HOUSTON--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2020 results as follows:

"NRP continues to operate under government guidelines and employ remote work protocols. Our people are safe and the company is conducting business as usual," said Craig Nunez, NRP's President and Chief Operating Officer. "While the COVID-19 pandemic continues to have a significant negative impact on demand for steel, electricity and glass, which translates to lower demand for coal and soda ash, we continue to believe that our ample liquidity, continued free cash flow generation and the fact that our parent company bonds do not mature until 2025 will provide us with the financial flexibility and margin of safety necessary to manage through the downturn.”

NRP's liquidity was $210.8 million at June 30, 2020, consisting of $110.8 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

NRP announced today that the Board of Directors of its general partner declared a second quarter 2020 cash distribution of $0.45 per common unit of NRP to be paid on August 26, 2020 to unitholders of record on August 19, 2020. The Board also declared a second quarter 2020 cash distribution on NRP’s 12.0% Class A Convertible Preferred Units, totaling $7.5 million. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, and the level of cash reserves that the Board determines is necessary for future operating and capital needs.

Segment Performance

Coal Royalty and Other

Revenues and other income in the second quarter of 2020 were lower by $36.1 million and distributable cash flow and free cash flow were $23.2 million and $24.5 million lower, respectively, as compared to the prior year quarter. This decrease is primarily a result of a weakened market for metallurgical coal as compared to the prior year quarter due to a decline in global steel demand. As a result, both sales volumes and prices for metallurgical coal sold were lower in the second quarter of 2020 compared to the prior year quarter. Approximately 80% of coal royalty revenues and approximately 70% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2020. In addition, weaker domestic and export thermal coal markets compared to the prior year period resulted in lower revenue from our thermal coal properties. Domestic and export thermal coal markets remained challenged by lower utility demand, continued low natural gas prices and the secular shift to renewable energy. Furthermore, the COVID-19 pandemic has compounded already weak coal pricing and demand, and NRP's coal lessees are seeing significant negative impacts on their businesses.

NRP worked with its largest lessee, Foresight Energy, to help them to develop a plan that enabled Foresight to emerge from bankruptcy in the second quarter of 2020. NRP entered into lease amendments pursuant to which Foresight agreed to pay NRP fixed cash payments of $48.75 million in 2020 and $42.0 million in 2021 to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between NRP and Foresight Energy for calendar years 2020 and 2021. Through the first six months of 2020, NRP received $21.2 million of the $48.75 million due in 2020. Beginning in January 2022, Foresight payment obligations will be calculated in accordance with the provisions of the original lease agreements, except with respect to the Macoupin mine. While the Macoupin mine is idled, Foresight will pay an annual fee of $2.0 million to NRP each year through 2023 to continue to lease NRP's coal reserves at Macoupin.

NRP also recorded $132.3 million in non-cash asset impairment expense in the second quarter of 2020 primarily related to weakened coal markets that was compounded by the COVID-19 pandemic and resulted in the termination of certain coal leases, changes to lessee mine plans resulting in permanent moves off of certain coal properties and decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties.

Soda Ash

Ciner Wyoming was negatively impacted by the COVID-19 pandemic as lower activity in the global auto, container and construction industries reduced demand for glass and soda ash. Revenues and other income in the second quarter of 2020 were lower by $14.4 million compared to the prior year quarter primarily due to a combination of lower pricing and volumes sold. Distributions received from Ciner Wyoming were $7.1 million in the second quarter of 2020 as compared to $9.3 million in the second quarter of 2019.

Global soda ash prices are down roughly 25% from a year ago, to levels that NRP believes are below the cost of production of the world’s synthetic soda ash producers and some of the natural soda ash producers. NRP expects the soda ash industry to face significant headwinds until the global economy gets back on track. While NRP believes Ciner Wyoming's facility is competitively positioned as one of the lowest cost producers of soda ash in the world, NRP expects soda ash markets to continue to be challenged over the next several quarters.

Ciner Wyoming continues to develop plans for a significant capacity expansion capital project. However, they have delayed the timing of significant costs related to this project until they have more clarity and visibility into the impact of the COVID-19 pandemic on its business. In addition, in order to achieve greater financial flexibility during the COVID-19 pandemic, Ciner Wyoming suspended its quarterly distribution for the second quarter which would have been paid to NRP in August 2020. Ciner Wyoming will continue to evaluate on a quarterly basis whether to reinstate the distribution, which will be dependent in part on its cash reserves, liquidity, total debt levels and anticipated capital expenditures.

Corporate and Financing

Corporate and financing costs were $32.0 million lower in the second quarter of 2020 compared to the prior year quarter primarily due to the loss on extinguishment of debt of $29.3 million related to the refinancing and extension of both NRP's 2022 Senior Notes and revolving credit facility in the second quarter of 2019, as well as lower interest expense as a result of less debt outstanding. Distributable cash flow and free cash flow were $7.3 million lower compared to the prior year quarter primarily due to the timing of interest payments on the parent company bonds that were refinanced in the second quarter of 2019. Interest payments are due in June and December on the new 9.125% Notes, compared to March and September on the previous 10.5% Notes. Additionally, NRP redeemed the $3.75 million of paid-in-kind preferred units in the second quarter of 2020.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link http://www.directeventreg.com/registration/event/5489831. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States including interests in coal, industrial minerals and other natural resources. In addition, NRP owns an equity investment in Ciner Wyoming LLC, a trona ore mining and soda ash production business.

For additional information, please contact Tiffany Sammis at 713-751-7515 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Ciner Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Cash flow cushion" is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and common unit distributions. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

"Return on capital employed" or "ROCE" is a non-GAAP financial measure that we define as net income (loss) from continuing operations plus financing costs (interest expense plus loss on extinguishment of debt) divided by the sum of equity excluding equity of discontinued operations, and debt. Return on capital employed should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. Return on capital employed is a supplemental performance measure used by our management team that measures our profitability and efficiency with which our capital is employed. The measure provides an indication of operating performance before the impact of leverage in the capital structure.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Tiffany Sammis, 713-751-7515
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DUBLIN--(BUSINESS WIRE)--The "Nigeria Wind Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

Even as the wind power generation technology is now relatively advanced, the industry is reaching a stage of maturity in the key markets, with some other markets still evolving.

In 2019, around 60.4 GW of new wind power capacity was added globally, making it the second-largest year in history and close to the largest year in 2015 (63.8 GW), bringing global cumulative wind power capacity up to 651 GW. The massive wind turbine installation was primarily the result of a strong year in both China and the US: the world's two largest markets ahead of the expiry of Feed-in Tariffs (FiT) for onshore in the first country and the PTC (extended until the end of 2020 in Dec 2019) in the second.

Report Coverage

The report provides comprehensive market analysis on the historical development and targets, the current state of wind power installation scenario, and its outlook. The insights in the research report: market data, policies and regulations, project data, company profiles, and competitive landscape analysis - have been derived primarily from our proprietary databases, and offerings.

The report discusses the impact of the ongoing COVID-19 pandemic on the wind power market, economic trends, and investment and financing scenario in Nigeria. It gives insights into the market dynamics and the challenges of wind power development in the country. It also comprises significant market development trends and highlights how the socio-economic, environmental, and political factors affect the nation's wind market.

Key Topics Covered

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

3.1 Introduction

3.2 Market Dynamics

3.2.1. Drivers

3.2.2 Restraints

3.3 Market Trends & Developments

3.4 Analysis of COVID-19 Impact

3.5 Market Opportunities

3.6 Key Projects

3.7 Government Policies and Regulations

4. Market Outlook

4.1 Annual Wind Power Installed Capacity, 2001-2025, in GW

4.2 Cumulative Wind Power Installed Capacity Forecast, 2001-2025, in GW

5. Business Activity Analysis

5.1 Supply Chain Analysis

5.2 PESTLE Analysis

6. Competitive Landscape

6.1 List of Notable Players in the Market

6.2 M&A, JV, and Agreements

6.3 Strategies of Key Players

7. Key Company Profiles

8. Conclusions and Recommendations

Companies Mentioned

• Siemens Gamesa Renewable Energy (SGRE)
• GE Renewable Energy (General Electric Company)
• Vestas Wind Systems A/S
• MAPNA
• Nordex Group
• Dongfang Electric Corporation (DEC)

For more information about this report visit https://www.researchandmarkets.com/r/brey7q

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WALL, N.J.--(BUSINESS WIRE)--Today, New Jersey Resources (NYSE: NJR) reported results for the third quarter of fiscal 2020. Highlights for the quarter included:

• Consolidated net loss of $(27.2) million, compared with a loss of $(8.4) million in the third quarter of fiscal 2019
• Consolidated net financial loss, a non-GAAP financial measure, of $(5.8) million, or $(0.06) per share, compared with a loss of $(17.5) million, or $(0.20) per share, in the third quarter of fiscal 2019
• Reaffirmed net financial earnings (NFE) guidance of $2.05 to $2.15 per share for fiscal 2020; expect to be toward the lower-end of the guidance range
• NJR Clean Energy Ventures (CEV) acquired the NJ Oak solar facility

Third-quarter fiscal 2020 net loss totaled $(27.2) million, or $(0.28) per share, compared with a loss of $(8.4) million, or $(0.09) per share, during the same period in fiscal 2019. Fiscal 2020 year-to-date net income totaled $150.6 million, or $1.60 per share, compared with $151.4 million, or $1.70 per share, for the same period in fiscal 2019.

Third-quarter fiscal 2020 net financial loss totaled $(5.8) million, or $(0.06) per share, compared with a net financial loss of $(17.5) million, or $(0.20) per share, during the same period last year. Fiscal 2020 year-to-date NFE totaled $141.5 million, or $1.50 per share, compared with $149.0 million, or $1.67 per share, for the same period in fiscal 2019.

"We are on track to achieve earnings within our fiscal 2020 guidance for the year, showing the strength and resiliency of our business fundamentals through a challenging economic environment," said Steve Westhoven, President and CEO of New Jersey Resources. "That resilient foundation, along with our diversified portfolio of infrastructure investments and the dedication and hard work of our team, position us well to meet our growth targets moving forward."

A reconciliation of net income (loss) to net financial (loss) earnings for the three and nine months ended June 30, 2020, and 2019, is provided below.

Net financial (loss) earnings is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under “Non-GAAP Financial Information.”

GAAP requires us, during the interim periods, to estimate our annual effective tax rate and use this rate to calculate the year-to-date tax provision. We also determine an annual estimated effective tax rate for NFE purposes and calculate a quarterly tax adjustment based on the differences between our forecasted net income and our forecasted NFE for the fiscal year. Since the annual estimated effective tax rate is based on certain forecasted assumptions, including estimates surrounding completion of Clean Energy Ventures projects, the rate and resulting NFE are subject to change. No adjustment is needed during the fourth quarter, since the actual effective tax rate is calculated at year end.

A table detailing net financial (loss) earnings for the three and nine months ended June 30, 2020, and 2019, is provided below.

NJR Reaffirms Fiscal 2020 NFE Guidance:

NJR reaffirmed fiscal 2020 NFE guidance range of $2.05 to $2.15 per share, subject to the risks and uncertainties identified below under “Forward-Looking Statements,” but expects NFE to be toward the lower-end of the range. The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2020:

In providing fiscal 2020 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

COVID-19 Impact Update:

NJR has not made any significant changes to capital programs due to COVID-19. New Jersey Natural Gas (NJNG) operations and delivery of natural gas to its approximately 555,000 customers has largely been unaffected by the ongoing pandemic. NJR will continue to closely monitor the potential impacts of the pandemic and will adjust its plans accordingly to ensure the delivery of essential services to customers, while maintaining the safety and health of its employees, customers and communities.

Regulated Business Update:

New Jersey Natural Gas

NJNG reported third-quarter fiscal 2020 NFE of $12.0 million, compared with a net financial loss of $(3.8) million during the same period in fiscal 2019. Fiscal 2020 year-to-date NFE at NJNG were $142.2 million, compared with $96.5 million during the same period last year. The increase in both periods was due primarily to increased base rates from NJNG's rate case settlement in November 2019 and lower operating and maintenance (O&M) expenses.

Customer Growth:

• NJNG added 5,879 new customers during the first nine months of fiscal 2020, compared with 6,800 during the same period in fiscal 2019. NJNG expects to add between 28,000 and 30,000 new customers between fiscal 2020 and fiscal 2022, representing an average annual growth rate of 1.8 percent and a cumulative increase in utility gross margin of approximately $16.3 million. For more information on utility gross margin, please see “Non-GAAP Financial Information” below.

Infrastructure Update:

• The Southern Reliability Link (SRL) will diversify supply to our customers by providing a new intrastate feed into the southern end of NJNG’s distribution system. SRL began construction in the first quarter of fiscal 2019 and is projected to be placed in service in 2021. The cost of SRL is expected to be in the range of $250 million to $270 million. Construction continues on SRL with 75 percent of the project complete.
  • On July 8, 2020, the New Jersey Department of Environmental Protection (NJDEP) suspended NJNG's permits for certain sections of SRL's construction due to inadvertent returns of drilling mud that occurred during routine drilling operations. The company is working with the NJDEP and has submitted its mitigation plan.

• NJNG's Infrastructure Investment Program (IIP) was filed with the New Jersey Board of Public Utilities (BPU) on February 28, 2019, seeking approval to implement a five-year, $507 million infrastructure investment program. The IIP consists of two components; transmission and distribution investments, and information technology replacements and enhancements. Pending BPU approval, NJNG requested these investments be recovered through annual regulatory filings.

• Safety Acceleration and Facilities Enhancement (SAFE) II is the five-year, $157.5 million program approved by the BPU in September 2016 to replace the remaining unprotected bare steel main and associated services in NJNG’s distribution system. Through the first nine months of fiscal 2020, NJNG invested $44.6 million to replace 54 miles of unprotected bare steel main and services.

• The New Jersey Reinvestment in System Enhancement (NJ RISE) program is a five-year, $102.5 million investment program comprised of six projects related to storm hardening and mitigation. During the third quarter of fiscal 2020, NJNG continued construction to install a new distribution main into Long Beach Island and complete the final phase of the North Seaside Reinforcement project.

• The SAFE II and NJ RISE programs are eligible for annual rate increases. On March 31, 2020, NJNG filed its annual petition with the BPU, requesting a rate increase of approximately $7.4 million for the recovery of the related capital costs through June 30, 2020. NJNG updated the filing in July 2020 to reflect the actual results through June 30, 2020, reducing the rate increase to $7.05 million, with changes to rates expected to be effective October 1, 2020.

BGSS Incentive Programs:

BGSS incentive programs contributed $2.4 million to utility gross margin in the third quarter of fiscal 2020, compared with $2.5 million during the same period in fiscal 2019. Fiscal 2020 year-to-date, these programs contributed $6.7 million, compared with $5.9 million during the same period in fiscal 2019. The higher year-to-date results were due to improved margins in off-system sales and storage incentive programs, which were partially offset by a decrease in capacity release volume.

Energy-Efficiency Programs:

The SAVEGREEN Project^®, NJNG’s energy-efficiency program, invested $5.4 million and $19.7 million during the third quarter and first nine months of fiscal 2020, respectively, to help customers with energy-efficiency upgrades for their homes and businesses.

NJR Midstream

Midstream reported third-quarter fiscal 2020 NFE of $3.6 million, compared with $3.1 million during the same period in fiscal 2019. Fiscal 2020 year-to-date NFE was $10.9 million, compared with $11.2 million during the same period last year. The increase in the third quarter was due to incremental operating income from Leaf River and Adelphia Gateway. The decrease in year-to-date NFE was primarily due to increased O&M and interest expense related to the acquisitions of Leaf River and Adelphia Gateway offset by the incremental operating income generated by these assets. In addition, NJR Midstream recognized a gain on the sale of equity securities in the second quarter of fiscal 2019, which did not reoccur this fiscal year.

Infrastructure Updates:

• PennEast - On January 30, 2020, PennEast filed with FERC an abbreviated application for amendment of its Certificate of Public Convenience and Necessity, requesting a phased-in approach to the PennEast project. The first phase of the project would include construction in Pennsylvania with interconnections within the state. Also, on January 30, 2020, FERC issued a declaratory order related to the ruling by the Third Circuit, supporting PennEast.
  • On February 18, 2020, PennEast filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn the September 10, 2019 Third Circuit decision vacating the New Jersey Federal District Court's December 13, 2018 condemnation order.
  • On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to express their views regarding the issues presented in the petition for a writ of certiorari.
  • On August 3rd, FERC issued a positive environmental assessment for Phase I of the project, finding no significant environmental impact.

• Adelphia Gateway - NJR Midstream is running existing operations on the northern end of the pipeline and the southern end of the pipeline will be converted to natural gas upon receipt of the Notice to Proceed from FERC.

Unregulated Businesses Update:

NJR Energy Services

Energy Services reported third-quarter fiscal 2020 net financial loss of $(6.9) million, compared with a net financial loss of $(14.0) million during the same period last year. Fiscal 2020 year-to-date net financial loss was $(9.5) million, compared to NFE of $13.6 million for the same period last fiscal year. The year-to-date decrease in NFE was due primarily to challenging market conditions created by unusually warm weather on the U.S. east coast last winter. This led to fewer market opportunities compared to prior years due to lower volumes and narrower pricing spreads in wholesale natural gas markets.

NJR Clean Energy Ventures

CEV reported third quarter fiscal 2020 net financial loss of $(13.9) million, compared with a net financial loss of $(7.1) million during the same period in fiscal 2019. Fiscal 2020 year-to-date net financial loss was $(2.8) million, compared with NFE of $24.8 million for the same period in fiscal 2019. The decrease was due to the timing of SREC sales, investment tax credit recognition and the absence of contributions from the wind portfolio, which was sold in February of 2019.

Solar Investment Update:

• In June 2020, CEV acquired the 12.5 MW NJ Oak Solar facility, an existing asset in operation in Fairfield, NJ. In addition to acquiring the NJ Oak solar facility, CEV placed two commercial solar projects into service in the third quarter of fiscal 2020, adding 32 MW to CEV's total installed capacity of over 350 MW.

• The Sunlight Advantage^®, CEV's residential solar leasing program, added 90 residential customers and now serves over 8,400 residential customers in New Jersey.

NJR Home Services and Other Operations

Home Services and Other Operations reported third quarter fiscal 2020 net financial loss of $(0.6) million, compared with NFE of $4.4 million during the same period in fiscal 2019. The decrease in the third quarter was due primarily to the timing of expenses related to our IT system replacement project. Fiscal 2020 year-to-date NFE was $0.7 million compared to NFE of $2.9 million for the same period in fiscal 2019. The decrease in year-to-date NFE was due primarily to a decrease in interest income and changes in income taxes.

Effective Tax Rate:

NJR’s estimated annual effective tax rate increased from (4.6) percent in fiscal 2019 to (1.2) percent in fiscal 2020. For NFE purposes, the estimated effective tax rate also increased from (13.7) percent to (3.0) percent. In the third quarter of fiscal 2020, NJR recognized $26.5 million related to tax credits, net of deferred taxes, compared with $35.6 million during the same period last year.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile, while continuing to invest capital in regulated and unregulated energy projects.

• During the first nine months of fiscal 2020, capital expenditures were $380.8 million, of which $262.5 million were related to regulated assets, compared with capital expenditures of $348.0 million, of which $255.4 million were related to regulated assets, during the same period of fiscal 2019.

• During the first nine months of fiscal 2020, cash flows from operations were $182.8 million, compared with $165.8 million from operations during the same period of fiscal 2019. The increase was primarily due to increased margin at NJNG from increased base rates.

Webcast Information:

NJR will host a live webcast to discuss its financial results today at 10 a.m. ET. A few minutes prior to the webcast, go to njresources.com and select “Investor Relations,” then scroll down to the “Events & Presentations” section and click on the webcast link.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFE guidance for fiscal 2020, forecasted contribution of business segments to fiscal 2020 NFE, future NJNG customer and utility gross margin growth, future NJR capital expenditures, infrastructure programs and investments, Clean Energy Ventures’ ITC-eligible projects and demand for residential solar, earnings growth, the ability to construct and operate the Adelphia Gateway project, and construct the SRL and PennEast pipeline projects, as well as the ongoing COVID-19 pandemic and its impact on NJR's liquidity, business operations, financial condition, results of operations or cash flows.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR’s operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2020 Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.

Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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DUBLIN--(BUSINESS WIRE)--The "Canada Solar Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world. However, in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018. The rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns.

However, with the economic downturn induced by the outbreak of COVID-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers. Commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority. Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning.

According to the report, despite the slowdown expected in 2020 due to the coronavirus pandemic's challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives.

Report Scope

This report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook. Most of the insights in the report are derived from our proprietary databases, and offerings. The insights include but are not limited to the market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis.

The report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment and financing scenario in Canada. Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.

Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country's imports and exports.

Key Topics Covered

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

3.1 Introduction

3.2 Market Dynamics

3.2.1. Drivers

3.2.2 Restraints

3.3 Market Trends & Developments

3.4 Analysis of COVID-19 Impact

3.5 Market Opportunities

3.6 Key Projects

3.7 Government Policies and Regulations

4. Market Outlook

4.1 Annual Solar Power Installed Capacity, 2001-2025, in GW

4.2 Cumulative Solar Power Installed Capacity Forecast, 2001-2025, in GW

5. Business Activity Analysis

5.1 Supply Chain Analysis

5.2 PESTLE Analysis

6. Market Segmentation & Analysis

6.1 By Technology

6.1.1 Photovoltaic (PV)

6.1.2 Concentrated Solar Power (CSP)

6.2 PV Deployment by Segment

6.2.1 Residential

6.2.2 Non-Residential

6.2.3 Utility

7. Competitive Landscape

7.1 List of Notable Players in the Market

7.2 M&A, JVs, Partnerships and Agreements

7.3 Strategies of Key Players

8. Key Company Profiles

9. Conclusions and Recommendations

Companies Mentioned

• JinkoSolar Holding Co. Ltd.
• JA Solar Holdings
• Trina Solar Limited
• LONGi Solar
• Canadian Solar Inc.
• Hanwha Q Cells Co. Ltd.
• Risen Energy
• GCL System Integration Technology
• First Solar Inc.

For more information about this report visit https://www.researchandmarkets.com/r/5e1emy

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) has scheduled a conference call to discuss the results for the third quarter of 2020 on Wednesday, November 4, 2020 at 8:00 am (US Central Time). Financial results for the third quarter ending on September 30, 2020 are expected to be released that morning before the market opens.

The call will be broadcast through the Investor Relations link on NOW Inc.’s web site at ir.distributionnow.com on a listen-only basis. Listeners should log in prior to the start of the call to register for the webcast. A replay of the call will be available online for thirty days following the conference. Participants may also join the conference call by dialing 1-800-446-1671 within North America or 1-847-413-3362 outside of North America five to ten minutes prior to the scheduled start time and ask for the “NOW Inc. Earnings Conference Call” or the “DistributionNOW Earnings Conference Call.”

DistributionNOW is a worldwide supplier of energy and industrial products and engineered equipment solutions. With approximately 2,650 employees and a network of approximately 205 locations worldwide, we offer a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce and data and information management. Our locations provide products and solutions to exploration and production companies, energy transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers and engineering and construction companies. DistributionNOW has a legacy of over 150 years and is headquartered in Houston, Texas.

Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754

DUBLIN--(BUSINESS WIRE)--The "New Zealand Wind Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

Even as the wind power generation technology is now relatively advanced, the industry is reaching a stage of maturity in the key markets, with some other markets still evolving.

In 2019, around 60.4 GW of new wind power capacity was added globally, making it the second-largest year in history and close to the largest year in 2015 (63.8 GW), bringing global cumulative wind power capacity up to 651 GW. The massive wind turbine installation was primarily the result of a strong year in both China and the US: the world's two largest markets ahead of the expiry of Feed-in Tariffs (FiT) for onshore in the first country and the PTC (extended until the end of 2020 in Dec 2019) in the second.

Report Coverage

The report provides comprehensive market analysis on the historical development and targets, the current state of wind power installation scenario, and its outlook. The insights in the research report: market data, policies and regulations, project data, company profiles, and competitive landscape analysis - have been derived primarily from our proprietary databases, and offerings.

The report discusses the impact of the ongoing COVID-19 pandemic on the wind power market, economic trends, and investment and financing scenario in New Zealand. It gives insights into the market dynamics and the challenges of wind power development in the country. It also comprises significant market development trends and highlights how the socio-economic, environmental, and political factors affect the nation's wind market.

Key Topics Covered

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

3.1 Introduction

3.2 Market Dynamics

3.2.1. Drivers

3.2.2 Restraints

3.3 Market Trends & Developments

3.4 Analysis of COVID-19 Impact

3.5 Market Opportunities

3.6 Key Projects

3.7 Government Policies and Regulations

4. Market Outlook

4.1 Annual Wind Power Installed Capacity, 2001-2025, in GW

4.2 Cumulative Wind Power Installed Capacity Forecast, 2001-2025, in GW

5. Business Activity Analysis

5.1 Supply Chain Analysis

5.2 PESTLE Analysis

6. Competitive Landscape

6.1 List of Notable Players in the Market

6.2 M&A, JV, and Agreements

6.3 Strategies of Key Players

7. Key Company Profiles

8. Conclusions and Recommendations

Companies Mentioned

• Siemens Gamesa Renewable Energy (SGRE)
• GE Renewable Energy (General Electric Company)
• Xinjiang Goldwind Science & Technology Co. Ltd.
• Envision Group
• Ming Yang Wind Power Group Limited
• Vestas Wind Systems A/S
• Dongfang Electric Corporation (DEC)

For more information about this report visit https://www.researchandmarkets.com/r/s5ucgx

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Nigeria Solar Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.

In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world. However, in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018. The rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns.

However, with the economic downturn induced by the outbreak of COVID-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers. Commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority. Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning.

According to the publisher, despite the slowdown expected in 2020 due to the coronavirus pandemic's challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives.

Report Coverage

The report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook. Most of the insights in the report are derived from our proprietary databases, and offerings. The insights include but are not limited to the market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis.

The report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment and financing scenario in Nigeria. Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.

Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country's imports and exports.

Key Topics Covered

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

3.1 Introduction

3.2 Market Dynamics

3.2.1. Drivers

3.2.2 Restraints

3.3 Market Trends & Developments

3.4 Analysis of COVID-19 Impact

3.5 Market Opportunities

3.6 Key Projects

3.7 Government Policies and Regulations

4. Market Outlook

4.1 Annual Solar Power Installed Capacity, 2001-2025, in GW

4.2 Cumulative Solar Power Installed Capacity Forecast, 2001-2025, in GW

5. Business Activity Analysis

5.1 Supply Chain Analysis

5.2 PESTLE Analysis

6. Market Segmentation & Analysis

6.1 By Technology

6.1.1 Photovoltaic (PV)

6.1.2 Concentrated Solar Power (CSP)

6.2 PV Deployment by Segment

6.2.1 Residential

6.2.2 Non-Residential

6.2.3 Utility

7. Competitive Landscape

7.1 List of Notable Players in the Market

7.2 M&A, JVs, Partnerships and Agreements

7.3 Strategies of Key Players

8. Key Company Profiles

9. Conclusions and Recommendations

Companies Mentioned

• JinkoSolar Holding Co. Ltd.
• JA Solar Holdings
• Trina Solar Limited
• LONGi Solar
• Canadian Solar Inc.
• Hanwha Q Cells Co. Ltd.
• Risen Energy
• GCL System Integration Technology
• First Solar Inc.

For more information about this report visit https://www.researchandmarkets.com/r/pzafv4

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

The global software company expands its presence in India to increase its regional engineering capabilities, strengthen customer support, and boost local economy

ATLANTA--(BUSINESS WIRE)--#Hyderabad--PDI (www.pdisoftware.com), a global provider of ERP, fuel pricing, supply chain logistics, and marketing cloud solutions for the convenience retail and petroleum wholesale industries, announced the opening of its office in Hyderabad, India. The software company, which already has an office in Chennai, is continuing to expand its geographic footprint in the region and strengthen its engineering capacity.

The new office can hold up to 70 team members and will help accelerate PDI’s development of high quality, cloud-based products, mobile-first experiences, and analytics solutions with its agile engineering teams. So far, PDI has hired nearly 40 people in the city—all of which were onboarded remotely. The company’s engineering leadership and coordinated HR and operations efforts are focusing on building a highly engaged and productive remote workforce. With the addition of the Hyderabad office, PDI now has nearly 200 team members in India.

“We are excited to add Hyderabad to the list of PDI’s regional locations,” said Ravi Sankar Mocharla, vice president of engineering and site leader, PDI. “As one of the most tech-savvy markets in the world and with hundreds of engineering colleges in the vicinity, Hyderabad has a diverse and highly-skilled workforce. During these challenging times, and as a people-first company, our employees’ well-being remains top-of-mind as we take care of our customers’ needs. PDI continues to support a remote work policy for its employees and new hires worldwide.”

PDI’s office inauguration was conducted today by Sri Jayesh Ranjan, principal secretary, IT Telangana, and Sri Amarnath Reddy Atmakuri, chief relations officer, IT Telangana.

On this occasion, during his inauguration speech, Mr. Jayesh Ranjan added that, “We, the Telangana government and team, are happy to see existing, well-known companies starting to open their facilities in Hyderabad, Telangana. We’re glad that PDI, a 37-year-old company in the U.S., started operations in Hyderabad with 40-60 people now and has future growth plans.

“We are happy to see that PDI is creating opportunities for the local youngsters and talented, experienced engineers who could take the Telangana name and fame across the world by creating quality software.

“I am happy, personally, to inaugurate the PDI office in Hyderabad, as I have learnt that PDI will expand their operations in Hyderabad and create employment for Telangana and India software professionals.”

“In spite of COVID-19, we want to encourage product-based companies like PDI to create operations, and we are here to provide support every way possible to expand their business opportunities,” added Mr. Amarnath Reddy Atmakuri.

About PDI

Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.

For more information, contact: Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.

TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter of 2020.

Highlights

• Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.

• Shipping revenues for the second quarter 2020 were $114.5 million, up 29.5% compared with the second quarter 2019.

• Time charter equivalent (TCE) revenues^(A), a non-GAAP measure, for the second quarter 2020 were $100.4 million, up 22.3% compared with the second quarter 2019.

• Second quarter 2020 Adjusted EBITDA^(B), a non-GAAP measure, was $29.8 million, up 63.1% from $18.2 million in the second quarter 2019.

• Total cash^(C) was $94.3 million as of June 30, 2020.

• At the end of May 2020, the Company took delivery of a 204,000 barrel capacity oil and chemical tank barge. The barge, named the OSG 204, has been paired with an existing tug within the Company's fleet, the OSG Endurance. The ATB unit will be operating in the Jones Act trade and has entered into a one-year time charter.

• On July 30, 2020, the Company used $20.0 million of restricted cash, along with a cash payment of $4.2 million, which included interest and other fees, to pay in full the Company's term loan on the Overseas Gulf Coast, due 2024. At June 30, 2020, the principal amount of the term loan of $24.0 million is included in current installments of long-term debt on the condensed consolidated balance sheets.

Sam Norton, President and CEO, stated, “Under the continuing disruptive influence of the COVID-19 pandemic, it is important to remember that our business is not one that can be done remotely in all respects. The contribution made by all of our employees, and in particular our seafarers, in realizing the strong financial results reported this morning should be applauded by all who benefit from their service. As was the case during the first quarter of this year, the deep book of time charters that we entered into at the end of last year has provided considerable insulation from exposure to the drop in transportation demand affecting both crude oil and refined product. The results produced in this context both met our expectations and provided renewed confidence in the value of OSG’s operating platform.”

Mr. Norton added, “Looking ahead, we anticipate that the combined effects of observable COVID-19 related demand suppression, the usual seasonally slow summer period, and the impact of a high concentration of drydock activities will result in lower time charter earnings for the third quarter. As we move through the balance of the year, the slope of demand recovery in transportation fuel consumption in the US will likely shape our overall future performance. Available data indicate that this recovery is, with the exception of jet fuel demand, well underway. Absent a reversal of this encouraging trend, there is cause for optimism that in terms of both rate and utilization, a restoration of a balanced and healthy market condition is foreseeable in our key markets.”

^{A, B, C} Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release below.

Second Quarter 2020 Results

Shipping revenues were $114.5 million for the quarter, up 29.5% compared with the second quarter of 2019. TCE revenues for the second quarter of 2020 were $100.4 million, an increase of $18.3 million, or 22.3%, compared with the second quarter of 2019. The increase primarily resulted from the addition to our fleet of two Marshall Islands flagged MR tankers, Overseas Gulf Coast and Overseas Sun Coast, three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, and one ATB, OSG 204 and OSG Endurance, which was delivered at the end of May 2020, and two Government of Israel voyages during the second quarter of 2020 compared to one during the second quarter of 2019. The increase was offset by two fewer ATBs in our fleet and a decrease in Delaware Bay lightering volumes during the second quarter of 2020 compared to the second quarter of 2019.

Operating income for the second quarter of 2020 was $13.6 million compared to operating income of $3.8 million in the second quarter of 2019.

Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.

Adjusted EBITDA was $29.8 million for the quarter, an increase of $11.6 million compared with the second quarter of 2019.

Conference Call

The Company will host a conference call to discuss its second quarter 2020 results at 9:30 a.m. Eastern Time (“ET”) on Friday, August 7, 2020.

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/

An audio replay of the conference call will be available starting at 11:30 a.m. ET on Friday, August 7, 2020 through 10:59 p.m. ET on Friday, August 14, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10145914.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally. In addition to the currently operating fleet, OSG has on order one Jones Act compliant barge which is scheduled for delivery in 2020.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the expected delivery schedule of our two new barges under construction and their expected participation in the Jones Act trade, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will have in the future, a profound impact on our workforce, and many aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our Annual Report on Form 10-K for the year ended December 31, 2019, in our upcoming Form 10-Q filing, and in similar sections of other filings we make with the SEC from time to time. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Consolidated Balance Sheets
($ in thousands)

Consolidated Statements of Operations
($ in thousands, except per share amounts)

Consolidated Statements of Cash Flows
($ in thousands)

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and six months ended June 30, 2020 and the comparable period of 2019. Revenue days in the quarter ended June 30, 2020 totaled 2,031 compared with 1,808 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.