The Low-Carbon Resources Initiative is part of Exelon’s commitment to advancing clean-energy solutions to benefit customers and communities

CHICAGO--(BUSINESS WIRE)--Exelon Corporation today announced its sponsorship of an Electric Power Research Institute (EPRI) and Gas Technology Institute (GTI) five-year initiative to accelerate the development and demonstration of low-carbon energy technologies. Exelon’s sponsorship of the Low-Carbon Resources Initiative (LCRI) is part of the company’s commitment to collaboration between the electric, gas and generation sectors to advance clean-energy solutions for customers and communities.

Through its sponsorship of the Low-Carbon Resources Initiative, Exelon will advance clean energy research and development across the electric and gas sectors. The LCRI seeks to identify and accelerate fundamental development of promising technologies, demonstrate and assess the performance of key technologies and processes, and inform key stakeholders and the public about technology options and pathways to a potential low-carbon future.

“As America’s largest clean energy company, Exelon is ideally suited to join forces with LCRI to advance deep decarbonization technologies,” said Ken Cornew, president and CEO, Exelon Generation, and a member of the EPRI board. “We are leveraging cutting-edge research, technology and innovation every day to power a low-carbon future for our customers and communities, and this initiative will align and multiply our industry’s collective efforts to work toward a healthier planet.”

Sponsorship of the Low-Carbon Resources Initiative is the latest in a series of ongoing commitments Exelon has made to lead on clean energy solutions and innovation to combat the impact of climate change. Exelon’s six electric and gas utilities – serving 10 million customers --announced this summer that they will electrify half of their vehicle fleet by 2030. This past year, Exelon announced its new $20 million Climate Change Investment Initiative to cultivate startups working on new technologies to reduce greenhouse gas emissions and mitigate climate change.

“To achieve a clean energy future, we need to look at all options, including new technologies,” said Calvin Butler, Exelon Utilities CEO. “Every day, our employees are reimagining the energy future across our electric and gas utilities, because we know we must drive progress to ensure our customers have equitable access to clean energy solutions. The work that EPRI and GTI are doing with the Low-Carbon Resources Initiative will help us bring that innovation to fruition in the years ahead.”

Learn more about the LCRI at LowCarbonLCRI.com

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2019 revenue of $34 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

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

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

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

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

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

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

About MGE Energy

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

Forward-looking Statements

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

Kaya Freiman
Corporate Communications Manager
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Ken Frassetto
Investor Relations
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LONDON--(BUSINESS WIRE)--#DrillingBitsMarketinOilandGas--Technavio has been monitoring the drilling bits market in oil and gas and it is poised to grow by USD 1.38 billion during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Atlas Copco AB, Baker Hughes Co., Bellwether Resources International Inc., Bit Brokers International Ltd., Caterpillar Inc., Drill King International LP, Drilling Products Inc., Halliburton Co., National Oilwell Varco Inc., and Sandvik AB 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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Increased use of horizontal and multilateral wells has been instrumental in driving the growth of the market.

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.

Drilling Bits Market in Oil and Gas 2020-2024: Segmentation

Drilling Bits Market in Oil and Gas is segmented as below:

• Product
  • Fixed Cutter Bits
  • Roller Cone Cutter Bits
• Application
  • Onshore
  • Offshore
• Geography
  • North America
  • MEA
  • APAC
  • Europe
  • South America

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41458

Drilling Bits Market in Oil and Gas 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 drilling bits market in oil and gas report covers the following areas:

• Drilling Bits Market in Oil and Gas Size
• Drilling Bits Market in Oil and Gas Trends
• Drilling Bits Market in Oil and Gas Industry Analysis

This study identifies the migration of drilling activities into unconventional areas as one of the prime reasons driving the growth of drilling bits market in oil and gas 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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Drilling Bits Market in Oil and Gas 2020-2024: Key Highlights

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

Table of Contents:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

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

Five Forces Analysis

• 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
• Fixed cutter bits - Market size and forecast 2019-2024
• Roller cone cutter bits - Market size and forecast 2019-2024
• Market opportunity by Product

Market Segmentation by Application

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

Customer landscape

• Overview

Geographic Landscape

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

Drivers, Challenges, and Trends

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

Vendor Landscape

• Overview
• Landscape disruption
• Vendor Analysis

Vendors covered

• Market positioning of vendors
• Atlas Copco AB
• Baker Hughes Co.
• Bellwether Resources International Inc.
• Bit Brokers International Ltd.
• Caterpillar Inc.
• Drill King International LP
• Drilling Products, Inc.
• Halliburton Co.
• National Oilwell Varco Inc.
• Sandvik AB

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

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

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

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

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

About Microgrid Networks

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

About SER Capital Partners

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

About Metric Point Capital (Member FINRA and SIPC)

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

Rahul Advani
SER Managing Partner
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(415) 873-1015

Sara Graziano
SER Partner
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(212) 482-2118

Alex Leykikh
Metric Point Partner
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(860) 478-7359

HOUSTON--(BUSINESS WIRE)--Calpine Corporation (“Calpine”) announced today that it has received, pursuant to its previously announced cash tender offers to purchase any and all of its outstanding 5.500% Senior Notes due 2024 (CUSIP No.131347 CJ3) (the “2024 Notes”) and 5.750% Senior Notes due 2025 (CUSIP No. 131347 CF1) (the “2025 Notes” and, together with the 2024 Notes, the “Notes”) and solicitation of consents related to the 2024 Notes (the “2024 Consents”) and the 2025 Notes (the “2025 Consents” and, together with the 2024 Consents, the “Consents”), the requisite consents to adopt the proposed amendments to each of the indenture governing the 2024 Notes and the indenture governing the 2025 Notes.

Consents have been delivered with respect to $255,389,000 principal amount, or approximately 54.10% of the outstanding principal amount, of the 2024 Notes and $1,044,758,000 principal amount, or approximately 88.35% of the outstanding principal amount, of the 2025 Notes, which Notes had been validly tendered (and not validly withdrawn) as of 5:00 p.m., New York City Time, on August 7, 2020 (the “Early Tender Date”). In conjunction with receiving the requisite consents for each series of Notes, a supplemental indenture with respect to each series of Notes to effect the applicable proposed amendments described in the Offers to Purchase and Consent Solicitation Statement, dated July 27, 2020, as supplemented by the Supplement to the Offers to Purchase and Consent Solicitation dated July 27, 2020 (as so supplemented, the “Offers to Purchase”), has been executed. A holder’s right to validly withdraw tendered applicable Notes and validly revoke delivered related consents expired at 5:00 p.m., New York City Time, on August 7, 2020.

Calpine also announced today that it has accepted for purchase tenders of $255,389,000 aggregate principal amount of the 2024 Notes and $1,044,758,000 aggregate principal amount of the 2025 Notes, which Notes were tendered at or prior to the Early Tender Date, pursuant to the applicable Offer and related Consent Solicitation. Holders who validly tendered and did not withdraw such Notes prior to the Early Tender Date will receive $1,015.35 per $1,000 principal amount of 2024 Notes and $1,028.75 per $1,000 principal amount of 2025 Notes accepted for purchase pursuant to the applicable Offer and related Consent Solicitation, plus accrued and unpaid interest from the last interest payment date to, but not including, August 10, 2020.

Following the acceptance for purchase of tendered Notes described above, Calpine mailed today notices of redemption to the holders of the Notes that remain outstanding to redeem such Notes on August 12, 2020. The redemption price for the 2024 Notes is 101.375% of the principal amount and the redemption price for the 2025 Notes is 102.875% of the principal amount, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

Credit Suisse Securities (USA) LLC has been retained as the dealer manager. D.F. King & Co., Inc. has been retained to serve as both the tender agent and the information agent. Persons with questions regarding the Offers and the Consent Solicitations should contact Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll free) or (212) 325-2476 (collect). Copies of the Offers to Purchase and other related materials may be obtained online at www.dfking.com/calpine or by contacting D.F. King & Co., Inc. at (toll-free) (800) 431-9646 or (collect) (212) 269-5550 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

None of Calpine or its affiliates, its board of directors, the dealer manager, the tender agent and the information agent or the trustee for the Notes makes any recommendation as to whether holders of the Notes should tender or refrain from tendering the Notes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or to buy or sell any other securities. The Offers and the Consent Solicitations are made only through the Offers to Purchase and the Supplement. The Offers and the Consent Solicitations are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky and other laws of such jurisdiction. In any jurisdiction in which the Offers and the Consent Solicitations are required to be made by a licensed broker or dealer, the Offers and the Consent Solicitations will be deemed to be made on behalf of Calpine by the dealer manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. This press release shall not constitute a notice of redemption of either the 2024 Notes or the 2025 Notes.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 77 power plants, including one under construction, represents over 26,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses, Calpine Energy Solutions and Champion Energy, we serve customers in 23 states in the United States and in Canada and Mexico. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.

Forward-Looking Information

In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. We believe that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine’s reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020. These filings are available by visiting the Securities and Exchange Commission’s website at www.sec.gov or Calpine’s website at www.calpine.com. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this release. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and, other than as required by law, Calpine undertakes no obligation to update or revise any such statements, whether as a result of new information, future events, or otherwise.

Media Contact:
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Vice President, External Affairs
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More than 10,000 strikes to Colorado underground utilities in 2019, according to Colorado811.org

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

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

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

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

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

Jill Sweeney
713-597-9708
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DUBLIN--(BUSINESS WIRE)--The "Middle-East Wireline Services Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The oil and gas well logging services market is expected to grow at a CAGR of 2.62% during the forecast period.

Factors, such as increasing demand for oil and natural gas and increasing investments in the upstream oil and gas sectors across the region, are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period.

However, the crude oil prices have been highly volatile between 2019 and the start of 2020, fluctuating between USD 60 per barrel and USD 25 per barrel by the start of 2020. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is expected to hinder the market during the forecast period.

Companies Mentioned

• Schlumberger Limited
• Halliburton Company
• Baker Hughes Company
• Expro Group
• ADES International
• OilServ FZCO

Key Market Trends

Offshore to Dominate the Market

• The offshore oil and gas drilling sector had been subdued in the past few years, mainly due to the crude oil price being lower than the breakeven price of several offshore oil and gas fields. As a result, the demand in the oil and gas wireline services market was negatively impacted.
• The Brent crude oil price started showing signs of improvement after mid-2016 and remained well above USD 60 per barrel throughout 2018. This, coupled with the cost reduction program of upstream oil and gas companies, resulted in gaining the confidence of investors for final investment decisions for projects, which got canceled during the low commodity price environment.
• For instance, in May 2019, Dana announced that it had commenced the drilling operations at its Merak-1 well, offshore Egypt, located in the North El Arish concession, also known as Block 6. This block is in the Eastern Mediterranean Basin, where other world-class giant natural gas discoveries have been made in recent years.
• However, on the flip side, in the early 2020, the oil prices got severely affected by the several OPEC deal cancellation and excessive crude oil and gas flow in the international market. Which is expected to slow down the investment in both offshore and onshore region.

Saudi Arabia to Dominate the Market

• The Kingdom of Saudi Arabia is one of the biggest global oil producers, with the production of 12.3 million barrels per day in 2018.
• The Kingdom of Saudi Arabia holds the second-largest proven oil reserves in the world after Venezuela. Saudi Aramco, the country's largest oil and gas company, is continuously engaged in exploration and development, in order to compensate for declining fields elsewhere.
• The crude oil production rate has been consistent in Saudi Arabia, even during the distressful period in the industry, when crude oil prices plunged to a very low level in recent years.
• Further, oil and gas drilling activity in Saudi Arabia is anticipated to increase on account of government policy to drive the oil and gas production in the country. The policy to drive upstream activity will likely promulgate the oil and gas wireline services market in the near future.
• For instance, in February 2019, ADES International, an oil and gas drilling and production company, received two onshore drilling contracts in Saudi Arabia worth USD 150 million. Each secured contract has a tenure of seven years, with five fixed years and two years of optional terms.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Onshore and Offshore Active Rig Count and Forecast, till 2025

4.4 Major Upcoming Upstream Projects

4.5 Recent Trends and Developments

4.6 Government Policies and Regulations

4.7 Market Dynamics

4.7.1 Drivers

4.7.2 Restraints

4.8 Supply Chain Analysis

4.9 Porter's Five Forces Analysis

5 MARKET SEGMENTATION AND ANALYSIS (Qualitative Analysis)

5.1 Deployment

5.1.1 Onshore

5.1.2 Offshore

5.2 Type

5.2.1 Electric Line

5.2.2 Slick Line

5.3 Hole Type

5.3.1 Open Hole

5.3.2 Cased Hole

5.4 Geography

5.4.1 Saudi Arabia

5.4.2 Iran

5.4.3 United Arab Emirates

5.4.4 Rest of Middle-East

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/44j2yb.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Antelope Valley Swainson’s Hawk Study and Conservation Action Agreement

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

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

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

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

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

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

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

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

About EDF Renewables:

EDF Renewables is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 10 GW under service contracts. EDFR is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group.

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

About Defenders of Wildlife:

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

About Audubon:

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

EDF Renewables Media Contact
Sandi Briner
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Defenders of Wildlife Media Contact:
Rebecca Bullis, +1 202-772-0295
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National Audubon Society Media Contact:
Chandler Lennon +1 212-979-3063 (work); +1 804-832-0832 (cell)
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DUBLIN--(BUSINESS WIRE)--The "2025 Vision: Future of Pumps in a Connected World" report has been added to ResearchAndMarkets.com's offering.

This study forecasts the future of the pumps industry amidst the onset of a new wave of digitalization and the Industrial Internet of Things (IIoT).

The changing market conditions influenced by demand-supply shock, oil price volatility, political tension, and shift in customer preferences are making pump manufacturers revisit their value proposition. In a mature and fragmented industry like pumps where growth from pump equipment remains in the single digit, pump OEMs have started to observe a spike in demand for aftermarket services. This spike also indicates a shift in pump OEMs' role from being mere product suppliers to a thought-partner enabling end-users in their digital transformation journey to collaboratively build a connected ecosystem. The pumps market, valued at ~$38.34 billion in 2019, is expected to discover new growth opportunities by expanding its service capabilities with IIoT technologies and move beyond standard aftermarket services.

In this pump visionary study, we have identified the top 5 global Mega Trends and assessed their implication for the pumps industry. The study also discusses the market size and offers a breakdown by region, product segment, and end-user industry. To understand the role of services in the pump market, the study also includes revenue potential from the services segment. An overview of the key market participants, their product offering, and their market positioning have been provided in this report.

The publisher has identified the top 4 innovative business models that pump OEMs can implement by investing and integrating IIoT into their solution offering. These models will enable OEMs to unlock new revenue streams and stay ahead of their peers. The study does a deep dive into each business model and assesses its implication on the pumps industry. Some of the key IIoT technologies that are instrumental in the successful transition of the industry include cloud computing, analytics, artificial intelligence, and machine learning and blockchain. The end-user shift from a CAPEX to an OPEX model and the need for data insights, require pump OEMs to proactively embrace these progressive technologies in their service offering.

With the potential to realize double-digit growth from services, pump OEMs are at a juncture to revisit their product and service offerings as well as their relationship across the distribution channel. By expanding service capabilities with advanced and digital services, pump OEMs are well-positioned to increase the uptime, reliability, and lifetime of the machine. They can assist their end-users to move towards a predictive maintenance approach, reduce OPEX, and increase production efficiency.

Key Issues Addressed

• What is the current state of the pumps industry and how is it expected to grow by 2025?
• What are the innovative business models pump OEMs can explore as they move towards pumps-as-a-service?
• What are the key growth opportunities for the pump industry? How can they benefit from these opportunities?
• What are the global Mega Trends and how do they impact the pump industry?
• What is the mindset of end-users towards the new pump solutions?

Key Topics Covered:

1. Executive Summary

• Evolution of Pumps Industry
• Industry Outlook in 2025
• Top 7 Industry Predictions: Pumps Industry in 2025-Key Predictions
• Global Pumps Industry Revenue Forecast 2025
• Revenue Forecast by Pump Type and End-user Industry
• 2025 Pump Vision: Senior Management Top-of-mind Issues

2. Research Scope and Segmentation

• Research Scope
• Key Questions This Study Will Answer
• Research Methodology
• Market Definitions

3. Mega Trends and Industry Convergence Implications

• Top 5 Mega Trends Impacting the Pumps Industry
• Mega Trend 1: Connectivity & Convergence
• Mega Trend 2: Cognitive Era
• Mega Trend 3: Smart is the New Green-Smart Products
• Mega Trend 4: New Business Models
• Mega Trend 5: Innovating to Zero
• Top 5 Transformational Themes Impacting the Pumps Industry

4. Global Pumps Industry Revenue Forecast for 2025

• Market Revenue of Global Centrifugal Pumps
• Market Revenue of Global Positive Displacement Pumps
• Market Revenue of Global Pump Services
• Market Share of Top 10 Participants-Global Pumps Market
• Competitive Landscape of Manufacturers-Total Pumps Market
• Global Pumps Industry-Mapping Product Portfolio by Segments

5. IIoT based Pump Solutions-Implication for End-user Industries

• State of Digital Transformation and Customer Readiness in the Pumps Industry
• Digital Oil Fields
• Digital Refinery
• Smart Water Plants
• Digital Mines

6. 4 Big Themes and New Business Opportunities for Pump OEMs

• 4 Big Innovations: New Business Models

7. New Growth Market-Pumps-as-a-Service

• Evolution of Pump Services
• Advent of IIoT 2.0 in the Pumps Industry
• Pump Services-Level of Engagement
• Disruption in Pump Services-Unbundling the Value Chain
• Transformation of Pump Services with Strengths of Channel Participants
• Integrated Approach-A Key Essential to Remain Unmatched

8. Growth Opportunities and Companies to Action

• 5 Major Growth Opportunities
• Growth Opportunity 1-Energy-efficient Pumps
• Growth Opportunity 2-Pump Performance Management
• Growth Opportunity 3-New Business Models
• Growth Opportunity 4-Managed Services
• Growth Opportunity 5-Connected Distribution Network
• Strategic Imperatives for Success and Growth

9. Key Conclusions and Future Outlook

• Key Conclusions and Vision for the Industry
• Legal Disclaimer

10. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/pc0qb8

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

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

About Universal Display Corporation

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

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

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

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

Follow Universal Display Corporation

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(OLED-C)

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

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

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

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

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

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

Advantages of nanomaterials include:

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

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

Applications of nanomaterials in batteries and supercapacitors include:

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

Report contents include:

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

Key Topics Covered:

1 EXECUTIVE SUMMARY

2 NANOMATERIALS IN BATTERIES

2.1 Battery market megatrends

2.1.1 Electrification of transport

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

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

2.1.4 Development of next-generation flexible electronics

2.1.5 Development of next-generation flexible electronics

2.1.6 Improving the energy density of rechargeable batteries

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

2.1.8 Demand from wearable healthcare devices

2.2 Nanomaterials in Li-ion batteries

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

2.4 Nanomaterials in Sodium-ion batteries

2.5 Nanomaterials in Lithium-air batteries

2.6 Nanomaterials in Magnesium batteries

2.7 Graphene

2.7.1 Market overview

2.7.2 Applications

2.7.3 Global market in tons, historical and forecast

2.7.4 Product developers

2.8 Carbon nanotubes

2.8.1 Market overview

2.8.1.1 MWCNTs

2.8.1.2 SWCNTs

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

2.8.1.4 BNNTs

2.8.2 Applications

2.8.3 Global market in tons, historical and forecast

2.8.4 Product developers

2.9 Fullerenes

2.1: Graphene Quantum Dots

2.1: Other nanomaterials

2.11.1: Carbon nanofibers

2.11.2: Lithium nanoparticles

2.11.3: Cobalt oxide nanoparticles

2.11.4: Bismuth oxide nanoparticles

2.11.5: Indium oxide nanoparticles

2.11.6: Manganese oxide nanoparticles

2.11.7: Zirconium oxide nanoparticles

2.11.8: Silicon nanowires

2.11.9: Quantum dots

2.11.1: Cellulose nanofibers

2.11.10.1 Li-ion battery separators

2.11.10.2 Additives for paper batteries

2.11.1: Cellulose nanocrystals

2.11.11.1 Flexible batteries

2.11.1: Molybdenum disulfide

3 NANOMATERIALS IN SUPERCAPACITORS

3.1 Supercapacitors market megatrends

3.2 Graphene

3.3 Carbon nanotubes

3.4 Nanodiamonds

4 COMPANY PROFILES

5 RESEARCH METHODOLOGY

6 REFERENCES

Companies Mentioned

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

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

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

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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

Summary

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

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

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

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

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

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

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

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

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

Conference Call

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

Earnings Presentation

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

About CAI International, Inc.

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

Forward-Looking Statements

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

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

Tim Page, Interim President and Chief Executive Officer
(415) 788-0100
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LONDON--(BUSINESS WIRE)--#FuelCellsforMarineVesselsMarket--Technavio has been monitoring the fuel cells for marine vessels market and it is poised to grow by USD 64.91 million during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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

Frequently Asked Questions-

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

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

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

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

• What is the key factor driving the market?

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

• Who are the top players in the market?

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

• Which region is expected to hold the highest market share?

• APAC

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Bloom Energy, Dynad International BV, Hyster-Yale Materials Handling Inc., PowerCell Sweden AB, Proton Power Systems plc, SerEnergy AS, SFC Energy AG, Siemens AG, Toshiba Corp., and Watt Fuel Cell Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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

Fuel Cells for Marine Vessels Market 2020-2024: Segmentation

Fuel Cells for Marine Vessels Market is segmented as below:

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

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43046

Fuel Cells for Marine Vessels Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our fuel cells for marine vessels market report covers the following areas:

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

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

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

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

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

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

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

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

Five Forces Analysis

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

Market Segmentation by Technology

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

Customer Landscape

• Overview

Geographic Landscape

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

Drivers, Challenges, and Trends

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

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

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

Appendix

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

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

Second Quarter 2020 Highlights:

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

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

Operational Discussion

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

Financial Discussion

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

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

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

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

Cash Margins

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

Capital Expenditures

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

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

Financial Position and Liquidity

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

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

Commodity Derivatives

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

Natural Gas Derivatives:

Oil Derivatives: