ComEd offers industry-leading value, based on latest U.S. EIA cost data
CHICAGO--(BUSINESS WIRE)--The average monthly ComEd customer bill in the fourth quarter of 2022 was lower than the average charges paid by customers in 2021 in 49 out of 50 U.S. states, based on an analysis of the latest information from the U.S. Energy Information Administration (EIA).
ComEd’s work to manage costs has contributed to Illinois having the lowest average 2021 bill in the Midwest for a tenth year in a row and among the five lowest in the U.S, according to a recent announcement by the Citizens Utility Board. The average ComEd monthly bill is currently lower than it was last year, even as inflation has driven many costs higher, and it is no greater than 10 years ago.
“ComEd is working to support customers through reliable, clean, and affordable energy,” said ComEd CEO Gil Quiniones. “We’ve worked over the last decade to control costs while focusing on enabling more clean energy and improving the overall reliability of our grid. Our investments are providing our customers with the best electric value in the nation.”
The combination of nuclear, wind, and solar facilities in the northern Illinois region generates enough clean energy to meet 95 percent of ComEd customers’ demand when they consume it.
In addition to consistently providing competitive rates, ComEd has continued its record of strong reliability performance in 2022. Overall reliability for the first 10 months of the year was better than in any prior year and 82 percent better than when ComEd began to increase its smart grid improvements in 2012. Since it began its smart grid investments, ComEd and its more than 6,200 employees have helped customers avoid nearly 19 million outages, saving more than $3 billion in outage-related costs.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
Top Five Things You Can Do for an Energy Efficient Thanksgiving
OAKLAND, Calif.--(BUSINESS WIRE)--The holiday season is upon us. With a drop in temperatures, shorter days and longer nights, guests staying over, and appliances operating on overdrive the Thanksgiving holiday can lead to an increase in energy use.
Pacific Gas and Electric Company (PG&E) understands customers are facing rising costs for a variety of products and services and we are here to help with tips and tools that can lower winter energy use and manage monthly bills.
Here are five simple ways to save energy this Thanksgiving:
For personalized ways to save, customers can answer a few simple questions abut their household energy use to get recommendations as part of PG&E’s free Home Energy Checkup. Customers will receive an estimate of what’s using energy in their home and a list of personalized, suggested improvements to help reduce costs.
Customers also can reduce seasonal spikes in energy bills by exploring assistance programs. Enroll in free programs including Budget Billing to spread energy costs evenly throughout the year and Bill Forecast Alerts to receive notifications when the a monthly bill is expected to exceed an amount set by the customer.
Some customers may be eligible for income-qualified programs including the California Alternative Rates for Energy (CARE) program offering a monthly discount of 20% or more on gas and electricity and the Family Electric Rate Assistance (FERA) program offering a monthly discount of 18% on electricity only. Qualifying customers may also be eligible for the Energy Saving Assistance Program offering free improvements to make the home more efficient, safe, and comfortable.
For more easy tips for cold weather savings, visit www.pge.com/winter.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
Marketing & Communications | 415.973.5930 | www.pge.com
DUBLIN--(BUSINESS WIRE)--The "Global Ship Spares and Equipment Market Report and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global ship spares and equipment market attained a value of 8285.38 million in 2021. Aided by the growing international trade via sea route, the market is projected to further grow at a CAGR of 4.31% between 2022 and 2027 to reach a value of USD 10,707.26 million by 2027.
Ship spares and equipment are defined as the components which support the or fix the structure of a ship. These equipment are used to enhance the quality of a ship and to save the ship by fixing the failed unit. Good quality ship is directly proportional to the quality of ship spares and equipment used. Ship spares and equipment, such as propulsion systems and auxiliary systems, are crucial for a ship to keep it safe, which is why the global ship spares and equipment market is witnessing a steady growth.
The thriving marine transport sector across the emerging economies, owing to the growing sea trade of merchandise, consumer goods, and electrical equipment, among others, is fuelling the demand for ship spares and equipment. In addition to this, the increasing deployment of bulk carriers due to the increasing transportation of heavy goods is further bolstering the demand for high quality ship spares and equipment.
Cargo vessels, on the other hand, are witnessing a steady demand to delivery chemicals, which is another crucial driving factor of the market. Chemicals can be hazardous and mishandling or faulty ship unit can lead to a great harm to the environment and sea life. In this regard, the growing trade of commercial and industrial chemicals is further bolstering the global ship spares and equipment market growth.
Geographically, North America holds a significant share of the market. The United States of America is the largest spender on military and defence and has been upgrading its naval fleet owing to the rise in geopolitical tensions. Hence, the upgradation of naval ships is likely to bolster the demand for ship spares and equipment.
Market Segmentation
The market can be divided into the following segmentations.
Market Breakup by Product Type
Market Segmentation by Type
Market Classification by Ship Type
Market Segmentation by End Use
Market Breakup by Region
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the companies. Some of the major key players explored in the report are as follows:
For more information about this report visit https://www.researchandmarkets.com/r/mmks2h
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Integration of high-fidelity remote application access platform expands Penguin’s portfolio of innovative HPC, AI, and cloud software offerings
FREMONT, Calif.--(BUSINESS WIRE)--$SGH #AI--Penguin Solutions™, an SGH™ brand (Nasdaq: SGH) that provides HPC, AI, and IoT technologies for edge, core, and cloud, announced today that its Penguin Computing group has acquired all software and intellectual property assets of Colorado Code Craft and welcomed Colorado Code Craft employees to the Penguin Computing team. The company specializes in secure remote work and collaboration software solutions for high-performance and high-fidelity remote visualization, including remote 3D visualization for applications running in the cloud and virtual desktop infrastructure (VDI) for technical computing.
Penguin and Colorado Code Craft have been working together since 2014, when they collaborated to deliver Penguin’s Scyld Cloud Workstation™ VDI platform as a remote visualization technology with the Penguin on Demand (POD) HPC cloud. The companies have continued the partnership since that time, expanding the product to include numerous follow-on software releases and capabilities. Recent enhancements include the addition of 60fps (frames per second) video refresh support and support for 4K video fidelity for demanding high-resolution workloads -- all delivered through a standard browser.
“The data volumes and compute-intensive use cases for HPC and AI increasingly lead to situations where data scientists and researchers are operating from locations far from the data center or cloud,” said Thierry Pellegrino, president of Penguin Solutions. “With the acquisition of Colorado Code Craft’s high-performance, browser-based remote display capabilities, we’re able to provide our customers with a secure way to deliver remote desktops and application streaming from any cloud or data center to any device, regardless of the network conditions. This agentless solution accelerates users’ work processes by enabling rapid access to in-place data on the HPC/AI cluster and operates without the need for application or user workstation modifications.”
Penguin’s Scyld Cloud Workstation software is based on Colorado Code Craft technology and continues to play a key role in Penguin on Demand (POD) offerings. The current user base is comprised of data scientists, researchers, and engineers across diverse markets such as: energy, engineering, infrastructure, manufacturing, monitoring and evaluation, oil & gas, and research.
In addition, the software is also integrated with Penguin’s new Scyld Cloud Central™ platform – and will also be available for use on the Google Cloud Platform, POD, and by Penguin customers leveraging dedicated HPC/AI cluster environments within their data center or co-location facilities.
“After a decade of developing remote visualization platforms and expanding innovative solutions for customers, we are very excited to become a part of Penguin Solutions,” said Thomas Ruge, founder of Colorado Code Craft. “Together we will expand our customer base with both enterprise customers and technology partners into industries such as media/entertainment and distributed design/engineering that rely on the seamless remote application experience that we can provide.”
The definitive agreement was signed on November 7, 2022 and the financial terms of the transaction were not disclosed.
Visit our website or Penguin Solutions’ booth #2400 at SC22 this week to learn more.
To stay connected, follow Penguin Solutions on LinkedIn, Twitter and Facebook.
Penguin Solutions, Penguin Computing, Colorado Code Craft, Scyld Cloud Central, and Scyld Cloud Workstation are trademarks or registered trademarks of Penguin Computing, Inc. All other trademarks and registered trademarks are the property of their respective owners.
About Penguin Solutions
The Penguin Solutions™ portfolio, which includes Penguin Computing™ and Penguin Edge™, accelerates customers’ digital transformation with the power of emerging technologies in HPC, AI, and IoT with solutions and services that span the continuum of edge, core, and cloud. By designing highly-advanced infrastructure, machines, and networked systems we enable the world’s most innovative enterprises and government institutions to build the autonomous future, drive discovery and amplify human potential. Penguin Solutions is an SGH Brand.
Maureen O’Leary
Communications, Penguin Solutions
(602) 330-6846
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Karbo Communications
PR for Penguin Computing
(240) 427-8961
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OAKDALE, Minn.--(BUSINESS WIRE)--InSitu Biologics, Inc. will share the latest investigational work on its multi-phase drug delivery matrix at the upcoming 21st Annual Pain Medicine Meeting of the American Society of Regional Anesthesia on November 18th, 2022.
The presentation entitled “Tunable Pharmacokinetics Of A Local Anesthetic Using A Multi-Phase Drug Delivery Matrix” was authored by InSitu Biologics team members: Bill Taylor, Chief Science Officer; Dr. Kelsey Pflepsen, Formulation Scientist; and Dr. Mark Ereth, Chief Medical Officer. This scientific report will highlight the Company’s work on multiple drug formulations within the multi-phase drug delivery matrix, demonstrating its ability to tune the matrix formulation’s drug-loading and prolonged-delivery characteristics. The tuned formulation further demonstrates the ability of the company’s platform technology to be modified for many different types of drugs.
“The presented results will highlight our team’s ability to tune the drug-delivery matrix to an optimally desired and clinically important duration of action for multiple drug classes,” said Dr. Mark Ereth, Chief Medical Officer of InSitu Biologics.
The abstract can be found here, and information on the ASRA meeting can be found here.
InSitu Biologics: InSitu Biologics is an emerging biotech company focused on the development of a multi-phase prolonged-release drug delivery platform for localized treatment of pain, cancer, and infection. The Company uses disruptive technology to address unmet needs in the pain management, inflammation, infection, and cancer drug delivery markets.
InSitu Biologics is currently conducting investigational pre-clinical work. The Company has no products approved for sale in any geography.
InSitu Biologics
Mark Ereth, MD
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Friday, November 18, 2022
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority will hold its Budget Workshop and Meeting on Friday, November 18, 2022, beginning at 9:15 a.m. A quorum of the Port Commission, along with executive leadership, will be present in the boardroom of the Port Houston Executive Office Building, located at 111 East Loop North, Houston, TX 77029.
This will be conducted as a hybrid meeting open to the public to attend in person or accessed virtually via WebEx webinar.
The agenda and the instructions to access Port Houston public meetings are available at https://porthouston.com/leadership/public-meetings/.
Please note the following upcoming Port Houston public meetings (subject to change):
December 6
|
9:15 a.m. |
Port Commission Meeting |
Sign up for public comment is available up to an hour before the meeting by contacting Erik Eriksson at This email address is being protected from spambots. You need JavaScript enabled to view it. or Liana Christian at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel – the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. nation. The more than 200 private and eight public terminals along the federal waterway supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6% of Texas’ total gross domestic product (GDP) – and a total of $801.9 billion in economic impact across the nation. For more information, visit the website: https://porthouston.com/.
Lisa Ashley-Daniels, Director, Media Relations, Port Houston
Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
SHARM EL-SHEIKH, Egypt--(BUSINESS WIRE)--#AAVE--This afternoon at COP27, the world’s largest gathering on climate action, a group of Web3 companies convened by ConsenSys and Allinfra, joined civil society leaders and the UNFCCC Climate Innovation Hub, to announce the creation of the Ethereum Climate Platform (ECP). Its mission is to incentivize and fund the development of real-world projects that will mitigate greenhouse gas emissions and deliver positive environmental and social impact long into the future. Founding members of the Platform launch team include: AAVE, Art Blocks, Celo, CodeGreen.Org, Enterprise Ethereum Alliance (EEA), ERM, Filecoin Green, Gitcoin, Global Blockchain Business Council (GBBC), Huobi Global, Laser Digital (Nomura), Microsoft, Polygon, The Climate Collective, UPC Capital Ventures, and W3bcloud, in collaboration with Gold Standard.
The commitment of the Platform is to redress and counteract the Ethereum-based carbon footprint dating back to the network’s launch in 2015. It will invest in ongoing science-based climate projects which promise to mitigate in excess of Ethereum's past emissions by leveraging Web3 native technologies, infrastructure, funding mechanisms and governance protocols. In addition to financing and otherwise supporting projects which deliver decarbonization at scale, the ECP will support new and innovative solutions in need of market validation, ensuring they will achieve tangible impact. These projects could range from nature-based carbon opportunities to green hydrogen, zero carbon power, heating, cooling and other utilities, to carbon removal projects, technologies and ecosystem services.
It is intended that the Platform’s climate mitigation strategy will be guided by a formal advisory process with leading players in the global environment space. Designees of aligned Non-Governmental Organizations (NGOs) and Intergovernmental Organizations (IGOs), plus representatives of regional and international climate organizations such as the Climate Collective, and other expert entities like sustainability consultancy ERM, are some of the stakeholders being engaged.
The announcement is being hosted at the UN Climate Change Global Innovation Hub at COP27. The Global Innovation Hub, launched in November 2021, aims to promote transformative innovations for a low-emission and climate-resilient future. The Hub facilitates climate solutions aligned with the UN’s SDGs. Hosted by the United Nations Framework Convention on Climate Change, the Innovation Hub leverages the convening power and climate leadership of the UN with the dynamism of the private sector. The Hub will provide a global cross-disciplinary community of practice with an opportunity to share ideas and design climate solutions in a spirit of radical collaboration.
Counteracting Ethereum's past carbon footprint
This announcement comes only two months after the Merge, the ambitious re-architecture of the world’s largest open programmable blockchain that also represents the largest known decarbonization event of any industry in history. After seven years of development, the transition to Proof of Stake made Ethereum become the first global collective climate action to shed, through innovation, more than 99.992% of its carbon footprint, according to the Crypto Carbon Ratings Institute (CCRI). While this shift represents a significant environmental step forward, the technology leaves behind an estimated carbon debt in the tens of millions of metric tons. One of the first projects to be undertaken by the Platform’s launch partners will be to underwrite a study to attain the most accurate estimate with respect to these past emissions.
“The Merge set a new and extremely high bar for climate mitigation across the entire business and financial sector. It demonstrated that through sheer force of collective will, we can successfully drive technological decisions that massively reduce carbon output. But the climate crisis requires more radical change. This is why we are excited to come together with collaborators from among the most prominent actors from Web2 and Web3, as well as civil society leaders to accelerate climate innovations through the Ethereum Climate Platform,” said Joseph Lubin, Founder and CEO of ConsenSys, CoFounder of Ethereum.
“Funding high-quality green projects is critical in the fight to mitigate human-driven climate change,” added Bill Kentrup, co-founder at Allinfra. “Yet, historically, the process of deploying capital to the right projects and assessing their real impact has lacked transparency, efficiency and timeliness. We are pleased to have the opportunity to design and launch a better Web3 enabled climate finance platform and we acknowledge the outstanding advice and counsel of the UN Climate Change Global Innovation Hub over the past months in the draft design of this novel approach. We look forward to the opportunity for the Platform to further engage with strategic leaders across climate and Web3 in collaborative efforts over the coming years”.
The platform is being built for and by the Ethereum ecosystem but the intention is to serve as a model to the global tech and business community to offset their own historic carbon footprint.
“We’re delighted to bring Microsoft’s history of leadership and experience with science-based sustainability approaches to this broader effort,” said Yorke Rhodes III, board member of the EEA and cofounder of blockchain at Microsoft. “Core to our collaboration on this initiative is to assist the Ethereum community to chart an informed path forward.”
“With The Merge, Web3 showcased two of its core traits, innovation and speed. Both are critical to deliver climate solutions in our current crisis,” added Sandeep Nailwal Co-Founder of Polygon. “We are excited to join forces with ConsenSys and our colleagues from Web2 and Web3 to tackle one of the most pressing challenges we face as citizens of the global community. The Ethereum Climate Platform is an important cross collaborative initiative to tackle the climate crisis. By working together, we will strive to affect real and lasting change that will provide a better reality for all.”
How to join the initiative
The ECP invites stakeholders from the Web3 space, climate technology and carbon market companies entering Web3, committed to decarbonization and global organizations seeking to eradicate their own historic carbon debt, to join the initiative by completing this form. In addition, civil society organizations are invited to put their extensive experience in climate action projects at the service of the Platform.
Stani Kulechov, founder and CEO of Aave Companies: “We are honored to join the United Nations Climate Action Conference along with prominent companies to form the Ethereum Climate Platform. Our goal is to fund and support innovative solutions that can significantly reduce greenhouse gasses and emissions. It is imperative that our industry utilize and build scalable and environmentally sustainable tech. The Merge was a huge step forward, eliminating almost all of Ethereum’s daily energy needs. This is a time when innovative and impactful solutions are needed to address climate change, and we must work together as an industry to support them.”
Rene Reinsberg, President, Celo Foundation: "With a deep commitment to advancing the regenerative finance (ReFi) movement, including Celo being the first carbon-negative blockchain and home to many climate-positive projects, we couldn't be more excited to deepen our ties to the Ethereum community to become a founding partner of the Ethereum Climate Platform."
Neil Cohn, Co-Founder and CEO of CodeGreen.Org: “CodeGreen.Org delivers blockchain solutions that encourage collaboration among technology providers by extending interoperability and functionality of foundational market infrastructure including the World Bank’s Climate Warehouse program. We are thrilled to join the ECP and its mission to scale direct investment into groundbreaking projects that address the challenge of our generation, the climate crisis.”
Dan Burnett, Enterprise Ethereum Alliance Executive Director: “Countries, governments, communities, and businesses of all sizes want a path forward to address the world’s climate emissions debt. The Ethereum Climate Platform addresses this need and makes Ethereum the first of many use cases to demonstrate how the world can benefit from this Platform. This is yet another example of Ethereum leading the way from moving to a more carbon-neutral footprint with the Merge to helping the world offset past climate emissions debt.”
Kushal Mashru, Global Head of Strategic Partnerships at ERM: “ERM welcomes this opportunity to help guide the ECP’s climate mitigation strategy. We urgently need to accelerate decarbonization efforts if we are to achieve the ambitions enshrined in the Paris Agreement, and the ECP embodies the type of industry collaboration and innovation in support of climate action that’s required at scale.”
Alan Ransil, founder of the Filecoin Green initiative: “The ECP is a groundbreaking way of pursuing decarbonization transparently and at scale. By financing new projects rather than simply buying existing carbon credits, the ECP will raise the bar for additionality while providing public data to prove the impact of these projects.”
Sandra Ro, CEO of the Global Blockchain Business Council (GBBC): “The Global Blockchain Business Council (GBBC) values this critical climate action initiative and are grateful to work alongside Web3 leaders. We foster consensus and collaboration among our members so they can build and accelerate open source solutions to tackle major sustainability issues. GBBC’s aligned relationship with ConsenSys is pivotal for advancing this goal.”
Ben West, Cause Round Lead at Gitcoin: "Gitcoin has already begun addressing the historic emissions associated with running our Web3 grants program by working in partnership with projects who use blockchain enabled carbon offsets, renewable energy certificates and other innovative solutions to quantify and verify climate action."
President of Gold Standard, and Ex-UNFCCC Executive Secretary Yvo de Boer: “The private sector needs to recognise more strongly that addressing climate change is a collective responsibility. To quote an old friend “business cannot succeed in a society that fails”. By working with Gold Standard this new initiative will ask the right questions, respect the right values and invest in the right projects to take responsibility for historic emissions – and by doing so will set an example to the wider private sector.”
Edward Chen, Head of Asset and Commercial Center at Huobi Global: “The blockchain industry has come under intense criticism for being the antithesis to climate change, but the Merge has proved the complete opposite. Web3 and sustainability can definitely work hand-in- hand, and we are proud to take part in COP27 as we discuss how superior green projects can be evaluated for investment. With the cooperation between Web3, Fintech and civil society thought leaders, great strides can be achieved in this space.”
Steve Ashley, co-founder and Chairman of Laser Digital (a Nomura company): “Nomura Group is a leading player in Green Finance and is committed to use all the available levers to limit and reverse climate change. Therefore, we are honored that one of the first initiatives of Laser Digital - the crypto subsidiary of Nomura - is to become a founding member of the Ethereum Climate Platform and leverage Web 3 technology to drive decarbonization”.
Anna Lerner, CEO of The Climate Collective: “The world needs to exponentially increase funding for high-quality decarbonization efforts and regenerative systems. The Climate Collective and our community are excited to partner with the Ethereum Climate Platform to leverage trusted, sustainable Web3 infrastructure to unlock innovative and verifiable climate action at scale.”
Wael Aburida, co-founder and CFO of W3BCLOUD: “W3BCLOUD is honored to be among the founding members of the Ethereum Climate Platform (ECP). From our origin, we have recognized the importance of prioritizing sustainable energy sources for Web3. This is exactly why we developed our data centers to be primarily powered using renewable energy. We look forward to bringing our insight and experience to the ECP to ensure a future in which our digital infrastructure comes with a minimal carbon footprint.”
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TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported net income of $46 million, or $0.42 per diluted share, from operating revenues of $631 million for the quarter ended September 30, 2022, compared to net income of $18 million, or $0.16 per diluted share, from operating revenues of $550 million for the quarter ended June 30, 2022. The net income per diluted share for the fourth and third quarters of fiscal year 2022 include $(0.03) and $(0.11) of after-tax losses, respectively, comprised of select items(2). For the fourth quarter of fiscal year 2022, select items(2) were comprised of:
Net cash provided by operating activities was $117 million for the fourth quarter of fiscal year 2022 compared to $98 million for the third quarter of fiscal year 2022.
For fiscal year 2022, the Company reported net income of $7 million, or $0.05 per diluted share, from operating revenues of $2.1 billion. The net income per diluted share includes $(0.05) of after-tax losses comprised of select items(2). Net cash provided by operating activities was $234 million in fiscal year 2022 compared to $136 million in fiscal year 2021.
President and CEO John Lindsay commented, "Supportive market conditions and our adherence to our business and capital allocation strategy have led to sequentially improving quarterly results in fiscal 2022. We are beginning to recognize economic returns at levels that we have not experienced since 2014. As such, we believe there is significant momentum heading into fiscal 2023, and we plan to continue a posture of fiscal discipline, move forward with our supplemental shareholder return plan, and further implement our strategic initiative to expand internationally. These actions align with the Company's history of financial stewardship by increasing the Company's financial returns through long-term investment in the business and increasing cash returns to shareholders through the augmentation of our long-standing dividend commitment.
"Customer demand during the fourth fiscal quarter was satisfied by contractual churn and by reactivating one rig out of stack early in the quarter as expected. Our financial results improved substantially quarter over quarter as pricing increases and better contract economics took hold across more of our FlexRig® fleet. We anticipate a modest 16 rig uplift in our NAS rig count in fiscal 2023 of which roughly two-thirds are already committed and to attain a maximum of 192 active rigs for fiscal 2023 sometime during the second fiscal quarter of 2023. As in prior years, we expect our 2023 rig adds to be weighted toward the front half of the fiscal year, and do anticipate experiencing additional contractual churn throughout the year. We expect our financial results for the first fiscal quarter of 2023 to follow the improving trend of the past two fiscal quarters, where strong demand from customers coupled with rollovers of term contracts, should continue to drive higher average levels of pricing across the active fleet.
"For our International Solutions segment, the Company plans to deploy capital in preparation for more substantive growth in the future. We are seeing opportunities to bid in areas of existing operations as well as in countries that would be new to H&P. Most of these tenders are taking place where unconventional drilling is in its nascent stages, such as in the Middle East, and where we believe our proven drilling solutions can provide a lot of value to customers. We believe our international business is an important avenue of growth for the future and serves as a potential outlet for some of our currently idle super-spec rigs in the U.S. This initiative also adds more diversification to the Company's revenue streams over the long-term and this current allocation of investment capital plays an important part in executing on this strategy."
Senior Vice President and CFO Mark Smith also commented, "Maintaining economic discipline in our capital-intensive business remains paramount, and has resulted in increased capital efficiency and a positive impact on our financial returns. The Company will continue to allocate capital with this mindset. Our North America Solutions direct margins continue to improve, led by our fiscal discipline and robust pricing despite the current inflationary and supply chain challenges, which have been more apparent as of late with a labor-related cost increase just at the end of the fiscal fourth quarter and in our recently announced fiscal 2023 capex budget reflecting higher levels of maintenance expenditures.
"Looking out to fiscal 2023, we expect to see increased profitability for the Company propelling us forward to execute on other strategic capital allocation priorities, such as the recently announced 2023 supplemental shareholder return plan and diversification through further investment in our international operations. We believe both provide incremental returns; one that is more near-term and one that will develop over time. Even beyond these planned capital commitments, the Company should have flexibility to be positioned to take advantage of additional investment opportunities and/or further augment shareholder returns through additional supplemental dividends and/or share repurchases. Essentially in fiscal 2023, we plan to allocate roughly two-thirds of our cash flow generation after capex commitments to shareholders in the form of base and supplemental dividends, which would currently represent an approximate dividend yield of 4%, very competitive for our industry. The remaining one-third we believe, should give us an adequate amount of flexibility. This is further testament to the Company's strong cash flow generation and financial position."
John Lindsay concluded, “We enter fiscal 2023 with momentum and increased confidence that our initiatives in our North America Solutions segment have gained traction and are delivering positive financial results. We are also excited by the prospects and opportunities before us, particularly in our International Solutions segment. The successes the Company has achieved and plans to achieve would not be possible without our devoted and hard-working employee base, which I am proud to say continues to set the standard for our industry."
Operating Segment Results for the Fourth Quarter of Fiscal Year 2022
North America Solutions:
This segment had operating income of $92.1 million compared to operating income of $57.4 million during the previous quarter. The increase in operating income was primarily due to improving contract economics as market pricing continued to increase coupled with term contracts rolling onto market rates.
Direct margins(3) increased by $35.9 million to $203.5 million as both revenues and expenses increased sequentially. Quarterly operating results were impacted by the costs associated with reactivating rigs; $7.5 million in the fourth fiscal quarter compared to $6.5 million in the previous quarter.
International Solutions:
This segment had an operating loss of $0.8 million compared to an operating loss of $6.6 million during the previous quarter. The decrease in operating loss is primarily attributable to increased activity in Latin America, particularly with operations in Argentina.
Direct margins(3) during the fourth fiscal quarter were $3.3 million compared to a negative $3.2 million during the previous quarter. Current quarter results included a $1.2 million foreign currency loss compared to a $1.1 million foreign currency loss in the previous quarter.
Offshore Gulf of Mexico:
This segment had operating income of $6.6 million compared to operating income of $5.9 million during the previous quarter. Direct margins(3) for the quarter were $9.4 million compared to $8.8 million in the prior quarter.
Operational Outlook for the First Quarter of Fiscal Year 2023
North America Solutions:
International Solutions:
Offshore Gulf of Mexico:
Other Estimates for Fiscal Year 2023
Select Items(2) Included in Net Income per Diluted Share
Fourth quarter of fiscal year 2022 net income of $0.42 per diluted share included $(0.03) in after-tax losses comprised of the following:
Third quarter of fiscal year 2022 net income of $0.16 per diluted share included $(0.11) in after-tax losses comprised of the following:
Fiscal year 2022 net income of $0.05 per diluted share included $(0.05) in after-tax losses comprised of the following:
Conference Call
A conference call will be held on Thursday, November 17, 2022 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s fourth quarter fiscal year 2022 results. Dial-in information for the conference call is (877) 830-2596 for domestic callers or (785) 424-1877 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At September 30, 2022, H&P's fleet included 236 land rigs in the United States, 28 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, supplemental shareholder return plans, share repurchases, investments, active rig count projections, budgets, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, capex spending, outlook for international markets, and actions by customers are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.
Helmerich & Payne uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. Information on our website is not part of this release.
|
Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in the United States and other jurisdictions.
(1) The Company's planned base and supplemental dividends represent our current intention of returning capital to shareholders during fiscal year 2023 based upon our outlook of market and industry conditions at present, including our current expectations surrounding rig pricing, activity levels, margins, cash generation, capital expenditures and other investment opportunities. In determining whether to proceed with the fiscal year 2023 base dividends and the supplemental dividends, management and the Board of Directors will continue to review the Company's financial position and performance together with relative market conditions at that time in order for the Board of Directors to determine the amount, timing and approval of any dividend payments.
(2) Select items are considered non-GAAP metrics and are included as a supplemental disclosure as the Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside the Company's core business operations. See Non-GAAP Measurements.
(3) Direct margin, which is considered a non-GAAP metric, is defined as operating revenues less direct operating expenses and is included as a supplemental disclosure. We believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See Non-GAAP Measurements for a reconciliation of segment operating income(loss) to direct margin. Expected direct margin for the first quarter of fiscal 2023 is provided on a non-GAAP basis only because certain information necessary to calculate the cost comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future items and adjustments, which could be significant, we are unable to provide a reconciliation of expected direct margin to the most comparable GAAP measure without unreasonable effort.
| HELMERICH & PAYNE, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
(in thousands, except per share amounts) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
||||||||||||
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services |
$ |
629,031 |
|
|
$ |
547,906 |
|
|
$ |
342,219 |
|
|
$ |
2,049,841 |
|
|
$ |
1,210,800 |
|
Other |
|
2,301 |
|
|
|
2,327 |
|
|
|
1,588 |
|
|
|
9,103 |
|
|
|
7,768 |
|
|
|
631,332 |
|
|
|
550,233 |
|
|
|
343,807 |
|
|
|
2,058,944 |
|
|
|
1,218,568 |
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services operating expenses, excluding depreciation and amortization |
|
410,968 |
|
|
|
376,210 |
|
|
|
268,127 |
|
|
|
1,426,589 |
|
|
|
952,600 |
|
Other operating expenses |
|
1,222 |
|
|
|
1,053 |
|
|
|
1,021 |
|
|
|
4,638 |
|
|
|
5,138 |
|
Depreciation and amortization |
|
99,055 |
|
|
|
100,741 |
|
|
|
101,955 |
|
|
|
403,170 |
|
|
|
419,726 |
|
Research and development |
|
7,138 |
|
|
|
6,511 |
|
|
|
5,197 |
|
|
|
26,563 |
|
|
|
21,724 |
|
Selling, general and administrative |
|
46,667 |
|
|
|
44,933 |
|
|
|
51,824 |
|
|
|
182,366 |
|
|
|
172,195 |
|
Asset impairment charges |
|
— |
|
|
|
— |
|
|
|
14,436 |
|
|
|
4,363 |
|
|
|
70,850 |
|
Restructuring charges |
|
— |
|
|
|
33 |
|
|
|
2,070 |
|
|
|
838 |
|
|
|
5,926 |
|
Gain on reimbursement of drilling equipment |
|
(7,846 |
) |
|
|
(9,895 |
) |
|
|
(2,115 |
) |
|
|
(29,443 |
) |
|
|
(12,322 |
) |
Other (gain) loss on sale of assets |
|
(2,670 |
) |
|
|
(3,075 |
) |
|
|
(1,672 |
) |
|
|
(5,432 |
) |
|
|
11,280 |
|
|
|
554,534 |
|
|
|
516,511 |
|
|
|
440,843 |
|
|
|
2,013,652 |
|
|
|
1,647,117 |
|
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
76,798 |
|
|
|
33,722 |
|
|
|
(97,036 |
) |
|
|
45,292 |
|
|
|
(428,549 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income |
|
6,789 |
|
|
|
5,313 |
|
|
|
2,029 |
|
|
|
18,090 |
|
|
|
10,254 |
|
Interest expense |
|
(4,327 |
) |
|
|
(4,372 |
) |
|
|
(6,094 |
) |
|
|
(19,203 |
) |
|
|
(23,955 |
) |
Gain (loss) on investment securities |
|
2,253 |
|
|
|
(14,310 |
) |
|
|
(1,126 |
) |
|
|
57,937 |
|
|
|
6,727 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(60,083 |
) |
|
|
— |
|
Other |
|
(8,949 |
) |
|
|
(1,148 |
) |
|
|
(2,630 |
) |
|
|
(11,115 |
) |
|
|
(5,657 |
) |
|
|
(4,234 |
) |
|
|
(14,517 |
) |
|
|
(7,821 |
) |
|
|
(14,374 |
) |
|
|
(12,631 |
) |
Income (loss) from continuing operations before income taxes |
|
72,564 |
|
|
|
19,205 |
|
|
|
(104,857 |
) |
|
|
30,918 |
|
|
|
(441,180 |
) |
Income tax expense (benefit) |
|
27,532 |
|
|
|
1,730 |
|
|
|
(25,323 |
) |
|
|
24,366 |
|
|
|
(103,721 |
) |
Income (loss) from continuing operations |
|
45,032 |
|
|
|
17,475 |
|
|
|
(79,534 |
) |
|
|
6,552 |
|
|
|
(337,459 |
) |
Income from discontinued operations before income taxes |
|
507 |
|
|
|
277 |
|
|
|
373 |
|
|
|
401 |
|
|
|
11,309 |
|
Income tax provision |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income from discontinued operations |
|
507 |
|
|
|
277 |
|
|
|
373 |
|
|
|
401 |
|
|
|
11,309 |
|
NET INCOME (LOSS) |
$ |
45,539 |
|
|
$ |
17,752 |
|
|
$ |
(79,161 |
) |
|
$ |
6,953 |
|
|
$ |
(326,150 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations |
$ |
0.42 |
|
|
$ |
0.16 |
|
|
$ |
(0.74 |
) |
|
$ |
0.05 |
|
|
$ |
(3.14 |
) |
Income from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.10 |
|
Net income (loss) |
$ |
0.42 |
|
|
$ |
0.16 |
|
|
$ |
(0.74 |
) |
|
$ |
0.05 |
|
|
$ |
(3.04 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations |
$ |
0.42 |
|
|
$ |
0.16 |
|
|
$ |
(0.74 |
) |
|
$ |
0.05 |
|
|
$ |
(3.14 |
) |
Income from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.10 |
|
Net income (loss) |
$ |
0.42 |
|
|
$ |
0.16 |
|
|
$ |
(0.74 |
) |
|
$ |
0.05 |
|
|
$ |
(3.04 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
105,292 |
|
|
|
105,289 |
|
|
|
107,899 |
|
|
|
105,891 |
|
|
|
107,818 |
|
Diluted |
|
106,078 |
|
|
|
106,021 |
|
|
|
107,899 |
|
|
|
106,555 |
|
|
|
107,818 |
|
HELMERICH & PAYNE, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
|
September 30, |
|
September 30, |
||||
(in thousands except share data and share amounts) |
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
232,131 |
|
|
$ |
917,534 |
|
Restricted cash |
|
36,246 |
|
|
|
18,350 |
|
Short-term investments |
|
117,101 |
|
|
|
198,700 |
|
Accounts receivable, net of allowance of $2,975 and $2,068, respectively |
|
458,713 |
|
|
|
228,894 |
|
Inventories of materials and supplies, net |
|
87,957 |
|
|
|
84,057 |
|
Prepaid expenses and other, net |
|
66,463 |
|
|
|
67,578 |
|
Assets held-for-sale |
|
4,333 |
|
|
|
71,453 |
|
Total current assets |
|
1,002,944 |
|
|
|
1,586,566 |
|
|
|
|
|
||||
Investments |
|
218,981 |
|
|
|
135,444 |
|
Property, plant and equipment, net |
|
2,960,809 |
|
|
|
3,127,287 |
|
Other Noncurrent Assets: |
|
|
|
||||
Goodwill |
|
45,653 |
|
|
|
45,653 |
|
Intangible assets, net |
|
67,154 |
|
|
|
73,838 |
|
Operating lease right-of-use asset |
|
39,064 |
|
|
|
49,187 |
|
Other assets, net |
|
20,926 |
|
|
|
16,153 |
|
Total other noncurrent assets |
|
172,797 |
|
|
|
184,831 |
|
|
|
|
|
||||
Total assets |
$ |
4,355,531 |
|
|
$ |
5,034,128 |
|
|
|
|
|
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
126,966 |
|
|
$ |
71,996 |
|
Dividends payable |
|
26,693 |
|
|
|
27,332 |
|
Current portion of long-term debt, net |
|
— |
|
|
|
483,486 |
|
Accrued liabilities |
|
241,151 |
|
|
|
283,492 |
|
Total current liabilities |
|
394,810 |
|
|
|
866,306 |
|
|
|
|
|
||||
Noncurrent Liabilities: |
|
|
|
||||
Long-term debt, net |
|
542,610 |
|
|
|
541,997 |
|
Deferred income taxes |
|
537,712 |
|
|
|
563,437 |
|
Other |
|
113,387 |
|
|
|
147,757 |
|
Noncurrent liabilities - discontinued operations |
|
1,540 |
|
|
|
2,013 |
|
Total noncurrent liabilities |
|
1,195,249 |
|
|
|
1,255,204 |
|
|
|
|
|
||||
Shareholders' Equity: |
|
|
|
||||
Common stock, $0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of September 30, 2022 and 2021, and 105,293,662 and 107,898,859 shares outstanding as of September 30, 2022 and 2021, respectively |
|
11,222 |
|
|
|
11,222 |
|
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
528,278 |
|
|
|
529,903 |
|
Retained earnings |
|
2,473,572 |
|
|
|
2,573,375 |
|
Accumulated other comprehensive loss |
|
(12,072 |
) |
|
|
(20,244 |
) |
Treasury stock, at cost, 6,929,203 shares and 4,324,006 shares as of September 30, 2022 and 2021, respectively |
|
(235,528 |
) |
|
|
(181,638 |
) |
Total shareholders’ equity |
|
2,765,472 |
|
|
|
2,912,618 |
|
Total liabilities and shareholders' equity |
$ |
4,355,531 |
|
|
$ |
5,034,128 |
|
Dave Wilson, Vice President of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(918) 588‑5190
Exelon will invest $29 billion in the energy grid from 2022 through 2025 to improve reliability and resilience, harden system against increasingly severe weather
CHICAGO--(BUSINESS WIRE)--Exelon (Nasdaq: EXC) energy delivery companies ComEd and PECO have been named to Site Selection magazine's 2022 list of Top U.S. Utilities in Economic Development, exemplifying Exelon's companywide commitment to driving investment, new business and job growth in the communities it serves.
“We invest billions of dollars into our infrastructure to ensure our customers have access to safe, reliable and affordable energy, which is critical as we lead the energy transformation and ready the grid for electrification,” said Calvin G. Butler Jr., president and chief operating officer of Exelon. “We help power the economic health and well-being of our communities by making it easier for new and expanding businesses to connect to a more sustainable, reliable and resilient grid, spurring job creation and economic growth.”
Site Selection is a national trade publication for corporate executives, site location consultants and real estate professionals who are responsible for choosing business and industry locations.
The magazine recognized Chicago-based ComEd for the ninth year, highlighting its success in launching 16 new commercial projects, with commitments to invest $3 billion locally and create 4,700 new jobs in northern Illinois. ComEd’s infrastructure investments include the construction of three new substations, which are helping to support large power-requirement projects like data centers, indoor agriculture farms, e-commerce and manufacturing-related industries.
PECO was recognized for the sixth year for its leading role in supporting economic growth and job creation across southeastern Pennsylvania, with commitments to invest $3.1 billion and create nearly 4,500 jobs. PECO’s infrastructure investments include electric distribution capacity enhancements to support the region’s growing life sciences industry, evolving network of warehouse/distribution centers, rising data center sector and many multi-family developmental projects.
Although ComEd and PECO were formally recognized by Site Selection, each of Exelon’s energy delivery companies supports major economic projects within its service territories to spur innovation and create jobs for those living in the region. Some highlights include:
More information about Exelon’s broader community investments, including local workforce development training programs, community and educational grants and employee volunteerism, is available at exeloncorp.com.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Liz Keating
Corporate Communications
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312-394-7417 Exelon Media Hotline
New 200 MMcf/d plant will increase Iron Horse’s total processing capacity in the region to 425 MMcf/d
DALLAS--(BUSINESS WIRE)--Iron Horse Midstream (“Iron Horse”) announced today its plans to construct a new, 200 million cubic feet per day (MMcf/d) natural gas cryogenic processing plant on its existing 120-acre complex located in Grady County, Oklahoma, in the heart of the SCOOP/STACK/Merge play in the Anadarko Basin. The new plant, which is expected to be operational in late 2023, will increase Iron Horse’s total natural gas processing capacity in the region to 425 MMcf/d, with the capability for further expansion as driven by customer needs.
“As production activity in this highly prolific area continues to increase, installing our second train is a natural and necessary growth opportunity. Expanding our Iron Horse processing complex provides capacity exactly where it is needed - in the core of the basin, where we have access to numerous high-quality, residue gas markets,” said Tim Roberts, Iron Horse Chief Executive Officer. “We understand that our success is driven by the success of the companies we serve; this expansion is a testament to our continued focus on providing reliable, customized and flexible midstream solutions to our producer customers.”
Iron Horse Midstream currently owns and operates a newly-built, highly efficient natural gas gathering and processing asset in Oklahoma’s SCOOP/STACK/Merge play. The Iron Horse System includes approximately 300 miles of high- and low-pressure natural gas gathering pipelines, multiple compressor stations and the 225 MMcf/d Iron Horse cryogenic gas processing plant.
About Iron Horse Midstream
Based in Dallas, TX, Iron Horse Midstream is focused on natural gas and crude oil midstream services. The company operates a 225 MMcf/d cyrogenic natural gas processing plant located on 120-acre complex in the heart of the SCOOP/STACK/Merge plan in the Anadarko Basin. Iron Horse also operates approximately 300 miles of high and low-pressure natural gas gathering pipelines and multiple compressor stations. For more information on the company, please visit www.ironhorsemidstream.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.
About NGP
Founded in 1988, NGP is a premier private equity firm with over $20 billion of cumulative equity commitments organized to make strategic investments in the energy industry. For more information visit www.ngpenergycapital.com
Meggan Morrison
Redbird Communications Group
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NORMAN, Okla.--(BUSINESS WIRE)--PCI SEEMTrader, an autonomous trading platform from PCI Energy Solutions, sprang into action at the first moment the Southeast Energy Exchange Market (SEEM) went live on Nov. 11, 2022.
After a seamless go-live, SEEMTrader is now being leveraged by multiple customers to optimize generation cost diversity and free transmission across the entire SEEM footprint, and cost savings from the first few days of operation have proved to be significant.
“SEEMTrader is a product of PCI’s deep experiences in generation asset optimization and our mission to help customers maximize the value of their assets,” said Buck Feng, PCI’s chief technology officer. “It’s an advanced and evergreen software that has been designed for modern user interface (UI) and user experience (UX).”
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SEEMTrader is a highly available and performant cloud-native trading platform with rapid deployment capability. It provides customers with out-of-the-box system integration features, including a set of APIs to integrate with various external systems and in-house applications such as spreadsheets.
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Visit our Contact Us page to request more information.
About SEEM
SEEM is a new market designed to enable the increased trading volumes necessary for the clean energy transition. Founding members of SEEM include Associated Electric Cooperative, Dalton Utilities, Dominion Energy South Carolina, Duke Energy Carolinas, Duke Energy Progress, Georgia System Operations Corporation, Georgia Transmission Corporation, LG&E and KU Energy, MEAG Power, N.C. Municipal Power Agency No. 1, NCEMC, Oglethorpe Power Corp., PowerSouth, Santee Cooper, Southern Company, and TVA. In addition, Duke Energy Florida, JEA, Seminole Electric Cooperative, and Tampa Electric Company have also joined SEEM and expect to begin trading in 2023. Together, these companies serve the energy needs of more than 36 million retail customers (nearly 60 million people). Learn more at southeastenergymarket.com.
About PCI Energy Solutions
We empower energy companies to continuously optimize all aspects of energy production, trading, transportation, and consumption. We’re a tight-knit team of 300 diligent product experts, engineers, business analysts, and more, implementing software solutions in close partnership with power generation companies from across the world — our customers literally keep the lights on for everyone. We’re based in Norman (Oklahoma) with offices in Houston (Texas), Raleigh (North Carolina), Mexico City (Mexico), and Sydney (Australia). Learn more at pcienergysolutions.com.
Morgan Day
PCI Energy Solutions
(405) 447-6933
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Competing Chinese Auto Makers Start Exports in Significant Volumes
BOSTON--(BUSINESS WIRE)--#Chinese--Auto makers have restructured their businesses and strategies to become “all-electric” as the European Union and other national governments begin mandating sales bans of new combustion engine-powered light vehicles. The Strategy Analytics’ Electric Vehicle Service (EVS) report: OEM Hybrid and Electric Vehicle Strategies: Global OEMs Raise Production Capacity For "All-Electric" While Chinese OEMs Begin Exports sees auto makers streamlining their business in an effort to raise investment to become “all-electric,” as well as lowering production cost to mitigate the cost premium in electric vehicles caused mainly by batteries.
“Streamlining efforts include the increased levels of manufacturing automation, the use of mega-castings to reduce component count and the increased use of simulation to lower development cost,” says Kevin Mak, principal analyst in the Global Automotive Practice (GAP). “Furthermore, legacy combustion engine and hybrid powertrain businesses are now being spun-off from the auto groups to raise focus to the surviving electric vehicle business. This comes at a time when Chinese auto makers are starting to export their vehicles to other market regions in significant volumes. These auto makers have a ten-year head-start in the electric vehicle market, backed by economies of scale and a battery supply chain dominated by Chinese vendors.”
Source: Strategy Analytics, Inc.
#SA_Automotive
About Strategy Analytics
Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Part of TechInsights, our multi-discipline capabilities include: industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
For more information about Strategy Analytics
Electric Vehicle Service (EVS): Click Here
Report contacts:
European Contact: Kevin Mak, +44 (0)1908 423 644, This email address is being protected from spambots. You need JavaScript enabled to view it.
US Contact: Ed Sanchez, +1 617 614 0717, This email address is being protected from spambots. You need JavaScript enabled to view it.
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DUBLIN--(BUSINESS WIRE)--The "Plate & Frame Heat Exchanger Market Size, Share & Trends Analysis Report by Product (Brazed, Gasketed, Welded), by End-user (HVAC & Refrigeration, Pulp & Paper, Chemical), by Region (APAC, EU), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global plate & frame heat exchanger market size is expected to reach USD 8.80 billion by 2030, expanding at a CAGR of 5.4%
Rising demand in manufacturing facilities as an effective heating solution, minimal maintenance, durability, and life cycle cost is expected to drive the industry growth. The majority of processes in petrochemical plants operate at high temperatures and pressures, necessitating heat transfer process optimization and enhancing energy savings.
The global industry is driven by added benefits, such as compact design and easier maintenance, coupled with growing demand in the chemical and petrochemical industries.
Petrochemical plants operate at high temperatures and pressures, thus promoting an optimized heat transfer process and enhancing energy savings. Rising concerns about fouling heat exchangers have enabled companies to design sensors for early warning, and high temperatures, such advancements in technology will drive the product demand.
The presence of favorable government regulations in emerging countries, such as China, India, Brazil, and Mexico, pertaining to setting up new manufacturing facilities is expected to augment the demand for heat exchangers in various industries. Also, efficient equipment for various energy-intensive production processes is one of the key growth factors in Asia Pacific.
The market is anticipated to increase due to the widespread usage of brazed plate heat exchangers in various applications, including water heaters, thermal power substations, and gas-fired boilers. The capability of heat exchangers to efficiently transmit heat while leaving a smaller carbon footprint is responsible for the growing product penetration in various applications. With the high level of competition and presence of several companies, there is a requirement for the key players to engage in a partnership.
In May 2022, Alfa Laval and SSAB came together to develop and commercialize the world's first heat exchanger, manufactured using fossil-free steel. The objective is to complete the first unit made of hydrogen-reduced steel by 2023.
Plate & Frame Heat Exchanger Market Report Highlights
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/vpnk4e
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Femtocell Market Size, Share & Industry Trends Analysis Report by Type, End-user, Application, Technology, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Femtocell Market size is expected to reach $13.6 billion by 2028, rising at a market growth of 19.6% CAGR during the forecast period.
The requirement to guarantee that femtocell service providers have the capacity and competence to supply data service with excellent performance amid the rise in traffic demand is becoming more and more important. As a result, service providers investing significantly in the femtocell industry in a variety of use cases including local mobile phone network operators as well as the data service provider. Femtocells also assist organizations in managing the ongoing pandemic and continuing to run profitable enterprises.
The market is growing as a result of a number of factors, including the femtocell's low cost and low power consumption and the rise in commercial demand for wireless networks brought on by the digitization of industries. Additionally, the expansion of the market is being driven internationally by an increase in smartphone and wearable device usage. Furthermore, a significant femtocell business opportunity is projected due to the rise in demand for 5G networks and low latency high-speed internet.
Market Growth Factors
High Demand for Wireless Networks
Installing a femtocell is essential to meeting the growing need for high-speed wireless networks because it ensures dramatically improved data rates from Mbps to Gbps - and ultra-reliable decreased latency - from tens of milliseconds to milliseconds. Additionally, it is a low-power gadget. Network densification, which is expanding available network capacity by adding more femtocells, is a key factor in the success of femtocell deployment.
Rising Adoption of Femtocells to Reduce Costs
An enormous increase in data traffic has been caused by the growing use of smartphones. To meet the needs of customers in various regions, mobile network operators are providing high-quality network services at competitive prices. The signal to interference plus noise ratio (SINR), which affects system capacity, rises as the distance between a receiver and a transmitter decrease. System capacity can be boosted by using femtocells to reduce cell size.
Market Restraining Factors
Ongoing Competition with Wi-Fi
Mobile customers in both private and public spaces have welcomed femtocells as a way to enhance network quality and deliver faster data speeds. However, as Wi-Fi can offload data traffic considerably better than femtocells, they are up against fierce competition from this technology. Additionally, Wi-Fi has a number of benefits over femtocells, including spectrum independence, extensive indoor coverage, interference cancellation, high power levels, as well as high data transmission.
Scope of the Study
Market Segments Covered in the Report:
By Type
By End User
By Application
By Technology
By Geography
Key Market Players
List of Companies Profiled in the Report:
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Femtocell Market by Type
Chapter 4. Global Femtocell Market by End User
Chapter 5. Global Femtocell Market by Application
Chapter 6. Global Femtocell Market by Technology
Chapter 7. Global Femtocell Market by Region
Chapter 8. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/gku39n
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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All Tigo EI inverters, including a new 3.8kW model, are now on the HECO Qualified Grid Support Utility Interactive Inverters and Controllers list.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced the availability of the newly HECO-certified Tigo EI Residential Solar Solution for the Hawaiian market, including a new 3.8kW variant. With its inclusion on the HECO list of approved solar products meeting mandatory functions specified in Rule 14H, Tigo and its distribution partners can now provide solar installers with a flexible and reliable solar-plus-storage solution for the growing residential market across the islands.
The Tigo Energy Intelligence product line allows maximum flexibility in an integrated system that is easy to install, fast to commission, and convenient to maintain through the Tigo EI mobile app and a browser-based program. The Tigo EI platform provides system diagnosis and over-the-air software upgrades and enables energy production monitoring for greater visibility and understanding of energy systems. With industry-leading warranties on all hardware, homeowners and installers can continue to rely on product performance and support from Tigo Energy. As a leading market for renewable energy generally, and energy storage, in particular, the addition of a 3.8kW Tigo EI inverter will give Hawaii homeowners a vital tool to right-size solar systems and optimize their solar-to-storage mix.
“Hawaii has a high concentration of experienced high-quality installers working with savvy homeowners making this market the sharp point of the spear for US renewable energy adoption and policy. The islands are an important leading indicator in the United States for the transition to renewable energy,” said Derek Noble, senior vice president of North America sales at Tigo Energy. “As one of the most mature solar markets in the United States, Hawaiians demand the best from their equipment suppliers. Tigo is pleased to offer a premium, HECO-certified EI residential solar solution that has been proven in other US and European markets throughout the past year.”
The Tigo 3.8kW EI inverter joins the 7.6kW and 11.4kW models in offering high-efficiency energy conversion for home consumption or export to the grid. When combined with the Tigo line of TS4 MLPE products, it provides module-level optimization, monitoring and rapid shutdown and enables home energy backup when paired with a home energy storage system like the Tigo EI Battery. The Tigo EI Battery provides energy bill management for time-of-use rate plans and backup energy in the event of a grid outage and can be configured for both whole-home and critical load backup to satisfy a comprehensive array of home energy needs. Tigo EI Battery systems are rated at 9.9kWh of energy per enclosure, with a usable capacity of 9.0kWh.
For more information, visit the EI Residential Solar Solution (US) webpage, which includes details on each product. The HECO certification is available for download. Tigo Chief Growth Officer Jing Tian will also discuss the EI residential solar solution and the Hawaiian market on The Solar Coaster podcast later this month. For purchasing inquiries, please contact the Tigo sales team at https://www.tigoenergy.com/contacts.
About Tigo Energy
Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics), designs innovative solar power conversion and storage products that provide customers more choice and flexibility. The Tigo TS4 platform increases solar production, decreases operating costs, and enhances safety. When combined with the Tigo Energy Intelligence (EI) platform, it delivers module, system, and fleet-level insights to maximize solar performance and minimize operating costs. The Tigo EI Residential Solar Solution, a flexible solar-plus-storage solution for home installations, rounds out the Company’s portfolio of solar energy technology. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy, and its global team supports customers whose systems reliably produce gigawatt hours of safe solar energy on seven continents. Find us online at www.tigoenergy.com.
Technica Communications
Caitlan Caviness
408-806-9626 Ext. 9949
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Forbright’s lead financing helps support the goal of transitioning 40% of the island’s energy to renewable sources by 2025
CHEVY CHASE, Md.--(BUSINESS WIRE)--Forbright Bank, a nationwide full-service bank that is helping accelerate the transition to a clean energy economy, has successfully raised and syndicated debt facilities for Infinigen Renewables, a subsidiary of ArcLight Energy Partners Fund VII, L.P., (together with its affiliates, "ArcLight").
Infinigen owns and operates two solar parks in Puerto Rico – Oriana in Isabela, PR and Horizon in Salinas, PR. The solar parks provide total generation capacity of 73MW. Both assets are fully contracted under 20+ year term power purchase contracts with the country’s utility – Puerto Rico Electric Power Authority (PREPA).
Transitioning to sustainable solar resources is essential for Puerto Rico to enhance safety, reliability, and lower the cost of power. Under Puerto Rico law (Act 17), PREPA must meet a 40% renewable generation goal by 2025 scaling up to 100% renewable energy by 2050. As of 2021, only 3% of the country’s energy was generated by renewables with the rest of the distributed energy powered by higher cost imported oil, coal, and fracked gas. The Forbright financed solar projects help to progress the island’s energy revolution which will provide for cleaner, more storm resilient, and localized power generation.
“This financing is another example of the role Forbright plays in speeding the transition to a cleaner economy,” said Don Cole, CEO of Forbright Bank. “Supporting ArcLight and its Infinigen solar platform is a key part of Forbright’s mission to finance companies taking action to decarbonize the economy.”
Forbright Bank is committed to accelerating the transition to clean energy by providing financing for projects and technologies that support decarbonization and sustainability. Forbright has committed to dedicating half its portfolio by 2025 to financing the companies, investors, and innovators – like Infinigen – taking action to increase sustainability and shift to a lower-carbon economy.
“Infinigen and ArcLight are pleased to partner with Forbright Bank on this transaction,” stated Gavin Danaher, Partner at ArcLight. “The relationship with Forbright provides us an opportunity to partner with companies that not only contribute to a lower carbon future, but also have a deep understanding of renewable financings. Forbright and its syndicate partners provided Infinigen capital that will allow the Infinigen platform to develop additional solar projects in Puerto Rico.”
Forbright acted as First Lien Administrative Agent, Offshore Collateral Agent and Lender and was joined by Generate and Banco Popular as First Lien Lenders in the transaction.
About Infinigen:
Infinigen Renewables is an ArcLight backed platform focused on utility-scale solar and commercial and industrial (C&I) projects. The platform includes a dedicated operating and asset management team positioned to develop and operate renewable opportunities in North America, Central America, and the Caribbean. To learn everything about Infinigen Renewables, please visit www.infinigenrenewables.com.
About ArcLight Capital Partners:
ArcLight Capital Partners, LLC is a leading private equity firm focused on energy, infrastructure and energy transition with a successful long-term track record. Founded in 2001, the firm helped pioneer an asset-based approach to investing across the power, renewables, infrastructure and broader energy value chain. Through its large infrastructure portfolio, ArcLight invests in companies that provide decarbonizing energy solutions with a strong focus on ESG, including providing access to reliable and affordable energy resources through safe and environmentally responsible operations. Based in Boston, the firm's investment team employs a value-added investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management affiliate. More information about ArcLight can be found at www.arclight.com.
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $9 billion of owned and managed assets, the Bank provides specialty lending and banking services to clients across the United States. Its lending divisions provide nationwide products, including customized real estate loans, working capital, warehouse lines of credit, and forward loan purchase agreements. The Bank provides real estate loans, mortgage loans, and other business loans, as well as sophisticated and competitive deposit products.
Ben Wakana
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DALLAS--(BUSINESS WIRE)--#cleanenergy--The Southern Gas Association (SGA) Board of Directors today announced it has named Scott E. Doyle, Executive Vice President, Utility Operations, of CenterPoint Energy in Houston, Texas, to be the 2023 Chair of the Board.
“I am incredibly grateful for the invaluable role that SGA plays in helping our industry better serve our employees, customers, and communities,” said Doyle. “This is a time of opportunity for our industry because people continue to count on us and the indispensable energy we deliver to them. They are counting on natural gas to continue fueling a vibrant economy, to create cleaner communities, and to build a secure, equitable energy future.”
Doyle added, “Southern Gas Association is an integral part of the industry’s success by linking the people, ideas and information that drive safety, innovation and cleaner, more efficient systems. We are part of an industry that has an enduring future and one that our customers continue to choose to meet their energy needs. I am deeply honored to serve as the 2023 SGA chair, and I look forward to the coming year.”
CenterPoint Energy, Inc. is an energy delivery company with electric transmission, distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio, and Texas. With more than 25 years of utility industry experience, Doyle leads the company's natural gas and electric operations.
Prior to this role, Doyle served in numerous executive leadership positions of increasing responsibility, including Executive Vice President – Natural Gas Operations; Senior Vice President of Regulatory, Legislative and Public Affairs; Vice President of Natural Gas in Texas; and Vice President of Natural Gas in Louisiana/Mississippi. During his career, he has also held leadership roles in electric operations and multiple geographic locations across the company's natural gas service territory.
Doyle currently serves on the board of directors of Goodwill Industries of Houston and the American Gas Association. He received a bachelor's degree in civil engineering from Texas A&M University and currently serves on its Engineering Advisory Council.
Suzanne Ogle, Southern Gas Association President and CEO said, “We are pleased to welcome Scott as our 2023 Chair. Scott brings a wealth of public company service, executive leadership and utility experience to this role, as well as deep expertise about natural gas and the members we serve. He takes the helm at an exciting time for the Association as we support our members and their talented workforces make tremendous strides in safety, methane reduction, ensuring a diverse pipeline of professionals and driving innovation that will enable a sustainable clean energy future. His exceptional knowledge and commitment are a true asset to Southern Gas Association, and I look forward to partnering with him in his new capacity.”
SGA’s 2023 Executive Committee will also include:
About Southern Gas Association
Founded in 1908, the Southern Gas Association is a national leader in natural gas training and professional development. SGA’s membership community is composed of exploration and production, marketing, distribution, transmission, storage, and associate partners across the U.S. and Canada. Representing the industry from drill bit to burner tip, SGA’s membership comprises more than 200 operators and 350 industry partners. Through digital and in-person engagement, SGA members share ideas, resources, and best practices to develop people, relationships, and solutions.
Southern Gas Association
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southerngas.org
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the RBC Capital Markets Midstream and Energy Infrastructure Conference in Dallas, Texas. The conference is being held in person on Wednesday, November 16, 2022 and Thursday, November 17, 2022.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536
DUBLIN--(BUSINESS WIRE)--The "Global Liquefied Petroleum Gas (LPG) Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The liquefied petroleum gas (LPG) market and it is poised to grow by $ 49.15 bn during 2022-2026, progressing at a CAGR of 3.10% during the forecast period. This report on the liquefied petroleum gas (LPG) market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by increase in supply of natural gas and increasing government support for LPG adoption.
The liquefied petroleum gas (LPG) market analysis includes the end-user segment and geographic landscape.
The liquefied petroleum gas (LPG) market is segmented as below:
By End-user
By Geographical Landscape
This study identifies the rising need for cleaner fuel as one of the prime reasons driving the liquefied petroleum gas (LPG) market growth during the next few years.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
This report on liquefied petroleum gas (LPG) market covers the following areas:
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by End- user
6. Customer landscape
7. Geographic Landscape
8. Drivers, Challenges, and Trends
9. Vendor Landscape
10. Vendor Analysis
11. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qgmv4k
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--SCF Partners (“SCF”) is pleased to announce its investment in Westbrook Energy Group (“Westbrook”), a leading manufacturer of pressure control connection products for the downstream, natural gas distribution, LNG, upstream, and general industrial markets.
Founded in 1966, Westbrook has been a market leading manufacturer for over 50 years and has built a reputation for providing top quality products and customer service. The company offers a range of fittings and flanges that serve as critical components in nearly every flow control application. Customers depend on Westbrook to provide products that can withstand high-pressure and high-temperature processes to keep their operations running safely and efficiently.
“This new alliance with SCF will allow the Westbrook family of companies to build upon our proud history of providing the energy and industrial sectors with high quality products,” says Howard Houston, CEO of Westbrook. “With support and guidance from the SCF team, our future has never been brighter, and our brand will flourish with new offerings and partnerships providing our customers with an unparalleled source of products.”
“SCF is excited to be partnering with the Westbrook team in this next phase of growth, building upon their stellar 50+ year history,” says Garrett Jackson, Director at SCF. “Westbrook’s employees and products are essential in supporting both today’s existing energy infrastructure as well as the build-out of the broader energy and industrial infrastructure needed to support the world’s evolving sources of energy.”
About Westbrook Energy Group:
Westbrook Energy Group is a globally-integrated, industry-leading, domestic manufacturer of pressure control connection products located in Houston, TX. Founded in the mid-1960’s, Westbrook’s mission has always been to provide exemplary service and a quality product. The company offers a wide line of fittings and flanges – servicing the downstream, natural gas distribution, LNG, upstream, and general industrial markets. To learn more, go to www.westbrookmfg.com.
About SCF Partners:
Founded in 1989, SCF provides equity capital and strategic growth assistance to build and grow leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 70 platform companies and made more than 400 additional acquisitions to develop 18 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas, and has offices in Singapore, Aberdeen, and Australia. Learn more at www.scfpartners.com
Griffin Doyle
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