HOUSTON--(BUSINESS WIRE)--Black Bear Transmission LLC, (“Black Bear”) today announced that it has completed the divestiture of gas gathering assets owned by BBT Alabama, LLC (“BBT AL”) to an undisclosed buyer.

This divestiture follows Black Bear’s most recent acquisition – the purchase of the NGT Assets from Third Coast Midstream in September 2020.

BBT AL owns and operates a fee-based, natural gas gathering system that connects production in Alabama to regional long-haul pipelines. The asset sale consists of more than 240 miles of natural gas pipelines, 26 active metered locations, and 1 active compressor station.

“We are excited to complete this transaction,” said Rene Casadaban, Chief Executive Officer of Black Bear. “The sale of these assets allows us to continue our main focus on the transmission business, which serves long-term, demand-driven end-user markets, while continuing to provide safe and reliable service.”

“This sale is another example of the team’s ability to quickly execute on the strategic rationalization of acquired assets,” added Scott Langston, Senior Vice President and Chief Commercial Officer for Black Bear, “Similar to the Ozark Gas Gathering sale, this deal allows us to achieve operational cost savings while at the same time directing more internal resources towards our core natural gas transmission infrastructure. We appreciate all of the hard work from everybody involved to complete this sale.”

The terms of the transaction are not being disclosed.

About Black Bear

Black Bear Transmission LLC transports and delivers natural gas from various pipeline receipt points to utility, power generation and industrial customers in the Southeast United States. Following this sale, Black Bear owns and operates 13 regulated natural gas pipelines stretching more than 2,100 miles, with total delivery capacity of more than 2.6 Bcf per day. The pipelines are connected to 18 major long-haul pipelines, ensuring reliable gas supply to customers across Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma and Tennessee. Black Bear Transmission LLC is headquartered in Houston, TX.

For more information, please visit www.blackbearllc.com.

For media inquiries:
Black Bear Transmission
Rene Casadaban
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REDWOOD CITY, Calif. & BERKELEY, Calif. & URBANA, Ill.--(BUSINESS WIRE)--The C3.ai Digital Transformation Institute (DTI) today announced that global energy company Shell is the newest industry partner to join the consortium of universities, national laboratories, and companies that make up the Institute. Shell’s Chief Scientist - Computation and Data Science Detlef Hohl will represent the company in the consortium.

The DTI Industry Partner Program enables leading companies from around the world to engage with DTI researchers and activities and to contribute data sets that will be available for research after anonymization. Industry partners also are encouraged to engage with Institute researchers and collaborate on research projects as well as participate in DTI conferences.

DTI recently released its second call for proposals to fund advanced research projects focused on applying digital transformation and AI to address energy and climate security.

“Shell has established clear leadership in new energy, having laid out its ‘Powering Progress’ commitment to accelerate the transition of Shell’s businesses to net zero emissions,” said Tom Siebel, C3 AI founder and CEO. “Shell will be an important partner as DTI accelerates its clean energy and climate initiatives.”

“At Shell, we have a long history in the area of Data Science. AI has made phenomenal progress in the past decade and will undoubtedly be one of the driving forces behind enabling the transition to a lower-carbon world, but we recognise that we cannot solve these issues on our own,” said Detlef Hohl. “We believe that partnerships between industry, technology companies, and academia are vital to accelerating the impact that AI can have in the energy sector. We are pleased to become a part of the renowned C3DTI and to play our part in accelerating the benefits of artificial intelligence across business, government, and society.”

“We welcome Shell to the C3.ai Digital Transformation Institute and look forward to working together to apply digital transformation science to advance its innovative and ambitious energy transition goals,” said S. Shankar Sastry, C3.ai DTI co-director and the Thomas M. Siebel Professor in Computer Science at UC Berkeley.

“Shell and Microsoft are committed to working closely together to achieve a net-zero emissions future,” said Judson Althoff, executive vice president, Worldwide Commercial Business, Microsoft. “Shell will be an impactful new leader in the C3.ai DTI energy and climate initiatives.”

About C3.ai Digital Transformation Institute

Established in March 2020 by C3 AI, Microsoft, and leading universities, the C3.ai Digital Transformation Institute is a research consortium dedicated to accelerating the benefits of artificial intelligence for business, government, and society. The Institute engages the world’s leading scientists to conduct research and train practitioners in the new Science of Digital Transformation, which operates at the intersection of artificial intelligence, machine learning, cloud computing, internet of things, big data analytics, organizational behavior, public policy, and ethics.

The ten C3.ai Digital Transformation Institute consortium member universities and laboratories are: University of California, Berkeley, University of Illinois at Urbana-Champaign, Carnegie Mellon University, KTH Royal Institute of Technology, Lawrence Berkeley National Laboratory, Massachusetts Institute of Technology, National Center for Supercomputing Applications at University of Illinois at Urbana-Champaign, Princeton University, Stanford University, and University of Chicago. Additional industry partners include AstraZeneca and Baker Hughes.

To support the Institute, C3 AI is providing the Institute $57,250,000 in cash contributions over the first five years of operation. C3 AI and Microsoft will contribute an additional $310 million of in-kind support, including use of the C3 AI^® Suite and Microsoft Azure computing, storage, and technical resources to support C3.ai DTI research.

C3.ai DTI Contact:
Kap Stann
Communications Manager, C3.ai DTI @ Berkeley
Tel. +1 510-295-9685
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will be participating in the Bank of America Merrill Lynch Refining Conference on March 11, 2021 and the Evercore ISI Energy Summit on March 17, 2021.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

ROSARIO, Argentina--(BUSINESS WIRE)--Bioceres Crop Solutions Corp. (“Bioceres” or the “Company”) (NYSE American: BIOX), a fully-integrated global provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, announced today that its subsidiary Rizobacter Argentina S.A. (“Rizobacter”) has completed a $26.0 million public offering of Series V corporate bonds in the Argentine market. The bonds were issued in two tranches:

Class A: $5.2 million with maturity in March 2022 and an annual nominal interest rate of 0.98%; and

Class B: $20. 8 million with maturity in March 2024 and an annual nominal interest rate of 5.5%.

Proceeds will be used to support working capital, extend debt maturities, and reduce financing costs, as well as for general corporate purposes.

Mr. Enrique Lopez Lecube, Chief Financial Officer of Bioceres, said: “This issuance is aligned with our overall strategy to further stabilize debt structure by extending maturities, and to continue strengthening our liquidity position. With this transaction we also secured working capital requirements to continue advancing our HB4 Program efforts, as well as expanding the global footprint of our key biological products. Moreover, it is encouraging to see the continued support and strong demand from investors for these follow-on public offerings thus demonstrating the confidence in Bioceres’ commercial progress and our disruptive crop productivity technology platform,” concluded Lopez Lecube.

About Bioceres Crop Solutions Corp.

Bioceres Crop Solutions Corp. (NYSE American: BIOX) is a fully integrated global provider of crop productivity technologies designed to enable the transition of agriculture towards carbon neutrality. To do this, Bioceres’ solutions create economic incentives for farmers and other stakeholders to adopt environmentally friendlier production practices. The Company has a unique biotech platform with high-impact, patented technologies for seeds and microbial ag-inputs, as well as next generation crop nutrition and protection solutions. Through its HB4® program, the Company is bringing digital solutions to support growers’ decisions and provide end-to-end traceability for production outputs. For more information, click here.

Forward-looking statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are based on management’s reasonable current assumptions, expectations, plans and forecasts regarding the Company’s current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of the Company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management’s expectations or could affect the Company’s ability to achieve its strategic goals, including the uncertainties relating to the impact of COVID-19 on the Company’s business, operations, liquidity and financial results and the other factors that are described in the sections entitled “Risk Factors” in the Company's Securities and Exchange Commission filings updated from time to time. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ Group – MZ North America
(949) 491-8235
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www.mzgroup.us

Bioceres Crop Solutions
Máximo Goya, Head of Investor Relations
+54-341-4861100
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Global Carbon Futures Index serves as a benchmark for the global price of carbon

LONDON & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced an update on its global environmental complex, as the ICE Global Carbon Futures Index value (ICECRBN) reached a record on February 12, 2021, with a weighted average price of $39.08/tonne, and ICE EU Carbon Allowance (EUA) Options reached records in February for total volume traded of more than 412,000 contracts, and for Average Daily Volume (ADV) of more than 20,500 contracts.

ICE offers customers access to the largest and most liquid environmental markets in the world and launched the Global Carbon Futures Index in April 2020 to serve as a benchmark for the global price of carbon. The Index measures the performance of a long-only basket of ICE EUA futures, ICE California Carbon Allowance (CCA) futures, and ICE Regional Greenhouse Gas Initiative (RGGI) futures contracts and is calculated and published in real-time to the ICE Consolidated Feed. It is part of a suite of ESG-related services ICE offers to customers, which includes the ICE BofA Green Index, Carbon Reduction Indices, and ICE Climate Risk, which helps investors identify the climate risk in municipal securities across the United States.

More than 14 gigatonnes of carbon were traded on ICE during 2020, including approximately 12.2 gigatonnes through EUA Futures and Options, 1.9 gigatonnes through CCA Futures and Options, and 0.23 Gigatonnes through RGGI futures and options. Annual carbon allowance trading on ICE is equivalent to approximately 40% of the world’s total annual emissions footprint based on current estimates.

“When ICE first entered the environmental markets, these were nascent, niche markets. Today they are among the fastest growing markets globally, offering a transparent, accessible and market-led route for the world to price climate risk on a global scale”, said Gordon Bennett, Managing Director of Utility Markets at ICE. “As climate risk and the energy transition impacts more and more companies regardless of sector, a broad set of solutions will be required to help the adoption of wider and more ambitious cap and trade programmes, complemented by offset markets which encourage investment in high quality, credible projects.”

ICE has been active in carbon offset markets since 2008, with more than 3 billion tonnes of Certified Emission Reductions (CERs) traded on ICE since launch. In April 2019, ICE launched California Carbon Offset (CCO) futures and approximately 1 million tonnes of CCOs traded on ICE in 2020.

Companies subject to carbon cap and trade programs and renewable portfolio standards use ICE’s markets to meet obligations and manage risk in the most cost-effective way, while policy makers rely on price signals from environmental markets to gauge the effectiveness of their programs. Today increasingly diverse stakeholders use these global markets to offset their carbon footprint, invest in green attributes, benchmark their internal cost of carbon, assess and manage climate transition risk, and allocate capital to benefit from energy transition.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

ICE- CORP
Source: Intercontinental Exchange

ICE Media Contact:
Rebecca Mitchell
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+44 7951 057 351

ICE Investor Contact:
Warren Gardiner
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770-835-0114

WASHINGTON--(BUSINESS WIRE)--The US International Trade Commission on Thursday published the agency's findings following its two-year investigation into SK Innovation's unfair trade practices, concluding that it misappropriated 22 of LG Energy Solution's trade secrets worth billions of dollars spanning the entire electric vehicle battery business.

This public release follows the USITC's orders last month blocking the importation, domestic production, and sale of SK batteries with certain exceptions to prevent job losses or any interruption or delay in the domestic supply chain. The exceptions were unprecedented and allow SK Innovation to continue to exploit the trade secrets it stole for a period of several more years.

"LG Energy Solution's multi-billion dollar investment in its lithium-ion battery business was a down payment on a carbon-free future and an investment we believed was safe from intellectual property thieves," stated Denise Gray, President of LG Energy Solution Michigan Inc. Tech Center. "SK Innovation stole a technology that required tens of thousands of hours of careful and costly engineering. The release of the ITC's decision puts to rest any questions of whether SK Innovation did anything wrong—they did, repeatedly, and now they must be held accountable."

The 96-page final determination provides indisputable evidence of SK Innovation's deliberate, repeated illegal actions and extraordinary bad faith efforts to hinder the Commission's investigation.

The Commission wrote that "SK has a history of collecting documents about LG and SK's competition with LG, and then destroying those documents. For one example, among many, as recently as 2018 ... an SK battery supervisor, ordered his team to hide or destroy 'the documents you took from 'L' company' and 'please don't save this email as well!!'... What is most remarkable about SK's spoliation ... is the combination of the scope of spoliation with its frequency. It was not enough for SK to destroy or hide its records once, because SK then, unchastened, collected more LG propriety information, only to destroy or hide those records as well."

The Commission wrote that it considered "SK's destruction of evidence in this case to be extraordinary" and that "[t]he destruction was ordered at a high level and was carried out by department heads throughout SK."

The Commission found that "[a]s the evidence indicates, SK misappropriated LG's business trade secrets, including LG's competition pricing information. It is therefore consistent with the record that SK's proposal would be the lowest cost." It added that "the record supports the Commission's finding that it would take ten years for SK to develop products without the 22 trade secrets. Accordingly, the Commission finds that the duration of any orders issued should cover a period of 10 years from their effective date."

Finding a violation of Section 337 of the US Tariff Act, the Commission imposed a 10-year-long exclusion order preventing SK Innovation's importation of batteries, battery cells, battery modules, battery packs, and components. The USITC, however, provided a carve-out to allow SK to import identified technology for use in the manufacturing of batteries for Ford and VW at its Georgia facility for four and two years, respectively. The carve-outs protect Ford and VW by providing a window to transition to a new supplier or for SK to develop its own technology or reach a settlement.

"LG Energy Solution is a 20-year partner to America's automotive sector and is working diligently to scale to meet the needs of the country's electric vehicle ecosystem," Denise Gray, President of LG Energy Solution Michigan Inc. Tech Center said. "The protection of trade secrets, as the ITC has provided, will allow those critical investments to continue apace."

In 2019, LGES entered into joint venture with General Motors to build a $2.3 billion manufacturing facility in Ohio to mass-produce battery cells. It also operates an additional battery plant in Michigan and will presently announce further US operations.

For more information, please visit www.LGESvSKI.com.

Press contact:
US: James Richardson, This email address is being protected from spambots. You need JavaScript enabled to view it.
Korea: LGES PR, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global LNG Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

Overview

With significant investment going into LNG export projects in the US, Australia and across Asia-Pacific, and continued concerns about gas imports into Europe and Asia, LNG is expanding as a major sector of the global gas market that has attracted super-majors and independent companies alike.

With this in mind, success can be lost or guaranteed on the basis of accurate and timely information. GLNG offers readers a macro-view of international LNG news, divided by global region. GLNG is published on Thursdays and also incorporates an extensive News in Brief section. This includes detailed and up-to-date information as it breaks, from various sources across the world.

Example Topics Covered:

• Commentary
• Panama Canal Aims for Greater LNG Capacity
• Thailand Goes Long on LNG With Mozambique Supply Deal
• Africa
• NLNG Wins Case Against Nimasa
• Mozambique Militants Attack Close to LNG Site
• Americas
• Nextdecade Secures Tax Incentives for Rio Grande LNG Project
• Australasia
• AGL Regrets Gas Sales
• Chevron Begins Liquefaction at Wheatstone
• Asia
• Hokkaido Gas to Diversify LNG Suppliers
• Europe
• Gas Natural Fenosa Moves HQ to Madrid
• News in Brief

For more information about this newsletter visit https://www.researchandmarkets.com/r/cxpqmm

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

THE WOODLANDS, Texas--(BUSINESS WIRE)--Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”), announced today that its management team will host a conference call on Thursday, March 11, 2021 at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss the Company’s financial results for the fourth quarter and full year 2020 and its outlook for 2021. Prepared remarks by Robert J. Anderson, President and Chief Executive Officer, Mark Lumpkin, Jr., Executive Vice President and Chief Financial Officer and Steven C. Collins, Executive Vice President of Operations, will be followed by a question and answer session. The Company intends to file its earnings press release for the period ended December 31, 2020, prior to the conference call.

Investors and analysts are invited to participate in the call by dialing 877-407-6184 for domestic calls or 201-389-0877 for international calls, in both cases asking for the Earthstone conference call. A webcast will also be available through the Company website (www.earthstoneenergy.com). Please select "Events & Presentations" under the "Investors" section of the Company's website and log on at least 10 minutes in advance to register.

A replay of the call and webcast will be available on the Company’s website and by telephone until 10:00 a.m. Eastern (9:00 a.m. Central), Thursday, March 25, 2021. The number for the replay is 877-660-6853 for domestic calls or 201-612-7415 for international calls, using Replay ID: 13717242.

About Earthstone Energy, Inc.

Earthstone Energy, Inc. is a growth-oriented independent oil and gas company engaged in the acquisition, development and operation of oil and natural gas properties. The Company’s primary assets are located in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. Earthstone is traded on NYSE under the symbol “ESTE.” For more information, visit the Company’s website at www.earthstoneenergy.com.

Mark Lumpkin, Jr.
Executive Vice President – Chief Financial Officer
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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Scott Thelander
Vice President of Finance
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) is kicking off California Arbor Week (March 7-14) by unveiling its new comprehensive web resource for its customers and communities that includes rules, tips and guides for planting trees safely near electric and gas lines. The Right Tree, Right Place web resource can be found at pge.com/righttreerightplace and includes free downloadable brochures on how to plant with fire safety in mind and creating defensible space.

“Trees play a vital role in our environment and make California a beautiful place to live, work and recreate. They also need space to grow both above and below ground. Planting the right tree in the right place helps promote fire safety, reduces power outages, provides shade benefits, enhances property values and ensures beauty for years to come,” said Michael Ritter, Senior Director of Vegetation Management. “If the right tree is not planted in the right place and too close to power and gas lines, it can create public safety issues and power outages.”

Using the free safety guides, customers can learn which trees are safe to plant near electric and gas lines, and in which regions; information on what to do before planting; how to plant and care for a tree; characteristics of recommended small trees and more. For example, residents and business should always call 8-1-1 at least two days before landscaping or planting trees to have underground lines and other utilities marked to ensure safe digging.

Before planting trees near overhead lines, it’s also recommended to know if you live in an area of increased fire risk by visiting the California Public Utilities Commission’s High Fire-Threat District (HFTD) map.

• If the property is outside a HFTD, any trees that can grow taller than 25 feet at maturity should be planted at least 50 feet away from power lines.
• If the property is within a HFTD, follow safety clearances of the following zones, which are categorized by the horizontal distance between power lines and desired plant:
  • Small zone: Within 15 feet away from the power line easement (along the ground), plant only low-growing plants less than 12 inches at maturity that have high moisture, and low sap or resin content.
  • Medium zone: From 15 to 50 feet away from the power line easement, plant trees that reach no taller than 40 feet at maturity.
  • Tall zone: At least 50 feet away from the power line easement, trees that grow taller than 40 feet at maturity are acceptable.

PG&E reminds its customers and the communities in Central and Northern California that everyone can do their part to help reduce wildfire risks by choosing the right plants, trees and shrubs and by following vegetation and fire safety standards that require greater clearances between trees, limbs and power lines.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

Media Relations:
415-973-5930

DALLAS--(BUSINESS WIRE)--Arcosa, Inc. (NYSE: ACA) (“Arcosa” or the “Company”), a provider of infrastructure-related products and solutions, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.05 per share on its $0.01 par value common stock. The quarterly cash dividend is payable April 30, 2021 to stockholders of record as of April 15, 2021.

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: the Construction Products segment, the Engineered Structures segment, and the Transportation Products segment. For more information, visit www.arcosa.com.

INVESTOR CONTACTS
Scott C. Beasley
Chief Financial Officer

Gail M. Peck
SVP, Finance & Treasurer

T 972.942.6500
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David Gold
ADVISIRY Partners

T 212.661.2220
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MEDIA CONTACT
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DUBLIN--(BUSINESS WIRE)--The "Global Wind Turbines" report has been added to ResearchAndMarkets.com's offering.

Wind turbines are considered one of the most environmentally appealing solutions for electricity production. However, the area needed for large-scale wind power installations has led to a number of concerns.

Individual wind turbines - the majority of which have outputs of between 50 kilowatts (kW) and 4 megawatts (MW) - are generally configured together into "wind farms" or "wind parks" to provide grid-connected power, and such farms create the majority of demand for wind turbines in any given year.

For example, coastal areas often rely on scenic views for property values and tourism, and wind turbines are considered by many as aesthetically unappealing, limiting the area in which coastal farms can be constructed. Additionally, the potential negative impact on wildlife has also been an issue to greater adoption.

Key Topics Covered:

1. Executive Summary

2. Overview

• Scope
• Installed Wind Energy Generation Capacity by Region
• New Wind Energy Generation Capacity by Region
• Wind Turbine Demand by Region
• Impact of COVID-19 on Wind Turbine Demand in 2020
• Market Share

3. North America

• Wind Energy Generation Capacity by Country
• Wind Turbine Demand by Country
• United States

4. Central & South America

• Wind Energy Generation Capacity by Country
• Wind Turbine Demand by Country

5. Western Europe

• Wind Energy Generation Capacity by Country
• Wind Turbine Demand by Country
• United Kingdom
• Spain
• Germany
• Sweden
• France
• Other Western Europe

6. Eastern Europe

• Wind Energy Generation Capacity by Country
• Wind Turbine Demand by Country

7. Asia/Pacific

• Wind Energy Generation Capacity by Country
• Wind Turbine Demand by Country
• China
• India
• Australia
• Other Asia/Pacific

8. Africa/Mideast

9. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/fh175b

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) today reported its financial and operational results for the fourth quarter and full year 2020.

Michael Doss, Chief Executive Officer, commented “2021 is off to a strong start with us operating 13 active fleets compared to an average of 10.5 in the fourth quarter. Our fleets are continually setting new efficiency records. While market pricing for frac services remains low, we are seeing modest improvements. As a result, we expect to report positive adjusted EBITDA in the first quarter, despite the loss of about 760 stages related to severe winter weather in February. We are optimistic for the remainder of the year and expect activity levels and pricing to continue increasing.”

Restructuring

We emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization (the “Plan”) on November 19, 2020 and eliminated $488 million of debt and other liabilities as part of our financial restructuring. Upon emergence, we adopted fresh start accounting as a new entity for accounting and financial reporting purposes.

Mr. Doss commented “I’m thankful for our great team, vendors, and customers who helped us continue normal business operations during the financial restructuring process. We are now debt-free with strong liquidity, making us a considerably stronger, more nimble company.”

Results for the fourth quarter are presented separately as the “Predecessor” period from October 1, 2020 through November 19, 2020 and the “Successor” period from November 20, 2020 through December 31, 2020. Similarly, results for the year are presented separately as the “Predecessor” period from January 1, 2020 through November 19, 2020 and the “Successor” period from November 20, 2020 through December 31, 2020.

In addition to presenting Successor and Predecessor periods, we also present our results for the fourth quarter and year ended December 31, 2020 on a combined basis (i.e., by combining the results of the Predecessor and Successor periods). These combined results are not considered to be prepared in accordance with GAAP, but we believe that describing certain period-over-period variances and trends in our activity levels on a combined basis facilitates a meaningful analysis of our operating results and cash flows.

Financial Results

Combined Fourth Quarter 2020 Compared to Third Quarter 2020

• Revenue was $49.8 million, up from $32.1 million
• Net income was $93.3 million, including a positive contribution from reorganization items of $114.9 million, up from a loss of $68.7 million, including a negative contribution of $13.7 million from reorganization items and $18.5 million of transaction costs
• Adjusted EBITDA was $(5.2) million, compared to $(7.6) million
• Capital expenditures were $1.8 million, compared to $2.5 million
• Adjusted EBITDA less capital expenditures was $(7.0) million, compared to $(10.1) million
• Net cash used in operating activities was $12.8 million, including a use of cash of $35.9 million associated with reorganization items, compared to net cash used in operating activities of $37.7 million, including a use of cash of $18.5 million for transaction costs

Combined Full Year 2020 Compared to Full Year 2019

• Revenue was $262.9 million, compared to $776.6 million
• Net loss was $37.8 million, compared to a loss of $72.9 million
• Adjusted EBITDA was $0.4 million, compared to $129.6 million
• Capital expenditures were $21.1 million, compared to $54.4 million
• Adjusted EBITDA less capital expenditures was $(20.7) million, compared to $75.2 million
• Net cash used in operating activities was $43.6 million, including a use of cash of $54.4 million associated with reorganization items, compared to net cash provided by operating activities of $123.9 million

Operational Update

Average active fleets during the fourth quarter was 10.5, up from 7.3 in the third quarter. Utilization of our active fleets averaged 79%, resulting in fully-utilized fleets of 8.3 during the fourth quarter. This compares to 77% utilization and fully-utilized fleets of 5.6 during the third quarter. We exited the fourth quarter with 12 active fleets. Today, we have 13 fleets active with 7 of these fleets being dual fuel capable.

Two of our fleets are working with large independent E&P customers utilizing a simul-frac technique that involves stimulating two horizontal wells at the same time. This technique is gaining increased interest across the industry as a way to further reduce completion costs.

We completed 5,243 stages during the fourth quarter, or 632 stages per fully-utilized fleet. This compares to 3,243 stages during the third quarter, or 579 stages per fully-utilized fleet. In addition, our fleets pumped an average of 15.1 hours per active day in the fourth quarter, compared to an average of 14.9 hours per active day in the third quarter.

Safety Update

We are pleased to report that our safety record for 2020 was the best in our history. Our 2020 Total Recordable Incident Rate (“TRIR”) was 0.20, Lost Time Incident Rate (“LTIR”) was 0.00, and Experience Modification Rate was 0.58. “I am incredibly proud of our employees as a result of these outstanding safety results from approximately 2 million man hours in 2020. We believe these safety rates are considerably better than our industry peer group and set us apart as a solid and reliable partner in the field,” Mr. Doss said.

Liquidity and Capital Resources

Capital expenditures for the combined full year 2020 was $21.1 million with the bulk of these expenditures occurring in the first quarter. Capital expenditures per average active fleet was $2.2 million for the combined full year 2020. For 2021, we expect maintenance capital expenditures will be approximately $2.5 million per average active fleet. Separately, we are actively considering investments in lower-emissions equipment to assist our customers in achieving their ESG initiatives.

As of December 31, 2020, we had $94.0 million of cash and approximately $13.2 million of net availability under our revolving credit facility, or total liquidity of $107.2 million at year end. We had no borrowings under our revolving credit facility during the fourth quarter, which has a total capacity of $40 million. We also had $12.7 million of restricted cash, included in other current assets, as of December 31, 2020 associated with the restructuring.

Overview of Restructuring Related Expenses and Cash Payments

In the combined full year 2020, we paid $54.4 million in cash for fees and expenses related to our financial restructuring. In the third quarter, we incurred and paid $18.5 million of transaction costs prior to our filing for bankruptcy protection, which included $7.0 million paid for legal and professional fees and $11.5 million in consent fees paid to certain secured debt holders pursuant to the Restructuring Support Agreement. In the fourth quarter, we paid $35.9 million, which included $17.1 million for legal and professional fees, $12.5 million in settlement to a sand supplier, and $6.3 million for insurance premiums and emergence cash awards. In addition, we distributed $30.7 million in cash to secured debt holders as consideration under the Plan.

As a result of the restructuring, we terminated our sand supply contracts. Apart from the payment described above, we paid $18.8 million of supply commitment payments in the first half of 2020 under the normal course of business prior to the termination of the contracts. We do not expect any future charges or payments related to these Predecessor contracts.

Conference Call & Webcast

FTS International will hold a conference call that will also be webcast on its website on Friday, March 5, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results. Presenting the Company’s results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer and Lance Turner, Chief Financial Officer, for Q&A.

Please see below for instructions on how to access the conference call and webcast. If you intend to ask a question in the Q&A portion of the call, please join by phone.

About FTS International, Inc.

Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.

To learn more, visit www.FTSI.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, capital expenditures, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, these forward-looking statements can be identified by words such as “could,” “should,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: the effects of our bankruptcy proceedings on our business, liquidity, results of operations and prospects and the interests of various constituents; a further decline or future decline in domestic spending by the onshore oil and natural gas industry; continued volatility or future volatility in oil and natural gas prices; deterioration in general economic conditions or a continued weakening or future weakening of the broader energy industry; federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry; our ability to obtain permits, approvals and authorizations from governmental and third parties; the effects of or changes to U.S. and foreign government regulation; the price and availability of alternative fuels and energy sources; the discovery rates of new oil and natural gas reserves; and other factors described in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our subsequent reports on Forms 10-Q and 8-K. These risks are not exhaustive.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as earnings before net interest expense, taxes, and depreciation and amortization further adjusted for expenses that management believes are non-recurring, and/or non-core to business operations and other non-cash expenses, including but not limited to severance expense, stock-based compensation, balance sheet impairments and write-downs, gains or losses on extinguishment of debt, gains or losses on disposal of assets, gains or losses on divestment of equity interests, supply commitment charges, and restructuring related expenses.

Adjusted EBITDA is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The exclusion of certain expenses facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• adjusted EBITDA does not reflect stock-based compensation expenses. Stock-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
• adjusted EBITDA does not reflect supply commitment charges;
• adjusted EBITDA does not reflect restructuring related expenses;
• other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

The table included under “Reconciliation of Net (Loss) Income to Adjusted EBITDA and Calculations of Adjusted EBITDA per Fleet, Adjusted EBITDA Less Capital Expenditures, and Fully-utilized Fleets” provides a reconciliation of net loss to adjusted EBITDA for each of the periods indicated.