VESTAL, N.Y. & SEOUL, South Korea--(BUSINESS WIRE)--#cleanenergy--SolarWindow Technologies, Inc. (Symbol: WNDW), developer of transparent electricity-generating coatings for glass and plastics, today announced corporate expansion of its US operations through newly established commercial development offices in South Korea, repeatedly ranked number one in the worldwide Bloomberg Innovation Index and a leading country in advanced manufacturing of new technologies and products.
“Only a few weeks ago, we demonstrated our largest and most transparent SolarWindow™ glass panes generating electricity from sunlight and artificial indoor light,” stated Mr. Jay S. Bhogal, CEO and President of SolarWindow. “This milestone achievement spurred today’s expansion of our operations and cross-functional business teams in the United States and Korea.”
The Company’s newly formed Asia business unit with its strategic hires and expanded operations places SolarWindow in a geography that is home to some of the world’s most advanced-technology manufacturers of next-generation building materials, electric vehicles and commercial transportation systems, and consumer electronics -- a natural fit with the Company’s proprietary LiquidElectricity™ coatings for films, glass, and plastics.
“With this expansion, SolarWindow taps into high tech manufacturing in new markets while strengthening our position as a Made-in-America energy solution with global implications,” continued Mr. Bhogal. “With rising global demand for efficient, sustainable, and cost-competitive solutions, now is the time to apply our proprietary clean energy source -- the application of our LiquidElectricity™ coatings -- to flat window glass and to products far beyond.”
Bridging US & Asia Business Development: Ms. Alexandra Musk
Bridging U.S. and Asian SolarWindow offices is newly appointed Associate VP Brand & Business Development, Ms. Alexandra Musk, who brings a family legacy of innovative, sustainable ventures in renewable energy and electric vehicles.
Based in California, Ms. Musk is responsible for global brand development, and outreach to strategic technology partners, manufacturers, and industry leaders. Her experience with brand positioning, business development, and industry engagement spans Europe, Africa, South America and the United States.
SolarWindow Asia Leadership: Mr. John Rhee
Working from the Company’s new offices in Seoul, South Korea, and currently serving as a SolarWindow Board Member, Mr. John Rhee, now additionally assumes executive leadership of the Company’s Asian operations, a wholly-owned subsidiary of U.S. based SolarWindow Technologies, Inc.
Notably, Mr. Rhee is a Founding Partner of a successful social impact investment company serves on the Investment Committee of the Barbara Bush Foundation and held the position of Chief Financial Officer of the Nobel Sustainability Trust.
Previously, Mr. Rhee was Executive Director at the SoftBank Alternative Investment and Venture Fund, and today is a global leader in sustainability with a long history of philanthropy.
Award Winning Engineering & Global Operations Expertise: James Shin, Joseph Song
Supporting Mr. John Rhee and SolarWindow Asia offices and operations are:
Mr. James Shin, Director of Engineering is a much sought-after and award-winning developer of semiconductor control processes, manufacturing systems and strategies. He is an accomplished electrical and mechatronics engineer, with specialty expertise in advanced semiconductor manufacturing.
Mr. Shin serves as a key member of the South Korean government's technology evaluation committee specializing in robotic production systems, and is the recipient of a prestigious achievement award from the Ministry of Science, ICT, and Future Planning division.
Mr. James Shin is a licensed electronics engineer. He holds a Master’s Degree in Technology Management from Korea University. He also holds a dual Master’s and Bachelor’s degree in Mechatronics Engineering from the Seoul National University of Technology.
Reporting to Mr. Rhee in Asia and Mr. John Conklin CTO SolarWindow, Mr. Shin leads all SolarWindow Asia engineering and product development collaborations.
Mr. Joseph Song, Director of Operations brings expertise with venture and private equity investments in renewable energy and business operations, having supported over $1B of strategic investments and previously served as divisional Director of a $3 billion American manufacturer with over 7,000 employees.
Mr. Song’s experience includes the launch of a new product which achieved revenues of over $200M per year, and worked to establish a $100M manufacturing operation for expansion into Asian markets.
Born, raised and educated in the United States, Mr. Joseph Song earned his MBA from Emory University, undergraduate degree in Finance from the University of Tennessee, and a Korean language degree from Yonsei University.
A New Generation of Self-Charging Products
“Our mandate is to expand beyond windows by applying our electricity-generating coatings to glass and plastics to electrify a brand-new generation of self-charging products,” stated Mr. John Rhee, CEO, SolarWindow Asia.
“Not only do we have a patented energy source, but we have the capital, and now the executive leadership team and geographic reach to accomplish our mission of driving SolarWindow to market,” concluded Mr. Rhee.
Electricity-generating glass windows and products were first conceived by Mr. Harmel S. Rayat, who relinquished his position as Director and Chairman of the Board on October 1, 2020. Mr. Rayat’s $30 million-plus capital investment over the years has fueled numerous SolarWindow technical achievements, leading to today’s expansion.
“My goals in funding SolarWindow were to enable growth while ushering-in a new generation of entrepreneurial leadership and talented management, and these have been achieved” stated outgoing Chairman, Mr. Harmel S. Rayat.
“I’m proud of our many accomplishments over the years, and am excited that the expansion of our American operations to Asia marks the beginning of a new and exciting chapter at SolarWindow. As the majority shareholder, I remain an ardent supporter and am committed to the future success of SolarWindow as I now devote more time to my family office,” stated Mr. Rayat.
“We wish Mr. Rayat success and are grateful for his commitment to continue supporting SolarWindow as he has for more than a decade,” stated Mr. Bhogal.
SolarWindow CEO, President, and Director, Mr. Jay S. Bhogal, assumes Chairmanship on the Company’s Board. Concurrently, Mr. Joseph Sierchio, Company General Counsel, has been appointed a Director on the Board, a position he previously held for nearly a decade.
ABOUT SOLARWINDOW
SolarWindow Technologies, Inc. (Symbol: WNDW; www.solarwindow.com) is a developer of transparent LiquidElectricity™ coatings that generate electricity when deposited onto glass or plastic. When applied to otherwise ordinary glass, for example, these coatings generate electricity, producing power under natural, artificial, low, shaded, and reflected light conditions.
The subject of over 90 granted and in-process trademark and patent filings, SolarWindow coatings and technologies can be applied to generate electricity on building facades, balcony railings, curtain walls, skylights, and shading systems, as well as automotive, truck, marine and aircraft applications, and consumer products and military uses.
SolarWindow operations include: Cooperative Research and Development Agreements with the U.S. Department of Energy’s National Renewable Energy Laboratories in the United States; and, executive management and operations primarily supported by contract partners and service providers, suppliers, and part-time and full-time contract staff, and Advisors in the United States, Canada, and South Korea.
For additional information, please call Amit Singh at 800-213-0689 or visit: www.solarwindow.com.
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To view the full HTML text of this release, please visit: http://solarwindow.com/media/news-events/.
Social Media Disclaimer and Forward-Looking Statements
SolarWindow investors and others should note that we announce material information to the public about the Company through a variety of means, including our website (https://www.solarwindow.com/investors), through press releases, SEC filings, public conference calls, via our corporate Twitter account (@solartechwindow), Facebook page (https://www.facebook.com/SolarWindowTechnologies) and LinkedIn page (https://www.linkedin.com/company/solar-window-technology/) in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “our goals,” “our mission,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company’s products, technical problems with the company’s research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company’s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company’s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company’s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Amit Singh
800-213-0689
www.solarwindow.com.
Solar Panels Generate Electricity Savings with Renewable Power
IMPERIAL, Calif.--(BUSINESS WIRE)--ZGlobal Power Engineering and Energy Solutions (ZG) is pleased to announce the completion of the first phase of a solar installation at Imperial Valley Food Bank that will generate 585 kilowatt-hours (KWh) from rooftop photovoltaic panels. Once the second phase of the (200 KWh) project is completed in 2021, the Food Bank will save more than $500,000 in energy costs.
The cost savings come at a critical time for the Food Bank as it is serving more clients than ever before with layoffs and business closures continuing in Imperial Valley due to the COVID-19 pandemic.
The rooftop solar plant installed on the Imperial Valley Food Bank’s new building was completed Sept. 1, 2020 and will help address the growing needs of the community. According to the California Employment Development Department, Imperial County’s 26.8% unemployment rate ranks as one of the highest unemployment regions in California, as of July 1, 2020[1].
To help fund the new building, ZG pledged more than $275,000 over a five-year period as part of the Food Bank’s Capital Campaign in addition to installing the rooftop solar project at cost. Additionally, and at cost, ZG is embarking on an innovative “microgrid” project at the facility that will create additional zero-carbon electricity, while allowing the Food Bank to operate off-the-grid during outages.
With an office in the region, ZG has contributed to the local economy for 15 years, providing engineering services to more than 1,250 megawatts of clean energy projects, including 20 megawatt-hours of energy storage as well as key transmission projects to further green the grid and enhance reliability.
“Our commitment to Imperial County speaks for itself,” said ZG President and CEO Ziad Alaywan. “We have established an office in Imperial County, generated jobs by hiring locally, established training and apprenticeship programs, and provided significant scholarships funds in tens of thousands to local students accepted into Stanford, University of California, San Diego and San Diego State University as well as Imperial Valley College and Calexico Schools.”
“ZG was there from day one to jump in and provide the initial financial support and continues to be one of our top three supporters to make the dream of a modern, energy efficient and green building come through,” said Sara Griffen, executive director of the Imperial Valley Food Bank.
ZGlobal Inc. is a power engineering consultancy firm staffed by veterans of the California Independent System Operator (CAISO) and various California utilities. We offer full-service start-to-finish solutions for our clients looking for system planning and expansions to support growing load and for the interconnection of generation resources to design all the way through full operations. We apply our cutting-edge advisory services related to the development of an asset and strategically place our staff of engineers, market analysts, energy schedulers and industry leaders, who are proven strategic advisors.
ZG currently manage the 24x7 delivery of energy to over 58 cities, and counties in California, Oregon and Baja California in Mexico. For more information please visit: www.zglobal.biz.
Imperial Food Bank is an independent, nonprofit charitable corporation, created and operated for and by residents of Imperial Valley with the purpose of feeding those in need living in Imperial County. The Food Bank was established in 1991 and over the years has grown in size, structure, and purpose responding to the increased need for food assistance by Imperial County residents experiencing hunger. Limitations at its aging facility forced the Food Bank to raise funds to build a larger, energy-efficient and food safe storage facility to continue to serve the unique needs of the food insecure in Imperial County.
[1] https://www.labormarketinfo.edd.ca.gov/geography/imperial-county.html
ZGlobal Inc.
Melissa Vaa
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Imperial Valley Food Bank
Sara Griffen
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New York State Public Service Commission Approves Itron’s 550G Gas ERT® for Use by New York Gas Utilities
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, and Consolidated Edison, Inc. (Con Edison), have announced that the New York State Public Service Commission (NYS PSC) has affirmed its consent approval of Itron’s 550G Gas Encoder Receiver Transmitter (ERT®) module for use by the state’s gas utilities. Specifically configured to meet New York regulations, the 550G gas ERT module has both Advanced Meter Reading (AMR) and Advanced Metering Infrastructure (AMI) capabilities.
With this approval from the NYS PSC, Con Edison will now deploy 550G ERT modules on its existing IoT network from Itron as a part of its ongoing efforts to improve delivery of natural gas to its customers. The 550G ERT is equipped with cutting-edge features such as high-flow safety alarm, on-demand reads, firmware downloads from the back office and extended data storage.
“This will help our customers by providing on-demand readings: If our customer is moving out of their apartment tomorrow, we can get a reading for them,” said Jude Del Percio of Con Edison’s AMI team. “If they believe their bill is high, we can check the reading for them right away, “ he added. “These gas modules have been rigorously tested in accordance with National Standards and NYS PSC requirements and feature the unique capability to operate with handheld and mobile AMR systems, equipping us to transition to our IoT network in certain service-territory areas without need for a field visit. We constantly explore ways to innovate and take advantage of cutting-edge technology and adopt the next generation of Itron’s technology.”
“The 550G ERT module is the next step in helping our customers leverage their technology investments and reduce stranded costs by providing a seamless migration from mobile meter reading to advanced metering infrastructure,” said John Marcolini, senior vice president of Networked Solutions at Itron. “Building on our collaborations with Con Edison to deploy our IoT network and develop a ground-breaking methane sensor, we look forward to similar success with the 550G ERT module.”
Availability
The Itron 550G gas ERT module is commercially available today and is the latest of a series of Encoder Receiver Transmitter products from Itron, the market leader in Gas AMR/AMI technology with over 75 million modules shipped.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
About Consolidated Edison, Inc.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $13 billion in annual revenues and $59 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., which through its subsidiaries develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which through its subsidiaries invests in electric and natural gas transmission projects.
Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE: FTI) (PARIS: FTI) (ISIN:GB00BDSFG982) announced today that Arnaud Pieton has been named President and CEO-elect, Technip Energies, effective immediately. The Company has also announced the appointment of Jonathan Landes to the role of President, Subsea.
Mr. Pieton has been with the Company since 2004 and held multiple leadership positions across the Company, including Vice President, Projects. He most recently served as the Company’s President, Subsea since 2018. Prior to this, he was Executive Vice President, People & Culture, as well as President, Asia Pacific Region, where he was responsible for the Onshore/Offshore business (now Technip Energies).
Mr. Landes, who has 25 years of experience in the energy sector, most recently served as the Company’s Senior Vice President, Subsea, where he had global responsibility for all commercial strategy, and front-end engineering activities. He played a critical role in the successful introduction of the Company’s integrated business model – iEPCITM – and new technologies, including Subsea 2.0TM. Throughout his career, he has held roles in project management, operations, sales and marketing, technology and services.
These appointments follow the resignation of Catherine MacGregor, who will leave the Company to work for a Company client, Engie.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated “I am pleased to announce Arnaud Pieton’s appointment to President and CEO-elect of Technip Energies. Arnaud has extensive operational experience in EPC and subsea, and he has made significant contributions as a member of TechnipFMC’s executive team. I am confident in his ability to continue to drive the excellent project performance and strategy of Technip Energies.”
Mr. Pferdehirt continued, “Jonathan Landes has held both operational and commercial roles in Subsea and is a natural successor to Arnaud. Jon’s commitment to client success, through close and long-standing relationships, will continue to drive change in the industry and ensure our continued leadership.”
“Finally, I would like to thank Catherine MacGregor for her many contributions, including her leadership of Technip Energies. I wish her all the best and look forward to working with her as a client.”
Important Information for Investors and Securityholders
Forward-looking statements
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
###
About TechnipFMC
TechnipFMC is a global leader in the energy industry, delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that its acquisition of Noble Energy, Inc. (NASDAQ: NBL) has been completed following approval by Noble Energy shareholders.
“We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits,” said Chevron Chairman and CEO Michael Wirth. “With an industry-leading balance sheet and a track record of capital discipline, we believe we’re in a different place than others and can protect the dividend while driving long-term value.”
About Chevron
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
NOTICE
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we” and “us” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond Chevron’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the Company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the transaction; the Company’s other future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the Company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of Chevron’s 2019 Annual Report on Form 10-K, on pages 41 to 43 of Chevron’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
Braden Reddall -- +1 925-842-2209
HOUSTON--(BUSINESS WIRE)--This is to advise you that BP Prudhoe Bay Royalty Trust (NYSE: BPT) announces that the dividend information for the Third Quarter of 2020 is as follows:
Ex-Dividend Date: October 19, 2020
Record Date: October 20, 2020
Payable Date: October 21, 2020
Dividend Rate: $0.0000000 per Unit*
*Actual average daily production for the quarter was 70,714 BBLS.
As provided in the Trust Agreement of the Trust, the quarterly royalty payment by Hilcorp North Slope, LLC (formerly BP Exploration (Alaska) Inc.) to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of such revenues is obtained by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day. Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes. As discussed in Item 1A “RISK FACTORS”, of the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, on January 1, 2020, the “break-even” WTI price (the price at which all taxes and prescribed deductions are equal to the WTI price) for the Trust to receive a positive Per Barrel Royalty with respect to a particular day’s production was $54.34. While WTI prices generally remained stable during the third quarter of 2020, moving within a range of approximately $36 to $43 per barrel, the daily WTI price was below the “break-even” point for each day of the quarter. This resulted in a negative value for the payment calculation for the third quarter of 2020. However, as provided in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter may not be less than zero.
Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s subsequent Quarterly Reports on Form 10-Q, and all of the Trust’s other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Any questions, please feel free to contact The Bank of New York Mellon Trust Company, N.A. at 713-483-6020.
Elaina Rodgers
713-483-6020
SAN FRANCISCO--(BUSINESS WIRE)--#CleanEnergy--kWh Analytics, the market leader in solar risk management, today released the “2020 Solar Generation Index” (SGI) in collaboration with ten of the industry’s fifteen largest solar asset owners. In parallel, the company announced that it issued the industry’s first Solar Technology Asset Risk (STAR) Comps reports with leading sponsors and asset owners, including New Energy Solar and Captona, to use industry data to validate solar production estimates on more than 1GW of solar assets.
The 2020 SGI report is the largest industry-wide energy validation study. The report analyzed over 30% of the market’s non-residential systems in the U.S. and found that on average, systems underperformed their initial estimates by 6.3% on a weather-adjusted basis. The report concluded that performance estimates are systemically over-estimated and that assets are often not yielding the expected returns.
Every mature asset class requires market data to improve the accuracy and certainty of investment returns. To address this need, kWh Analytics released the STAR Comps reports to provide an objective standard to assess solar performance for solar asset investors.
STAR Comps leverages the industry’s largest database of solar performance to validate or invalidate performance estimates and loss assumptions for similarly designed systems. The STAR Comps report supports deal teams by improving efficiency and accuracy of asset diligence for projects under construction or under consideration for M&A. It also provides asset managers with context on asset performance to identify addressable versus exogenous performance issues.
“The STAR products are an innovative set of tools that combine analytics and industry data to offer unique insight into our systems' performance. Our asset management team can now validate and contextualize what we see in the field with industry metrics and more accurate weather analytics to inform our O&M strategies,” said Paul Whitacre, Director of Asset Management at New Energy Solar Manager.
“kWh Analytics has data on production results that were previously 'best guess' estimates. It was only a matter of time that we began using market data to validate those numbers,” said Captona Founder and Partner Izzet Bensusan. “The STAR Comps product helps bridge the gap between the Independent Engineer reports and actual performance of projects and provides insight into what we can expect as the future owner and operator of a project.”
“Although underperformance impacts multiple stakeholders, the long-term equity investors are the most exposed to inaccurate energy forecasts. Change won’t happen on its own. It is up to us as an industry to collectively allow hard data to overcome opinions, however well-intended,” said kWh Analytics CEO and Founder Richard Matsui. “We look forward to the shared work of improving our solar industry and accelerating the clean energy transition.”
Equipped with objective data and comparables through STAR, the solar industry can course correct and improve accuracy and certainty of its investment returns.
Learn More about us: www.kwhanalytics.com & https://www.kwhanalytics.com/star
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About Solar Technology Asset Risk (STAR) Comps
kWh Analytics leverages the industry’s largest database of solar assets (>30% of the U.S. installed base) to develop representative market comps and objective metrics to benchmark system performance, weather factors, and underlying loss assumptions against your development or operating asset.
About kWh Analytics
kWh Analytics is the market leader in solar risk management. By leveraging the most comprehensive performance database of solar projects in the United States (30% of the U.S. market) and the strength of the global insurance markets, kWh Analytics’ customers are able to minimize risk and increase equity returns of their projects or portfolios. kWh Analytics also provides HelioStats risk management software to leading project finance investors in the solar market. kWh Analytics is backed by private venture capital and the US Department of Energy.
About New Energy Solar
New Energy Solar was established in November 2015 to invest in a diversified portfolio of solar assets across the globe and help investors benefit from the global shift to renewable energy. The Business acquires large scale solar power plants with long term contracted power purchase agreements. In addition to attractive financial returns, this strategy generates significant positive environmental impacts for investors. Since establishment, New Energy Solar has raised over A$500 million of equity, acquired a portfolio of world-class solar power plants. The Investment Manager, New Energy Solar Manager Pty Ltd, has a deep pipeline of opportunities primarily across the United States and Australia.
About Captona
Captona is a North America-focused investment company specializing in power generation and energy infrastructure assets. The Firm seeks to acquire operating and development assets within the North American power sector and aims to create value through technical and financial restructuring.
Sarah Matsui
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Virtual event announces the opening to traffic as of Monday, Oct. 5
LONG BEACH, Calif.--(BUSINESS WIRE)--#LongBeach--A sparkling parade of green trucks, a dramatic vintage aircraft flyover and fireboat sprays christened today’s ceremonial opening of the new bridge at the Port of Long Beach, reaffirming the region’s importance to international shipping and heralding in an iconic structure that dramatically shifts the Southern California skyline.
Long Beach Mayor Robert Garcia dedicated California’s first cable-stayed bridge for traffic, a 515-foot-tall, two-tower span that provides an important starting point for national cargo movement and a much-improved transportation link for commuters in coastal communities of Los Angeles and Orange counties.
The six-lane, nearly 2-mile-long bridge is scheduled to open to traffic Monday morning, marking the end of a nearly 10-year, $1.47 billion effort to replace the 52-year-old Gerald Desmond Bridge, which was too narrow and too low to accommodate today’s roadway cargo traffic demands and the larger cargo ships that began arriving at the Port of Long Beach years ago. While the Port of Long Beach is big ship ready, the lower Desmond Bridge was nearing its expected lifespan, and needed to be replaced to provide a long-term, reliable connection to Terminal Island. More than 15 percent of the nation’s imported container cargo travels over this bridge route.
“This is a historic day for our city and for the nation,” said Mayor Robert Garcia. “We know that this project is a phenomenal marvel of architecture and infrastructure. It connects our Port and the world to each other. All of the commerce that we depend on will go over this bridge — connecting Long Beach to the rest of the country.”
Today’s virtual and socially distanced ceremonies, while physically closed to the public because of COVID-19 restrictions, were broadcast live via social media and included taped greetings from more than a dozen top elected representatives, local labor leaders and funding partners. The new bridge was jointly funded by the Port of Long Beach, Caltrans, the U.S. Department of Transportation and Los Angeles County Metropolitan Transportation Authority (Metro).
“This new bridge is another major milestone in the Port’s ongoing commitment to remain the most advanced and most competitive port in the world,” said Mario Cordero, Executive Director of the Port of Long Beach. “It is much more than a convenient roadway. It is a critical link in the global movement of cargo. It is a bridge to everywhere.”
The bridge serves one of the largest port complexes in the world. More than 2.5 million jobs throughout the U.S. are related to the Port of Long Beach. Every year, the Port handles cargo valued at more than $170 billion.
“The Port of Long Beach is all about providing a modern, thriving port complex that means good-paying jobs for thousands of people in Long Beach and Southern California,” said Frank Colonna, President of the Long Beach Board of Harbor Commissioners.
The new bridge, which will be named later through state legislation, will eventually include a bicycle and walking path that brings visitors to a 205-foot-high view of the Southern California coastline. Announcements on the expected opening of the Mark Bixby Memorial Bicycle Pedestrian Path, named in honor of the late bicycle advocate, will be made at a later time.
Construction of the new bridge has been monitored extensively around the world by engineers and bridge designers since conception and featured on the Science and Discovery channels as well as countless news stories.
“The opening of the bridge is the result of hundreds of thousands of hours of work from skilled craftsmen, engineers, designers, and project managers,” said Bob Schraeder, project manager for SFI*, the bridge contractor. “We all rejoice in the accomplishment of completing THE signature bridge for Southern California, which in addition to being used by the Port of Long Beach for the transport of goods, will be a monument for our children and grandchildren and will serve many generations to come.”
With the highest deck of any cable-stayed bridge in the United States, the new bridge is designed to last 100 years with minimal maintenance and considered one of the most seismically advanced structures in the country. The bridge includes German-design joints at each end of the main span that move up to six feet in three directions during a very strong earthquake. These joints, large dampers, and other features are designed to provide flexibility and elastic points of isolation that enable bridge segments to move independently without casing significant damage to the bridge’s primary superstructure.
The new bridge features 18 million pounds of structural steel, 75 million pounds of rebar and 1.7 million feet of cable – all American-made steel. If laid end-to-end, the cables would stretch about 322 miles – longer than the distance from Long Beach to Las Vegas.
The livestreamed commemoration featured a coordinated procession via land, sea and air highlighted by a “first drive” over the bridge led by 30 low- and zero-emissions cargo trucks representing the Port’s terminals and major shipping lines and 34 classic cars highlighting the 109-year history of the Port. The procession included the debut of Volvo’s battery-electric heavy-duty cargo truck that, along with other truck manufacturers building the latest zero- and low-emission vehicles, will help the Port of Long Beach achieve its clean air goals by 2035.
The ceremony also included a five-plane formation of the Torrance-based Tiger Squadron — historic warplanes offering a tribute to the Port’s prior legacy as a major U.S. Navy base — as well as a boat parade led by water-spouting fireboats, police boats, tugs and other vessels from state and federal agencies.
The project began in 2013 with a complex operation to clear obstructions from the new bridge’s path, including nearly two dozen active and abandoned oil wells buried deep in the soil. The new bridge required a massive foundation, given there is no bedrock near the surface. Crews drilled and constructed 352 8- and 6-foot diameter concrete and rebar piles that were nearly 180 feet deep. The right-of-way work also required realigning large underground utility lines — a process that sometimes required freezing the ground to prevent intrusion from the groundwater table — as well as overhead power lines.
From the foundation rose 100 columns to support approach lanes and the two signature towers. Construction of the approach spans involved the first-ever use of two massive movable scaffolding systems – self-advancing machines that provided workers a safer road-construction environment and reduced completion times.
With 80 cable strands holding the center span and column-supported approach lanes featuring more efficient ramps and turning lanes, the new bridge will provide a seamless, efficient transition to and from the southern terminus of the 710 Freeway at the east end of this major transportation link, and an integrated connection to State Route 47 and Terminal Island at the west end. The project features California’s first-ever “Texas U-turn,” a non-signaled undercrossing that enables continuous travel for trucks and cars.
Today’s broadcast, which included video segments on how the bridge was built, was hosted by Dr. Noel Hacegaba and Richard Cameron, deputy executive directors for the Port of Long Beach.
Speakers. Presented today via pre-taped remarks. Available for viewing via the project YouTube page. Speakers included: California Lt. Gov. Eleni Kounalakis; CA Secretary of Transportation David Kim; Caltrans Director Toks Omishakin; Vincent Mammano, California Division Director for the Federal Highway Administration; U.S. Rep. Alan Lowenthal; CA state Senator Lena Gonzalez; CA state Assemblymember Patrick O’Donnell; Los Angeles County Supervisor Janice Hahn: Los Angeles Mayor and Metropolitan Transportation Authority Chair Eric Garcetti; International Longshore and Warehouse Union Local 13 President Ramon Ponce de Leon; California Transportation Commission Chair Hilary Norton; and, Executive Secretary of the Los Angeles-Orange Counties Building and Construction Trades Council Ron Miller.
*SFI: Shimmick Construction Co. Inc; FCC Construction Co. S.A. (Spain); and Impregilo S.p.A (Italy), a joint venture.
Media Contacts:
Denis Wolcott, Westbound Communications, (213) 200-1563 (cell), This email address is being protected from spambots. You need JavaScript enabled to view it..
Lee Peterson, Port of Long Beach Media Relations Manager, (562) 283-7715, (562) 519-2177 (cell), or This email address is being protected from spambots. You need JavaScript enabled to view it..
CINCINNATI--(BUSINESS WIRE)--Pilot Chemical Corp., a privately owned and independent global specialty chemical company, announced today that Pamela Butcher will step down from her CEO role effective January 1, 2021. She will remain on the Pilot Board of Directors and serve as a special advisor to the Chairman.
This is part of a planned transition and structuring of the Pilot organization to continue the growth and innovation that has enabled it to be successful for more than 69 years, providing high-quality products and services to the disinfecting, sanitizing and cleaning; metalworking and lubricants; oil field and emulsion polymerization industries.
“Pam’s leadership and guidance over the past 10 years have been instrumental in making Pilot the success it is today,” said Paul Morrisroe, Chairman of the Pilot Board of Directors. “Without her determined efforts, visionary business acumen, industry knowledge and concern for employees, customers, and our communities, we wouldn’t be where we are today. We are extremely pleased to have her remain on our Board and to serve in a new capacity as a special advisor to the Chairman.”
Mike Clark, President and COO of the company, will continue in those roles, serving as the company’s top executive and reporting to the Board of Directors. He joined Pilot in early 2018 with more than 30 years in the industry and has been leading operations and, most recently, a successful strategy refresh.
“We are pleased with Mike’s leadership capabilities and his ability to deliver value-adding results in these challenging times,” said Morrisroe. “Mike is well respected within Pilot and the industry. The board looks forward to working with him as he leads the company going forward.”
Butcher, too, said she is pleased with the strategic direction and future growth trajectory of the company.
“Our Pilot team members and customers are at the center of all that we do. With our continued focus on innovation and investment in the business, the company is well positioned for the future to carry the momentum forward under Mike’s leadership,” she said. “I’m proud of our team and want to thank our customers for their support over the years. I’m looking forward to my new role.”
Over the next few months, Butcher and Clark will continue to work together to ensure a smooth transition.
“I appreciate not only the Board’s confidence in my ability to lead Pilot Chemical but also the high bar set by Pam,” said Clark. “I look forward to continuing to expand the company’s emphasis on high quality and innovation.”
As Clark assumes the top leadership position at the start of 2021, he will oversee nine locations and more than 400 employees.
About Pilot Chemical Corp.
Pilot Chemical Corp. is a privately owned and independent global specialty chemical company providing high-quality products and services to the disinfecting, sanitizing and cleaning; metalworking and lubricants; oil field and emulsion polymerization industries. Its proprietary core technologies involve alkylation, sulfonation, sulfation and a number of other specialty operations, including the production of biocidal quats, tertiary amine derivatives, polymers and organometallic fuel additives. Pilot, an industry leader in chemical innovation and safety, owns the most state-of-the-art continuous sulfation process in North America, is a leader in quaternary ammonium compounds, and is the world’s largest manufacturer of disulfonates. Pilot is certified under both ISO 9001:2015 and the American Chemistry Council’s Responsible Care® program and headquartered in Cincinnati, Ohio. For more information, visit www.pilotchemical.com.
Jessie Folmar
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Karen Bells
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LONDON--(BUSINESS WIRE)--#GlobalOffshoreDrillingMarket--Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
This Report Addresses:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44563
Frequently Asked Questions-
The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. The growth in demand for oil and natural gas will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Offshore Drilling Market 2020-2024: Segmentation
Offshore Drilling Market is segmented as below:
Offshore Drilling Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:
This study identifies seizing of funding for E&P activities by World Bank as one of the prime reasons driving the offshore drilling market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Offshore Drilling Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
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HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (“Noble Midstream”) today announced that its general partner, Noble Midstream GP LLC, has appointed a new Chief Executive Officer (“CEO”) and new members to its Board of Directors (the “Board”). As a result of the completed Chevron Corporation (NYSE: CVX) (“Chevron”) acquisition of Noble Energy, Inc. on October 5, 2020, Chevron has acquired control of Noble Midstream GP LLC and now holds approximately 63% of outstanding Limited Partner units.
Chief Executive Officer Appointment
Robin H. Fielder, currently President and Chief Operating Officer of Noble Midstream, has been named President and CEO, succeeding Brent J. Smolik as CEO. Thomas W. Christensen (Chief Financial Officer and Chief Accounting Officer) and Aaron G. Carlson (General Counsel and Secretary) will remain in their current roles.
Fielder commented, “I am excited to lead the next chapter for Noble Midstream as part of the Chevron organization. I look forward to integrating our business and working together to enhance value for our stakeholders. Noble Midstream’s principles have not changed, and we will continue our focus on operational excellence, financial discipline, and minimizing our environmental impact.”
Chevron Leadership Appointed to NBLX Board; Independent Directors Unchanged
Colin E. Parfitt, Vice President of Chevron’s Midstream operations, will join the Board and serve as Chairman. Joining Parfitt on the Board are Alana K. Knowles, Vice President of Chevron Downstream & Chemicals and Midstream; Andrei F.B. Behdjet, General Counsel of Chevron Downstream & Chemicals and Midstream; and Steven W. Green, President of Chevron North America Exploration and Production. Noble Midstream President and CEO Robin Fielder was appointed to the Board in late August and will remain on the Board.
Leaving the Board effective immediately are Kenneth M. Fisher, Executive Vice President and Chief Financial Officer; Thomas H. Walker, Senior Vice President of Noble Energy U.S. Onshore; Rachel G. Clingman, Senior Vice President of General Counsel and Corporate Secretary, and Brent Smolik.
Noble Midstream’s three independent directors will remain on the Board. Hallie A. Vanderhider, Martin Salinas, Jr., and Andrew E. Viens will continue to provide governance as members of the Audit and Conflicts Committees.
“I would like to thank the Noble Energy Board members for their many contributions to Noble Midstream during their tenure,” said Parfitt. “I am pleased to join the existing members of the Board along with my Chevron colleagues. We anticipate that our combined industry knowledge and steady leadership can create value for Noble Midstream and its stakeholders.”
For more information on the appointees, please visit www.nblmidstream.com/about-us/board-of-directors/ or view the latest Form 8-K information in our SEC filings.
Third Quarter Earnings Release Information
Noble Midstream will not host a third-quarter earnings call due to the recent acquisition and ongoing integration. Noble Midstream will issue a press release and related presentation material in early November with its third-quarter 2020 results on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com. The Partnership anticipates holding its fourth quarter earnings call as usual to discuss fourth quarter and full year 2020 results and 2021 guidance.
About Noble Midstream Partners LP
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “can,” “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the Partnership’s targeted leverage and distribution growth, its customers’ ability to meet their drilling and development plans, changes in general economic conditions and the impact of the COVID-19 pandemic, competitive conditions in the Partnership’s industry, the ability to successfully integrate the operations of Chevron, Noble Energy and the Partnership and achieve the anticipated benefits from the transaction, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.
Park Carrere
Manager, Investor Relations
(281) 872-3208
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HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Time (ET) on Thursday, November 5, 2020 to discuss third quarter 2020 earnings. The company plans to release its financial and operating results before the market opens that morning.
A webcast link and related presentation material will be included on the Investors page of the company’s website at http://ir.murphyoilcorp.com.
Date: Thursday, November 5, 2020
Time: 9:00 a.m. ET
Toll Free Dial-in: 888-886-7786
Conference ID: 19218031
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. It challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the US Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
High-build, fast-drying, flexible system offers quick installation, easy maintenance
PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE: PPG) today announced the launch of PPG SANISHIELD™ 3000/5000 two-part polyurea coating system for walls and ceilings in industrial environments where quick installation and easy maintenance are critical, such as food and beverage facilities.
An alternative to fiberglass and stainless-steel wall and ceiling systems, PPG SaniShield coating system fills minor cracks in the substrate material to enhance surface integrity and durability. It offers excellent gloss retention for a bright white surface.
“PPG SaniShield 3000/5000 coating system is an important extension of our polyurea-based coating line,” said Scott Doering, PPG director of sales, protective and marine coatings, U.S. “We developed the system to address market demand for a flexible, easy-to-maintain wall and ceiling coatings system with low volatile organic compounds (VOCs) for food and beverage manufacturing facilities. It is especially good for tough-to-coat places like transition zones. As a complete basecoat and topcoat system, it offers contractors and end users the confidence that comes with PPG’s leading formulation expertise.”
Combining an aromatic polyurea high-build basecoat with an aliphatic polyurea topcoat, PPG SaniShield 3000/5000 system goes on thickly and cures quickly. It provides an ultraviolet-stable, easy-to-clean surface that has been tested to withstand the harsh chemicals found in common sanitizers and disinfectants. The coating is suitable for U.S. Department of Agriculture incidental food contact applications and flame resistant pursuant to the ASTM E-84 flame spread test, making it a Class A coating.
Other key features of PPG SaniShield 3000/5000 coating system include:
PPG SaniShield 3000/5000 coating system is available in Canada, Mexico and the U.S. For more information, visit ppgpmc.com/sanishield.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
We protect and beautify the world and PPG SaniShield are trademarks and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
CATEGORY Protective and Marine Coatings
PPG Media Contact:
Gina Reid
Protective and Marine Coatings
+ 1 412-514-2960
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www.ppgpmc.com
DUBLIN--(BUSINESS WIRE)--The "Global Ballast Water Treatment System (BWTS) Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024)" report has been added to ResearchAndMarkets.com's offering.
Global Ballast Water Treatment System (BWTS) Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024), provides an in-depth analysis of the global ballast water treatment system (BWTS) market with description of market sizing and growth.
The analysis includes the market by value, by application and by region. Furthermore, the report also provides a detailed application and regional analysis.
The global ballast water treatment system (BWTS) market has increased at a steady pace over the years and the market is further expected to propel progressively during the forecasted years 2020 to 2024. The market would propel owing to numerous growth drivers such as surging seaborne trade, augmenting economic growth, growth in the shipbuilding sector, increasing initiative to save marine life, etc.
However, the market faces some challenges which are hindering the growth of the market. Some of the major challenges faced by the industry are volatile raw material prices and uncertain environmental obligation. Whereas, the market growth would be further supported by various market trends like the introduction of Hyde GUARDIAN-US ballast water treatment system, the evolution of purestream, etc.
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global ballast water treatment system (BWTS) market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Some of the major players operating in the global ballast water treatment system (BWTS) market are JFE Holdings (JFE Engineering), Wartsila Corporation, Xylem Inc. and Alfa Laval AB, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the respective companies are also provided.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Ballast Water Treatment System (BWTS): An Overview
2.2 Types of Ballast Water Treatment Technologies
2.3 Ballast Water Treatment System (BWTS) Segmentation
3. Global Market Analysis
3.1 Global Ballast Water Treatment System (BWTS) Market: An Analysis
3.1.1 Global Ballast Water Treatment System (BWTS) Market by Value
3.1.2 Global Ballast Water Treatment System (BWTS) Market by Application (container ships, tankers, bulk carriers and general cargo)
3.1.3 Global Ballast Water Treatment System (BWTS) Market by Region (North America, Europe, Asia Pacific, South America and MEA)
3.2 Global Ballast Water Treatment System (BWTS) Market: Application Analysis
3.2.1 Global Container Ships BWTS Market by Value
3.2.2 Global Bulk Carriers BWTS Market by Value
3.2.3 Global Tankers Ships BWTS Market by Value
3.2.4 Global General Cargo BWTS Market by Value
4. Regional Market Analysis
5. COVID-19
5.1 Impact of COVID-19
5.2 Regional Impact of COVID-19
5.3 Response of Industry to COVID-19
5.4 Variation in Organic Traffic
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Surging Sea-borne Trade
6.1.2 Augmenting Economic Growth
6.1.3 Growth in Shipbuilding Sector
6.1.4 Increasing Initiative to Save Marine Life
6.2 Challenges
6.2.1 Volatile Raw Material Prices
6.2.2 Uncertain Environmental Obligation
6.3 Market Trends
6.3.1 Hyde GUARDIAN-US Ballast Water Treatment System
6.3.2 Evolution of Purestream
7. Competitive Landscape
7.1 Global Ballast Water Treatment System (BWTS) Market Players: A Financial Comparison
8. Company Profiles
8.1 Alfa Laval AB
8.1.1 Business Overview
8.1.2 Financial Overview
8.1.3 Business Strategy
8.2 Xylem Inc.
8.3 JFE Holdings (JFE Engineering)
8.4 Wartsila Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8xk9sy
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Nayo Tropical Technology Ltd. to receive zinc battery systems at four sites
EDISON, N.J.--(BUSINESS WIRE)--Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe, low-cost and long-duration zinc battery storage systems, today announced an expansion of its partnership with Nayo Tropical Technology Ltd. (“Nayo”), a leading West African mini-grid engineering, procurement, and construction (“EPC”) company. Eos will deploy additional units of its signature Aurora EnergyBlock™ systems, rated at 125kW/500kWh, to four rural microgrid projects in Nigeria in the first quarter of 2021.
In July, Eos announced it had entered into an agreement with Nayo to bring safe, environmentally friendly, low-maintenance, easy-to-deploy energy storage to the African market for the use of residents and local businesses in rural locations. This new contract expands on the success of that program by combining solar photovoltaic generation and energy storage to provide reliable electricity to homes and businesses in remote Nigerian communities, in addition to reducing dependence on diesel generators.
A notable benefit of Eos’ microgrid battery energy storage system is that it can store renewable energy that can be released at a later time and under severe weather conditions, giving rural locations and remote environments a reliable solution for energy storage and generation. High temperatures can be a challenge for other battery technologies, as they require heating, ventilation, and air conditioning (“HVAC”) systems, which get overworked and fail frequently in hot climates. Eos’ batteries do not require HVAC and can operate reliably in hot places without it.
“Eos was quick to prove that its positively ingenious energy storage solutions are uniquely suited to harsh environments and rural deployments with our last deployment,” said Dr. Balki G. Iyer, Chief Commercial Officer of Eos. “We are proud to expand our partnership with Nayo with a follow up in the first quarter, and we look forward to serving the energy needs of additional communities in the future with Nayo as our partner.”
Eos’ clients, including utilities, EPC companies and storage integrators, benefit from additional features including simple installation, minimal auxiliary power requirements to run the system, the ability to power through grid outages, simple maintenance and long-term product life. Remote project sites can often be a challenge, as they can be far from a supply chain and labor pool, but the low maintenance requirements of the Eos battery make it a fitting solution despite these limitations.
“Eos’ technology fit our exact needs for energy storage,” said Okenwa Anayo Nas, Chief Executive Officer of Nayo. “As a follow up to the first storage project, we were quick to move forward with additional installations. With Eos batteries, our projects are delivering on their promise to bring energy to remote villages across Africa. We appreciate the low cost-per-kilowatt-hour and flexibility of Eos’ solution.”
Nayo has more than 25 new mini grids in its pipeline to deploy across West Africa, which Eos plans to support as the industry grows over the next two years.
About Nayo Tropical Technology Ltd.
Nayo Tropical Technology Ltd. (“Nayo”) is a leading West African mini-grid engineering, procurement, and construction company with a 20+ year project track record. Nayo specializes in R&D, manufacturing, marketing, and distribution of power system products and solutions. The company has offices at Abuja (HQ) -FCT – and branch offices in Lagos and Enugu state with an extensive network of local business partners at major cities around Nigeria. Nayo opened its US subsidiary (Nayo Tropical Technology LLC) in the State of Texas in 2016. The company has repositioned itself as a pioneer indigenous manufacturer and distributor of power solutions for domestic, industrial, and telecoms applications. https://www.nayotechnology.com
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Eos has been pursuing this opportunity since 2008 when it was founded. Eos Energy Storage has 10+ years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates the Company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion. https://eosenergystorage.com
For Eos Energy Storage LLC
Investors
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DUBLIN--(BUSINESS WIRE)--The "HVDC Converter Station Market -By Technology, By Power Rating and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global HVDC Converter Station market is slated to accrue revenue worth nearly 14.58 (USD Billion) by 2026 and record the CAGR of about 8% over the period from 2020 to 2026.
The report offers assessment and analysis of the HVDC Converter Station market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Introduction
Optimization of the capacity of current power transmitting corridors is best carried out through the conversion to HVDC. This conversion has also proved to be cost-efficient even over shorter distances and can result in enhanced capacity of current corridors. Apparently, need for reducing carbon emissions has translated into huge demand for expanding power transmission capacity, thereby creating massive preference for HVDC converter stations.
Recently in 2019, the Ultranet HVDC conversion venture in Germany is transforming AC corridor into a hybrid AC/DC corridor, thereby transporting wind energy through northern part of the country to southern part. Earlier, HVDC conversion technology was used only for high-powered & long-distant transmission by the utilities as it incurred high operating costs for shorter distances. However, due to onset of new technologies and grid systems HVDC conversion has become cost-effective as well as feasible for shorter distances. An HVDC converter station has the ability to transfer huge amount of power in a corridor through utilization of current grid power lines & structures.
Market Growth Dynamics
Escalating demand for sustainable energy, cost-effective carbon-free power supply, and need for reducing GHG emissions & air pollution is likely to enhance the popularity of HVDC converter station. According to NCBI, the current studies in 2019 have demonstrated that HVDC transmission can offer lucrative advantages as a component of topological changes in the grid electricity business. Apparently, the studies have revealed that national HVDC overlay can be a cost-effective course towards de-carbonization, offer inter-regional stability, and enhance resilience & reliability in the grid during offering sustenance against the altering climatic conditions. All these aforementioned factors will steer the growth of the HVDC converter station industry over the forthcoming years.
Furthermore, the HVDC transmission technology has matured due to its utilization over an elongated period. Nevertheless, it offers numerous benefits over HVAC over long distances. The benefit of DC-DC converter topology amongst current AC solutions for transmission of power over long distances has been already proven a long time ago through various empirical studies & positive outcomes.
Moreover, the most desirable benefits derived due to HVDC transmission line as compared to AC line cover are absence of negative impact on the skin, lower transmission losses, affordable manufacture procedure for DC cable production, and higher proportion of active power control. All these aspects will steer the growth of the HVDC converter station market in the near future.
In addition to this, rise in the number of offshore wind farms and need for linking asynchronous grids will impel the growth of the HVDC converter station market in the years ahead. Apart from this, government policies favoring DC transmission to meet the growing energy requirements will bring inflation in the market value during the forecast timeframe. Additionally, growing green energy trends will further enlarge the market scope over the forthcoming years.
Europe To Account For Major Market Size Over Forecast Timeframe
The regional market growth over the period from 2020 to 2026 is attributed to a surge in the number of offshore wind farms in countries like the UK, Denmark, Germany, and Norway in Europe. As per the study published in April 2020 in MDPI journal, nearly 52 of the HVDC power stations, which account to 40% of the total HVDC power stations across the globe, are based in Europe. Reportedly, nearly 26 power stations have been launched in the region in the last five years. Furthermore, presence of key players such as Siemens, Alstom, and ABB in the region will further boost regional market trends.
Key players influencing the market growth are
The global HVDC converter station market is segmented as follows:
By Technology
By Component
By Power Rating
By Configuration
By Region
For more information about this report visit https://www.researchandmarkets.com/r/tzsucd
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-- EGI’s Fourth Recent Investment in Transportation & Logistics --
CHICAGO--(BUSINESS WIRE)--Equity Group Investments (EGI), Sam Zell’s private investment firm, announced its investment in Able Freight Services (Able), a provider of airfreight forwarding services focused on time-sensitive perishable goods. Able’s CEO Orlando Wong invested alongside EGI in the transaction. EGI’s President Mark Sotir; Managing Directors Evan Harwood and Mike Leahy; and Senior Associate Tyler Goldstein have joined Able’s board of managers, and the company is seeking to add additional board members. Terms of the transaction were not disclosed.
“This partnership reflects today’s global growth opportunity in cold chain transportation and distribution,” commented Sotir. “Able has built a leading industry platform defined by its powerful global network of strategic partnerships including airlines, associations and more than 75 local service agents. Orlando is a strong steward and we look forward to supporting the company through its next phase of growth.”
Able provides airfreight forwarding services from North America to more than 60 countries on behalf of prominent global brands of growers, shipping and freight forwarding companies, retailers, distributors and government bodies. The company has eight cold-storage locations in Los Angeles, San Francisco, Hawaii and Mexico, and long-standing partnerships with leading commercial and cargo airlines. Able was founded in 1992 by Scott Irvin Murray who originally operated the company until he was joined by Orlando Wong in 1994. Mr. Murray sold his majority interest in connection with EGI’s investment.
“EGI’s history of growing businesses was highly attractive to us in selecting a partner,” said Wong. “The team provides strong operating expertise and understands the logistics sector. At the same time, they offer a breadth of knowledge across multiple industries for a broader perspective of best practices and insights.”
As a top 10 forwarder of goods to markets outside the United States, Able’s services include transportation of perishable products such as fresh fruits and vegetables, protein, and seafood, as well as the handling of critical pharmaceutical, medical and e-commerce products.
“The non-discretionary and time-sensitive nature of perishable goods has proven to be recession-resistant relative to traditional dry freight. We see strong potential for Able to expand its footprint as it pursues growth in different product verticals and geographies,” commented Harwood.
About Equity Group Investments
Equity Group Investments (EGI), founded by Sam Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI’s flexible capital and open investment mandate enables the firm to pursue opportunistic transactions across industries and geographies, throughout the capital structure, at any point in the economic cycle. EGI’s current portfolio includes investments in transportation and logistics, energy, waste and infrastructure, manufacturing, healthcare, agribusiness and real estate. For more information visit www.egizell.com.
About Able
Able Freight Services is a leading provider of airfreight forwarding services with a focus on time-sensitive perishable goods. The company’s cold chain transportation and logistics services include air freight, ocean freight, warehousing/cold storage, brokerage, e-commerce, and related technology services. Since 2018, Able has been ranked the #2 exporter out of Los Angeles International airport and Top 10 nationwide, by volume. Able leverages an extensive global agency network, strategic industry association partnerships with WCA Perishables and Cold Chain Connect as well as certifications and licenses from IATA, TSA, CBP and FDA among others. For more information visit www.ablefreight.com.
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Terry Holt
312-466-3979
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LONDON--(BUSINESS WIRE)--#GlobalMaritimeInformationMarket--Technavio has been monitoring the maritime information market and it is poised to grow by $ 736.98 mn during 2020-2024, progressing at a CAGR of over 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. We offer $1000 worth of FREE customization
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. FLIR Systems Inc., Garmin Ltd., Inmarsat Group Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Maxar Technologies Inc., ORBCOMM Inc., Raytheon Co., Saab AB, and Thales Group are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Need to comply with strict regulations has been instrumental in driving the growth of the market. However, high cost of implementation might hamper market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts
Maritime Information Market 2020-2024: Segmentation
Maritime Information Market is segmented as below:
Maritime Information Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The maritime information market report covers the following areas:
This study identifies increase in seaborne trade as one of the prime reasons driving the maritime information market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Maritime Information Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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DUBLIN--(BUSINESS WIRE)--The "Inland Water Cargo Transportation Services in the US - Procurement Research Report" report has been added to ResearchAndMarkets.com's offering.
This report is intended to help buyers of inland water cargo transportation, which includes transportation over lakes, rivers and coasts in the United States. The major waterways served by vendors in this market are the Mississippi River System, the Gulf Intracoastal Waterway and the Great Lakes-St. Lawrence Seaway, as well as the East and West Coasts.
Buyers purchase shipping capacity on a spot basis (i.e. at current market rates) or through contracts. In this report, buyers are also called shippers, and water cargo transport companies are also called carriers. This report does not include passenger transportation.
Key Topics Covered:
ABOUT THIS INDUSTRY
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
PRODUCTS & MARKETS
COMPETITIVE LANDSCAPE
MAJOR COMPANIES
OPERATING CONDITIONS
KEY STATISTICS
JARGON & GLOSSARY
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/1ur847
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HOUSTON--(BUSINESS WIRE)--Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today announced that shareholders of the Company approved the pending merger (the “Merger”) with Chevron Corporation (NYSE: CVX) (“Chevron”) and all other proposals related to the Merger at Noble Energy’s Special Meeting of Shareholders (the “Special Meeting”) held earlier today. Noble Energy anticipates providing final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission in a later release. Chevron and Noble Energy expect to close the Merger early in the fourth quarter of 2020.
“We are pleased that Noble Energy shareholders resoundingly support the pending transaction with Chevron,” said David L. Stover, Noble Energy’s Chairman and CEO. “Today’s approval marks an important milestone on the path to becoming part of an even stronger global energy platform. We thank our shareholders and other stakeholders for recognizing the many benefits that will be realized, and the significant value that will be created, through this combination.”
As previously announced, on July 20, 2020, Chevron and Noble Energy entered into a definitive merger agreement providing for Chevron’s acquisition of Noble Energy in an all-stock transaction. Under the terms of the definitive merger agreement, each eligible share of Noble Energy common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into the right to receive 0.1191 of a share of Chevron’s common stock, with cash in lieu of any fractional shares.
Noble Energy (NASDAQ: NBL) is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. For more information on how the Company fulfills its purpose: Energizing the World, Bettering People’s Lives®, visit https://www.nblenergy.com.
Important Additional Information
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to 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. In connection with the potential transaction, Chevron filed a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Noble Energy. The Form S-4 was declared effective on August 26, 2020, and the definitive proxy statement was mailed to stockholders of Noble Energy on the same date. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Noble Energy may file with the SEC and send to Noble Energy’s stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND NOBLE ENERGY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by Chevron or Noble Energy through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron are available free of charge on Chevron’s website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Noble Energy are available free of charge on Noble Energy’s website at http://investors.nblenergy.com.
Forward-Looking Statements and Cautionary Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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 generally include statements regarding the potential transaction between Chevron and Noble Energy, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the satisfaction of the conditions precedent to the potential transaction, the pending approval of CEMAC, and any other statements regarding Chevron’s and Noble Energy’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions. All such forward-looking statements are based on current expectations of Chevron’s and Noble Energy’s management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include uncertainties as to the timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; the effects of disruption to Chevron’s or Noble Energy’s respective businesses; the effect of this communication on Chevron’s or Noble Energy’s stock prices; the effects of industry, market, economic, political or regulatory conditions outside of Chevron’s or Noble Energy’s control; transaction costs; Chevron’s ability to achieve the benefits from the proposed transaction, including the anticipated annual run-rate operating and other cost synergies and accretion to return on capital employed, free cash flow, and earnings per share; Chevron’s ability to promptly, efficiently and effectively integrate acquired operations into its own operations; unknown liabilities; and the diversion of management time on transaction-related issues. Other important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for Chevron’s or Noble Energy’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the parties operate; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; Chevron’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the parties’ suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond Chevron’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; Chevron’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and Chevron’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Noble Energy assumes no obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Additional factors that could cause results to differ materially from those described above can be found in Noble Energy’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on the Noble Energy’s website at http://investors.nblenergy.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov, and in Chevron’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on Chevron’s website at https://chevroncorp.gcs-web.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov.
Investor Contact
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(281) 943-1670
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