Business Wire | Page 1614

: Business Wire; Posted On Aug 08, 2020

Global Market for Nanomaterials in Batteries and Supercapacitors to 2030 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "The Global Market for Nanomaterials in Batteries and Supercapacitors" report has been added to ResearchAndMarkets.com's offering.

With global energy demands ever-increasing, allied to efforts to reduce the use of fossil fuel and eliminate air pollutions, it is now essential to provide efficient, cost-effective, and environmentally friendly energy storage devices. The growing market for smart grid networks, electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) is also driving the market for improving the energy density of rechargeable batteries.

Rechargeable battery technologies (such as Li-ion, Li-S, Na-ion, Li-O2 batteries) and supercapacitors are among the most promising power storage and supply systems in terms of their widespread applicability, and tremendous potential owing to their high energy and power densities. LIBs are currently the dominant mobile power sources for portable electronic devices used in cell phones and laptops.

Although great advances have been made, each type of battery still suffers from problems that seriously hinder the practical applications for example in commercial EVs and PHEVs. The performance of these devices is inherently tied to the properties of materials used to build them. Nanotechnology and nanomaterials will play an important role in all aspects of the energy sector:

Lithium-ion batteries have shown great promise in portable electronics and electric vehicles due to their long lifespan and high safety. However, hurdles relating to the sluggish dynamics and poor cycling stability restrict the practical application. Nanostructured materials, due to their significantly decreased particles size, are thought to effectively address these issues.

Advantages of nanomaterials include:

Nanoscale shortens lithium-ion diffusion length.
New reactions at nanoscale are not possible with bulk materials.
Nanoscale combining with electronic conductive coating improves electronic transport.
Decreased mechanical stresses due to volume change lead to increased cyclability and lifetime.
Nanoscale enhances the electrode capability of Li storage.
Ordered mesoporous structure favours both Li storage and fast electrode kinetic.
Nano-structure enhances cycle stability.

Nanomaterials are also finding application in Lithium-sulfur (Li-S) batteries, sodium-ion batteries, lithium-air batteries, Magnesium batteries and paper, flexible and stretchable batteries. Nanomaterials, especially carbon nanomaterials, have been widely investigated as effective electrodes in supercapacitors due to their high specific surface area, excellent electrical and mechanical properties.

Applications of nanomaterials in batteries and supercapacitors include:

Electrodes in batteries and capacitors.
Anodes, cathodes and electrolytes in Li-ion (LIB) batteries.
Inks printable batteries and supercapacitors.
LIB cathodes.
Anode coatings to prevent corrosion.
Nanofiber-based polymeric battery separators.
Biodegradable green batteries.

Report contents include:

Battery and supercapacitor market megatrends and market drivers.
Types of nanomaterials utilized in batteries and supercapacitors.
Global market for in tons, historical and forecast to 2030, by nanomaterials types
Markets for nanomaterials in batteries and supercapacitors including electric vehicles, UAVs, medical wearables, consumer wearables and electronics.
Over 150 in-depth company profiles.

Key Topics Covered:

1 EXECUTIVE SUMMARY

2 NANOMATERIALS IN BATTERIES

2.1 Battery market megatrends

2.1.1 Electrification of transport

2.1.2 Reducing dependence on lithium and other materials (e.g. cobalt).

2.1.3 Growth in demand for thin and flexible batteries, energy harvesting wearable devices and smart textiles

2.1.4 Development of next-generation flexible electronics

2.1.5 Development of next-generation flexible electronics

2.1.6 Improving the energy density of rechargeable batteries

2.1.7 Growing market for electricity grid for renewable generation, smart grids and distributed energy resources; portable electronics; electric vehicles (EVs); and plug-in hybrid electric vehicles (PHEVs)

2.1.8 Demand from wearable healthcare devices

2.2 Nanomaterials in Li-ion batteries

2.3 Nanomaterials in Lithium-sulfur (Li-S) batteries

2.4 Nanomaterials in Sodium-ion batteries

2.5 Nanomaterials in Lithium-air batteries

2.6 Nanomaterials in Magnesium batteries

2.7 Graphene

2.7.1 Market overview

2.7.2 Applications

2.7.3 Global market in tons, historical and forecast

2.7.4 Product developers

2.8 Carbon nanotubes

2.8.1 Market overview

2.8.1.1 MWCNTs

2.8.1.2 SWCNTs

2.8.1.3 Carbon nano-onions (CNOs) or onion-like carbon (OLC),

2.8.1.4 BNNTs

2.8.2 Applications

2.8.3 Global market in tons, historical and forecast

2.8.4 Product developers

2.9 Fullerenes

2.1: Graphene Quantum Dots

2.1: Other nanomaterials

2.11.1: Carbon nanofibers

2.11.2: Lithium nanoparticles

2.11.3: Cobalt oxide nanoparticles

2.11.4: Bismuth oxide nanoparticles

2.11.5: Indium oxide nanoparticles

2.11.6: Manganese oxide nanoparticles

2.11.7: Zirconium oxide nanoparticles

2.11.8: Silicon nanowires

2.11.9: Quantum dots

2.11.1: Cellulose nanofibers

2.11.10.1 Li-ion battery separators

2.11.10.2 Additives for paper batteries

2.11.1: Cellulose nanocrystals

2.11.11.1 Flexible batteries

2.11.1: Molybdenum disulfide

3 NANOMATERIALS IN SUPERCAPACITORS

3.1 Supercapacitors market megatrends

3.2 Graphene

3.3 Carbon nanotubes

3.4 Nanodiamonds

4 COMPANY PROFILES

5 RESEARCH METHODOLOGY

6 REFERENCES

Companies Mentioned

Ashai Kasei
DKS Co. Ltd
MEIJO
Nawa
Ray-Techniques Ltd
Skeleton Technologies
US Forest Service
ZapGo Ltd

For more information about this report visit https://www.researchandmarkets.com/r/vpe9w0

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

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: Business Wire; Posted On Aug 07, 2020

CAI International, Inc. Reports Results for the Second Quarter of 2020 and Declares Quarterly Dividend

SAN FRANCISCO--(BUSINESS WIRE)--CAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today reported results for the second quarter of 2020.

Summary

Net loss attributable to CAI common stockholders for the second quarter of 2020 was $2.8 million, or $0.16 per fully diluted share, primarily due to intangible asset write-offs as a result of accounting for the logistics business as a discontinued operation.
Net income from continuing operations attributable to CAI common stockholders for the second quarter of 2020 was $13.7 million, or $0.78 per fully diluted share.
Container lease revenue for the second quarter of 2020 was $69.4 million, compared to $69.1 million in the first quarter of 2020.
CAI’s Board of Directors declared the Company’s first quarterly cash dividend of $0.25 per common share payable on September 25, 2020 to shareholders of record as of September 11, 2020.
The Company is currently experiencing strong demand from a number of customers for new container leases. Container costs are stable and lease returns are attractive.
Average utilization for CAI’s owned container fleet during the second quarter of 2020 was 98.0%, compared to 98.4% for the first quarter of 2020. Current utilization is 98.2%.
In early July 2020, the Company entered into an interest rate swap fixing $500 million of its variable rate debt. Approximately 77% of the Company’s debt is now fixed rate.
The Company has approximately $180 million of liquidity in the form of available cash on hand and ability to draw on its credit facilities without additional collateral being provided.
As previously announced, on June 15, 2020, CAI terminated its formal strategic alternatives review process. The Company is committed to focusing solely on the container business and is actively pursuing its strategy to divest of non-core businesses.
CAI’s Board of Directors has adopted formal stock ownership guidelines for its non-executive directors.

Additional information on CAI's results, as well as comments on market trends, is available in a presentation posted today on the "Investors" section of CAI's website, www.capps.com.

Timothy Page, Interim President and Chief Executive Officer of CAI, commented, “We are very pleased with our results during the second quarter. Net income from continuing operations attributable to CAI common stockholders was $13.7 million, or $0.78 per fully diluted share. The quarter began with a great deal of uncertainty as we were in the depths of the COVID-19 global pandemic. As the quarter progressed, markets began to stabilize, liquidity returned and expectations for recovery improved. The global container shipping industry right sized fleets, rationalized pricing and moved to profitability. Consequently, the Company did not experience any meaningful payment delays or credit issues and we have been generating strong free cash flow. As we have entered the third quarter, utilization is increasing, and we are experiencing strong demand from our customers for both depot and new equipment.

“During the first half of 2020, we saw limited customer demand for leased containers. Consequently, the Company took delivery of only $41 million, or 30,000 TEU, of containers in the first two quarters of 2020. However, demand has been particularly strong since mid-June and we have commitments from customers to lease approximately 70,000 TEU of containers, all of which we expect to be picked up before the end of the third quarter. Additionally, we have lease commitments for approximately 50,000 TEU of containers for delivery in the fourth quarter of 2020. All of these transactions have attractive returns associated with them. As a result of this strong customer demand, we expect our core container business to generate increasing net income in the coming quarters.

“CAI’s operating performance during the quarter was supported by the strong 98.0% utilization of our owned container fleet. Utilization increased towards the end of June and currently stands at 98.2%. We expect a continuation in the trend of increasing utilization in the coming months as global demand increases. Our continuing strong performance in utilization reflects the long-term nature of our contracts, tight redelivery restrictions and ongoing fleet management, all of which underscore the long-term committed nature of our cash flow.

“Our average cash interest rate in the second quarter was 2.88%. In early July we completed an interest rate hedging transaction swapping one month LIBOR for a fixed rate of 0.29% on $500 million of our floating rate debt for a term of five years. Approximately 77% of the Company’s debt is now fixed rate. Going forward, we plan to maintain fixed rate debt between 75% and 85% of our total debt.

“During the second quarter, we terminated our previously announced strategic review process and made a decision to focus on our container business and divest our non-core businesses. We have accounted for the logistics business in the second quarter as a discontinued operation. Under accounting rules for discontinued operations, the logistics business reported a net loss for the quarter of $16.6 million, or $0.94 per fully diluted share, primarily due to the non-cash impairment of goodwill and intangible assets arising from the reclassification of logistics assets as assets held for sale. We are pleased to report that we are engaged in advanced discussions with a potential purchaser of our logistics business. We continue to explore disposing of our rail investments in the most beneficial manner for shareholders.

“We also are pleased to announce that we have initiated a program of returning capital to our shareholders through the payment of regular quarterly dividends, the first of which is a dividend of $0.25 per share payable on September 25, 2020 to common shareholders of record as of September 11, 2020.”

Mr. Page concluded, “We are focused on deploying our capital to increase shareholder value, whether that be through regular shareholder dividends, investing in containers during periods when returns are attractive, or share repurchases when container returns don’t meet our investment return thresholds. We believe the actions taken and the decisions we have made during the second quarter will provide the momentum to position CAI to achieve enhanced shareholder returns.”

CAI International, Inc.
Consolidated Balance Sheets
(In thousands, except share information)
(UNAUDITED)

	June 30,			December 31,
	2020			2019
Assets
Current assets
Cash	$	20,159		$	19,870
Cash held by variable interest entities		27,703			26,594
Accounts receivable, net of allowance for doubtful accounts of $3,942 and $7,671
at June 30, 2020 and December 31, 2019, respectively		70,020			72,984
Current portion of net investment in finance leases		75,906			71,274
Prepaid expenses and other current assets		14,880			9,606
Assets held for sale		13,143			37,781
Total current assets		221,811			238,109
Restricted cash		22,188			26,775
Rental equipment, net of accumulated depreciation of $660,418 and $620,990 at June 30, 2020 and December 31, 2019, respectively		1,978,826			2,102,839
Net investment in finance leases		463,251			496,094
Financing receivable		53,821			30,693
Other non-current assets		6,036			7,255
Total assets	$	2,745,933		$	2,901,765

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	4,557		$	4,534
Accrued expenses and other current liabilities		24,365			25,206
Unearned revenue		6,802			6,405
Current portion of debt		251,250			218,094
Rental equipment payable		3,356			25,137
Liabilities held for sale		6,517			8,752
Total current liabilities		296,847			288,128
Debt		1,728,310			1,880,122
Deferred income tax liability		29,161			35,376
Other non-current liabilities		4,148			4,899
Total liabilities		2,058,466			2,208,525

Stockholders' equity
Preferred stock, par value $.0001 per share; authorized 10,000,000
8.50% Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock, issued and outstanding 2,199,610 shares, at liquidation preference		54,990			54,990
8.50% Series B fixed-to-floating rate cumulative redeemable perpetual preferred stock, issued and outstanding 1,955,000 shares, at liquidation preference		48,875			48,875
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 17,553,491 and 17,479,127 shares at June 30, 2020 and December 31, 2019, respectively		2			2
Additional paid-in capital		103,342			102,709
Accumulated other comprehensive loss		(6,666	)		(6,630	)
Retained earnings		486,924			493,294
Total stockholders' equity		687,467			693,240
Total liabilities and stockholders' equity	$	2,745,933		$	2,901,765

CAI International, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(UNAUDITED)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Revenue
Container lease revenue	$	69,443		$	74,286		$	138,556		$	149,797
Rail lease revenue		6,282			6,462			12,085			14,343
Total revenue		75,725			80,748			150,641			164,140

Operating expenses
Depreciation of rental equipment		28,846			29,816			55,894			61,599
Impairment of rental equipment		557			7,323			19,724			7,323
Storage, handling and other expenses		6,474			5,199			12,222			10,319
Gain on sale of rental equipment		(2,108	)		(265	)		(3,722	)		(9,097	)
Administrative expenses		7,389			8,049			15,053			17,223
Total operating expenses		41,158			50,122			99,171			87,367

Operating income		34,567			30,626			51,470			76,773

Other expenses
Net interest expense		17,595			23,209			37,974			47,063
Other (income) expense		(97	)		119			149			157
Total other expenses		17,498			23,328			38,123			47,220

Income before income taxes		17,069			7,298			13,347			29,553
Income tax expense (benefit)		1,113			583			(1,943	)		2,732

Income from continuing operations		15,956			6,715			15,290			26,821
Loss from discontinued operations, net of income taxes		(16,582	)		(1,221	)		(17,246	)		(2,753	)
Net (loss) income		(626	)		5,494			(1,956	)		24,068
Preferred stock dividends		2,207			2,207			4,414			4,414
Net (loss) income attributable to CAI common stockholders	$	(2,833	)	$	3,287		$	(6,370	)	$	19,654

Net income from continuing operations attributable to CAI common shareholders	$	13,749		$	4,508		$	10,876		$	22,407
Net loss from discontinued operations attributable to CAI common shareholders		(16,582	)		(1,221	)		(17,246	)		(2,753	)
Net (loss) income attributable to CAI common stockholders	$	(2,833	)	$	3,287		$	(6,370	)	$	19,654

Net (loss) income per share attributable to CAI common stockholders
Basic
Continuing operations	$	0.79		$	0.26		$	0.62		$	1.24
Discontinued operations		(0.95	)		(0.07	)		(0.99	)		(0.15	)
Total basic	$	(0.16	)	$	0.19		$	(0.37	)	$	1.09
Diluted
Continuing operations	$	0.78		$	0.25		$	0.62		$	1.22
Discontinued operations		(0.94	)		(0.07	)		(0.98	)		(0.15	)
Total diluted	$	(0.16	)	$	0.18		$	(0.36	)	$	1.07

Weighted average shares outstanding
Basic		17,470			17,648			17,451			18,098
Diluted		17,601			17,926			17,641			18,401

CAI International, Inc.
Consolidated Statements of Cash Flows
(In thousands, except per share data)
(UNAUDITED)

	Six Months Ended June 30,
	2020			2019
Cash flows from operating activities
Net (loss) income	$	(1,956	)	$	24,068
Loss from discontinued operations, net of income taxes		(17,246	)		(2,753	)
Income from continuing operations		15,290			26,821
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation		56,299			61,623
Impairment of rental equipment		19,724			7,323
Amortization of debt issuance costs		2,312			2,394
Stock-based compensation expense		801			1,421
Unrealized loss on foreign exchange		63			90
Gain on sale of rental equipment		(3,722	)		(9,097	)
Deferred income taxes		(3,127	)		2,135
Bad debt (recovery) expense		(3,582	)		687
Changes in other operating assets and liabilities:
Accounts receivable		4,441			1,200
Prepaid expenses and other assets		606			(2,114	)
Net investment in finance leases		35,746			32,824
Accounts payable, accrued expenses and other liabilities		(1,146	)		(3,568	)
Unearned revenue		(394	)		(1,862	)
Net cash provided by operating activities of continuing operations		123,311			119,877
Net cash provided by (used in) operating activities of discontinued operations		2,315			(1,984	)
Net cash provided by operating activities		125,626			117,893
Cash flows from investing activities
Purchase of rental equipment		(32,620	)		(231,595	)
Purchase of financing receivable		(30,846	)		(36,379	)
Proceeds from sale of rental equipment		58,467			220,403
Purchase of furniture, fixtures and equipment		(310	)		(136	)
Receipt of principal payments from financing receivable		2,225			973
Net cash used in investing activities of continuing operations		(3,084	)		(46,734	)
Net cash used in investing activities of discontinued operations		(1	)		(114	)
Net cash used in investing activities		(3,085	)		(46,848	)
Cash flows from financing activities
Proceeds from debt		227,000			468,082
Principal payments on debt		(348,331	)		(490,319	)
Debt issuance costs		(25	)		(496	)
Proceeds from issuance of common stock		116			-
Repurchase of common stock		-			(34,118	)
Dividends paid to preferred stockholders		(4,414	)		(4,414	)
Exercise of stock options		113			335
Net cash provided by financing activities of continuing operations		(125,541	)		(60,930	)
Net cash used in financing activities of discontinued operations		-			-
Net cash used in financing activities		(125,541	)		(60,930	)
Effect on cash of foreign currency translation		(189	)		(77	)
Net (decrease) increase in cash and restricted cash		(3,189	)		10,038
Cash and restricted cash at beginning of the period		73,239			75,983
Cash and restricted cash at end of the period	$	70,050		$	86,021

CAI International, Inc.
Fleet Data
(UNAUDITED)

					As of June 30,
					2020		2019

Owned container fleet in TEUs					1,597,898		1,553,231
Managed container fleet in TEUs					63,757		69,805
Total container fleet in TEUs					1,661,655		1,623,036

Owned container fleet in CEUs					1,630,054		1,584,456
Managed container fleet in CEUs					79,643		63,492
Total container fleet in CEUs					1,709,697		1,647,948

Owned railcar fleet in units					5,276		5,631


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Average Utilization
Container fleet utilization in CEUs	98.0	%	98.8	%	98.1	%	98.8	%
Owned container fleet utilization in CEUs	98.0	%	98.8	%	98.2	%	98.8	%
Railcar fleet utilization in units - excluding new units not yet leased	89.6	%	88.1	%	87.3	%	89.3	%
Railcar fleet utilization in units - including new units not yet leased	86.6	%	84.5	%	84.3	%	85.7	%

					As of June 30,
					2020		2019
Period Ending Utilization
Container fleet utilization in CEUs					97.8	%	98.8	%
Owned container fleet utilization in CEUs					97.9	%	98.8	%
Railcar fleet utilization in units - excluding new units not yet leased					88.3	%	85.9	%
Railcar fleet utilization in units - including new units not yet leased					85.3	%	82.4	%

Utilization of containers is computed by dividing the total units on lease in CEUs (cost equivalent units), by the total units in our fleet in CEUs.

The total container fleet excludes new units not yet leased and off-hire units designated for sale.

Utilization of railcars is computed by dividing the total number of railcars on lease by the total number of railcars in our fleet.

The impact on utilization of including new units not yet leased in the total railcar fleet has been included in the table above.

CEU is a ratio used to convert the actual number of containers in our fleet to a figure based on the relative purchase prices of our

various equipment types to that of a standard 20 foot dry van container. For example, the CEU ratio for a standard 40 foot dry van

container is 1.6, and a 40 foot high cube container is 1.7.

Conference Call

A conference call to discuss the financial results for the second quarter of 2020 will be held on Thursday, August 6, 2020 at 5:00 p.m. ET. The dial-in number for the teleconference is 1-855-327-6837; outside of the U.S., call 1-631-891-4304. The call may be accessed live over the internet (listen only) under the “Investors” section of CAI’s website, www.capps.com, by selecting “Q2 2020 Earnings Conference Call.” A webcast replay will be available for 30 days on the “Investors” section of our website.

Earnings Presentation

A presentation summarizing our second quarter 2020 results is available on the “Investors” section of our website, www.capps.com.

About CAI International, Inc.

CAI is one of the world’s leading transportation finance and logistics companies. As of June 30, 2020, CAI operated a worldwide fleet of approximately 1.7 million CEUs of containers, and owned a fleet of 5,276 railcars that it leases within North America. CAI operates through 22 offices located in 12 countries including the United States.

Forward-Looking Statements

This press release contains forward-looking statements regarding future events and the future performance of CAI, including but not limited to: management’s business outlook for the container leasing business, management’s decision to divest of CAI’s non-core businesses and management's outlook for growth of CAI’s leasing investments. These statements and others herein are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and involve risks and uncertainties that could cause actual results of operations and other performance measures to differ materially from current expectations including, but not limited to: utilization rates, expected economic conditions, expected growth of international trade, availability of credit on commercially favorable terms or at all, customer demand, container investment levels, container prices, lease rates, increased competition, volatility in exchange rates, growth in world trade and world container trade, the ability of CAI to convert letters of intent with its customers to binding contracts, potential to sell CAI’s securities to the public and others.

CAI refers you to the documents that it has filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. These documents contain additional important factors that could cause actual results to differ from current expectations and from forward-looking statements contained in this press release. Furthermore, CAI is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, unless required by law.

Contacts

Tim Page, Interim President and Chief Executive Officer
(415) 788-0100
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 08, 2020

COVID-19 Impacts: Fuel Cells for Marine Vessels Market Will Accelerate at a CAGR of over 4% through 2020-2024 | Demand for Alternate Propulsion Systems to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--#FuelCellsforMarineVesselsMarket--Technavio has been monitoring the fuel cells for marine vessels market and it is poised to grow by USD 64.91 million 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.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Free Sample Report on COVID-19 Impact

Frequently Asked Questions-

What was the value of the fuel cells for marine vessels market in 2019?

Technavio says that the value of the market was USD 284.20 million in 2019 and is projected to reach USD 349.11 million by 2024.

At what rate is the market projected to grow during the forecast period 2020-2024?

Growing at a CAGR of over 4%, the market growth will accelerate in the forecast period.

What is the key factor driving the market?

Demand for alternate propulsion systems is one of the key factors driving the market growth.

Who are the top players in the market?

Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell Corp. are some of the major market participants.

Which region is expected to hold the highest market share?

APAC

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell 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.

Demand for alternate propulsion systems has been instrumental in driving the growth of the market.

Fuel Cells for Marine Vessels Market 2020-2024: Segmentation

Fuel Cells for Marine Vessels Market is segmented as below:

Geographic Landscape
- North America
- APAC
- Europe
- MEA
- South America
Technology
- PEMFC
- SOFC
- Other Fuel Cells

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=IRTNTR43046

Fuel Cells for Marine Vessels 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. Our fuel cells for marine vessels market report covers the following areas:

Fuel Cells for Marine Vessels Market size
Fuel Cells for Marine Vessels Market trends
Fuel Cells for Marine Vessels Market analysis

This study identifies the advancement of hydrogen as a marine fuel as one of the prime reasons driving the market growth during the next few years.

Fuel Cells for Marine Vessels Market 2020-2024: Vendor Analysis

We provide a detailed analysis of vendors operating in the fuel cells for marine vessels market, including some of the vendors such as Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell Corp. Backed with competitive intelligence and benchmarking, our research reports on the fuel cells for marine vessels market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Fuel Cells for Marine Vessels Market 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

Market Landscape

Market ecosystem
Value chain analysis

Market Sizing

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

Five Forces Analysis

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

Market Segmentation by Technology

Market segments
Comparison by Technology
PEMFC - Market size and forecast 2019-2024
SOFC - Market size and forecast 2019-2024
Other fuel cells - Market size and forecast 2019-2024
Market opportunity by Technology

Customer Landscape

Overview

Geographic Landscape

Geographic segmentation
Geographic comparison
North America - Market size and forecast 2019-2024
APAC - 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

Drivers, Challenges, and Trends

Market drivers
Volume driver - Demand led growth
Volume driver - Supply led growth
Volume driver - External factors
Volume driver - Demand shift in adjacent markets
Price driver - Inflation
Price driver - Shift from lower to higher priced units
Market challenges
Market trends

Vendor Landscape

Overview
Landscape disruption

Vendor Analysis

Vendors covered
Market positioning of vendors
Bloom Energy
Dynad International BV
Hyster-Yale Materials Handling Inc.
PowerCell Sweden AB
Proton Power Systems plc
SerEnergy AS
SFC Energy AG
Siemens AG
Toshiba Corp.
Watt Fuel Cell Corp.

Appendix

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

About Us
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Contacts

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: Business Wire; Posted On Aug 07, 2020

Montage Resources Corporation Announces Second Quarter 2020 Financial Results, Provides Details of Capital Efficiency Improvements and Updates Guidance for Full Year 2020

IRVING, Texas--(BUSINESS WIRE)--Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage Resources”) today announced its second quarter 2020 operational and financial results and updated full year 2020 guidance. In addition, the Company will be posting an updated investor presentation to its corporate website.

Second Quarter 2020 Highlights:

Average net daily production was 551.7 MMcfe per day, above the midpoint of the Company’s previously issued guidance range, consisting of 83% natural gas and 17% liquids
Realized an average natural gas price, before the impact of cash settled commodity derivatives and firm transportation expenses, of $1.57 per Mcf, a $0.15 per Mcf discount to the average monthly NYMEX settled natural gas price during the quarter, better than analyst consensus expectations
Average natural gas equivalent realized price was $2.15 per Mcfe, including cash settled commodity derivatives and excluding firm transportation expenses
Per unit cash production costs (including lease operating, transportation, gathering and compression, production and ad valorem taxes) were $1.25 per Mcfe, better than analyst consensus expectations
Cash general and administrative expenses¹ were approximately $7.4 million, a decrease of approximately 14% compared to the first quarter of 2020 and approximately 19% compared to the second quarter of 2019 and better than analyst consensus expectations
Capital spending for the quarter was $29.1 million, approximately 20% better than analyst consensus expectations
Operational efficiency achievements yielded a Company record average number of completion stages per day for the quarter at 10, a Company record number of completion stages on a single pad at 11.5, and a Company record number of completion stages in one day at 15. Recent normalized well costs of approximately $808 per foot are below current type curve estimates of approximately $825 per foot in Utica Dry Gas area
Subsequent to the end of the second quarter 2020, the Company announced a non-binding letter of intent to sell its non-core wellhead gathering infrastructure

Non-GAAP measure. See reconciliation for details

John Reinhart, President and CEO, commented on the Company’s operational and financial results, “This was another solid earnings report which illustrated our consistent focus on execution and efficiency. The continued outperformance of our wells along with our operating cadence, has allowed us to maintain our full year outlook on production expectations, despite the meaningful curtailment of production during the second quarter. The Company’s swift response to market conditions early in the year with the adjustment in our development plan towards increased dry gas production allows us to capture the benefits of the improving natural gas macro conditions during the second half of 2020 and 2021. Our strong operational performance driven by our robust planning process has allowed the Company to realize additional savings on our all-in drilling and completion costs from our initial 2020 plan. Our most recent dry gas Utica pad achieved costs of approximately $808 per foot when normalized to a 13,000 foot lateral length, and the Company set new internal records for completions stages, averaging 11.5 stages per day on our most recent pad and setting a single day record of 15 stages in one day. Despite a significant amount of commodity price volatility during the second quarter 2020, we have again been able to deliver a strong natural gas realized price with our ability to optimize this production to buyers needing to fill unutilized capacity and continue to view this opportunity as a competitive advantage, given the highly uncommitted nature and flexibility of our production base. Our ongoing financial discipline has strengthened our balance sheet and liquidity position, which would be further enhanced by the closing of our recently announced non-binding letter of intent to sell our non-core gathering assets in Ohio. Our proven track record of execution throughout 2019 and into 2020 has solidified our position not just as a cost and efficiency leader, but also as a team with a winning strategy that remains well positioned to leverage our experience to achieve our goals of free cash flow generation and debt reduction.”

Operational Discussion

The Company’s net production for the three and six months ended June 30, 2020 and 2019 is set forth in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Production:
Natural gas (MMcf)		41,720.8		39,119.0		86,019.4		66,324.0
NGLs (Mbbls)		973.9		1,033.3		2,192.1		2,013.8
Oil (Mbbls)		440.1		569.0		1,101.8		1,167.0
Total (MMcfe)		50,204.8		48,732.8		105,782.8		85,408.8

Average daily production volume:
Natural gas (Mcf/d)		458,470		429,879		472,634		366,431
NGLs (Bbls/d)		10,702		11,355		12,045		11,126
Oil (Bbls/d)		4,836		6,253		6,054		6,448
Total (MMcfe/d)		551.7		535.5		581.2		471.9

Financial Discussion

Revenue for the three months ended June 30, 2020 totaled $90.7 million, compared to $155.5 million for the three months ended June 30, 2019. Adjusted Revenue², which includes the impact of cash settled commodity derivatives and excludes brokered natural gas and marketing revenue and other revenue, totaled $107.9 million for the three months ended June 30, 2020 compared to $145.9 million for the three months ended June 30, 2019. Net Loss for the three months ended June 30, 2020 was ($68.9) million, or $(1.92) per share, compared to Net Income of $27.5 million, or $0.77 per share, for the three months ended June 30, 2019. Adjusted Net Income (Loss)² for the three months ended June 30, 2020 was $(20.6) million, or $(0.57) per share, compared to $14.6 million, or $0.41 per share for the three months ended June 30, 2019. Adjusted EBITDAX² was $37.5 million for the three months ended June 30, 2020 compared to $70.9 million for the three months ended June 30, 2019.

Adjusted Revenue, Adjusted Net Income and Adjusted EBITDAX are non-GAAP financial measures. Tables reconciling Adjusted Revenue, Adjusted Net Income and Adjusted EBITDAX to the most directly comparable GAAP measures can be found at the end of the financial statements included in this press release.

Average realized price calculations for the three and six months ended June 30, 2020 and 2019 are set forth in the table below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Average realized price (excluding cash settled commodity derivatives and firm transportation)
Natural gas ($/Mcf)	$	1.57	$	2.41	$	1.68	$	2.66
NGLs ($/Bbl)		8.18		18.77		12.09		20.18
Oil ($/Bbl)		21.66		52.14		32.46		50.07
Total average prices ($/Mcfe)		1.65		2.94		1.96		3.22

Average realized price (including cash settled commodity derivatives, excluding firm transportation)
Natural gas ($/Mcf)	$	1.98	$	2.47	$	2.07	$	2.63
NGLs ($/Bbl)		8.67		19.11		12.50		20.46
Oil ($/Bbl)		38.38		51.68		40.11		50.65
Total average prices ($/Mcfe)		2.15		2.99		2.36		3.21

Average realized price (including firm transportation, excluding cash settled commodity derivatives)
Natural gas ($/Mcf)	$	1.06	$	1.95	$	1.21	$	2.15
NGLs ($/Bbl)		8.18		18.77		12.09		20.18
Oil ($/Bbl)		21.66		52.14		32.46		50.07
Total average prices ($/Mcfe)		1.23		2.57		1.58		2.83

Average realized price (including cash settled commodity derivatives and firm transportation)
Natural gas ($/Mcf)	$	1.47	$	2.01	$	1.61	$	2.12
NGLs ($/Bbl)		8.67		19.11		12.50		20.46
Oil ($/Bbl)		38.38		51.68		40.11		50.65
Total average prices ($/Mcfe)		1.72		2.62		1.98		2.82
*rounded to the nearest penny

The Company’s cash production costs (which include lease operating, transportation, gathering and compression, production and ad valorem taxes) are shown in the table below. Per unit cash production costs, which include $0.42 per Mcfe of firm transportation expense, were $1.25 per Mcfe for the second quarter of 2020, a decrease of approximately 7% compared to the second quarter of 2019.

General and administrative expense (including one-time merger-related expenses and severance) was $11.6 million and $13.6 million for the three months ended June 30, 2020 and 2019, respectively, and is shown in the table below. Cash general and administrative expense³ (excluding merger-related expenses, severance and stock-based compensation expense) was $7.4 million and $9.1 million for the three months ended June 30, 2020 and 2019, respectively. General and administrative expense per Mcfe (including one-time merger-related expenses and severance) was $0.23 in the three months ended June 30, 2020 compared to $0.28 in the three months ended June 30, 2019. Cash general and administrative expense³ per Mcfe (excluding merger-related expenses, severance and stock-based compensation expense) decreased approximately 26% to $0.14 in the three months ended June 30, 2020 compared to $0.19 in the three months ended June 30, 2019.

Cash general and administrative expense is a non-GAAP financial measure. A table reconciling cash general and administrative expense to the most directly comparable GAAP measure can be found under “Cash General and Administrative Expense” in this press release.

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating expenses (in thousands):
Lease operating	$	9,900	$	10,141	$	21,943	$	17,666
Transportation, gathering and compression		51,387		51,870		105,512		93,038
Production and ad valorem taxes		1,600		4,009		6,468		6,857
Total cash production costs	$	62,887	$	66,020	$	133,923	$	117,561

Depreciation, depletion, amortization and accretion		42,768		38,597		86,903		68,494
General and administrative¹		11,569		13,564		21,450		42,494

Operating expenses per Mcfe:
Lease operating	$	0.20	$	0.21	$	0.21	$	0.21
Transportation, gathering and compression		1.02		1.06		0.99		1.09
Production and ad valorem taxes		0.03		0.08		0.06		0.08
Total cash production costs	$	1.25	$	1.35	$	1.26	$	1.38

Depreciation, depletion, amortization and accretion		0.85		0.79		0.82		0.80
General and administrative²		0.23		0.28		0.20		0.50

¹		Includes stock-based compensation, merger-related expenses and severance of $ 4.2 million and $ 4.5 million for the three months ended June 30, 2020 and 2019, respectively, and $ 5.5 million and $ 25.1 million for the six months ended June 30, 2020 and 2019, respectively
²		Includes stock-based compensation, merger-related expenses and severance of $ 0.09 per Mcfe and $ 0.09 per Mcfe for the three months ended June 30, 2020 and 2019, respectively, and $ 0.05 per Mcfe and $ 0.30 per Mcfe for the six months ended June 30, 2020 and 2019, respectively

Cash Margins

The Company’s cash margins are detailed in the table below:

	Three Months Ended						Three Months Ended
	June 30, 2020			June 30, 2019			March 31, 2020
(per Mcfe)
Average realized price (including cash settled commodity derivatives, excluding firm transportation)	$	2.15		$	2.99		$	2.56
Total cash production costs¹		1.25			1.35			1.28
Cash production margin	$	0.90		$	1.64		$	1.28
Cash production margin %		42	%		55	%		50	%

Cash production margin	$	0.90		$	1.64		$	1.28
Cash general and administrative expenses²		0.14			0.19			0.15
Cash operating margin	$	0.76		$	1.45		$	1.13
Cash operating margin %		35	%		48	%		44	%

Cash operating margin	$	0.76		$	1.45		$	1.13
Interest expense		0.30			0.31			0.27
Corporate cash operating margin³	$	0.46		$	1.14		$	0.86
Corporate cash operating margin %		22	%		38	%		34	%

¹		Includes lease operating, transportation, gathering and compression, and production and ad valorem taxes
²		Cash general and administrative expense is a non-GAAP financial measure which excludes stock-based compensation expense, merger related expenses and severance. See reconciliation to the most comparable GAAP measure under “Cash General and Administrative Expense” in this press release
³		Includes lease operating, transportation, gathering and compression, production and ad valorem taxes, cash general & administrative expense and interest expense. Cash general and administrative expense is a non-GAAP financial measure which excludes stock-based compensation expense, merger related expenses and severance See reconciliation to the most comparable GAAP measure under “Cash General and Administrative Expense” in this press release

Capital Expenditures

Second quarter 2020 capital expenditures were $29.1 million, including $27.6 million for drilling and completions, $1.4 million for land-related expenditures and $0.1 million for other expenditures.

During the second quarter of 2020, the Company commenced drilling 5 gross (3.4 net) operated wells, commenced completions of 7 gross (5.4 net) operated wells and turned to sales 7 gross (6.1 net) operated wells.

Financial Position and Liquidity

As of June 30, 2020, the Company’s liquidity was $295.0 million, consisting of $9.2 million in cash and cash equivalents and $285.8 million in available borrowing capacity under the Company’s revolving credit facility (after giving effect to outstanding letters of credit issued by the Company of $29.2 million and $160.0 million in outstanding borrowings).

Michael Hodges, Executive Vice President and Chief Financial Officer, commented, “We are very proud of the results in the second quarter of 2020 that have allowed the Company to solidify its financial strength despite a volatile commodity price environment. We believe that the flexibility of our portfolio and our continued improvement in operating costs will allow us to navigate the current operating environment without adding stress to our balance sheet. Finally, our strong hedge book remains a key element of our strategy, with approximately 70% of our natural gas hedged and approximately 60% of our oil hedged (based on our revised production profile) for 2020, providing us with a high level of cash flow certainty and confidence in the long-term health of our balance sheet.”

Commodity Derivatives

The Company engages in a number of different commodity trading program strategies as a risk management tool to attempt to mitigate the potential negative impact on cash flows caused by price fluctuations in natural gas, NGL and oil prices. Below is a table that illustrates the Company’s hedging activities as of June 30, 2020:

Natural Gas Derivatives:

Description	Volume (MMBtu/d)		Production Period	Weighted Average Price ($/MMBtu)
Natural Gas Swaps:
		60,000	July 2020 – September 2020	$	2.32
		80,000	July 2020 – December 2020	$	2.64
		95,000	July 2020 – March 2021	$	2.54
		50,000	August 2020 – December 2020	$	2.06
		50,000	October 2020 – March 2021	$	2.65
		50,000	January 2021 – March 2022	$	2.51
		25,000	April 2021 – March 2022	$	2.47
Natural Gas Collars:
Floor purchase price (put)		25,000	January 2021 – December 2021	$	2.15
Ceiling sold price (call)		25,000	January 2021 – December 2021	$	3.03
Natural Gas Three-way Collars:
Floor purchase price (put)		80,000	July 2020 – December 2020	$	2.60
Floor sold price (put)		80,000	July 2020 – December 2020	$	1.90
Ceiling sold price (call)		80,000	July 2020 – December 2020	$	2.94
Floor purchase price (put)		45,000	January 2021 – December 2021	$	2.55
Floor sold price (put)		45,000	January 2021 – December 2021	$	2.25
Ceiling sold price (call)		45,000	January 2021 – December 2021	$	2.81
Floor purchase price (put)		20,000	April 2021 – March 2022	$	2.62
Floor sold price (put)		20,000	April 2021 – March 2022	$	2.20
Ceiling sold price (call)		20,000	April 2021 – March 2022	$	3.10
Natural Gas Call/Put Options:
Floor sold price (put)		15,000	July 2020 – September 2020	$	1.60
Floor sold price (put)		50,000	July 2020 – December 2020	$	2.30
Swaption sold price (call)		50,000	January 2021 – December 2021	$	2.75
Swaption sold price (call)		50,000	January 2022 – December 2022	$	3.00
Floor sold price (put)		50,000	January 2021 – March 2022	$	2.00
Ceiling sold price (call)		50,000	January 2022 – December 2022	$	3.00
Ceiling sold price (call)		80,000	January 2023 – December 2023	$	3.00
Basis Swaps:
Appalachia - Dominion		12,500	July 2020 – October 2020	$	(0.52	)
Appalachia - Dominion		20,000	July 2020 – December 2020	$	(0.59	)

Oil Derivatives:

Description	Volume (Bbls/d)		Production Period	Weighted Average Price ($/Bbl)
Oil Swaps:
		2,500	July 2020 – December 2020	$	57.41
		250	July 2020 – March 2021	$	53.20
		250	January 2021 – March 2021	$	53.00
Oil Collars:
Floor purchase price (put)		1,000	July 2020 – December 2020	$	51.00
Ceiling sold price (call)		1,000	July 2020 – December 2020	$	62.00
Oil Three-way Collars:
Floor purchase price (put)		500	January 2021 – December 2021	$	31.25
Floor sold price (put)		500	January 2021 – December 2021	$	22.50
Ceiling sold price (call)		500	January 2021 – December 2021	$	45.00
Oil Call/Put Options:
Floor sold price (put)		500	July 2020 – December 2020	$	45.00
Swaption sold price (call)		500	January 2021 – December 2021	$	42.50

NGL Derivatives:

Description	Volume (Bbls/d)		Production Period	Weighted Average Price ($/Bbl)
Propane Swaps:
		1,500	July 2020 – December 2020	$	20.68
		500	January 2021 – December 2021	$	18.01

Subsequent to the End of the Second Quarter:

The below table illustrates the Company’s hedging activities subsequent to the end of the second quarter 2020:

Natural Gas Derivatives:

Description	Volume (MMBtu/d)		Production Period	Weighted Average Price ($/MMBtu)
Natural Gas Collars:
Floor purchase price (put)		30,000	April 2021 – March 2022	$	2.40
Ceiling sold price (call)		30,000	April 2021 – March 2022	$	3.05
Basis Swaps:
Appalachia - Dominion		30,000	August 2020 – October 2020	$	(0.50	)

Oil Derivatives:

Description	Volume (Bbls/d)		Production Period	Weighted Average Price ($/Bbl)
Oil Collars:
Floor purchase price (put)		500	January 2021 – December 2021	$	37.50
Ceiling sold price (call)		500	January 2021 – December 2021	$	45.50

NGL Derivatives:

Description	Volume (Bbls/d)		Production Period	Weighted Average Price ($/Bbl)
Propane Swaps:
		500	August 2020 – December 2020	$	21.74
		500	January 2021 – December 2021	$	19.74

Guidance

The Company is providing its initial third quarter and updated full year 2020 guidance as set forth in the table below (updated guidance in italics).

	Q3 2020	FY 2020
Production MMcfe/d	580 - 600	565 - 585
% Gas	81% - 83%	81% - 83%
% NGL	11% - 13%	10% - 12%
% Oil	5% - 7%	6% - 8%
Gas Price Differential ($/Mcf)^1,2	$(0.15) - $(0.30)	*$(0.15) - $(0.25)*
Oil Differential ($/Bbl)^1,3	$(9.00) - $(11.00)	*$(6.50) - $(7.50)*
NGL Prices (% of WTI)¹	27% - 32%	*30% - 35%*
Cash Production Costs ($/Mcfe)⁴	$1.25 - $1.35	$1.25 - $1.35
Cash G&A ($mm)⁵	$6 - $8	*$29 - $32*
CAPEX ($mm)		*$120 - $140*

¹		Excludes impact of hedges
²		Excludes the cost of firm transportation
³		Full year 2020 amount (FY 2020) includes the impact of declining WTI price on reported oil differential in first quarter of 2020
⁴		Includes lease operating, transportation, gathering and compression, production and ad valorem taxes
⁵		Non-GAAP financial measure which excludes stock-based compensation expense, merger related expenses and severance. See reconciliation to the most comparable GAAP measure under “Cash General and Administrative Expense” in this press release

Conference Call

A conference call to review the Company’s second quarter 2020 financial and operational results is scheduled for Friday, August 7, 2020, at 10:00 a.m. Eastern Time. To participate in the call, please dial 877-709-8150 or 201-689-8354 for international callers and reference Montage Resources Second Quarter 2020 Earnings Call. A replay of the call will be available through October 7, 2020. To access the phone replay, dial 877-660-6853 or 201-612-7415 for international callers. The conference ID is 13707434. A live webcast of the call may be accessed through the Investor Center on the Company’s website at www.montageresources.com. The webcast will be archived for replay on the Company’s website for six months.

MONTAGE RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited)

	June 30, 2020			December 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	9,221		$	12,056
Accounts receivable		59,804			77,402
Assets held for sale		1,115			1,047
Other current assets		36,609			35,509
Total current assets		106,749			126,014

PROPERTY AND EQUIPMENT
Oil and natural gas properties, successful efforts method:
Unproved properties		487,066			508,576
Proved oil and gas properties, net		1,248,999			1,251,105
Other property and equipment, net		10,638			11,226
Total property and equipment, net		1,746,703			1,770,907

OTHER NONCURRENT ASSETS
Other assets		5,688			7,616
Operating lease right-of-use assets		33,692			36,975
Assets held for sale		3,430			9,665
TOTAL ASSETS	$	1,896,262		$	1,951,177

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	133,741		$	119,907
Accrued capital expenditures		19,510			43,500
Accrued liabilities		29,283			53,866
Accrued interest payable		22,282			21,308
Liabilities associated with assets held for sale		4,052			2,815
Operating lease liability		13,826			12,666
Total current liabilities		222,694			254,062

NONCURRENT LIABILITIES
Debt, net of unamortized discount and debt issuance costs		501,928			500,541
Revolving credit facility		160,000			130,000
Asset retirement obligations		29,952			29,877
Other liabilities		21,240			8,029
Operating lease liability		20,247			24,569
Liabilities associated with assets held for sale		6,978			7,013
Total liabilities		963,039			954,091
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, 50,000,000 authorized, no shares issued and outstanding		—			—
Common stock, $0.01 par value, 1,000,000,000 authorized, 36,034,837 and 35,770,934 shares issued and outstanding, respectively		386			383
Additional paid in capital		2,354,929			2,352,309
Treasury stock, shares at cost; 2,600,672 and 2,508,485 shares, respectively		(10,511	)		(10,049	)
Accumulated deficit		(1,411,581	)		(1,345,557	)
Total stockholders’ equity		933,223			997,086
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,896,262		$	1,951,177

MONTAGE RESOURCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share data) (Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
REVENUES
Natural gas, oil and natural gas liquids sales	$	83,082		$	143,429		$	206,953		$	275,257
Brokered natural gas and marketing revenue		7,540			11,989			17,028			21,519
Other revenue		62			122			127			261
Total revenues		90,684			155,540			224,108			297,037

OPERATING EXPENSES
Lease operating		9,900			10,141			21,943			17,666
Transportation, gathering and compression		51,387			51,870			105,512			93,038
Production and ad valorem taxes		1,600			4,009			6,468			6,857
Brokered natural gas and marketing expense		7,746			11,983			17,004			21,443
Depreciation, depletion, amortization and accretion		42,768			38,597			86,903			68,494
Exploration		9,073			15,193			22,344			31,981
General and administrative		11,569			13,564			21,450			42,494
(Gain) loss on sale of assets		(1,911	)		1			(1,357	)		2
Other expense		19			12			34			38
Total operating expenses		132,151			145,370			280,301			282,013
OPERATING INCOME (LOSS)		(41,467	)		10,170			(56,193	)		15,024
OTHER INCOME (EXPENSE)
Gain (loss) on derivative instruments		(10,925	)		29,738			29,207			24,808
Interest expense, net		(14,930	)		(15,109	)		(29,764	)		(28,949	)
Other income		4			8			17			8
Total other income (expense), net		(25,851	)		14,637			(540	)		(4,133	)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(67,318	)		24,807			(56,733	)		10,891
Income tax benefit (expense)		—			—			—			—
INCOME (LOSS) FROM CONTINUING OPERATIONS		(67,318	)		24,807			(56,733	)		10,891
Income (loss) from discontinued operations, net of income tax		(1,533	)		2,705			(9,291	)		2,523
NET INCOME (LOSS)	$	(68,851	)	$	27,512		$	(66,024	)	$	13,414

EARNINGS (LOSS) PER SHARE OF COMMON STOCK
Basic:
Weighted average common stock outstanding		35,856			35,678			35,816			30,645
Income (loss) from continuing operations	$	(1.88	)	$	0.69		$	(1.58	)	$	0.36
Income (loss) from discontinued operations		(0.04	)		0.08			(0.26	)		0.08
Net income (loss)	$	(1.92	)	$	0.77		$	(1.84	)	$	0.44

Diluted:
Weighted average common stock outstanding		35,856			35,826			35,816			30,830
Income (loss) from continuing operations	$	(1.88	)	$	0.69		$	(1.58	)	$	0.36
Income (loss) from discontinued operations		(0.04	)		0.08			(0.26	)		0.08
Net income (loss)	$	(1.92	)	$	0.77		$	(1.84	)	$	0.44

Contacts

Montage Resources Corporation
Douglas Kris, Investor Relations
469-444-1736
This email address is being protected from spambots. You need JavaScript enabled to view it.

Read full story here

: Business Wire; Posted On Aug 08, 2020

NuStar to Participate in the Citi 2020 One-on-One Midstream / Energy Infrastructure Conference

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that Brad Barron, President and Chief Executive Officer; Tom Shoaf, Executive Vice President and Chief Financial Officer; Danny Oliver, Executive Vice President of Business Development & Engineering; Amy Perry, Executive Vice President of Strategic Development; Pam Schmidt, Vice President of Investor Relations, and other members of management will participate in virtual meetings with members of the investment community at the Citi 2020 One-on-One Midstream / Energy Infrastructure Conference on Wednesday, August 12, 2020 and Thursday, August 13, 2020. The materials to be discussed in the meetings will be available on the partnership’s website at 10:00 a.m. Eastern Time, Wednesday, August 12, 2020.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 75 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 75 million barrels of storage capacity, and the partnership has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com.

Contacts

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

: Business Wire; Posted On Aug 07, 2020

Pacific Drilling Announces Second-Quarter 2020 Results; Pacific Sharav Awarded a New 10-Well Contract in U.S. Gulf of Mexico

LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) (“Pacific Drilling” or the “Company”) today reported results for the second quarter of 2020. Net loss for second-quarter 2020 was $87.4 million or $1.16 per diluted share, compared to net loss of $61.0 million or $0.81 per diluted share in first-quarter 2020.

Pacific Drilling CEO Bernie Wolford commented, “In the second quarter, our crews and leadership continued to exemplify our commitment to safe and efficient operations, including adopting measures to manage risks associated with COVID-19 transmission, delivering exceptional results for our clients, efficiently preserving the value of our assets and significantly reducing overhead costs.”

Mr. Wolford continued, “Although oil prices began to rebound during the second quarter, clients have generally reduced their drilling investments, as evidenced by Equinor’s decision to cancel the previously exercised third firm well for Pacific Khamsin, and Murphy’s decision to cancel the two well Mexico contract for the Pacific Sharav. In both cases our clients chose to pay a termination fee rather than perform the drilling programs. We expect the current contract for Pacific Khamsin to end in September 2020. Despite these headwinds for 2020, we are actively pursuing opportunities for contracts and are proud to extend our relationship with Murphy through a new contract for Pacific Sharav for 10 firm wells and 5 option wells in the U.S. Gulf of Mexico, which we expect to commence in the second quarter of 2021.”

Mr. Wolford concluded, “Although we currently see more contract opportunities for 2021, compared to 2020, contract durations remain relatively short, on average, and we expect excess rig supply to maintain downward pressure on dayrates. We have no debt maturities until 2023, and cash in excess of $252 million as of June 30, 2020. We project that we have sufficient liquidity to fund our cash needs over the next 12 months. However, due to current market conditions and our outlook for contracting opportunities through 2020 and 2021, we do not believe our current capital structure will be sustainable. We have engaged financial and legal advisors to assist us in evaluating various alternatives to address our longer-term liquidity outlook and capital structure, which may include a negotiated restructuring of our debt that is implemented under the protection of Chapter 11 of the U.S. Bankruptcy Code. We are currently engaged in discussions with a group of our creditors seeking to reach acceptable terms for a restructuring. Any such agreement that we may reach may include the equitization of all or certain of the Company’s indebtedness, which would place our common shareholders at significant risk of losing all of their interests in the Company. While we evaluate our strategic alternatives to address our liquidity outlook and current capital structure, we continue to deliver the safe, efficient and high-quality drilling services for which Pacific Drilling is recognized in our industry.”

Second-Quarter 2020 Operational and Financial Commentary

Contract drilling revenue for second-quarter 2020 was $38.9 million, which included $6.6 million in reimbursable revenue. This compared to first-quarter 2020 contract drilling revenue of $89.4 million, which included $6.4 million in reimbursable revenue. The decrease in revenue resulted primarily from the Pacific Sharav and the Pacific Bora completing their contracts in early April, and the Pacific Santa Ana earning a lower force majeure rate in April and a reduced standby rate for the reminder of the second quarter.

Operating expenses for second-quarter 2020 were $61.9 million, which included $4.5 million in reimbursable expenses. This compared to first-quarter 2020 operating expenses of $86.5 million, which included $5.8 million in reimbursable expenses. The decrease in operating expenses was due to the ramp down of costs on rigs transitioning from operating to standby and idle status.

General and administrative expenses for the second quarter of 2020 were $10.9 million, as compared to $9.6 million for the first quarter of 2020. The increase was due to advisory fees of $2.6 million and severance costs of $0.3 million incurred in the second quarter of 2020. Excluding the impact of such charges, the decrease in general and administrative expenses for the second quarter of 2020 resulted from a reduction in force implemented in May 2020 and a decrease in salaries for all employees.

Adjusted EBITDA^(a)for second-quarter 2020 was $(31.1) million, compared to $(1.8) million in first-quarter 2020.

Capital expenditures for the second quarter of 2020 were $1.0 million compared to $5.9 million in the first quarter of 2020. The decrease was from deferral or elimination of rig projects with resulting second-quarter activity limited to required sustaining capital expenditures.

Footnotes

(a)

EBITDA and Adjusted EBITDA are non-GAAP financial measures. For a definition of EBITDA and Adjusted EBITDA and a reconciliation to net loss, please refer to the schedule included in this release. Management uses this operational metric to track company results and believes that this measure provides additional information that highlights the impact of our operating efficiency as well as the operating and support costs incurred in achieving the revenue performance.

Conference Call

Pacific Drilling will conduct a conference call at 10 a.m. Central time on Friday, August 7, 2020 to discuss second-quarter 2020 results. To access the conference call, participants are invited to register in advance by visiting bit.ly/Register2Q2020Call. Once registered an email will be immediately sent with dial-in and access code details. A replay of the call will be available the following day on the company’s website or by dialing +1 866-583-1035 and providing access code 9928370#.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Forward-Looking Statements

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; the potential outcome of our discussions with our creditors and evaluation of our alternatives regarding our liquidity outlook and capital structure; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; expectations regarding our two subsidiaries’ application to appeal the arbitration award against them related to the drillship known as the Pacific Zonda in favor of Samsung Heavy Industries Co. Ltd. (“SHI”), the outcome of such subsidiaries’ ongoing bankruptcy proceedings and the potential impact of the Tribunal’s decision on our future operations, financial position, result of operations and liquidity.

Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.

Important factors that could cause actual results to differ materially from our expectations include: evolving risks from the COVID-19 pandemic and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020; the willingness and ability of existing lenders and holders of our notes to agree to any modifications to the terms of our long-term debt that we may request; whether additional capital at a reasonable cost becomes available to us; the global oil and gas market and its impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; changes in worldwide oil and gas supply and demand; rig availability and supply and demand for high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that we receive for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of force majeure, mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; the risks of litigation in foreign jurisdictions and delays caused by third parties in connection with such litigation; the outcome of our two subsidiaries’ bankruptcy proceedings and any actions that SHI or others may take in the bankruptcy or other proceedings against the Company and its subsidiaries; the risk that our common shares could be delisted from trading on the New York Stock Exchange should we fail to regain compliance with the minimum share price continued listing standard during the cure period, or fail to meet other continued listing criteria; and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 and our subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.

PACIFIC DRILLING S.A. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share information) (unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2020			2020			2019			2020			2019
Revenues
Contract drilling	$	38,910		$	89,433		$	76,415		$	128,343		$	142,331
Costs and expenses
Operating expenses		61,854			86,475			52,254			148,329			104,550
General and administrative expenses		10,857			9,643			10,010			20,500			21,256
Depreciation and amortization expense		26,811			26,931			59,330			53,742			118,229
Loss from unconsolidated subsidiaries		—			—			700			—			2,024
		99,522			123,049			122,294			222,571			246,059
Operating loss		(60,612	)		(33,616	)		(45,879	)		(94,228	)		(103,728	)
Other income (expense)
Interest expense		(26,607	)		(25,127	)		(24,406	)		(51,734	)		(48,445	)
Reorganization items		(248	)		(114	)		(878	)		(362	)		(1,881	)
Interest income		520			807			1,665			1,327			3,637
Other income (expense)		1			(213	)		(220	)		(212	)		(311	)
Loss before income taxes		(86,946	)		(58,263	)		(69,718	)		(145,209	)		(150,728	)
Income tax expense		452			2,700			3,868			3,152			6,837
Net loss	$	(87,398	)	$	(60,963	)	$	(73,586	)	$	(148,361	)	$	(157,565	)
Loss per common share, basic	$	(1.16	)	$	(0.81	)	$	(0.98	)	$	(1.97	)	$	(2.10	)
Weighted average shares outstanding, basic		75,199			75,184			75,001			75,191			75,016
Loss per common share, diluted	$	(1.16	)	$	(0.81	)	$	(0.98	)	$	(1.97	)	$	(2.10	)
Weighted average shares outstanding, diluted		75,199			75,184			75,001			75,191			75,016

PACIFIC DRILLING S.A. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)

	June 30,			March 31,			December 31,
	2020			2020			2019
Assets:
Cash and cash equivalents	$	246,311		$	273,957		$	278,620
Restricted cash		6,106			6,106			6,089
Accounts receivable, net		27,084			65,629			29,252
Materials and supplies		45,101			45,577			43,933
Deferred costs, current		8,441			10,979			16,961
Prepaid expenses and other current assets		13,196			21,532			15,732
Total current assets		346,239			423,780			390,587
Property and equipment, net		1,790,927			1,816,969			1,842,549
Other assets		29,777			26,158			23,423
Total assets	$	2,166,943		$	2,266,907		$	2,256,559

Liabilities and shareholders’ equity:
Accounts payable	$	19,046		$	24,017		$	24,223
Accrued expenses		23,738			25,733			27,924
Accrued interest		15,703			31,406			15,703
Deferred revenue, current		4,129			5,428			7,567
Total current liabilities		62,616			86,584			75,417
Long-term debt		1,142,431			1,132,826			1,073,734
Other long-term liabilities		38,052			38,061			38,577
Total liabilities		1,243,099			1,257,471			1,187,728
Shareholders’ equity:
Common shares		752			752			751
Additional paid-in capital		1,656,054			1,654,248			1,652,681
Treasury shares, at cost		(652	)		(652	)		(652	)
Accumulated deficit		(732,310	)		(644,912	)		(583,949	)
Total shareholders’ equity		923,844			1,009,436			1,068,831
Total liabilities and shareholders’ equity	$	2,166,943		$	2,266,907		$	2,256,559

PACIFIC DRILLING S. A. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)

	Six Months Ended
	June 30,			June 30,
	2020			2019

Cash flow from operating activities:
Net loss	$	(148,361	)	$	(157,565	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		53,742			118,229
Amortization of deferred revenue		(8,943	)		(1,146	)
Amortization of deferred costs		15,422			586
Amortization of deferred financing costs		269			—
Amortization of debt premium, net		(332	)		(221	)
Interest paid-in-kind		19,029			16,923
Deferred income taxes		82			4,760
Share-based compensation expense		3,654			3,064
Loss on unconsolidated subsidiaries		—			2,024
Changes in operating assets and liabilities:
Accounts receivable		2,168			(24,854	)
Materials and supplies		(1,168	)		(2,012	)
Deferred costs		(12,713	)		(4,347	)
Prepaid expenses and other assets		3,460			(12,906	)
Accounts payable and accrued expenses		(5,041	)		3,155
Deferred revenue		5,505			2,444
Net cash used in operating activities		(73,227	)		(51,866	)
Cash flow from investing activities:
Capital expenditures		(6,967	)		(21,454	)
Net cash used in investing activities		(6,967	)		(21,454	)
Cash flow from financing activities:
Payments for shares issued under share-based compensation plan		(280	)		—
Proceeds from long-term debt		50,000			—
Payments for financing costs		(1,818	)		(1,115	)
Purchases of treasury shares		—			(652	)
Net cash provided by (used in) financing activities		47,902			(1,767	)
Net decrease in cash and cash equivalents		(32,292	)		(75,087	)
Cash, cash equivalents and restricted cash, beginning of period		284,709			389,075
Cash, cash equivalents and restricted cash, end of period	$	252,417		$	313,988

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as earnings before interest expense, taxes, depreciation and amortization. Beginning with the fourth quarter of 2019, management has redefined EBITDA for the current and comparative periods to exclude amortization of deferred revenue and deferred costs, which are included in contract drilling revenues and operating expenses respectively in the statements of operations. Management believes such measure of EBITDA is consistent with the conventional definition of EBITDA, allows for greater transparency of the Company’s core operating performance, and is in line with historical treatment by certain other major offshore drilling contractors and supply vessel owners. Adjusted EBITDA is defined as EBITDA before loss from unconsolidated subsidiaries and reorganization items. EBITDA and Adjusted EBITDA do not represent and should not be considered an alternative to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA are included herein because they are used by management to measure the Company’s operations. Management believes that EBITDA and Adjusted EBITDA present useful information to investors regarding the Company’s operating performance.

PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary Data—Reconciliation of Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
(in thousands) (unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2020			2020			2019			2020			2019

Net loss	$	(87,398	)	$	(60,963	)	$	(73,586	)	$	(148,361	)	$	(157,565	)
Add:
Interest expense		26,607			25,127			24,406			51,734			48,445
Depreciation and amortization expense		26,811			26,931			59,330			53,742			118,229
Other amortization, net ^(a)		2,146			4,333			(423	)		6,479			(560	)
Income tax expense		452			2,700			3,868			3,152			6,837
EBITDA^(b)	$	(31,382	)	$	(1,872	)	$	13,595		$	(33,254	)	$	15,386

Add:
Loss from unconsolidated subsidiaries		—			—			700			—			2,024
Reorganization items		248			114			878			362			1,881
Adjusted EBITDA^(b)	$	(31,134	)	$	(1,758	)	$	15,173		$	(32,892	)	$	19,291

(a)		Other amortization, net includes amortization of deferred costs less amortization of deferred revenue.
(b)		EBITDA and Adjusted EBITDA include $2.6 million in advisory fees and $2.5 million in severance for both the three and six months ended June 30, 2020; advisory fees are included in general and administrative expenses, $0.3 million of severance is included in general and administrative expenses and the balance of severance is in operating expenses.

Contacts

Investor:
James Harris
Pacific Drilling S.A.
+713 334 6662
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Amy Roddy
Pacific Drilling S.A.
+713 334 6662
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 08, 2020

Automated Container Terminal Market Highlights the Impact of COVID-19 2020-2024 | Robotization of Container Terminals in the US to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--#AutomatedContainerTerminalMarket--Technavio has been monitoring the automated container terminal market and it is poised to grow by USD 1.04 billion during 2020-2024, progressing at a CAGR of 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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

Frequently Asked Questions-

Which is the leading segment based on product in the market?
The equipment segment is expected to be the leading segment based on product during the forecast period.

What is the major trend for market?
Growth in automated container terminals in emerging markets is a major growth factor for the market.

At what rate is the market projected to grow?
Growing at a CAGR of over 2%, the incremental growth of the market is anticipated to be USD 1.04 billion.

Who are the top players in the market?
ABB Ltd., Camco Technologies, Cargotec Corp., CyberLogitec Co. Ltd., Identec Group AG, Konecranes Plc, Künz GmbH, Liebherr-International AG, ORBCOMM Inc., and Shanghai Zhenhua Heavy Industries Co. Ltd. are some of the major market participants.

What are the key market drivers and challenges?
Robotization of container terminals in the US and growth of automated container terminals in emerging markets are the major factors driving the market. However, the high capital investment and maintenance costs will restrain market growth.

The market is concentrated, and the degree of concentration will accelerate during the forecast period. ABB Ltd., Camco Technologies, Cargotec Corp., CyberLogitec Co. Ltd., Identec Group AG, Konecranes Plc, Künz GmbH, Liebherr-International AG, ORBCOMM Inc., and Shanghai Zhenhua Heavy Industries Co. Ltd. are some of the major market participants. The robotization of container terminals in the US will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in fast-growing segments, while maintaining their position in the slow-growing segments.

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Automated Container Terminal Market 2020-2024: Segmentation

Automated Container Terminal Market is segmented as below:

Product
- Equipment
- Software
Geography
- APAC
- Europe
- North America
- South America
- MEA

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Automated Container Terminal 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 automated container terminal market report covers the following areas:

Automated Container Terminal Market Size
Automated Container Terminal Market Trends
Automated Container Terminal Market Analysis

This study identifies growth in automated container terminals in emerging markets as one of the prime reasons driving the automated container terminal market growth during the next few years.

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Automated Container Terminal Market 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

Market Landscape

Market ecosystem
Value chain analysis

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 Product

Market segments
Comparison by Product
Equipment - Market size and forecast 2019-2024
Software - Market size and forecast 2019-2024
Market opportunity by Product

Customer Landscape

Geographic Landscape

Geographic segmentation
Geographic comparison
APAC - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
North America - 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 by geography
Market drivers
Market challenges
Market trends

Vendor Landscape

Vendor landscape
Landscape disruption
Competitive scenario

Vendor Analysis

Vendors covered
Market positioning of vendors
ABB Ltd.
Camco Technologies
Cargotec Corp.
CyberLogitec Co. Ltd.
Identec Group AG
Konecranes Plc
Künz GmbH
Liebherr-International AG
ORBCOMM Inc.
Shanghai Zhenhua Heavy Industries Co. Ltd.

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
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Website: www.technavio.com/

: Business Wire; Posted On Aug 07, 2020

Enable Midstream to Participate in Upcoming Conferences

OKLAHOMA CITY--(BUSINESS WIRE)--Enable Midstream Partners, LP (NYSE: ENBL) announced today that members of its senior management are scheduled to meet with investors at the following upcoming virtual investor conferences:

Citi Midstream and Energy Infrastructure Conference on Wednesday, Aug. 12, 2020
Barclays CEO Energy-Power Conference on Wednesday, Sept. 9, 2020

The presentation materials used at these conferences will be available for download on the investor page of Enable’s website at investors.enablemidstream.com.

ABOUT ENABLE MIDSTREAM PARTNERS

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50 percent), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit www.enablemidstream.com.

Contacts

Media
Leigh Ann Williams
(405) 553-6947

Investor
Matt Beasley
(405) 558-4600

: Business Wire; Posted On Aug 08, 2020

Wind Tower Market Highlights the Impact of COVID-19 2020-2024 | Increasing Demand for Heightened Wind Towers to boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--#GlobalWindTowerMarket--Technavio has been monitoring the wind tower market and it is poised to grow by USD 6.75 billion during 2020-2024, progressing at a CAGR of 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.

Frequently Asked Questions-

Which is the leading segment based on product in the market?
The tubular steel towers segment is expected to be the leading segment based on product during the forecast period.

What is the major trend for market?
Development of airborne wind turbines is a major growth factor for the market.

At what rate is the market projected to grow?
Growing at a CAGR of over 4%, the incremental growth of the market is anticipated to be USD 6.75 billion.

Who are the top players in the market?
Acciona SA, Arcosa Inc., Broadwind Energy Inc., CS WIND Corp., ENERCON GmbH, Nordex SE, Valmont Industries Inc., Vestas Wind System AS, Windar Renovables, and Xinjiang Goldwind Science & Technology Co. Ltd. are some of the major market participants.

What are the key market drivers and challenges?
Increasing demand for heightened wind towers and development of airborne wind turbines are the major factors driving the market. However, competition from alternative sources of energy will restrain market growth.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Acciona SA, Arcosa Inc., Broadwind Energy Inc., CS WIND Corp., ENERCON GmbH, Nordex SE, Valmont Industries Inc., Vestas Wind System AS, Windar Renovables, and Xinjiang Goldwind Science & Technology Co. Ltd. are some of the major market participants. The increasing demand for heightened wind towers will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in fast-growing segments, while maintaining their position in the slow-growing segments.

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View market snapshot before purchasing

Wind Tower Market 2020-2024: Segmentation

Wind Tower Market is segmented as below:

Product
- Tubular Steel Towers
- Concrete Towers
- Other Towers
Geography
- APAC
- Europe
- North America
- South America
- MEA
Application
- Onshore
- Offshore

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=IRTNTR43760

Wind Tower 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 wind tower market report covers the following areas:

Wind Tower Market Size
Wind Tower Market Trends
Wind Tower Market Analysis

This study identifies development of airborne wind turbines as one of the prime reasons driving the wind tower market growth during the next few years.

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Wind Tower Market 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

Market Overview

Market Landscape

Market ecosystem
Value chain analysis

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 Product

Market segments
Comparison by Product
Tubular steel towers - Market size and forecast 2019-2024
Concrete towers - Market size and forecast 2019-2024
Other towers - Market size and forecast 2019-2024
Market opportunity by Product

Market Segmentation by Application

Market segments
Comparison by Application
Onshore - Market size and forecast 2019-2024
Offshore - Market size and forecast 2019-2024
Market opportunity by Application

Customer landscape

Overview

Geographic Landscape

Geographic segmentation
Geographic comparison
APAC - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
North America - 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 by geography
Market drivers
Market challenges
Market trends

Vendor Landscape

Overview
Landscape disruption

Vendor Analysis

Vendors covered
Market positioning of vendors
Acciona SA
Arcosa Inc.
Broadwind Energy Inc.
CS WIND Corp.
ENERCON GmbH
Nordex SE
Valmont Industries Inc.
Vestas Wind System AS
Windar Renovables
Xinjiang Goldwind Science & Technology Co. Ltd.

Appendix

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

About Us

Contacts

: Business Wire; Posted On Aug 07, 2020

Clean Energy Reports 89.5 Million Gallons Delivered and Revenue of $59.9 Million for Second Quarter of 2020

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the second quarter of 2020.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “Our second quarter results were better than expected given the COVID-19 circumstances. I am very proud of our workforce for their dedication to performing their jobs safely and with the same quality as always. We also ended the quarter with $96 million in cash and investments and $37 million of debt. And more recently we signed another important agreement with another world class energy major, Chevron, that will expand the use of clean carbon-negative RNG for trucks in the ports of Los Angeles and Long Beach. This partnership reflects further and continued recognition of the powerful clean air solution RNG represents, which is available today to fuel near-zero natural gas trucks.”

The Company delivered 89.5 million gallons in the second quarter of 2020, a 10% decrease from 99.6 million in the second quarter of 2019. This decrease was due to a slowdown in activity in the second quarter of 2020 as a result of COVID-19, which was primarily experienced in the airports (fleet services), public transit and government fleet customer markets.

The Company’s revenue for the second quarter of 2020 was $59.9 million, a decrease of 17.2% compared to $72.3 million for the second quarter of 2019. Revenue for the second quarter of 2020 included $4.4 million from U.S. federal excise tax credits for alternative fuels ("AFTC"), which applied to vehicle fuel sales made from April 1, 2020 through June 30, 2020, and an unrealized loss of $1.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program. Revenue for the second quarter of 2019 included an unrealized gain of $0.6 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now program. Excluding the AFTC revenue in the second quarter of 2020 and the unrealized loss and gain on commodity swap and customer fueling contracts in the second quarter of both 2020 and 2019, respectively, revenue for the second quarter of 2020 decreased by 20.6% to $57.0 million compared to $71.7 million for the second quarter of 2019. This decrease was principally due to lower volumes and lower effective fuel prices resulting from lower natural gas prices and the fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel. Station construction revenue was $5.3 million for the second quarter of 2020 compared to $5.9 million for the second quarter of 2019.

The Company’s revenue for the six months ended June 30, 2020 was $145.9 million, a decrease of 2.8% compared to $150.0 million for the six months ended June 30, 2019. Revenue for the six months ended June 30, 2020 included $9.8 million from AFTC revenue, which applied to vehicle fuel sales made from January 1, 2020 through June 30, 2020, and an unrealized gain of $4.2 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program. Revenue for the six months ended June 30, 2019 included an unrealized loss of $4.4 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now program. Excluding the AFTC revenue in the six months ended June 30, 2020 and the unrealized gain and loss on commodity swap and customer fueling contracts in both the 2020 and 2019 periods, revenue for the six months ended June 30, 2020 decreased by 14.6% to $131.9 million compared to $154.4 million for the six months ended June 30, 2019. This was principally due to lower effective fuel prices resulting from lower natural gas prices and the fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and lower volumes. The decrease in revenue from lower effective fuels price and volumes was partially offset by higher station construction revenue, which was $10.8 million for the six months ended June 30, 2020 compared to $9.1 million for the six months ended June 30, 2019.

On a GAAP (as defined below) basis, net loss attributable to Clean Energy for the second quarter of 2020 was $(6.7) million, or $(0.03) per share, compared to $(5.4) million, or $(0.03) per share, for the second quarter of 2019. The second quarter of 2020 was positively affected by AFTC revenue and negatively affected by the unrealized loss on commodity swap and customer fueling contracts, while the comparable 2019 period was positively affected by the unrealized gain on commodity swap and customer fueling contracts.

On a GAAP basis, net loss attributable to Clean Energy for the six months ended June 30, 2020 was $(5.0) million, or $(0.02) per share, compared to $(16.3) million, or $(0.08) per share, for the six months ended June 30, 2019. The six months ended June 30, 2020 was positively affected by AFTC revenue and the unrealized gain on commodity swap and customer fueling contracts, while the comparable 2019 period was negatively affected by the unrealized loss on commodity swap and customer fueling contracts.

Non-GAAP loss per share and Adjusted EBITDA (each as defined below) for the second quarter of 2020 was $(0.02) and $9.2 million, respectively. Non-GAAP loss per share and Adjusted EBITDA for the second quarter of 2019 was $(0.02) and $8.9 million, respectively.

Non-GAAP loss per share and Adjusted EBITDA for the six months ended June 30, 2020 was $(0.03) and $20.5 million, respectively. Non-GAAP loss per share and Adjusted EBITDA for the six months ended June 30, 2019 was $(0.04) and $20.1 million, respectively.

Non-GAAP loss per share and Adjusted EBITDA are described below and reconciled to GAAP net loss per share attributable to Clean Energy and GAAP net loss attributable to Clean Energy, respectively.

Non-GAAP Financial Measures

To supplement the Company’s unaudited condensed consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may make adjustments for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. Similarly, the Company believes excluding the non-cash results from equity method investments is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.

The table below shows GAAP and non-GAAP loss attributable to Clean Energy per share and also reconciles GAAP net loss attributable to Clean Energy to an adjusted net loss figure used in the calculation of non-GAAP loss per share:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except share and per share data)	2019			2020			2019			2020
Net loss attributable to Clean Energy Fuels Corp.	$	(5,383	)	$	(6,736	)	$	(16,329	)	$	(5,032	)
Stock-based compensation		918			760			2,164			1,814
Loss from equity method investments		33			502			500			357
Loss (gain) from change in fair value of derivative instruments		(582	)		1,022			5,992			(4,205	)
Adjusted (non-GAAP) net loss	$	(5,014	)	$	(4,452	)	$	(7,673	)	$	(7,066	)
Diluted weighted-average common shares outstanding		204,653,723			200,670,137			204,426,459			202,831,346
GAAP loss attributable to Clean Energy Fuels Corp. per share	$	(0.03	)	$	(0.03	)	$	(0.08	)	$	(0.02	)
Non-GAAP loss attributable to Clean Energy Fuels Corp. per share	$	(0.02	)	$	(0.02	)	$	(0.04	)	$	(0.03	)

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy, plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except share and per share data)	2019			2020			2019			2020
Net loss attributable to Clean Energy Fuels Corp.	$	(5,383	)	$	(6,736	)	$	(16,329	)	$	(5,032	)
Income tax expense		66			78			126			156
Interest expense		1,842			1,841			3,733			4,051
Interest income		(567	)		(273	)		(1,147	)		(654	)
Depreciation and amortization		12,605			12,050			25,084			23,974
Stock-based compensation		918			760			2,164			1,814
Loss from equity method investments		33			502			500			357
Loss (gain) from change in fair value of derivative instruments		(582	)		1,022			5,992			(4,205	)
Adjusted EBITDA	$	8,932		$	9,244		$	20,123		$	20,461

Definition of “Gallons Delivered”

The Company defines “gallons delivered” as its gallons sold as compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period. RNG sold as vehicle fuel, is sold under the brand name Redeem™ and is included in the CNG or LNG amounts as applicable based on the form in which it was sold.

The table below shows gallons delivered for the three and six months ended June 30, 2019 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Gallons Delivered (in millions)	2019		2020		2019		2020
CNG		83.8		73.6		162.3		157.7
LNG		15.8		15.9		32.5		31.1
Total		99.6		89.5		194.8		188.8

Sources of Revenue

The following table shows the Company's sources of revenue for the three and six months ended June 30, 2019 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Revenue (in millions)	2019		2020		2019		2020
Volume-related ⁽¹⁾	$	66.3	$	50.2	$	140.8	$	125.3
Station construction sales		5.9		5.3		9.1		10.8
AFTC ⁽²⁾		—		4.4		—		9.8
Other		0.1		—		0.1		—
Total revenue	$	72.3	$	59.9	$	150.0	$	145.9

________________________
⁽¹⁾		For the three and six months ended June 30, 2020, volume-related revenue includes an unrealized gain (loss) from the change in fair value of commodity swap and customer fueling contracts of $(1.5) million and $4.2 million, respectively. For the three and six months ended June 30, 2019, volume-related revenue includes an unrealized gain (loss) from the change in fair value of commodity swap and customer contracts of $0.6 million and $(4.4) million, respectively.

⁽²⁾		In 2019, we recognized AFTC revenue for the vehicle fuel we sold in 2018 and 2019 in the three months ended December 31, 2019.

2020 Outlook

We revised our 2020 outlook on May 7, 2020 (the “revised 2020 outlook”) due to the evolving uncertainties surrounding the impact of the COVID-19 pandemic on the economy, and to our company, as well as the volatility in oil markets. During the second quarter of 2020, we saw an overall decline in volumes of 10% compared to the same period in 2019, principally around airports and transit authorities with year-over-year declines ranging from 25% to 45%, with refuse and over-the-road trucking growing between 2% and 7%. Our revised 2020 outlook assumed the overall declining volumes would extend through June 30, 2020 with a gradual recovery going into the third quarter of 2020 toward flat to low single digit percentage overall volume increases on a year-over-year basis. While we believe the overall volume decline curve hit bottom during the second quarter and has flattened out exiting the second quarter, the effects of the COVID-19 pandemic have been prolonged further than our revised 2020 outlook contemplated. We now assume such prolonged impact of COVID-19 will delay and flatten the curve of the gradual recovery we contemplated in our revised 2020 outlook. This will also delay and flatten the recovery of AFTC eligible volumes, AFTC revenue and volume related gross profit margins on those sectors experiencing the effects of the prolonged economic slowdown. However, we have also experienced lower operating expenses than what was contemplated in our revised 2020 outlook due to lower spending as a result of reduced business activities. We expect this trend of lower spending to continue, which will help mitigate the prolonged reduction in gross profit margins associated with prolonged year-over-year declines in our overall volume. We also recorded a $2.5 million station asset disposal gain during the second quarter, which helped mitigate the negative impact of COVID-19 on our 2020 financial results. We believe the lower gross profit margins from lower volumes can be sufficiently mitigated by our continued lower operating expenses and the station asset disposal gain, such that we are not changing our revised 2020 outlook for our GAAP net loss or Adjusted EBITDA at this time. As such, our GAAP net income (loss) for 2020 is still expected to be approximately a loss of $11.0 million, assuming no unrealized gains or losses on commodity swap and customer fueling contracts. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap contracts could significantly impact the Company’s estimated GAAP net income for 2020. Adjusted EBITDA for 2020 is still expected to be approximately $45.0 million. These expectations also exclude the impact of any acquisitions, divestitures, transactions or other extraordinary events including a deterioration in or lack of any recovery from the COVID-19 pandemic. Additionally, the expectations regarding 2020 Adjusted EBITDA assume the calculation of this non-GAAP financial measure in the same manner as described above and without adjustments for any other items that may arise during 2020 and that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.


(in thousands)	2020 Outlook
GAAP Net income (loss) attributable to Clean Energy Fuels Corp.	$	(11,000	)
Income tax expense (benefit)		—
Interest expense		5,500
Interest income		(2,000	)
Depreciation and amortization		48,500
Stock-based compensation		4,000
Loss (income) from equity method investments		—
Loss (gain) from change in fair value of derivative instruments		—
Adjusted EBITDA	$	45,000

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Sunday, September 6, 2020, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13706388. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from biogenic methane produced by the breakdown of organic waste, Clean Energy helps thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and up to 300% depending on the RNG feedstock. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquefied natural gas (LNG) to its network of approximately 550 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefaction facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.

Safe Harbor Statement

This press release contains 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, including statements about, among other things, the Company’s outlook for fiscal 2020, the expected impact of the COVID-19 pandemic on the Company’s business, including volumes delivered, and liquidity, and the effect, if any, of the foregoing on the Company’s performance, financial condition and ability to execute its strategic initiatives.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to execute its Zero Now truck financing program, a key strategic initiative related to the market for natural gas heavy-duty trucks, and the effect of this initiative on the Company’s business, prospects, performance and liquidity; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets, including in the event of improvements in or perceived advantages of non-natural gas vehicle fuels or engines powered by these fuels or other competitive developments; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; future availability of capital, which may include equity or debt financing, in the amounts and at the times needed to fund any growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital-raising transaction; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage and grow its RNG business, including its ability to continue to receive revenue from sales of tradable credits the Company generates by selling conventional and renewable natural gas as vehicle fuel and the effect of any increase in competition for RNG supply; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects; the Company’s ability to accurately predict natural gas vehicle fuel demand in the geographic and customer markets in which it operates and effectively calibrate its strategies, timing and levels of investments to be consistent with this demand; the Company’s ability to recognize the anticipated benefits of its CNG and LNG fueling station network; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; and general political, regulatory, economic and market conditions.

Contacts

Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.

News Media Contact:
Raleigh Gerber
Manager of Corporate Communications
949.437.1397

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: Business Wire; Posted On Aug 07, 2020

MGE Energy Reports Second-Quarter Earnings

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the second quarter of 2020.

MGE Energy's earnings for the second quarter of 2020 were $18.8 million, or 53 cents per share, compared to $15.5 million, or 45 cents per share, for the same period in the prior year.

During the second quarter of 2020, electric net income increased $2.3 million compared to the second quarter of 2019 primarily due to Allowance for funds used during construction (AFUDC) earned from the construction of Two Creeks and Badger Hollow I and II solar generation projects and savings in operating and maintenance costs. AFUDC equity for the Two Creeks and Badger Hollow I and II solar projects increased $1.0 million compared to the same period in the prior year.

A reduction of retail sales driven by the impacts of COVID-19 and associated governmental regulations negatively impacted electric earnings in the second quarter of 2020. Electric commercial retail sales dropped approximately 10% in the second quarter of 2020 compared to the same period in the prior year. However, some businesses shifted their workforce to a remote work environment which led to higher residential sales. Warmer weather primarily in June of 2020 also contributed to increased electric residential sales and mitigated the impact of COVID-19. Second quarter electric residential sales increased by approximately 20% compared to the second quarter of 2019.

Gas net income in the second quarter of 2020 remained relatively flat compared to the second quarter of 2019.

The situation around the COVID-19 pandemic remains fluid. We have been subject to, and are following, local, state and federal public health and safety regulations and guidance to address the pandemic. We have operated continuously throughout the pandemic and have not suffered any material disruptions in service or employment. We continue to monitor the situation and manage our response.

MGE Energy, Inc.
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended June 30,	2020	2019
Operating revenue	$117,040	$122,147
Operating income	$21,520	$19,783
Net income	$18,791	$15,548
Earnings per share (basic and diluted)	$0.53	$0.45
Weighted average shares outstanding (basic and diluted)	35,441	34,668

Six Months Ended June 30,	2020	2019
Operating revenue	$266,913	$289,716
Operating income	$52,960	$50,293
Net income	$44,828	$39,554
Earnings per share (basic and diluted)	$1.28	$1.14
Weighted average shares outstanding (basic and diluted)	35,054	34,668

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 155,000 customers in Dane County, Wis., and purchases and distributes natural gas to 163,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q during the three and six months ended June 30, 2020, filed with the Securities and Exchange Commission.

Contacts

Kaya Freiman
Corporate Communications Manager
608-252-7276 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 07, 2020

San Mateo Black River Oil Pipeline, LLC Announces Binding Open Season

DALLAS--(BUSINESS WIRE)--San Mateo Black River Oil Pipeline, LLC (San Mateo), a wholly-owned subsidiary of San Mateo Midstream, LLC, announces its binding open season to gauge shipper interest in committed crude oil interstate transportation service on the Stebbins Expansion Crude Oil Pipeline Project (Expansion Project), a proposed expansion of the existing San Mateo pipeline system in Eddy County, New Mexico. The Expansion Project is a proposed expansion of the San Mateo system further north in Eddy County consisting of approximately 19 miles of various diameter crude pipelines from certain points of origin in Eddy County to the existing San Mateo interconnect with Plains Pipeline, L.P. in Eddy County. Commencement of commercial operations of the Expansion Project is targeted for the third quarter of 2020.

This open season provides an opportunity for shippers to support the Expansion Project by making acreage dedications and volume commitments for priority (firm) service, or acreage dedications for non-firm committed service, thereby becoming committed shippers for the term of their transportation services agreements. The final volume of capacity for both committed and uncommitted service on the Expansion Project will be determined by San Mateo in part based on the results of this open season.

The binding open season begins August 7, 2020 at 8:00 a.m. Central Time, and ends on September 6, 2020 at 5:00 p.m. Central Time. For more information about the Expansion Project and the open season documents, please visit www.sanmateomidstream.com or contact San Mateo’s Vice President of Business Development, Corey Lothamer at This email address is being protected from spambots. You need JavaScript enabled to view it..

About San Mateo Midstream, LLC

San Mateo Midstream, LLC is a strategic joint venture formed in February 2017 by a subsidiary of Matador Resources Company (NYSE: MTDR) and a subsidiary of Five Point Energy LLC. San Mateo provides an all-inclusive approach to midstream services for the three main product streams produced by oil and natural gas activities, including salt water gathering and disposal services, natural gas gathering, compression, treating and processing services, and oil gathering, transportation and blending services. San Mateo owns and operates oil, natural gas and water gathering and transportation systems in Eddy County, New Mexico and Loving County, Texas, the Black River Processing Plant in Eddy County, New Mexico with a designed inlet capacity of 260 million cubic feet of natural gas per day and eight commercial salt water disposal wells in Eddy County, New Mexico and Loving County, Texas. San Mateo serves as one of the primary midstream solutions for multiple customers across the northern Delaware Basin, including its anchor customer, Matador Resources Company.

For more information, visit San Mateo Midstream, LLC at www.sanmateomidstream.com.

Contacts

Corey Lothamer
Vice President of Business Development
San Mateo Midstream
(972) 587-4635
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Aug 07, 2020

SER Capital Partners Closes & Commits Fund to Battery Storage Assets Across New York City

NEW YORK--(BUSINESS WIRE)--SER Capital Partners, LLC (“SER”), a sustainable-investment focused private equity firm, has acquired Microgrid Networks, LLC (“Microgrid Networks”), a well-established advanced distributed power company, in June 2020 to install battery energy storage and solar in high demand, congested urban areas, such as New York City.

“We see Microgrid Networks’ unique siting technology, skillset, and assets as increasingly essential for local reliability and resiliency. By installing, owning, and operating a portfolio of storage assets, we also help New York achieve its goals to integrate additional renewables, offset regionwide fossil-fueled pollutants, and provide economic benefits and jobs to the region,” noted Rahul Advani, Managing Partner and founder of SER.

Sara Graziano, Partner of SER and Microgrid Networks board member, added: “We are grateful to partner with the talented team leading Microgrid Networks to invest in New York City. Pairing our deep experience optimizing battery and electricity storage with Microgrid Networks’s local expertise creates a rare opportunity to economically and sustainably deliver reliable, resilient energy solutions while offering significant benefits in New York.”

In closing on its first vehicle with institutional limited partners, SER has distinguished itself as a credible partner to management teams seeking certainty of execution and to limited partner investors seeking private equity investment opportunities tied to sustainability. SER intends to continue to directly originate and execute private equity investments within its targeted areas of focus.

Metric Point Capital acted as the exclusive placement agent for the fundraise.

About Microgrid Networks

MicroGrid Networks develops, finances, and operates clean energy facilities that are monitored and managed as an advanced energy network. The company is currently deploying a network of advanced, resilient clean energy generation and storage facilities in the dense urban coastal environments of New York City. Its attractive, quiet and modular facilities are designed to provide resiliency and load relief to utility distribution networks, mitigate risks to life and property from extreme weather and tidal events, increase the local supply of cost-competitive energy, drive investment and employment in the neighborhoods where they are located and directly assist the State and City of New York in meeting their greenhouse gas reduction goals. More is available at www.mgilp.com.

About SER Capital Partners

SER Capital Partners is an independent middle-market private equity firm dedicated to investing in North American sustainable industrial, environmental, and renewable businesses. Over the past two decades, its team members have amassed successful experience in its targeted sectors as private equity investors and senior executives at both private and public businesses. Its investment team averages over a decade of experience working together with its founder. The firm’s professionals coalesced on their conviction on the market opportunity, investment strategy, and ability to create attractive investments while authentically measuring sustainability. As experienced and dedicated private sustainability investors, SER team members are also committed to aligning interests across its investors, team members, portfolio companies, and communities. More is available at www.sercapitalpartners.com.

About Metric Point Capital (Member FINRA and SIPC)

Metric Point Capital (“Metric Point”) is a capital advisory and placement firm specializing in raising institutional capital for alternative investment managers. Fund and co-investment assignments include leveraged buyouts, energy, real estate, infrastructure, royalties, mining, credit, and distressed debt, among others. Metric Point advises on all aspects of the fundraising process, including competitive positioning, preparation of marketing materials, comprehensive strategic fundraising planning, and distribution. The firm has professionals located in New York, Stamford, Chicago, Los Angeles, and Austin.

Contacts

Rahul Advani
SER Managing Partner
This email address is being protected from spambots. You need JavaScript enabled to view it.
(415) 873-1015

Sara Graziano
SER Partner
This email address is being protected from spambots. You need JavaScript enabled to view it.
(212) 482-2118

Alex Leykikh
Metric Point Partner
This email address is being protected from spambots. You need JavaScript enabled to view it.
(860) 478-7359

: Business Wire; Posted On Aug 07, 2020

Hannon Armstrong Announces Second Quarter 2020 Results

ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today reported results for the second quarter of 2020.

Recent Highlights

Delivered $0.16 GAAP EPS on a fully diluted basis in the second quarter of 2020, compared with $0.19 in the second quarter of 2019
Delivered $0.40 Core EPS (pre-CECL provision) and $0.36 Core EPS on a fully diluted basis in the second quarter of 2020, compared to $0.30 Core EPS in the second quarter of 2019
Announced a partnership with ENGIE in July for Hannon Armstrong to invest approximately $540 million in a 2.3 GW portfolio of highly-contracted, grid-connected wind and solar assets
Increased GAAP Net Investment Income for the first half of 2020 by 18% to $21 million, compared to $18 million in the first half of 2019
Increased Core Net Investment Income for the first half of 2020 by 29% to $49 million, compared to $38 million in the first half of 2019
Declared quarterly dividend of $0.34 per share payable in October 2020
Closed $178 million of transactions in the quarter, compared to $204 million in the same period in 2019, and remain on track to close more than $1 billion of transactions for the full year 2020
Launched multiple diversity, equity, inclusion, and justice initiatives, including a multi-year plan
Estimated that 66,000 metric tons of annual carbon emissions will be avoided annually by our transactions this quarter, equating to a CarbonCount^®score of 0.37 metric tons per $1,000 invested

"We closed another strong quarter with 33% year-on-year growth in core earnings and remain on track for our full year guidance," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer.

"Despite COVID-19, Hannon Armstrong continues to execute and support our clients’ rapid penetration of climate change solutions, such as wind, solar, and efficiency. These assets are performing and proving durable during this historic crisis."

A summary of our results is shown in the tables below:

	For the three months ended June 30, 2020				For the three months ended June 30, 2019
	$ in thousands		Per Share (Diluted)		$ in thousands		Per Share (Diluted)
GAAP Net Income	$	12,008	$	0.16	$	12,740	$	0.19
Core Earnings ⁽¹⁾	27,058		0.36		19,773		0.30

(1)	Includes a provision for loss on receivables of $2.5 million related to the new credit loss standard, which we may refer to in this press release as CECL or Topic 326. On a pre-CECL provision basis comparable to last year, the per share core earnings are $0.40 for the three months ended June 30, 2020. A reconciliation of our GAAP net income to core earnings is included in this press release.

	For the six months ended June 30, 2020				For the six months ended June 30, 2019
	$ in thousands		Per Share (Diluted)		$ in thousands		Per Share (Diluted)
GAAP Net Income	$	36,317	$	0.51	$	26,386	$	0.41
Core Earnings ⁽¹⁾	57,258		0.79		40,707		0.63

(1)	Includes a provision for loss on receivables of $3.2 million for the adoption of CECL. On a pre-CECL provision basis comparable to last year, the per share core earnings are $0.84 for the six months ended June 30, 2020. A reconciliation of our GAAP net income to core earnings is included in this press release.

Financial Results

"In the second quarter, we demonstrated the strength of our dual revenue model, achieving growth in recurring core net investment income generated from our balance sheet portfolio and our public capital raising - while simultaneously recording significant gain on sale revenue utilizing our traditional securitization counterparties," said Hannon Armstrong Chief Financial Officer Jeffrey A. Lipson.

"With over $500 million in available cash on our balance sheet, we remain well-positioned to fund the ENGIE co-investment and other near-term anticipated transactions."

Comparison of the three months ended June 30, 2020 to the same period in 2019

Total revenue increased by approximately $17 million, or 55%. Gain on sale and fee income increased by approximately $11 million and interest and rental income increased by approximately $6 million. These increases were primarily due to higher-yielding assets with a higher average balance as well as a change in the mix of assets being securitized.

Interest expense increased approximately $7 million as a result of a higher outstanding balance and cost of debt, including as a result of the new $400 million debt offering in April 2020. We recorded an approximate $3 million provision for loss on receivables as a result of the potential economic impacts resulting from the COVID-19 pandemic and loan commitments made during the period. Other expenses (compensation and benefits and general and administrative expenses) increased by $3 million primarily due to an increase in our employee headcount and incentive compensation.

For the quarter, we recognized a $1 million loss using the hypothetical liquidation at book value method (HLBV) for our equity method investments. This compared to $8 million of HLBV income in the same period last year when income was higher as the result of tax attribute allocations which had the impact of increasing earnings.

GAAP net income was $12 million, or a decrease of $1 million. Core earnings was $27 million, or an increase of $7 million, or 37%, primarily due to the higher interest income, gain on sale and fee income, and core equity method income offset partially by higher interest expense.

A reconciliation of our GAAP net income to core earnings is included in this press release.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of June 30, 2020 and 2019 are shown in the chart below:

	June 30, 2020		% of Total		June 30, 2019		% of Total
	($ in millions)				($ in millions)
Floating-rate borrowings ⁽¹⁾	$	30	2	%	$	269	24	%
Fixed-rate debt ⁽²⁾	1,687		98	%	830		76	%
Total	$	1,717	100	%	$	1,099	100	%
Leverage ⁽³⁾		1.6 to 1				1.2 to 1

(1)	Floating-rate borrowings include borrowings under our floating-rate credit facilities and approximately $59 million of non-recourse debt with floating rate exposure as of June 30, 2019.
(2)	Fixed-rate debt also includes the present notional value of non-recourse debt that is hedged using interest rate swaps. Debt excludes securitizations that are not consolidated on our balance sheet.
(3)	Leverage, as measured by our debt-to-equity ratio. This calculation excludes securitizations that are not consolidated on our balance sheet (where the collateral is typically financing receivables with U.S. government obligors).

Portfolio

Our Portfolio totaled approximately $2.1 billion as of June 30, 2020, which included approximately $1.3 billion of behind-the-meter assets and approximately $0.8 billion of grid-connected assets. The following is an analysis of the performance our Portfolio as of June 30, 2020:

	Portfolio Performance
	1⁽¹⁾						2 ⁽²⁾						3⁽³⁾						Total
	(dollars in millions)
	Government			Commercial			Government			Commercial			Government			Commercial
Total receivables	257			853			—			10			—			8			1,128
Less: Allowance for loss on receivables	—			(18		)	—			(3		)	—			(8		)	(29		)
Net receivables ⁽⁴⁾	257			835			—			7			—			—			1,099
Investments	35			11			—			—			—			—			46
Real estate	—			361			—			—			—			—			361
Equity method ⁽⁵⁾investments	—			532			—			24			—			—			556
Total	$	292		$	1,739		$	—		$	31		$	—		$	—		$	2,062
Percent of Portfolio	14		%	84		%	—		%	2		%	—		%	—		%	100		%
Average remaining balance ⁽⁶⁾	$	7		$	11		$	—		$	11		$	—		$	4		$	10

(1)	This category includes our assets where based on our credit criteria and performance to date we believe that our risk of not receiving our invested capital remains low.
(2)	This category includes our assets where based on our credit criteria and performance to date we believe there is a moderate level of risk to not receiving some or all of our invested capital.
(3)	This category includes our assets where based on our credit criteria and performance to date, we believe there is substantial doubt regarding our ability to recover some or all of our invested capital. Included in this category are two commercial receivables with a combined total carrying value of approximately $8 million as of June 30, 2020 which we consider impaired and have held on non-accrual status since 2017. We recorded an allowance for the entire asset amounts as described in our Annual Report on Form 10-K filed with the SEC on February 25, 2020. We expect to continue to pursue our legal claims with regards to these assets.
(4)	Total reconciles to the total of the government receivables and commercial receivables lines of the consolidated balance sheets.
(5)	Some of the individual projects included in portfolios that make up our equity method investments have government off takers. As they are part of large portfolios, they are not classified separately.
(6)	Average remaining balance is calculated gross of allowance for loss on receivables and excludes approximately 130 transactions each with outstanding balances that are less than $1 million and that in the aggregate total $49 million.

Guidance

The Company expects that annual core earnings per share in 2020 (pre-CECL provision) will exceed the previously communicated guidance midpoint of $1.43, reflecting 2018 to 2020 annual Core EPS growth above the midpoint of the 2% to 6% from the 2017 baseline. This guidance reflects the Company’s estimates of (i) yield on its existing Portfolio; (ii) yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations, (vi) the ongoing impact of the current outbreak of COVID-19 and (vii) the general interest rate and market environment. All guidance is based on current expectations of the future impact of COVID-19 and the economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team. We do not undertake a duty to update such guidance. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.34 per share of common stock. This dividend will be paid on October 9, 2020, to stockholders of record as of October 2, 2020.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, August 6, 2020, at 5:00 p.m. eastern time. The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6016. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10146124. The replay will be available until August 13, 2020.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020. Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

Forward-Looking Statements:

Some of the information contained in this press release is 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 that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission.

Other important factors that we think could cause our actual results to differ materially from expected results are summarized below. One of the most significant factors, however, is the ongoing impact of the current outbreak of the novel coronavirus (COVID-19), on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in the Form 10-K and in our subsequent filings under the Securities Exchange Act of 1934, as amended. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity.

Statements regarding the following subjects, among others, may be forward-looking:

negative impacts from continued spread of COVID-19, including on the U.S. or global economy or on our business, financial position or results of operations;
our expected returns and performance of our investments;
the state of government legislation, regulation and policies that support or enhance the economic feasibility of projects that reduce carbon emissions or increase resilience to climate change, which we refer to as climate change solutions, including energy efficiency and renewable energy projects and the general market demands for such projects;
market trends in our industry, energy markets, commodity prices, interest rates, the debt and lending markets or the general economy;
our business and investment strategy;
availability of opportunities to invest in climate change solutions including energy efficiency and renewable energy projects and our ability to complete potential new opportunities in our pipeline;
our relationships with originators, investors, market intermediaries and professional advisers;
competition from other providers of capital;
our or any other company’s projected operating results;
actions and initiatives of the federal, state and local governments and changes to federal, state and local government policies, regulations, tax laws and rates and the execution and impact of these actions, initiatives and policies;
the state of the U.S. economy generally or in specific geographic regions, states or municipalities and economic trends;
our ability to obtain and maintain financing arrangements on favorable terms, including securitizations;
general volatility of the securities markets in which we participate;
the credit quality of our assets;
changes in the value of our assets, our portfolio of assets and our investment and underwriting process;
the impact of weather conditions, natural disasters, accidents or equipment failures or other events that disrupt the operation of our investments or negatively impact the value our assets;
rates of default or decreased recovery rates on our assets;
interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
changes in interest rates and the market value of our assets and target assets;
changes in commodity prices, including continued low natural gas prices;
effects of hedging instruments on our assets or liabilities;
the degree to which our hedging strategies may or may not protect us from risks, such as interest rate volatility;
impact of and changes in accounting guidance;
our ability to maintain our qualification as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes;
our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “1940 Act”);
availability of and our ability to attract and retain qualified personnel;
estimates relating to our ability to generate sufficient cash in the future to operate our business and to make distributions to our stockholders; and
our understanding of our competition.

The risks included here are not exhaustive. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. Any forward- looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this earnings release, whether as a result of new information, future events or otherwise.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any core earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.


HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Revenue
Interest income	$	23,649		$	17,294		$	47,539		$	34,949
Rental income	6,469			6,469			12,939			12,945
Gain on sale of receivables and investments	15,916			2,167			20,820			9,006
Fee income	2,561			5,338			8,130			7,511
Total revenue	48,595			31,268			89,428			64,411
Expenses
Interest expense	21,664			14,869			39,798			30,300
Provision for loss on receivables	2,523			—			3,171			—
Compensation and benefits	9,314			6,650			18,212			14,089
General and administrative	3,853			3,739			7,262			7,080
Total expenses	37,354			25,258			68,443			51,469
Income before equity method investments	11,241			6,010			20,985			12,942
Income (loss) from equity method investments	(590		)	7,624			15,999			12,131
Income (loss) before income taxes	10,651			13,634			36,984			25,073
Income tax (expense) benefit	1,407			(839		)	(515		)	1,430
Net income (loss)	$	12,058		$	12,795		$	36,469		$	26,503
Net income (loss) attributable to non-controlling interest holders	50			55			152			117
Net income (loss) attributable to controlling stockholders	$	12,008		$	12,740		$	36,317		$	26,386
Basic earnings (loss) per common share	$	0.16		$	0.20		$	0.51		$	0.41
Diluted earnings (loss) per common share	$	0.16		$	0.19		$	0.51		$	0.41
Weighted average common shares outstanding—basic	72,914,145			63,772,549			70,043,125			62,766,318
Weighted average common shares outstanding—diluted	73,382,217			64,429,155			70,662,377			63,394,220


HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

	June 30, 2020			December 31, 2019
Assets
Cash and cash equivalents	$	541,825		$	6,208
Equity method investments	556,450			498,631
Government receivables	255,757			263,175
Commercial receivables, net of allowance of $29 million and $8 million, respectively	843,223			896,432
Real estate	360,720			362,265
Investments	45,926			74,530
Securitization assets	139,793			123,979
Other assets	93,246			162,054
Total Assets	$	2,836,940		$	2,387,274
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	52,123		$	54,351
Credit facilities	30,377			31,199
Non-recourse debt (secured by assets of $800 million and $921 million, respectively)	625,884			700,225
Senior unsecured notes	910,665			512,153
Convertible notes	149,927			149,434
Total Liabilities	1,768,976			1,447,362
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding	—			—
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 73,318,552 and 66,338,120 shares issued and outstanding, respectively	733			663
Additional paid in capital	1,250,976			1,102,303
Accumulated deficit	(198,719		)	(169,786		)
Accumulated other comprehensive income (loss)	9,619			3,300
Non-controlling interest	5,355			3,432
Total Stockholders’ Equity	1,067,964			939,912
Total Liabilities and Stockholders’ Equity	$	2,836,940		$	2,387,274

EXPLANATORY NOTES
Non-GAAP Financial Measures
Core Earnings

We calculate core earnings as GAAP net income (loss) excluding non-cash equity compensation expense, certain provisions for loss on receivables, amortization of intangibles, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of our Operating Partnership.

Contacts

Investor Relations:
Chad Reed
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410-571-6189

Media:
Gil Jenkins
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443-321-5753

Read full story here

: Business Wire; Posted On Aug 07, 2020

Coloradans Reminded to Always Contact 811 Before Digging

More than 10,000 strikes to Colorado underground utilities in 2019, according to Colorado811.org

DENVER--(BUSINESS WIRE)--Phillips 66 hopes that the 8/11 date on the calendar will serve as a reminder to call 811 to have underground utility lines marked prior to any digging project. The company operates 625 miles of underground petroleum pipelines in Colorado, and 13,000 miles of pipelines throughout the United States.

Every few minutes, an underground utility line is damaged because someone decided to dig without first contacting 811. Striking a single line can cause injury, repair costs, inconvenient outages and fines. In 2019, Colorado excavators reported 10,934 damages including 836 in Adams, 850 in Weld, 868 in Arapahoe, and 878 in Denver counties. Additional statics are available at https://colorado811.org/center-stats/statewide-damage-stats/.

“On August 11, and throughout the year, we remind homeowners and professional contractors alike to use the free 811 service two working days before digging to reduce the risk of striking an underground utility line,” said Todd Denton, president, Phillips 66 Pipeline LLC. “Every digging project, no matter how large or small, warrants contacting 811. Installing a mailbox, building a fence, planting a tree and laying a patio are just some examples of digging projects that need a call to 811 before starting.”

When calling 811, homeowners and contractors are connected to Colorado 811, the local one call center, which notifies the appropriate utility companies of their intent to dig. Requests can also be made online at Colorado811.org. Professional locators then arrive at the digging site to mark the approximate locations of underground lines with flags, spray paint or both.

Visit www.call811.com or Colorado811.org for more information about 811 and safe digging practices. Or visit www.phillips66pipeline.com to learn more about how we keep pipelines and people safe.

Contacts

Jill Sweeney
713-597-9708
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: Business Wire; Posted On Aug 07, 2020

C.H. Robinson Declares Quarterly Cash Dividend

MINNEAPOLIS--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) announced that its Board of Directors today declared a regular quarterly cash dividend of 51 cents ($0.51) per share, payable on September 30, 2020, to shareholders of record on September 4, 2020.

C.H. Robinson has distributed regular dividends for more than twenty-five years. As of August 6, 2020, there were approximately 135,157,964 shares outstanding.

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With nearly $20 billion in freight under management and 18 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our more than 119,000 customers and 78,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Source: C.H. Robinson
CHRW-IR

Contacts

Chuck Ives, Director of Investor Relations
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: Business Wire; Posted On Aug 07, 2020

EDF Renewables North America, National Audubon Society and Defenders of Wildlife Enter into a Collaborative Agreement

Antelope Valley Swainson’s Hawk Study and Conservation Action Agreement

SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America (EDFR), National Audubon Society (Audubon), and Defenders of Wildlife (Defenders) today announced a Swainson’s Hawk Study and Conservation Action Agreement that exemplifies the shared goals and collaboration necessary to develop renewable energy to meet California’s 100% goal while conserving important wildlife and their habitat.

Eastern Kern County is home to important species and natural resources including the Swainson’s Hawk. Audubon has identified Swainson’s Hawk as a priority species for conservation in California, and in partnership with Defenders, has been pursuing efforts to conserve the species in the Antelope Valley and Kern County since 2012.

The Collaborative Agreement, funded by EDF Renewables, will have multiple benefits, including:

Updating scientific information concerning the Swainson’s Hawk nesting and foraging status and distribution in the Antelope Valley of Kern County;
Providing information needed to develop a Swainson’s Hawk conservation strategy for this region; and,
Establishing a Swainson’s Hawk Conservation Fund to implement conservation actions recommended by the conservation strategy.

EDF Renewables is committed to providing solutions to meet California’s goal of 60% renewable energy generation by 2030 and 100% by 2045. EDFR has a long and positive history in Eastern Kern County where since 2004, EDFR has developed over 1.3 gigawatts of wind and solar projects. Its continued success is derived from developing renewable energy projects that are not only complementary to existing land use but also respect local natural resources through effective siting techniques and mitigation measures.

Pamela Flick, California Program Director, Defenders of Wildlife, said, “Defenders is pleased to join with EDFR and Audubon in this collaborative effort to protect Swainson’s Hawk while facilitating the development of clean renewable energy. Our world is facing the dual crises of biodiversity loss and climate change and any efforts to address both issues is a win for wildlife and people.”

Garry George, Director, Clean Energy Initiative, National Audubon Society, commented, “EDFR joins the list of responsible renewable energy developers who see the value of two outcomes of their projects – emissions reduction and conservation of species. Their contribution is not mitigation and is not required. EDFR is providing the funding because they care and are interested in conservation in the area they are developing.”

Devon Muto, Director of Solar Development, West Region at EDFR added, “We are pleased to be partnering with Audubon and Defenders to advance the science on this important species and establish a Conservation Fund that can support immediate and lasting conservation actions in this region that will have co-benefits beyond the Swainson’s Hawk.”

About EDF Renewables:

EDF Renewables 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 10 GW under service contracts. EDFR is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group.

For more information visit: www.edf-re.com

About Defenders of Wildlife:

Defenders of Wildlife is dedicated to the protection of all native animals and plants in their natural communities. With over 1.8 million members and activists, Defenders of Wildlife is a leading advocate for innovative solutions to safeguard our wildlife heritage for generations to come. For more information, visit https://defenders.org/newsroom and follow us on Twitter @Defenders.

About Audubon:

The National Audubon Society protects birds and the places they need, today and tomorrow. Audubon works throughout the Americas using science, advocacy, education, and on-the-ground conservation. State programs, nature centers, chapters, and partners give Audubon an unparalleled wingspan that reaches millions of people each year to inform, inspire, and unite diverse communities in conservation action. A nonprofit conservation organization since 1905, Audubon believes in a world in which people and wildlife thrive. Learn more at www.audubon.org and on Facebook, Twitter and Instagram at @audubonsociety.

Contacts

EDF Renewables Media Contact
Sandi Briner
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Defenders of Wildlife Media Contact:
Rebecca Bullis, +1 202-772-0295
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National Audubon Society Media Contact:
Chandler Lennon +1 212-979-3063 (work); +1 804-832-0832 (cell)
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: Business Wire; Posted On Aug 07, 2020

PolyMet reports results for period ended June 30, 2020

ST. PAUL, Minn.--(BUSINESS WIRE)--PolyMet Mining Corp (“PolyMet” or the “company”) TSX: POM; NYSE American: PLM – today reported that it has filed its financial results for the three and six months ended June 30, 2020.

The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards. All amounts are in U.S. funds. Copies can be obtained free of charge by contacting the company at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.

In the most recent quarter, the company continued to progress through the legal process in defense of its operating permits. A number of legal challenges have been filed contesting various aspects of federal and state decisions; the company has received favorable final decisions in six cases to date. Five cases remain outstanding.

In two of the pending cases, the company was successful in petitioning the Minnesota Supreme Court to review lower court decisions. In June, the Supreme Court agreed to hear PolyMet’s appeal regarding our air permit. This was preceded in March by the Supreme Court granting our appeal regarding our Permit to Mine and dam safety permits. Oral arguments for both cases have not yet been scheduled by the court, however, the company anticipates both cases to be heard before the end of the year.

In addition to successfully defending legal challenges to our permits, project optimization and engineering efforts that continued in earnest through the second quarter are expected to remain points of emphasis for the company through the remainder of the year.

Key Balance Sheet Statistics
(in ‘000 US dollars)

		June 30, 2020		December 31, 2019

Cash & equivalents	$	6,473	$	7,401
Working capital		1,116		3,043
Total assets		460,818		457,315
Total liabilities		86,218		73,175
Shareholders’ equity	$	374,600	$	384,140

Key Income and Cash Flow Statement Statistics
(in ‘000 US dollars, except per share amounts)

		Three months ended				Six months ended
		June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
General & administrative expense	$	6,582	$	1,021	$	11,789	$	3,765
Other (Income) expenses:
Finance (income) expense & other		(1,047)		(519)		630		103
Non-cash rehabilitiation accretion		516		418		1,041		856
Non-cash (gain) loss on debenture modification		-		(10)		-		2,004
Loss for the period:		6,051		910		13,460		6,728
Loss per share		0.01		0.00		0.01		0.02
Cash used in investing activities:
NorthMet property	$	2,450	$	4,488	$	5,003	$	10,209

Weighted average shares outstanding	1,006,383,162		344,737,881		1,006,132,963		333,456,972

Loss for the three months ended June 30, 2020, was $6.1 million compared with $0.9 million for the prior year period primarily due to additional studies related to engineering and further evaluation of the mineral resource.
Loss for the six months ended June 30, 2020, was $13.5 million compared with $6.7 million for the prior year period primarily due to additional studies related to engineering and further evaluation of the mineral resource.
PolyMet invested $2.5 million in cash into its NorthMet Project during the three months ended June 30, 2020, compared with $4.5 million for the prior year period due to lower capitalized spend following receipt of permits in March 2019.
PolyMet invested $5.0 million during the six months ended June 30, 2020, compared with $10.2 million in the prior year period due to lower capitalized spend following receipt of permits in March 2019.

About PolyMet

PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to be permitted within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.

Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce, and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.

PolyMet Disclosures

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2019, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.

The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

Media
Bruce Richardson
Corporate Communications
Tel: +1 (651) 389-4111
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Investor Relations
Tony Gikas
Investor Relations
Tel: +1 (651) 389-4110
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: Business Wire; Posted On Aug 07, 2020

Universal Display Corporation Announces Quarterly Cash Dividend of $0.15 per Share

EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today announced that its Board of Directors approved a third quarter cash dividend of $0.15 per share on the Company's common stock. The dividend is payable on September 30, 2020 to shareholders of record on September 16, 2020. The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

Follow Universal Display Corporation

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Contacts

Universal Display Contact:
Darice Liu
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+1 609-964-5123

: Business Wire; Posted On Aug 07, 2020

Geospace Technologies Reports Fiscal Year 2020 Third Quarter and Nine-Months Results

HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) (the “Company”) today announced a net loss of $2.3 million, or $0.17 per diluted share, on revenue of $22.7 million for its third quarter ended June 30, 2020. This compares to a net loss of $3.7 million, or $0.27 per diluted share, on revenues of $22.9 million for the third quarter of the prior year.

For the nine months ended June 30, 2020, the Company recorded revenue of $66.3 million compared to revenue of $66.9 million during the prior year period. The Company reported a net loss of $15.4 million, or $1.14 per diluted share compared to a net loss of $8.8 million, or $0.66 per diluted share for the prior year period.

Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies (the “Company”) said, “We are pleased to report that our employees, as well as third quarter operations were minimally impacted by COVID-19, the pandemic that has gripped both our country and the worldwide markets. To date, our heightened safety protocols have created a safe working environment for our employees and proved effective as our valued staff has been minimally impacted by the pandemic. Moreover, while our operations have not escaped the full brunt of the negative impact of the coronavirus, we are pleased to report that our revenue for the three-and nine-month periods ended June 30, 2020 totaled $22.7 million and $66.3 million respectively, similar to last year’s three-and nine-month totals.”

Wheeler further noted, “Continued strong demand for our ocean-bottom marine nodal recording systems fueled both our third quarter and nine-month results. Increased demand for these systems further countered some of the weakness we experienced in other parts of our oil and gas segments as well as in our adjacent markets business, each of which were negatively impacted by the effects of COVID-19. Not included in reported revenue are additional timely payments of $3.8 million received from a customer through the third quarter of fiscal year 2020 toward its promissory note securing the purchase of a 30,000 channel GCL land recording system. These paid-in amounts are included on the balance sheet as part of non-current deferred revenue and are intended to be recognized as revenue at a later date when collection of the note is determined to be likely.”

Oil and Gas Markets Segment

For the three months ended June 30, 2020, revenue from the Company’s oil and gas markets segment totaled $17.5 million, an increase of $3.1 million, or 21% over last year’s same period. For the nine-month period similarly ended, revenue totaled $47.5 million, an increase of $3.3 million, or 8% compared to the equivalent nine months a year-ago. The increases in both periods are attributed to increased demand for the Company’s OBX ocean-bottom nodal recording systems, partially offset by reductions in demand for the Company’s other oil and gas segment product lines.

The Company’s traditional seismic products generated $1.2 million and $5.6 million respectively in the three- and nine-month periods ended June 30, 2020. Compared to the corresponding three- and nine-month periods a year ago, these figures reflect reductions of 46% and 38% respectively. The declines in revenue in both periods are attributed to lower demand for seismic sensors as a result of fewer seismic exploration and imaging projects being performed by oil and gas companies. Due to low oil prices, oversupplies of crude, and the large drop in global demand for oil and gas amidst the COVID-19 pandemic, revenue from these products is expected to remain challenged for the foreseeable future.

The Company’s wireless seismic products produced total revenue of $16.1 million and $41.1 million in the three- and nine-month periods ended June 30, 2020. This compares with $11.9 million and $32.8 million for the equivalent three- and nine-month periods last year, reflecting respective increases of 36% and 25%. In both periods, the increases are a direct result of expanded rentals of the Company’s OBX marine nodal recording systems, partially offset by lower sales of its wireless land products. As a reminder, the Company has not yet recorded any revenue from the delivery of the aforementioned 30,000 channel GCL system having a sales value of $12.5 million. Growth in demand for the Company’s OBX systems derives from a renewed focus by many oil and gas companies to better leverage existing offshore resources in the recovery of discovered nearby fields. The superior geological images afforded by ocean bottom seismic surveys, which often utilize the Company’s OBX systems, increase the likelihood of success in these endeavors. The frequency and extent of such surveys fluctuate with weather and seasonal changes and may also be negatively impacted by declines in global demand for oil and gas due to the COVID-19 pandemic.

The Company’s reservoir seismic products generated revenue of $271,000 and $826,000 respectively in the three- and nine-month periods ended June 30, 2020. This compares with $447,000 and $2.4 million in the respective year-ago three- and nine-month periods. The reductions in both periods are a consequence of lower sales of the Company’s borehole seismic tools and lesser demand for performed services. The Company believes that contracts for the manufacture and installation of permanent reservoir monitoring (PRM) systems hold the largest opportunity for meaningful revenue from this product category. Although the COVID-19 pandemic disrupted some discussions with oil and gas companies interested in such systems, most remained ongoing or have since resumed. Based on these discussions, management currently believes that a tender for a PRM system is likely to be released in calendar year 2020 or soon thereafter. Should such a tender occur, and a contract be subsequently awarded to Geospace, the Company would not expect to recognize revenue related to the contract until later in its 2021 fiscal year or beyond. Management further believes that its broad portfolio of PRM accomplishments and its diversity of PRM products, including both electrical and OptoSeis® fiber optic sensing technologies, maximize its ability to be awarded a released PRM tender.

Adjacent Markets Segment

The Company’s adjacent markets segment produced revenue of $5.1 million and $18.3 million in the three- and nine-month periods ended June 30, 2020. This compares with $8.2 million and $22.1 million for the corresponding three- and nine-month periods a year ago and reflects a reduction of 38% and 17% respectively. The reductions in both periods are the result of lower demand for the Company’s industrial sensors and contract manufacturing services, as well as lower sales of the Company’s graphic imaging film products. In addition, lower demand for the Company’s water meter connectors and cables further contributed to the reduction over the reported three-month period. In all cases, the Company believes that lower demand for these products is primarily attributed to the economic impact of the COVID-19 pandemic on its customers.

Emerging Markets Segment

The Company’s emerging markets segment generated revenue of $88,000 and $557,000 respectively for the three- and nine-month periods ended June 30, 2020. This compares with $11,000 and $145,000 for the similar three- and nine-month periods of the previous year. The increase in the three months period is due to revenue recognition from site preparation and engineering efforts related to the U.S. Customs and Border Protection, U.S. Border Patrol contract. The increase in the nine-month period is further attributable to the sale of border and perimeter security products to a commercial customer. In April 2020, the Company’s Quantum subsidiary was awarded a $10 million contract to provide a technology solution to the Department of Homeland Security for the U.S. Customs and Border Protection, U.S. Border Patrol. Current execution of the contract is progressing on schedule. However, the Company does not expect significant revenue from the contract until the first quarter of its 2021 fiscal year, ending December 31, 2020. The acquisition of Quantum represents a key strategy of the Company to leverage its core competencies in the design and manufacture of seismic acoustic technology in combination with advanced analytics to create products that expand revenue from diversified markets apart from its oil and gas segment.

Revision of Fiscal Year 2020 Q1 and Q2 Results

In its Form 10-Q for the quarter ended June 30, 2020 and in the financial statements contained herein, The Company corrected an accounting error in its consolidated financial statements for the quarterly periods ended December 31, 2019 and March 31, 2020. The financial information for the nine months ended June 30, 2020 was adjusted to reflect the correction of the accounting error. Specifically, the accounting error relates to the recording of an $8.0 million reserve against an operating lease receivable. The Company has determined in accordance with recently changed accounting guidance, when collection of an operating lease revenue is less than probable, rental revenue is limited to the amount of cash collected to date. Accordingly, the Company must record a reserve against any existing operating lease receivables as a charge to, or reduction of, rental revenue in the same period. The Company reported its December 31, 2019 Form 10-Q that collection of future operating lease revenue was less than probable; however, the Company, failed to record the reversal of the $8.0 million operating lease receivable in the same period. The Company subsequently reported the impairment of the operating lease receivable in its March 31, 2020 Form 10-Q, but incorrectly recorded the adjustment as a charge to bad debt expense and not as a reduction to rental revenue. There is no effect on the previously reported net loss for the six months period ended March 31, 2020. In the future the Company will adjust its accounting for operating leases as directed in the accounting guidance.

Balance Sheet and Liquidity

Over the nine months ended June 30, 2020, Geospace generated $12.4 million in cash and cash equivalents from operating activities. The Company used $4.5 million of cash for investment activities that included (i) $5.4 million invested in its rental equipment primarily to expand its OBX rental fleet, and (ii) $2.6 million for additions to property, plant, and equipment. These uses were partially offset by (i) $3.3 million of proceeds for the sale of rental equipment, and (ii) $0.2 million of proceeds from the sale of property, plant, and equipment. As of June 30, 2020, the Company had $26.7 million in cash, cash equivalents, and short-term investments, and maintained an additional borrowing availability of $17.9 million under its bank credit agreement with no borrowings outstanding. Thus, as of June 30, 2020, the Company’s total liquidity stood at $44.6 million. The Company additionally owns unencumbered property and real estate in both domestic and international locations.

Subsequent Events

In July 2020, the Company initiated actions to reduce its operating costs in light of decreased demand for products in its Oil and Gas Markets and Adjacent Markets segments. The cost reductions were primarily realized through a reduction of approximately 100 employees from the Company’s workforce and a reduction in the cash compensation of named executives and Company directors. In connection with the workforce reduction, the Company will incur approximately $0.8 million of termination costs in the fourth quarter of fiscal year 2020. The termination costs will be included as a component of both cost of revenue and operating expenses in the Company’s consolidated statement of operations. The Company expects it will realize annual savings of $ 2.0 million or more as a result of the cost cutting measures.

Wheeler concluded, “As the world grapples with all the ramifications of COVID-19, demand for certain products in our oil and gas and adjacent markets segments will continue to be negatively impacted. Curtailed travel and social activities, combined with lower factory outputs, will continue to keep global energy demands at below normal levels. Thus, continued balancing of supplies and pricing poses ongoing challenges to the oil and gas companies and energy service providers who are our major customers. However, we believe that our products serving this market stand out as the preferred instruments of choice within a recovering energy market. In addition, we believe our executed diversification strategy is already demonstrating successful mitigation of the volatility in our oil and gas markets segment, as evidenced by our contract with U.S. Border Patrol. Furthermore, we believe our recent cost reduction efforts and our longstanding financial discipline keep us optimally positioned to thrive in a post COVID-19 world ahead.”

Conference Call Information

Geospace Technologies will host a conference call to review its fiscal year 2020 third quarter financial results on August 7, 2020 at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (877) 876-9173 (US) or (785) 424-1667 (International). Please reference the conference ID: GEOSQ320 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. These seismic products are marketed to the oil and gas industry and used to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “could”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding our expected operating results, the results and success of our transactions with Quantum and the OptoSeis^® technology, the adoption and sale of our products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of the coronavirus (or COVID-19) pandemic, the Company’s ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefore, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission, as well as other cautionary language in any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® technology transactions to yield positive operating results, decreases in commodity price levels, including risks related to the recent collapse in oil prices, which could reduce demand for our products, the failure of our products to achieve market acceptance, despite substantial investment by us, our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market, infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019
Revenue:
Products	$	6,975		$	12,153		$	25,575		$	34,457
Rental		15,728			10,720			40,740			32,414
Total revenue		22,703			22,873			66,315			66,871
Cost of revenue:
Products		8,660			10,508			28,285			32,967
Rental		5,979			4,775			19,564			12,873
Total cost of revenue		14,639			15,283			47,849			45,840

Gross profit		8,064			7,590			18,466			21,031

Operating expenses:
Selling, general and administrative		5,704			6,050			17,767			17,493
Research and development		4,014			4,246			12,535			11,315
Change in estimated fair value of contingent consideration		662			—			1,634			—
Bad debt expense		248			629			406			599
Total operating expenses		10,628			10,925			32,342			29,407

Loss from operations		(2,564	)		(3,335	)		(13,876	)		(8,376	)

Other income (expense):
Interest expense		(8	)		(28	)		(31	)		(85	)
Interest income		574			446			924			898
Foreign exchange gains (losses), net		307			(1	)		283			185
Other, net		(21	)		(54	)		(78	)		(183	)
Total other income, net		852			363			1,098			815

Loss before income taxes		(1,712	)		(2,972	)		(12,778	)		(7,561	)
Income tax expense		573			700			2,600			1,257
Net loss	$	(2,285	)	$	(3,672	)	$	(15,378	)	$	(8,818	)

Loss per common share:
Basic	$	(0.17	)	$	(0.27	)	$	(1.14	)	$	(0.66	)
Diluted	$	(0.17	)	$	(0.27	)	$	(1.14	)	$	(0.66	)

Weighted average common shares outstanding:
Basic		13,545,340			13,405,504			13,517,387			13,381,789
Diluted		13,545,340			13,405,504			13,517,387			13,381,789

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands except share amounts) (unaudited)

	June 30, 2020			September 30, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	26,669		$	18,925
Trade accounts and financing receivables, net		14,619			27,426
Inventories		21,531			23,855
Property held for sale		603			—
Prepaid expenses and other current assets		1,426			1,008
Total current assets		64,848			71,214

Non-current inventories		13,581			21,524
Rental equipment, net		58,571			62,062
Property, plant and equipment, net		30,511			31,474
Goodwill		5,008			5,008
Other intangible assets, net		8,764			10,063
Deferred cost of revenue and other assets		8,108			663
Total assets	$	189,391		$	202,008

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable trade	$	2,394		$	4,051
Deferred revenue and other current liabilities		7,172			9,119
Total current liabilities		9,566			13,170

Contingent consideration		11,574			9,940
Non-current deferred revenue and other liabilities		3,785			51
Total liabilities		24,925			23,161

Commitments and contingencies

Stockholders’ equity:
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding		—			—
Common stock, $.01 par value, 20,000,000 shares authorized, 13,664,614
13,630,666 shares issued and outstanding		137			136
Additional paid-in capital		90,342			88,660
Retained earnings		90,430			105,808
Accumulated other comprehensive loss		(16,443	)		(15,757	)
Total stockholders’ equity		164,466			178,847
Total liabilities and stockholders’ equity	$	189,391		$	202,008

GEOSPACE TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

	Nine Months Ended
	June 30, 2020			June 30, 2019
Cash flows from operating activities:
Net loss	$	(15,378	)	$	(8,818	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income tax expense (benefit)		195			(22	)
Rental equipment depreciation		13,643			9,703
Property, plant and equipment depreciation		3,029			3,012
Amortization of intangible assets		1,299			1,228
Amortization of premiums on short-term investments		—			(9	)
Stock-based compensation expense		1,682			1,781
Bad debt expense		406			599
Inventory obsolescence expense		2,853			3,013
Change in estimate of collectability of rental revenue		7,993			—
Change in estimated fair value of contingent consideration		1,634			—
Gross profit from sale of used rental equipment		(698	)		(244	)
Gain on disposal of property, plant and equipment		(151	)		(90	)
Realized loss on short-term investments		—			66
Effects of changes in operating assets and liabilities:
Trade accounts and other receivables		2,059			(82	)
Inventories		898			(4,036	)
Deferred cost of revenue and other assets		(8,178	)		171
Accounts payable trade		(1,654	)		601
Deferred revenue and other liabilities		2,811			(740	)
Net cash provided by operating activities		12,443			6,133

Cash flows from investing activities:
Purchase of property, plant and equipment		(2,559	)		(1,426	)
Proceeds from the sale of property, plant and equipment		204			130
Investment in rental equipment		(5,448	)		(28,728	)
Proceeds from the sale of used rental equipment		3,258			3,388
Proceeds from the sale of short-term investments		—			25,606
Business acquisition		—			(1,819	)
Payments for damages related to insurance claim		—			(650	)
Proceeds from insurance claim		—			1,166
Net cash used in investing activities		(4,545	)		(2,333	)

Cash flows from financing activities:
Proceeds from the exercise of stock options		—			215
Net cash provided by financing activities		—			215

Effect of exchange rate changes on cash		(154	)		(351	)
Increase in cash and cash equivalents		7,744			3,664
Cash and cash equivalents, beginning of fiscal year		18,925			11,934
Cash and cash equivalents, end of fiscal period	$	26,669		$	15,598

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	31		$	85
Cash paid for income taxes		2,454			1,249
Inventory transferred to rental equipment		6,220			1,810

Contacts

Rick Wheeler
President and CEO
TEL: 713.986.4444
FAX: 713.986.4445

Read full story here

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