HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today the appointment of Darron M. Anderson to its Board of Directors, effective immediately. Mr. Anderson is a recognized business leader with extensive experience in the oil and gas industry.
“I’m honored to have the opportunity to join Tidewater’s Board, and I look forward to helping guide the company’s strategy as it navigates the current market and works to enhance its already leading market position," said Mr. Anderson. "I'm excited to be part of a company with such a recognized and respected history as Tidewater, a leader in the OSV sector that has consistently demonstrated the ability to adapt to changing market conditions.”
Mr. Anderson has served as President and Chief Executive Officer and as a member of the board of directors of Ranger Energy Services since March 2017. He previously served as President and Chief Executive Officer of Express Energy Services from 2008 to August 2015. Mr. Anderson began his career in the oil and natural gas industry as a Drilling Engineer for Chevron USA in 1991 and has subsequently held positions of increasing responsibility in the oil and natural gas and oilfield services industries. He holds a Bachelor of Science in Petroleum Engineering from the University of Texas at Austin.
"Darron is a seasoned executive with a strong track record of leadership in the oil and gas sector," said Larry Rigdon, Chairman of Tidewater's Board of Directors. "He has broad, hands-on operational experience and a thorough understanding of how our industry operates today and where it is headed. We are very pleased to welcome Darron to Tidewater and look forward to his contributions to our future success. This appointment represents the latest step in Tidewater's continuous effort to align the board and management with the objective of maximizing long term shareholder value."
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide. For more information about Tidewater, visit tdw.com.
Tidewater Inc.
Jason Stanley
Vice President, Investor Relations
713-470-5300
SOURCE: Tidewater Inc.
New open-array marine radars offer 250W of pulse compression power
OLATHE, Kan.--(BUSINESS WIRE)--Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), the world’s leading marine electronics manufacturer1, today announced the GMR Fantom™ 254/256 open-array radars delivering 250W of pulse compression power, its highest-powered solid-state marine radar on the market. The new Fantom 254/256 series uses Garmin’s signature MotionScope™ technology to detect and highlight moving targets in different colors, helping users avoid potential collisions, find flocks of birds and track weather.
Now with more than double the power of the existing Fantom 124/126, the new Fantom 254/256 solid-state radars yield the best combined short- and long-range target detection performance for serious boaters and anglers. New features, including scan-to-scan averaging and improved MARPA with Automatic Acquisition, provide improved target precision and more visibility of what lies ahead to further a user’s situational awareness on the water.
“We know that the demands of offshore navigation require the most reliable and feature-rich marine radars, which is why we are excited to offer customers our highest-powered solid-state radar series on the market,” said Dan Bartel, vice president of global consumer sales. “The increased power and pulse compression technology of the new Fantom 254/256 radars gives best-in-class target detection range and image resolution, making them the ideal radar solution for anyone desiring to equip their vessel with the highest end marine tech. New features, like scan-to-scan averaging and MARPA Automatic Acquisition, optimize ease-of-use to better explore everything from shorelines to open ocean.”
High-powered Target Detection
At 250W of solid-state power and a target range of 20’ to 96 nautical miles, the Fantom 254/256 outperforms even 25kW magnetron radars by maximizing energy and range resolution using pulse compression technology. Narrow horizonal beam width also assists in creating a high-resolution image and high-sensitivity target detection capabilities. Equipped with MotionScope technology and adjustable speed threshold, this series instantly detects moving targets in real-time—such as other boats, flocks of birds or the weather ahead—with easy-to-see, colored highlights as targets approach or retreat from the vessel. True echo trails take boat speed into account to help captains quickly identify potential collision threats, or even lead anglers toward flocks of birds as they search for hot fishing points using the Fantom’s Auto Bird Gain feature.
Increased Awareness
The new Fantom 254/256 is the first from Garmin to include scan-to-scan averaging, a feature which reduces the sea clutter and interferences in the display view for a clear, visual scope of water ahead. Together with Dynamic Auto Gain, Multi-level target size, and Dynamic Sea Filter features, scan-to-scan averaging will strengthen long-range performance and stationary target detection by eliminating the clutter that might interfere with positioning and target detection consistency.
Also new to Fantom 254/256, mini-automatic radar plotting aid (MARPA) Automatic Acquisition lets users simultaneously trigger and track up to 30 targets with no user prompting on all returns, boundary zones, guard zones, or MotionScope.
The 4-foot Fantom 254 or 6-foot Fantom 256 open-array are available now with suggested retail prices of $9,999 and $10,499, respectively. They are compatible with GPSMAP® 8400/8600, 8000/8200 and 7400/7600 series multifunction displays, and the GPSMAP 10x2/12x2 and GPSMAP 7x2/9x2 series chartplotters. For more information, visit garmin.com.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the fifth consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion® and Navionics®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.
1 Based on 2019 reported sales.
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin and GPSMAP are registered trademarks and MotionScope and Fantom are trademarks of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 28, 2019, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Category: Marine
Riley Swickard
913-397-8200
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DALLAS--(BUSINESS WIRE)--Munck Wilson Mandala has added veteran real estate attorneys Mabel Simpson and Shelley Hickey from SimpsonLaw Group. Simpson is a partner and Hickey a principal attorney. Both have practiced law for 33 years each and their combined experience adds legal power to MWM’s real estate, commercial litigation, oil and gas, and construction law practices.
Simpson has owned and operated her own law firm since the mid-90s. Prior to and during law school, she worked as a landman for four years, experiencing the business side of the oil and gas industry in Texas. This unique background helped shape Simpson’s legal practice where she provides legal services for clients involved in real estate development, construction, and oil and gas.
Hickey’s legal background includes working as an associate in private practice before taking a position as assistant city attorney, assigned to the Seattle Police Department’s Narcotics Unit and the Seattle Office of Civil Rights. Hickey spent 10 years working in Seattle before moving to Texas where she joined Simpson’s firm and transitioned her law practice to focus on business law, representing clients in real estate, corporate law, and commercial litigation.
Simpson served on the Richardson City Council from 2015-2019 and she is a graduate of Leadership Richardson. Throughout her career, she has been involved in various civic and community organizations, including Neighborhood Youth and Family Counseling of Richardson, the Richardson Hospital Board, and the St. Paul School Board. Simpson is currently a member of the Legislative Committee - Texas Land Title Association. She received her J.D. from the University of Tulsa College of Law.
Hickey is a member of the Richardson Rotary Club and served as past president from 2011-2012. She is also a graduate of Leadership Richardson. Hickey earned her J.D. from the University of Tulsa College of Law, where she and Simpson were roommates and have remained life-long friends.
Munck Wilson Mandala is a technology-focused law firm with offices in Dallas, Austin and Marshall, Texas, and Los Angeles, California. The firm offers full-service counsel in the areas of intellectual property litigation, complex commercial litigation, intellectual property portfolio development, corporate transactions and securities, real estate, and employment law. Munck Wilson Mandala represents clients from start-ups to Fortune 50 companies. Learn more about the firm at http://www.munckwilson.com.
Shannon Tipton, 972-628-4500
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HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) today issued a statement updating the impact of Hurricane Laura, which made landfall near plants in the Lake Charles, Louisiana area owned by Westlake Chemical OpCo LP (“OpCo”), in which the Partnership owns a 22.8% interest.
In the aftermath of Hurricane Laura, the Partnership’s primary concern is for the safety of OpCo’s employees and the integrity of its operations in the greater Lake Charles area. We are working to assist OpCo’s employees and their families, many of whom have suffered damage to their homes and are without power.
Recovery efforts at OpCo’s plants in the Lake Charles area are underway for the safe and reliable return to operations. Restoration of electricity and other utilities remain critical to these efforts. The local utility, Entergy Louisiana, has reported extensive damage to the electricity transmission system in the Lake Charles area and that restoration of service will take a number of weeks. Given Entergy’s latest guidance on the restoration of power to the Lake Charles area, barring other unforeseen circumstances, we currently expect production at some of OpCo’s units to restart by the end of September and full production to resume in early October.
The statements in this release relating to matters that are not historical facts, such as the timing of the restoration of electricity by Entergy Louisiana and the timing of the restart of production and full production of OpCo’s facilities, are forward-looking statements. These forward-looking statements could be adversely affected by a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. The Partnership’s expectations may or may not be realized or may be based upon assumptions or judgments that prove to be incorrect. For more detailed information about the factors that could cause actual results to differ materially from the forward-looking statements contained herein, please refer to the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC in February 2020 and Form 10-Q for the quarter ended March 31, 2020, which was filed with the SEC in May 2020.
About Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.
Media Inquiries:
Westlake Chemical Partners LP
Ben Ederington, 1-713-960-9111
or
Investor Inquiries:
Westlake Chemical Partners LP
Steve Bender, 1-713-960-9111
HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today completion of an amendment and extension to its credit agreement, including the term loan and all three revolving credit facilities. This extension encompasses all of Civeo’s outstanding debt structure. The following are key aspects of the amended credit agreement:
“Our bank agreement extension demonstrates the significant strides we have made in reducing leverage and generating positive free cash flow in a very difficult market environment. We would like to thank our lending group for their continued support. The revised agreement affords the Company additional time to pursue our financial objectives of focusing on free cash flow generation and debt reduction while we explore longer term debt capital solutions,” stated Bradley J. Dodson, Civeo’s President and CEO.
As previously disclosed during the Company’s 2019 credit agreement extension, approximately $56 million of revolving commitments were scheduled to mature on November 30, 2020. Civeo agreed to accelerate the maturity of these two commitments to coincide with this amendment. As a result of this amendment and the previously contemplated $56 million reduction, Civeo’s revolving commitments now include: (1) a $122.3 million Canadian revolving credit facility (reduced from $183.5 million); (2) a $35 million Australian revolving credit facility (reduced from $60 million); and (3) a $10 million U.S. revolving credit facility (reduced from $20 million). In total, the revolving commitments decreased to $167.3 million from $263.5 million.
Additional information on the terms of the amendment can be found in a separate Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in operation in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s financial objectives and currently expected commitment needs are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with our ability to remain in compliance with our financial covenants in our debt agreements, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2019 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400
Jeffrey Spittel
FTI Consulting
832-667-5140
SAN ANTONIO--(BUSINESS WIRE)--NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE: NS) (“NuStar Energy”), announced today that it plans to conduct an offering of senior notes pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”). The notes will be fully and unconditionally guaranteed by NuStar Energy, as parent guarantor, and NuStar Pipeline Operating Partnership L.P., a wholly owned operating subsidiary of NuStar Energy, as affiliate guarantor. The net proceeds from the offering are expected to be used for the repayment of indebtedness, including (1) all amounts outstanding under NuStar Logistics, L.P.’s term loan agreement and the related repayment premium and (2) a portion of borrowings outstanding under NuStar Logistics, L.P.’s revolving credit agreement. Amounts repaid under NuStar Logistics, L.P.’s revolving credit agreement may be reborrowed and used for the payment of $300 million aggregate principal amount of NuStar Logistics, L.P.’s 6.75% senior notes due 2021 at their maturity and for general partnership purposes.
Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BBVA Securities Inc., BMO Capital Markets Corp., Mizuho Securities USA LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are acting as book-running managers for the offering. Comerica Securities, Inc. is acting as co-manager for the offering. A copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146. You may also obtain these documents for free when they are available by visiting the SEC’s website at www.sec.gov.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
NuStar Energy, a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar Energy currently has approximately 10,000 miles of pipeline and 75 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. NuStar Energy’s combined system has approximately 75 million barrels of storage capacity, and NuStar Energy has operations in the United States, Canada and Mexico.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding future events, including the timing, and expected use of proceeds from the offering. All forward-looking statements are based on NuStar Energy’s beliefs as well as assumptions made by and information currently available to NuStar Energy. These statements reflect NuStar Energy’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy’s 2019 annual report on Form 10-K and subsequent filings with the SEC. NuStar Energy undertakes no obligation to update or revise any forward-looking statement except as may be required by applicable law.
NuStar Energy L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
NEW YORK--(BUSINESS WIRE)--Tortoise Acquisition Corp. II (the “Company”) announced today that it intends to commence its initial public offering of 25,000,000 units at $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to 3,750,000 additional units to cover over-allotments, if any. Each unit issued in the initial public offering will consist of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one of the Company’s Class A ordinary shares at an exercise price of $11.50 per share. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SNPR.U.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “SNPR” and “SNPR WS,” respectively.
Tortoise Acquisition Corp. II was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Barclays and Goldman Sachs & Co. LLC are acting as joint book-running managers for the proposed offering. The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (888) 603-5847; and Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (866) 471-2526.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Tortoise Acquisition Corp. II
Vincent T. Cubbage
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ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--The Zayed Sustainability Prize, the UAE's pioneering global award in sustainability, has announced the postponement of the 2021 Awards Ceremony, which was scheduled to take place in January, as part of the annual Abu Dhabi Sustainability Week (ADSW). Entities that have submitted their applications this year will be automatically moved to the 2022 cycle.
The decision was made due to travel restrictions for different countries and to ensure international participants’ safety and well-being in light of the unprecedented global challenges caused by the coronavirus pandemic.
H.E Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Zayed Sustainability Prize stated: “After careful consideration, we took the prudent decision to postpone the 2021 Zayed Sustainability Prize event, while ensuring that all those who submitted for the Prize will be considered in the 2022 cycle.”
H.E Al Jaber added, “The Prize, inspired by the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan, and driven by the country’s leadership, reiterates its unwavering commitment to humanitarianism and sustainable development goals, as it has impacted more than 335 million people, to date. We are also continuing to focus on accelerating the UAE-driven 20by20 initiative which is pioneered by the Prize in partnership with several entities by donating past finalists’ and winners’ solutions to vulnerable communities around the world to improve their quality of life.”
More details will be announced in upcoming months.
About Zayed Sustainability Prize
Established by the UAE leadership, in 2008, to honour the legacy of the founding father, the late Sheikh Zayed bin Sultan Al Nahyan, the Zayed Sustainability Prize is the UAE’s pioneering global award for recognising sustainability and humanitarian solutions around the world.
The Zayed Sustainability Prize acknowledges and rewards global pioneers and innovators who are committed to accelerating impactful sustainable solutions.
Over the past 12 years, the Prize has awarded 86 winners. Collectively, they have directly and indirectly, positively impacted the lives of over 335 million people around the world. The Zayed Sustainability Prize categories are: Health, Food, Energy, Water and Global High Schools.
For more information, please visit www.ZayedSustainabilityPrize.com or go to our social media platforms on, Twitter, Facebook, Instagram, YouTube.
*Source: AETOSWire
Hill+Knowlton
Medhat Juma
Senior Consultant, +971523596128
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Hill + Knowlton
Ross Macdonald
Group Account Director, +971565025153
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has priced a public offering of $575,000,000 aggregate principal amount of Floating Rate Senior Notes due 2023, $925,000,000 aggregate principal amount of 1.200% Senior Notes due 2024, $400,000,000 aggregate principal amount of 2.850% Senior Notes due 2025 (the “2025 notes”) and $600,000,000 aggregate principal amount of 2.150% Senior Notes due 2027. The Floating Rate Senior Notes bear interest at a rate of three-month LIBOR plus 1.150%. The 2025 notes will constitute an additional issuance of our 2.850% Senior Notes due 2025, of which $650,000,000 aggregate principal amount was issued on April 16, 2020.
The offering is expected to close on September 10, 2020, subject to customary closing conditions. Valero intends to use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. acted as joint book-running managers for the notes.
Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC collect at 1-212-834-4533, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, MUFG Securities Americas Inc. toll-free at 1-877-649-6848 or Scotia Capital (USA) Inc. toll-free at 1-800-372-3930 and online at www.sec.gov.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of approximately 1.73 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.valero.com for more information.
The notes were offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of a prospectus supplement and accompanying base prospectus. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Key milestone achieved by Furetank, Eagle LNG and GAC during the refuelling of FURE VEN at Jacksonville Port Authority (JAXPORT)
JACKSONVILLE, Fla.--(BUSINESS WIRE)--FURE VEN, a dual-fuelled vessel owned and operated by Furetank of Donsö, Sweden, a global leader in the development of efficient and environmentally friendly product & chemical tankers, has become the first non-U.S. flagged vessel to bunker LNG in the United States with LNG sourced by Eagle LNG. Eagle LNG Partners, a pioneer in small-scale LNG and an LNG bunker supplier, is the first company to deliver LNG bunker fuel to a foreign flagged vessel. This milestone paves the way for more internationally trading vessels to bunker at Jacksonville Port Authority (JAXPORT), marking the latest tangible demonstration of LNG as a safe and reliable fuel solution. It also builds confidence in the case for LNG to help the shipping industry meet increasingly stringent environmental regulations, while still generating substantial cost savings.
On Tuesday, 1 September 2020, the 18,000 DWT vessel transited the St. Johns River, calling at JAXPORT’s Talleyrand Marine Terminal, which serves Crowley Maritime Corporation. Eagle LNG Partners safely transferred 225 metric tonnes of LNG to the vessel from their on-site storage facility, with the bunkering evolution taking less than seven hours to complete. The tanker was laden with renewable diesel cargo for Preem, the largest petroleum and biofuels company headquartered in Sweden.
GAC Group, a global provider of integrated shipping, logistics and marine services with Swedish heritage, assisted all parties by broking the LNG fuel and providing ship agency services to the vessel during her voyage across the Atlantic Ocean. This is the first time in its history that GAC’s Bunker Fuels division has secured a deal to supply LNG as a marine fuel.
FURE VEN is one of Furetank’s V-Series, a new generation of product & chemical tankers introduced in 2018, which leverage innovative design features and LNG to deliver a fuel reduction of approximately 40%. These climate smart vessels have also achieved substantial reductions in emissions - 55% less CO2, 86% less NOx, 99% less SOx and 99% less particulate matter (PM) - compared to vessels of the same size, of earlier designs. According to a study from the Swedish Environmental Research Institute in 2017, these reductions achieved by FURE VEN during this voyage alone have been calculated as an economic savings for the global community of over $200,000, thanks to a reduction in the negative impacts of climate change and air pollution on human health and agriculture. If liquefied biogas was bunkered, then CO2 emissions would be eliminated completely.
Lars Höglund, CEO of Furetank, said: “As early as 2014, Furetank decided to convert one of our vessels to LNG propulsion. Backed by the encouraging effects thereof, we developed the V-series, a vessel design with drastically lowered emissions and fuel consumption. These vessels have already reduced CO2 emissions beyond the IMO target of a 50% reduction by 2050.
“We note with pleasure that LNG bunkering is becoming available in more and more places, not least the U.S., and we are confident that investing in the V-series particularly contributes to a cleaner environment worldwide.”
Sean Lalani, President of Eagle LNG, said: “As a pioneer in LNG bunkering and a global leader in small-scale LNG, the team at Eagle LNG is proud to have partnered with the trailblazers at Furetank and GAC, along with numerous crucial stakeholders including JAXPORT, Crowley Maritime and the U.S. Coast Guard, to safely accomplish this first-ever LNG bunkering of a foreign flagged tanker in the United States. It is only fitting that this first bunkering in the United States happen in Jacksonville where JAXPORT, local officials and the community have embraced the shipping industry’s transition to the more sustainable, affordable LNG.
“Were it not for the pioneering spirit of our partners at Crowley Maritime, with whom we have already safely completed over 100 bunkering events, and the vision of Chairman and CEO Tom Crowley, this historic milestone for LNG bunkering globally and for North Florida would not have been possible,” continued Lalani. “We look forward to utilizing our experience and assets to bunker more international vessels from this facility and our future operations in the Caribbean Basin in the coming months and years. Thank you to the innovators at Furetank and GAC for entrusting us with executing this monumental milestone.”
Nicholas Browne, GAC Bunker Fuels’ Global Director, said: “We are proud to have worked alongside Furetank and Eagle LNG to deliver the safe and successful refuelling of FURE VEN in Jacksonville. Like Furetank and Eagle LNG, GAC wants to do more than simply follow the development of environmentally friendly shipping – we want to play an active role in creating and facilitating the transition.
“As an integrated service provider for all types of vessels, including LNG carriers, GAC is uniquely positioned to deliver its first LNG bunker supply to the FURE VEN, and we are actively being engaged by many of our shipping principals to support their adoption of LNG as a marine fuel.”
Editor’s Notes
About Furetank
Headquartered in Donsö, Furetank Rederi AB is an integrated ship owning company focused on the North European petroleum products trade since the early 1950’s. Owned by the Höglund family, with historical roots in shipping since the 17th century, Furetank has invested in five highly specialized 18,000dwt dual-fuel product & chemical tankers, built at Avic Dingheng Shipyard in China. Together with their partners Älvtank and Thun Tankers, the series will ultimately comprise eight sister vessels operating in the Gothia Tanker Alliance. For more information, please visit www.furetank.se.
About Eagle LNG
Eagle LNG is a privately held and operated portfolio company of The Energy & Minerals Group. Eagle LNG provides affordable, efficient and clean-burning energy. It develops small-scale LNG solutions and turn-key project development providing fuel for marine industries as well as full-suite power generation solutions in the Caribbean and Central America. Eagle LNG is based in Houston, Texas. For additional information, please visit www.eaglelng.com.
About GAC Group
GAC is a global provider of integrated shipping, logistics and marine services. Emphasising world-class performance, a long-term approach, innovation, ethics and a strong human touch, GAC delivers a flexible and value-adding portfolio to help customers achieve their strategic goals. Established since 1956, the privately-owned group employs over 9,000 people in more than 300 offices worldwide.
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LONDON--(BUSINESS WIRE)--#GeophysicalServicesMarket--The geophysical services market is expected to grow by USD 2.52 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Most of the oil and gas E&P companies are focusing on multi-client based services. This is due to the increased cost of ownership of data. Also, in a multi-client approach, geophysical companies design surveys based on the requirements of oil and gas E&P companies. This reduces the cost of survey data for oil and gas E&P companies. For instance, in January 2020, ION Geophysical Corp. signed a multi-client agreement for 2D and 3D programs in offshore Colombia. Therefore, the increasing demand for multi-client surveys is expected to fuel the growth of the global geophysical services market during the forecast period.
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As per Technavio, the increase in oil and gas E&P activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Geophysical Services Market: Increase in Oil and Gas E&P Activities
Countries across the world are carrying out drilling activities to tap the unconventional reserves such as shale oil and gas and oil sands. Also, rising crude oil prices have significantly increased the use of onshore rigs over the years. Besides, technological advantages have helped oil and gas companies to engage in a greater number of deepwater and ultra-deepwater oil and gas fields. Geophysical surveys are generally performed in the early stages of oil and gas E&P activities to achieve cost savings and cover a larger area without disturbing the natural environment. Therefore, the increasing number of oil and gas E&P activities is expected to have a positive impact on the growth of the global geophysical services market during the forecast period.
“Increasing adoption of airborne seismic survey and rising investments in conventional onshore oil and gas upstream activities will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Geophysical Services Market: Segmentation Analysis
This market research report segments the geophysical services market by Type (Land, Marine, and Aerial) and Geography (North America, Europe, APAC, MEA, and South America).
The North America region led the geophysical services market in 2019, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, APAC is expected to register the highest incremental growth due to factors such as rapid industrialization and the increasing number of investments in the oil and gas industry in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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NEW ORLEANS--(BUSINESS WIRE)--With U.S. labs taking days and weeks to deliver COVID-19 test results to health agencies, clinicians, and patients, government authorities in hard-hit states like Florida and Louisiana have said enough, canceling contracts with major reference labs.
According to Florida’s Department of Health (DOH), Florida Governor Ron DeSantis on Tuesday ordered state health agencies to cut their ties with Quest Diagnostics, one of the country’s largest test labs, after the company failed to report nearly 75,000 coronavirus tests in a timely manner. Most of the unreported tests, the DOH said, are two-weeks old and some date back as many as five months. Similar backlogs with other labs are occurring in states throughout the U.S.
Yet in the wake of the glut, one regional lab, Sensiva Health, LLC continues same-day delivery from a pandemic epicenter – New Orleans – while serving large essential employers in petroleum, offshore drilling operations, healthcare, and other industries such as movie and commercial production sets.
“Major labs are promising states like Florida and Louisiana and agencies in other states results in a couple of days, but have far exceeded any reasonable throughput. Consequently it’s taking days, even weeks, to deliver results and at which point those results are no longer clinically relevant,” said Dave Vigerust, MS, Ph.D., and Sensiva’s Chief Scientific & Compliance Officer. “We’re testing for several offshore oil producers now to keep the rigs open. A single oil rig worker missing work can cost a company up to $20,000 per day; not to mention the cost of a closed rig due to a coronavirus shutdown, which could easily exceed millions of dollars per day. That’s why they’ve come to us. We are fast, reliable, and accurate.”
Sensiva was formed early in the pandemic by a team of infectious disease doctors and scientists to attack COVID-19 and help return the world to a healthy normalcy. Currently, its flagship test, Sensiva C19™ RT-PCR (Polymerase chain reaction) Molecular COVID-19 Test, provides greater than 99% accurate test results within 12-24 hours of receiving the sample.
“We’re able to easily keep ahead of a backlog because COVID-19 testing is all we do at Sensiva,” Vigerust added. “Our lab and technical staff are not bogged down by multiple assays and diseases. Our lab and research is laser-focused on the coronavirus.”
Sensiva can provide businesses and healthcare providers with risk exposure information and guidance via an online report, or by phone through Sensiva’s proprietary mobile application. While both clearly explain the test results, a team of telemedicine professionals are also available to answer questions via live chat, email, or phone support.
Authorized by the U.S. Food & Drug Administration (FDA) in June for Emergency Use Authorization (EUA200187) under Sensiva’s affiliate lab Cormeum Lab Services, Sensiva C19™ is a gold standard real-time multi-method collection test with as near to 100 percent specificity and sensitivity as possible, offering next-day results, making the test clinically relevant.
Based on the most powerful technique and tool in molecular biology, RT-PCR has proven to be the most reliable COVID-19 testing method. Using enzymes sourced from heat-stable bacteria to replicate DNA/RNA, Sensiva utilizes the latest technology platforms to perform this highly specific and reliable process, which results in rapid and highly accurate reproduction of DNA/RNA molecules in its laboratory.
About Sensiva Health, LLC:
Sensiva Health, LLC offers a variety of direct COVID-19 lab tests for informational and educational use. Sensiva's team is made up of doctors, lab directors, technology officers, infectious disease specialists, medical directors, and more, committed to using real-time PCR+Antigen/Antibody COVID-19 testing and proprietary advanced scientific modeling to safely get America back to normalcy. To learn more about Sensiva and its comprehensive COVID-19 testing solutions, please visit https://www.sensivahealth.com.
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SINGAPORE--(BUSINESS WIRE)--#ComplexitySimplified--Genesis Ray Energy (“Genesis Ray”), the Singapore- based clean energy research company providing innovative data analytics products on renewable energy and energy infrastructure mapping services, has launched the GenRay EXPLORER™, an intuitive online analytics tool that enables developers, investors and OEMs to screen, compare and evaluate gas and power assets in South and South East Asia.
GenRay EXPLORER is a first for the gas and power sector, combining intelligence and analytics in a single, GIS-powered visual platform. This gives users real-time access to accurate and in-depth information on the current landscape, competitors, and market dynamics, enabling commercial decisions about renewables and other clean energy projects to be reached quickly.
The shift to a low-carbon economy has been a game-changer for the global power industry as renewable sources of energy penetrate the sector. Across the world, countries are increasing the share of new and cleaner sources of energy in their overall energy mix. This has resulted in the emergence of a multi-trillion-dollar renewables industry as globally investors drift away from the volatile conventional energy industry and look forward to these newer sources.
However, information on the right markets and locations to target has been lacking, with no single source of data and most intelligence gathering being done by external parties. With GenRay EXPLORER, developers, investors and OEMs can now bring their analytics in-house, saving time and money, while obtaining more sophisticated insights and improved risk-analysis, ensuring the right business decisions are made.
“I am delighted to announce the availability of GenRay EXPLORER™ in South and South East Asia. This ground-breaking tool allows customers seeking to tap into the fastest growing renewables markets in Asia to have reliable and comprehensive insights at their fingertips, empowering them to make informed decisions about the future of their business”, said Irfan Choudhry, CEO of Genesis Ray.
He further added, “We have already secured customers in Asia and Europe, who see the tangible benefits our aggregated, user-friendly digital platform offers. They have also indicated a keen interest in the suite of new wind and solar products we will be bringing to market in the near future.”
GenRay EXPLORER currently covers assets of 650GW+ generation capacity, 33,000+ wind turbines, 425,000+ kms of transmission lines, and 35,000 kms+ of natural gas pipelines. Data from hundreds of primary and secondary sources is aggregated and then cross-validated and weighted from multiple points, providing the most in-depth, up-to-date database available on the gas and power sector in South and South East Asia on a single platform.
GenRay EXPLORER is available under a Single/Multi-Year License that permits usage by multiple teams including planning, business development, strategy, finance, and operations. Under the license, users have real-time access to all the data points underlying the energy assets with numerous analytical capabilities to create actionable insights.
Genesis Ray has developed a unique analytical tool GenRay EXPLORER™ to screen, compare and evaluate power and gas assets in South and South East Asia. The tool has a dashboard that helps users draw intuitive insights from the data using interactive dynamic visualizations, including simple numeric metrics, tables, and charts.
For more information, visit: www.genesisray.com
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The company acquires a majority stake in the leading southern European app that offers access to the largest network of public charging points for electric vehicles
With this transaction, Wallbox takes another step towards consolidating its position as an intelligent energy management company and advances in the public charging segment
Electromaps will continue to develop and operate its platform under the same brand through the leadership of its founding partners Xavier Cañadell and Jordi Rodríguez
BARCELONA, Spain--(BUSINESS WIRE)--Wallbox, the leading energy management company that manufactures smart charging solutions for electric and plug-in hybrid vehicles, has today announced the acquisition of the majority of the share capital of Electromaps.
Electromaps is the leading digital platform for accessing free and paid-for electric charging points in southern Europe. The app provides its 100,000 users access and payment directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience.
Through this acquisition, Wallbox takes its first step in the public electric charging space and continues to advance its purpose of facilitating the adoption and use of electric cars today while creating more sustainable uses of energy in the future. In the UK market, the company would have more than 3,900 listed charging points and will increase its footprint following this acquisition. Wallbox already distributes chargers throughout the UK and Electromaps will complement the service offering in this market.
“This is a strategically significant transaction. By adding public charging access to our portfolio, we are making rapid progress towards creating a complete ecosystem for electric car charging in our current markets. Beyond having southern Europe’s leading platform in public charging, Electromaps and its team bring us years of expertise in this market segment. Their vision is fully aligned with Wallbox and our mission. Our goal is to continue investing in the technological development of the platform and take it to more markets, thus complementing our existing residential and semi-public charging solutions,” said Enric Asunción, CEO of Wallbox.
“Teaming up with Wallbox will allow us to maintain our leadership position in southern Europe and expand to more markets, benefiting both private users and recharging point operators. They will both have a more powerful and complete platform around the world,” said Xavier Cañadell, CEO and co-founder of Electromaps.
The electromobility sector has entered a phase of exponential growth and Electromaps will drive this growth by investing more in technological development to anticipate needs and deliver improvements for the benefit of users.
Founded in 2009, Electromaps has been a pioneer in this market segment. Its three partners, Xavier Cañadell, Jordi Rodríguez and Rafael de Mestre have combined their vision with valuable and constant user interaction on the platform. Today they have 120,000 recharging points and have passed the 100,000 registered users mark. In the past decade they have managed more than one million KwH in recharges.
“These figures show that we have become both an essential travel companion for EV users and an ally of charging point operators, as is the case of the FEDA, a government company that manages all the public charging points in Andorra through our platform,” said Jordi Rodríguez, CTO and co-founder of Electromaps.
At the beginning of this year, Wallbox completed the second tranche of its series A investment and secured €23 million to expand globally, specifically in China and America. Wallbox will also make strategic investments like Electromaps to expand its portfolio of services. Wallbox’s investors include Iberdrola, Seaya Ventures and Endeavor Catalyst, among others.
This new acquisition allows Wallbox to take a step forward in promoting and facilitating the use of electric or plug-in hybrid vehicles and opens the door for consumers to take an active role not only in recharging their vehicle, but also in managing energy. It also provides consumers the information they need to recharge with autonomy.
ABOUT WALLBOX: Wallbox is a leading energy management company that manufactures smart charging solutions for electric vehicles. Combining state-of-the-art technology with exceptional design, Wallbox creates a smart ecosystem that improves the way we manage, use and store energy. Created in 2015 and with its headquarters in Barcelona, Wallbox’ mission is to facilitate the adoption of electric vehicles today to make a more sustainable use of energy tomorrow. Envisioning a world free of fossil fuels, Wallbox™ technology enables people to create, use and share renewable energy in ways they never imagined. It currently sells to more than 40 countries and has 250 staff spread across offices in Europe, Asia, and America, as well as 2 factories of its own. Wallbox offers four types of chargers, including Quasar, the first bidirectional charger for home use with advanced two-way charging technology. It was recognized with the highest distinction by CES, the world's leading technology trade show for the industry. During the first half of 2020 Wallbox completed a Series A round of investment of 23 million euros.
ABOUT ELECTROMAPS: Electromaps, founded in 2009 by Jordi Rodríguez and Xavier Cañadell, began with the idea of creating an interactive map of the first charging points that were beginning to be installed in Spain. Eleven years later, Electromaps is the leading public charging platform in Iberia, having registered more than 5,100 charging locations and with information on more than 13,500 outlets for electric vehicles. Globally, it has information on more than 120,000 locations and 285,000 outlets in 120 countries. It has managed more than 100,000 recharges with a total of more than 1,200,000 kWh supplied. Electromaps has also developed its own multi-brand charging point management platform allowing any owner of charging points to control access to their infrastructure, monitor consumption, manage payments, etc. both in private points and in public points.
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LONDON--(BUSINESS WIRE)--#GlobalParaffinInhibitorsMarket--Technavio has been monitoring the paraffin inhibitors market and it is poised to grow by USD 89.64 million during 2020-2024, progressing at a CAGR of over 3% 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. AES Arabia Ltd., BASF SE, Croda International Plc, Ecolab Inc., Evonik Industries AG, General Electric Co., Halliburton Co., Refinery Specialties Inc., Schlumberger Ltd., and Zirax Ltd. 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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Sustainability of environmental and safety regulations has been instrumental in driving the growth of the market. However, volatility in oil and gas prices might hamper the 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
Paraffin Inhibitors Market 2020-2024: Segmentation
Paraffin Inhibitors Market is segmented as below:
Paraffin Inhibitors 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 paraffin inhibitors market report covers the following areas:
This study identifies the growing complexity in offshore field operations as one of the prime reasons driving the Paraffin Inhibitors 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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Paraffin Inhibitors 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 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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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.
“Our Stabroek Block exploration program continues to identify high-quality reservoirs in close proximity to previous discoveries, establishing efficient opportunities for new projects in Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “Developing these projects remains an integral part of ExxonMobil and our co-venturers’ long-term growth plans and a source of significant value for Guyana.”
Redtail-1 encountered approximately 232 feet (70 meters) of high-quality oil bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery.
In addition to the Redtail-1 discovery, drilling at Yellowtail-2 encountered 69 feet (21 meters) of net pay in newly identified, high quality oil bearing reservoirs among the original Yellowtail-1 discovery intervals. This resource is currently being evaluated for development in conjunction with nearby discoveries.
Approximately 80 Guyanese employees, contractors and subcontractors took part in Redtail activities offshore, and more than 2,000 Guyanese and 600 local suppliers are supporting ExxonMobil’s activities in country. Guyanese staff have completed more than 350,000 hours of training in Guyana, Brazil, Canada, Singapore and the United States.
ExxonMobil made the first commercial discovery in Guyana in 2015 and started production in December 2019 from the Liza Destiny floating production and offloading vessel (FPSO), which can produce up to 120,000 barrels per day.
ExxonMobil continues to advance the Liza Phase 2 project, which is expected to startup in 2022 and produce up to 220,000 barrels per day. Construction activities are underway in Singapore on the Liza Unity FPSO. A third production vessel for the Payara development, with production capacity of 220,000 barrels a day, is on hold pending government approval.
The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K and quarterly reports on Form 10-Q. References to “recoverable resource,” “oil-equivalent barrels,” and similar terms in this release include quantities that are not yet classified as proved reserves under SEC rules but that are expected to be ultimately recoverable.
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DUBLIN--(BUSINESS WIRE)--The "Gas Insulated Substation Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The gas-insulated substation market is expected to grow at a CAGR of more than 3% over the period of 2020-2025.
Gas-insulated substations are more reliable, environment-friendly, and more flexible when compared to air-insulated substations (AIS). Fostered by the better space optimization, low maintenance cost, and enhanced protection against external elements, the demand for gas insulated switchgear is likely to increase during the forecast period. The high cost of gas insulated substations is likely to restrain the growth of the gas-insulated substation market in the coming years.
Companies Mentioned
Key Market Trends
Power Utilities Sector to Dominate the Market
Asia-Pacific to Dominate the Market Growth
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Voltage
5.1.1 Medium Voltage
5.1.2 High Voltage
5.1.3 Extra High Voltage
5.2 End-User
5.2.1 Power Utilities
5.2.2 Industrial Sector
5.2.3 Commercial and Residential Sector
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/8h7f1m
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced another oil discovery offshore Guyana at the Redtail-1 well, the 18th discovery on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of more than 8 billion barrels of oil equivalent.
Redtail-1 encountered approximately 232 feet (70 meters) of high quality oil bearing sandstone and was drilled in 6,164 feet (1,878 meters) of water. The well is located approximately 1.5 miles (2.5 kilometers) northwest of the Yellowtail discovery and is the ninth discovery in the southeast area of the block.
In addition to the Redtail-1 discovery, drilling at Yellowtail-2 resulted in the discovery of additional reservoir intervals adjacent to and below the Yellowtail-1 discovery. Yellowtail-2 encountered 69 feet (21 meters) of high quality oil bearing reservoirs, which comprise the 17th discovery on the Stabroek Block. This resource is currently being evaluated for development in conjunction with other nearby discoveries.
“The Redtail-1 and Yellowtail-2 discoveries further demonstrate the significant exploration potential of the Stabroek Block and will add to the recoverable resource estimate of more than 8 billion barrels of oil equivalent,” CEO John Hess said. “Redtail is the ninth discovery in the southeast area of the block which we expect will underpin future development.”
The Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 percent interest.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.
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LONDON--(BUSINESS WIRE)--#GlobalLightandHeavydutyNaturalGasVehicleMarket--Technavio has been monitoring the light and heavy duty natural gas vehicle market and it is poised to grow by 251.43 K units during 2020-2024, progressing at a CAGR of over 2% 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. AB Volvo, CNH Industrial NV, Cummins Inc., Daimler AG, General Motors Co., MAN SE, Navistar International Corp., PACCAR Inc., Renault SA, and Volkswagen AG 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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Increasing focus on emission reduction has been instrumental in driving the growth of the market. However, the high cost of heavy-duty NGVs might hamper the market growth.
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Light and Heavy duty Natural Gas Vehicle Market 2020-2024: Segmentation
Light and Heavy duty Natural Gas Vehicle Market is segmented as below:
Light and Heavy duty Natural Gas Vehicle 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 light and heavy duty natural gas vehicle market report cover the following areas:
This study identifies rapid growth in the development of near-zero emission NGV as one of the prime reasons driving the Light and Heavy duty Natural Gas Vehicle Market growth during the next few years.
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Light and Heavy duty Natural Gas Vehicle Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application by Volume
Customer landscape
Geographic Landscape by Volume
Vendor Landscape
Vendor Analysis
Appendix
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Free, Virtual Event to Examine the Latest Trends, Regulatory Changes Impacting the Dangerous Goods Supply Chain
CHICAGO--(BUSINESS WIRE)--#Conference--Labelmaster, the leading provider of products, services and technology for the safe and compliant transport of dangerous goods (DG) and hazardous materials (hazmat), today announced the key session topics for its virtual 2020 Dangerous Goods Symposium. This annual event gives supply chain and business professionals the opportunity to hear from the world’s leading trainers, shippers and regulators about the latest trends, updates and best practices impacting the DG industry.
This new virtual DG Symposium is now part of the DG Exchange—the dangerous goods industry’s first digital community, which brings together supply chain and business professionals to share ideas, learn and collaborate in order to navigate dangerous goods issues, challenges and trends—empowering them to positively impact their businesses.
This year’s event will feature speakers from the United States Postal Inspection Services (USPIS), Federal Aviation Administration (FAA), International Air Transport Association (IATA), Emirates SkyCargo, Pipeline and Hazardous Materials Safety Administration (PHMSA), CHEMTREC and more, discussing lithium battery shipping, transport regulations, hazmat training and supply chain safety.
Key Session Topics:
“Shipping dangerous goods continues to become increasingly challenging and high risk as supply chains become more complex and regulations expand,” said Robert Finn, vice president, Labelmaster. “The DG Symposium provides an educational forum for individuals within the DG industry to hear about the latest industry issues and changes, and learn steps they can take within their own organizations to improve regulatory compliance, operational efficiency and supply chain performance. By making the event part of the DG Exchange community, supply chain and business professionals can now virtually attend every session and then continue the learning and collaboration by accessing and sharing insightful content, attending events year-round and networking with peers from around the world.”
Click here to register for the DG Exchange and to gain access to all DG Symposium sessions along with everything else the community has to offer. All sessions will be recorded and available afterwards for on-demand viewing.
About Labelmaster
For more than five decades, Labelmaster has been the go-to source for companies – big and small – to navigate and comply with the complex, ever-changing regulations that govern the transport of dangerous goods and hazardous materials. From hazmat labels and UN-certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services helps customers remain compliant with all dangerous goods regulations, mitigate risk and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. Whether you're shipping hazardous materials by land, air, or sea, Labelmaster is your partner in keeping your business ahead of regulations and compliant every step of the way. To learn more, visit www.labelmaster.com.
Stephen Dye
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