DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com published a new article on the electric boat industry "A Seattle Based Startup Zin Boats is Looking to Prove That Electric Boats Can be a Practical Alternative to Traditional Boats."

The maritime industry has traditionally viewed electric boats as impractical. This is due mainly to concerns that an electric motor would not be able to supply the increased amount of power needed to move a boat versus a car as well as fears that electric boats would not have the range to cover long distances. However, these attitudes are beginning to change with improvements in lithium ion battery technology along with an increased focus on sustainable alternatives to fossil fuels.

Yamaha recently launched a trial of its new HARMO system on the Otaru Canal in Hokkaido, Japan. HARMO integrates a twin electric boat motor with a next generation steering control system. Yamaha hopes to bring the HARMO system to the European market which is affected by increasing restrictions on the use of fossil fuel powered crafts on inland waterways. A Seattle based startup Zin Boats is also looking to prove that electric boats can be a practical and sustainable alternative to traditional boats. The Z2T and Z2R models use an all carbon fiber construction making them half the weight of a comparable craft while the BMW batteries offer a fast recharge and an 100 mile average range.

To see the full article and a list of related reports on the market, visit "A Seattle Based Startup Zin Boats is Looking to Prove That Electric Boats Can be a Practical Alternative to Traditional Boats"

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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today the financial and operating results for the second quarter ended June 30, 2020. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

“Overall, we are pleased with the second quarter results, which were 13% higher than the prior year based on Adjusted EBITDA, driven primarily by strong unit margins and cost reductions in our U.S. and Canadian propane distribution businesses,” said Luc Desjardins, President and CEO. “Our sales volumes in our Specialty Chemicals and Energy Distribution businesses were lower than the prior year quarter, and the operational teams have done an excellent job adjusting the cost structure for the reduced volumes. We made great progress on reducing our debt during the second quarter, and the closing of the Brookfield Investment in the third quarter further enhances our liquidity and our ability to grow through acquisitions. Subsequent to quarter end, we acquired the retail propane distribution assets of Champagne’s Energy, our second tuck-in acquisition of 2020 and first since the Brookfield Investment closed.”

COVID-19 Update

As a result of the various impacts of the novel Coronavirus (“COVID-19”) pandemic, we have made a number of adjustments to our operating facilities and how we operate to ensure the safety of our customers, vendors, employees and the communities we serve. The duration and impact of the COVID-19 outbreak are still unknown at this time, and it is difficult to estimate the full impact on our operations, the markets for our products and our financial results. At the current time, we do expect a modest impact to our business as it relates to our customers that operate in industries governments have classified as non-essential and customers required to operate at reduced capacity.

Luc Desjardins further stated, “The safety, health and well-being of our employees and the communities in which we operate remain our primary focus. Our goal is to operate safely and to mitigate potential exposure. As such, we implemented physical distancing strategies, increased cleaning and disinfection at our facilities and offices, provided personal protective equipment as required, executed remote working policies, and eliminated all non-essential travel.”

2020 Adjusted EBITDA and Leverage Guidance Update

Based on management’s evaluation of the anticipated impacts from the COVID-19 pandemic and reduced oil and gas drilling activity in North America, as well as the impact from the significantly warmer weather in the first quarter, Superior continues to expect 2020 Adjusted EBITDA to remain within the previously disclosed guidance range of $475 million to $515 million, albeit near the lower end of the range, based on current estimates. Average weather, as measured by degree days for the remainder of 2020 is anticipated to be consistent with the five-year average for Canada and the U.S.

On June 8, 2020, Superior updated its previously communicated expected Total Debt to Adjusted EBITDA guidance at December 31, 2020 from a range of 3.6x to 4.0x to a range of 3.0x to 3.5x, consistent with Superior’s long-term target range. The decrease reflects the proceeds of the Brookfield Investment being used to reduce debt. Superior continues to expect Total Debt to Adjusted EBITDA as at December 31, 2020 to be in the range of 3.0x to 3.5x, based on current estimates.

Business and Financial Highlights

• Superior achieved second quarter Adjusted EBITDA of $67.7 million, an increase of $8.0 million or 13% over the prior year quarter primarily due to higher EBITDA from operations in U.S. propane distribution (“U.S. Propane”), as well as higher EBITDA from operations in Canadian propane distribution (“Canadian Propane”) and lower corporate costs, partially offset by lower EBITDA from operations in Specialty Chemicals.
• EBITDA from operations during the second quarter was $76.9 million, a $5.5 million or 8% increase from the prior year quarter primarily due to higher results from U.S. Propane and Canadian Propane, partially offset by lower results from Specialty Chemicals. Please see below for further discussion on the second quarter EBITDA from operations by business.
• AOCF before transaction and other costs during the second quarter was $40.8 million, a $9.8 million or 32% increase compared to the prior year quarter primarily due to higher Adjusted EBITDA and lower interest expense, partially offset by higher cash tax expenses. AOCF before transaction and other costs per share was $0.23, $0.05 higher than the prior year quarter due to the increase in AOCF before transaction and other costs.
• Superior had net earnings of $7.5 million in the second quarter compared to a net loss of $29.3 million in the prior year quarter. The $36.8 million increase compared to the prior year quarter was primarily due to higher unrealized gains, and lower selling, distribution and administrative costs (“SD&A”), partially offset by an income tax expense in the current quarter compared to an income tax recovery in the prior year quarter and lower gross profit. Unrealized gains on derivative financial instruments and translation of U.S. denominated debt increased $59.5 million due primarily to changes in the market prices of commodities and foreign exchange rates relative to amounts hedged, and to a lesser extent, the impact of the weaker Canadian dollar on the translation of U.S. denominated debt. The change in income tax recovery in the prior year quarter to an expense in the current quarter was due primarily to the increased net income before income taxes in the current quarter compared to the prior year quarter net loss and the impact of U.S. tax regulations enacted in the second quarter.
• Net cash flows from operating activities in the second quarter were $187.6 million, a $24.1 million increase from the prior year quarter primarily due to the impact of higher net earnings net of non-cash adjustments and to a lesser extent the change in non-cash operating working capital.
• U.S. Propane EBITDA from operations for the second quarter was $27.1 million, an increase of $14.3 million or 112% compared to the prior year quarter primarily due to higher average unit margins and lower operating expenses, partially offset by lower sales volumes. Average U.S. Propane sales margin for the second quarter was 46.2 cents per litre compared to 38.7 cents per litre in the prior year quarter primarily due to sales and marketing initiatives, including effective margin management in a low wholesale propane price environment, the impact of the weaker Canadian dollar on the translation of U.S. denominated gross profit, and to a lesser extent, customer mix related to a focus on organic growth of higher margin propane customers. Total sales volumes decreased 11 million litres or 5% primarily due to lower commercial and wholesale sales volumes, partially offset by higher residential sales volumes. Average weather, as measured by degree days, across markets where Superior operates in the Eastern U.S. was 30% colder than the prior year quarter and 28% colder than the five-year average. Operating expenses decreased $5.5 million or 8% primarily due to cost reductions related to workforce optimization initiatives and realized synergies from the NGL acquisition and the tuck-in acquisitions, partially offset by the impact of the weaker Canadian dollar on the translation of U.S. denominated expenses.
• Canadian Propane EBITDA from operations for the second quarter was $21.2 million, an increase of $1.2 million or 6% compared to the prior year quarter primarily due to lower operating expenses and higher average unit margins, partially offset by lower sales volumes. Average propane sales margins in the second quarter were 19.4 cents per litre compared to 16.9 cents per litre in the prior year quarter due to sales and marketing initiatives, including effective margin management in a low wholesale propane price environment and customer mix related to a decline in lower margin sales volumes. Total sales volumes were 360 million litres, a decrease of 77 million litres or 18%, primarily due to lower wholesale, oilfield, commercial and motor fuels sales volumes related to the impact of COVID-19, and reduced oilfield activity in Western Canada. Average weather across Canada, as measured by degree days was 2% colder than the prior year quarter and 8% colder than the five-year average. Operating costs were $51.4 million, a decrease of $6.5 million primarily due to cost reductions in response to lower sales volumes.
• Specialty Chemicals EBITDA from operations for the second quarter was $28.6 million, a decrease of $10.0 million or 26% compared to the prior year quarter primarily due to lower gross profit, partially offset by lower operating expenses. Gross profit decreased due to lower chlor-alkali sales prices and volumes and lower sodium chlorate sales volumes, partially offset by higher sodium chlorate sales prices and lower electricity mill rates. Operating expenses decreased primarily due to cost reduction initiatives related to COVID-19, lower freight costs related to reduced sales volumes and the impact of the closure of the Saskatoon sodium chlorate facility in 2019.
• Superior’s corporate operating and administrative costs for the second quarter were $7.0 million, a decrease of $1.5 million primarily due to lower discretionary spending and cost reductions related to COVID-19 and lower long-term incentive plan costs related to Superior’s share price.

Brookfield Investment

On July 13, 2020, Superior announced the issuance of 260,000 perpetual exchangeable preferred shares (the “Preferred Shares”) in its wholly owned subsidiary Superior Plus US Holdings Inc. for gross proceeds of US$260 million (the “Brookfield Investment”) to an affiliate of Brookfield Asset Management Inc. (“Brookfield”), on a private placement basis. The Preferred Shares entitle the holders to a monthly dividend at a current rate of 7.25% per annum through to the end of Superior’s second fiscal quarter in 2027, and may be exchanged, at Brookfield’s option, into common shares of Superior at an exchange price of US $8.67 per common share. On an as-exchanged basis, the Brookfield Investment currently represents approximately 15% of the pro forma fully diluted outstanding common shares.

Superior used the proceeds of the Brookfield Investment to immediately reduce the credit facility debt, and expects to use the available liquidity to accelerate its retail propane distribution asset acquisition strategy with a primary focus in the U.S. Pro forma the Brookfield Investment, Superior’s Total Debt to Adjusted EBITDA leverage ratio was 3.0x based on the trailing twelve months ended June 30, 2020.

Dividend Reinvestment Program

Superior reinstated its Dividend Reinvestment Program (the “DRIP”) with the February 2020 dividend paid on March 13, 2020. On June 15, 2020, after the Brookfield Investment announcement, Superior suspended the DRIP. Superior’s DRIP program will remain in place should Superior elect to reactivate the DRIP, subject to regulatory approval, at a future date.

Business Development and Acquisition Update

On August 3, 2020, Superior acquired the propane distribution assets of an independent propane distributor in Maine for total consideration of US $27.3 million (CDN $36.5 million). The purchase price was paid primarily with cash from Superior’s credit facility, as well as deferred payments.

Debt Management and Leverage Update

Superior remains focused on managing both its debt and its leverage ratio. Superior’s Total Debt to Adjusted EBITDA leverage ratio for the trailing twelve months ended June 30, 2020 was 3.7x, consistent with the leverage ratio at December 31, 2019.

Superior’s Total Debt as at June 30, 2020, was $1,881.7 million, a decrease of $74.4 million from December 31, 2019 primarily due to cash generated from operations used to repay debt, partially offset by the impact of the weaker Canadian dollar on U.S. denominated debt, the acquisition of Western Propane completed in January 2020 and new leases.

Superior is well within its covenants under its credit facility agreement and unsecured note indentures. Superior’s Senior Debt to Credit Facility EBITDA ratio was 3.6x as at June 30, 2020, and cannot exceed 5.0x. Superior also had available liquidity of $357.8 million available under the credit facility as at June 30, 2020. Pro forma the Brookfield Investment, Superior has less than $100 million drawn on the credit facility and over $650 million in capacity.

MD&A and Financial Statements

Superior’s MD&A, the unaudited Interim Consolidated Financial Statements and the Notes to the Interim Consolidated Financial Statements for the three and six months ended June 30, 2020 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2020 Second Quarter Conference Call

Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the Second Quarter Results at 10:30 a.m. EDT on Thursday, August 13, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.

Non-GAAP Financial Measures

Throughout the second quarter earnings release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-GAAP Financial Measures”), but are used by management to evaluate the performance of Superior and its business: AOCF before and after transaction and other costs, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from operations, Adjusted Gross Profit, Adjusted EBITDA, Senior Debt, Credit Facility EBITDA and Senior Debt to Credit Facility EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP financial measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP financial measures are clearly defined, qualified and reconciled to their most comparable GAAP financial measures. Except as otherwise indicated, these Non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in the MD&A for a discussion of Non-GAAP financial measures and certain reconciliations to GAAP financial measures.

The intent of Non-GAAP financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP financial measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adjusted EBITDA and Credit Facility EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP financial measures are identified and defined as follows:

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share

AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. AOCF and AOCF per share are presented before and after transaction and other costs.

AOCF per share before transaction and other costs is calculated by dividing AOCF before transaction and other costs by the weighted average number of shares outstanding. AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.

AOCF is a performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses and ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities of Superior. AOCF is also used as one component in determining short-term incentive compensation for certain management employees.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenues and expenses, which can differ significantly from quarter to quarter. AOCF is reconciled to cash flow from operating activities. Please refer to the Financial Overview section of the MD&A for the reconciliation.

Adjusted Gross Profit

Adjusted gross profit represents revenue less cost of sales adjusted for realized gains and losses on commodity derivative instruments related to risk management. Management uses Adjusted Gross Profit to set margin targets and measure results. Unrealized gains and losses on commodity derivative instruments are excluded because of the accounting mis-match that exists as a result of the customer contract not being included in the determination of the fair value for this risk management activity.

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.

EBITDA from operations

EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the MD&A for the reconciliations.

Operating Expenses

Operating expenses include wages and benefits for employees, drivers, service and administrative labour, fleet maintenance and operating costs, freight and distribution expenses excluded from cost of sales, along with the costs associated with owning and maintaining land, buildings and equipment, such as rent, repairs and maintenance, environmental, utilities, insurance and property tax costs. Operating expenses exclude gains or losses on disposal of assets, depreciation and amortization and non-recurring expenses, such as transaction, restructuring and integration costs.

Operating expenses are defined as SD&A expenses adjusted for amortization and depreciation, gains or losses on disposal of assets, impairments and transaction, restructuring and other costs.

Non-GAAP Financial Measures Used for bank covenant purposes

Senior Debt

Senior Debt includes total borrowing before deferred financing fees and vehicle lease obligations, and excludes the remaining lease obligations. Senior Debt is used by Superior to calculate its debt covenants and other credit information.

Credit Facility EBITDA

Credit Facility EBITDA is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period, and excludes the impact from the adoption of IFRS 16 and EBITDA from undesignated subsidiaries.

Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran Vice President, Investor Relations and Treasurer
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

Landmark agreement with EDF Renewables North America will see Masdar expand its footprint in the US to California and Nebraska, and grow presence in Texas

The clean energy assets include wind, solar PV, and battery storage projects with a total combined capacity of 1.6 GW

SAN DIEGO & ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--EDF Renewables North America and Masdar, one of the world’s leading clean energy developers and a subsidiary of Mubadala Investment Company, today announced Masdar’s second strategic investment in the United States (US) in a deal with EDF Renewables North America that will see it acquire a 50 percent stake in a 1.6-gigawatt (GW) clean-energy portfolio.

Under the terms of the agreement, Masdar has acquired a 50 percent interest in three utility-scale wind farms in Nebraska and Texas totalling 815 megawatts (MW), and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totalling 689 MW of solar and 75 MW of lithium-ion battery energy storage.

The 243 MW Coyote wind project is located in Scurry County, Texas; the 273 MW Las Majadas wind project is in Willacy County, Texas; and the 300 MW Milligan 1 wind project is in Saline County, Nebraska. All three wind projects are currently under construction and expected to begin commercial operations in the fourth quarter of 2020.

In Riverside County, California, the Desert Harvest 1 and Desert Harvest 2 PV projects total 213 MW of solar and 35 MW / 140 MWh of battery storage. Also in Riverside County are the 173 MW Maverick 1 and 136 MW Maverick 4 solar PV projects. These four projects are also under construction and slated for commercial operations in the fourth quarter of 2020. The final project in the portfolio is Big Beau, a 166 MW solar PV and 40 MW/160 MWh battery energy storage project, which is in Kern County and will reach commercial operation in 2021. All solar projects utilize horizontal single-axis tracking technology.

Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators (CCAs).

In total, the eight projects have created more than 2,000 jobs in the country’s clean energy sector, and will displace more than 3 million metric tons of carbon dioxide annually*.

“As the second largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”

Masdar made its first entry into the US market last year, acquiring a 50 percent interest in two wind farms in Texas and New Mexico.

Tristan Grimbert, President and CEO, EDF Renewables North America, commented, “EDF’s collaboration with Masdar runs deep in the Middle East and North Africa already. This deal writes a new chapter of cooperation between our two companies focused on the North American market. I would like to highlight the exceptional quality of work for both the Masdar and EDF Renewables North America teams over the last year to execute this transaction in particularly troubled times.”

The transaction is expected to close in the fourth quarter of 2020 as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.

*According to United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator based on estimated energy production. https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

About EDF Renewables

EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 13.3 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East. The company has strong positions in offshore wind power, but also in other areas of the renewable energies industry such as energy storage. EDF Renewables develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. Most of its international subsidiaries bear the EDF Renewables brand. EDF Renewables is the EDF Group subsidiary specialising in developing solar and wind power. For more information, visit: https://www.edf-renouvelables.com/en/

Follow us on LinkedIn: https://www.linkedin.com/company/edf-renewables and on Twitter (@EDF_RE in French and @EDF_Renewables in English).

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About Masdar

Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, Uzbekistan, and many more. For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

EDFR Contacts:
UNITED STATES:
Sandi Briner This email address is being protected from spambots. You need JavaScript enabled to view it.

FRANCE:
Manon de Cassini-Hérail, +33 (0)1 40 90 48 22, This email address is being protected from spambots. You need JavaScript enabled to view it.
MASDAR Contacts:
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014

Second Quarter 2020 Overview:
- Consolidated revenues were $135.4 million; COVID-19 negatively impacted all segments by delaying anticipated projects
- GAAP consolidated operating loss was $7.7 million; GAAP loss from continuing operations was $18.1 million, a $10.2 million improvement compared to second quarter 2019
- Consolidated adjusted EBITDA was $1.4 million
- The Babcock & Wilcox segment reported adjusted EBITDA margin of 9.1% as compared to 9.5% in second quarter 2019, while segment adjusted gross profit margin improved to 27.9% compared to 18.8% in second quarter 2019

Growth Initiatives:
- Company launched B&W Environmental, B&W Renewable, and B&W Thermal brands as part of a strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into its renewable and environmental growth platforms
- Company is expanding its sales, service and business development team in key international markets to capitalize on more than $5 billion in identified project opportunities over the next three years, with a focus on bidding renewable and environmental projects world-wide

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced second quarter 2020 GAAP loss from continuing operations of $18.1 million, an improvement of $10.2 million compared to second quarter 2019. Adjusted EBITDA was $1.4 million compared to adjusted EBITDA of $8.2 million in the prior year period, primarily driven by the adverse impacts of COVID-19 across all segments and the completion of several large construction projects in the Babcock & Wilcox segment.

Strategic Organizational and Re-Branding Initiative Overview

The Company also announced plans to align its market-facing segments and financial reporting under three new brands--B&W Environmental, B&W Renewable and B&W Thermal--that better reflect its core markets, products and strategies. The re-branding is expected to improve the Company's organizational structure to support its growth as B&W expands its global sales team and geographic presence and pursues strategic investments in new technologies. As part of the re-branding of its product and service offerings, B&W's new branding is designed to highlight its comprehensive offerings and unique market position to support sustainable energy and industrial infrastructure. The Company's market-facing strategy and branding take effect immediately, and B&W expects to begin reporting its financial results under these new segments starting with its full-year 2020 results.

As part of this initiative, B&W has named Jimmy B. Morgan as Chief Operating Officer, effective immediately. In this role, Morgan will be responsible for the Company's strategic and operational performance under each of the new brands and growth platforms. Morgan joined B&W in February 2016 and most recently held the position of Senior Vice President, The Babcock & Wilcox Company, leading B&W’s aftermarket, new-build and environmental products and services businesses world-wide.

Management Commentary

“Despite the challenges presented by COVID-19, this is an exciting time for B&W," said Kenneth Young, B&W's Chief Executive Officer. "Following the financing agreement we announced in May, we’re moving forward with our strategy to achieve long-term growth and leverage market trends. Our organizational re-alignment and re-branding reflect our mission to provide renewable energy and environmental solutions to customers around the world as we leverage our global strengths and proven, industry-leading technologies. We expect growth from our expanding global pipeline and improved operational execution to drive significant earnings growth throughout 2021 and beyond.”

“We recognize that the world is rapidly changing," Young continued. "The B&W of today and of tomorrow is focused on meeting customer and market needs by providing technology solutions to help achieve a clean, sustainable energy and industrial infrastructure. While COVID-19 has negatively affected our anticipated bookings and project timing, pushing projects we expected to begin in 2020 into 2021 and beyond, our pipeline is rapidly expanding, representing over $5 billion of identified project opportunities that we expect to bid in the next 3 years, not including shorter lead-time parts sales. This pipeline is focused on renewable energy, environmental solutions and advanced technologies to deliver value to our core energy and industrial customers."

"In addition, we are expanding our sales and business development team in key international markets, including the Middle East, Africa and Asia-Pacific regions, to help identify, capitalize on and execute the key growth opportunities that these regions offer. We are opening several offices in each region, including regional headquarters in Dubai, United Arab Emirates and Perth, Australia, and hiring business development, field service, and sales engineering personnel to support our growth. Globally, the market for our technologies is growing significantly. This includes the markets for new waste-to-energy facilities, advanced thermal technologies and improved environmental standards. The initiative we’ve announced today better positions us to capitalize on those opportunities,” Young concluded.

Louis Salamone, B&W's Chief Financial Officer, commented: "Notwithstanding the challenges of COVID-19 and an operating loss on a GAAP basis, we closed the second quarter of 2020 with positive adjusted EBITDA, due to the dedication and experience of our management and employee team, and the implementation of changes throughout our operations in response to the pandemic. As an essential business, we continue to focus on managing our costs and cash flow through this crisis to support our customers in the long-term. While we expect deferrals and delays of certain projects to affect our performance throughout 2020, based on information from our customers we currently anticipate the majority of deferred projects to re-mobilize in late 2020 and through 2021. In addition, we've continued our focus on reducing SG&A and as a result reduced consolidated SG&A expense by $7.5 million, a 17.8% improvement compared to second quarter 2019. "

"Looking toward the future, our focus is on winning and executing quality projects and aftermarket services to serve our customers' needs for renewable energy, environmental solutions and efficient operations," added Jimmy Morgan, B&W's Chief Operating Officer. "We believe we have the technologies, expertise and opportunities to expand our renewable and environmental platforms significantly in the next few years. In my new role, I'm looking forward to helping drive our growth as the next generation B&W."

Results of Operations

The Company's focus on core technologies and profitability, combined with the adverse impacts of COVID-19, were the primary drivers of a decline in revenue in the second quarter of 2020 compared to the second quarter of 2019. Consolidated revenues in the second quarter of 2020 were $135.4 million compared to $248.1 million in the second quarter of 2019. Revenues for each of B&W's segments were negatively impacted by COVID-19.

The GAAP operating loss in the second quarter of 2020 was $7.7 million, inclusive of restructuring and settlement costs and advisory fees of $4.4 million, compared to an operating loss of $4.3 million in the second quarter of 2019. This decline was primarily due to a decrease in revenue across all segments as described below, as well as unfavorable product mix in the SPIG segment, partially offset by the impacts of costs savings and restructuring initiatives in the Babcock & Wilcox segment and lower levels of direct overhead support and SG&A in the Vølund & Other Renewable segment. Adjusted EBITDA declined to $1.4 million compared to $8.2 million in the second quarter of 2019. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of operating income, the most directly comparable GAAP measure, to adjusted EBITDA, as well as to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox segment revenues were $104.8 million in the second quarter of 2020 compared to $201.0 million in the prior-year period. The decrease is attributable to the completion of several large construction projects that were active in the prior year period and the adverse impacts of COVID-19, including lower volume related to customers' concern regarding its duration and magnitude, and delays in large orders. Adjusted EBITDA in the second quarter of 2020 was $9.5 million compared to $19.1 million in last year's quarter, primarily due to the decrease in revenue volume. This was partially offset by the results of costs savings and restructuring initiatives. Adjusted EBITDA margin was 9.1% in the quarter as compared to 9.5% in the same period last year. Adjusted gross profit in the second quarter of 2020 was $29.3 million compared to $37.9 million in the prior-year period, consistent with the decrease in Adjusted EBITDA. Adjusted gross profit margin was 27.9% compared to 18.8% in the same period last year, primarily due to favorable mix, higher parts margins and the benefits of costs savings and restructuring initiatives partly offset by the decrease in revenue.

SPIG segment revenues were $10.9 million in the second quarter of 2020 compared to $22.8 million in the second quarter of 2019. The decrease was primarily due to the postponement of new projects by several customers as a result of COVID-19. Adjusted EBITDA was $(2.5) million compared to $(0.1) million in the same period last year, driven primarily by the impact of COVID-19. Adjusted gross profit declined to $0.3 million in the second quarter of 2020, compared to $2.4 million in the prior-year period, primarily due to the decrease in revenue. At June 30, 2020, SPIG's U.S. entity had two remaining significant loss contracts. The first was 99% complete at the end of the second quarter of 2020 with only performance testing remaining, which is expected to be completed in the third quarter of 2020. The second was 96% complete at the end of the second quarter of 2020 and is expected to be completed in the third quarter of 2020. No additional charges were recognized on these contracts in the second quarter of 2020.

Vølund & Other Renewable segment revenues were $20.3 million for the second quarter of 2020, compared to $33.7 million in the second quarter of 2019 due to the divestiture of Loibl, a materials handling business in Germany, that contributed $7.1 million of revenue in the second quarter of 2019, as well as new anticipated revenues being deferred due to COVID-19. The reduction was also due to the advanced completion of activities on the EPC loss projects, partially offset by a full period of activities on two operations and maintenance contracts in the U.K. which followed the turnover of the EPC loss contracts to the customers. Adjusted EBITDA in the quarter improved slightly to $(0.5) million compared to $(0.7) million in the second quarter last year, primarily due to lower levels of direct overhead support and SG&A, reflecting the benefits of restructuring, offset by the divestiture of Loibl and the impacts of COVID-19, as described above. The segment's adjusted gross profit was $4.2 million in the second quarter of 2020 compared to $5.1 million reported in the second quarter of 2019, primarily driven by the divestiture of Loibl, the impacts of COVID-19 and lower revenue as described above, partially offset by lower levels of direct overhead.

Financing, Liquidity and Balance Sheet

As previously disclosed, on May 14, 2020, B&W successfully amended its Credit Agreement. Under the new terms, the Company's revolving credit facility and availability for letters of credit were extended for two years with a maturity date of June 30, 2022. In addition, B. Riley Financial, Inc. ("B. Riley") provided $30 million of new last-out term loans and committed to provide $35 million of additional incremental last-out term loans through the maturity date and make a further $5 million available upon the Company’s request. Further detail can be found in the related Form 8-K on file with the SEC and related press release issued on May 14, 2020.

At June 30, 2020, the Company had cash and cash equivalents of $36.8 million and borrowing availability of $40.3 million.

The Company is continuing to pursue cost recoveries under various applicable insurance policies and from responsible subcontractors for the Vølund & Other Renewable segment's European EPC loss contracts. The Company also continues to evaluate additional opportunities for cost savings and potential dispositions as appropriate.

Strategic Organizational Alignment and Branding Initiative

B&W plans to accelerate growth in its three core markets - Renewable, Environmental and Thermal - by reorganizing its market-facing segments and financial reporting to align with these markets, improving its organizational structure to support its growth, expanding its global sales team in key geographic areas around the world, and pursuing strategic investments in new technologies. The Company has unveiled a new visual identity for each of its brands and a complete revitalization of its website at www.babcock.com. This is designed to highlight its comprehensive offerings and unique market position to support a sustainable energy and industrial infrastructure.

The Company's new market-facing brand platforms are:

• Babcock & Wilcox Environmental: A full suite of best-in-class emissions control and environmental technology solutions for utility and industrial steam generation applications around the world. B&W’s broad experience includes systems for cooling, ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control.
• Babcock & Wilcox Renewable: Cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.
• Babcock & Wilcox Thermal: Steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas, and industrial sectors. B&W has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others.

The Company expects to begin reporting its financial results under these segments starting with its full-year 2020 results. Approximate 12-month revenues as of June 30, 2020 for the B&W Environmental, B&W Renewable and B&W Thermal brands, were $130 million, $182 million and $351 million, respectively.

Earnings Call Information

B&W plans to host a conference call and webcast on Thursday, August 13, 2020 at 5 p.m. ET. to discuss the Company’s second quarter 2020 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 513-0549; the dial-in number for participants outside the U.S. is (778) 560-2572. The conference ID for all participants is 7096328. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

COVID-19 Impact

The global COVID-19 pandemic has disrupted business operations, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been adversely impacted by the measures taken and restrictions imposed in the locations in which it operates by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on changes in the severity of the virus in these locations. These restrictions, including travel restrictions and curtailment of other activity, negatively impact the Company's ability to conduct business. These varying and changing events have caused many of the projects the Company anticipated to begin in 2020 to be delayed to later in 2020 and others to be delayed further into 2021 and 2022. The Company expects such restrictions to continue to change depending on the severity of the virus in various locations around the world. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into next year and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to Company offices and worksites, the Company has advised those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. As part of the Company’s recent response to the impact of the COVID-19 pandemic on its business, the Company has taken a number of cash conservation and cost reduction measures. At the time of this release, it is impossible to predict the overall impact the pandemic will have on the Company's business, liquidity, capital resources or financial results. More detail can be found in the Company's Form 10-Q for the second quarter of 2020 on file with the SEC.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.

This release presents adjusted gross profit for each business segment and adjusted EBITDA, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments.

This release also presents adjusted gross profit by segment. The Company believes that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance of the segments by excluding expenses related to, among other things, activities related to the spin-off, activities related to various restructuring activities the Company has undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments that are not allocated by segment.

Forward-Looking Statements

B&W Enterprises cautions that this release contains forward-looking statements, including, without limitation, statements relating to the application of the proceeds of the term loans under the Agreement, and management expectations regarding future growth and our ability to achieve sustained value for our shareholders. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on us and the capital markets and global economic climate generally; our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our credit agreement as amended and restated (the "A&R" Credit Agreement"); our ability to obtain waivers of required pension contributions; the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our Vølund & Other Renewable and SPIG segments, including the ability to complete our European EPC projects and SPIG U.S. loss projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute contracts within our SPIG and Vølund & Other Renewable segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting to recognize revenue over time; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions; our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them; and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly report on Form 10-Q for the quarter ended June 30, 2020.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
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DUBLIN--(BUSINESS WIRE)--The "The EU Green Deal & Energy Transition in Southeast Europe" report has been added to ResearchAndMarkets.com's offering.

In the age of a necessary urgent climate and sustainability action, now further amplified by the COVID-19 health crisis and the economic slump which it entails, the decade ahead and the EU's Green Deal is pivotal for the SEE energy sector's transformation and the region's economic recovery as a whole.

This report gives insights on the region's progress towards sustainable energy and assesses the risks stemming from this transformation. It also provides two case-studies on corporate green investments to support decision-makers who seek to leverage on green energy to make sustainable investments.

The report includes:

• A perspective into South-East Europe's place in the long-term energy transition and decarbonisation objectives of the EU and Energy Community with an emphasis on differences between EU member states and non-EU countries;
• The region's current energy policy course to 2030;
• A country-by-country overview of SEE EU members' plans for compliance with the EU Green Deal;
• Analysis of the potential for sustained investment in renewables to underpin socio-economic development;
• An overview of the sector that will be dealt the hardest blow during the process of decarbonisation - coal, including a financial analysis aimed at measuring risk to national economies based on their dependence on coal

The report covers 12 economies in SEE:

• Albania
• Bosnia and Herzegovina
• Bulgaria
• Croatia
• Greece
• Kosovo
• North Macedonia
• Moldova
• Montenegro
• Romania
• Serbia
• Slovenia

The financial analysis of the coal industry covers 11 markets (excluding Moldova) and is based on several factors, including:

• Taxes paid by the industry;
• Number of employees in the sector;
• Operating revenue;
• Profitability;

Key Topics Covered

1. The Road from EE's 20/20/20 Targets to the Green Deal and the 2030 Decade

• Recast Renewable Energy Directive (Red II)
• Electricity Directive and Electricity Regulation for a New Power Market Design
• The European Green Deal Ambitious - Goals and Finance Options

2. Energy Transition Plans of EE Member States in SEE

3. Energy Transition in the Western Balkans

4. The Business Case for Corporate Green Investments

• Case Study: Corporate Sourcing of Renewable Power via PPA
• Case Study: Collective Self-Consumption Solar Systems

5. Love Affair with Coal in Time of Green Deal

• Financial Analysis

6. COVID-19 and the Green Deal

Companies Mentioned

• AES Corporation
• Axpo
• Brikel
• CMC Poland Sp z o.o.
• Complexului Energetic Oltenia SA (CE Oltenia)
• ContourGlobal
• EFT Group
• Elektroprivreda BiH (EPBiH)
• Elektroprivreda Srbije (EPS)
• Export-Import Bank of China (China Eximbank)
• HEP Proizvodnja d.o.o.
• Hrvatska Elektroprivreda (HEP)
• Hunedoara Energy Complex (CE Hunedoara)
• LichtBlick
• Lignitiki Megalopolis SA
• Lignitiki Melitis SA
• METRO France
• New Europe Corporate Advisory
• Public Power Corp (PPC)
• Resavica
• Reservoir Sun
• Statkraft
• TPP Bobov Dol
• TPP Maritsa-Iztok 2
• TPP Republika Pernik

For more information about this report visit https://www.researchandmarkets.com/r/ha7iku

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AI technology is anticipated to have profound implications for the operation of electric transmission and distribution networks

BOULDER, Colo.--(BUSINESS WIRE)--#AI--A new report from Guidehouse Insights examines the current landscape for artificial intelligence (AI) technology solutions for electric transmission and distribution (T&D) network management, providing global market forecasts by region and application through 2029.

AI technologies for T&D management can help utilities minimize outages, make mobile workers more effective, improve load planning, manage real-time power quality, perform predictive asset maintenance, and more. In many applications, the superior insights derived from machine and deep learning solutions can reduce costs, improve reliability and service quality, and enhance efficiency throughout the grid. Click to tweet: According to a new report from @WeAreGHInsights, the market for AI-based solutions for T&D network management is estimated at $1.4 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 14.1% to more than $4.4 billion in 2029.

“AI technology has profound implications for the operation of T&D networks,” says William Hughes, principal research analyst with Guidehouse Insights. “Utilities will likely become increasingly dependent on AI-based solutions to incorporate distributed energy resources (DER) at an accelerating pace while maintaining acceptable performance metrics and keeping costs low.”

While AI-based applications can improve grid operations, key barriers to widespread adoption include an uncertainty that available data will yield results and challenges in integrating the data with operational technology (OT) systems. According to the report, these challenges can cause utilities to hesitate before adopting AI-based applications. However, once adopted, the datasets used for one application become easier to use for others, and benefits tend to accrue more rapidly.

The report, AI for Predictive T&D Network Management, describes the current landscape for AI technology solutions for T&D network management and presents drivers and barriers to implementation. It details AI-supported applications and explores the global market forecasts for these solutions by region and application. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, AI for Predictive T&D Network Management, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
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Conversion is expected to reduce the plant’s greenhouse gas emissions by 50%

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announced today that it plans to reconfigure its San Francisco Refinery in Rodeo, California, to produce renewable fuels. The plant would no longer produce fuels from crude oil, but instead would make fuels from used cooking oil, fats, greases and soybean oils.

The Phillips 66 Rodeo Renewed project would produce 680 million gallons annually of renewable diesel, renewable gasoline, and sustainable jet fuel. Combined with the production of renewable fuels from an existing project in development, the plant would produce greater than 800 million gallons a year of renewable fuels, making it the world’s largest facility of its kind.

The project scope includes the construction of pre-treatment units and the repurposing of existing hydrocracking units to enable production of renewable fuels. The plant will utilize its flexible logistics infrastructure to bring in cooking oil, fats, greases and soybean oils from global sources and supply renewable fuels to the California market. This capital efficient investment is expected to deliver strong returns through the sale of high value products while lowering the plant’s operating costs.

“Phillips 66 is taking a significant step with Rodeo Renewed to support demand for renewable fuels and help California meet its low carbon objectives,” said Greg Garland, chairman and CEO of Phillips 66. “We believe the world will require a mix of fuels to meet the growing need for affordable energy, and the renewable fuels from Rodeo Renewed will be an important part of that mix. This project is a great example of how Phillips 66 is making investments in the energy transition that will create long term value for our shareholders.”

If approved by Contra Costa County officials and the Bay Area Air Quality Management District, renewable fuels production is expected to begin in early 2024. Once reconfigured, the plant will no longer transport or process crude oil.

The plant is expected to employ more than 400 jobs and up to 500 construction jobs, using local union labor, including the Contra Costa County Building & Construction Trades.

Phillips 66 also announced plans to shut down the Rodeo Carbon Plant and Santa Maria refining facility in Arroyo Grande, California, in 2023. Associated crude oil pipelines will be taken out of service in phases starting in 2023.

To learn more about the project, visit www.RodeoRenewed.com.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of June 30, 2020. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this presentation are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the inability to timely obtain or maintain permits necessary for capital projects, including the Rodeo Renewed project; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities, including the Rodeo Renewed project; unexpected difficulties in manufacturing, refining or transporting our products; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation; political, economic or diplomatic developments, including those caused by public health issues, outbreaks of diseases and pandemics, including the COVID-19 pandemic and other economic, business, competitive and / or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Jeff Dietert (investors)
832-765-2297
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Brent Shaw (investors)
832-765- 2297
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Joe Gannon (media)
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LONDON--(BUSINESS WIRE)--#GlobalLiquidImmersedTransformersMarket--Technavio has been monitoring the liquid-immersed transformers market and it is poised to grow by $ 7.29 bn during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., CG Power and Industrial Solutions Ltd., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, and Toshiba International Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Rising investment in renewable energy sources has been instrumental in driving the growth of the market. However, the increasing popularity of dry-type transformers might hamper the market growth.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Liquid-Immersed Transformers Market 2020-2024: Segmentation

Liquid-Immersed Transformers Market is segmented as below:

• Type
  • Power Transformers
  • Distribution Transformers
• Geographic Landscape
  • APAC
  • North America
  • Europe
  • MEA
  • South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43541.

Liquid-Immersed Transformers Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The liquid-immersed transformers market report covers the following areas:

• Liquid-Immersed Transformers Market Size
• Liquid-Immersed Transformers Market Trends
• Liquid-Immersed Transformers Market Industry Analysis

This study identifies the emergence of eco-efficient transformers as one of the prime reasons driving the liquid-immersed transformers market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Liquid-Immersed Transformers Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist liquid-immersed transformers market growth during the next five years
• Estimation of the liquid-immersed transformers market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the liquid-immersed transformers market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of liquid-immersed transformers market, vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis
• Industry innovations

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019-2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Power transformers - Market size and forecast 2019-2024
• Distribution transformers - Market size and forecast 2019-2024
• Market opportunity by Type

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography

Volume Drivers – Demand led growth

Market Challenges

Market Trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• ABB Ltd.
• CG Power and Industrial Solutions Ltd.
• Fuji Electric Co. Ltd.
• General Electric Co.
• Hitachi Ltd.
• Hyundai Heavy Industries Co. Ltd.
• Mitsubishi Electric Corp.
• Schneider Electric SE
• Siemens AG
• Toshiba International Corp.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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More than 1,400 additional crew members arriving in region to join restoration effort

CHICAGO--(BUSINESS WIRE)--ComEd has restored power to more than 625,000 families and businesses, or nearly 80 percent of the customers affected by the derecho that slammed northern Illinois on Monday afternoon causing significant damage across the entire region. The storm brought hurricane force winds with gusts higher than 90 miles per hour, extensive lighting, golf ball-sized hail and seven confirmed tornados. About 171,000 customers remain without power.

More than 1,900 ComEd employees and contractors have been working around the clock since Monday afternoon to restore power to customers quickly and safely. More than 1,400 additional mutual assistance workers began arriving from across the country today to join the restoration effort.

In spite of the extensive damage caused by the tornados and derecho, ComEd restored power to 540,000 customers within a day, the fastest restoration of 500,000 customers in the company’s history. This is due in large part to the smart grid investments ComEd has made since 2012, including in technologies that automatically detect outages and reroute power around problem areas, avoiding significant outages that otherwise would have occurred.

“As we saw from fallen trees that crushed cars and homes, the derecho with multiple tornados was a rare and destructive storm,” said Joe Dominguez, CEO of ComEd. “We’re grateful to municipal leaders and other first responders for their partnership as we work with them to clear roads and debris so that we can safely restore power to affected areas. Especially in a pandemic, our customers are dependent on reliable power at home, and we appreciate the 6,000 women and men of ComEd and the crews that traveled hundreds of miles here to help get the power flowing for families and businesses as fast as possible.”

Restoration efforts are ahead of schedule, and ComEd now expects to restore power to over 95 percent of customers by Friday night, with nearly 80 percent of customers already restored. Hundreds of additional customers are being restored each hour, but outages in areas where tornados or other intense storm events occurred could take longer to restore.

In the city of Chicago, which had some of the highest concentrations of customer outages, ComEd has restored service to 121,000 of the more than 144,000 customers who lost power.

ComEd offers the following tips and information for customers to stay safe following severe weather:

• If you encounter a downed power line, immediately call ComEd at 1-800-EDISON1 (1-800-334-7661) or go to ComEd.com to report the location. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).
  
  
• Never approach a downed power line. Always assume a power line is energized and extremely dangerous.
  
  
• In the event of an outage, do not approach ComEd crews working to restore power to ask about restoration times. Crews may be working on live electrical equipment and the perimeter of the work zone may be hazardous.

ComEd urges customers to contact the company immediately if they experience a power outage. Customers can text OUT to 26633 (COMED) to report an outage and receive restoration information, and can follow the company on Twitter @ComEd or on Facebook at Facebook.com/ComEd. Customers can also call 1-800 EDISON1 (1-800-334-7661), or report outages via the website at www.ComEd.com/report. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).

ComEd has introduced a mobile app for iPhone and Android® smart phones that gives customers the ability to report power outages and manage their accounts; download the app at www.ComEd.com/app.

ComEd has an interactive outage map on its website at www.ComEd.com/map, which allows customers to easily find information on the location and size of outages and get estimated power restoration times.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

ComEd Media Relations
312-394-3500

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) announced financial results for the second quarter of 2020.

Q2 2020 and Year-to-Date Highlights:

Reported Net Income

• Q2 2020 reported net income was $58 million, or $0.24 per common share, compared with net income of $103 million, or $0.43 per common share, in Q2 2019.
• Year-to-date reported net income was $581 million, or $2.37 per common share, compared with net income of $415 million, or $1.75 per common share, in the 2019 period.

Adjusted Net Income ⁽¹⁾

• Q2 2020 adjusted net income was $118 million, or $0.48 per common share, compared with $130 million, or $0.54 per common share, in Q2 2019.
• Year-to-date adjusted net income was $311 million, or $1.27 per common share, compared with $354 million, or $1.49 per common share, in the 2019 period.

“As our communities continue to deal with the challenges of the global pandemic, our employees remain focused on safely providing the essential energy to our customers,” says Scott Balfour, President and Chief Executive Officer of Emera. “Our businesses delivered solid financial results this quarter and as we look forward, Emera remains committed to our long-term strategy and capital program which are focused on safely delivering cleaner, affordable and reliable energy.”

Significant Items Affecting Reported and Adjusted Net Income

• Reported earnings for the quarter included a $12 million adjustment to the gain on sale of Emera Maine bringing the final year-to-date gain to $309 million, net of tax and transaction costs. In addition, impairment charges of $3 million quarter-to-date and $26 million year-to date after-tax were recognized on certain assets.
• Adjusted earnings were impacted by asset sales, including Emera Maine, the New England Gas Generating (“NEGG”) and Bayside generation facilities (the “Gas Plants”), and the property in Florida:
  • Earnings contribution from Emera Maine was $12 million lower in Q2 2020 than in Q2 2019 and $16 million lower year-to-date due to the sale of Emera Maine in March 2020.
  • Earnings contribution from Emera Energy Generation was $21 million lower year-to-date than in 2019 due to the sale of the Gas Plants in March 2019.
  • 2019 year-to-date adjusted net earnings included a $10 million gain on sale of property in Florida.
• Emera’s earnings for the quarter were also impacted by items that are not expected to recur:
  • Q2 2020 results were lower by $11 million due to the timing of the approval of preferred dividends. In 2019, these dividends approved were expensed in Q3.
  • Q2 2019 adjusted net earnings included $12 million due to the 2019 recognition of tax reform benefits at New Mexico Gas Company (“NMGC”).
• Emera’s earnings year-to-date, were also impacted by items that are not expected to recur:
  • 2020 year-to-date adjusted earnings were lower by $14 million due to the revaluation of net deferred income tax assets and liabilities due to the reduction in the Nova Scotia provincial corporate income tax rate, recorded in Q1.
  • 2020 year-to-date adjusted earnings were higher due to the recognition of corporate income tax recovery of $10 million deferred as a regulatory liability at Barbados Light & Power Company Limited (“BLPC”).

Cash Flow

• Year-to-date operating cash flow, before changes in working capital, increased by $41 million to $816 million, compared with $775 million in the 2020 period.

⁽¹⁾ See “Non-GAAP Measures” noted below.

Financial Highlights:

⁽¹⁾ See “Non-GAAP Measures” noted below
⁽²⁾ Adjusted net income and adjusted earnings per common share exclude the effect of mark-to-market adjustments, gain on sale and impairment charges

Emera’s adjusted earnings and adjusted earnings per share increased for the quarter and year-to-date when normalized for the impacts of the one-time items, and asset sales referenced above ($35 million or $0.15 earnings per share for the quarter and $52 million for the year-to-date or $0.22 earnings per share). The increase earnings and earnings per share in these periods was driven by favourable results at Tampa Electric, partially offset by reduced earnings at NSP and Emera Caribbean.

After-tax mark-to-market losses increased $18 million to $45 million in Q2 2020, compared to $27 million in Q2 2019. This increase was due to changes in existing positions on gas contracts and higher amortization of gas transportation assets in 2020, partially offset by gains related to foreign exchange cash flow hedges entered in 2020 to manage foreign exchange earnings exposure. Year-to-date, after-tax mark-to-market decreased $74 million to a $13 million loss in 2020, compared to a $61 million gain in 2019. This decrease was due to higher amortization of gas transportation assets in 2020 and larger reversal of mark-to-market losses in 2019, partially offset by changes in existing positions on gas contracts in Emera Energy and gains related to foreign exchange cash flow hedges.

The weakening of the CAD exchange rates increased earnings by $9 million and adjusted earnings by $3 million in Q2 2020 compared to Q2 2019. The weakening of the CAD exchange rates increased earnings by $14 million and adjusted earnings by $4 million year-to-date in 2020 compared to the same period in 2019.

Consolidated Financial Review:

The following table highlights significant changes in adjusted net income from 2019 to 2020 in the second quarter and year-to-date periods.

⁽¹⁾ See “Non-GAAP Measures” noted below
⁽²⁾ Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax

Segmented Results:

⁽¹⁾ See “Non-GAAP Measures” noted below.
⁽²⁾ Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax

Florida Electric Utility’s CAD net income increased by $21 million to $146 million in Q2 2020, compared to $125 million in Q2 2019. Earnings increased due to higher AFUDC earnings as a result of the Big Bend modernization and solar projects, lower OM&G expenses, higher base revenues and lower depreciation and amortization expense. Operating revenues decreased due to lower clause revenues, however, base revenues increased as a result of customer growth, a greater mix of sales to residential customers and the in-service of solar generation projects. Year-to-date, Florida Electric Utility’s CAD net income increased by $39 million to $225 million, compared to $186 million in 2019. Earnings increased due to higher base revenues, higher AFUDC earnings and lower OM&G expenses. Operating revenues decreased due to lower clause revenues, however, base revenues increased as a result of the in-service of solar generation projects, customer growth, a greater mix of residential sales and favourable weather.

Canadian Electric Utilities’ net income decreased by $5 million to $37 million, compared to $42 million in Q2 2019. Year-to-date, Canadian Electric Utilities’ net income was $129 million, compared to $138 million in 2019 period. The decrease in both periods was due to lower contribution from NSPI. Quarter-to-date, the decrease was due to the impacts of COVID-19 on sales volumes, increased income taxes reflecting a Q2 2019 corporate income tax recovery due to enactment of tax legislation and a higher effective tax rate, and higher storm costs, partially offset by regulatory deferral timing. Year-to-date, the decrease was due to the impacts of COVID-19 and unfavourable weather on sales volumes, increased income taxes reflecting a higher effective tax rate, and higher storm costs, partially offset by regulatory deferral timing The timing of regulatory deferrals causes quarterly earnings volatility, while full year results are more predictable.

Other Electric Utilities’ CAD net income, adjusted to exclude mark-to-market, decreased by $24 million to a loss of $1 million in Q2 2020, compared to $23 million in Q2 2019. Year-to-date, Other Electric Utilities’ CAD net income, adjusted to exclude mark-to-market, decreased by $20 million to $19 million, compared to $39 million in 2019. Lower contribution from Emera Maine as a result of the sale in Q1 2020 decreased earnings in both periods. Emera Caribbean’s contribution decreased in both periods as a result of lower revenue due to the impact of the COVID-19 pandemic and lower revenue at GBPC due to the impact of Hurricane Dorian. Year-to-date, the decrease was partially offset by the recognition of a previously deferred corporate income tax recovery related to the enactment of a lower corporate income tax rate in December 2018 at BLPC.

Gas Utilities and Infrastructure’s CAD net income decreased by $13 million to $27 million in Q2 2020, compared to $40 million in Q2 2019. Year-to-date, Gas Utilities and Infrastructure’s CAD net income decreased by $10 million to $97 million, compared to $107 million in 2019. Decreases in both periods were due to NMGC’s recognition of tax reform benefits in Q2 2019, lower base revenues at PGS due to the impacts of COVID-19 on commercial sales, and higher OM&G expenses and depreciation expenses at PGS. These decreases were partially offset by higher customer growth and higher return on investment in Cast Iron/Bare Steel replacement rider at PGS and lower OM&G expenses and depreciation rates at NMGC.

Other’s net loss, adjusted to exclude after-tax mark-to-market and the after-tax gain on sale and impairment charges recognized on certain other assets decreased by $9 million to $91 million in Q2 2019, compared to $100 million in Q2 2019. Year-to-date, Other’s contribution decreased $43 million to a loss of $159 million compared to a loss of $116 million in 2019. In Q2 2020, the decreased losses were due to higher marketing and trading margin and lower interest, partially offset by timing of preferred stock dividends and lower income tax recovery. Year-over-year the increased losses were due to the impact of the sale of NEGG and Bayside Power, timing of preferred stock dividends, revaluation of net deferred income tax assets resulting from the enactment of a lower Nova Scotia provincial corporate income tax rate in Q1 2020, higher OM&G and the 2019 sale of property in Florida. These decreases were partially offset by increased income tax recovery due to the impact of effective state tax rates and lower interest.

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Wednesday, August 12, 2020 at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2020 financial results.

Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.

A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call until September 15, 2020, by dialing 1-800-585-8367 and entering pass code 9866959.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

Emera Inc.

Investor Relations:
Ken McOnie, VP, Investor Relations and Treasurer
902-428-6945
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Scott Hastings, Senior Director, Capital Markets
902-474-4787
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Company is on Target as Installation of Stronger Poles, Thicker Power Lines Reach Half-Way Point for 2020

SAN FRANCISCO--(BUSINESS WIRE)--Mile-by-mile, Pacific Gas and Electric Company (PG&E) is transforming its electric system in high fire-threat areas to make it more resilient and resistant to wildfires. Known as system hardening, this work will benefit customers directly in terms of improved reliability and increased safety.

The ongoing work will happen every day over the next several years as 7,100 miles of PG&E’s distribution circuits are hardened. That’s nearly the distance from San Francisco to Sydney, Australia. PG&E crews and contractors will remove existing poles and install stronger poles, often made of composite materials. Thin, bare power lines are being are replaced with thicker, insulated lines that are more resistant to weather, wind and broken branches. And, in some locations, the electric infrastructure is being buried underground, completely avoiding issues with wind and trees.

“The steps PG&E is taking to address the growing wildfire threat in our state is unlike any effort in the company’s history. While there is no single solution, both immediate actions to minimize wildfire risks today, as well as longer-term efforts to rebuild our electric system for the future are necessary and underway,” said Matt Pender, PG&E’s director of the Community Wildfire Safety Program. “We will continue until these hardening upgrades are complete for both the safety and reliability of our customers and communities facing the highest risk of wildfire.”

This is heavy construction work that requires extensive advanced planning, customer engagement in various languages and then the use of trucks, cranes and bulldozers to get the job done. Through late July, more than half of the hardening work planned for this year has been completed.

That includes:

• In Mt. Diablo State Park (in Contra Costa and Alameda counties), PG&E recently completed a project that included more than six miles of overhead hardening work and the replacement of 112 poles.
• On a project spanning from Oakland to Orinda (also in Alameda and Contra Costa counties), PG&E successfully replaced 2.8 miles of line and 80 poles.
• In Pollock Pines (in El Dorado County), a project is currently underway that will replace 1,025 poles and 38 miles of wire on one circuit. Nearly three miles of power line will be buried underground as part of the overall circuit work. This work will continue throughout the year.

In total, through late July, PG&E has hardened 138 miles and remains on track to reinforce infrastructure across 241 miles this year. That follows the 171 miles that were hardened in 2019, which surpassed the company’s target of 150 miles last year.

System hardening is just one small slice of the comprehensive work being done as part of PG&E’s Community Wildfire Safety Program, which includes doing more work to keep trees away from power lines, adding high-definition cameras and weather stations to provide more detailed real-time information on conditions and adding microgrids that will be able to provide temporary power when and where needed.

For more information on PG&E’s wildfire mitigations and efforts to reduce the impacts of PSPS events, please visit pge.com/wildfiresafety.

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, please visit pge.com and pge.com/news.

Forward-Looking Statements

This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company, including but not limited to statements regarding PG&E’s plans to harden its electric system over the next several years and its Community Wildfire Safety Program. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and Pacific Gas and Electric Company’s joint Annual Report on Form 10-K for the year ended December 31, 2019, their joint Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company that commenced on January 29, 2019. PG&E Corporation and Pacific Gas and Electric Company undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

MEDIA RELATIONS:
415-973-5930

LONDON--(BUSINESS WIRE)--#GlobalInspectionRobotsMarket--Technavio has been monitoring the inspection robots market and it is poised to grow by USD 3.72 billion during 2020-2024, progressing at a CAGR of almost 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions-

• Based on the segmentation by end-user, which is the leading segment in the market?
• The oil and gas industry is expected to be the leading segment.

• At what rate is the market projected to grow?
• Growing at a CAGR of almost 19%, the incremental growth of the market is anticipated to be USD 3.72 billion during the same.

• Who are the top players in the market?
• Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants.

• What are the key market drivers and challenges?
• Benefits of robotic inspection and integration of IoT and AI to optimize inspection operations are the major factors driving the market. However, the high cost associated with SBH solutions restraints the market growth.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants. The benefits of robotic inspection will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Inspection Robots Market 2020-2024: Segmentation

Inspection Robots Market is segmented as below:

• End-user
  • Oil And Gas
  • Petrochemicals
  • Food and Beverages
  • Others
• Type
  • ROVs
  • Autonomous Robots
• Geographic Landscape
  • APAC
  • Europe
  • MEA
  • North America
  • South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40023

Inspection Robots Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The inspection robots market report covers the following areas:

• Inspection Robots Market Size
• Inspection Robots Market Trends
• Inspection Robots Market Analysis

This study identifies the integration of IoT and AI to optimize inspection operations as one of the prime reasons driving the inspection robots market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Inspection Robots Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist inspection robots market growth during the next five years
• Estimation of the inspection robots market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the inspection robots market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of inspection robots market vendors

Table of Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

• 2.1 Preface
• 2.2 Preface
• 2.3 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Value chain analysis
• Market characteristics
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market Outlook
• Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

PART 06: MARKET SEGMENTATION BY TYPE

• Market segmentation by type
• Comparison by type
• ROVs - Market size and forecast 2019-2024
• Autonomous robots - Market size and forecast 2019-2024
• Market opportunity by type

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY END-USER

• Market segmentation by end-user
• Comparison by end-user
• Oil and gas - Market size and forecast 2019-2024
• Petrochemicals - Market size and forecast 2019-2024
• Food and beverages - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by end-user

PART 09: GEOGRAPHIC LANDSCAPE

• Geographic segmentation
• Geographic comparison
• Europe - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity

PART 10: DECISION FRAMEWORK

PART 11: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 12: MARKET TRENDS

• Advances in robotic inspection
• Integration of IoT and AI to optimize inspection operations
• Advances in mobile robots

PART 13: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 14: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Cognex Corp.
• Eddyfi NDT, Inc.
• Ensign-Bickford Industries Inc.
• FARO Technologies Inc.
• General Electric Co.
• Groupe Gorgé
• IPG Photonics Corp.
• MISTRAS Group Inc.
• TechnipFMC Plc
• Teradyne Inc.

PART 15: APPENDIX

• Research methodology
• List of abbreviations
• Definition of market positioning of vendors

PART 16: EXPLORE TECHNAVIO

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Expands Capabilities in Multi-Domain ISR and Integrated c-UAS Systems and Solutions

ARLINGTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI) announced today it has acquired Ascent Vision Technologies, LLC (AVT), a leading provider of technology and solutions that support multi-domain intelligence, surveillance, and reconnaissance (ISR), unmanned aircraft system (UAS), air defense, and counter-unmanned aircraft system (c-UAS) operations.

AVT provides low size, weight, power and cost (SWAP-C) electro-optical, infrared (EO/IR) imaging systems designed for airborne, ground, and maritime platforms, delivering effective ISR and target acquisition capabilities for day and night operations.

This proprietary imaging technology is utilized in AVT’s X-MADIS system, an on-the-move, mobile and fixed site, c-UAS solution that detects, locates, tracks, identifies, and defeats UAS threats. X-MADIS integrates radar, AVT’s gyro-stabilized optical sensors, and non-kinetic electronic warfare capabilities to provide a comprehensive solution to combating the threat of hostile UAS and near-peer airborne threats. X-MADIS can also provide ground and surface surveillance, counter-IED, hostile fire location, and integrated kinetic capabilities. In addition, AVTs gyro-stabilized optics, c-UAS Software Suite and Graphical User Interface are key components integrated into the USMC MADIS family of systems.

The combining of AVT’s EO/IR and X-MADIS technologies with CACI’s signals intelligence, electronic warfare, and CORIAN capabilities will deliver continued differentiation to customers. Our open-source, system-of-systems architectures provides interoperability and speeds new capabilities to customers in the defense and security markets. AVT adds to CACI’s U.S. Army and Navy presence with the U.S. Air Force and Marine Corps, as well as international customers.

Dr. J.P. (Jack) London, CACI Executive Chairman and Chairman of the Board, noted, “CACI has an outstanding track record of successful acquisitions that deliver distinctive benefits for our customers and employees while providing long-term value to our shareholders. The cultures of CACI and AVT are aligned with an unwavering commitment to integrity, ethics, and innovation.”

According to John Mengucci, CACI President and Chief Executive Officer, “The combination of CACI and AVT brings unique advantages to our defense and national security customers with critical ISR and c-UAS missions. Their accomplished leadership team, led by founder and CEO Tim Sheehy, and highly skilled technical employee population drives a unique culture of agile innovation and differentiated performance. The synergies between AVT and CACI’s offerings establish unapparelled technologies and capabilities in this growing area of ISR and c-UAS within CACI’s business. We welcome the talented and mission-focused AVT employees to CACI.”

SheppardMullin served as CACI’s legal advisor in connection with the transaction. Jefferies LLC served as exclusive financial advisor to Ascent Vision Technologies and Holland & Hart LLP served as legal advisor in connection with the transaction.

CACI’s 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.

There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.

CACI-Company News

Corporate Communications and Media:
Jody Brown, Executive Vice President, Public Relations
(703) 841-7801, This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:
Daniel Leckburg, Senior Vice President, Investor Relations
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2020 Citi One-on-One Midstream / Energy Infrastructure Virtual Conference. The conference is being held August 12th and 13th.

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

Project to bring 300 megawatts of clean energy and jobs to the community, in collaboration with GRID Alternatives, the community college and other local job training programs

PUEBLO, Colo.--(BUSINESS WIRE)--#cleanenergy--In September 2019, Xcel Energy and Lightsource bp announced that they had signed a long-term power contract for a new solar power facility in Pueblo, Colorado. One of the largest solar infrastructure projects in the state, the 300 megawatt Bighorn Solar project is being developed and financed by Lightsource bp, who will be the long-term owner and operator.

McCarthy to begin construction this fall

McCarthy Building Companies’ Renewable Energy & Storage team was named by Lightsource bp as the Engineer, Procure, and Construction (EPC) Contractor for the Bighorn Solar project, which will include the installation of nearly 750,000 Canadian Solar crystalline solar panels and NEXTracker single-axis trackers. The project is primarily located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property in Pueblo, making it the largest on-site solar facility dedicated to a single customer in the country. Xcel Energy, as the electrical provider for the steel mill, will purchase the electricity wholesale from Lightsource bp to sell to EVRAZ Rocky Mountain Steel, providing cost effective and predictable electricity rates that are helping ensure that the steel mill that employs 1,000 local workers is able to remain in Pueblo as well as expand their operations.

Local job and training opportunities

In addition to the local economic benefits that Bighorn Solar is bringing to Pueblo through its contribution to the economics of the steel mill and its new expansion, the project will create approximately 300 direct jobs on site, the majority of which will be hired from the local community, for the 12-14 month construction period beginning this fall. Bighorn Solar is expected to complete in late 2021.

Area residents interested in working on the Bighorn Solar project should visit www.McCarthy.com/careers/search, and enter “solar” to find job postings for positions ranging from entry level to experienced, including laborer, operator, crew lead, electrician, and journeyman electrician.

To train entry level laborers and craft workers new to the growing solar industry, McCarthy is implementing principles of Training Within Industry (TWI), a program originally developed by United States Department of War in the 1940s to help re-train workers quickly and reliably on moderately complex tasks. Through its TWI solar program, McCarthy applies its "Learn. Perform. Repeat” methodology and offers highly effective and efficient training to workers with little or no experience in solar installations. By deploying TWI and lean construction principles on solar projects from coast to coast, McCarthy is overcoming the biggest challenge faced by the construction industry today and successfully training its craft workforce.

Making solar jobs accessible to community members most in need

Lightsource bp is a corporate sponsor of GRID Alternatives, a national non-profit making renewable energy technology and job training accessible to low-income communities and communities of color. Through this partnership, Lightsource bp is sponsoring economic development programs in the state of Colorado, including a free solar training program for un- and underemployed workers in Pueblo. While the primary goal of the program is to train participants for the solar industry, graduates leave with valuable experiences that are transferable to the general construction, electrical, and mechanical trades. Lightsource bp is also a sponsor of an upcoming event with GRID Alternatives in Pueblo that highlights the installation of a community solar project benefitting low-income residents.

McCarthy looks forward to supporting Lightsource bp's partnership with GRID Alternatives and plans use their training program to assist with identifying local workers for the Bighorn Solar project construction.

Media contact: Mary Grikas at This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) today announced that it will participate in the Citi 2020 One-on-One Midstream/Energy Infrastructure Virtual Conference on August 12 and 13, 2020. Members of NGL’s management team will be participating in a series of virtual meetings with members of the investment community.

NGL’s slide presentation referenced at the Conference is available on NGL’s website at www.nglenergypartners.com on the “Presentations” sub-tab under the “Investor Relations” section.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

Trey Karlovich, 918-481-1119
Executive Vice President and Chief Financial Officer
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or
Linda Bridges, 918-481-1119
Senior Vice President – Finance and Treasurer
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Technology Ventures Team Identifies Zap Energy

HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced a Series A investment in Zap Energy Inc., a Seattle-based start-up company developing a next-generation modular nuclear reactor with an innovative approach to advancing cost-effective, flexible, and commercially scalable fusion.

Chevron Technology Ventures’ investment in fusion is an opportunity to enhance the company’s focus on a diverse portfolio of low-carbon energy resources with the capacity to provide communities across the globe access to affordable, reliable, and ever-cleaner energy.

Conventional nuclear power uses nuclear fission which involves the splitting of a large unstable nucleus into smaller elements and generates long-lived radioactive waste. Nuclear fusion occurs when nuclei of lightweight elements (typically hydrogen) collide with enough force to fuse and form a heavier element – a process that releases substantial amounts of energy with no greenhouse gas emissions and limited long-lived radioactive waste.

Founded in 2018, Zap Energy’s technology stabilizes plasma using sheared flows to confine and compress the plasma.

“We see fusion technology as a promising low-carbon future energy source,” said Barbara Burger, president of Chevron Technology Ventures. “Our Future Energy Fund investment in Zap Energy adds to Chevron’s portfolio of companies we believe are likely to have a role in the energy transition.”

This investment marks the 10th investment by Chevron’s Future Energy Fund, which was launched in 2018 to explore breakthrough technologies that enable macro decarbonization, the mobility-energy nexus, and energy decentralization.

“Our Future Energy Fund investments provide us with strategic insight into power generation markets and potentially disruptive impacts of innovative approaches, like fusion, geothermal, wind, and solar, on the conventional power value chain,” said Burger.

Zap Energy will use the funds raised in this round to continue technology development and grow their development team.

About Chevron Technology Ventures

Chevron Technology Ventures (CTV) pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.

NOTICE

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Noble Energy, Inc.; the ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the transaction; the company's other future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Mary Murrin, This email address is being protected from spambots. You need JavaScript enabled to view it., +1 713-372-0105

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise announced the launch of an open-end fund, Ecofin Global Renewables Infrastructure Fund (ECOIX), built to capitalize on the energy transition underway to reduce global CO₂ emissions. The fund carries a strong performance track record of nearly five years*, has a AAA MSCI ESG rating (as of August 7, 2020) and is available to U.S. retail and institutional investors through its institutional class shares.

“Our competitive advantage is the investment team experience and we have a track record managing this strategy for nearly five years, delivering double-digit annualized returns with lower risk than the market, while providing a measurable decarbonization impact,” said Michel Sznajer, Portfolio Manager. “This strategy is focused specifically on the rapidly growing migration into renewable and related clean electricity infrastructure as renewables are now the lowest-cost option for new-build electricity capacity in most markets in the world.” Please click here for the fund's standardized performance and beta.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-822-3863.

“Our team has been focused on and investing across the energy transition universe for over a decade,” said Matt Breidert, Senior Portfolio Manager. “We are at the start of a long shift towards clean electricity growing its share within the global energy mix, driven by consumer changes in transportation (electric vehicles), digitization and electrification in commerce, demand from multi-national corporates requiring reduced carbon footprints in their global supply chains, and soon supplying zero-carbon electricity to kick-off the green hydrogen industry. This strategy offers investors an opportunity to capitalize on all of these structural shifts.”

Key reasons to invest:

• Access to the fast-growing decarbonization theme
• Track record for nearly five years of strong performance with lower risk than the market
• Measurable impact on emissions reductions; highest AAA ESG rating from MSCI (as of August 7, 2020)

“At Ecofin, our mission is to identify global challenges in need of capital and create investment strategies that optimize returns to investors and maximize the measurable impact to society,” said Brent Newcomb, President - Ecofin. “Universally, we believe investors are materially underweight climate change and renewables, including the technology driving renewable adoption. Bringing this type of product to U.S. investors was part of our strategic plan when Tortoise acquired Ecofin Limited in 2018.”

To learn more about ECOIX visit ecofininvest.com/ecoix.

About Ecofin

Ecofin unites ecology and finance and has roots back to the early 1990s. Our mission is to generate strong risk-adjusted returns and measurable impacts. We invest in essential assets and services that contribute to more sustainable human ecosystems and communities. We are socially-minded, ESG-attentive investors, successfully harnessing years of expertise investing in social impact, sustainable infrastructure, energy transition and clean water & environment. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy and water, education, healthcare and sustainable communities. For additional information, please visit ecofininvest.com.

*The Ecofin Global Renewables Infrastructure Fund (the Fund) is a newly registered mutual fund and does not have a full calendar year of performance as a mutual fund. Prior performance shown above is for the Ecofin Global Renewables Infrastructure Fund Limited, established in November 2015 (which later changed its name to the Tortoise Global Renewables Infrastructure Fund Limited in May 2019), (the “Predecessor Fund”), an unregistered Cayman Islands limited liability company. The Predecessor Fund was reorganized into the Fund by transferring substantially all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on August 7, 2020, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund. The Sub-Adviser served as the investment adviser to the Predecessor Fund and will be responsible for the portfolio management and trading for the Fund. Each of the Fund’s portfolio managers was a portfolio manager of the Predecessor Fund at the time of the Reorganization. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.

Before investing in the fund, investors should consider their investment goals, time horizons and risk tolerance. The fund’s investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 855-822-3863 or visiting www.ecofininvest.com. Read it carefully before investing.

Investing involves risks. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy infrastructure and renewable energy infrastructure may involve greater risk and volatility than less concentrated investments. If for any taxable year the Fund fails to qualify as a RIC, the Fund’s taxable income will be subject to federal income tax at regular corporate rates. The resulting increase to the Fund’s expenses will reduce its performance and its income available for distribution to shareholders. Investments in foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. These risks are greater for investments in emerging markets. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The fund may also invest in derivatives including options, futures and swap agreements, which can be highly volatile, illiquid and difficult to value, and changes in the value of a derivative held by the fund may not correlate with the underlying instrument or the fund’s other investments and can include additional risks such as liquidity risk, leverage risk and counterparty risk that are possibly greater than risks associated with investing directly in the underlying investments.

Tortoise Capital Advisors, L.L.C. is the adviser to the Fund and Ecofin Advisors Limited is the sub-adviser. Primary responsibility for the day-to-day management of the Fund’s portfolio is the joint responsibility of Matthew Breidert and Michel Sznajer, both of the Sub-Adviser. Mr. Breidert is a Senior Portfolio Manager of the Sub- Adviser. Mr. Sznajer is a Portfolio Manager of the Sub-Adviser. Each portfolio manager has managed the Fund since its inception in July 2020. Mr. Breidert and Mr. Sznajer were portfolio managers of the Predecessor Fund since its inception in 2015 and since joining the firm in 2016, respectively.

The MSCI ESG rating represents the aggregate ranking of the Fund’s holdings as of 8/7/2020. Certain information ^©2020 MSCI ESG Research LLC. Reproduced by permission; no further distribution.

MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics and Ratings (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 31,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. The MSCI ESG Fund Ratings is designed to assess the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks.

• AAA, AA: Leader- The companies that the fund invests in tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.
• A, BB, BB: Average- The fund invests in companies that tend to show average management of ESG issues, or in a mix of companies with both above-average and below-average ESG risk management.
• B, CCC: Laggard- The fund is exposed to companies that do not demonstrate adequate management of the ESG risks that they face or show worsening management of these issues. These companies may be more vulnerable to disruptions arising from ESG events.

The Fund ESG Rating is calculated as a direct mapping of “Fund ESG Quality Score” to letter rating categories.

• 8.6- 10: AAA
• 7.1- 8.6: AA
• 5.7- 7.1: A
• 4.3- 5.7: BBB
• 2.9- 4.3: BB
• 1.4- 2.9: B
• 0.0- 1.4: CCC

The “Fund ESG Quality Score” assesses the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks, based on a granular breakdown of each issuer’s business: its core product or business segments, the locations of its assets or revenues, and other relevant measures such as outsourced production. The “Fund ESG Quality Score” is provided on a 0-10 score, with 0 and 10 being the respective lowest and highest possible fund scores.

The “Fund ESG Quality Score” is assessed using the underlying holding’s “Overall ESG Scores”, “Overall ESG Ratings”, and “Overall ESG Rating Trends”. It is calculated in a series of 3 steps.

Step 1: Calculate the “Fund Weighted Average ESG Score” of the underlying holding’s “Overall ESG Scores”. The Overall ESG Scores represent either the ESG Ratings Final Industry-Adjusted Score or Government Adjusted ESG Score of the issuer. Methodology for the issuer level scores are available in the MSCI ESG Ratings Methodology document.

Step 2: Calculate adjustment % based on fund exposure to “Fund ESG Laggards ()”, “Fund ESG Trend Negative ()”, and “Fund ESG Trend Positive (%)”.

Step 3: Multiply the “Fund Weighted Average ESG Score” by (1 + Adjustment %).

For more information please visit https://www.msci.com/esg-fund-ratings.

Quasar Distributors, LLC, distributor

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.

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 fund and its adviser and sub-adviser 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 is adviser and sub-adviser do not assume a duty to update this forward-looking statement.

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

LEAWOOD, KS--(BUSINESS WIRE)--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 July 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 July 31, 2020.

About Tortoise Essential Assets Income Term Fund

TEAF is managed with a long-term focus on essential assets through public and direct investments across social infrastructure, sustainable infrastructure and energy infrastructure. These assets tend to be uncorrelated assets that have attractive potential for high total return with an emphasis on current income as well as a relatively inelastic demand profile.

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. For additional information, please visit tortoiseadvisors.com.

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

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.

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund 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 fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

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

At-market, all-stock, in-basin acquisition delivers step change in free cash flow, captures synergies and is accretive to all key financial metrics

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) and Montage Resources Corporation (NYSE: MR) today announced that they have entered into a definitive merger agreement under which Southwestern Energy will acquire Montage Resources in an all-stock transaction. Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions, including the approval of the Montage Resources shareholders.

Highlights include:

• Represents a step change in free cash flow; approximately $100 million annual free cash flow beginning in 2021 based on current strip pricing;
• Accretive to per share financial metrics as well as leverage, margin and returns;
• Anticipated synergies of approximately $30 million in annual G&A savings captured following the transaction close, in addition to operational efficiencies;
• Maintains peer leading maturity runway and strong balance sheet;
• Combined company will be the third largest producer in Appalachia, expected total equivalent production of approximately 3 Bcfe per day; and
• Enhances economic inventory, with investment opportunities in proven, high-return Marcellus super rich and core Utica dry gas windows.

“This is an exciting step for Southwestern as we expand our Appalachia footprint with the high-quality assets of Montage. As we have consistently stated, we are firm believers in the benefits of value-creating consolidation. This transaction further solidifies the Company’s position as a premier Appalachia operator and provides additional scale and synergies strengthened by our leading operational execution. Consistent with our strategy, this transaction is expected to deliver increased free cash flow, improved returns and long-term value to shareholders,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

Way continued, “This acquisition is expected to deliver on all criteria of an accretive, value-adding transaction for the shareholders of both Southwestern Energy and Montage Resources. Southwestern Energy has consistently and methodically taken steps to enhance its resilience over the last few years, and this transaction solidifies that path and delivers on the commitment to responsibly manage the balance sheet and return to free cash flow.”

John Reinhart, President and CEO of Montage Resources, commented, “This transaction creates a compelling opportunity for both Southwestern Energy and Montage Resources shareholders to benefit from the strength of the consolidated company. The combination creates a Company of substantial scale with capabilities to enhance cash flow generation and a strong balance sheet that provides opportunities for enhanced shareholder value creation. We appreciate all of the great work by Montage employees in forming a very attractive business that will continue to build upon the success of Southwestern Energy.”

Concurrently, Southwestern also commenced a registered underwritten public offering of 55,000,000 shares of its common stock, with the proceeds expected to be used to retire a portion of Montage Resources’ 8.875% Senior Notes due 2023. The remaining portion of the Montage notes outstanding have the potential to be refinanced opportunistically.

This transaction delivers on the key strategic objectives that Southwestern Energy has been targeting:

• No premium transaction
• Enhances free cash flow
• Improves leverage ratio
• Capture of tangible synergies
• In-basin assets where technical and operating expertise can be leveraged
• High-quality inventory included in go forward development plans
• Retains peer leading maturity runway

Certain key metrics of the new combined enterprise are shown below.

Advisors

Citi and Goldman Sachs & Co. LLC are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Southwestern. Barclays is acting as financial advisor and Norton Rose Fulbright LLP is acting as legal advisor to Montage Resources. Vinson & Elkins LLP is acting as legal advisor to EnCap Investments, L.P.

Conference Call

Southwestern Energy will host a conference call today at 10:00 a.m. Central to discuss this transaction. To participate, dial US toll-free 877-879-1183, or international 412-902-6703 and enter access code 1383175. A live webcast will also be available at ir.swn.com.

About Southwestern Energy

Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.

About Montage Resources

Montage Resources is an exploration and production company with approximately 195,000 net effective core undeveloped acres currently focused on the Utica and Marcellus Shales of Southeast Ohio, West Virginia and North Central Pennsylvania.

Forward Looking Statement

Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “are likely” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Examples of forward-looking statements in this release include, but are not limited to, statements regarding expected generation of free cash flow, benefits to the combined company’s financial metrics, anticipated synergies, expected production, the expected closing of the merger and the proposed retirement of Montage’s senior notes with proceeds from the announced equity offering. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained in this presentation are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 pandemic; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from recent acquisitions and the Proposed Transaction (defined below) between the Company and Montage Resources Corporation ("Montage"); our ability to enter into an amendment to our credit agreement to permit the assumption of the senior notes of Montage in the merger; the consummation of or failure to consummate the Proposed Transaction and the timing thereof; costs in connection with the Proposed Transaction; integration of operations and results subsequent to the Proposed Transaction; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Use of Non-GAAP Information

This news release contains non-GAAP financial measures, such as net cash flow, free cash flow, net debt and adjusted EBITDA, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. Please see the Appendix for definitions of the non-GAAP financial measures that are based on reconcilable historical information.

Additional Information and Where To Find It

In connection with the proposed acquisition by the Company of Montage (the “Proposed Transaction”), the Company will file with the SEC a registration statement on Form S-4 to register the shares of the Company’s common stock to be issued in connection with the Proposed Transaction. The registration statement will include a document that serves as a prospectus of the Company and a proxy statement of Montage (the “proxy statement/prospectus”), and each party will file other documents regarding the Proposed Transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND MONTAGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, MONTAGE, THE PROPOSED TRANSACTION AND RELATED MATTERS. A definitive proxy statement/prospectus will be sent to Montage’s stockholders when it becomes available. Investors and security holders will be able to obtain copies of the registration statement and the proxy statement/prospectus and other documents containing important information about the Company and Montage free of charge from the SEC’s website or from the Company or Montage when it becomes available. The documents filed by the Company with the SEC may be obtained free of charge at the Company’s website at www.swn.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from the Company by requesting them by mail at Investor Relations, 10000 Energy Drive, Spring, Texas 77389, or by telephone at (832) 796-4068. The documents filed by Montage with the SEC may be obtained free of charge at Montage’s website at www.montageresources.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Montage by requesting them by mail at Investor Relations, 122 W. John Carpenter Fwy, Suite 300, Irving, TX 75039, or by telephone at (469) 444-1736.

Participants in the Solicitation

The Company, Montage and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Montage’s stockholders with respect to the Proposed Transaction. Information about the Company’s directors and executive officers is available in the Company’s Annual Report on Form 10-K for the fiscal year ended 2019 filed with the SEC on February 27, 2020 and its definitive proxy statement for the 2020 annual meeting of shareholders filed with the SEC on April 9, 2020. Information concerning the ownership of Montage’s securities by Montage’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information regarding the names, affiliations and interests of such individuals is available in Montage’s Annual Report on Form 10-K for the fiscal year ended 2019 filed with the SEC on March 10, 2020 and its definitive proxy statement for the 2020 annual meeting of shareholders filed with the SEC on April 28, 2020. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement, the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Stockholders, potential investors and other readers should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.

Registration Statement

The Company has filed a registration statement (including a prospectus and the related Preliminary Prospectus Supplement) with the SEC for the offering of common stock to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the Preliminary Prospectus Supplement and any other documents the Company has filed with the SEC for more complete information about the Company and the offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-800-831-9146.

Explanation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results, the results of its peers and of prior periods.

Non-GAAP financial measures the Company may present from time to time are net debt, net cash flow, free cash flow and adjusted EBITDA, which excludes certain charges or amounts. Net debt is defined as short-term debt plus long-term debt less cash and cash equivalents. Adjusted EBITDA is defined as net income (loss) plus interest, income tax expense (benefit), depreciation, depletion and amortization, expenses associated with the restructuring charges, impairments, legal settlements and gains (losses) on unsettled derivatives less gains (losses) on sale of assets and gains on early extinguishment of debt over the prior 12 month period. Net cash flow is defined as cash flow from operating activities before changes in operating assets and liabilities. Free cash flow is defined as net cash flow less accrual based capital expenditures, and estimated free cash flow for future periods is based on strip pricing as of July 30, 2020. The Company has included information concerning Net debt / Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry. Net debt / Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of the Company’s profitability or liquidity. Net debt / Adjusted EBITDA, as defined above, may not be comparable to similarly titled measures of other companies. Management presents these measures because (i) they are consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP.

The Company does not provide a reconciliation to estimated free cash flow because the Company does not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including, but not limited to capital expenditures, production and realized prices for production. These items are inherently uncertain and depend on various factors, many of which are beyond its control. As such, any associated estimate and its impact on GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.

Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Bernadette Butler
Investor Relations Advisor
(832) 796-6079
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