Business Wire News

 


MADISON, Wis.--(BUSINESS WIRE)--The board of directors of MGE Energy, Inc. (Nasdaq: MGEE) today declared the regular quarterly dividend of $0.37 per share on the outstanding shares of the company's common stock, payable Dec. 15, 2020, to shareholders of record at the close of business Dec. 1, 2020.

MGE Energy has increased its dividend annually for the past 45 years and has paid cash dividends for more than 110 years.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), 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.


Contacts

Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

LOS ANGELES--(BUSINESS WIRE)--#PepperdineProud--Nanotechnology company BNNano, Inc., biotechnology company Calviri, Inc., and electronics materials company Terecircuits Corporation claimed top recognition (Platinum category) on Pepperdine Graziadio Business School’s third annual Most Fundable Companies List, which was announced during the virtual event yesterday. The Graziadio School named the 20 Most Fundable Companies, all of which have less than $10 million in annual revenue, strong business plans, and impressive near-term growth projections.


More than 4,500 early-stage U.S. companies spanning all 50 states participated in the Most Fundable Companies initiative, which is designed to bridge the gap between startups and the capital they need to succeed. The companies on the third annual list are located across the country and come from a variety of industries including biotechnology, renewable energy, aeronautics, and software technology.

“Investing in innovative companies can help our nation get back to work with good-paying jobs and bring the transformative change we all want,” said Deryck J. van Rensburg, dean of Pepperdine Graziadio Business School. “The Most Fundable Companies initiative aims to educate founders on the investor diligence process and recognize exceptional entrepreneurs who are solving today’s problems with inventive solutions and are also seeking investment capital to fuel their company's accelerated growth.”

Amongst the Most Fundable Companies winners were three Pepperdine Graziadio and Pepperdine Caruso School of Law alumni: Wayne Rickard (MBA) with Terecircuits, Dan O’Day (JD/MBA) with ECFX, and Nelson Quintero (JD) with ECFX.

The Most Fundable Companies assessment evaluates several company variables including financial projections, market opportunity, intellectual property, competitive advantage in their market, and the strength of the management team expertise, all of which are used to produce a fundability score for every company that participates. Pepperdine Most Fundable Companies is powered by The Venture Alliance.

To learn more about the winners and find out how to participate visit the 2020 Most Fundable Companies webpage.

Pepperdine Graziadio 2020 Most Fundable Companies List (alphabetically listed by category)

Platinum:

BNNano, Inc. (Burlington, NC)

BNNano leverages cutting-edge materials innovations to transform and return value to industrial commodities, facilitating applications such as aerospace, hypersonics, thermal management, and additive manufacturing.

Calviri, Inc. (Tempe, AZ)

Calviri will end cancer deaths worldwide via development of new diagnostic and therapeutic products, such as a chip for early detection of antibodies in blood and preventive vaccines.

Terecircuits Corporation (Mountain View, CA)

Terecircuits has developed a new class of polymer and novel circuit assembly techniques to support microassembly and mass transfer for advanced displays and electronics.

Gold:

Ai Software, LLC d/b/a Capacity (St. Louis, MO)

Capacity is a new kind of help desk, powered by artificial intelligence, that automates support for your customers and employees.

Athena, Inc. (New Orleans, LA)

Athena enables users to collect back child support in less time and for less money.

Flower Turbines, Inc. (Lawrence, NY)

Flower Turbines makes small wind turbines with aerodynamic innovations that allow them to change the world market for uses near people and buildings.

RRTC, Inc. (Belle Mead, NJ)

RRTC is a platform-manufacturing technology company. Patented, low-cost, sustainable solidification technology creates novel composites with a performance edge for a wide range of applications.

Silver:

Agtools, Inc. (Irvine, CA)

Agtools is a SaaS Food and Ag worldwide supply-chain platform offering real-time actionable intelligence data to increase profitability and avoid food waste. 2019 Microsoft ML/AI award winner.

Baby Barista (Simi Valley, CA)

Baby Barista’s connected machine revolutionizes infant formula feeding by making the perfect bottle in under 30 seconds and delivering organic formula right to your doorstep.

ECFX (Venice, CA)

ECFX provides a cloud-based enterprise notice management system using intelligent automation to streamline the entire electronic court notice workflow with firmwide administration and analytics.

ExpressCells (Philadelphia, PA)

ExpressCells is a revenue-generating genetic engineering company that creates knock-in cell lines for biological research more quickly than competing technologies and enabling better experiments.

Global Thermostat (New York, NY)

Global Thermostat commercializes its advanced, multi-patented technology to transform carbon dioxide from a global liability into an opportunity for global prosperity.

Target Arm, Inc. (Ridgefield, CT)

Target Arm’s device, Tular, enables launch and recovery of both rotary wing and fixed wing drones from any moving vehicle, autonomously, and even during windy conditions.

WinSanTor, Inc. (San Diego, CA)

WinSanTor is developing what may be the only disease-modifying treatment for peripheral neuropathy, a debilitating neurodegenerative condition that affects the lives of hundreds of millions of people.

Bronze:

Adranos, Inc. (West Lafayette, IN)

Adranos has developed a high-performance solid rocket fuel, ALITEC, that can increase the range or payload capacity of launch systems by up to 40 percent.

Cast21 (Chicago, IL)

Cast21 is changing the way the world heals with QUINTM technology, a waterproof alternative to a cast or brace for broken bones.

Hope Trust (Holmdel, NJ)

Hope Trust automates the special needs planning process, allowing families to ensure that the complex, interdisciplinary needs of their loved one will be fulfilled.

Perfitly, LLC (New York, NY)

Perfitly’s AR/VR-AI platform enables online apparel shoppers to try on and visualize garments in 3D before buying, reducing returns and increasing sales.

Perytor Therapeutics, Inc. (San Antonio, TX)

Perytor Therapeutics discovered a new category of drugs extracted from placental tissue that can be used to promote regeneration, while reducing pain and inflammation.

Wind Talker Innovations, Inc. (Anchorage, AK)

Wind Talker Innovations develops solutions to transcend the limitations of existing networks, allowing instantaneous and high-speed communications between users on- or off-grid.

Disclaimers: The Pepperdine Graziadio Most Fundable Companies List does not represent an offer to sell securities. It does not constitute investment advice, nor is it an endorsement of any particular product or service. Pepperdine University is not a broker-dealer and does not perform services provided by a broker-dealer, including but not limited to any financial or investment advising.

About Pepperdine University Graziadio Business School

For more than 50 years, the Pepperdine Graziadio Business School has challenged individuals to think boldly and drive meaningful change within their industries and communities. Dedicated to developing Best for the World Leaders, the Graziadio School offers a comprehensive range of MBA, MS, executive, and doctoral degree programs grounded in integrity, innovation, and entrepreneurship. The Graziadio School advances experiential learning through small classes with distinguished faculty that stimulate critical thinking and meaningful connection, inspiring students and working professionals to realize their greatest potential as values-centered leaders. Follow Pepperdine Graziadio on Facebook, Twitter, Instagram, and LinkedIn.


Contacts

Hillary Doran
Associate Director of Marketing
Pepperdine Graziadio Business School
(310) 568-2339
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for October 2020. The net profits interest calculation represents reported oil production for the month of July 2020 and reported natural gas production during June 2020. The calculation includes accrued costs incurred in August 2020.

This month, there was a continued rebound in the reported oil volumes, which partly reflects a return of previously deferred sales and shut-in production by some of the operators of the oil and gas properties underlying the Trust (the “Underlying Properties”). Excluding prior net profits interest shortfalls, income from the distributable net profits interest this month would have been approximately $0.1 million, or $0.0042 per unit. As a result of the cumulative outstanding net profits shortfall of approximately $2.4 million, however, no distribution will be paid to the Trust’s unitholders of record on October 30, 2020 in November 2020. Distributions to the Trust will resume once the cumulative net profits shortfall, which now totals approximately $2.2 million, is eliminated.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.

 

 

Underlying Sales Volumes

 

Average Price

 

 

Oil

 

Natural Gas

 

Oil

 

Natural Gas

 

 

Bbls

 

Bbls/D

 

Mcf

 

Mcf/D

 

(per Bbl)

 

(per Mcf)

Current Month

 

54,070

 

1,744

 

465,732

 

15,524

 

$

35.70

 

$

1.23

Prior Month

 

44,028

 

1,468

 

230,839

 

7,446

 

$

33.31

 

$

1.12

Recorded oil cash receipts from the Underlying Properties totaled $1.9 million for the current month on realized wellhead prices of $35.70/Bbl, up $0.4 million from the prior month distribution period. Based on current data for the Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”) indicates that production and cash receipts continue to normalize.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.6 million for the current month, an increase of $0.3 million from the prior month’s distribution period, due in part to the receipt of proceeds from the sales of prior months’ production.

Total accrued operating expenses for the period were $2.3 million, a $0.8 million increase month-over-month from September 2020 primarily due to the increase in recorded production. Capital expenditures increased $0.4 million from the prior month.

The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, the Sponsor anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, filed with the SEC on August 7, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.


Contacts

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

  • Worldwide revenue of $5.3 billion decreased 2% sequentially
  • International revenue of $4.1 billion decreased 1% sequentially
  • North America revenue of $1.2 billion decreased 2% sequentially
  • GAAP loss per share, including charges and credits of $0.22 per share, was $0.06
  • EPS, excluding charges and credits, was $0.16
  • Cash flow from operations was $479 million and free cash flow was $226 million
  • Board approved quarterly cash dividend of $0.125 per share

HOUSTON--(BUSINESS WIRE)--Schlumberger Limited (NYSE: SLB) today reported results for the third quarter of 2020.


Third-Quarter Results (Stated in millions, except per share amounts)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$5,258

$5,356

$8,541

-2%

 

-38%

Income (loss) before taxes - GAAP basis

$(54)

$(3,627)

$(11,971)

n/m

 

n/m

Adjusted EBITDA*

$1,018

$838

$1,773

21%

 

-43%

Adjusted EBITDA margin*

19.4%

15.6%

20.8%

371 bps

 

-140 bps

Pretax segment operating income*

$575

$396

$1,096

45%

 

-48%

Pretax segment operating margin*

10.9%

7.4%

12.8%

355 bps

 

-190 bps

Net income (loss) - GAAP basis

$(82)

$(3,434)

$(11,383)

n/m

 

n/m

Net income, excluding charges & credits*

$228

$69

$596

231%

 

-62%

Diluted EPS (loss per share) - GAAP basis

$(0.06)

$(2.47)

$(8.22)

n/m

 

n/m

Diluted EPS, excluding charges & credits*

$0.16

$0.05

$0.43

220%

 

-63%

 

 

 

North America revenue

$1,157

$1,183

$2,850

-2%

 

-59%

International revenue

$4,091

$4,138

$5,629

-1%

 

-27%

 
*These are non-GAAP financial measures. See sections titled "Charges & Credits", "Segments", and "Supplemental Information" for details.
n/m = not meaningful

Schlumberger CEO Olivier Le Peuch commented, “Our results in the third quarter clearly demonstrate our focus on execution, returns, and customer performance. Margins expanded sequentially while pretax segment operating income and adjusted EBITDA grew 45% and 21%, respectively, highlighting notable progress in the reset of our earnings power and further demonstrating our execution capabilities as we transition to our new organization.

“Through this cycle, we are leading technology innovation for our customers and reinventing ourselves to deliver a return above our cost of capital through the combination of capital stewardship, margin expansion, and free cash flow generation.

“In North America, we have exhibited capital discipline, and are high-grading and rationalizing our portfolio, with a focus on reduced volatility of earnings and less capital-intensive businesses as demonstrated by two key milestones we achieved during the quarter. The first is the agreement to combine our OneStim® pressure pumping business with Liberty Oilfield Services Inc. The second is an agreement to divest our low-flow artificial lift business in a cash transaction.

“Internationally, our fit-for-basin approach continues to extend our leadership position built on the largest and most diverse footprint in the industry. Despite the rig count decline during the quarter, we have experienced significant new technology uptake, achieved new performance benchmarks for our customers, and captured higher performance incentives on multiple projects. In addition, our international business continues to generate resilient, accretive margins and significant free cash flow. Upon the close of the two North America transactions, we expect our international revenue to represent more than 80% of consolidated revenue, up from an average of approximately 65% over the past decade. The combination of our fit-for-basin strategy, digital technology innovation, and scale puts us in the best position to leverage the anticipated shift of spending growth toward the international market.

“Third-quarter revenue declined 2% sequentially, as North America revenue was 2% lower and international revenue declined 1%. In North America land, increased completions activity on drilled but uncompleted (DUC) wells was offset by reduced drilling in US land. North America offshore was affected by reduced rig activity, lower multiclient seismic license sales, and hurricane disruption.

“International revenue was driven by higher activity in Latin America, boosted by the resumption of production in our Asset Performance Solutions (APS) projects in Ecuador and increased seasonal summer activity in the North Sea and Russia. These increases were offset by the effects of rig count declines and extended COVID-19 disruptions in Africa and in the Middle East & Asia.

Third-Quarter Revenue by Segment (Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Reservoir Characterization

$1,010

$1,052

$1,651

-4%

 

-39%

Drilling

1,519

1,731

2,469

-12%

 

-38%

Production

1,801

1,615

3,153

12%

 

-43%

Cameron

965

1,015

1,363

-5%

 

-29%

Other

(37)

(57)

(95)

n/m

 

n/m

$5,258

$5,356

$8,541

-2%

 

-38%

n/m = not meaningful
Certain prior period amounts have been reclassified to conform to the current period presentation.

“Sequentially, by business segment, third-quarter Production revenue increased 12%, driven by the gradual recovery in DUC well completions activity in US land and the resumption of APS production in Ecuador, which was further boosted by digital technology, improving project performance and efficiency. Reservoir Characterization, Drilling, and Cameron decreased 4%, 12%, and 5%, respectively, due to lower WesternGeco® multiclient seismic license sales, the US land drilling activity decline, hurricane disruption in the US Gulf of Mexico, and persistent COVID-19 disruptions internationally.

“Our cost-reduction program, which will permanently remove $1.5 billion of structural costs on an annual basis, is progressing well. We expect to realize the vast majority of these savings as we exit this year. This represents a critical step toward our intermediate goal of restoring 2019 adjusted EBITDA margins before the end of 2021.

“I am extremely proud of our operational and financial performance during the quarter, as we continue to build the foundation of our future success.

“As we look to the fourth quarter, we expect to continue to benefit from the effectiveness of our strategy, disciplined approach to North America, and broad strength of our international business, as reflected in our third-quarter results. In North America, the conditions are set for continued momentum, with improving DUC well completion activity in US land and a modest drilling resumption in the US and Canada. International activity is steady following the budget resets completed in the third quarter and activity will be affected by the seasonal decline in the Northern Hemisphere, partly offset by muted year-end product and multiclient license sales.

“Overall internationally, we view the next two quarters as a period of transition for our industry at the trough of this cycle. Improving demand recovery supported by various government measures to stimulate economic activity and continued supply discipline from the major producers set the conditions for a long-term activity rebound. However, while the global lockdowns are evolving and vaccine development is progressing, the near-term recovery remains fragile owing to potential subsequent waves of COVID-19 that could pose a significant risk to this outlook.

“Therefore, in this flattening near-term activity outlook, we will continue to execute on a path toward restoring our 2019 adjusted EBITDA margins and generating robust free cash flow—through our restructuring measures, the high-grading of our portfolio, and the further strengthening of our broad international portfolio.

“As our industry emerges from this trough, the ability to deliver new performance benchmarks—to innovate and collaborate in every basin—will define success for the coming decades. Schlumberger will lead this innovation and the path to recovery. Our performance and returns-focused strategy will allow us to capitalize upon the emerging growth cycle and deliver industry-leading returns, through our capital stewardship, fit-for-basin technology, digital leadership, and a unique talent pool supporting our global execution. In addition, we are accelerating the expansion of our New Energy portfolio as we develop avenues to contribute to the sustainable energy mix of the future, leveraging our technology, expertise, and execution platform to reduce our environmental impacts while helping our customers reach their environmental goals.

“The crisis has served as a catalyst for reinventing Schlumberger. We are executing our performance strategy and are determined to continue taking bold actions to secure resilience and reposition ourselves as clear leaders—both in performance measured by our customers and in returns measured by our shareholders.”

Other Events

During the third quarter, Schlumberger issued $500 million of 1.400% Senior Notes due 2025 and $350 million of 2.650% Senior Notes due 2030.

On August 31, 2020, Schlumberger and Liberty Oilfield Services Inc. (Liberty) signed an agreement for the contribution to Liberty of OneStim, Schlumberger’s onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating, and Permian frac sand businesses, in exchange for a 37% equity interest in Liberty. The transaction is expected to close in the fourth quarter of 2020 and is subject to Liberty stockholder approval and other customary closing conditions.

On October 15, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on January 14, 2021 to stockholders of record on December 2, 2020.

Consolidated Revenue by Area

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
North America

$1,157

$1,183

$2,850

-2%

 

-59%

Latin America

707

543

1,014

30%

 

-30%

Europe/CIS/Africa

1,397

1,449

2,062

-4%

 

-32%

Middle East & Asia

1,987

2,146

2,553

-7%

 

-22%

Other

10

35

62

n/m

 

n/m

$5,258

$5,356

$8,541

-2%

 

-38%

 

 

 

North America revenue

$1,157

$1,183

$2,850

-2%

 

-59%

International revenue

$4,091

$4,138

$5,629

-1%

 

-27%

 
n/m = not meaningful
Certain prior period amounts have been reclassified to conform to the current period presentation.

North America

North America area consolidated revenue of $1.2 billion was 2% lower sequentially. On land, an uptick in DUC well completions was partially offset by reduced drilling activity. OneStim fracturing revenue grew on higher fleet utilization driven by a US-market stage count increase of more than 30% as customers worked on their DUCs in the Permian and in the resilient gas basins in the Haynesville. Land drilling activity was lower as the average US land rig count declined 29% sequentially, though the rig count had increased slightly by quarter end. In addition, sales in Surface Systems and Valves & Process Systems, mainly on land, decreased sequentially due to reduced drilling activity. North America offshore revenue decreased 13% sequentially due to the combination of reduced rig count, lower WesternGeco multiclient seismic license sales, and hurricane disruption.

International

Consolidated revenue in the Latin America area of $707 million increased 30% sequentially, primarily due to the resumption of production in our APS projects in Ecuador. Argentina revenue increased as activity rebounded following the easing of COVID-19 lockdown restrictions while revenue in both Mexico and Brazil declined.

Europe/CIS/Africa area consolidated revenue of $1.4 billion decreased 4% sequentially as increased seasonal summer activity in the North Sea and Russia was offset by rig count declines and extended COVID-19 disruptions in Africa and the Caspian region. Resilient activity in Russia and the North Sea was driven by summer drilling and pressure pumping activity campaigns, partially offset by disruptions and delays in Kazakhstan and in Sakhalin. The seasonal activity increase in the Northern Hemisphere, however, was offset by a significant drop in activity in Sub-Sahara Africa from COVID-19 disruptions, reduced rig count, and project delays.

Consolidated revenue in the Middle East & Asia area of $2.0 billion decreased 7% sequentially, primarily due to extended COVID-19 disruptions and project delays in Asia and as customers reduced spending and activity due to budget adjustments, particularly in the Middle East.

Reservoir Characterization

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,010

$1,052

$1,651

-4%

 

-39%

Pretax operating income

$169

$185

$360

-9%

 

-53%

Pretax operating margin

16.7%

17.6%

21.8%

-90 bps

 

-512 bps

 
Certain prior period amounts have been reclassified to conform to the current period presentation.

Reservoir Characterization revenue of $1.0 billion, 85% of which came from the international markets, decreased 4% sequentially. North America and international revenues declined 14% and 2%, respectively. This was mainly due to lower WesternGeco multiclient seismic license sales in North America offshore. Revenue was also lower in the Middle East due to reduced WesternGeco activity as a result of a completed project and lower Testing Services activity due to project cancellations and delays. Sequentially, Wireline activity was essentially flat while Software Integrated Solutions (SIS) revenue was higher.

Reservoir Characterization pretax operating margin of 17% contracted 90 basis points (bps) sequentially due to lower sales of WesternGeco multiclient seismic licenses, which impacted North America margin, while international margin was flat sequentially.

Drilling

 

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,519

$1,731

$2,469

-12%

 

-38%

Pretax operating income

$144

$165

$306

-13%

 

-53%

Pretax operating margin

9.5%

9.6%

12.4%

-9 bps

 

-292 bps

Drilling revenue of $1.5 billion, 83% of which came from the international markets, decreased 12% sequentially. North America and international revenues declined 16% and 11%, respectively. The revenue decline in North America was primarily due to lower activity in US land as rig count dropped 29%, along with rig count reductions and activity disruptions in the US Gulf of Mexico due to a more active hurricane season. In addition, extended COVID-19 disruptions caused drilling activities to be suspended or deferred in several international GeoMarkets.

Sequentially, Drilling pretax operating margin of 10% was essentially flat, despite the significant revenue decline. Margin was resilient both in North America and internationally supported by prompt cost reduction measures.

Production

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,801

$1,615

$3,153

12%

 

-43%

Pretax operating income

$227

$25

$288

816%

 

-21%

Pretax operating margin

12.6%

1.5%

9.1%

1,107 bps

 

347 bps

Production revenue of $1.8 billion, 74% of which came from the international markets, increased 12% sequentially. North America and international revenues increased 13% and 11%, respectively. This was driven primarily by the gradual recovery in DUC well completions activity in US land and the resumption of APS production in Ecuador, which was further boosted by digital technology, improving project performance and efficiency. OneStim revenue grew more than 50% sequentially as US-market stage counts increased by more than 30%. Artificial Lift Solutions revenue increased, also benefitting from the US land recovery. These increases were offset by international declines in Well Services and Completions revenue, resulting from lower spending and activity due to customer budget adjustments, particularly in the Middle East, and from extended COVID-19 lockdown disruption across several GeoMarkets.

Production pretax operating margin of 13% expanded by 1,107 bps sequentially, posting a 108% incremental operating margin. The margin expansion was due to the resumption of production in our APS projects in Ecuador and improved profitability across each of Completions, Artificial Lift Solutions, and Well Services, supported by cost reduction measures. OneStim margin improved due to better operating leverage as revenue increased by more than 50%. Margins improved both in North America and internationally.

Cameron

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$965

$1,015

$1,363

-5%

 

-29%

Pretax operating income

$60

$80

$173

-25%

 

-65%

Pretax operating margin

6.3%

7.9%

12.7%

-162 bps

 

-644 bps

 
Certain prior period amounts have been reclassified to conform to the current period presentation.

Cameron revenue of $965 million, 67% of which came from the international markets, decreased 5% sequentially. This was primarily due to revenue declines in the long-cycle businesses of OneSubsea® and Drilling Systems, driven by projects ending in Asia and Europe, coupled with the extended COVID-19 disruptions. Despite lower equipment sales in North America, the short-cycle businesses of Surface Systems and Valves & Process Systems were resilient, driven by growth internationally.

Cameron pretax operating margin of 6% declined by 162 bps sequentially. The margin contraction was primarily due to the unfavorable mix where contribution from the long-cycle businesses of OneSubsea and Drilling Systems was lower due to reduced activity. The margins of the short-cycle businesses of Surface Systems and Valves & Process Systems were flat.

Quarterly Highlights

During the quarter, Schlumberger continued to deploy innovative technology and digital enablement to help move the industry toward safer and more efficient operations with lower environmental impact. Schlumberger’s digital platform for the industry continued to gain adoption, as Schlumberger helped customers at various stages of their digital journeys:

  • Kuwait Oil Company (KOC) awarded Schlumberger a five-year contract for the ability to implement digital solutions, including the Petrel* E&P software platform and other petrotechnical domain applications. The contract, valued at USD 109 million, furthers KOC’s objective to deploy best-in-class software solutions that increase asset team efficiency while reducing overall cost per barrel. KOC seeks to improve cross-discipline collaboration between geosciences, reservoir engineering, production engineering, and drilling to facilitate better investment decisions based on a clear understanding of opportunities and risks.
  • Suncor Energy signed a multiyear agreement to use the Schlumberger DELFI* cognitive E&P environment for the multidomain integration of reservoir engineering, production, and geomechanics in Canada’s large-scale unconventional thermal reservoirs. The agreement includes a heavy oil research and development collaboration for Schlumberger to develop new digital technologies for these complex environments.
  • The Angolan Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) issued a contract award to Schlumberger for the agency’s first-ever digital transformation project. ANPG’s vision is to move to a cloud-based platform to improve the efficiency and performance of oil and gas exploration activities in Angola. The project comprises a technology landscape review, digital readiness evaluation, and an implementation roadmap. A Schlumberger digital transformation consulting team will conduct the reviews and then define a path to advance the digitalization of ANPG, enabled by the Schlumberger DELFI environment.

New technology, workflows, and digitally enabled hardware—including artificial intelligence (AI) and internet of things (IoT) solutions at the edge—continue to positively impact our internal delivery, our performance for customers, and the environment:

  • In Ecuador, Schlumberger accelerated adoption of digital solutions through its integrated business model by implementing Agora* edge AI and IoT solutions on its own APS project. By combining digital technologies within an integrated environment, production performance was increased while operational and environmental footprint were reduced. To solve production challenges with high gas/oil ratio wells, Agora solutions were used to deliver an automated electrical submersible pump (ESP) gas-handling process. Using a securely connected, solar-powered skid running predictive AI at the edge to optimize well and ESP performance, production was increased 30% in wells connected by the Agora solution, while reducing field crew visits to these wells by 97%—an example of the performance made possible by combining digital and integration.
  • Offshore Malaysia, PETRONAS Carigali Sdn Bhd (PCSB), a subsidiary of PETRONAS, has deployed the Agora platform on mature assets to improve its wellsite safety and productivity while reducing greenhouse gas emissions. By using an artificial-intelligence-based video analytics solution, PCSB has achieved a step change in safety and productivity with zero facilities modification. This solution has enabled mature assets to be successfully digitalized. An Agora platform gateway connected to an edge-empowered camera and stand-alone sensors reduced human exposure in the field while providing continuous access to critical equipment data.
  • In Saudi Arabia, the DrillPlan* well construction planning and DrillOps* automation well delivery solutions surpassed 63,000 ft drilled, achieving a key milestone for our Integrated Well Construction LSTK operations. The on-bottom rate of penetration (ROP) with AutoROP* was 17% higher than previous wells drilled by the same rigs' field average. Furthermore, DrillOps controlled the preconnection, reaming, and backreaming operations, significantly reducing nonproductive time, optimized well delivery time, and contributed to a 30% improvement in on-bottom ROP and shoe-to-shoe run in a recent section of a horizontal well.
  • Onshore Thailand, Schlumberger used Performance Live* digitally connected service on four rigs for PTT Exploration and Production Plc., Ltd. (PTTEP), reducing crew HSE exposure while sustaining improved ROP. To overcome pandemic-related operational challenges while maintaining drilling execution, Performance Live service enabled PTTEP to conduct most analytical tasks from an office rather than at the wellsite, resulting in a wellsite crew reduction of 50% during directional drilling operations. When combined with upgraded and optimized bottomhole assembly tools with digitally connected capability, Performance Live service also helped PTTEP consistently achieve ROP in excess of 1,500 ft/d.
  • In Brazil, Drilling & Measurements deployed TerraSphere* high-definition dual-imaging-while-drilling service for the first time in the country to log presalt carbonates for Total. TerraSphere service enabled acquisition of high-definition borehole images—while drilling—de-risking the logging operations on depleted and complex reservoirs. This technology enables well completion optimization and unprecedented reservoir characterization detail for Total’s Lapa field development.
  • In the US Gulf of Mexico, Byron Energy began production from its SM58 G1 well, crediting a WesternGeco data enrichment initiative with leading to the successful discovery in 2019. The well, which is producing 19.

Contacts

For more information, contact

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.


Read full story here

PRINCETON, N.J.--(BUSINESS WIRE)--$NRG #earnings--NRG Energy, Inc. (NYSE:NRG) plans to report Third Quarter 2020 financial results on Thursday, November 5, 2020. Management will present the results during a conference call and webcast at 9:00 a.m. Eastern.

A live webcast of the conference call, including presentation materials, can be accessed through NRG’s website at http://www.nrg.com and clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page. The webcast will be archived on the site for those unable to listen in real time.

About NRG Energy

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.


Contacts

Investors:
Kevin L. Cole, CFA
609.524.4526
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Candice Adams
609.524.5428
This email address is being protected from spambots. You need JavaScript enabled to view it.

  • Worldwide revenue of $5.3 billion decreased 2% sequentially
  • International revenue of $4.1 billion decreased 1% sequentially
  • North America revenue of $1.2 billion decreased 2% sequentially
  • GAAP loss per share, including charges and credits of $0.22 per share, was $0.06
  • EPS, excluding charges and credits, was $0.16
  • Cash flow from operations was $479 million and free cash flow was $226 million
  • Board approved quarterly cash dividend of $0.125 per share

HOUSTON--(BUSINESS WIRE)--Regulatory News:


Schlumberger Limited (NYSE: SLB) today reported results for the third quarter of 2020.

Third-Quarter Results (Stated in millions, except per share amounts)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$5,258

$5,356

$8,541

-2%

 

-38%

Income (loss) before taxes - GAAP basis

$(54)

$(3,627)

$(11,971)

n/m

 

n/m

Adjusted EBITDA*

$1,018

$838

$1,773

21%

 

-43%

Adjusted EBITDA margin*

19.4%

15.6%

20.8%

371 bps

 

-140 bps

Pretax segment operating income*

$575

$396

$1,096

45%

 

-48%

Pretax segment operating margin*

10.9%

7.4%

12.8%

355 bps

 

-190 bps

Net income (loss) - GAAP basis

$(82)

$(3,434)

$(11,383)

n/m

 

n/m

Net income, excluding charges & credits*

$228

$69

$596

231%

 

-62%

Diluted EPS (loss per share) - GAAP basis

$(0.06)

$(2.47)

$(8.22)

n/m

 

n/m

Diluted EPS, excluding charges & credits*

$0.16

$0.05

$0.43

220%

 

-63%

 

 

 

North America revenue

$1,157

$1,183

$2,850

-2%

 

-59%

International revenue

$4,091

$4,138

$5,629

-1%

 

-27%

 
*These are non-GAAP financial measures. See sections titled "Charges & Credits", "Segments", and "Supplemental Information" for details.
n/m = not meaningful

Schlumberger CEO Olivier Le Peuch commented, “Our results in the third quarter clearly demonstrate our focus on execution, returns, and customer performance. Margins expanded sequentially while pretax segment operating income and adjusted EBITDA grew 45% and 21%, respectively, highlighting notable progress in the reset of our earnings power and further demonstrating our execution capabilities as we transition to our new organization.

“Through this cycle, we are leading technology innovation for our customers and reinventing ourselves to deliver a return above our cost of capital through the combination of capital stewardship, margin expansion, and free cash flow generation.

“In North America, we have exhibited capital discipline, and are high-grading and rationalizing our portfolio, with a focus on reduced volatility of earnings and less capital-intensive businesses as demonstrated by two key milestones we achieved during the quarter. The first is the agreement to combine our OneStim® pressure pumping business with Liberty Oilfield Services Inc. The second is an agreement to divest our low-flow artificial lift business in a cash transaction.

“Internationally, our fit-for-basin approach continues to extend our leadership position built on the largest and most diverse footprint in the industry. Despite the rig count decline during the quarter, we have experienced significant new technology uptake, achieved new performance benchmarks for our customers, and captured higher performance incentives on multiple projects. In addition, our international business continues to generate resilient, accretive margins and significant free cash flow. Upon the close of the two North America transactions, we expect our international revenue to represent more than 80% of consolidated revenue, up from an average of approximately 65% over the past decade. The combination of our fit-for-basin strategy, digital technology innovation, and scale puts us in the best position to leverage the anticipated shift of spending growth toward the international market.

“Third-quarter revenue declined 2% sequentially, as North America revenue was 2% lower and international revenue declined 1%. In North America land, increased completions activity on drilled but uncompleted (DUC) wells was offset by reduced drilling in US land. North America offshore was affected by reduced rig activity, lower multiclient seismic license sales, and hurricane disruption.

“International revenue was driven by higher activity in Latin America, boosted by the resumption of production in our Asset Performance Solutions (APS) projects in Ecuador and increased seasonal summer activity in the North Sea and Russia. These increases were offset by the effects of rig count declines and extended COVID-19 disruptions in Africa and in the Middle East & Asia.

Third-Quarter Revenue by Segment (Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Reservoir Characterization

$1,010

$1,052

$1,651

-4%

 

-39%

Drilling

1,519

1,731

2,469

-12%

 

-38%

Production

1,801

1,615

3,153

12%

 

-43%

Cameron

965

1,015

1,363

-5%

 

-29%

Other

(37)

(57)

(95)

n/m

 

n/m

$5,258

$5,356

$8,541

-2%

 

-38%

n/m = not meaningful
Certain prior period amounts have been reclassified to conform to the current period presentation.

“Sequentially, by business segment, third-quarter Production revenue increased 12%, driven by the gradual recovery in DUC well completions activity in US land and the resumption of APS production in Ecuador, which was further boosted by digital technology, improving project performance and efficiency. Reservoir Characterization, Drilling, and Cameron decreased 4%, 12%, and 5%, respectively, due to lower WesternGeco® multiclient seismic license sales, the US land drilling activity decline, hurricane disruption in the US Gulf of Mexico, and persistent COVID-19 disruptions internationally.

“Our cost-reduction program, which will permanently remove $1.5 billion of structural costs on an annual basis, is progressing well. We expect to realize the vast majority of these savings as we exit this year. This represents a critical step toward our intermediate goal of restoring 2019 adjusted EBITDA margins before the end of 2021.

“I am extremely proud of our operational and financial performance during the quarter, as we continue to build the foundation of our future success.

“As we look to the fourth quarter, we expect to continue to benefit from the effectiveness of our strategy, disciplined approach to North America, and broad strength of our international business, as reflected in our third-quarter results. In North America, the conditions are set for continued momentum, with improving DUC well completion activity in US land and a modest drilling resumption in the US and Canada. International activity is steady following the budget resets completed in the third quarter and activity will be affected by the seasonal decline in the Northern Hemisphere, partly offset by muted year-end product and multiclient license sales.

“Overall internationally, we view the next two quarters as a period of transition for our industry at the trough of this cycle. Improving demand recovery supported by various government measures to stimulate economic activity and continued supply discipline from the major producers set the conditions for a long-term activity rebound. However, while the global lockdowns are evolving and vaccine development is progressing, the near-term recovery remains fragile owing to potential subsequent waves of COVID-19 that could pose a significant risk to this outlook.

“Therefore, in this flattening near-term activity outlook, we will continue to execute on a path toward restoring our 2019 adjusted EBITDA margins and generating robust free cash flow—through our restructuring measures, the high-grading of our portfolio, and the further strengthening of our broad international portfolio.

“As our industry emerges from this trough, the ability to deliver new performance benchmarks—to innovate and collaborate in every basin—will define success for the coming decades. Schlumberger will lead this innovation and the path to recovery. Our performance and returns-focused strategy will allow us to capitalize upon the emerging growth cycle and deliver industry-leading returns, through our capital stewardship, fit-for-basin technology, digital leadership, and a unique talent pool supporting our global execution. In addition, we are accelerating the expansion of our New Energy portfolio as we develop avenues to contribute to the sustainable energy mix of the future, leveraging our technology, expertise, and execution platform to reduce our environmental impacts while helping our customers reach their environmental goals.

“The crisis has served as a catalyst for reinventing Schlumberger. We are executing our performance strategy and are determined to continue taking bold actions to secure resilience and reposition ourselves as clear leaders—both in performance measured by our customers and in returns measured by our shareholders.”

Other Events

During the third quarter, Schlumberger issued $500 million of 1.400% Senior Notes due 2025 and $350 million of 2.650% Senior Notes due 2030.

On August 31, 2020, Schlumberger and Liberty Oilfield Services Inc. (Liberty) signed an agreement for the contribution to Liberty of OneStim, Schlumberger’s onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating, and Permian frac sand businesses, in exchange for a 37% equity interest in Liberty. The transaction is expected to close in the fourth quarter of 2020 and is subject to Liberty stockholder approval and other customary closing conditions.

On October 15, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on January 14, 2021 to stockholders of record on December 2, 2020.

Consolidated Revenue by Area

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
North America

$1,157

$1,183

$2,850

-2%

 

-59%

Latin America

707

543

1,014

30%

 

-30%

Europe/CIS/Africa

1,397

1,449

2,062

-4%

 

-32%

Middle East & Asia

1,987

2,146

2,553

-7%

 

-22%

Other

10

35

62

n/m

 

n/m

$5,258

$5,356

$8,541

-2%

 

-38%

 

 

 

North America revenue

$1,157

$1,183

$2,850

-2%

 

-59%

International revenue

$4,091

$4,138

$5,629

-1%

 

-27%

 
n/m = not meaningful
Certain prior period amounts have been reclassified to conform to the current period presentation.

North America

North America area consolidated revenue of $1.2 billion was 2% lower sequentially. On land, an uptick in DUC well completions was partially offset by reduced drilling activity. OneStim fracturing revenue grew on higher fleet utilization driven by a US-market stage count increase of more than 30% as customers worked on their DUCs in the Permian and in the resilient gas basins in the Haynesville. Land drilling activity was lower as the average US land rig count declined 29% sequentially, though the rig count had increased slightly by quarter end. In addition, sales in Surface Systems and Valves & Process Systems, mainly on land, decreased sequentially due to reduced drilling activity. North America offshore revenue decreased 13% sequentially due to the combination of reduced rig count, lower WesternGeco multiclient seismic license sales, and hurricane disruption.

International

Consolidated revenue in the Latin America area of $707 million increased 30% sequentially, primarily due to the resumption of production in our APS projects in Ecuador. Argentina revenue increased as activity rebounded following the easing of COVID-19 lockdown restrictions while revenue in both Mexico and Brazil declined.

Europe/CIS/Africa area consolidated revenue of $1.4 billion decreased 4% sequentially as increased seasonal summer activity in the North Sea and Russia was offset by rig count declines and extended COVID-19 disruptions in Africa and the Caspian region. Resilient activity in Russia and the North Sea was driven by summer drilling and pressure pumping activity campaigns, partially offset by disruptions and delays in Kazakhstan and in Sakhalin. The seasonal activity increase in the Northern Hemisphere, however, was offset by a significant drop in activity in Sub-Sahara Africa from COVID-19 disruptions, reduced rig count, and project delays.

Consolidated revenue in the Middle East & Asia area of $2.0 billion decreased 7% sequentially, primarily due to extended COVID-19 disruptions and project delays in Asia and as customers reduced spending and activity due to budget adjustments, particularly in the Middle East.

Reservoir Characterization

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,010

$1,052

$1,651

-4%

 

-39%

Pretax operating income

$169

$185

$360

-9%

 

-53%

Pretax operating margin

16.7%

17.6%

21.8%

-90 bps

 

-512 bps

 
Certain prior period amounts have been reclassified to conform to the current period presentation.

Reservoir Characterization revenue of $1.0 billion, 85% of which came from the international markets, decreased 4% sequentially. North America and international revenues declined 14% and 2%, respectively. This was mainly due to lower WesternGeco multiclient seismic license sales in North America offshore. Revenue was also lower in the Middle East due to reduced WesternGeco activity as a result of a completed project and lower Testing Services activity due to project cancellations and delays. Sequentially, Wireline activity was essentially flat while Software Integrated Solutions (SIS) revenue was higher.

Reservoir Characterization pretax operating margin of 17% contracted 90 basis points (bps) sequentially due to lower sales of WesternGeco multiclient seismic licenses, which impacted North America margin, while international margin was flat sequentially.

Drilling

 

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,519

$1,731

$2,469

-12%

 

-38%

Pretax operating income

$144

$165

$306

-13%

 

-53%

Pretax operating margin

9.5%

9.6%

12.4%

-9 bps

 

-292 bps

Drilling revenue of $1.5 billion, 83% of which came from the international markets, decreased 12% sequentially. North America and international revenues declined 16% and 11%, respectively. The revenue decline in North America was primarily due to lower activity in US land as rig count dropped 29%, along with rig count reductions and activity disruptions in the US Gulf of Mexico due to a more active hurricane season. In addition, extended COVID-19 disruptions caused drilling activities to be suspended or deferred in several international GeoMarkets.

Sequentially, Drilling pretax operating margin of 10% was essentially flat, despite the significant revenue decline. Margin was resilient both in North America and internationally supported by prompt cost reduction measures.

Production

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$1,801

$1,615

$3,153

12%

 

-43%

Pretax operating income

$227

$25

$288

816%

 

-21%

Pretax operating margin

12.6%

1.5%

9.1%

1,107 bps

 

347 bps

Production revenue of $1.8 billion, 74% of which came from the international markets, increased 12% sequentially. North America and international revenues increased 13% and 11%, respectively. This was driven primarily by the gradual recovery in DUC well completions activity in US land and the resumption of APS production in Ecuador, which was further boosted by digital technology, improving project performance and efficiency. OneStim revenue grew more than 50% sequentially as US-market stage counts increased by more than 30%. Artificial Lift Solutions revenue increased, also benefitting from the US land recovery. These increases were offset by international declines in Well Services and Completions revenue, resulting from lower spending and activity due to customer budget adjustments, particularly in the Middle East, and from extended COVID-19 lockdown disruption across several GeoMarkets.

Production pretax operating margin of 13% expanded by 1,107 bps sequentially, posting a 108% incremental operating margin. The margin expansion was due to the resumption of production in our APS projects in Ecuador and improved profitability across each of Completions, Artificial Lift Solutions, and Well Services, supported by cost reduction measures. OneStim margin improved due to better operating leverage as revenue increased by more than 50%. Margins improved both in North America and internationally.

Cameron

(Stated in millions)
Three Months Ended Change
Sept. 30, 2020 Jun. 30, 2020 Sept. 30, 2019 Sequential Year-on-year
Revenue

$965

$1,015

$1,363

-5%

 

-29%

Pretax operating income

$60

$80

$173

-25%

 

-65%

Pretax operating margin

6.3%

7.9%

12.7%

-162 bps

 

-644 bps

 
Certain prior period amounts have been reclassified to conform to the current period presentation.

Cameron revenue of $965 million, 67% of which came from the international markets, decreased 5% sequentially. This was primarily due to revenue declines in the long-cycle businesses of OneSubsea® and Drilling Systems, driven by projects ending in Asia and Europe, coupled with the extended COVID-19 disruptions. Despite lower equipment sales in North America, the short-cycle businesses of Surface Systems and Valves & Process Systems were resilient, driven by growth internationally.

Cameron pretax operating margin of 6% declined by 162 bps sequentially. The margin contraction was primarily due to the unfavorable mix where contribution from the long-cycle businesses of OneSubsea and Drilling Systems was lower due to reduced activity. The margins of the short-cycle businesses of Surface Systems and Valves & Process Systems were flat.

Quarterly Highlights

During the quarter, Schlumberger continued to deploy innovative technology and digital enablement to help move the industry toward safer and more efficient operations with lower environmental impact. Schlumberger’s digital platform for the industry continued to gain adoption, as Schlumberger helped customers at various stages of their digital journeys:

  • Kuwait Oil Company (KOC) awarded Schlumberger a five-year contract for the ability to implement digital solutions, including the Petrel* E&P software platform and other petrotechnical domain applications. The contract, valued at USD 109 million, furthers KOC’s objective to deploy best-in-class software solutions that increase asset team efficiency while reducing overall cost per barrel. KOC seeks to improve cross-discipline collaboration between geosciences, reservoir engineering, production engineering, and drilling to facilitate better investment decisions based on a clear understanding of opportunities and risks.
  • Suncor Energy signed a multiyear agreement to use the Schlumberger DELFI* cognitive E&P environment for the multidomain integration of reservoir engineering, production, and geomechanics in Canada’s large-scale unconventional thermal reservoirs. The agreement includes a heavy oil research and development collaboration for Schlumberger to develop new digital technologies for these complex environments.
  • The Angolan Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG) issued a contract award to Schlumberger for the agency’s first-ever digital transformation project. ANPG’s vision is to move to a cloud-based platform to improve the efficiency and performance of oil and gas exploration activities in Angola. The project comprises a technology landscape review, digital readiness evaluation, and an implementation roadmap. A Schlumberger digital transformation consulting team will conduct the reviews and then define a path to advance the digitalization of ANPG, enabled by the Schlumberger DELFI environment.

New technology, workflows, and digitally enabled hardware—including artificial intelligence (AI) and internet of things (IoT) solutions at the edge—continue to positively impact our internal delivery, our performance for customers, and the environment:

  • In Ecuador, Schlumberger accelerated adoption of digital solutions through its integrated business model by implementing Agora* edge AI and IoT solutions on its own APS project. By combining digital technologies within an integrated environment, production performance was increased while operational and environmental footprint were reduced. To solve production challenges with high gas/oil ratio wells, Agora solutions were used to deliver an automated electrical submersible pump (ESP) gas-handling process. Using a securely connected, solar-powered skid running predictive AI at the edge to optimize well and ESP performance, production was increased 30% in wells connected by the Agora solution, while reducing field crew visits to these wells by 97%—an example of the performance made possible by combining digital and integration.
  • Offshore Malaysia, PETRONAS Carigali Sdn Bhd (PCSB), a subsidiary of PETRONAS, has deployed the Agora platform on mature assets to improve its wellsite safety and productivity while reducing greenhouse gas emissions. By using an artificial-intelligence-based video analytics solution, PCSB has achieved a step change in safety and productivity with zero facilities modification. This solution has enabled mature assets to be successfully digitalized. An Agora platform gateway connected to an edge-empowered camera and stand-alone sensors reduced human exposure in the field while providing continuous access to critical equipment data.
  • In Saudi Arabia, the DrillPlan* well construction planning and DrillOps* automation well delivery solutions surpassed 63,000 ft drilled, achieving a key milestone for our Integrated Well Construction LSTK operations. The on-bottom rate of penetration (ROP) with AutoROP* was 17% higher than previous wells drilled by the same rigs' field average. Furthermore, DrillOps controlled the preconnection, reaming, and backreaming operations, significantly reducing nonproductive time, optimized well delivery time, and contributed to a 30% improvement in on-bottom ROP and shoe-to-shoe run in a recent section of a horizontal well.
  • Onshore Thailand, Schlumberger used Performance Live* digitally connected service on four rigs for PTT Exploration and Production Plc., Ltd. (PTTEP), reducing crew HSE exposure while sustaining improved ROP. To overcome pandemic-related operational challenges while maintaining drilling execution, Performance Live service enabled PTTEP to conduct most analytical tasks from an office rather than at the wellsite, resulting in a wellsite crew reduction of 50% during directional drilling operations. When combined with upgraded and optimized bottomhole assembly tools with digitally connected capability, Performance Live service also helped PTTEP consistently achieve ROP in excess of 1,500 ft/d.
  • In Brazil, Drilling & Measurements deployed TerraSphere* high-definition dual-imaging-while-drilling service for the first time in the country to log presalt carbonates for Total. TerraSphere service enabled acquisition of high-definition borehole images—while drilling—de-risking the logging operations on depleted and complex reservoirs. This technology enables well completion optimization and unprecedented reservoir characterization detail for Total’s Lapa field development.
  • In the US Gulf of Mexico, Byron Energy began production from its SM58 G1 well, crediting a WesternGeco data enrichment initiative with leading to the successful discovery in 2019. The well, which is producing 19.

Contacts

For more information, contact

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.


Read full story here

TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) will release its results for the three months and nine months ended September 30, 2020 on Thursday, November 12, 2020 after close of markets.


A conference call to review the results will be webcast live on Friday, November 13, 2020 at 10:00 a.m. To access the webcast click here.


Contacts

Mark Davis
President & CEO
Tel: (416) 496-4176

Rohit Bhardwaj
Vice-President, Finance and CFO
Tel: (416) 496-4177

LOS ANGELES--(BUSINESS WIRE)--AECOM (NYSE:ACM), the world’s premier infrastructure consulting firm, today announced the closing of the sale of its Power construction business to affiliates of CriticalPoint Capital, LLC.

The sale of the Power construction business marks another milestone in the successful execution of our transformation into a higher-margin, lower-risk Professional Services business,” said Troy Rudd, AECOM’s chief executive officer. “We have built significant momentum in our business and continue to advance efforts to align our organization around a global structure that fosters a culture of collaboration, better connects our expertise and focuses on our best growth opportunities. On behalf of our company, I thank the Power construction team for their contributions over the years and wish the business and CriticalPoint Capital the best of success.”

Advisors

Wachtell, Lipton, Rosen & Katz served as legal advisor to AECOM in connection with the transaction, and DBO Partners LLC served as its financial advisor.

About AECOM

AECOM (NYSE:ACM) is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. We partner with our clients in the public and private sectors to solve their most complex challenges and build legacies for generations to come. On projects spanning transportation, buildings, water, governments, energy and the environment, our teams are driven by a common purpose to deliver a better world. AECOM is a Fortune 500 firm and its Professional Services business had revenue of approximately $13.6 billion in fiscal year 2019. See how we deliver what others can only imagine at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.


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LONDON--(BUSINESS WIRE)--#GeothermalPowerMarket--Technavio has been monitoring the global geothermal power market size and it is poised to grow by 39.79 TWh during 2020-2024, progressing at a CAGR of about 8% 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.



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The market is concentrated, and the degree of concentration will accelerate during the forecast period. Aboitiz Power Corp., Berkshire Hathaway Energy Co., Calpine Corp., Enel Spa, Energy Development Corp., Geothermal Engineering Ltd., HS Orka hf, Kenya Electricity Generating Co. Plc, Kyushu Electric Power Co. Inc., and Ormat Technologies Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Rising investments and government initiatives have been instrumental in driving the growth of the market. However, the high initial capital investments in establishing geothermal power plants might hamper market growth.

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Geothermal Power Market 2020-2024: Segmentation

Geothermal Power Market is segmented as below:

  • Type
    • Flash
    • Dry Steam
    • Binary
  • Geographic Landscape
    • APAC
    • North America
    • MEA
    • Europe
    • South America

Geothermal Power 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 geothermal power market report covers the following areas:

  • Geothermal Power Market Size
  • Geothermal Power Market Trends
  • Geothermal Power Market Industry Analysis

This study identifies the growing demand for renewable energy sources as one of the prime reasons driving the Geothermal Power Market growth during the next few years.

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

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Geothermal Power Market 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Market landscape
  • 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 Type

  • Market segments
  • Comparison by Type
  • Flash - Market size and forecast 2019-2024
  • Dry Steam - Market size and forecast 2019-2024
  • Binary - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume driver-Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Aboitiz Power Corp.
  • Berkshire Hathaway Energy Co.
  • Calpine Corp.
  • Enel Spa
  • Energy Development Corp.
  • Geothermal Engineering Ltd.
  • HS Orka hf
  • Kenya Electricity Generating Co. Plc
  • Kyushu Electric Power Co. Inc.
  • Ormat Technologies Inc.

Appendix

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

About Us

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


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- Provides for Cooperative Deployment of Charging Stations with Energy Storage to Support Growing Demand for Electric Vehicles

LOS ANGELES--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) a leading designer, innovator and fabricator of container-based structures, and Blink Charging Co. (NASDAQ: BLNK), a leading owner and operator of electric vehicle (EV) charging equipment and services, today jointly announced that they entered into an exclusive Master Development and Production Agreement pursuant to which Blink’s EV charging solutions will be deployed along with SG Blocks’ container-based modular building structures. The Agreement brings together two industry leaders and natural allies to deploy a rapid and cost-effective innovative EV charging solution. The EV charging containers will be designed to provide off-grid charging solutions through a combined solar and battery components in multiple capacities.


By deploying our leading EV charging technology in SG Blocks’ modular structures, Blink expects to be able to greatly increase our geographic footprint supporting the growing number of electric vehicles and the need for increased charging locations,” said Michael D. Farkas, Founder and Chief Executive Officer of Blink. “SG Blocks provides a turn-key solution that is durable and environmentally friendly. It provides the unique ability to deploy EV charging stations quickly and effectively.”

It is an honor to be working with Michael and the team from Blink on this natural alliance of sustainably focused firms. We are excited to partner with Blink to provide a rapid, clean, and durable solution that facilitates Blink’s growth in the EV charging market,” said Paul M. Galvin, Chairman & CEO of SG Blocks. “As we mobilize to deliver our modular solutions to Blink, together, we are helping our joint customers minimize their carbon footprint and maximize their lifestyles.”

With this Master Development and Production Agreement, Blink and SG Blocks plan to co-develop 20-foot and 40-foot solar-powered containers, with Blink’s IQ 200 and DCFC charging stations. The 20-foot container will host four 80-amp charging stations, and the 40-foot container will support eight 80-amp charging stations.

SG Blocks will provide code compliant industrial design, architecture, and engineering specifications for the modular structure. Blink will provide all design, engineering specifications, and parameters of EV charging services and their operation.

About SG Blocks, Inc. SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and is then customized to client specifications. For more information, visit www.sgblocks.com.

About Blink Charging.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink Charging’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information, please visit https://www.blinkcharging.com/.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding plans to deploy Blink’s EV charging solutions via SG Blocks’ container based modular building structures and increasing Blink’s geographic footprint to support the growing number of electric vehicles and the need for increased charging locations. While we believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to deploy Blink’s EV charging solutions via SG Blocks’ container based modular building structures as planned, our ability to increase Blink’s geographic footprint as expected, our ability to position our respective companies for future profitability, our ability to maintain our respective companies’ compliance with the NASDAQ listing requirements, and the other cautionary statements discussed in our respective companies’ Annual Reports on Form 10-K for the year ended December 31, 2019 and our respective companies’ subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.


Contacts

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Rubenstein Public Relations:
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Account Director 212-805-3029
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ICR
Stephen Swett
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LONDON--(BUSINESS WIRE)--#BunkerOilMarket--The bunker oil market size is set to grow by 104.44 million MT accelerating at a CAGR of over 4%, during the period spanning over 2020-2024. One of the key factors driving growth is the increasing naval expenditure. Increasing security concerns and external threats have led many countries to increase their expenditure on enhancing defense capabilities. The growing LNG market is a significant trend that will further stimulate market growth. LNG is steadily gaining prominence among end-users due to its odorless, non-toxic, and non-corrosive nature.



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Parent Market Analysis

Technavio categorizes the global bunker oil market as a part of the global oil and gas storage and transportation market, within the global oil and gas market. The global oil and gas storage and transportation market covers companies engaged in the transportation and/or storage of gas, oil, and/or refined products. The oil and gas midstream or storage and transportation market is one of the three links in the overall oil and gas value chain. Growth in the global oil and gas market will be driven by the increasing global demand for energy.

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Bunker Oil Market: Geographic Segmentation

The report segments the market by geography: APAC, North America, Europe, MEA, and South America. About 43% of the market’s growth will originate from APAC during the forecast period. Increasing demand for fuel in China and India is driving the growth of the market in APAC. Singapore and China are the key markets for bunker oil in APAC.

Bunker Oil Market: Segmentation by Product

The residual fuel segment was the leading the market in 2019. Heavy fuels such as residual fuel are highly preferred in large ships. This is because larger engines can only efficiently burn fuels that have higher proportions of heavy fuel oil. These factors are crucial in driving the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the bunker oil market size.

Bunker Oil Market: Growth Drivers

The market is driven by increasing naval expenditure. Rising incidents of terrorist attacks and border disputes have led many countries to focus on strengthening their defense capabilities. This has increased the expenditure in the defense sector, which has also increased the overall naval spending. For instance, in March 2017, the People's Liberation Army (PLA) Navy division announced its plans to secure substantial new funding in China’s defense budget in 2017. Similarly, other countries such as Indonesia and South Korea have also increased their spending on the military during the past few years. Therefore, the increase in naval spending will positively influence the demand for bunker oil during the forecast period.

Bunker Oil Market: Challenges to Overcome

The adoption of slow-steaming is increasingly becoming popular in the shipping industry as it helps shipping companies to reduce fuel costs by up to one-seventh. Also, speed reduction has a direct impact on the drag of the vessel while sailing. This is leading to reduced fuel consumption, which is affecting the growth of the global bunker oil market.

Bunker Oil Market: Vendor landscape

This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading bunker oil companies, including:

  • BP Plc
  • Chevron Corp.
  • Exxon Mobil Corp.
  • Hindustan Petroleum Corp. Ltd.
  • Marquard & Bahls AG
  • PetroChina Co. Ltd.
  • Public Joint Stock Company Gazprom
  • Royal Dutch Shell Plc
  • Total SA
  • Toyota Tsusho Petroleum Pte. Ltd.

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Technavio reports cover the following key research areas:

  • Detailed Analysis of Market Eco System
  • Market favorability index
  • Market opportunity by segments
  • Customer Landscape
    • Analysis of drivers of price sensitivity
    • Key purchase criteria
    • Customer purchase basket
  • Impact of drivers and Challenges
  • Vendor landscape
    • Factors of differentiation
    • Landscape disruption
    • Key industry risks
    • Market position of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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Technavio Research
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that it plans to issue its earnings release with respect to third quarter 2020 financial results on Friday, November 6, 2020 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss third quarter results.


A listen-only webcast of the call and accompanying slide presentation will be available on the Company’s website at www.cheniere.com.

After completion of the webcast, a replay will be available on the Company’s website.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.


Contacts

Cheniere Energy, Inc.
Investors
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Media Relations
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LONDON--(BUSINESS WIRE)--#GlobalThermalEnergyStorageMarket--The thermal energy storage market is expected to grow by 1,956.30 MW during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.



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Thermal storage enhances the solar plant system’s flexibility by extending the rate of solar electricity generation and improving its coincidence with existing demand. This is accomplished by reducing constraints of ramping and minimum generation levels in CSP plants. The use of thermal energy storage in CSP plants allows generating power in adverse weather conditions as well as with no reduction in the operating efficiency. Additionally, the cost of electricity generation using CSP plants has reduced significantly in recent years. The cost of electricity generation from projects commissioned from 2020 onwards is expected to decrease by up to 70%. These factors are increasing the demand for the installation of CSP plants and will drive the thermal energy storage market growth.

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As per Technavio, the increasing use of thermal energy storage in smart cities and smart buildings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Thermal Energy Storage Market: Increasing Use of Thermal Energy Storage in Smart Cities and Smart Buildings

The increasing use of thermal energy storage in smart cities and smart buildings is one of the significant thermal energy storage market trends that will impact the growth of the market across the globe. Market experts predict that the dependence on fuel-based energy is expected to be eliminated with the concept of smart cities. The need for peak load electricity distribution demand will lead to the adoption of thermal energy storage systems. The demand charges can be reduced significantly from on-peak to off-peak rates by using cooling technologies such as PCM. With growing applications and cost-efficient solutions, thermal energy storage is becoming an essential component for smart cities. As a result of such factors, the thermal energy storage market will grow during the forecast period.

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Thermal Energy Storage Market: Segmentation Analysis

This market research report segments the thermal energy storage market by Technology (MSES and PCM) and Geography (Europe, North America, APAC, MEA, and South America).

The APAC region led the thermal energy storage market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising focus on more reliable sources of energy and traditional sources of energy, such as fossil fuels, moving toward extinction.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Contacts

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DUBLIN--(BUSINESS WIRE)--The "Steel Pipes & Tubes Market Size, Share & Trends Analysis Report by Technology (ERW, Seamless, SAW), by Application (Oil & Gas, Power Plant), by Region (APAC, MEA, North America), and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.


The global steel pipes & tubes market size is anticipated to reach USD 231.1 billion by 2027 registering a CAGR of 6.2%.

Long-term demand for energy on the global level is anticipated to boost the market growth. According to the EIA, global energy consumption is projected to reach 736 quadrillion BTU by 2040 from 575 quadrillion BTU in 2015, witnessing an increase of 28%. The use of liquid fuels and petroleum is likely to grow from 90 million b/d in 2012 to 1000 million b/d by 2040 on a global level. The growth in demand for these liquid fuels is mainly due to the industrial and transportation sectors.

Steel tubes are used in different applications in the oil & gas sector, wherein they are used in conveyor belt rollers, concrete pilings, and bearing casings. Dimensions including straightness, roundness, diameter, and wall thickness are crucial while selecting steel tubes in the oil & gas sector.

The oil & gas application segment is anticipated to remain the dominant application segment over the forecast period. However, with the emergence of the global pandemic, the prices of crude oil tumbled, which directly impacted the industry. In addition, due to the imposed lockdowns and shutdowns, the global oil rig count plummeted over the first quarter of 2020, thereby leading to a decline in demand for steel pipes & tubes.

As per the stats released by Baker Hughes, the global rig count in March 2020 was evaluated around 1,964 as compared to 2,213 in March 2019, a year on year (Y-o-Y) decline of nearly -11.3%. The emergence of coronavirus is projected to severely impact the dynamics of the industry over the short-term period. The key application segments including oil & gas, automotive & transportation, chemicals & petrochemicals, and others are projected to observe a negative trajectory in FY 2020 owing to the weakening of macro-economic factors and industrial operations.

Despite the rising content of steel in vehicles, the overall dynamics of the global automotive sector are under severe distress since 2018. Reducing sales volume coupled with weak macroeconomic trends led to the decline in production rate from 2018 to 2019. Since then, the dynamics of the global automotive sector further dampened with the emergence of COVID 19.

Reduced production of automotive vehicles is likely to directly impact or restrain the growth of the global steel pipes & tubes industry.

Steel Pipes & Tubes Market Report Highlights

  • ERW segment is projected to witness a growth rate of 6.1% from 2020 to 2027, in terms of revenue, on account of low price and modest performance of this technology
  • Oil & gas accounted for the highest market share and is projected to register a significant CAGR during the forecast period
  • The increasing number of oil rigs and consistent demand for petroleum products is the main contributing factor for the growth of the oil & gas segment
  • North America is projected to record the second-fastest CAGR of 6.0% from 2020 to 2027, in terms of revenue
  • Growing drilling activities and automotive sectors are likely to push the product demand in the North America regional market
  • The global market is fragmented in nature with the presence of several global and regional companies operating in different parts of the world
  • In 2018, ArcelorMittal invested in a new cut-to-length line for precision tubes in Karvina, Czech Republic. They are also investing in capacity expansions to meet the growing product demand

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Market Variables, Trends, and Scope

3.1. Penetration & Growth Prospect Mapping

3.2. Industry Value Chain Analysis

3.2.1. Raw Material Trends Analysis

3.2.2. Manufacturing Trends

3.3. Regulatory Framework

3.4. Steel Pipes & Tubes Market - Market Dynamics

3.4.1. Market Driver Analysis

3.4.2. Market Restraint Analysis

3.5. Business Environmental Tools Analysis: Steel Pipes & Tubes Market

3.5.1. Porter's Five Forces Analysis

3.5.2. PESTLE Analysis

3.6. Impact of COVID 19

Chapter 4. Steel Pipes & Tubes Market: Technology Estimates & Trend Analysis

4.1. Steel Pipes & Tubes Market: Technology Movement Analysis, 2019 & 2027

4.2. Seamless

4.2.1. Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)

4.3. ERW

4.4. SAW

Chapter 5. Steel Pipes & Tubes Market: Application Estimates & Trend Analysis

5.1. Steel Pipes & Tubes Market: Application Movement Analysis, 2019 & 2027

5.2. Oil & Gas

5.2.1. Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)

5.3. Chemical & Petrochemicals

5.4. Construction

5.5. Automotive & Transportation

5.6. Mechanical Engineering

5.7. Power Plant

5.8. Others

Chapter 6. Steel Pipes & Tubes Market: Regional Estimates & Trend Analysis

6.1. Regional Market Snapshot

6.2. Steel Pipes & Tubes Market: Regional Movement Analysis, 2019 & 2027

Chapter 7. Competitive Landscape

7.1. Key Global Players, Their Initiatives, & Its Impact on the Market

7.2. Vendor Landscape

Chapter 8. Company Profiles

8.1. Company overview

8.2. Financial performance

8.3. Product benchmarking

8.4. Strategic initiatives

  • ArcelorMittal
  • United States Steel
  • Nippon Steel Corporation
  • Tata Steel
  • Jindal Steel & Power Ltd.
  • Rama Steel Tubes Limited
  • Steel Authority of India Limited (SAIL)
  • Hyundai Steel
  • AM/NS INDIA
  • VALLOUREC
  • EVRAZ plc
  • ThyssenKrupp AG
  • JFE Steel Corporation

For more information about this report visit https://www.researchandmarkets.com/r/j34x15


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LONDON--(BUSINESS WIRE)--#GlobalHighPressureOilandGasSeparatorMarket--The high-pressure oil and gas separator market size is set to grow by USD 134.54 million accelerating at a CAGR of about 1%, during the period spanning over 2020-2024. One of the key factors driving growth is the rise in unconventional oil and gas resources. The successful extraction of shale oil and gas in the US has led to an increase in the global oil and gas supply. The rise in global oil and gas consumption is a significant trend that will further stimulate market growth. Governments and vendors across the world are increasing investments in E&P activities to meet the growing energy demand.



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Parent Market Analysis

Technavio categorizes the global high-pressure oil and gas separator (HPOGS) market as a part of the global oilfield equipment and services within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector, which caters to the needs of the oil and gas upstream sector. Growth in the oil and gas market will be driven by the increasing global demand for energy.

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High-Pressure Oil and Gas Separator Market: Geographic Segmentation

The report segments the market by geography: APAC, Europe, MEA, North America, and South America. About 30% of the market’s growth will originate from APAC during the forecast period. The growth of the market in this region will be faster than the market growth in other regions. China is a key market for high-pressure oil and gas separators in APAC.

High-Pressure Oil and Gas Separator Market: Segmentation by Vessel Type

The horizontal separators segment was leading the market in 2019. Horizontal separators can handle higher pressures, which makes them more suitable for offshore and deepwater reservoirs. With the rise in offshore and deepwater E&P activities worldwide, the demand for horizontal separators will increase during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the high-pressure oil and gas separator market size.

High-Pressure Oil and Gas Separator Market: Growth Drivers

The market is driven by the rise in unconventional oil and gas resources. Over the years, the global oil and gas industry has witnessed significant growth in the production of unconventional oil and gas resources such as oil sands and shale oil and gas. For instance, the production of shale oil and gas in the US has increased from 3.76 mbpd in 2011 to 7.76 mbpd in 2019. This has increased the number of rigs and related E&P equipment such as high-pressure separators. With rising global demand for oil and gas, the demand for high-pressure separators will increase during the forecast period.

High-Pressure Oil and Gas Separator Market: Challenges to Overcome

High-pressure oil and gas separators are associated with several issues such as the accumulation of emulsified materials, corrosion, paraffin deposition, and improper installation. These issues increase the probability of oil or gas spills as well as the operating costs for pipeline operators.

High-Pressure Oil and Gas Separator Market: Vendor Landscape

This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading high-pressure oil and gas separator companies, including:

  • Alfa Laval AB
  • CECO Environmental Corp.
  • Exterran Corp.
  • Frames Energy Systems BV
  • GEA Group Aktiengesellschaft
  • Halliburton Co.
  • HAT International Ltd.
  • Parker Hannifin Corp.
  • Schlumberger Ltd.
  • TechnipFMC Plc

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Technavio reports cover the following key research areas:

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  • Market opportunity by segments
  • Customer Landscape
    • Analysis of drivers of price sensitivity
    • Key purchase criteria
    • Customer purchase basket
  • Impact of drivers and Challenges
  • Vendor landscape
    • Factors of differentiation
    • Landscape disruption
    • Key industry risks
    • Market position of vendors

About Technavio

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Bentley invests in FutureOn for subsea planning, engineering and visibility

EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated, the leading global provider of comprehensive software and digital twin cloud services for advancing the design, construction, and operations of infrastructure today announced that Shell’s Deepwater business has selected Bentley’s digital twin approach to streamline its capital projects process and accelerate time to first oil.



With a plan to deliver several subsea tie-back projects over the next 10 years, Shell Deepwater Projects has recognized a significant opportunity to accelerate capital project delivery and cut project delivery time by implementing an integrated digital project & engineering environment. The solution spans project conception in the early phase design through to handover.

“Shell Deepwater Projects is developing an integrated Workflow and Data Platform from system selection to asset handover to streamline our capital projects processes and accelerate time to first oil,” said GT Ju, General Manager Gulf of Mexico Deepwater Projects. “The platform is being developed in partnership with Bentley leveraging Bentley’s iTwin open, scalable Azure cloud-based platform which provides interoperability across owner and supply chain systems. We believe that an end-to-end platform that gives us visibility and transparency to Project and Engineering data across our portfolio will be a key driver to delivering competitive projects.”

Commenting on the project, Nicholas Cumins, Chief Product Officer – Bentley Systems, said “Think Big – Prove Small – Scale Fast – sums up the overall approach Shell and Bentley share in this initiative. Bentley’s iTwin platform is ideally suited to providing aligned, secure and visual access to project data across the supply chain and capital projects ecosystem. Shell’s selection of Bentley’s iTwin platform validates our open approach to digital twins and underscores the ability of the platform to scale to the largest, most complex capital projects and dynamic engineering use cases.”

Bentley Acceleration Fund Investment

In addition, Bentley announced that it is providing investment funds to FutureOn, a Norwegian software company supporting deepwater subsea projects, to accelerate going digital within the oil and gas industry. The investment sets the stage for FutureOn and Bentley to deliver the next-generation digital twin technology required for oil and gas ecosystems to manage and analyze data, integrate with existing systems, provide analytics visibility, and rapidly explore ideas collaboratively.

FutureOn builds on more than 20 years of visual engineering experience specifically in the oil and gas subsea domain. The company will combine its award-winning field design application (FieldAP) and its API-centric collaboration platform (FieldTwin) with Bentley’s digital twin platform (iTwin) to advance user organizations like Shell Deepwater. Both FutureOn and Bentley platforms use open web standards to facilitate complex integration and customization, and the combined offerings are already being implemented in exploration and production workflows for the creation and curation of subsea digital twins.

“The Bentley Acceleration Fund investment is a significant milestone for FutureOn and will help drive the growth of our business by advancing the FutureOn technology as well as extending our reach,” said FutureOn CEO Paal Roppen. “Today, digitalization is more important than ever for the oil and gas industry as challenging market conditions persist. Innovative and disruptive digital twin technologies such as those we develop alongside Bentley will help farsighted organizations like Shell Deepwater to improve project and asset performance.”

About FutureOn

FutureOn is an agile young Norwegian software company with a passion for innovation and a head full of creative ideas. They bring along a bench of smart thinkers who have been providing appealing visual content to the oil and gas industry for many years and have now turned that creative ability into a software platform. That platform called FieldTwin is changing the way oil and gas engineers are seeing their whole world and collaborating in ways they have never even considered in the past. For more information, please visit www.futureon.com.

About Bentley Systems’ Acceleration Fund

Bentley Systems’ Acceleration Fund was founded in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Fund is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments, and acquiring and expanding digital integrators. Investments to date include Digital Water Works, Digital Construction Works, Virtuosity, and The Cohesive Companies. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.bentleyaccelerationfund.com.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries. www.bentley.com

Bentley, the Bentley logo, AssetWise, Digital Construction Works (DCW), iTwin, MicroStation, ProjectWise, The Cohesive Companies, and Virtuosity are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.


Contacts

Press:
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+1 203 805 0432
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LONDON--(BUSINESS WIRE)--#GlobalSolarPVBalanceOfSystemsBOSMarket--Technavio has been monitoring the solar pv balance of systems market and it is poised to grow by $ 42.17 bn during 2020-2024, progressing at a CAGR of 16% 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.



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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Eaton Corp. Plc, Golden Concord Holdings Ltd., Huawei Investment & Holding Co. Ltd., Prysmian Spa, ReneSola Ltd., Schneider Electric SE, SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., and Unirac Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Increasing investments in renewable energy has been instrumental in driving the growth of the market. However, rising competition from other sources of energy might hamper market growth.

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

Solar PV Balance Of Systems Market 2020-2024: Segmentation

Solar PV Balance Of Systems Market is segmented as below:

  • Product
    • Electrical BOS
    • Structural BOS
    • Inverter
  • Geography
    • APAC
    • North America
    • Europe
    • South America
    • MEA

Solar PV Balance Of Systems 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 solar pv balance of systems market report covers the following areas:

  • Solar PV Balance Of Systems Market Size
  • Solar PV Balance Of Systems Market Trends
  • Solar PV Balance Of Systems Market Industry Analysis

This study identifies as one of the prime reasons driving the Solar PV Balance Of Systems Market growth during the next few years.

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

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Solar PV Balance Of Systems Market 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Market characteristics
  • 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
  • Electrical BOS - Market size and forecast 2019-2024
  • Structural BOS - Market size and forecast 2019-2024
  • Inverter - Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume driver - Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • ABB Ltd.
  • Eaton Corp. Plc
  • Golden Concord Holdings Ltd.
  • Huawei Investment & Holding Co. Ltd.
  • Prysmian Spa
  • ReneSola Ltd.
  • Schneider Electric SE
  • SMA Solar Technology AG
  • Sungrow Power Supply Co. Ltd.
  • Unirac Inc.

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


Contacts

Technavio Research
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release third quarter 2020 results before market open on Friday, November 6, 2020.


The Company will host a conference call to discuss its third quarter 2020 results at 9:00 a.m. Eastern Time (“ET”) on Friday, November 6, 2020.

To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 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 https://www.intlseas.com/.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, November 6, 2020 through 11:59 p.m. ET on Friday, November 13, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10149198.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 39 vessels, including 13 VLCCs, two Suezmaxes, five Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain 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 the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.


Contacts

Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
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Temporary Generation and Line Sectionalizing Devices Reduced Number of Customers Who Needed to be De-energized by Approximately 12,000

40 Community Resource Centers Providing Water, Restrooms, Device Charging and More

PG&E Partnering with Community-Based Organizations to Assist Customers with Medical, Financial, Language and Aging Needs Before, During and After PSPS events

SAN FRANCISCO--(BUSINESS WIRE)--With an ongoing Public Safety Power Shutoff (PSPS) event that could have affected about 53,000 customers, Pacific Gas and Electric Company (PG&E) continued Thursday to focus on safety, monitor the weather, and support our customers recognizing the hardship that a PSPS represents.

Here are some updates on the weather, the event, and how customers are being supported.

Oct. 14-16 Public Safety Power Shutoff

About 53,000 customers in 24 counties were within the original forecasted PSPS footprint. Due to some improving weather conditions and deployment of technology, only about 41,000 were de-energized. This includes 4,000 customers in the Southern Sierra who had been told that they would be de-energized today have now been told that more favorable weather means that they won’t lose power during the PSPS event.

Before the event began, PG&E was able to reduce the impact of the PSPS event by keeping about 12,000 customers energized through temporary and permanent generation, off-grid service, and by using devices that split or sectionalize power lines, which allows more precise de-energization. PG&E’s goal this year is to reduce the number of customers affected by a PSPS event by one-third compared to last year.

In some locations, the severe weather subsided enough during the day for PG&E’s Meteorology team to issue an “all clear,” meaning that electric crews could begin patrols of power lines as the first step toward restoration. Once de-energized for a PSPS event, power lines must be visually inspected to ensure that no wind-driven damage or hazards such as tree limbs entwined in lines exist. Once inspected, the lines can be energized, restoring service to customers. As of 6 p.m. today, PG&E restored about 8,000 customers who had been de-energized for this event with an expectation that another 2,000 customers could be restored tonight.

PG&E expects that the “all clear” will be issued in all remaining areas of the PSPS footprint Friday morning, which means more than 1,000 PG&E employees will be on the ground or in more than 40 helicopters to conduct line patrols and restore customers. The majority of customers affected by this PSPS event are expected to be restored by late Friday.

Community Resource Centers

To support our customers during this PSPS event, PG&E opened 40 Community Resource Centers (CRCs) that operate from 8 a.m. to 10 p.m. throughout the event. These temporary CRCs will be open to customers when power is out at their homes and will provide ADA-accessible restrooms, hand-washing stations, medical-equipment charging, Wi-Fi, bottled water, grab-and-go bags, and non-perishable snacks.

Many of these CRCs opened Wednesday afternoon and all were open on Thursday. As of this afternoon, about 1,500 customers visited a CRC.

PG&E updates its CRC locations regularly. Click here for updates.

Support for Customers with Medical Needs

PG&E is also partnering with 47 community-based organizations (CBOs) to assist customers with medical, financial, language, and aging needs before, during, and after PSPS events. These activities include:

  • Collaborating with the California Foundation for Independent Living Centers (CFILC) through a grant program to support the Access and Functional Needs (AFN) community. This support for customers with medical and independent living needs includes:
    • Enabling qualifying customers who use electrical medical devices to access backup portable batteries
    • Emergency preparedness outreach and education
    • Promotion of Medical Baseline Program
    • Accessible transportation resources
    • Hotel stays
    • Food stipends
  • Working with 14 food banks and 17 local Meals on Wheels chapters.
  • Expanding availability of materials in American Sign Language (ASL).
  • Providing emergency information in 13 languages.
  • Establishing an advisory group to help create solutions for emergency preparedness for customers with medical needs.

Details about these resources are at our website at pge.com/disabilityandaging

Also, as of Oct. 14, PG&E provided a total of 1,244 portable batteries to customers to support backup power, including:

During this Oct. 14-16 PSPS event, PG&E’s partners have engaged proactively or reactively with nearly 2,400 individuals. Through Thursday afternoon, 119 customers have used batteries provided by the CFILC and 34 hotel stays have been coordinated.

Here’s Where to Go to Learn More

  • PG&E’s emergency website www.pge.com/pspsupdates is now available in 13 languages. Currently, the website is available in English, Spanish, Chinese, Tagalog, Russian, Vietnamese, Korean, Farsi, Arabic, Hmong, Khmer, Punjabi, and Japanese. Customers will have the opportunity to choose their language of preference for viewing the information when visiting the website.
  • Customers are encouraged to update their contact information and indicate their preferred language for notifications by visiting www.pge.com/mywildfirealerts or by calling 1-800-742-5000, where in-language support is available.
  • Tenants and non-account holders can sign up to receive PSPS ZIP Code Alerts for any area where you do not have a PG&E account by visiting www.pge.com/pspszipcodealerts.
  • PG&E has launched a new tool at its online Safety Action Center (www.safetyactioncenter.pge.com) to help customers prepare an emergency plan. By using the "Make Your Own Emergency Plan" tool and answering a few short questions, visitors to the website can compile and organize the important information needed for a personalized family emergency plan.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.


Contacts

MEDIA RELATIONS:
415-973-5930

FREMONT, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, will report financial results for the third quarter 2020 after market close on Monday, November 2, 2020. Management will host a conference call at 4:30 P.M. ET on Monday, November 2, 2020 to discuss these results.

The call will be available, live, to interested parties by dialing:

United States/Canada Toll Free:

 

800-458-4121

International Toll:

 

+1 323-794-2093

Conference ID:

 

7783916

A live webcast will also be available in the Investor Relations section of SolarEdge’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com.


Contacts

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
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