DUBLIN--(BUSINESS WIRE)--The "Generation of Electricity in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the generation of electricity and includes information on the size and state of the sector, including coal, gas and renewables and developments at Eskom and in the independent power production programme. There are profiles of 13 companies including Eskom, the National Energy Regulator of South Africa, Dedisa Peaking Power, Hopefield Wind Farm Local Community Company and ACWA Power Solafrica Bokpoort.
Generation of Electricity:
State-owned utility Eskom, which dominates the generation of electricity in South Africa, continues to be plagued by financial instability, corruption, generating capacity shortages, and a debt burden which is threatening the country's economy.
Despite the ongoing construction of two massive coal-fired stations at Medupi and Kusile to increase capacity, Eskom produced less electricity from coal in the year to March 2020 than the previous year due to maintenance and unplanned breakdowns. Government's Integrated Resource Plan 2019 includes increased generation capacity from renewable sources, but South Africa remains reliant on coal for the foreseeable future.
Independent Power Producers:
Government confirmed in February 2021 that it would issue a request for proposals for 2,600MW imminently, followed by another bid window in August 2021.
Four bidding rounds have been completed to date and 4,201MW of electricity generation capacity from 67 IPP projects had been connected to the national grid. Independent power production has provided opportunities for new players and SMEs in the form of advisory services, transport and provision of hardware.
Corruption, Fraud and Mismanagement:
Eskom and its employees have been the subject of numerous allegations including Eskom officials having financial interests in entities trading with Eskom, irregular payments and kickbacks.
By September 2020, 278 cases related to fraud, corruption and irregularities were active and 82 cases for criminal prosecution had been referred to the police. Eskom is also instituting civil litigation to recover over-payments to implicated contractors.
Key Topics Covered:
1. INTRODUCTION
2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
3. SIZE OF THE INDUSTRY
4. STATE OF THE INDUSTRY
4.1. Local
4.1.1. Trade
4.1.2. Corporate Actions
4.1.3. Regulations
4.1.4. Enterprise Development and Social Economic Development
4.2. Continental
4.3. International
5. INFLUENCING FACTORS
5.1. Coronavirus
5.2. Economic Environment
5.3. Rising Operating Costs
5.4. Supply and Quality of Coal
5.5. Corruption, Fraud and Mismanagement
5.6. Electricity and Equipment Theft
5.7. Technology, Research and Development (R&D) and Innovation
5.8. Environmental Concerns
5.9. Labour
6. COMPETITION
6.1. Barriers to Entry
7. SWOT ANALYSIS
8. OUTLOOK
9. INDUSTRY ASSOCIATIONS
10. REFERENCES
10.1. Publications
10.2. Websites
APPENDIX
For more information about this report visit https://www.researchandmarkets.com/r/9loaax
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For U.S./CAN Toll Free Call 1-800-526-8630
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HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today an earnings conference call has been scheduled for Friday, March 5, 2021 at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for 12 months ending December 31, 2020.
Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.771.4371 if calling from the U.S. or Canada (+1.847.585.4405 if calling from outside the U.S.) and asking for the “Tidewater” call just prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 10:30 a.m. Central Time on March 5, 2021 and will continue until 11:59 p.m. Central Time on April 4, 2021. To access the replay, access the Investor Relations section of Tidewater’s website at investor.tdw.com.
The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
Jason Stanley
Vice President Investor Relations & ESG
+1.713.470.5292
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SOURCE: Tidewater Inc.
Modern, easier-to-use user experience provides seamless and faster access to critical real-time information
HOUSTON--(BUSINESS WIRE)--Datagration announced today that its PetroVisor Knowledge AutomationTM platform for oil and gas companies now has a new, intuitive user experience (UX). The modern web interface provides users with easier and faster access to the critical real-time information they need to make better business decisions whether they are operating in the cloud, on-premise or utilizing hybrid environments.
“With this new UX, users get the data and information they need front and center as well as significant improvements to the overall platform, delivering a single point of truth,” said Kenton Gray, Datagration, CTO, “With data tailored to specific needs, engineers and data scientists can focus their time on value-added analysis to make better decisions that have a financial impact.”
Powerful New Features to Maximize Performance
The new UX is a natural addition to PetroVisor powerful platform, which solves the “too much data, too little time” problem that plagues oil and gas operators. It delivers automated engineering workflows in real-time to improve engineering and investment decisions, such as operational and capital efficiency. Now, with this enhanced user experience, users can access more information faster without in-depth training, and enjoy the benefits of a seamless experience. Some other new features and improvements include:
Increase Productivity and Enterprise Support
“As part of our new release we have included a set of new features that drive increased performance and productivity while helping large organizations integrate into existing systems,” said George Schweiger, Datagration, Director of Software Development.
These features make PetroVisor a comprehensive, collaborative environment for aggregating and analyzing data. With its user-defined workflows, users can connect people, systems and data with complete visibility to the end-to-end process—improving organizational and cross-domain workflows, automating technical and business processes, and mitigating risk, all on a unified platform. New features include:
ABOUT DATAGRATION
Datagration delivers an easy-to-implement, open, and collaborative ecosystem of domain-specific platforms that create solutions for organizations by aggregating and integrating data from disparate legacy systems, databases, and unstructured documents into a unified cloud-based or on-premise environment. Combined with advanced AI / ML analytics, Datagration provides organizations with enhanced decision-making opportunities to maximize value creation.
For more information about Datagration, please visit datagration.com.
Braxton Huggins
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AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to present at the B. Riley Securities Sustainable Energy & Technology Conference, which is being held virtually on March 9-10, 2021.
B&W management is scheduled to present at a fireside chat on March 10, 2021 at 2:30 p.m. Eastern time, with one-on-one meetings to be held throughout the conference. The presentation will be webcast live and available for replay here.
To receive additional information, request an invitation or to schedule a one-on-one meeting, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
About the B. Riley Securities Sustainable Energy & Technology Conference
The B. Riley Securities Sustainable Energy & Technology Conference is an invitation-only virtual event which brings together a select group of U.S. institutional investors and leading industry participants in the Sustainable Energy & Technology sector. The event features fireside chats with management teams hosted by B. Riley Securities, along with one-on-one investor meetings that will provide direct, individual connectivity between management teams and investors.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Europe Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects" report has been added to ResearchAndMarkets.com's offering.
The total number of oil and gas projects in Europe expected to start operations from 2021 to 2025 are 441. Of these, upstream production projects constitute 161, midstream projects constitute 178, refinery projects constitute 17, and petrochemical projects constitute 85.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 What is this Report About?
1.2 Market Definition
2. Oil and Gas Projects Outlook in Europe
2.1 Oil and Gas Projects in Europe, Overview of Projects Data
2.2 Oil and Gas Projects in Europe, Projects by Sector
2.3 Oil and Gas Projects in Europe, Projects by Type
2.4 Oil and Gas Projects in Europe, Projects by Stage
2.5 Oil and Gas Projects in Europe, Projects by Key Countries
3. Oil and Gas Projects Outlook in United Kingdom
3.1 Oil and Gas Projects in United Kingdom, Overview of Projects Data
3.2 Oil and Gas Projects in UK, Projects by Sector
3.3 Oil and Gas Projects in UK, Projects by Type
3.4 Oil and Gas Projects in UK, Projects by Stage
3.5 Oil and Gas Projects in UK, Projects Development Stage, Capacity, Project Cost, and Contractor Details
4. Oil and Gas Projects Outlook in Norway
5. Oil and Gas Projects Outlook in Poland
6. Oil and Gas Projects Outlook in Germany
7. Oil and Gas Projects Outlook in Italy
8. Oil and Gas Projects Outlook in Romania
9. Oil and Gas Projects Outlook in Netherlands
10. Oil and Gas Projects Outlook in Belgium
11. Oil and Gas Projects Outlook in Greece
12. Oil and Gas Projects Outlook in Hungary
13. Oil and Gas Projects Outlook in Denmark
14. Oil and Gas Projects Outlook in Serbia
15. Oil and Gas Projects Outlook in Spain
16. Oil and Gas Projects Outlook in France
17. Oil and Gas Projects Outlook in Bulgaria
18. Oil and Gas Projects Outlook in Croatia
19. Oil and Gas Projects Outlook in Cyprus
20. Oil and Gas Projects Outlook in Slovakia
21. Oil and Gas Projects Outlook in Czech Republic
22. Oil and Gas Projects Outlook in Finland
23. Oil and Gas Projects Outlook in North Macedonia
24. Oil and Gas Projects Outlook in Albania
25. Oil and Gas Projects Outlook in Portugal
26. Oil and Gas Projects Outlook in Slovenia
27. Oil and Gas Projects Outlook in Ireland
28. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/xhu2pu
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
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) will host a conference call on Wednesday, April 21, 2021, to discuss its first quarter 2021 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).
The Company will issue a press release regarding the first quarter 2021 earnings prior to the conference call. The press release will be posted on the Halliburton website at www.halliburton.com.
Please visit the website to listen to the call via live webcast. You may also participate in the call by dialing (844) 358-9181 within North America or +1 (478) 219-0188 outside of North America. A passcode is not required. Attendees should log in to the webcast or dial in approximately 15 minutes prior to the start of the call.
A replay of the conference call will be available on Halliburton’s website until April 28, 2021. Also, a replay may be accessed by telephone at (855) 859-2056 within North America or +1 (404) 537-3406 outside of North America, using the passcode 9429544.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 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.
For Investors:
Abu Zeya
Investor Relations
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281-871-2688
For News Media:
Emily Mir
External Affairs
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281-871-2601
Most extensive energy-efficiency offering enhances opportunities for low- and moderate-income and commercial customers
WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) announced its principal subsidiary New Jersey Natural Gas (NJNG) received approval from the New Jersey Board of Public Utilities to significantly expand its energy-efficiency offerings available through The SAVEGREEN Project® (SAVEGREEN). The program will further its commitment to sustainability and emissions reduction by helping customers lower their energy usage, save money and reduce their carbon footprint. NJNG is authorized to invest $259 million over the three-year program to provide solutions to residential, multi-family and commercial customers to help make energy efficiency affordable.
“NJNG continues to take action on our commitment to sustainability with the largest energy-efficiency program in our company’s history – building on our proven record of voluntary emissions reduction, and investing to build the clean energy future,” said Steve Westhoven, President and CEO of New Jersey Resources. “This significant expansion of our energy-efficiency efforts will allow us to provide even more customers with powerful tools and resources to save energy, lower their bills and reduce emissions for the benefit of the environment.”
The investment consists of approximately $127 million of direct investment, $109 million in financing options and $23 million in operation and maintenance expenses. The initial annual increase for the typical residential heating customer using 1,000 therms per year is estimated to be $21.30 or 1.9% for the first year of the program.
The program positions NJNG to meet or exceed its annual energy-efficiency reduction targets set by the New Jersey Clean Energy Act. If fully subscribed, the program will help NJNG customers save more than 125 million therms of natural gas over the [three-year] program's lifetime. This equates to preventing the release of 663,102 metric tons of carbon dioxide into the atmosphere – the same as removing 142,886 cars from New Jersey roadways each year.
Beginning July 1, 2021, NJNG will roll out energy-efficiency programs under SAVEGREEN that include enhanced features for low- to moderate-income customers and a broad range of programs to meet the diverse needs of the commercial and industrial sectors, including restaurants, small offices, convenience stores and other independent businesses. In addition, the program reflects new legislative provisions that shift administration of some programs from the state-run New Jersey’s Clean Energy Program™ to the utilities and requires that all New Jersey utilities collaborate to provide core offerings that are consistent throughout the state. This requires a new and innovative approach for NJNG to work directly with the electric utilities, Atlantic City Electric and Jersey Central Power & Light, whose service territories overlap with those of NJNG.
SAVEGREEN’s core programs will include:
Residential
The program also puts energy efficiency in reach for low- and moderate-income customers by providing opportunities to help reduce their energy bills. In addition to special incentives and longer payment terms to help make energy-efficiency upgrades affordable, the program will offer: lower-cost measures that can provide immediate savings to renters and homeowners; a no-cost energy checkup; distribution of energy-efficiency kits in collaboration with local foodbanks and community organizations and a no-cost, moderate-income weatherization program. NJNG and other New Jersey utilities also are exploring ways to streamline the screening process to make it easier for eligible low- and moderate-income customers to participate.
Multi-family
With multiple program opportunities and paths to energy efficiency, NJNG will work collaboratively with multi-family dwellings to conduct a structured energy assessment of the premises to identify the best program fit to meet the needs of the customer, as well as develop a project plan to ensure maximum participation and benefits.
Commercial and Industrial
Since the inception of SAVEGREEN in 2009, NJNG has invested nearly $220 million in energy-efficiency programs, generating more than $488 million in economic activity in its service territory while contributing to the reduction of greenhouse gas emissions. Over the last decade, nearly 64,000 customers have participated in SAVEGREEN, and the program has grown the green energy economy in New Jersey for the more than 2,875 contractors who have participated in the program.
All estimates of energy savings set forth above are generalized, and no particular amount of energy savings is promised or guaranteed. Terms, conditions and qualifications apply to all rebates, incentives and the on-bill repayment program.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJNG’s energy-efficiencies offerings through The SAVEGREEN Project, NJR’s environmental, sustainability and clean energy goals and emission reduction targets, customer savings and the annual impact on a typical residential heating customer.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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Achieves Effective Usage of Waste Heat, Largest Footprint and Highest Power Output in the Industry
HAMAMATSU, Japan--(BUSINESS WIRE)--Yamaha Corporation (TOKYO:7951) has developed the YGPX024, the world’s largest*1 and most powerful*2 thermoelectric power generation (TEG) module using automotive exhaust gas heat energy to generate power. Sample sales are set to begin March 5 (JST).
Global warming is an ongoing challenge. Hybrid vehicles and EVs have become a new trend in the automobile industry, while new energy and dispersed power sources are becoming popular power supply measures. Yamaha has a long history of producing thermoelectric cooler modules for optical communication networks, such as 5G, and has adapted its knowledge, experience, and proprietary technology to develop the YGPX024 TEG module, which it expects to contribute to CO2 reduction and human society.
The YGPX024 module generates electricity using temperature differences between the top and bottom surfaces and offers high power density with an enlarged footprint of 143mm x 103mm, a size previously difficult to achieve. A single module can generate up to 143W of electricity. As part of an automotive exhaust system, the module uses exhaust gas heat energy to contribute to CO2 reductions and improved fuel efficiency. Other conceivable usages include utilizing factory waste heat, co-generation, stationary fuel cell batteries, and more.
Key Features
1. World’s most powerful TEG module*2
The YGPX024 uses know-how cultivated by thermoelectric technology development, including high-performance thermoelectric materials and precise mounting technology, to achieve high operating temperatures (max. 400°C / reg. 300°C) and high output density. The result is the world’s highest electricity output. A single module can generate 143W (1.5W/cm2 output density*3) of electricity when the temperature difference between the two sides is 385°C (high 400°C, low 15°C). In automotive applications, with a predicted difference of 185°C (high 285°C, low 100°C), the module can achieve a high output of 40W.
2. World’s largest*1 TEG module with high reliability
The YGPX024 is designed to be usable in the toughest operating environments, including automotive applications. It uses Yamaha’s proprietary stress relaxation structure and stainless encapsulation structure. As a result, it is the world’s largest TEG module with high reliability, with an operational lifetime equivalent to 150,000km driving distance in an automotive application. While an ordinary vehicle might have previously required dozens or even hundreds of modules, a drastic reduction in numbers is possible thanks to the size and reliability of the YGPX024.
3. Mounts easily
The YGPX024 has a moderate flexibility that offers excellent thermal contact. This eliminates the need for cumbersome processes such as grease application and anti-oxidation/condensation measures. By simply pressing the module between the heat source and cooling surface, power generation begins.
What is a TEG module?
TEG modules take advantage of the upper and lower surfaces, thermoelectric materials accumulate thermopower, which can be converted to electricity. Modules have no mechanical moving parts, and thus a low failure rate. Because of this, along with their high-density output, TEG modules are expected to contribute greatly to energy harvesting systems utilizing renewable energy.
Further information, including sample specifications, is available at:
https://device.yamaha.com/en/thermoelectric_cooler/
*1,2As of 2021, based on internal investigation
*3 Output density is per high temperature surface
For media inquiries:
Yamaha Corporation Media Relations Group Corporate Communications Division, Kenji Arakawa
Contact Form: https://inquiry.yamaha.com/contact/?act=55&lcl=en_WW
Tel: +81 3 5488 6601(Japanese Correspondence only)
Web: www.yamaha.com
For General Inquiries:
Yamaha Corporation Electric Devices Division
https://device.yamaha.com/en/thermoelectric_cooler/contacts
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (TSX:SPB):
March 2021 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of March 2021 of $0.06 per share payable on April 15, 2021. The record date is March 31, 2021 and the ex-dividend date will be March 30, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
NEW YORK--(BUSINESS WIRE)--FREYR AS has received a NOK 142 million-grant (USD 16.4 million) from the Norwegian Ministry of Climate and Environment through ENOVA SF as part financing for the development and construction of a pilot plant in Mo i Rana, Norway, which will be FREYR’s initial clean battery cell production facility.
ENOVA is an enterprise owned by the Ministry of Climate and Environment. The enterprise is contributing to reduced non-quota greenhouse gas emissions by 2030 and technology development and innovation that contributes to emission reductions up to 2050.
“It is exciting to see Norwegian businesses lead the way in the global battery race and develop tomorrow’s industry with tomorrow’s technology. It is important to ENOVA that Norwegian battery production is as climate friendly as possible, and we want to contribute to reducing the risks related to more environmentally friendly technology,” says Nils Kristian Nakstad, CEO of ENOVA.
With support from the grant, FREYR’s Board has sanctioned the final contracting processes for the plant. Construction of the plant is expected to start in the second quarter of 2021 and is an important step in realizing FREYR's initial target of scaling to 43 GWh of cost efficient and clean battery cell production capacity by 2025. FREYR plans to qualify this next generation battery cell technology as part of its ambition to accelerate the decarbonisation of all transportation and energy systems, and utilize Norway’s inherent advantages, including access to renewable energy, low electricity prices, Norway’s highly skilled workforce and the closeness to rapidly growing markets in Europe and the US.
“The ENOVA grant supports our decision to develop FREYR’s and Norway’s first lithium-ion battery cell manufacturing facility. The grant provides enabling financial support for our pilot plant and serves as a strong recognition of FREYR’s ambition to produce battery cells with high energy density at low cost with the world’s lowest carbon footprint,” says Tom Einar Jensen, the CEO of FREYR.
On 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp., raising approximately USD 850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” ("Pubco") and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR approved the business combination.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.
About Enova
Enova SF is owned by the Ministry of Climate and Environment and contributes to reduced greenhouse gas emissions, development of energy and climate technology and a strengthened security of supply. For more information, visit: https://www.enova.no.
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit: https://www.alussaenergy.com.
Forward-looking statements
The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
No Assurances
There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.
Important Information about the Transaction and Where to Find It
In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.
FREYR
Steffen Føreid, CFO, +47 9755 7406, This email address is being protected from spambots. You need JavaScript enabled to view it.
Harald Bjørland, Investor Relations, +47 908 58 221, This email address is being protected from spambots. You need JavaScript enabled to view it.
Hilde Rønningsen, Director of Communications,+47 453 97 184, This email address is being protected from spambots. You need JavaScript enabled to view it.
ENOVA
Arve Solheim, Markets, Enova SF, +47-982 83 966, This email address is being protected from spambots. You need JavaScript enabled to view it.
Alussa Energy
Chi Chow, Alussa Energy, Strategy & Investor Relations, +1 929-303-6514, This email address is being protected from spambots. You need JavaScript enabled to view it.
In 2020, ComEd connected customers to a record amount of assistance
CHICAGO--(BUSINESS WIRE)--As the one-year anniversary of the start of the COVID-19 pandemic nears, ComEd recognizes that families and businesses are still dealing with continued financial challenges and urges customers with past-due balances to call the energy company so that they can be connected to available financial assistance.
Last year, ComEd increased its annual bill-assistance options, connecting customers to a record of more than $70 million in financial assistance and supporting more than a quarter of a million customers with stabilizing grants. This year, ComEd encourages customers to contact the energy company immediately to see if they are eligible for millions of dollars more in bill assistance now available. There are also extended payment options to help customers with their past-due balances.
“For the past year, the pandemic has created incredible financial challenges for many of our customers, some of whom have never before needed assistance in paying their bills,” said ComEd CEO Joe Dominguez. “To meet the needs of these customers, we continue to offer programs – and work to make customers aware of them – to connect as many individuals, families and businesses as possible to the assistance they need.”
Bill-payment assistance options
For customers who struggle to cover energy expenses, the ComEd CARE programs offer a range of financial-assistance options, while funding is available, to help eligible customers pay their energy bills. There are programs available for residential customers with household incomes of up to 250 percent of the federal poverty level; as well as activated and deployed members of the U.S. Armed Forces, National Guard, Reserves and honorably discharged veterans. There is also financial assistance available for nonprofit organizations.
Any customer experiencing a hardship or difficulty with their electric bill should call ComEd immediately at 1-800-334-7661 (1-800-EDISON-1), Monday through Friday from 7 a.m. to 7 p.m. to learn more on how to apply. Information on each of these options is available at ComEd.com/PaymentAssistance.
ComEd also offers usage alerts and energy-management tips to help customers manage energy use to save money now and on future energy bills. For information, visit ComEd.com/OnlineTools.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
BEIJING--(BUSINESS WIRE)--#OilAndGas--The 21st China International Petroleum and Petrochemical Technology and Equipment Exhibition (cippe2021), is rescheduled on 8-10 June, 2021 at New China International Exhibition Center, Beijing. As the world’s leading event for oil & gas and energy equipment, cippe2021 will be the world's first ultra-large-scale oil and gas exhibition to be held offline in the post-pandemic era.
Rescheduled Dates to Ensure Effectiveness of cippe2021
After communicating with the government, cippe2021, originally scheduled from 30 March to 1 April, has been postponed to 8-10 June, 2021 to ensure the health and safety of all attendees, and thus ensure the effectiveness of the exhibition.
cippe is dedicated to "serving enterprises and promoting industry cooperation", and building a one-stop exhibition service platform to promote the development of the global oil and gas industry.
Giants Gather at the World’s First Large-Scale Oil & Gas Event in the Post-pandemic Era
At present, overseas exhibitions are basically in a stagnant state, while China's exhibition industry has fully restarted.
Up to now, nearly 1,600 exhibitors have signed up, including Rosneft, Gazprom, Transneft, Caterpillar, NOV, Schlumberger, Baker Hughes, Honeywell, Philips, Dow Chemical, Rockwell, Cummins, Emerson, CNPC, Sinopec, CNOOC, China State Shipbuilding Corporation, CASC, CIMC Raffles, HONGHUA, JEREH, KERUI, SANY Group, China Oil HBP Group, CITIC Heavy Industries, Hilong Group, ZPEC, Anton, etc.
Invitations Precisely Targeting High-Quality Visitors Through Diverse Channels
The cippe organizing committee had formulated and implemented a comprehensive promotion plan and visitor organizing plan. Extensive marketing promotions have been made on various social platforms, and mainstream and industry media home and abroad. cippe also invited professional visitors via business visits and conducted online enquiry to learn their procurement needs and build a one-on-one supply-demand matching platform.
Simultaneous Online and Offline Exhibition
cippe2021 will be held online and offline simultaneously. An online bilingual service will enable those who cannot attend in-person to participate in the online exhibition which provides product display, live broadcast, and supply and demand matching. In addition, exhibitors could also initiate live broadcasts for worldwide promotion and to connect and communicate with buyers online.
We look forward to meeting you in Beijing on June 8-10, 2021!
cippe2021 Organizing Committee
Yolanda Zhao, 86-10-56176962
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today announced operating and financial results for the fourth quarter and full year 2020.
Highlights for the fourth quarter include:
Highlights for the full year 2020 include:
2021 Capital Program and Guidance:
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "We demonstrated resilience and resolve during a pivotal year for our industry. The Company took immediate actions early in 2020 to accelerate our free cash flow generation and pay down debt. These actions included production curtailments, capex reductions and unwinding excess oil derivative contracts. Combined with our relentless focus on cost management and production optimization, we generated over $60 million of free cash flow and reduced total debt by roughly $50 million in 2020. In the second quarter of 2020, we closed on the acquisition of producing assets in the Southern gas window of our acreage position and divested non-core interests in Wyoming to supplement our cash balance. Amidst all the disruptions of 2020, we were able to execute on our operational plan while maintaining a high level of safety. To this end, we achieved a milestone, zero recordable incidents for the year, while setting new efficiency records for the Company in both drilling and completions ("D&C"). This time last year, we had just finished our first six-well La Mesa pad which at the time set many Company records from an execution standpoint. I am proud to say that our second six-well La Mesa pad, which we recently brought online, set new Company records in D&C costs and cycle times.”
Mr. Woolverton stated further, “Our outlook is increasingly optimistic as we progress into 2021. Our capital program supports prudent growth with the bulk of our production coming from natural gas. During the first quarter, we expect to realize a significant increase in production as we bring on our second six-well La Mesa pad and our first Austin Chalk test well in our Webb County Gas area. The increase in gas volume aligns with tightening gas markets and strengthening gas prices, with the prompt month up roughly 30% from a year ago. At current prices, we expect full year 2021 free cash flow of $20 to $40 million. Our gas forecast is approximately 40% unhedged, preserving further upside on our gas volumes. We ended 2020 with a leverage ratio4 of 2.5x as we focused on free cash flow generation and absolute debt reduction. Going forward, our priorities remain focused on top line growth, further debt paydown and deleveraging our balance sheet, all while living within cash flow."
OPERATIONS HIGHLIGHTS
During the fourth quarter of 2020, SilverBow drilled eight net wells, completed two net wells and brought two net wells online. For the full year, the Company drilled 19 net wells, completed 15 net wells and brought 15 net wells online. SilverBow's D&C activity through the first quarter of 2020 was primarily focused on its McMullen Oil assets. At the end of the first quarter, the Company temporarily ceased D&C activity and strategically curtailed production in order to maximize cash flows. These curtailments had the greatest impact on second quarter production, but extended to varying degrees through October. For the full year 2020, curtailments were estimated to average 11 MMcf/d of net gas production and 340 Bbls/d of net oil production, or approximately 8% and 8% of net 2020 production, respectively.
In response to fluctuations in commodity prices, SilverBow refocused its capital budget through the end of the year towards the drilling of high rate of return dry-gas assets. Of the 11 net wells drilled in the first quarter of 2020, eight wells were deferred to the third quarter to turn to sales. All eight of the deferred wells were located in the Company's McMullen Oil area. In the fourth quarter of 2020, SilverBow commenced the drilling of a nine well program in its Webb County Gas area. In addition to resuming capital activity, all curtailed production volumes were returned to production over the second half of 2020.
In the McMullen Oil area, the Company brought 10 net wells online in 2020. SilverBow maintained focus on efficient asset development, completing four wells with over 10,000 feet of completed lateral length. Two of these four wells averaged nine days from spud to rig release, highlighting the drilling team's execution excellence. Two wells were brought online during the first quarter of 2020 while the remaining eight wells, as part of SilverBow's drilled but uncompleted program, were brought online during the third quarter of 2020. All ten wells continue to perform in-line with expectations.
In the La Salle Condensate area, the Company brought three net wells online in 2020. These three wells were developed on a recently acquired land tract adjacent to existing SilverBow acreage. They provided for an opportunistic add-on to that position. The wells continue to perform well and are expected to achieve some of the strongest per well recoveries in the area.
In the Webb County Gas area, the Company brought two net wells online in 2020. Eight net wells were drilled during the fourth quarter of 2020 as part of SilverBow's renewed focus on its dry gas assets. The drilling program consisted of two Fasken Upper Eagle Ford net wells and six La Mesa net wells. The Fasken wells were drilled, on average, in 9.4 days per well and achieved drilling rates of 1,900 feet per day. The Fasken wells were completed with 2,600 pounds of proppant per foot, achieving an industry leading number of 18 stages per day. These wells were turned to sales in late December and are performing in-line with expectations. The La Mesa wells were drilled, on average, in 9.6 days per well and achieved 2,200 feet per day. The Company completed and brought online the La Mesa wells during the first quarter of 2021.
SilverBow continued to set new Company records in efficiency and safety while also enacting real-time changes to field schedules and capital activity in response to fluctuating commodity prices and the COVID-19 pandemic. SilverBow's La Mesa project is a recent example of specific drilling efficiency improvements. During the fourth quarter of 2020, the Company drilled its second six-well pad. Compared to the first six-well pad drilled in the fourth quarter of 2019, the three Lower Eagle Ford wells were drilled 26% faster with a 32% reduction in per foot drilling cost and the three Upper Eagle Ford wells were drilled 30% faster with a 26% reduction in per foot drilling cost. These gains were the result of a focus on all aspects of drilling cycle-time variables, engineering designs, quality controls on vendors and active wellsite management.
Across all of its operating areas in 2020, SilverBow drilled 44% more lateral footage per day while lowering the per lateral foot costs by 32% as compared to 2019. The Company completed 8% more stages per day and reduced completion costs per well by 13% as compared to 2019. SilverBow's demonstrated success in reducing costs is a direct result of its operational and supply teams working with vendors to negotiate prices and logistical considerations for the materials used in its operations.
PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES
SilverBow's total net production for the fourth quarter of 2020 averaged 178 MMcfe/d, above the midpoint of guidance. Production mix for the fourth quarter of 2020 consisted of 16% crude oil, 11% NGLs, and 73% natural gas. Natural gas comprised 60% of total oil and gas sales for the fourth quarter of 2020, compared to 55% in the fourth quarter of 2019.
Lease operating expenses ("LOE") were $0.33 per thousand cubic feet of natural gas equivalent ("Mcfe") for the fourth quarter of 2020. Net G&A expenses were $4.7 million or $0.29 per Mcfe, for the fourth quarter of 2020. After deducting $1.1 million of non-cash compensation expenses, cash G&A expenses were $3.6 million for the fourth quarter of 2020, with a per unit cash cost of $0.22 per Mcfe. Transportation and processing expenses ("T&P") came in at $0.27 per Mcfe and production and ad valorem taxes were 5.6% of oil and gas revenue for the fourth quarter of 2020. Total production expenses, which include LOE, T&P and production taxes, were $0.78 per Mcfe fourth quarter of 2020. The Company's total cash operating costs for the quarter, which include total production expenses and cash general and administrative expenses, were $1.00 per Mcfe. As a result of corporate cost initiatives, SilverBow expects to realize approximately $2.0 million of cash G&A savings in 2021.
The Company continues to benefit from strong basis pricing in the Eagle Ford, as well as improved benchmark prices. Crude oil and natural gas realizations in the fourth quarter of 2020 were 91% and 101% of WTI and Henry Hub, respectively, excluding hedging. SilverBow's average realized natural gas price, excluding the effect of hedging, was $2.68 per Mcf in the fourth quarter of 2020 compared to $1.98 per Mcf in the third quarter of 2020. The average realized crude oil selling price, excluding the effect of hedging, was $38.93 per barrel in the fourth quarter of 2020 compared to $37.45 per barrel in the third quarter of 2020. The average realized NGL selling price in the fourth quarter of 2020 was $15.82 per barrel (37% of WTI benchmark), compared to $12.79 per barrel (31% of WTI benchmark) in the third quarter of 2020.
YEAR-END 2020 RESERVES
SilverBow reported year-end estimated proved reserves of 1.1 Tcfe, a 22% decrease over year-end 2019. Specific highlights from the Company’s year-end reserve report include:
The table below reconciles 2019 reserves to 2020 reserves:
|
Total (MMcfe) |
||
Proved reserves as of December 31, 2019 |
1,420,439 |
|
|
Extensions, discoveries and other additions |
31,651 |
|
|
Purchases (sales) of minerals in place |
11,005 |
|
|
Revisions of prior reserve estimates: |
|
||
Reclassification of PUD to unproved under SEC 5-year rule |
(224,990 |
) |
|
Price and performance revisions |
(64,890 |
) |
|
Production |
(66,800 |
) |
|
Proved reserves as of December 31, 2020 |
1,106,415 |
|
|
Developed reserves accounted for 46% of SilverBow's total estimated proved reserves at December 31, 2020. Total capital costs incurred during 2020 were $100 million, which included approximately $89 million for development costs, $6 million for leasehold acquisition and prospect costs, and $5 million for property acquisitions.
The SEC prices used for reporting the Company's year-end 2020 estimated proved reserves, which have been adjusted for basis and quality differentials, were $2.13 per Mcf for natural gas, $11.66 per barrel for natural gas liquids and $37.83 per barrel for crude oil compared to $2.62 per Mcf, $16.83 per barrel, and $58.37 per barrel in 2019. Using the SEC prices, SilverBow's year-end 2020 reserves had a Standardized Measure of $513 million and a SEC PV-10 Value of $526 million. Based on forward prices of $50 per barrel for WTI oil, $2.75 per Mcf for Henry Hub natural gas and $14.67 per barrel (29% of WTI) for NGL, Adjusted PV-10 Value is $851 million3. Adjusted PV-10 Value utilizes the same reserve database and development schedule per the SEC PV-10 Value.
FINANCIAL RESULTS
SilverBow reported total oil and gas sales of $53.5 million for the fourth quarter of 2020. On a GAAP basis, the Company reported net income of $9.3 million for the fourth quarter of 2020, which includes a net loss on the value of SilverBow's derivatives portfolio of $5.6 million. For the full year 2020, the Company reported a net loss of $309 million. Due to the effects of realized prices and delayed timing of projects, SilverBow reported non-cash impairment write-downs, on a pre-tax basis, totaling $355.9 million on the Company's oil and natural gas properties for the full year 2020.
For the fourth quarter of 2020, SilverBow reported Adjusted EBITDA (a non-GAAP measure) of $38.3 million and FCF (a non-GAAP measure) of $12.1 million. For the full year 2020, the Company reported Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) of $171.4 million, which, in accordance with the Leverage Ratio calculation in its Credit Facility, includes gains for the period related to previously unwound derivative contracts totaling $25.1 million.
Capital expenditures incurred during the fourth quarter of 2020 totaled $19.5 million on an accrual basis. For the full year 2020, capital expenditures totaled $95.2 million on an accrual basis.
2021 CAPITAL PROGRAM
SilverBow provided its 2021 capital budget range of $100-$110 million (93% allocated to D&C activity). The budget provides for 20 gross (19 net) operated wells completed, compared to 16 gross (15 net) operated wells completed in 2020. The cadence of quarterly spending in 2021 is expected to be similar to 2020, and supports gas production growth of approximately 8% year-over-year.
In the first quarter of 2021, the Company completed and brought online its second six-well La Mesa pad and completed its first Austin Chalk well. Second and third quarter 2021 development will be staggered from a well count perspective and will focus on SilverBow's liquids-weighted assets. In the fourth quarter of 2021, the Company will shift back towards gas development. SilverBow's capital budget assumes the full cost incurrence of nine Fasken wells to be drilled in the fourth quarter of 2021.
2021 GUIDANCE
For the first quarter of 2021, SilverBow is guiding for estimated production of 168 - 179 MMcfe/d, with gas volumes expecting to comprise 130 - 140 MMcf/d. For the full year 2021, the Company is guiding for estimated production of 180 - 200 MMcfe/d, with gas volumes expecting to comprise 142 - 160 MMcf/d or 79% of full year production at the midpoint. SilverBow anticipates full year 2021 FCF of $20 to $40 million1. Additional detail concerning the Company's first quarter and full year 2021 financial and operational guidance can be found in the table included with today’s news release below and the most recent Corporate Presentation uploaded to the Investor Relations section of the SilverBow’s website.
HEDGING UPDATE
Hedging continues to be an important element of SilverBow’s strategy to protect cash flow. The Company maintains an active hedging program to provide predictable cash flows while still allowing for flexibility in capturing price increases. In conjunction with unwinding oil derivative contracts related to production periods in 2020 and 2021, SilverBow is amortizing the $38 million of cash inflow it received in discrete amounts for each month over the same time period. The amortized hedge gains will factor into the Company's calculation of Adjusted EBITDA for covenant compliance purposes through the end of 2021.
As of February 26, 2021, SilverBow had 63% of total estimated production volumes hedged for full year 2021, using the midpoint of production guidance. For 2021, the Company has 92 MMcf/d of natural gas production hedged at an average price of $2.90 per million British thermal units ("MMBtu"), 2,996 barrels per day ("Bbls/d") of oil hedged at an average price of $46.91 per barrel and 1,477 Bbls/d of natural gas liquids hedged at an average price of $23.94 per barrel. For 2022, SilverBow has 48 MMcf/d of natural gas production hedged at an average price of $2.98 per MMBtu and 1,467 Bbls/d of oil hedged at an average price of $44.96 per barrel. Notably, the Company's hedges are a combination of swaps and collars with the weighted average price factoring in the ceiling price of the collars.
CAPITAL STRUCTURE AND LIQUIDITY
SilverBow's liquidity as of December 31, 2020, was $82.1 million, consisting of $2.1 million of cash and $80.0 million of availability under the Company’s credit facility. The Company believes it has sufficient liquidity to meet its obligations for at least the next twelve months and execute its long-term development plans. SilverBow's net debt was $427.9 million, calculated as total long-term debt of $430.0 million less $2.1 million of cash, a 10% decrease from December 31, 2019. As of January 31, 2021, the Company had 11.9 million total common shares outstanding.
CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION
SilverBow will host a conference call for investors on Thursday, March 4, 2021, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/6756335 and using Conference ID 6756335. After registering, instructions and dial-in information will be provided on how to join the call. A simultaneous webcast of the call may be accessed over the internet by visiting SilverBow's website at www.sbow.com, clicking on “Investor Relations” and “Events and Presentations” and then clicking on the “Fourth Quarter 2020 Conference Call” link. The webcast will be archived for replay on the Company's website for 14 days. Additionally, an updated Corporate Presentation will be uploaded to the Investor Relations section of SilverBow's website before the conference call.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on our website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than historical facts included in this press release, including those regarding our strategy, future operations, financial position, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, future free cash flow, capital expenditures, budget, projected costs, prospects, plans and objectives are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” "guidance," “budgeted,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions and the resulting severe disruption in the oil and gas industry and negative impact on demand for oil and gas; the supply of oil and actions by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; shut-in and curtailment of production due to decreases in available storage capacity or other factors; volatility in natural gas, oil and NGL prices; future cash flows and their adequacy to maintain our ongoing operations; liquidity, including our ability to satisfy our short- or long-term liquidity needs; our borrowing capacity and future covenant compliance; operating results; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and gas industry; general economic conditions; opportunities to monetize assets; our ability to execute on strategic initiatives; effectiveness of our risk management activities, including hedging strategy; environmental liabilities; counterparty credit risk; governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas-producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2020.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas market is expected to grow from $4677.45 billion in 2020 to $5870.13 billion in 2021 at a compound annual growth rate (CAGR) of 25.5%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7425.02 billion in 2025 at a CAGR of 6%.
The oil and gas market consists of sales of oil and gas by entities (organizations, sole traders or partnerships) that undertake the exploration for, extraction, drilling, and refining, of oil and gas and some of its derivatives. This market does not include petrochemicals. The oil and gas market is segmented into oil & gas upstream activities and oil downstream products.
Asia Pacific was the largest region in the global oil and gas market, accounting for 33% of the market in 2020. North America was the second largest region accounting for 19% of the global oil and gas market. South America was the smallest region in the global oil and gas market.
Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines and other infrastructure through a large number of sensors placed across the oil rig. Using big data analytics the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions.
Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%.
Oil price volatility is likely to have a negative impact on the market as significant decline and increase in oil prices negatively impacts the government and consumer spending. The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in rising inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly import oil.
For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil prices is expected to negatively impact the market going forward.
Low interest rates in most developed countries positively impacted the oil and gas industry during the historic period. For instance, in 2019, the European Central Bank decreased interest rates to -0.5% on deposits from banks to encourage lending.
This created a flow of cheap money for investment, both in developed and developing economies. It also encouraged borrowing and discouraged saving in advanced markets, helping to drive spending. Oil and gas companies were able to borrow more money for process improvements and expansion projects, thus driving the market during this period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Oil And Gas Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Oil And Gas Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Oil And Gas Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Oil And Gas Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Oil And Gas Market Trends And Strategies
8. Impact Of COVID-19 On Oil And Gas
9. Oil And Gas Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)
10. Oil And Gas Market Regional Analysis
10.1. Global Oil And Gas Market, 2020, By Region, Value ($ Billion)
10.2. Global Oil And Gas Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region
10.3. Global Oil And Gas Market, Growth And Market Share Comparison, By Region
11. Oil And Gas Market Segmentation
11.1. Global Oil And Gas Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12. Oil And Gas Market Segments
12.1. Global Oil & Gas Upstream Activities Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Crude Oil; Natural Gas; Oil And Gas Wells Drilling Services; Oil And Gas Supporting Activities
12.2. Global Oil Downstream Products Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Refined Petroleum Products; Asphalt, Lubricating Oil And Grease
13. Oil And Gas Market Metrics
13.1. Oil And Gas Market Size, Percentage Of GDP, 2015-2025, Global
13.2. Per Capita Average Oil And Gas Market Expenditure, 2015-2025, Global
Companies Mentioned
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NEW YORK--(BUSINESS WIRE)--#dividend--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 25 cents per share payable on the Common Stock of the Corporation on March 31, 2021 to holders of record at the close of business on March 17, 2021.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.
For Hess Corporation
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contact:
Lorrie Hecker
(212) 536-8250
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Ambitious plan includes electrifying the global parcel pickup and delivery fleet and establishing the Yale Center for Natural Carbon Capture to advance sequestration solutions
MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX), home of the world’s largest cargo airline, announced today an ambitious goal to achieve carbon-neutral operations globally by 2040.
To help reach this goal, FedEx is designating more than $2 billion of initial investment in three key areas: vehicle electrification, sustainable energy, and carbon sequestration.
This includes a pledge of $100 million to Yale University to help establish the Yale Center for Natural Carbon Capture, accelerating research into methods of carbon sequestration at scale, with an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions.
“We have a responsibility to take bold action in addressing climate challenges,” said Frederick W. Smith, Chairman and CEO, FedEx Corp. “This goal builds on our longstanding commitment to sustainability throughout our operations, while at the same time investing in long-term, transformational solutions for FedEx and our entire industry.”
Key steps toward reaching the carbon neutral goal include:
The path toward sustainability requires new strategies for removing and storing Earth’s excess carbon. The Yale Center for Natural Carbon Capture will catalyze interdisciplinary research across the natural sciences and engineering in an effort to accelerate this work.
Center researchers will develop methods that build on natural carbon storage systems, including biological ecosystems and the geological carbon cycle, improving, where possible, how quickly carbon can be absorbed, how much can be contained, and how long it can be stored. Through these efforts, Yale scientists aim to create a portfolio of carbon removal strategies that have impacts on a global scale.
Building upon initial successes in the aviation sector, the center will broaden its scope to address additional global sources of emissions – publishing and sharing its findings so that businesses, industries, and governments can benefit from work that will accelerate the adoption and implementation of natural carbon capture strategies around the world.
“Addressing climate change is a complex challenge that demands urgent action, and natural carbon capture strategies will be one key part of that action,” said Dr. Ingrid C. “Indy” Burke, the Carl W. Knobloch, Jr. Dean of the Yale School of the Environment. “Through the creation of the Yale Center for Natural Carbon Capture, we aim to develop measurable carbon capture strategies to help offset carbon emissions globally.”
The FedEx commitment builds on a history of sustainable practices. Since 2009, the company’s efforts have contributed to an approximately 40% reduction in CO2 emissions intensity across the enterprise while package volume increased 99% during that period. Recently, FedEx was ranked first in its industry on JUST Capital’s 2021 list of “America’s Most Just Companies” in the environment category and first in the travel, transport and logistics sector of Newsweek’s “America’s Most Responsible Companies 2021.”
“While we’ve made great strides in reducing our environmental impact, we have to do more. The long-term health of our industry is directly linked to the health of the planet, but this effort is about more than the bottom line – it’s the right thing to do,” said Mitch Jackson, Chief Sustainability Officer, FedEx Corp. “At FedEx, we are committed to connecting people and possibilities resourcefully and responsibly. The steps we are taking today will contribute a positive impact for generations to come.”
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $75 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 600,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about ongoing sustainability efforts at FedEx, visit sustainability.fedex.com.
Forward-looking statements
Certain statements in this press release may be considered forward-looking statements, such as statements relating to our goal to achieve carbon-neutral operations globally by 2040, our strategies to achieve our carbon neutrality goal, and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends,” “commits,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results, including project plans and timing, future reductions in emissions and emissions intensity, carbon capture results, and the impact of operational and technology efforts, to differ materially from historical experience or from future results expressed or implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited to: our ability to execute our strategies and achieve our goals within the projected costs and the expected timeframes; the availability of zero emission electric vehicles, alternative fuels, fuel efficient aircraft, and other materials and components; unforeseen production, design, operational, and technological difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis including carbon sequestration and/or other related processes; compliance with, and changes or additions to, global and regional regulations, taxes, charges, mandates, or requirements relating to greenhouse gas emissions, carbon costs, or climate-related goals; labor-related regulations and requirements that restrict or prohibit our ability to impose requirements on third parties who provide contracted transportation for our transportation networks; adapting products to customer preferences and customer acceptance of sustainable supply chain solutions; the actions of competitors and competitive pressures; the pace of regional and global recovery from the COVID-19 pandemic; and other factors which can be found in FedEx’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
FedEx Media Relations
Joseph Miner
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three months and year ended December 31, 2020. Financial highlights with respect to the fourth quarter of 2020 include the following:
“We are pleased to report another successful year for the Partnership,” said Dan Borgen, the Partnership’s Chief Executive Officer. “Despite all of the challenges that occurred during 2020, the Partnership’s financial performance remained steady, and our terminals performed safely and reliably throughout the year. We attribute this to our strong operations team, our investment grade customers and our compelling contract profile, which is underpinned by long-term, take-or-pay agreements.”
“We continue to be very excited about our Sponsor’s previously announced diluent recovery unit (“DRU”) project and destination terminal in Port Arthur, Texas (“PAT”) and look forward to announcing their in-service dates late in the second quarter or early in the third quarter of this year. As previously mentioned, the Partnership will benefit from the completion of the DRU and PAT projects, as approximately 32% of the Partnership’s Hardisty terminal’s capacity will be automatically extended under a long-term committed agreement through mid-2031 with a strong investment grade customer. We remain focused on commercial discussions with other potential producer and refiner customers to secure long-term, take-or-pay agreements at the Partnership’s Hardisty terminal in support of future expansions of capacity at the DRU. We look forward to keeping the market updated as this project continues to develop,” added Mr. Borgen.
Adam Altsuler, the Partnership’s Chief Financial Officer, added, “In addition, our efforts to strengthen our balance sheet continue to produce results. We have paid down more than $30 million of revolver borrowings since the first quarter of 2020, which is above our previously stated guidance of approximately $20-$25 million on an annualized basis. Notably, our leverage ratio(3) is currently 3.5x and trending lower, and our Distributable Cash Flow yield(4) over the last twelve months continues to be strong, at greater than 30% based on our current unit price.”
Partnership’s Fourth Quarter 2020 Liquidity, Operational and Financial Results
Substantially all of the Partnership’s cash flows are generated from multi-year, take-or-pay terminalling services agreements related to its crude oil terminals, which include minimum monthly commitment fees. The Partnership’s customers include major integrated oil companies, refiners and marketers, the majority of which are investment-grade rated.
The Partnership’s operating results for the fourth quarter of 2020 relative to the same quarter in 2019 were primarily influenced by higher revenue at its Stroud terminal during the quarter due to higher rates that are based on crude oil index pricing differentials.
The Partnership experienced lower operating costs during the fourth quarter of 2020 as compared to the fourth quarter of 2019 due primarily to lower subcontracted rail services costs associated with lower throughput during the quarter.
Net income for the quarter increased as compared to the fourth quarter of 2019, primarily as a result of the operating factors discussed above coupled with lower interest expense incurred resulting from a lower weighted average balance of debt outstanding coupled with lower interest rates during the quarter and foreign currency transaction gains.
In September 2020, the Partnership terminated its existing interest rate collar and simultaneously entered into a new interest rate swap that was made effective as of August 2020. The new interest rate swap is a five-year contract with a $150 million notional value that fixes the Partnership’s one-month LIBOR to 0.84% for the notional value of the swap agreement instead of the variable rate that the Partnership pays under its Credit Agreement. The swap settles monthly through the termination date in August 2025.
Net Cash Provided by Operating Activities for the quarter increased 181% relative to the fourth quarter of 2019, primarily due to the operating factors discussed above and the general timing of receipts and payments of accounts receivable, accounts payable and deferred revenue balances.
Adjusted EBITDA and Distributable Cash Flow (“DCF”) increased by 16% and 36%, respectively, for the quarter relative to the fourth quarter of 2019. The increase in Adjusted EBITDA was primarily a result of the operating factors discussed above. DCF was also positively impacted by a decrease in cash paid for interest and income taxes during the quarter.
As of December 31, 2020, the Partnership had approximately $3 million of unrestricted cash and cash equivalents and undrawn borrowing capacity of $188 million on its $385 million senior secured credit facility, subject to the Partnership’s continued compliance with financial covenants. As of December 31, 2020, the Partnership had amounts outstanding of $197.0 million under the Revolving Credit Facility. Pursuant to the terms of the Partnership’s Credit Agreement, the Partnership’s borrowing capacity is currently limited to 4.5 times its trailing 12-month consolidated EBITDA, as defined in the Credit Agreement. As such, the Partnership’s available borrowings under the senior secured credit facility, including unrestricted cash and cash equivalents, was approximately $56 million as of December 31, 2020. The Partnership was in compliance with its financial covenants, as of December 31, 2020.
On January 28, 2021, the Partnership declared a quarterly cash distribution of $0.111 per unit ($0.444 per unit on an annualized basis), the same amount as distributed in the prior quarter. The distribution was paid on February 19, 2021, to unitholders of record at the close of business on February 10, 2021.
During the last nine months of 2020, the Partnership reduced the outstanding balance of its revolving credit facility by $27 million. In addition, the Partnership has repaid an additional $5 million subsequent to the end of the fourth quarter of 2020. As a result, since the Partnership announced the reduction to its distribution in the first quarter of 2020, it has paid down $32 million of principal on its revolving credit facility.
Fourth Quarter 2020 Conference Call Information
The Partnership will host a conference call and webcast regarding fourth quarter 2020 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, March 4, 2021.
To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (877) 266-7551 domestically or +1 (339) 368-5209 internationally, conference ID 3094936. Participants are advised to dial in at least five minutes prior to the call.
An audio replay of the conference call will be available for thirty days by dialing (800) 585-8367 domestically or +1 (404) 537-3406 internationally, conference ID 3094936. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal, which is expected to be placed into service late in the second quarter or early in the third quarter of 2021. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Non-GAAP Financial Measures
The Partnership defines Adjusted EBITDA as Net Cash Provided by Operating Activities adjusted for changes in working capital items, interest, income taxes, foreign currency transaction gains and losses, and other items which do not affect the underlying cash flows produced by the Partnership’s businesses. Adjusted EBITDA is a non-GAAP, supplemental financial measure used by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:
The Partnership defines Distributable Cash Flow, or DCF, as Adjusted EBITDA less net cash paid for interest, income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. DCF is a non-GAAP, supplemental financial measure used by management and by external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:
The Partnership believes that the presentation of Adjusted EBITDA and DCF in this press release provides information that enhances an investor's understanding of the Partnership’s ability to generate cash for payment of distributions and other purposes. The GAAP measure most directly comparable to Adjusted EBITDA and DCF is Net Cash Provided by Operating Activities. Adjusted EBITDA and DCF should not be considered alternatives to Net Cash Provided by Operating Activities or any other measure of liquidity presented in accordance with GAAP. Adjusted EBITDA and DCF exclude some, but not all, items that affect Net Cash Provided by Operating Activities and these measures may vary among other companies. As a result, Adjusted EBITDA and DCF may not be comparable to similarly titled measures of other companies. Reconciliations of Net Cash Provided by Operating Activities to Adjusted EBITDA and DCF are presented in this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the ability of the Partnership and USD to achieve contract extensions, new customer agreements and expansions; the ability of the Partnership and USD to develop existing and future additional projects and expansion opportunities (including successful completion of USD’s DRU) and whether those projects and opportunities developed by USD would be made available for acquisition, or acquired, by the Partnership; volumes at, and demand for, the Partnership’s terminals; and the amount and timing of future distribution payments and distribution growth. Words and phrases such as “expect,” “plan,” “intent,” “believes,” “projects,” “begin,” “anticipates,” “subject to” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the impact of the novel coronavirus (COVID-19) pandemic and related economic downturn and changes in general economic conditions and commodity prices, as well as those factors set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in the Partnership’s subsequent filings with the Securities and Exchange Commission (many of which may be amplified by the COVID-19 pandemic and the recent significant reductions in demand for and prices of crude oil, natural gas and natural gas liquids). The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
__________
(1) |
The Partnership presents both GAAP and non-GAAP financial measures in this press release to assist in understanding the Partnership’s liquidity and ability to fund distributions. See “Non-GAAP Financial Measures” and reconciliations of Net Cash Provided by Operating Activities, the most directly comparable GAAP measure, to Adjusted EBITDA and Distributable Cash Flow in this press release. |
|
(2) |
The Partnership calculates quarterly Distributable Cash Flow Coverage by dividing Distributable Cash Flow for the quarter as presented in this press release by the cash distributions declared for the quarter, or approximately $3 million. |
|
(3) |
The Partnership calculates its leverage ratio by dividing the outstanding balance under the Partnership’s revolving credit facility at the end of the 12-month period by the Partnership’s Adjusted EBITDA for the last 12 months, as presented in this press release. |
|
(4) |
Distributable Cash Flow Yield represents the total amount of Distributable Cash Flow per unit divided by the closing market price for one of the Partnership’s common units as of a recent date ($4.85, as of February 26, 2021). Distributable Cash Flow per unit is calculated by dividing the total Distributable Cash Flow for the period as presented in this press release by the weighted average number of common units outstanding for the period (26,514 thousand units). |
| USD Partners LP | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| For the Three Months and the Years Ended December 31, 2020 and 2019 | ||||||||||||||||
| (unaudited) | ||||||||||||||||
For the Three Months Ended |
|
For the Years Ended |
||||||||||||||
December 31, |
|
December 31, |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
| (in thousands) | ||||||||||||||||
| Revenues | ||||||||||||||||
| Terminalling services | $ |
28,604 |
|
$ |
23,736 |
|
$ |
104,053 |
|
$ |
87,173 |
|
||||
| Terminalling services — related party |
|
1,102 |
|
|
3,958 |
|
|
10,031 |
|
|
19,580 |
|
||||
| Fleet leases — related party |
|
984 |
|
|
984 |
|
|
3,935 |
|
|
3,935 |
|
||||
| Fleet services |
|
51 |
|
|
50 |
|
|
203 |
|
|
208 |
|
||||
| Fleet services — related party |
|
228 |
|
|
228 |
|
|
910 |
|
|
910 |
|
||||
| Freight and other reimbursables |
|
95 |
|
|
639 |
|
|
845 |
|
|
1,612 |
|
||||
| Freight and other reimbursables — related party |
|
— |
|
|
(16 |
) |
|
66 |
|
|
238 |
|
||||
| Total revenues |
|
31,064 |
|
|
29,579 |
|
|
120,043 |
|
|
113,656 |
|
||||
| Operating costs | ||||||||||||||||
| Subcontracted rail services |
|
2,412 |
|
|
3,824 |
|
|
10,845 |
|
|
14,777 |
|
||||
| Pipeline fees |
|
6,184 |
|
|
5,597 |
|
|
23,862 |
|
|
20,971 |
|
||||
| Freight and other reimbursables |
|
95 |
|
|
623 |
|
|
911 |
|
|
1,850 |
|
||||
| Operating and maintenance |
|
2,515 |
|
|
2,751 |
|
|
10,459 |
|
|
10,953 |
|
||||
| Operating and maintenance — related party |
|
2,093 |
|
|
2,493 |
|
|
8,287 |
|
|
4,964 |
|
||||
| Selling, general and administrative |
|
2,573 |
|
|
2,577 |
|
|
10,883 |
|
|
10,716 |
|
||||
| Selling, general and administrative — related party |
|
1,811 |
|
|
2,047 |
|
|
7,374 |
|
|
8,128 |
|
||||
| Goodwill impairment loss |
|
— |
|
|
— |
|
|
33,589 |
|
|
— |
|
||||
| Depreciation and amortization |
|
5,441 |
|
|
5,347 |
|
|
21,496 |
|
|
20,664 |
|
||||
| Total operating costs |
|
23,124 |
|
|
25,259 |
|
|
127,706 |
|
|
93,023 |
|
||||
| Operating income (loss) |
|
7,940 |
|
|
4,320 |
|
|
(7,663 |
) |
|
20,633 |
|
||||
| Interest expense |
|
1,892 |
|
|
2,832 |
|
|
8,932 |
|
|
12,006 |
|
||||
| Loss (gain) associated with derivative instruments |
|
(509 |
) |
|
(546 |
) |
|
3,896 |
|
|
1,420 |
|
||||
| Foreign currency transaction loss (gain) |
|
(545 |
) |
|
128 |
|
|
267 |
|
|
365 |
|
||||
| Other income, net |
|
(27 |
) |
|
(284 |
) |
|
(903 |
) |
|
(336 |
) |
||||
| Income (loss) before income taxes |
|
7,129 |
|
|
2,190 |
|
|
(19,855 |
) |
|
7,178 |
|
||||
| Provision for (benefit from) income taxes |
|
585 |
|
|
50 |
|
|
(41 |
) |
|
662 |
|
||||
| Net income (loss) | $ |
6,544 |
|
$ |
2,140 |
|
$ |
(19,814 |
) |
$ |
6,516 |
|
||||
| USD Partners LP | ||||||||||||||||
| Consolidated Statements of Cash Flows | ||||||||||||||||
| For the Three Months and the Years Ended December 31, 2020 and 2019 | ||||||||||||||||
| (unaudited) | ||||||||||||||||
For the Three Months Ended |
|
For the Years Ended |
||||||||||||||
December 31, |
|
December 31, |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
| Cash flows from operating activities: | (in thousands) | |||||||||||||||
| Net income (loss) | $ |
6,544 |
|
$ |
2,140 |
|
$ |
(19,814 |
) |
$ |
6,516 |
|
||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization |
|
5,441 |
|
|
5,347 |
|
|
21,496 |
|
|
20,664 |
|
||||
| Loss (gain) associated with derivative instruments |
|
(509 |
) |
|
(546 |
) |
|
3,896 |
|
|
1,420 |
|
||||
| Settlement of derivative contracts |
|
(261 |
) |
|
— |
|
|
(892 |
) |
|
1 |
|
||||
| Unit based compensation expense |
|
1,654 |
|
|
1,533 |
|
|
6,563 |
|
|
6,066 |
|
||||
| Deferred income taxes |
|
290 |
|
|
378 |
|
|
(973 |
) |
|
79 |
|
||||
| Other |
|
207 |
|
|
214 |
|
|
829 |
|
|
1,129 |
|
||||
| Goodwill impairment loss |
|
— |
|
|
— |
|
|
33,589 |
|
|
— |
|
||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable |
|
374 |
|
|
(1,620 |
) |
|
1,266 |
|
|
(109 |
) |
||||
| Accounts receivable – related party |
|
137 |
|
|
(68 |
) |
|
(621 |
) |
|
(1,122 |
) |
||||
| Prepaid expenses and other assets |
|
(1,107 |
) |
|
(1,556 |
) |
|
(2,410 |
) |
|
(1,484 |
) |
||||
| Other assets – related party |
|
(388 |
) |
|
149 |
|
|
(1,287 |
) |
|
(180 |
) |
||||
| Accounts payable and accrued expenses |
|
(354 |
) |
|
(195 |
) |
|
(963 |
) |
|
(606 |
) |
||||
| Accounts payable and accrued expenses – related party |
|
(4 |
) |
|
(2,427 |
) |
|
(82 |
) |
|
2 |
|
||||
| Deferred revenue and other liabilities |
|
40 |
|
|
939 |
|
|
6,258 |
|
|
6,529 |
|
||||
| Deferred revenue – related party |
|
(10 |
) |
|
(1 |
) |
|
(1,041 |
) |
|
(463 |
) |
||||
| Net cash provided by operating activities |
|
12,054 |
|
|
4,287 |
|
|
45,814 |
|
|
38,442 |
|
||||
| Cash flows from investing activities: | ||||||||||||||||
| Additions of property and equipment |
|
(89 |
) |
|
(1,368 |
) |
|
(484 |
) |
|
(8,440 |
) |
||||
| Net cash used in investing activities |
|
(89 |
) |
|
(1,368 |
) |
|
(484 |
) |
|
(8,440 |
) |
||||
| Cash flows from financing activities: | ||||||||||||||||
| Payments for deferred financing costs |
|
— |
|
|
— |
|
|
— |
|
|
(7 |
) |
||||
| Distributions |
|
(3,183 |
) |
|
(10,563 |
) |
|
(20,203 |
) |
|
(41,557 |
) |
||||
| Vested Phantom Units used for payment of participant taxes |
|
— |
|
|
(3 |
) |
|
(1,789 |
) |
|
(1,829 |
) |
||||
| Proceeds from long-term debt |
|
— |
|
|
10,000 |
|
|
12,000 |
|
|
38,000 |
|
||||
| Repayments of long-term debt |
|
(12,000 |
) |
|
(6,000 |
) |
|
(35,000 |
) |
|
(27,000 |
) |
||||
| Other financing activities |
|
— |
|
|
— |
|
|
— |
|
|
(13 |
) |
||||
| Net cash used in financing activities |
|
(15,183 |
) |
|
(6,566 |
) |
|
(44,992 |
) |
|
(32,406 |
) |
||||
| Effect of exchange rates on cash |
|
(321 |
) |
|
208 |
|
|
(28 |
) |
|
705 |
|
||||
| Net change in cash, cash equivalents and restricted cash |
|
(3,539 |
) |
|
(3,439 |
) |
|
310 |
|
|
(1,699 |
) |
||||
| Cash, cash equivalents and restricted cash – beginning of period |
|
14,533 |
|
|
14,123 |
|
|
10,684 |
|
|
12,383 |
|
||||
| Cash, cash equivalents and restricted cash – end of period | $ |
10,994 |
|
$ |
10,684 |
|
$ |
10,994 |
|
$ |
10,684 |
|
||||
| USD Partners LP | |||||||
| Consolidated Balance Sheets | |||||||
| (unaudited) | |||||||
December 31, |
|
December 31, |
|||||
2020 |
|
2019 |
|||||
| ASSETS | (in thousands) | ||||||
| Current assets | |||||||
| Cash and cash equivalents | $ |
3,040 |
$ |
3,083 |
|
||
| Restricted cash |
|
7,954 |
|
7,601 |
|
||
| Accounts receivable, net |
|
4,049 |
|
5,313 |
|
||
| Accounts receivable — related party |
|
2,460 |
|
1,778 |
|
||
| Prepaid expenses |
|
1,959 |
|
1,915 |
|
||
| Other current assets |
|
1,777 |
|
954 |
|
||
| Other current assets — related party |
|
15 |
|
343 |
|
||
| Total current assets |
|
21,254 |
|
20,987 |
|
||
| Property and equipment, net |
|
139,841 |
|
147,737 |
|
||
| Intangible assets, net |
|
61,492 |
|
74,099 |
|
||
| Goodwill |
|
— |
|
33,589 |
|
||
| Operating lease right-of-use assets |
|
9,630 |
|
11,804 |
|
||
| Other non-current assets |
|
3,625 |
|
1,335 |
|
||
| Other non-current assets — related party |
|
1,706 |
|
15 |
|
||
| Total assets | $ |
237,548 |
$ |
289,566 |
|
||
| LIABILITIES AND PARTNERS’ CAPITAL | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued expenses | $ |
1,865 |
$ |
3,087 |
|
||
| Accounts payable and accrued expenses — related party |
|
383 |
|
465 |
|
||
| Deferred revenue |
|
6,367 |
|
6,104 |
|
||
| Deferred revenue — related party |
|
410 |
|
1,482 |
|
||
| Operating lease liabilities, current |
|
5,291 |
|
4,649 |
|
||
| Other current liabilities |
|
4,222 |
|
3,150 |
|
||
| Total current liabilities |
|
18,538 |
|
18,937 |
|
||
| Long-term debt, net |
|
195,480 |
|
217,651 |
|
||
| Deferred income tax liabilities, net |
|
40 |
|
458 |
|
||
| Operating lease liabilities, non-current |
|
4,392 |
|
7,386 |
|
||
| Other non-current liabilities |
|
12,830 |
|
4,078 |
|
||
| Total liabilities |
|
231,280 |
|
248,510 |
|
||
| Commitments and contingencies | |||||||
| Partners’ capital | |||||||
| Common units |
|
3,829 |
|
61,013 |
|
||
| Subordinated units |
|
— |
|
(22,597 |
) |
||
| General partner units |
|
1,892 |
|
2,767 |
|
||
| Accumulated other comprehensive income (loss) |
|
547 |
|
(127 |
) |
||
| Total partners’ capital |
|
6,268 |
|
41,056 |
|
||
| Total liabilities and partners’ capital | $ |
237,548 |
$ |
289,566 |
|
||
| USD Partners LP | ||||||||||||||||
| GAAP to Non-GAAP Reconciliations | ||||||||||||||||
| For the Three Months and the Years Ended December 31, 2020 and 2019 | ||||||||||||||||
| (unaudited) | ||||||||||||||||
For the Three Months Ended |
|
For the Years Ended |
||||||||||||||
December 31, |
|
December 31, |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
| (in thousands) | ||||||||||||||||
| Net cash provided by operating activities | $ |
12,054 |
|
$ |
4,287 |
|
$ |
45,814 |
|
$ |
38,442 |
|
||||
| Add (deduct): | ||||||||||||||||
| Amortization of deferred financing costs |
|
(207 |
) |
|
(207 |
) |
|
(829 |
) |
|
(1,072 |
) |
||||
| Deferred income taxes |
|
(290 |
) |
|
(378 |
) |
|
973 |
|
|
(79 |
) |
||||
| Changes in accounts receivable and other assets |
|
984 |
|
|
3,095 |
|
|
3,052 |
|
|
2,895 |
|
||||
| Changes in accounts payable and accrued expenses |
|
358 |
|
|
2,622 |
|
|
1,045 |
|
|
604 |
|
||||
| Changes in deferred revenue and other liabilities |
|
(30 |
) |
|
(938 |
) |
|
(5,217 |
) |
|
(6,066 |
) |
||||
| Interest expense, net |
|
1,891 |
|
|
2,803 |
|
|
8,895 |
|
|
11,936 |
|
||||
| Provision for (benefit from) income taxes |
|
585 |
|
|
50 |
|
|
(41 |
) |
|
662 |
|
||||
| Foreign currency transaction loss (gain) (1) |
|
(545 |
) |
|
128 |
|
|
267 |
|
|
365 |
|
||||
| Other income |
|
— |
|
|
69 |
|
|
— |
|
|
— |
|
||||
| Non-cash deferred amounts (2) |
|
97 |
|
|
1,264 |
|
|
1,637 |
|
|
2,809 |
|
||||
| Adjusted EBITDA |
|
14,897 |
|
|
12,795 |
|
|
55,596 |
|
|
50,496 |
|
||||
| Add (deduct): | ||||||||||||||||
| Cash paid for income taxes (3) |
|
(151 |
) |
|
(302 |
) |
|
(324 |
) |
|
(1,206 |
) |
||||
| Cash paid for interest |
|
(1,756 |
) |
|
(2,915 |
) |
|
(8,593 |
) |
|
(11,775 |
) |
||||
| Maintenance capital expenditures |
|
(41 |
) |
|
(40 |
) |
|
(171 |
) |
|
(216 |
) |
||||
| Distributable cash flow | $ |
12,949 |
|
$ |
9,538 |
|
$ |
46,508 |
|
$ |
37,299 |
|
||||
(1) |
Represents foreign exchange transaction amounts associated with activities between the Partnership's U.S. and Canadian subsidiaries. | |||||||||
(2) |
Represents the change in non-cash contract assets and liabilities associated with revenue recognized at blended rates based on tiered rate structures in certain of the Partnership's customer contracts and deferred revenue associated with deficiency credits that are expected to be used in the future prior to their expiration. Amounts presented are net of the corresponding prepaid Gibson pipeline fee that will be recognized as expense concurrently with the recognition of revenue. | |||||||||
(3) |
Includes the net effect of tax refunds of $480 thousand received in the third quarter of 2020 associated with carrying back U.S. net operating losses incurred during 2020 and prior periods allowed for by the provisions of the CARES Act. | |||||||||
Adam Altsuler
Senior Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting and Investor Relations
(832) 991-8383
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TORONTO--(BUSINESS WIRE)--Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) (“Cybin” or the “Company”), a biotechnology company focused on progressing psychedelic therapeutics, today announced its successful uplisting from the OTC Pink Sheets to the OTCQB® Venture Market (the “OTCQB”). Cybin will commence trading on the OTCQB with the market open on March 8, 2021, under the symbol “CLXPF”.
The OTCQB, operated by OTC Markets Group Inc., is designed for developing and entrepreneurial companies in the United States and abroad. Companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. With more compliance and quality standards, the OTCQB provides investors improved visibility to enhance trading decisions. The OTCQB is recognized by the United States Securities and Exchange Commission as an established public market providing public information for analysis and value of securities.
“Listing on the OTCQB is another important milestone for Cybin. It affords us greater visibility within the investment community, which should enhance our liquidity and increase our access to institutional and retail investors. This additional capital markets exposure will be valuable, as we continue to support our psychedelic drug development programs to potentially treat mental health disorders, such as Major Depressive Disorder and other therapy-resistant psychiatric disorders,” stated Doug Drysdale, CEO of Cybin.
The Company would also like to announce a new strategic brand messaging campaign designed to align its corporate mission amongst the investor community across North America and Europe. The Company will continue to engage investor communications, financial research, and cross platform digital marketing service providers to increase public awareness regarding corporate activities, strategic plans, and the investment opportunity through the dissemination of Company information extrapolated from publicly disclosed investor presentations and press releases.
The Company has engaged CDMG INC. to develop and execute a comprehensive investor relations program and to provide marketing services focusing on North America and Europe.
Cybin will continue to trade on the NEO Exchange under its existing symbol “CYBN.”
About Cybin
Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.
Cautionary Notes and Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding enhanced liquidity, the value of additional capital markets exposure, access to institutional and retail investors, the Company’s new strategic brand messaging campaign, and psychedelic drug development programs to potentially treat mental health disorders. There are numerous risks and uncertainties that could cause actual results and Cybin’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.
The NEO Exchange has neither approved nor disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.
Investor Contacts:
Tim Regan/Scott Eckstein
KCSA Strategic Communications
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Lisa M. Wilson
In-Site Communications, Inc.
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Media Contacts:
John Kanakis
Cybin Inc.
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Annie Graf
KCSA Strategic Communications
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Faith Pomeroy-Ward
In-Site Communications, Inc.
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KANSAS CITY, Mo.--(BUSINESS WIRE)--$CORR #Midstream--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) (“CorEnergy” or the “Company”) today announced financial results for the fourth quarter 2020 and fiscal year ended December 31, 2020.
Fourth Quarter and Fiscal Year 2020 Performance Summary
Fourth Quarter and Fiscal Year 2020 financial highlights are as follows:
|
For the Three Months Ended |
|
For the Year Ended |
||||||||||||||||||||||||||
|
December 31, 2020 |
|
December 31, 2020 |
||||||||||||||||||||||||||
|
|
|
Per Share |
|
|
|
Per Share |
||||||||||||||||||||||
|
Total |
|
Basic |
|
Diluted |
|
Total |
|
Basic |
|
Diluted |
||||||||||||||||||
Net Loss (Attributable to Common Stockholders)1 |
$ |
(4,981,352 |
) |
|
|
$ |
(0.36 |
) |
|
|
$ |
(0.36 |
) |
|
|
$ |
(315,257,388 |
) |
|
|
$ |
(23.09 |
) |
|
|
$ |
(23.09 |
) |
|
NAREIT Funds from Operations (NAREIT FFO)1 |
$ |
(2,923,236 |
) |
|
|
$ |
(0.21 |
) |
|
|
$ |
(0.21 |
) |
|
|
$ |
(14,800,449 |
) |
|
|
$ |
(1.08 |
) |
|
|
$ |
(1.08 |
) |
|
Funds From Operations (FFO)1 |
$ |
(2,912,869 |
) |
|
|
$ |
(0.21 |
) |
|
|
$ |
(0.21 |
) |
|
|
$ |
(14,939,667 |
) |
|
|
$ |
(1.09 |
) |
|
|
$ |
(1.09 |
) |
|
Adjusted Funds From Operations (AFFO)1 |
$ |
(1,881,530 |
) |
|
|
$ |
(0.14 |
) |
|
|
$ |
(0.14 |
) |
|
|
$ |
7,076,213 |
|
|
|
$ |
0.52 |
|
|
|
$ |
0.52 |
|
|
Dividends Declared to Common Stockholders |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
$ |
0.90 |
|
|
|
|
||||||||||||
1 Management uses AFFO as a measure of long-term sustainable operational performance. NAREIT FFO, FFO, and AFFO are non-GAAP measures. Reconciliations of NAREIT FFO, FFO and AFFO, as presented, to Net Loss Attributable to CorEnergy Stockholders are included at the end of this press release. See Note 1 for additional information.
Recent Developments
On February 4, 2021, CorEnergy announced the acquisition of Crimson Midstream Holdings, LLC (“Crimson”), a California Public Utilities Commission (CPUC) regulated crude oil pipeline owner and operator, for $350.0 million. The acquired assets include four critical infrastructure pipeline systems spanning approximately 2,000 miles across northern, central and southern California, connecting desirable native California crude production to in-state refineries producing state-mandated specialized fuel blends, among other products. The acquired assets qualify for REIT treatment under established IRS regulations and CorEnergy’s Private Letter Ruling (PLR). As a result of the acquisition, CorEnergy now owns six pipeline systems in three markets serving diversified, creditworthy shippers.
"CorEnergy's acquisition of Crimson California creates a diversified, utility-like energy infrastructure platform serving diverse, credit-worthy customers," said Dave Schulte, Chairman and Chief Executive Officer. "Combined with our stable MoGas and Omega assets, which opened a new interconnect with the Spire STL Pipeline in the fourth quarter, CorEnergy is now positioned to operate or lease long-lived critical energy infrastructure in highly regulated oil and natural gas markets with the ability to adapt and expand our assets as the energy market transforms itself in the coming decades. We see additional upside opportunities as both consumers and producers return to pre-COVID-19 activity levels, through commercial growth opportunities leveraging Crimson’s leading position in the market and extensive real property ownership for renewable fuel storage and distribution, carbon capture potential, and the shift to lower carbon power sourcing. We have created a flexible platform to now focus on acquiring complementary assets to provide scale and diversification across the value chain and geographically. We believe this evolution of our strategy best serves our stakeholders by enabling CorEnergy to provide an initial stable common stock dividend with multiple avenues for growth."
CorEnergy has also agreed to internalize (the “Internalization”) its REIT manager, Corridor InfraTrust Management, LLC (the “Manager”), for consideration of $16.9 million, subject to stockholder approval. As a result of the Internalization, CorEnergy anticipates that the pro forma management fees of approximately $5.5 million will be replaced with an estimated $3.4 million annualized SG&A expenses.
Outlook
CorEnergy provided the following outlook subsequent to its February 4, 2021 acquisition of Crimson California.
Dividend Declaration
Common Stock: A fourth quarter 2020 dividend of $0.05 per share was declared for CorEnergy’s common stock. The dividend was paid on February 26, 2021, to stockholders of record on February 12, 2021.
Preferred Stock: For the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, was paid on February 26, 2021, to stockholders of record on February 12, 2021.
Fiscal Year 2020 Earnings Conference Call
CorEnergy will host a conference call on Thursday, March 4, 2021, at 1:00 p.m. Central Time to discuss its financial results. Please dial into the call at 877-407-8035 (for international, 1-201-689-8035) approximately five to ten minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.
A replay of the call will be available until 9:00 a.m. Central Time on April 4, 2021 by dialing 877-481-4010 (for international, 1-919-882-2331). The Conference ID is 58659. A replay of the conference call will also be available on the Company’s website.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.
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 CorEnergy believes 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 CorEnergy’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, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.
Notes
1NAREIT FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses of depreciable properties, real estate-related depreciation and amortization (excluding amortization of deferred financing costs or loan origination costs) and other adjustments for unconsolidated partnerships and non-controlling interests. Adjustments for non-controlling interests are calculated on the same basis. FFO as we have presented it here, is derived by further adjusting NAREIT FFO for distributions received from investment securities, income tax expense (benefit) from investment securities, net distributions and other income and net realized and unrealized gain or loss on other equity securities. CorEnergy defines AFFO as FFO Adjusted for Securities Investment plus deferred rent receivable write-off, (gain) loss on extinguishment of debt, provision for loan (gain) loss, net of tax, transaction costs, amortization of debt issuance costs, accretion of asset retirement obligation, non-cash costs associated with derivative instruments, (gain) loss on the settlement of ARO, and certain costs of a nonrecurring nature, less maintenance, capital expenditures (if any), income tax expense (benefit) unrelated to securities investments, amortization of debt premium, and other adjustments as deemed appropriate by Management. Reconciliations of NAREIT FFO, FFO Adjusted for Securities Investments and AFFO to Net Income (Loss) Attributable to CorEnergy Stockholders are included in the additional financial information attached to this press release. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, including EBITDA, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.
Consolidated Balance Sheets |
|||||||
|
|
|
|
||||
|
December 31, 2020 |
|
December 31, 2019 |
||||
Assets |
|
|
|
||||
Leased property, net of accumulated depreciation of $6,832,167 and $105,825,816 |
$ |
64,938,010 |
|
|
$ |
379,211,399 |
|
Property and equipment, net of accumulated depreciation of $22,580,810 and $19,304,610 |
106,224,598 |
|
|
106,855,677 |
|
||
Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000 |
1,209,736 |
|
|
1,235,000 |
|
||
Cash and cash equivalents |
99,596,907 |
|
|
120,863,643 |
|
||
Deferred rent receivable |
— |
|
|
29,858,102 |
|
||
Accounts and other receivables |
3,675,977 |
|
|
4,143,234 |
|
||
Deferred costs, net of accumulated amortization of $2,130,334 and $1,956,710 |
1,077,883 |
|
|
2,171,969 |
|
||
Prepaid expenses and other assets |
2,228,623 |
|
|
804,341 |
|
||
Deferred tax asset, net |
4,282,576 |
|
|
4,593,561 |
|
||
Goodwill |
1,718,868 |
|
|
1,718,868 |
|
||
Total Assets |
$ |
284,953,178 |
|
|
$ |
651,455,794 |
|
Liabilities and Equity |
|
|
|
||||
Secured credit facilities, net of debt issuance costs of $0 and $158,070 |
$ |
— |
|
|
$ |
33,785,930 |
|
Unsecured convertible senior notes, net of discount and debt issuance costs of $3,041,870 and $3,768,504 |
115,008,130 |
|
|
118,323,496 |
|
||
Asset retirement obligation |
8,762,579 |
|
|
8,044,200 |
|
||
Accounts payable and other accrued liabilities |
4,685,288 |
|
|
6,000,981 |
|
||
Management fees payable |
971,626 |
|
|
1,669,950 |
|
||
Unearned revenue |
6,125,728 |
|
|
6,891,798 |
|
||
Total Liabilities |
$ |
135,553,351 |
|
|
$ |
174,716,355 |
|
Equity |
|
|
|
||||
Series A Cumulative Redeemable Preferred Stock 7.375%, $125,270,350 and $125,493,175 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 50,108 and 50,197 issued and outstanding at December 31, 2020 and December 31, 2019, respectively |
$ |
125,270,350 |
|
|
$ |
125,493,175 |
|
Capital stock, non-convertible, $0.001 par value; 13,651,521 and 13,638,916 shares issued and outstanding at December 31, 2020 and December 31, 2019 (100,000,000 shares authorized) |
13,652 |
|
|
13,639 |
|
||
Additional paid-in capital |
339,742,380 |
|
|
360,844,497 |
|
||
Retained deficit |
(315,626,555) |
|
|
(9,611,872) |
|
||
Total Equity |
149,399,827 |
|
|
476,739,439 |
|
||
Total Liabilities and Equity |
$ |
284,953,178 |
|
|
$ |
651,455,794 |
|
Consolidated Statements of Operations |
|||||||||||||||||||
|
(Unaudited) |
|
|
|
|
||||||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||||||
Lease revenue |
$ |
30,125 |
|
|
|
$ |
16,712,017 |
|
|
|
$ |
21,351,123 |
|
|
|
$ |
67,050,506 |
|
|
Deferred rent receivable write-off |
— |
|
|
|
— |
|
|
|
(30,105,820 |
) |
|
|
— |
|
|
||||
Transportation and distribution revenue |
5,815,990 |
|
|
|
4,970,173 |
|
|
|
19,972,351 |
|
|
|
18,778,237 |
|
|
||||
Financing revenue |
32,098 |
|
|
|
27,295 |
|
|
|
120,417 |
|
|
|
116,827 |
|
|
||||
Total Revenue |
5,878,213 |
|
|
|
21,709,485 |
|
|
|
11,338,071 |
|
|
|
85,945,570 |
|
|
||||
Expenses |
|
|
|
|
|
|
|
||||||||||||
Transportation and distribution expenses |
2,023,900 |
|
|
|
1,376,152 |
|
|
|
6,059,707 |
|
|
|
5,242,244 |
|
|
||||
General and administrative |
2,036,287 |
|
|
|
2,492,346 |
|
|
|
12,231,922 |
|
|
|
10,596,848 |
|
|
||||
Depreciation, amortization and ARO accretion expense |
2,174,630 |
|
|
|
5,646,254 |
|
|
|
13,654,429 |
|
|
|
22,581,942 |
|
|
||||
Loss on impairment of leased property |
— |
|
|
|
— |
|
|
|
140,268,379 |
|
|
|
— |
|
|
||||
Loss on impairment and disposal of leased property |
— |
|
|
|
— |
|
|
|
146,537,547 |
|
|
|
— |
|
|
||||
Loss on termination of lease |
— |
|
|
|
— |
|
|
|
458,297 |
|
|
|
— |
|
|
||||
Total Expenses |
6,234,817 |
|
|
|
9,514,752 |
|
|
|
319,210,281 |
|
|
|
38,421,034 |
|
|
||||
Operating Income (Loss) |
$ |
(356,604 |
) |
|
|
$ |
12,194,733 |
|
|
|
$ |
(307,872,210 |
) |
|
|
$ |
47,524,536 |
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||||||
Net distributions and other income |
$ |
21,937 |
|
|
|
$ |
426,797 |
|
|
|
$ |
471,449 |
|
|
|
$ |
1,328,853 |
|
|
Interest expense |
(2,247,994 |
) |
|
|
(2,996,512 |
) |
|
|
(10,301,644 |
) |
|
|
(10,578,711 |
) |
|
||||
Gain (loss) on extinguishment of debt |
— |
|
|
|
— |
|
|
|
11,549,968 |
|
|
|
(33,960,565 |
) |
|
||||
Total Other Income (Expense) |
(2,226,057 |
) |
|
|
(2,569,715 |
) |
|
|
1,719,773 |
|
|
|
(43,210,423 |
) |
|
||||
Income (loss) before income taxes |
(2,582,661 |
) |
|
|
9,625,018 |
|
|
|
(306,152,437 |
) |
|
|
4,314,113 |
|
|
||||
Taxes |
|
|
|
|
|
|
|
||||||||||||
Current tax expense (benefit) |
3,662 |
|
|
|
(472,498 |
) |
|
|
(395,843 |
) |
|
|
(120,024 |
) |
|
||||
Deferred tax expense |
85,357 |
|
|
|
289,788 |
|
|
|
310,985 |
|
|
|
354,642 |
|
|
||||
Income tax expense (benefit), net |
89,019 |
|
|
|
(182,710 |
) |
|
|
(84,858 |
) |
|
|
234,618 |
|
|
||||
Net Income (Loss) attributable to CorEnergy Stockholders |
$ |
(2,671,680 |
) |
|
|
$ |
9,807,728 |
|
|
|
$ |
(306,067,579 |
) |
|
|
$ |
4,079,495 |
|
|
Preferred dividend requirements |
2,309,672 |
|
|
|
2,313,780 |
|
|
|
9,189,809 |
|
|
|
9,255,468 |
|
|
||||
Net Income (Loss) attributable to Common Stockholders |
$ |
(4,981,352 |
) |
|
|
$ |
7,493,948 |
|
|
|
$ |
(315,257,388 |
) |
|
|
$ |
(5,175,973 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings (Loss) Per Common Share: |
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
(0.36 |
) |
|
|
$ |
0.55 |
|
|
|
$ |
(23.09 |
) |
|
|
$ |
(0.40 |
) |
|
Diluted |
$ |
(0.36 |
) |
|
|
$ |
0.55 |
|
|
|
$ |
(23.09 |
) |
|
|
$ |
(0.40 |
) |
|
Weighted Average Shares of Common Stock Outstanding: |
|
|
|
|
|
|
|
||||||||||||
Basic |
13,651,521 |
|
|
|
13,549,797 |
|
|
|
13,650,718 |
|
|
|
13,041,613 |
|
|
||||
Diluted |
13,651,521 |
|
|
|
13,549,797 |
|
|
|
13,650,718 |
|
|
|
13,041,613 |
|
|
||||
Dividends declared per share |
$ |
0.050 |
|
|
|
$ |
0.750 |
|
|
|
$ |
0.900 |
|
|
|
$ |
3.000 |
|
|
Consolidated Statements of Cash Flow |
|||||||||
|
For the Years Ended December 31, |
||||||||
|
2020 |
|
|
2019 |
|
||||
Operating Activities |
|
|
|
||||||
Net income (loss) |
$ |
(306,067,579 |
) |
|
|
$ |
4,079,495 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||||
Deferred income tax, net |
310,985 |
|
|
|
354,642 |
|
|
||
Depreciation, amortization and ARO accretion |
14,924,464 |
|
|
|
23,808,083 |
|
|
||
Loss on impairment of leased property |
140,268,379 |
|
|
|
— |
|
|
||
Loss on impairment and disposal of leased property |
146,537,547 |
|
|
|
— |
|
|
||
Loss on termination of lease |
458,297 |
|
|
|
— |
|
|
||
Deferred rent receivable write-off, noncash |
30,105,820 |
|
|
|
— |
|
|
||
(Gain) loss on extinguishment of debt |
(11,549,968 |
) |
|
|
33,960,565 |
|
|
||
Gain on sale of equipment |
(13,683 |
) |
|
|
(7,390 |
) |
|
||
Changes in assets and liabilities: |
|
|
|
||||||
Increase in deferred rent receivables |
(247,718 |
) |
|
|
(3,915,347 |
) |
|
||
Decrease in accounts and other receivables |
467,257 |
|
|
|
940,009 |
|
|
||
Increase in financing note accrued interest receivable |
(18,069 |
) |
|
|
— |
|
|
||
Increase in prepaid expenses and other assets |
(1,424,332 |
) |
|
|
(136,108 |
) |
|
||
Decrease in management fee payable |
(698,324 |
) |
|
|
(161,663 |
) |
|
||
Increase (decrease) in accounts payable and other accrued liabilities |
(1,903,936 |
) |
|
|
2,517,069 |
|
|
||
Increase (decrease) in unearned revenue |
(766,070 |
) |
|
|
339,749 |
|
|
||
Net cash provided by operating activities |
$ |
10,383,070 |
|
|
|
$ |
61,779,104 |
|
|
Investing Activities |
|
|
|
||||||
Purchases of property and equipment, net |
(2,186,155 |
) |
|
|
(372,934 |
) |
|
||
Proceeds from sale of property and equipment |
15,000 |
|
|
|
7,000 |
|
|
||
Principal payment on financing note receivable |
43,333 |
|
|
|
65,000 |
|
|
||
Principal payment on note receivable |
— |
|
|
|
5,000,000 |
|
|
||
Net cash provided by (used in) investing activities |
$ |
(2,127,822 |
) |
|
|
$ |
4,699,066 |
|
|
Financing Activities |
|
|
|
||||||
Debt financing costs |
— |
|
|
|
(372,759 |
) |
|
||
Cash paid for extinguishment of convertible notes |
— |
|
|
|
(78,939,743 |
) |
|
||
Cash paid for maturity of convertible notes |
(1,676,000 |
) |
|
|
— |
|
|
||
Cash paid for repurchase of convertible notes |
(1,316,250 |
) |
|
|
— |
|
|
||
Cash paid for settlement of Pinedale Secured Credit Facility |
(3,074,572 |
) |
|
|
— |
|
|
||
Net offering proceeds on convertible debt |
— |
|
|
|
116,355,125 |
|
|
||
Repurchases of Series A preferred stock |
(161,997 |
) |
|
|
(60,550 |
) |
|
||
Dividends paid on Series A preferred stock |
(9,242,797 |
) |
|
|
(9,255,121 |
) |
|
||
Dividends paid on common stock |
(12,286,368 |
) |
|
|
(39,100,656 |
) |
|
||
Principal payments on secured credit facilities |
(1,764,000 |
) |
|
|
(3,528,000 |
) |
|
||
Net cash used in financing activities |
$ |
(29,521,984 |
) |
|
|
$ |
(14,901,704 |
) |
|
Net change in cash and cash equivalents |
$ |
(21,266,736 |
) |
|
|
$ |
51,576,466 |
|
|
Cash and cash equivalents at beginning of period |
120,863,643 |
|
|
|
69,287,177 |
|
|
||
Cash and cash equivalents at end of period |
$ |
99,596,907 |
|
|
|
$ |
120,863,643 |
|
|
|
|
|
|
||||||
Supplemental Disclosure of Cash Flow Information |
|
|
|
||||||
Interest paid |
$ |
9,272,409 |
|
|
|
$ |
6,834,439 |
|
|
Income taxes paid (net of refunds) |
(466,236 |
) |
|
|
89,433 |
|
|
||
|
|
|
|
||||||
Non-Cash Investing Activities |
|
|
|
||||||
Proceeds from sale of leased property provided directly to secured lender |
$ |
18,000,000 |
|
|
|
$ |
— |
|
|
Purchases of property, plant and equipment in accounts payable and other accrued liabilities |
591,421 |
|
|
|
— |
|
|
||
|
|
|
|
||||||
Non-Cash Financing Activities |
|
|
|
||||||
Proceeds from sale of leased property used in settlement of Pinedale Secured Credit Facility |
$ |
(18,000,000 |
) |
|
|
$ |
— |
|
|
Reinvestment of distributions by common stockholders in additional common shares |
— |
|
|
|
403,831 |
|
|
||
Common stock issued upon exchange and conversion of convertible notes |
419,129 |
|
|
|
66,064,966 |
|
|
||
NAREIT FFO, FFO Adjusted for Securities Investment and AFFO Reconciliation (Unaudited) |
||||||||||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
|||||||||||||||
|
2020 |
|
|
2019 |
|
2020 |
|
|
2019 |
|
||||||||
Net Income (Loss) attributable to CorEnergy Stockholders |
$ |
(2,671,680 |
) |
|
|
$ |
9,807,728 |
|
|
$ |
(306,067,579 |
) |
|
|
$ |
4,079,495 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||||
Preferred Dividend Requirements |
2,309,672 |
|
|
|
2,313,780 |
|
|
9,189,809 |
|
|
|
9,255,468 |
|
|
||||
Net Income (Loss) attributable to Common Stockholders |
$ |
(4,981,352 |
) |
|
|
$ |
7,493,948 |
|
|
$ |
(315,257,388 |
) |
|
|
$ |
(5,175,973 |
) |
|
Add: |
|
|
|
|
|
|
|
|||||||||||
Depreciation |
2,050,475 |
|
|
|
5,512,279 |
|
|
13,131,468 |
|
|
|
22,046,041 |
|
|
||||
Amortization of deferred lease costs |
7,641 |
|
|
|
22,983 |
|
|
61,248 |
|
|
|
91,932 |
|
|
||||
Loss on impairment of leased property |
— |
|
|
|
— |
|
|
140,268,379 |
|
|
|
— |
|
|
||||
Loss on impairment and disposal of leased property |
— |
|
|
|
— |
|
|
146,537,547 |
|
|
|
— |
|
|
||||
Loss on termination of lease |
— |
|
|
|
— |
|
|
458,297 |
|
|
|
— |
|
|
||||
NAREIT funds from operations (NAREIT FFO) |
$ |
(2,923,236 |
) |
|
|
$ |
13,029,210 |
|
|
$ |
(14,800,449 |
) |
|
|
$ |
16,962,000 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||||
Income tax (expense) benefit from investment securities |
(10,367 |
) |
|
|
216,494 |
|
|
139,218 |
|
|
|
12,584 |
|
|
||||
Funds from operations adjusted for securities investments (FFO) |
$ |
(2,912,869 |
) |
|
|
$ |
12,812,716 |
|
|
$ |
(14,939,667 |
) |
|
|
$ |
16,949,416 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||||
Deferred rent receivable write-off |
— |
|
|
|
— |
|
|
30,105,820 |
|
|
|
— |
|
|
||||
(Gain) loss of extinguishment of debt |
— |
|
|
|
— |
|
|
(11,549,968 |
) |
|
|
33,960,565 |
|
|
||||
Transaction costs |
528,113 |
|
|
|
28,115 |
|
|
1,673,920 |
|
|
|
185,495 |
|
|
||||
Amortization of debt issuance costs |
308,060 |
|
|
|
333,055 |
|
|
1,270,035 |
|
|
|
1,226,139 |
|
|
||||
Accretion of asset retirement obligation |
116,514 |
|
|
|
110,992 |
|
|
461,713 |
|
|
|
443,969 |
|
|
||||
Income tax expense |
78,652 |
|
|
|
33,784 |
|
|
54,360 |
|
|
|
247,202 |
|
|
||||
Adjusted funds from operations (AFFO) |
$ |
(1,881,530 |
) |
|
|
$ |
13,318,662 |
|
|
$ |
7,076,213 |
|
|
|
$ |
53,012,786 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted Average Shares of Common Stock Outstanding: |
|
|
|
|
|
|
|
|||||||||||
Basic |
13,651,521 |
|
|
|
13,549,797 |
|
|
13,650,718 |
|
|
|
13,041,613 |
|
|
||||
Diluted |
13,651,521 |
|
|
|
16,102,310 |
|
|
13,650,718 |
|
|
|
15,425,747 |
|
|
||||
NAREIT FFO attributable to Common Stockholders |
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
(0.21 |
) |
|
|
$ |
0.96 |
|
|
$ |
(1.08 |
) |
|
|
$ |
1.30 |
|
|
Diluted (1) |
$ |
(0.21 |
) |
|
|
$ |
0.94 |
|
|
$ |
(1.08 |
) |
|
|
$ |
1.30 |
|
|
FFO attributable to Common Stockholders |
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
(0.21 |
) |
|
|
$ |
0.95 |
|
|
$ |
(1.09 |
) |
|
|
$ |
1.30 |
|
|
Diluted (1) |
$ |
(0.21 |
) |
|
|
$ |
0.92 |
|
|
$ |
(1.09 |
) |
|
|
$ |
1.30 |
|
|
AFFO attributable to Common Stockholders |
|
|
|
|
|
|
|
|||||||||||
Basic |
$ |
(0.14 |
) |
|
|
$ |
0.98 |
|
|
$ |
0.52 |
|
|
|
$ |
4.06 |
|
|
Diluted (2) |
$ |
(0.14 |
) |
|
|
$ |
0.94 |
|
|
$ |
0.52 |
|
|
|
$ |
3.83 |
|
|
(1)
|
For the three months ended December 31, 2020 and the years ended December 31, 2020 and 2019, diluted per share calculations exclude dilutive adjustments for convertible note interest expense, discount amortization and deferred debt issuance amortization because such impact is antidilutive. The three months ended December 31, 2019 includes these dilutive adjustments. For periods presented without per share dilution, the number of weighted average diluted shares is equal to the number of weighted average basic shares presented. |
(2) |
For the three months and year ended December 31, 2019, diluted per share calculations include a dilutive adjustment for convertible note interest expense. |
Source: CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
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MP2 Energy to supply renewable power to Visa’s facilities in the commonwealth of Virginia from new solar generation facilities
SAN FRANCISCO--(BUSINESS WIRE)--Visa (NYSE: V), a leading global payments technology company, announced today that it has entered a multi-year energy agreement with MP2 Energy LLC, a wholly owned subsidiary of Shell Energy North America (US), L.P., to power Visa’s data center in the commonwealth of Virginia with 100 percent renewable energy during five years of the agreement. This agreement contributes to Visa’s commitment to reduce the carbon impact of its global operations and to support renewable energy generation in Virginia. Visa’s largest data center is located in Virginia and accounts for over one third of the company’s global electricity usage.
In January 2020, Visa announced completion of its goal to transition to 100 percent renewable electricity for its offices and data centers through a combination of enrollments in utility and other renewable programs and the purchase of renewable energy certificates (RECs), in accordance with the guidelines of the global RE100 initiative. The agreement announced today signals the next phase for Visa advancing its sustainability priorities, which includes supporting additional renewable electricity capacity to the grid. It also deepens the company’s commitment and investment in Virginia by supporting the Virginia Clean Economy Act, which is expected to create nearly 30,000 new solar jobs in the commonwealth by 2030.
“Promoting sustainable ways of doing business to combat climate change is a key part of our sustainability strategy,” said Douglas Sabo, chief sustainability officer, Visa. “The agreement with MP2 Energy contributes to Visa’s climate action agenda, supports new renewable energy generation across the commonwealth of Virginia, and contributes to a positive impact on the environment and local economic development.”
The agreement with MP2 Energy supports renewable electricity generation coming online to the grid from new solar projects, from which MP2 Energy will procure renewable electricity, which Visa expects to begin using in February 2023. The electricity generated by the projects and Visa’s purchase of associated project RECs will replace a portion of Visa’s purchases of RECs, which the company made to help reach its commitment to transition to 100 percent renewable electricity by 2020. Visa’s agreement supports the expansion of new solar generation within the commonwealth’s grid. Specifically, the RECs associated with the renewable power for this agreement will come from NextEnergy Capital Virginia’s Briel Farm and Gardy’s Mill solar assets and Caden Energix’s solar assets Hickory, Rives Road and Pamplin.
“We used our market knowledge and expertise to integrate a package of renewable resources that meet Visa’s needs,” said David Black, CEO, MP2 Energy. “We’re really pleased to show a tangible example of the benefits of allowing businesses in the commonwealth to have competitive choices in meeting renewable energy supply goals.”
“Visa’s new agreement with MP2 Energy supports demand for renewable generation and, by extension, creation of job opportunities in the renewable energy sector in the commonwealth,” said Governor Ralph Northam. “Companies like Visa, leveraging the expertise of industry leaders such as MP2 Energy, helps Virginia advance the goals of the Clean Economy Act and the commonwealth’s Clean Energy Policy. This announcement reinforces our leadership position among states proving that a clean environment and a strong economy go hand-in-hand.”
Visa’s global commitment to sustainability and reducing the environmental footprint of its operations are components of the company’s commitment to leading environmental, social and governance (ESG) best practices. Visa continues to be recognized for its industry leadership in ESG, such as inclusion in the Dow Jones Sustainability North American Index and placement on ESG-focused corporate lists such as America’s Most Responsible Companies, 100 Best Corporate Citizens and 100 Most Just Companies. For more information on the company’s strategy, read Visa’s Corporate Responsibility and Sustainability Report.
About Visa Inc.
Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit usa.visa.com/about-visa.html, usa.visa.com/visa-everywhere/blog.html and @VisaNews.
Visa Media
Lindy Mockovak
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