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DUBLIN--(BUSINESS WIRE)--The "Shale Gas Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.


The overall worldwide production of shale gas is about 535.915 bcm per year, in 2018.

The increase in domestic consumption of natural gas is likely to increase the demand for shale gas. Besides this, advancement in horizontal drilling technology and the development of hydraulic fracturing technology have made the shale gas production activity economically viable and also improved access to deeper shale gas deposits. However, technological advancement in the use of renewable energy and government environment policies have affected the shale gas market.

Environmental activists are protesting against shale gas & oil drilling and production activity as it requires lots of water and produced harmful emissions. Whereas, the European Union and many other country's governments are investing in renewable energy technology for clean energy requirements. This, in turn, is expected to hinder the growth of the shale gas market in the coming years.

Companies Mentioned

  • Antero Resources Corp
  • Southwestern Energy Company
  • EQT Corporation
  • Equinor ASA
  • Repsol SA
  • SINOPEC/Shs
  • Chesapeake Energy Corporation
  • Royal Dutch Shell plc
  • Exxon Mobil Corporation
  • Chevron Corporation
  • PETROCHINA/Shs
  • ConocoPhillips
  • Pioneer Natural Resources

Key Market Trends

Increasing Environmental Concerns to Restrain the Market

  • Despite the economic benefits, environmental risks associated with hydraulic fracturing are restraining the shale gas market.
  • Methane gas emissions during the drilling process pose potential air pollution risks. Additionally, incorrect disposal of large volumes of chemically treated water used in hydraulic fracturing operations can potentially cause severe surface water contamination. This has attracted criticism from environment protection bodies and NGOs, around the world. Local farmers and residents have also repeatedly opposed hydraulic fracturing, owing to its impact on health and farming.
  • Additionally, a typical fracking well requires approximately 2-10 million gallons of water during fracking operations, which puts additional strain on the water supply, particularly in the drought-prone regions.
  • In West Texas, where the Permian Basin (which is expected to drive the growth of shale gas activities in the United States ) is located, shale gas companies have already faced opposition and criticism from the farmers, owing to the water shortage due to hydraulic fracturing.
  • The United States Geological Survey (USGS) blamed shale gas activities for the increase in earthquakes in the recent times, in certain parts of the Central and Eastern United States that are well-known for the extraction of oil and gas.
  • Thus, this is expected to restrain the market during the forecast period.

North America to Dominate the Market

  • In 2018, the statistics of the International Trade Center (ITC) observed that the USA climbed to first place in the world ranking of gas producers due to the increasing production of unconventional gas. Major companies are investing in shale gas because it is an excellent option to reduce carbon footprint. However, the IRENA's database has estimated that, over three-quarters of the onshore wind and four-fifths of the solar PV project capacity due to be commissioned in 2020 worldwide should produce cheaper electricity than any coal, oil or natural gas option. This factor is likely to have a negative impact on the ongoing shale gas revolution in the United States.
  • Canada has been known to have significant conventional gas reserves, and the country was a key supplier of natural gas to the United States for decades until the recent shale boom in the country. But with conventional natural gas sources in decline, Canada's industry is turning to unconventional sources, including shale gas. Many oil & gas companies are now exploring and developing shale gas resources in Alberta, British Columbia, Quebec, and New Brunswick, which could balance the difference in shale gas production in the coming future.
  • An estimation by EIA shows that American dry shale gas production in 2018 is about 593.23 bcm and is equal to approximately 69 % of total natural gas production in the United States. The current scenario of the region, demands more natural gas supply in the forecast period, which attracts investment in the exploration and production of shale gas.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Shale Gas Production and Forecast in billion cubic meter (BCM), 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 Geography

5.1.1 North America

5.1.2 South America

5.1.3 Asia-Pacific

5.1.4 Europe

5.1.5 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/sd0y5t


Contacts

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HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today announced that they have received notice from an affiliate of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”) that Robert V. Sinnott will be retiring from service as Kayne Anderson’s designated representative on the Board of Directors of PAA GP Holdings LLC (“GP Holdings”) effective as of September 30, 2020, and that effective as of October 1, 2020, he will be replaced by Kevin McCarthy, Vice Chairman of Kayne Anderson. Mr. Sinnott has served as a director of GP Holdings and its predecessors and affiliates for over 25 years.

“We would like to thank Bob for his many years of service as a director and as chairman of the compensation committee. We are grateful for Bob’s leadership, experience, guidance and friendship and wish him well,” said Willie Chiang, Chairman and CEO of PAA and PAGP. “We are also pleased to welcome Kevin to the Board and look forward to working with him.”

Mr. McCarthy currently serves as Vice Chairman at Kayne Anderson, where he co-founded the firm’s energy infrastructure securities activities, and served as CEO and Chairman of the Board of Directors for Kayne Anderson’s closed-end funds from 2004 through July 2019. Prior to joining Kayne Anderson in 2004, Mr. McCarthy was global head of energy investment banking at UBS Securities LLC and held similar positions at PaineWebber Incorporated and Dean Witter Reynolds. Mr. McCarthy serves as a director of Altus Midstream Company and Whiting Petroleum Corporation, and previously served as a director of Range Resources Corporation, ONEOK, Inc., Emerge Energy Services LP and K-Sea Transportation Partners L.P. Mr. McCarthy earned a BA in economics and geology from Amherst College and an MBA in Finance from the Wharton School at the University of Pennsylvania.

The GP Holdings Board has responsibility for managing the business and affairs of PAA and PAGP. As detailed in PAA’s and PAGP’s annual Proxy Statement filings, Kayne Anderson holds a previously negotiated legacy contractual right to designate an individual to serve as a director on the GP Holdings Board, provided that Kayne Anderson and its qualifying affiliates satisfy certain minimum equity ownership requirements.

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”) and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.


Contacts

Brett Magill
Director, Investor Relations
866-809-1291

DUBLIN--(BUSINESS WIRE)--The "Nigeria Energy Requirements Forecasted to 2050" report has been added to ResearchAndMarkets.com's offering.


The scope of this report is the analysis and forecast of energy carriers in Nigeria. Energy is the facilitator of activity. This report focuses on the energy generated from all energy sources in the country, both primary and secondary and quantifies useful energy available for consumption now (2020) and forecasted to 2050.

The various structural changes envisaged in the future such as the decommissioning of back-up generators and the entry of renewables such solar and wind, the emergence of the use of electric vehicles but the ongoing demand for liquid fuels as well as the fall in the demand for coal all form part of the parameters of the scope of the report.

The primary energy carriers of oil, natural gas, coal, hydro-electric and renewables are all analysed as useful energy in the hands of the consumer. Natural gas consumption is combined with the use of oil and coal where it plays the significant role in the generation of electricity The scope outlook is from 2020 to 2050 integrating all end-user energy carrier generation outputs into a coherent energy mix to meet the needs of an increasingly urbanized population and strongly growing economy.

Methodology

The principal methodology used in the report is applying econometric analysis modelling to an extensive database of global and Nigerian time series that include energy, economic, demographic and social indicators.

A global economic outlook and forecast to 2050 is compiled from seven regions which are benchmarked against forecasts from international bodies such as the OECD. The model allows for input by the user who can alter the forecasts to predict different scenarios. The next section deals with the global oil market and specifically with the international oil price. Here again, the user may alter the forecasted oil consumption levels in each of the seven regions. The oil price is forecast based on an ordinary least squares model econometric as outlined in the report.

The Nigerian macroeconomy is dealt with next where an extensive, national accounts forecast table is part of the model (which also allows user input) and is benchmarked to forecasts made by international organizations.

The energy carriers for Nigeria are individually analysed. In the case of oil, a virtual refinery is modeled with the base being the forecasted oil price. A refining margin is added and through the exchange rate petrol and diesel pump prices for Kenya are arrived at. However, the models for petrol and diesel built below both produced poor fits as evidenced by the low adjusted R-squared and hence had inferior predictive abilities. Hence other statistical techniques were used to forecast their values to

2050.

Electricity generation is the sum of the electricity produced by wind, solar, hydro, biomass, coal, oil, gas and back-up generator energy carriers. In the report, all these sources of energy are forecasted using econometric models and other modelling techniques.

Key Topics Covered:

  • Scope
  • Methodology
  • Key Findings
  • World Economic Growth
    • Introduction
    • Corona Virus Shock
    • Impacted Economic Sectors
    • World Economic Growth 2020
  • World Economic Outlook
    • World Economic Drivers
    • Development Economies
    • World Growth Levers
  • Supply and Demand in the World Energy Markets
    • Global Primary Energy Matrix
    • World Oil
    • Sectoral Growth of Energy
    • 2020 Consumption of Energy
    • 2050 Consumption of Energy
    • Oil Price
  • The Nigerian Economy
    • Introduction
    • Corona Virus Pandemic
    • 2020
    • 2021 - 2050
  • Nigeria Energy Matrices
    • Nigeria Primary Energy Matrix
      • Oil
      • Petrol
      • Diesel
      • Electricity
      • Fossil Fuels
      • Renewables
      • 2040
      • Renewable Regulations
      • Cost
      • Battery Storage
      • Solar Photovoltaic and Concentrated
      • Wind
    • Electricity Storage
  • Biography Guy McGregor
  • Biography Simon McGregor
  • Glossary

List of Figures

Figure A - Consumption of Electrical Energy 2018 to 2050

Figure 1 - Maslow's Hierarchy of Needs Triangle

Figure 2 - Forecasts of Global Economic Growth

Figure 3 - Global Economic Growth: Selected Economies

Figure 4 - Nigeria Energy Forecasts 2020 to 2050: Economic Assumptions Table

Figure 5 - World Consumption of Primary Energy 2014 - 2018

Figure 6 - World Consumption of Primary Energy 2020 - 2050

Figure 7 - World Proven Oil Reserves

Figure 8 - Oil Econometric Model Statistics

Figure 9 - Ongoing Consumption of Oil while Price Declines due to Oversupply

Figure 10 - Nigerian Energy Forecasts 2020 to 2050: Oil Consumption Table

Figure 11 - Map Nigeria

Figure 12 - Gross Domestic Product at 2010 Constant Basic Prices

Figure 13 - Nigeria: Expenditure on GDP - 2010 Prices (Naira billions)

Figure 14 - Nigeria: Expenditure on GDP - 2010 Prices (Naira billions)

Figure 15 - Nigerian Economic Growth

Figure 16 - Nigerian Economic Growth closing in on the Population

Figure 17 - World Consumption of Primary Energy

Figure 18 - Position of the size of the Nigerian economy amongst its peers in the world

Figure 19 - Petrol Econometric Model Statistics

Figure 20 - Diesel Econometric Model Statistics

Figure 21 - Domestic Petroleum Product Consumption

Figure 22 - Liquid Fuels Demand

Figure 23 - Fossil Fuel Econometric Model Statistics

Figure 24 - Hydro Econometric Model Statistics

Figure 25 - Electricity Component Generators

Figure 26 - Consumption of Electrical Energy

Figure 27 - Long Term Average of PVOUT

Figure 28 - Distribution of Wind Energy

For more information about this report visit https://www.researchandmarkets.com/r/3zvmfn

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


Contacts

ResearchAndMarkets.com
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on September 21, 2020 based on the Trust’s calculation of net profits generated during July 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in $0.07 million of operating income. Revenues from the Developed Properties were $1.7 million, lease operating expenses including property taxes were $1.6 million, and development costs were approximately $0. The average realized price for the Developed Properties was $39.57 per Boe for the Current Month, as compared to $36.89 per Boe in June 2020. Although the average realized price per Boe increased compared to June 2020, commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. The cumulative net profits deficit amount for the Developed Properties decreased to approximately $25.1 million in the current month versus approximately $25.8 million in the prior month.

The Current Month’s calculation included approximately $40,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $36.47 per Boe in the Current Month, as compared $34.28 per Boe in June 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $0.06 million and was approximately $2.9 million for the Current Month.

The monthly operating and services fee of approximately $95,000 payable to PCEC, less a refund of approximately $49,000 in letter of credit fees, and Trust general and administrative expenses of $65,000 together exceeded the payment of approximately $40,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $71,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC may loan funds to the Trust necessary to pay such expenses; however, PCEC has informed the Trustee that for the foreseeable future PCEC does not expect to loan such funds to the Trust. Any funds provided under the letter of credit or loaned by PCEC may only be used for the payment of current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $71,000, which together with prior drawdowns will leave approximately $418,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $266,000 related to shortfalls from prior months, including interest thereon. Consequently, no further distributions may be made to Trust unitholders until the indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

 

Underlying Properties

Sales Volumes

Average Price

(Boe)

(Boe/day)

(per Boe)

Developed Properties (a)

42,569

1,373

$

39.57

Remaining Properties (b)

15,586

503

$

36.47

 

(a) Crude oil sales represented 99% of sales volumes

(b) Crude oil sales represented 100% of sales volumes

 

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that PCEC’s estimate of its ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the originally estimated amount as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, the estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The consulting firm engaged by the Trustee to review PCEC’s original estimate of its ARO is continuing its review, and that firm as well as the Trust’s independent registered public accounting firm are continuing to evaluate PCEC’s ARO estimate. The actual ARO incurred in the future may exceed the estimated amounts provided by PCEC. PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.

Production Update

PCEC previously informed the Trustee that due to the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, PCEC had shut in approximately 20% of its production since the beginning of the crisis. PCEC has informed the Trustee that despite the continued reduced demand for and oversupply of crude oil, PCEC is no longer shutting wells in. PCEC continuously evaluates, based on price, whether to shut in wells or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Evergreen Capital Management LLC Litigation

On July 8, 2020, Evergreen Capital Management LLC on behalf of itself and all other similarly situated unitholders of the Trust, filed a putative class action complaint in the Superior Court of California in Los Angeles County against PCEC and the Trustee. The claims are based on allegations that (1) PCEC has breached its implied covenant of good faith and fair dealing by disclosing purportedly misleading ARO estimates and deducting the ARO costs during the COVID-19 pandemic, which has caused damage to Trust unitholders by limiting Trust distributions and by causing the trading value of the Trust units to decline and (2) in not taking action against PCEC with respect to PCEC’s accrual of the estimated ARO, the Trustee’s actions constituted gross negligence and a breach of the trust agreement. Evergreen seeks class certification, an order enjoining the Trustee and PCEC from taking actions or omitting to take actions that would violate the trust agreement, and an unspecified amount of damages, plus interest, attorneys’ fees and costs. The Trust is not a party to the litigation.

Regardless of the outcome of the litigation, the Trustee may incur expenses in defending the litigation, and to the extent such expenses may be subject to indemnification by the Trust, any such expenses may increase the Trust’s administrative expenses significantly. The Trust is currently unable to assess the probability of loss or estimate a range of any potential loss the Trust may incur in connection with the litigation, and has not established any reserves relating to the litigation. The Trust may withhold estimated amounts from future distributions to cover future costs associated with the litigation if determined necessary. The Trustee has not yet fully analyzed any rights it may have to indemnities that may be applicable or any claims it may make in connection with the litigation.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC 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 Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.


Contacts

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended June 30, 2020. The Company posted quarterly revenue of $20 thousand and a net loss of $(108) thousand. These results compare to revenue of $642 thousand and net income of $58 thousand for the same quarter last year. The Company’s decline in revenue and profitability for the quarter was driven by decreases in oil and gas production and commodity prices.

Amen announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $10 per share, to be paid on September 30, 2020 to shareholders of record as of the close of business on September 23, 2020.

Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Financial Officer.

The Company’s 2020 second quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.

About Amen Properties:

Amen Properties owns a portfolio of properties including real estate and oil and gas interests.

Cautionary Statement:

This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.


Contacts

Press and Investor Relations Contact:
Kris Oliver
(972) 999-0494

HIGHLIGHTS


  • Delaware Basin acquisition includes acreage and proposed wells in Lea County, NM operated by EOG Resources
  • Northern expects monthly peak production from the acquisition of approximately 1,400 barrels of oil equivalent (“Boe”) per day in mid-2021
  • Northern expects the transaction to be accretive to EV / EBITDA, corporate return on capital employed, earnings per share, and free cash flow metrics in 2021 and beyond
  • Northern is providing an operations update, adjusting Q3 2020 production guidance upward to 25,000 – 30,000 Boe per day

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern” or the “Company”) today announced an acquisition in the Delaware Basin and other business updates.

DELAWARE BASIN ACQUISITION

Northern has acquired non-operated interests in the Delaware Basin from an undisclosed seller consisting of approximately 66 net acres, on which 1.1 initial net wells have been proposed. The proposed wells are expected to be spud in late 2020 and/or early 2021 and turned in line beginning in the second quarter of 2021. The underlying acreage carries additional future development upside. The assets are operated by EOG Resources and located in Lea County, NM.

Total acquisition costs plus the initial development costs on the 1.1 net wells are expected to be approximately $11.9 million. Northern expects approximately 54% of this capital to be incurred in 2020, all of which would be within Northern’s previously stated 2020 capital budget.

Northern expects monthly peak production of approximately 1,400 Boe per day on the initial wells late in the second quarter of 2021. Upon turning in line, Northern expects these assets to be accretive to EV / EBITDA, corporate return on capital employed, earnings per share, and free cash flow metrics in 2021 and beyond.

OPERATIONS UPDATE

Northern has seen steady and marked improvement in operations throughout the third quarter of 2020. Realized oil pricing differentials have narrowed from wide levels experienced in the second quarter. Northern also expects a significant reduction in per unit lease operating expenses in the third quarter compared to the second quarter. Operators have continued to return shut-in and curtailed production to sales at a steady rate, at or above Northern’s internal forecasts. Northern is adjusting its third quarter of 2020 production guidance upward from 22,500 – 30,000 Boe per day to 25,000 – 30,000 Boe per day, an increase of 1,250 Boe per day at the midpoint. Inclusive of today’s announced acquisition, Northern continues to be well within its stated capital budget of $175 – 200 million for 2020 and does not currently anticipate accessing its $50 million reserve budget for accelerated completions.

BALANCE SHEET UPDATE

Northern has reduced its Senior Secured Notes (the “Notes”) by $130.0 million year-to-date, through previously announced open market purchases and exchanges for common and preferred equity. Of this $130.0 million, the vast majority are complete, with less than $2.1 million of exchange value remaining to be completed by the end of September. These transactions have been designed to reduce fixed charges, capture pricing discounts on the Notes, and earn a strong return on capital employed for shareholders. On an annualized basis, these transactions have reduced annual interest expense by over $11 million. The transactions involving Notes purchased for cash or exchanged for common equity have captured discounts to par value of approximately $9.3 million. However, given recent volatility in the price of Northern’s common stock and the current value of the Notes, Northern does not currently anticipate any further exchanges for the Notes in 2020.

MANAGEMENT COMMENTS

“We have been actively building data in the Permian Basin for two years,” commented Nick O’Grady, Chief Executive Officer of Northern. “The 2020 downturn in the energy sector has made the Permian Basin competitive for the first time, inclusive of acreage costs, on a full cycle return basis with our Williston Basin program. Coupled with Northern’s Ground Game acquisitions in the Williston, this increased opportunity set should add additional breadth to our strategy as the natural consolidator of non-operated working interests. Returns matter: the capital markets continue to ignore our stellar capital allocation process that has led to the highest return on capital employed of any public oil-centric E&P. With this deal, we continue to carefully invest countercyclically in high return future cash flows and inventory to capture upside, while ongoing operations continue to improve.”

“Northern continues to execute on its active management strategy adhering to our strict return on capital requirements,” commented Adam Dirlam, Chief Operating Officer of Northern. “Northern’s unique business model can add significant high quality, high return inventory and development, regardless of current activity levels. Additionally, after patiently building data over the past several years, our technical ability has allowed us to expand this strategy further, as demonstrated by our first deal in the Permian Basin.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, Northern’s ability to acquire additional development opportunities, changes in Northern’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern’s ability to consummate any pending acquisition transactions, other risks and uncertainties related to the closing of pending acquisition transactions, Northern’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products, services and prices.

Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.


Contacts

Mike Kelly
EVP, Finance
(952) 476-9800
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DUBLIN--(BUSINESS WIRE)--The "Kenyan Energy Requirements Forecasted to 2050" report has been added to ResearchAndMarkets.com's offering.


The scope of this report is the analysis and forecast of energy carriers in Kenya. The report focuses on the energy generated from all sources in the country, both primary and secondary. It quantifies useful energy available for consumption now (2020) and forecast to 2050.

Kenya's energy journey from a primary biomass-based country through geothermal, hydro and solar and wind are all analysed in detail and forecasted over the period. Government's Kenya Vision 2030 aspires to transform Kenya from low income status into a middle-income country and a key element to this vision is a lower cost of power reaching more broadly across the population. The Programme for Infrastructure Development in Africa is forecasting an additional 140,000 MW of power over for the East African Power Pool. Kenya's share of this is 13,852 MW of planned peak demand by 2038 or an increase of just over 11,000 MW over this 20-year period.

Kenya is moving towards procuring more of its additional power from wind and solar. In recent years the substantial growth in hydro, wind and solar energy led to a decline in generation from oil, gas and coal sources and electricity imports. The report analyses the expected progress of renewable energy over the forecasted period.

The scope outlook is from 2020 to 2050 integrating all end user energy carrier generation outputs into a coherent energy mix to meet the needs of an increasingly urbanized population and growing economy.

Corona Virus Pandemic

The report includes an analysis of the effects of the virus on the Kenyan economy and the sectors most impacted by the pandemic.

Methodology

The principal methodology used in the report is applying econometric analysis modelling to an extensive database of global and Kenyan time series that include energy, economic, demographic and social indicators.

A global economic outlook and forecast to 2050 is compiled from seven regions which are benchmarked against forecasts from international bodies such as the OECD. The model allows for input by the user who can alter the forecasts to predict different scenarios. The next section deals with the global oil market and specifically with the international oil price. Here again the user may alter the forecasted oil consumption levels in each of the seven regions. The oil price is forecast based on an ordinary least squares econometric model as outlined in the report.

An extensive, national accounts forecast table is part of the model (which also allows us-er input) and is benchmarked to forecasts made by international organizations e.g. OECD and EIA).

The energy carriers for Kenya are individually analysed. In the case of oil, a virtual refinery is modeled with the base being the forecasted oil price. A refining margin is added and through the exchange rate petrol and diesel pump prices for Kenya is arrived at. The price for petrol is forecast to 2050 as part of the petrol econometric model used together with real household consumption expenditure to arrive at petrol volumes. Diesel volumes are forecast using real Gross Domestic Fixed Investment, the Kenyan Urban Population and Kenya Petrol sales.

Electricity generation is the sum of the electricity produced by wind, solar, hydro, biomass, coal, oil, gas and geothermal energy carriers. In the report all these sources of energy are forecasted using econometric models and other modelling techniques.

Key Topics Covered:

  • Scope
  • Methodology
  • Key Findings
  • World Economic Growth
  • Introduction
  • Corona Virus Shock
  • Impacted Economic Sectors
  • World Economic Growth 2020
  • World Economic Outlook
  • World Economic Drivers
  • Developing Economies
  • World Growth Levers
  • Supply and Demand in the World Energy Markets
  • Global Primary Energy Matrix
  • World Oil
  • Sectoral Growth of Energy
  • 2020 Consumption of Energy
  • 2050 Consumption of Energy
  • Oil Price
  • The Kenyan Economy
  • Introduction
  • Corona Virus Pandemic
  • 2020
  • 2021 - 2050
  • Kenya Energy Matrices
  • Kenya Primary Energy Matrix
  • Oil
  • Petrol
  • Diesel
  • Wind
  • Energy Supply Matrix
  • Electricity Storage
  • Glossary and References

Companies Mentioned

  • Olkaria Geothermal Power Station
  • Lake Turkana Wind Power Station
  • Garissa Solar Power

For more information about this report visit https://www.researchandmarkets.com/r/t6un9


Contacts

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

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared the September monthly distribution of $0.05 per share payable on September 30, 2020 to shareholders of record on September 23, 2020.


Additionally, Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of August 31, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.

In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through August 31, 2020.

You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policy.

TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income.”

TPZ will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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

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

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.

Cautionary Statement Regarding Forward-Looking Statements

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

Safe Harbor Statement

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


Contacts

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

NEW YORK--(BUSINESS WIRE)--#exploration--Hess Corporation (NYSE:HES) announced today that John Hess, Chief Executive Officer, will participate in a Fireside Chat at the J.P. Morgan U.S. All Stars Conference September 15 at noon Eastern Time.


A live audio webcast and a replay of the discussion will be accessible via Hess Corporation’s website.

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 https://www.hess.com/.

Cautionary Statements

This presentation will contain 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.


Contacts

Investors:
Jay Wilson
(212) 536-8940
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Media:
Lorrie Hecker
(212) 536-8250
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HOUSTON--(BUSINESS WIRE)--Sawtooth Caverns, LLC (“Sawtooth” or the “Company”) today announced it has been honored as a recipient of Union Pacific’s prestigious Pinnacle Award for safety. The award is given annually to customers who implement release prevention protocols, corrective action plans and have zero non-accident releases (NARs) of regulated hazardous materials shipments. In its announcement, Union Pacific’s Jacque Bendon, Vice President – Industrial, stated "Union Pacific's distinguished Pinnacle Award recognizes our collaboration with the recipients and their help in transporting chemical shipments in the safest manner. Their work helps ensure these vital products safely arrive at their destinations."


“Sawtooth’s operational results are not by chance,” said Dan Myers, the Company’s CEO. “The Sawtooth team has put a great deal of focus into continuously improving safety protocols, strictly adhering to operating procedures and holding each other accountable. We’ve seen exceptional progress internally over the last several years and the results have become visible externally as well. It is truly an honor to be recognized with the Pinnacle Award by Union Pacific, one of our most important business partners.”

Sawtooth Caverns, LLC is located near Delta, Utah and is the largest natural gas liquids storage facility in the western United States, with approximately 6.0 million barrels of natural gas liquids and refined products storage capacity in its deep-well salt caverns. The Company is also able to store refinery feedstocks, such as olefin blends. In the fourth quarter of Calendar 2020, Sawtooth is expected to complete an expansion allowing it to receive, store and return refined products.

For more information on Sawtooth Caverns, LLC, please see our website at www.SawtoothCaverns.com. For information on natural gas liquids storage, please contact Mark Henson at This email address is being protected from spambots. You need JavaScript enabled to view it.. For information on refined products or other storage, please contact Roger Pederson at This email address is being protected from spambots. You need JavaScript enabled to view it..


Contacts

Mark Henson
This email address is being protected from spambots. You need JavaScript enabled to view it.

Roger Pederson
This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--#energyindustry--Infiniti Research is the world's leading independent provider of strategic market intelligence solutions. Our market intelligence services are designed to connect your organization’s goals with global opportunities. Infiniti Research has announced the completion of its latest article on spearheading transformations in the oil and gas supply chain.



As the supply chain spending by operators has been cut back due to crumbling crude prices, the Oil Field Services and Equipment companies (OFSE) have been losing business. To cope with the changing market conditions, companies in the oil and gas industry have cut down costs and, in some cases, made changes to their business models to thrive. Players in the oil and gas industry are confronting significant strategic challenges and complex decision-making due to volatile market conditions. Request a free proposal to know more about how we can help oil and gas companies formulate sustainable business strategies.

According to experts at Infiniti Research, here are some critical considerations for the C-suite in the oil and gas sector to stabilize revenues and cope with market transformations:

Cost-cutting

The oil and gas industry has grown exponentially over the years, owing to soaring crude prices in both domestic and international markets. However, the current oil and gas industry landscape and the recurring need to cut down prices have come as a big blow for oil and gas companies. Operators are now rediscovering the spirit of efficiency to overcome these challenging times. Tactical initiatives such as project postponements, expenditure cuts, and staff reductions are increasingly being given importance, and OFSE firms are responding by cutting back on their own service and manufacturing footprint to cope with less activity, lowering their costs for solutions delivered.

In the past 15 years, we have undertaken 500+ projects across all major regions and industry sectors, helping clients plan and execute the strategies required to sustain and grow. Get in touch with our experts for more insights on our market intelligence solutions and how it can help your organization.

New revenue models

New revenue models have emerged in the oil and gas sector, including performance-based contracts that combine equipment and services and participation in project financing. This allows oil and gas companies to give operators more flexibility by reducing their cost base and need for investment during challenging times.

Investment in new technologies

Investments in modern technologies are facilitating oil and gas companies to capture new growth and attain sustainability. Many OFSEs now are redesigning equipment using modular designs to drive out inefficiencies and achieve maximum cost reduction.

Our custom market intelligence solutions can help oil and gas companies to manage uncertainty and improve performance through analysis, insights, and benchmarking. To learn more, request for more information.

About Infiniti Research

Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us


Contacts

Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us

NEW YORK, New York--(BUSINESS WIRE)--Tortoise Acquisition Corp. II (the “Company”) today announced the pricing of its initial public offering (“IPO”) of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SNPR.U” beginning September 11, 2020. Each unit consists of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, with 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. 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.


Barclays and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. AmeriVet Securities, Inc. is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is expected to close on September 15, 2020, subject to customary closing conditions.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus related to the offering 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 declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 10, 2020. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT TORTOISE ACQUISITION CORP. II

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.

FORWARD LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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.


Contacts

Tortoise Acquisition Corp. II
Vincent T. Cubbage
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Chevron’s Delo Traveling Technology Lab wins top honors for Best Road Show & Multivenue Event Activation

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Products Company, a division of Chevron U.S.A. Inc., maker of technologically advanced engine oils, lubricants and coolants, is proud to announce the Delo® Traveling Technology Lab (DTTL) has been awarded top honors for best road show & multivenue event by EXHIBITOR Magazine, a leading publication for trade show and event exhibitions. EXHIBITOR’s Corporate Event Awards are judged on the level of innovation and their measurable results.


“The Delo Traveling Technology Lab represents a massive step change in how Chevron brings information to customers by leveraging advantages in digital technology delivered in the most compelling way,” said James Booth, Commercial Sector Manager, North America at Chevron. “We’re proud to accept this award in recognition of the value we are bringing to our customers by helping the heavy-duty trucking and equipment industry understand the latest trends and providing timely business insights.”

The Chevron DTTL consists of 11 interactive exhibits, including the use of virtual reality (VR) and augmented reality (AR). Centered inside and outside a double-sized trailer, attendees have the opportunity to build a maintenance shop, fly through an engine in VR, formulate oil, test their coolant, select the best products for the vehicles, and take a closer look at proof of performance in AR. The interactive exhibits cohesively tell the story of the life of a heavy-duty powertrain and how lubricant technology can impact the bottom line of businesses that depend on heavy-duty trucks and equipment.

The level of engagement the Chevron DTTL has brought to customers and the feedback from exhibit visitors validates Chevron’s customer-focused and forward-thinking methods of industry and product education. Chevron is proud of the ways this unique digital experience has elevated customer awareness of complex technical information, with the result of enabling customers to better understand the needs of their heavy-duty vehicles and equipment and the solutions available to meet those needs.

In addition to the overwhelmingly positive feedback Chevron has received from exhibit visitors, this industry-leading award amplifies Chevron’s determination to provide above-and-beyond customer service.

“The fact this award is global, judged by a formidable multidisciplinary panel, and has a prestigious list of former winners, is a testament to the vision and fortitude of the DTTL team, including agency partner Deckel & Moneypenny,” said Booth. “As the world continues to adjust to uncertainties around when public gatherings will recommence, it is the forward-thinking approach that has readily allowed Chevron to pivot to virtual events.”

About Chevron Products Company

Chevron Products Company is a division of an indirect, wholly owned subsidiary of Chevron Corporation (NYSE: CVX) headquartered in San Ramon, CA. A full line of lubrication and coolant products are marketed through this organization. Select brands include Havoline®, Delo® and Havoline Xpress Lube®. Chevron Intellectual Property LLC owns patented technology in advanced lubricants products, new generation base oil technology and coolants.

For more information go to: www.ChevronLubricants.com


Contacts

Ryan Donough
BCW for Chevron’s Delo Brand
This email address is being protected from spambots. You need JavaScript enabled to view it.
415-403-8311

Patrols and Inspections Confirm at Least 52 Instances of Damage or Hazards to Electric Equipment During the Offshore Wind Event

SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) has restored power to essentially all customers who can receive service and were impacted by the Public Safety Power Shutoff (PSPS) event that started Monday, Sept. 7.

The PSPS event affected nearly 172,000 customers in 22 counties: Alpine, Amador, Butte, Calaveras, El Dorado, Humboldt, Kern, Lake, Lassen, Mariposa, Napa, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou, Sonoma, Tehama, Trinity, Tuolumne and Yuba.

Once the severe weather subsided and the weather “all clear” was given, PG&E crews began patrols on the ground early yesterday morning to inspect more than 9,880 miles of transmission and distribution power lines for damage or hazards.

Initially, PG&E paused some air inspections due to unsafe flying conditions caused by smoky and hazy skies, but by noon Wednesday, about half of PG&E’s aircrafts were flying. PG&E crews began restoring customers in areas where they found no damage or hazards to electrical equipment. In areas where equipment was damaged by the severe wind event, crews worked safely and as quickly as possible to make the repairs and restore those customers.

Essentially All Customers Restored

PG&E now has restored power to essentially all PSPS-affected customers who are safe to serve. Less than 1,700 customers remain out of service at this time in Butte, Humboldt, Plumas, Sierra and Trinity counties. All customers in tribal lands have been restored to service. All of these customers are expected to have service restored by 8pm PST this evening.

Smoky and hazy skies again delayed or paused some PG&E air patrols today. Ground patrols faced challenging terrain in some areas where air patrols were grounded due to smoke. Once weather conditions improved, and first responders allowed access to previously restricted areas, PG&E was able to begin patrols, make repairs where necessary and safely restore power to those remaining customers.

Remaining Customers to be Restored as Soon as Safety Permits

A small group of 6,800 customers in Butte, Humboldt, Plumas, Trinity and Yuba counties are unable to receive power at this time due to two factors: ongoing threats from wildfires and requests from first responders to keep power lines de-energized for assisting firefighting efforts and to keep firefighters safe. Power restoration may also be delayed for the 700 customers served by electric equipment that was damaged during the offshore wind event. PG&E will restore power to these customers as soon as it is safe to do so.

Damage and Hazards Identified

Preliminary data shows 52 instances of weather-related damage and hazards in the PSPS-affected areas. Examples included downed lines and vegetation on power lines. If PG&E had not de-energized power lines, these types of damage could have caused wildfire ignitions.

More Information on PG&E PSPS Events

PG&E’s goal is to have essentially all customers affected by the PSPS who can receive power to be restored within 12 daylight hours of the weather “all clear” for each affected area.

PG&E uses a PSPS only as the last resort to protect community and customer safety against wildfires, given dry and windy weather, dry vegetation and an elevated fire risk across portions of its service area. Wind gusts as high as 66 mph were recorded during the PSPS event.

PG&E will submit a report detailing damages from the severe weather conditions to the California Public Utilities Commission within 10 days of the completion of the PSPS.

For more information on the PSPS event, visit https://pgealerts.alerts.pge.com/updates/.

Prevention, Preparedness and Support

It is important that PG&E has your current contact information so you can be notified and better prepared if a wildfire or PSPS event may impact your home or business. To set up your alerts, visit pge.com/alerts.

With the increased wildfire threat our state faces, PG&E is enhancing and expanding our efforts to reduce wildfire risks and keep our customers and communities safe. Our Community Wildfire Safety Program includes short, medium and long-term plans to make our system safer. For tips on how to prepare for emergencies and outages, visit our Safety Action Center at safetyactioncenter.pge.com.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.


Contacts

MEDIA RELATIONS:
415-973-5930

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) announced that Shreen Williams of Philadelphia has been hired as director, risk management for their water and gas utility operations. As director, Shreen will report directly to Essential’s General Counsel, Chris Luning.



Williams comes to Essential from the City of Philadelphia where she was risk management claims manager, responsible for the city’s claims unit including a staff of professional claims adjusters who investigated all property and personal injury claims to determine liability under applicable laws. In addition to negotiating and settling such claims against the city, she was also responsible for recovering debt owed to the city as a result of damage to city property and working proactively with the safety and loss prevention staff to mitigate risk through the establishment of public safety practices and initiatives.

“Shreen’s extensive experience in risk management in an organization as large as the City of Philadelphia, coupled with her previous experience with insurance companies and other private sector experience, has provided her with a broad and well-rounded background that will be put to great use at Essential,” said Luning.

Williams earned her Bachelor of Business Administration at Temple University and her Master of Business Administration at LaSalle University, both in Philadelphia.

About Essential

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

WTRGG


Contacts

Donna Alston
Communications
M: 484.368.4720
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DUBLIN--(BUSINESS WIRE)--The "Subsea Technologies for Oil and Gas Offshore Exploration and Production (E&P) - Thematic Research" report has been added to ResearchAndMarkets.com's offering.


Subsea technology has drastically improved in the last two decades in terms of functionality and reliability. This has enabled upstream companies to expand the scale of their deepwater projects. This report highlights the transforming subsea technologies that could potentially create new opportunities in offshore exploration and production.

The report identifies crucial trends in the subsea market, evaluates the industry dynamics and dissects the operational value chain, in order to provide key insights to the readers. Subsea technology has proved useful in extending the life span of maturing fields by subsea tie-backs and other innovative solutions. Subsea systems are primarily designed for the upstream segment of the oil and gas value chain.

Scope

  • An overview of subsea as a theme within the offshore oil and gas industry, encompassing the shallow water, deepwater, and ultra-deepwater terrains.
  • Highlights the prevalent sectoral, technology, and macroeconomic trends impacting the subsea theme.
  • Evalutes the offshore industry and tracks the key subsea developments and contracts across different regions.
  • A brief overview of the subsea value chain in the context of the oil and gas industry.
  • Assessment of competitive positions of the major equipment and services providers in the subsea theme.

Reasons to Buy

  • Understand the importance of subsea in exploration and production of hydrocarbons.
  • Identify the regional hotspots for the subsea theme
  • Review of some of the case studies highlighting the subsea development
  • Analysis of the recent subsea contracts awarded across different regions.
  • Identify and benchmark key subsea service providers in the subsea theme

Key Topics Covered:

1. PLAYERS

2. TECHNOLOGY BRIEFING

  • Recent subsea technological transformations
  • Timeline

3. TRENDS

  • Oil and gas sector trends
  • Technology trends
  • Macroeconomic trends

4. INDUSTRY ANALYSIS

  • Overview of offshore E&P activity
  • The rise of the subsea industry
  • Review of Recent Subsea Developments/Contracts across Different Regions
  • Role of digital technologies
  • Case studies

5. VALUE CHAIN

  • Upstream
  • Midstream
  • Downstream

6. COMPANIES SECTION

  • Subsea service providers

7. APPENDIX

For more information about this report visit https://www.researchandmarkets.com/r/av9sqt


Contacts

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Essential emphasizes need for ongoing infrastructure investment during United for Infrastructure Week

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) recognizes United for Infrastructure 2020: A Week to Champion America’s Infrastructure (Sept. 14-21) by raising awareness of the country’s critical need for infrastructure improvements and reporting progress on its planned approximately $950 million capital investment in 2020 in the 10 states where the company provides water and wastewater service as Aqua and natural gas service as Peoples.


Essential has an immense responsibility to provide our customers safe and reliable utility services,” said Essential Chairman and CEO Christopher Franklin. “As we’ve continued to deliver water, wastewater and natural gas services amidst the challenges of COVID-19, we know that repairing and replacing aging infrastructure remains critical to our mission to protect the public health and strengthen communities.”

In 2017, the American Society of Civil Engineers’ Infrastructure Report Card gave the United States a D+ for the state of its infrastructure.

Infrastructure projects are planned and taking place across Essential’s states in 2020, and some of this year’s projects are highlighted below.

Aqua Pennsylvania – Replacing aging water mains throughout Pennsylvania continues to be a large part of Aqua Pennsylvania’s capital project program this year. Aqua Pennsylvania plans to replace approximately 120 miles of aging water mains to improve distribution and reduce service interruptions caused by main breaks. Aqua Pennsylvania also broke ground on an $8 million, 14,700 square-foot laboratory to support the utility’s microbiologists and chemists who perform about 300,000 tests on 30,000 water samples each year.

Aqua Ohio – Aqua Ohio’s planned water and wastewater system improvements this year include completion of the Struthers water treatment plant modernization project and construction of a new Franklin County operations center. Aqua Ohio also began a project to rehabilitate the Ashtabula water treatment plant. The Ashtabula plant project, which Aqua Ohio expects to complete in 2021, includes an engineering master plan for the plant to address future expansion needs.

Aqua North Carolina – Aqua North Carolina has completed the installation of eight new water treatment systems so far this year with plans to install two more in 2020. Aqua North Carolina is also working on several wastewater projects to improve service and reliability including upgrade projects currently underway for three separate wastewater treatment plants in High Point, New Hanover County and Union County.

Aqua Illinois – Aqua Illinois has completed improvements to the Lake Vermilion dam, investing $20 million in this vital resource. Aqua Illinois is preparing for the future with an intensive study of the Joseph Donovan Regional Water Treatment Plant in the City of Kankakee.

Aqua Texas – Aqua Texas plans improvements to water and wastewater service for customers statewide this year. Projects include expansions of three wastewater treatment plants to serve the growing needs of communities in Chambers, Harris and Montgomery counties.

Aqua New Jersey – This year, Aqua New Jersey’s capital plans include upgrades and integrations to SCADA computer systems that monitor and control several wastewater plants to make operations more efficient and improve service for customers. These improvements will be completed in the fourth quarter. Plans also include improvements to drinking water treatment, including a new filtration system at a northwest New Jersey well.

Aqua Indiana – This year, Aqua Indiana’s capital project plans include an expansion of the Hendricks wastewater treatment plant to serve the growing needs of the Avon and Brownsburg communities and unincorporated areas of eastern Hendricks County. Aqua Indiana expects to begin construction this fall and expects to complete the Hendricks expansion project in the first half of 2022.

Aqua Virginia – This year, Aqua Virginia is installing water meters at two of its largest remaining unmetered systems, Lake Caroline in Caroline County and Captain’s Cove in Accomack County. The installation of water meters at these locations means customers pay only for water they use, while promoting conservation. Meters also enable Aqua to measure water losses from the distribution system and identify leaks in customers’ homes. These improvements will be completed in the fourth quarter.

Peoples – In addition to investments included in its long-term infrastructure improvement plan projects in Western Pennsylvania and Kentucky this year, Peoples began a 7-year project on a pipeline system known as Goodwin Tombaugh, which runs through Greene and Washington counties in southwestern Pennsylvania. The 300-mile pipeline replacement project will transform an old gathering system into a new modern distribution system. The Goodwin Tombaugh project will provide multiple benefits including a reduction of methane emissions and continued safe and reliable service to 1,600 residents.

About Aqua

Aqua’s water and wastewater utilities serve more than 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Visit Aqua online at AquaAmerica.com, facebook.com/MyAquaAmerica, and twitter.com/MyAquaAmerica.

About Peoples

Peoples is a natural gas provider serving approximately 740,000 homes and businesses in Western Pennsylvania, West Virginia and Kentucky. The company’s mission is to improve the lives of its customers and to help build long-term economic growth for the regions it serves. For more information about Peoples, visit Peoples-Gas.com and follow Peoples on social media @peoplesnatgas.

About Essential

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks, uncertainties and other factors that may cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, statements relating to the capital to be invested by the water, wastewater and gas distribution divisions of the company. There are important factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements including the risks and uncertainties described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with the company’s business, please refer to the company’s annual, quarterly and other SEC filings. The company is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGG


Contacts

Gretchen Toner
Communications and Marketing
484.368.4816
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Transit Agencies, Waste Disposal Companies, and Truck Fleets Sign Contracts

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) announced new and extended contracts for more than 20 million gallons of Redeem™ renewable natural gas (RNG) to accommodate the continued demand across key business segments for the ultra-low carbon fuel produced from organic waste.


Alpha Lion, which carries mail for the U.S. Postal Service between the Northwest United States and Southern California, is adding 16 new natural gas trucks to its fleet through Clean Energy’s Zero Now program and is expected to use over 700,000 gallons of Redeem™ annually. The program will provide significant fuel savings and have a positive effect on Alpha Lion’s environmental impact in the region.

Zero Now is a program that brings the price of a heavy- or medium-duty natural gas truck at parity with a diesel truck, while offering a guaranteed fuel discount for the duration of the agreement. Alpha Lion will also participate in Clean Energy’s Zero Now TouchPoint program, in partnership with the Natural Gas Vehicle Institute (NGVi), to provide Alpha Lion with first-class hands-on customer service pertaining to their purchase of new natural gas heavy-duty vehicles.

The City of Anaheim has signed a five-year service agreement for municipal vehicles that will consume an approximate 500,000 gallons of Redeem RNG.

“From waste to transit to trucking, fleets are discovering that RNG is a proven solution that can significantly decrease the impact of harmful emissions and reduce greenhouse gases,” said Nate Jensen, Clean Energy’s Senior Vice President, Renewables Fuels. “RNG offers price stability, lowers maintenance costs, and can reduce carbon emissions 70 percent or more, providing a clean and cost-effective alternative to diesel fuel.”

News in Solid Waste

Clean Energy has been awarded a contract to build a fueling station that will accommodate both fast- and time-filling for the City of Sacramento, along with a long-term operations and maintenance (O&M) agreement, to fuel more than 100 natural gas refuse trucks with an anticipated 8 million gallons of RNG for the next 10 years.

Clean Energy has entered into a network fuel agreement with Athens Services in Los Angeles to support its growing CNG refuse fleet. Athens will utilize the Clean Energy network of public stations throughout Southern California and is expected to consume over 1 million gallons each year.

The City and County of Sacramento have extended their RNG supply agreement with Clean Energy. Clean Energy provides RNG to three different LNG stations in the region, for a total annual consumption expected to exceed 1.2 million gallons.

The County of Denver has signed a three-year service agreement for its CNG station, which provides fuel to over 30 CNG refuse trucks for an expected 750,00 gallons.

Clean Energy signed a two-year contract with LA County Sanitation to dispense LA County’s locally generated RNG at its public station in Carson which uses an estimated 720,000 gallons of RNG.

Tidewater Fibre in Virginia has extended its service contract renewal for 50 refuse trucks using an approximate 500,000 gallons per year.

Suffolk County in New York has inked a long-term service agreement for 15 utility trucks for an anticipated 120,000 gallons of CNG.

The City of Lexington, KY has signed a contract for a 15-truck time-fill and defueling hose upgrade and services, for an estimated 150,000 additional gallons per year.

The City of Philadelphia extended its fuel agreement for refuse trucks to continue fueling at Clean Energy’s Philadelphia Airport station while its private 40-truck station (being built by Clean Energy) is completed at the end of the year. The contract is for 16 refuse trucks for an estimated 100,000 gallons.

Noble Environmental in Pennsylvania has purchased a CNG mobile unit, along with monthly services, to fuel its CNG refuse trucks until Clean Energy completes construction of a permanent station.

Republic Services Expands Station Capacity and Footprint

Clean Energy is completing the construction of a Republic Services combination time-fill/fast-fill station in Sacramento, CA that will fuel 80 solid waste trucks to support growing operations in the Sacramento region. The station will fuel an expected 1.1 million gallons of Redeem through 2023.

In Las Vegas, Clean Energy is expanding Republic Services’ largest natural gas truck yard in the country, adding 92 time-fill fueling spots. The station will provide approximately 3.2 million gallons of Redeem per year, which will increase by 837,000 gallons when at full capacity.

Clean Energy has increased station capacity at Republic Service stations in San Diego and in Chula Vista, CA, resulting in additional volume of an estimated 400,000 gallons of Redeem per year.

Clean Energy has signed an agreement to build a station for Republic Services in Freemont, CA to accommodate 66 new trucks in the coming years that will result in an approximate increase of 600,000 gallons.

Movement in Transit

Clean Energy has signed a new agreement to operate and maintain the City of Phoenix transit bus facilities, which dispense an estimated 4.8 million gallons of natural gas per year.

Clean Energy was awarded a station upgrade contract to install new equipment for the West County Transportation Authority (WCTA), Santa Rosa, California, along with a long-term service agreement, during which the fleet of 39 school buses are expected to fuel with 800,000 gallons of Redeem.

Access Services has deployed 20 newly certified CNG Dodge Promasters in partnership with its contractors for paratransit service in Southern California. Clean Energy signed a fueling agreement with Southland Transit, an Access Services contractor, for an expected 800,000 gallons of Redeem.

Clean Energy has signed an RNG contract with the California Department of General Services for the benefit of Solano County Transit (SolTrans), California for its fleet of 19 buses for an anticipated 600,000 gallons of Redeem.

The City of Gardena, California has inked a network fueling contract for 18 CNG transit buses at the Clean Energy station at Los Angeles International Airport (LAX). This first round of CNG buses will fuel with an expected 150,000 gallons of RNG annually.

The City of Lodi, California has signed a multi-year contract for an estimated 246,000 gallons of Redeem to power 37 buses and city fleet vehicles.

After obtaining grant funding to migrate its buses to clean RNG, Anaheim Union High School in California has signed a contract with Clean Energy for an estimated 135,000 gallons of Redeem to fuel 15 new school buses.

About Clean Energy

Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.

Forward-Looking Statements

This news release contains 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 that involve risks, uncertainties and assumptions, including without limitation statements about amounts of RNG expected to be consumed and the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.


Contacts

Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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Largest and Most Efficient Gas Turbines Will Power 1.2 Million Homes

LAKE MARY, Fla.--(BUSINESS WIRE)--#CleanEnergy--Mitsubishi Power shipped the first JAC gas turbine manufactured in America to J-POWER USA Development Co. Ltd. (J-POWER USA) for its 1,200 megawatt (MW) Jackson Generation project in Elwood, Illinois. This project supports the state’s commitment to renewable energy by providing efficient, flexible generation that complements additional wind and solar energy and reduces Illinois’ dependence on coal-fired generation. The M501JAC gas turbine in transit to Illinois is the first of two that Mitsubishi Power’s Savannah Machinery Works is manufacturing for the project and will be the first M501JAC installed in North America.



The Jackson Generation project’s combined-cycle power plant will be dispatched into the PJM regional transmission organization. It will help modernize and diversify Illinois’ power grid while generating enough electricity to power 1.2 million homes.

When the plant enters commercial service in 2022, it will be one of the world’s most fuel-efficient natural gas power plants, offering among the lowest carbon emissions of any combined-cycle plant. The project will produce 65 percent less carbon dioxide than a legacy coal-fired power plant. Because the plant is designed to enable more uptake of renewable power, the carbon reduction will be even greater when the plant is combined with renewables. The plant will be able to cycle quickly to meet fluctuating energy demands. It also will incorporate best available control technology to minimize emissions.

The JAC gas turbine’s fuel flexibility — an integral part of Mitsubishi Power’s J-Series combustion system — will enable the plant to use locally available fuel with higher ethane content, significantly improving project economics. The fuel flexibility combined with high efficiency will ultimately reduce electricity cost for consumers.

“J-POWER USA will proudly take delivery of the very first JAC gas turbines to be manufactured and installed in North America,” said Mark Condon, President and CEO of J-POWER USA. “J-POWER USA’s landmark Jackson Generation project will provide reliable, environmentally responsible electricity using proven technology from a global leader. Mitsubishi Power will meet our goals with gas turbines that are fast, flexible and fuel efficient.”

Introduced nearly a decade ago, the J-Series gas turbines, which are Mitsubishi Power’s largest and most advanced, deliver an unmatched combination of 99.6 percent reliability and greater than 64 percent efficiency. The fleet has logged more than 1 million operating hours globally.

The original steam-cooled M501J design was upgraded with an enhanced air-cooled configuration in 2015. Since then, the JAC has logged more than 20,000 operating hours and 1100 starts, and has been verified at Mitsubishi Power’s grid-connected T-Point 2 facility in Japan. Mitsubishi Power’s rigorous verification process ensures high reliability both during start-up and once the turbine enters commercial service.

In July 2019 when Mitsubishi Power announced J-POWER USA’s order for two 1-on-1 M501JAC power trains, they were the 62nd and 63rd J-Series gas turbines ordered globally. Today, 81 J-Series gas turbines have been ordered in nine countries.

Like its twin, the second turbine for J-POWER USA’s Jackson Generation plant is being manufactured at Mitsubishi Power’s Savannah Machinery Works. The world-class facility opened in 2010 and today manufactures key gas turbine parts, provides complete steam turbine services, and manufactures advanced fuel-efficient gas turbines. The facility employs more than 180 people.

“Shipping the first M501JAC manufactured in America for the J-POWER USA project in America’s heartland is a significant milestone,” said Paul Browning, President and CEO of Mitsubishi Power Americas. “Our highly trained team of professionals in Savannah is yet another reason Mitsubishi Power is a world leader in the electric power sector. Not only will our turbines enable Jackson Generation to provide efficient, reliable and environmentally responsible electricity to consumers, but they also will help the plant support deployment of even more renewable energy resources. That is a Change in Power.”

Click below for photos:
JAC departing Mitsubishi Power’s Savannah Machinery Works
JAC at the Port of Savannah
JAC under way on the Savannah River

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power is a part of Mitsubishi Power, Ltd., a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.


Contacts

Communications Contact
Sharon Prater
+1 407-688-6200
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Government backing for recently expanded North American powertrain team is designed to boost overall efficiency in full-size pickup trucks

SAN DIEGO--(BUSINESS WIRE)--#excelengineering--The newly formed partnership between Ricardo North America (Ricardo) and Achates Power Inc. (API) of San Diego, Calif., has already received its first assignment: an Advanced Research Projects Agency-Energy (ARPA-E) grant to improve overall efficiency and reduce emissions in full-size pick-up trucks.


Ricardo, engineering specialists in advanced propulsion, software, thermal management and vehicle systems, added to its powertrain design/development capabilities in June when it partnered with API and expanded its Southern California team. The agreement allowed API, which has been engaged with ARPA-E for several years, to tap into Ricardo’s powertrain know-how to support the continuation of its advanced engine developments with ARPA-E and create a clear path toward production applications.

ARPA-E, under the auspices of the U.S. Department of Energy, advances high-potential, high-impact energy technologies and awardees are unique because they are developing entirely new ways to generate, store and use energy. The grant serves as a bridge between the private sector and the government for advancing technologies that improve the U.S. positions in energy sustainability and climate change.

“Reduced weight, higher energy efficiency and lower emissions. That is the formula needed for the internal combustion engines of the future, and there is no application where the formula is more applicable or relevant than the U.S. light duty (pick-up) truck market,” says Ricardo President Marques McCammon, who has directed Ricardo’s transport businesses in Detroit, Chicago, Silicon Valley and San Diego since joining the company in October 2019 from Wind River Systems, where he led the global automotive team. “That is the promise of the API opposed piston engine technology.

“We’re investing in people, aligning with the best and brightest companies and tackling projects that bring new technologies to transportation. We aim to prove the validity of these cleaner technologies for the North American market so the potential of the research can manifest into reality on American roads.”

The new Gen II program builds upon the successful API Gen I opposed piston engine with a focus on efficiency, weight, emissions and power. The 3-cylinder engine will be comprised of a Gasoline Compression Ignition (GCI) combustion system, a novel boosting system, 48V electrification and advanced manufacturing techniques to minimize engine weight.

“The ARPA-E grant is designed to solve hard problems,” says API Chief Technical Officer Fabien Redon. “With Ricardo’s world-class design expertise, we will incorporate diesel-like combustion into a gasoline engine while adding the efficiency of an opposed piston design. The groundbreaking result will be a highly efficient gasoline engine with diesel-like levels of performance that can be cost-effective to deploy at scale.”

Ricardo plc, based in the United Kingdom and founded in 1915, is a global, multi-industry consultancy for engineering, technology, project innovation and strategy that is focused on providing quality engineering solutions on high efficiency, low emission, class-leading product innovation and robust strategic implementation. Ricardo North America, based in Detroit, is the U.S. subsidiary of Ricardo plc since the 1990s. The collective client list includes some of the world's major transportation original equipment manufacturers, supply chain organizations, energy companies, financial institutions and governments. For more information, visit www.ricardo.com and https://automotive.ricardo.com/us.

Achates Power, Inc. was founded in 2004 with the mission to build cleaner, more efficient engines. The San Diego-based company has an experienced staff of engineers and scientists focused on applying their proven technical know-how and expertise, coupled with the industry’s leading-edge testing, simulation and analysis tools. Achates is backed by top private equity firms Oil and Gas Climate Investments, Sequoia Capital Partners, RockPort Capital Partners, InterWest Partners and Triangle Peak Partners. For more information, visit www.achatespower.com.


Contacts

VMA Communications – Jeff Green (310) 291-1977 (This email address is being protected from spambots. You need JavaScript enabled to view it.)

 

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