indicative of our ongoing performance. Additionally, Adjusted EBITDA reflects the adjusted earnings impact of our equity method investments by adjusting our equity earnings or losses from our equity method investments to reflect our proportionate share of the EBITDA of such equity method investments. We define Adjusted Net EBITDA as Adjusted EBITDA less the portion attributable to noncontrolling interests. We define Net Debt to Trailing Twelve Month Adjusted Net EBITDA as Total Debt less cash and cash equivalents divided by the Trailing Twelve Month Adjusted Net EBITDA.


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LONDON--(BUSINESS WIRE)--#GlobalHeatTransferFluidMarket--The heat transfer fluid market is expected to grow by USD 794.39 million during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the heat transfer fluid market in optimistic, probable, and pessimistic forecast scenarios.



Enterprises will go through Response, Recovery and Renew phases. Download a Free Sample Report on COVID-19

The heat transfer fluid market will witness neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.

With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis and towards the Next Normal.

This post-pandemic business planning research will aid clients to:

  • Adjust their strategic planning to move ahead once business stability kicks in.
  • Build Resilience by making effective resource and investment choices for individual business units, products and service lines.
  • Conceptualize scenario-based planning to mitigate future crisis situations.

Download the Post-Pandemic Business Planning Structure. Click here

Key Considerations for Market Forecast:

  • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
  • Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
  • Pre- as well as post-COVID-19 market estimates
  • Quarterly impact analysis and updates on market estimates

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Technavio's SUBSCRIPTION platform

Major Three Heat Transfer Fluid Market Participants:

BASF SE

BASF SE operates its business under various segments such as chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The product is used in many lubricant applications including gear oils, fire resistant hydraulic fluids, compressor oils, quenchants, metalworking fluids, aluminum processing fluids, chain, and textile lubricants.

BP Plc

BP Plc operates its business under three segments, which include upstream, downstream, and Rosneft. The product is used as a heat transfer medium.

Chevron Corp.

Chevron Corp. operates its business under upstream and downstream segments. The product is offered as a mineral oil-type transfer oils used in heat transfer systems with forced circulation.

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technvaio.com/report/heat-transfer-fluid-market-industry-analysis

Heat Transfer Fluid Market 2020-2024: Segmentation

Heat transfer fluid market is segmented as below:

  • End-user
    • Oil and Gas
    • Chemicals
    • CSP
    • Food and Beverage
    • Others
  • Geography
    • APAC
    • Europe
    • North America
    • MEA
    • South America
  • Type
    • Silicones and Aromatics
    • Mineral Oils
    • Glycol-based Fluids
    • Others

The heat transfer fluid market is driven by developing chemical industry in China and India. In addition, other factors such as market consolidation due to mergers and acquisitions is expected to trigger the heat transfer fluid market toward witnessing a CAGR of over 5% during the forecast period.

Get more insights about the global trends impacting the future of heat transfer fluid market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR44663

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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Renewable Energy Buyers Alliance, leading convenor of large energy buyers, sets ambitious wholesale market priorities to accelerate zero-carbon energy future

WASHINGTON--(BUSINESS WIRE)--The Renewable Energy Buyers Alliance (REBA), the leading convenor of the world’s largest energy buyers, released today its Buyers’ Principles on Wholesale Market Design in support of instituting and improving organized wholesale markets in all regions of the country. The Principles highlight critical design components necessary to reduce energy costs for all customers, improve reliability of the power grid, drive innovation, and provide energy customers more options to meet ambitious clean energy goals.


“REBA’s vision is that every organization has a viable, expedient, and cost-effective pathway to renewable energy,” said Miranda Ballentine, CEO, REBA. “Large energy buyers have coalesced to use their collective voice to accelerate decarbonization of the power sector and create significant cost, societal, and economic benefits for all energy customers.”

Well implemented and designed organized wholesale markets focused on meeting customer needs follow 10 principles, under three themes:

  1. Unlock wholesale market competition to catalyze clean energy by ensuring a level playing field, large energy buyer participation, and services that provide actual value for energy customers.
  2. Safeguard market integrity through independent and responsive governance structures, transparency, and broad stakeholder engagement and representation.
  3. Design to scale to the future by ensuring operational scale, customer-oriented options to meet decarbonization goals, alignment with federal and state public policy, and predictable investment decisions.

Energy buyers from across the commercial and industrial sector are setting increasingly ambitious energy goals to power their facilities and operations with zero carbon energy. REBA’s membership alone represents more than 200 companies with a market cap of $3.8 trillion in revenue demanding access to renewable energy.

“Wholesale markets support GM's overall commitment to protecting the environment by providing a platform that hastens the deployment and procurement of cost-effective clean energy as we pursue our vision of an all-electric, zero-emissions future,” says Rob Threlkeld, Global Manager of Sustainable Energy, Supply & Reliability at General Motors, and Vice Chair of REBA’s Board of Directors. “We are committed to using our scale and resources to grow clean energy demand and availability in support of our accelerated renewable energy commitment to power 100 percent of our U.S. facilities with renewables by 2030 and global facilities by 2040. The Buyers Wholesale Market Design Principles showcase how to optimize energy markets so that all customers can effectively pursue ambitious clean energy goals that improve air quality and address climate change.”

The Principles represent the powerful voice of some of the nation’s largest energy customers and employers unifying their collective call for smart wholesale market design and expansion as one of the most important courses of action to achieve a zero-carbon energy system faster and affordably.

To view the full outline of Organized Wholesale Market Principles, visit rebuyers.org.


Contacts

Marisa Long
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~ Hiber launches HiberHilo, a subscription based IoT solution, as organisations operating remotely call for simple solutions amid COVID-19 pandemic ~

~ A first of many out-of-the-box offerings, the Oil & Gas Well Integrity Monitoring solution will exponentially increase well safety, enabling connectivity anywhere, at any time ~

~ Proven by Nederlandse Aardolie Maatschappij (NAM) and Royal Dutch Shell, HiberHilo can monitor up to 250 wells in a 10km radius, wherever they are in the world ~

AMSTERDAM--(BUSINESS WIRE)--Dutch satellite Internet-of-Things (IoT) solution startup, Hiber, today announces the launch of HiberHilo, its first end-to-end solution for Oil & Gas Well Integrity Monitoring. HiberHilo is also the world’s first subscription service for IoT-enabled remote Oil/Gas Well monitoring and the company will be introducing similar services for other specific use cases in 2021.



There is a growing demand for remote monitoring in industries such as Oil & Gas to create more sustainable and environmentally friendly practices, especially with COVID-19 limiting travel halting routine maintenance checks. However, the IoT SaaS market in this space is nascent and lacks simplicity. Having already been one of the first firms to develop a remote IoT connectivity solution with the launch of its proprietary nano-satellites in 2018, Hiber identified the urgent need for readily available out-the-box end-to-end subscription based offerings. These must be designed bespoke for particular use cases, as well as being simple and efficient for businesses to install and implement.

The HiberHilo solution for Oil & Gas Well Integrity Monitoring is the first offering of this kind that Hiber will launch because this process is currently complex, time-consuming and expensive (costing up to $40,000 per field visit). Additionally, manual monitoring is prone to error and is often not conducted frequently enough.

Monitoring is critical to ensure that anomalies are identified early and addressed - this can include potential leaks which, if left unaddressed, can impact people’s health and safety as well as negatively impact the environment. HiberHilo’s out-of-the-box subscription solution utilises Hiber’s global satellite network to empower organisations to automate continuous annulus pressure and wellhead monitoring of up to 250 wells in a radius of 10km, even in the most remote locations on Earth. Pricing starts at $449 per month per well (1 sensor and a 5 year contract).

The all-in-one product is available as both a starter kit and in the form of an enterprise solution, both of which feature:

  • A pressure and optional temperature sensor to ensure accurate and regular measurements - organisations can add more sensors to the network if required
  • Easy connectivity anywhere, sending up to 24 messages a day or one per hour
  • Alarm and alert settings
  • An intuitive dashboard for desktop and mobile
  • Support both on-site and via mobile

Coen Janssen, co-founder and Chief Strategy Officer at Hiber said, “We are excited to launch this first-of-its-kind IoT proposition for remote monitoring at a time when it is needed more than ever. HiberHilo has already been proven by Nederlandse Aardolie Maatschappij (NAM) and Royal Dutch Shell (better known as just “Shell”) on an abandoned on-shore well. This technology can be installed in less than 2 hours and within 0.25% accuracy levels of a traditional wired system, which is extremely reliable.”

“We look forward to more companies embracing this new proposition as it will save them time, money and lives by allowing teams to monitor well integrity from home as well as reducing the risk of well integrity issues to create more sustainable practices. The future for remote monitoring is very bright!”

Hiber entered the market in 2018 purely as a connectivity provider, utilising its own proprietary nano-satellite technology to unlock IoT connectivity in the 90% of the world without it. For more information on HiberHilo visit: hiberhilo.com or watch this video.

-- ENDS --

About Hiber

Hiber is an Internet of Things (IoT) solution startup, founded and led by a dream team of satellite experts and tech entrepreneurs. These 'Hibernauts' are working on a moonshoot goal: to launch and provide end-to-end IoT solutions connected by satellites in space. More than 55 employees work on the ground-breaking technology behind Hiber and Hiberband at its offices in the Netherlands and USA.

To date, the company has managed to attract significant funding. This has meant that in November 2018 Hiber became the Netherlands’ first commercial satellite company, launching its first two nano-satellites into orbit. Hiber officially launched at the Amazon Web Services’ (AWS) Re:invent Conference in November 2018 where they were named Commercial Startup Launch of 2018 at the AWS conference.


Contacts

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


Global Propane Market to Reach $147.7 Billion by 2027

Amid the COVID-19 crisis, the global market for Propane estimated at US$126.5 Billion in the year 2020, is projected to reach a revised size of US$147.7 Billion by 2027, growing at a CAGR of 2.2% over the analysis period 2020-2027.

Residential, one of the segments analyzed in the report, is projected to record a 2.5% CAGR and reach US$15 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial segment is readjusted to a revised 2.2% CAGR for the next 7-year period.

The U. S. Market is Estimated at $34.2 Billion, While China is Forecast to Grow at 4.2% CAGR

The Propane market in the U. S. is estimated at US$34.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$29 Billion by the year 2027 trailing a CAGR of 4.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.5% and 1.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1% CAGR.

Chemical & Refinery Segment to Record 2.3% CAGR

In the global Chemical & Refinery segment, USA, Canada, Japan, China and Europe will drive the 1.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$17.1 Billion in the year 2020 will reach a projected size of US$19.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$20 Billion by the year 2027, while Latin America will expand at a 3.1% CAGR through the analysis period.

The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others:

  • AmeriGas Propane, Inc.
  • Anadarko Petroleum Corporation
  • DCC plc
  • Lykins Energy Solution
  • Marsh LP Gas Company Inc.
  • Sparlingss Propane Co. Ltd.
  • Suburban Propane Partners LP
  • ThompsonGas
  • UGI Corporation

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

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

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

  • Propane Global Market Estimates and Forecasts in US$ Million by Region/Country: 2020-2027
  • Propane Global Retrospective Market Scenario in US$ Million by Region/Country: 2012-2019
  • Propane Market Share Shift across Key Geographies Worldwide: 2012 VS 2020 VS 2027
  • Residential (End-Use) Global Opportunity Assessment in US$ Million by Region/Country: 2020-2027
  • Residential (End-Use) Historic Sales Analysis in US$ Million by Region/Country: 2012-2019
  • Residential (End-Use) Percentage Share Breakdown of Global Sales by Region/Country: 2012 VS 2020 VS 2027
  • Commercial (End-Use) Worldwide Sales in US$ Million by Region/Country: 2020-2027
  • Commercial (End-Use) Historic Demand Patterns in US$ Million by Region/Country: 2012-2019
  • Commercial (End-Use) Market Share Shift across Key Geographies: 2012 VS 2020 VS 2027
  • Chemical & Refinery (End-Use) Global Market Estimates & Forecasts in US$ Million by Region/Country: 2020-2027
  • Chemical & Refinery (End-Use) Retrospective Demand Analysis in US$ Million by Region/Country: 2012-2019
  • Chemical & Refinery (End-Use) Market Share Breakdown by Region/Country: 2012 VS 2020 VS 2027
  • Industrial (End-Use) Demand Potential Worldwide in US$ Million by Region/Country: 2020-2027
  • Industrial (End-Use) Historic Sales Analysis in US$ Million by Region/Country: 2012-2019
  • Industrial (End-Use) Share Breakdown Review by Region/Country:2012 VS 2020 VS 2027
  • Transportation (End-Use) Worldwide Latent Demand Forecasts in US$ Million by Region/Country: 2020-2027
  • Transportation (End-Use) Global Historic Analysis in US$ Million by Region/Country: 2012-2019
  • Transportation (End-Use) Distribution of Global Sales by Region/Country: 2012 VS 2020 VS 2027
  • Agricultural (End-Use) Sales Estimates and Forecasts in US$ Million by Region/Country for the Years 2020 through 2027
  • Agricultural (End-Use) Analysis of Historic Sales in US$ Million by Region/Country for the Years 2012 to 2019
  • Agricultural (End-Use) Global Market Share Distribution by Region/Country for 2012, 2020, and 2027

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

  • Market Facts & Figures
  • Propane Market Share (in %) by Company: 2019 & 2025
  • Market Analytics
  • Propane Latent Demand Forecasts in US$ Million by End-Use: 2020 to 2027
  • Propane Historic Demand Patterns by End-Use in US$ Million for 2012-2019
  • Propane Market Share Breakdown by End-Use: 2012 VS 2020 VS 2027

IV. COMPETITION

  • Total Companies Profiled: 46

For more information about this report visit https://www.researchandmarkets.com/r/7131pu


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