DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) today announced it has completed the previously announced acquisition of over 12,200 net royalty acres (“NRAs,” when normalized to a 1/8th royalty equivalent) in the Permian Basin from Momentum Minerals, a Houston-based portfolio company of funds and accounts managed or advised by affiliates of Apollo Global Management, Inc. (the “Momentum Acquisition”). The Momentum Acquisition was funded by an approximately $22 million deposit paid in June of 2022, and the remaining approximately $191 million, after giving effect to purchase price adjustments, was funded utilizing a $175 million draw on Sitio’s 364-day unsecured term loan, borrowings on the Company’s revolving credit facility and cash on hand. Following the Momentum Acquisition closing, Sitio had a total of $425 million drawn on its 364-day unsecured term loan.
About Sitio Royalties Corp.
Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 173,000 NRAs through the consummation of over 180 acquisitions to date. More information about Sitio is available at www.sitio.com.
IR contact:
Ross Wong
(720) 640–7647
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Successfully closed strategic acquisitions in the Delaware Basin, doubling basin processing capacity and significantly increasing Crestwood's cash flow contribution from the most active and economic basin in the U.S.
Second quarter 2022 net income of $39 million and Adjusted EBITDA1 of $180 million, a 23% increase year-over-year, driven by robust Delaware Basin activity and strong commodity prices, offset by a $13 million winter weather impact in the Williston Basin
Strong cash flow profile and balance sheet highlighted by a coverage ratio of 1.7x and a leverage ratio of 3.7x as of June 30, 2022; substantial free cash flow generation in 2023 drives leverage to long-term target of 3.5x
Revised 2022E Adjusted EBITDA guidance range of $800 million to $840 million which reflects first half 2022 results, recent acquisitions and divestiture impacts, and latest development plans from customers in Crestwood's core operating basins
HOUSTON, Texas--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today its financial and operating results for the three months ended June 30, 2022.
Second Quarter 2022 Financial Highlights1
Recent Developments
Management Commentary
“Earlier this year, Crestwood took further strategic actions to high-grade our asset portfolio and build immediate scale in the Delaware Basin through the successful acquisitions of Sendero and CPJV, and helped efficiently finance these transactions through the divestiture of our non-core Barnett Shale assets,” commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood. “When combined with the Oasis Midstream transaction, which closed in February of this year, Crestwood has delivered on its near-term strategy of creating value through strategic acquisitions and has increased annual cash flow from its core operating basins by greater than 55% since 2019, while maintaining our strong balance sheet. As we look into the second half of 2022 and 2023, the commodity outlook remains very favorable for our top-tier customers in the Williston, Delaware, and Powder River basins and our portfolio is now well positioned to shift our strategy back to harvest mode as we look to leverage our larger asset base to better service our customers’ production growth. Over the next twelve to twenty-four months, Crestwood is focused on the integration of the current portfolio to ensure full optimization and value capture of all operational and commercial synergies, and the maximization of free cash flow generation to enhance long-term returns to its investors.”
Mr. Phillips continued, "In the second quarter 2022, Crestwood generated $180 million in Adjusted EBITDA and distributable cash flow of $108 million, increases of 23% and 26% year-over-year, respectively. During the quarter, North Dakota experienced two unusually late, extreme winter storms which caused prolonged power outages and other facilities disruptions that impacted Williston Basin production by up to 22%. While Crestwood's second quarter results were adversely affected by the storms, I am very proud of the work that our operations and commercial teams did alongside our producer customers to ensure our assets were back up and running as safely and efficiently as possible. In light of our busy first half of the year, we are revising our full-year 2022E Adjusted EBITDA guidance range to $800 million to $840 million to reflect the Delaware Basin acquisitions completed in the second half of 2022, partially offset by the one-time weather related impacts and the Barnett Shale divestiture. We remain increasingly optimistic in the outlook for our business as our producer customers continue to catch up on completions around our core assets to capitalize on favorable commodity prices, and we shift our focus away from recent M&A and back to maximizing free cash flow growth."
Second Quarter 2022 Segment Results and Outlook
Gathering and Processing North (G&P North) segment EBITDA totaled $152.7 million in the second quarter 2022, compared to $103.6 million in the second quarter 2021, an increase of 47% year-over-year. During the second quarter 2022, segment EBITDA increased primarily as a result of the contribution from the Oasis Midstream assets and the continued favorable impact of higher commodity prices on the Arrow system. In the Williston Basin, volumes were negatively affected during the quarter due to two late season winter storms that had a significant impact on basin-wide upstream and midstream operations in April and May. Due to the loss of power at producer facilities, oil, gas, and produced water volumes were impacted resulting in an estimated $13 million impact to Crestwood's quarterly cash flow.
Gathering & Processing South (G&P South) segment EBITDA totaled $31.9 million in the second quarter 2022, compared to $19.9 million in the second quarter 2021, an increase of 60% year-over-year. The second quarter of 2022 excludes a $7.1 million non-cash loss on long-lived assets related to the sale of spare parts inventory associated with our legacy Granite Wash operations. During the second quarter 2022, total gas gathering volumes increased 5% year-over-year, driven largely by producers in Eddy County, New Mexico, who continue to run active drilling programs. As a result, Delaware Basin gas gathering volumes increased 22% year-over-year, gas processing volumes increased 124% year-over-year, and the Orla processing plant achieved new daily processing records during the quarter. G&P South EBITDA also benefited from the integration of Oasis Midstream's Delaware Basin crude oil and produced water gathering assets, as well as the impact of sustained higher natural gas prices on the percent-of-index contracts on the recently divested Barnett Shale assets.
Storage & Logistics (S&L) segment EBITDA totaled $4.6 million in the second quarter 2022, compared to $27.4 million in the second quarter 2021. Both periods exclude the non-cash change in fair value of commodity inventory-related derivative contracts. Second quarter 2021 segment EBITDA includes a $14 million contribution from the Stagecoach Gas Services joint venture that was divested in July 2021 and excludes a $38.5 million impairment recorded by Crestwood's equity investment in Stagecoach Gas Services. Second quarter 2022 segment EBITDA was impacted by financial positions entered into to provide partial protection against significant commodity price swings on our gathering and processing operations. During the second quarter of 2022, the business benefited from increased volumes offset by limited storage opportunities as a result of the backwardated markets. The Tres Palacios gas storage facility has continued to experience favorable storage rates due to its proximity to power generation and Gulf Coast LNG facilities.
Combined O&M and G&A expenses, net of non-cash unit-based compensation, in the second quarter 2022 were $64.5 million compared to $41.0 million in the second quarter 2021. Second quarter 2022 O&M expenses increased due to expanded operations as a result of the merger with Oasis Midstream.
Second Quarter 2022 Business Update
Williston Basin
During the second quarter 2022, the Williston Basin averaged crude oil gathering volumes of 76 MBbls/d, natural gas gathering volumes of 241 MMcf/d, natural gas processing volumes of 268 MMcf/d, and produced water gathering volumes of 165 MBbls/d. Natural gas gathering and processing volumes, and produced water gathering volumes increased 70%, 95%, and 99%, respectively, year-over-year as a result of the successful integration of the Oasis Midstream assets in the basin. Additionally, during the quarter the Arrow system continued to benefit from higher percent-of-proceeds revenue as commodity prices remain elevated. During the quarter, there were four rigs running on acreage dedicated to Crestwood and a total of 16 wells were connected. As a result of the late winter storms and temporary labor shortages for oilfield services in the basin, producer well connect schedules in the second quarter were delayed into the second half of the year. Based on current producer forecasts, Crestwood expects between 80 and 90 incremental wells to be connected throughout the third and fourth quarters.
Crestwood's asset base has continued to benefit from upstream consolidation trends. On July 1, Oasis and Whiting completed their merger to create Chord Energy Corporation, a Williston Basin focused company, and on July 21, Devon Energy Corporation closed on the acquisition of RimRock Oil and Gas's acreage in the Williston Basin. Both transactions further high-grade Crestwood's customer base with larger, better-capitalized counterparties, who both have a long track record of strong execution in the Williston Basin.
During the second quarter 2022, Crestwood invested $26 million in growth capital in the Williston Basin, primarily related to the expansion of the three-product gathering systems for Chord Energy in the City of Williston and Painted Woods areas. Crestwood's commercial teams continue to leverage their strong relationships in the basin to secure incremental third-party agreements and activity to increase utilization of excess operating capacity in 2023.
Delaware Basin
During the second quarter 2022, the Delaware Basin averaged natural gas gathering volumes of 270 MMcf/d, an increase of 22% year-over-year, and processing volumes of 151 MMcf/d, an increase of 124% year-over-year. Gathering volumes on the Willow Lake system in New Mexico increased significantly year-over-year by 131%, as private producers continue to drive activity levels. As of July 22, 2022 there were 48 rigs operating in Eddy County, New Mexico, making it one of the most active counties in the U.S. During the quarter, Crestwood had an average of seven rigs running on its footprint, three of which were located in Eddy County. Produced water gathering volumes averaged 143 MBbls/d during the second quarter across the Desert Hills and Panther systems, a 183% increase year-over-year, and during the quarter both water gathering systems achieved new daily records. Additionally, crude oil gathering volumes on the system acquired from Oasis Midstream averaged 24 MBbls/d as Percussion Petroleum ("Percussion") continues to operate three rigs on its asset footprint.
During the second quarter, 41 wells were connected to the Delaware Basin systems. Including the newly acquired Sendero assets, Crestwood now expects more than 120 well-connects in the Delaware Basin in 2022. In the second quarter, capital investment in the Delaware Basin was focused on the expansion of gathering and compression capacity in New Mexico to support the development plans of Crestwood's producer customers and the expansion of crude oil and water gathering facilities for Percussion. Since closing the Sendero acquisition, Crestwood has made material progress towards completion of the infrastructure projects required to connect the Crestwood system to the Sendero processing plant, providing optionality for processing volumes across the basin and enhancing Crestwood's ability to compete for new third-party volumes.
Powder River Basin
During the second quarter 2022, the Powder River Basin averaged gathering volumes of 108 MMcf/d and processing volumes of 105 MMcf/d, increases of 8% and 9%, respectively, over the second quarter of 2021. During the second quarter 2022, Crestwood completed and began flowing volumes through the Continental Express Pipeline which transports natural gas from Continental Resources' (NYSE: CLR) ("Continental") acreage into the Bucking Horse processing complex. Initial volumes have exceeded internal expectations and Crestwood expects these volumes to increase as Continental continues its active drilling program in the basin. During the second quarter, Crestwood invested $3 million in the Powder River Basin related to the completion of the Continental Express Pipeline and well-connects.
Revised 2022 Financial Guidance
For full-year 2022, Crestwood expects Adjusted EBITDA to be in the range of $800 million to $840 million, a $10 million increase at the mid-point. This revised range is driven by the favorable impacts of the Sendero and CPJV acquisitions, partially offset by the divestiture of the Barnett assets, the impacts of the first half of 2022 weather events in North Dakota and timing shifts in well completion activity in the Williston Basin resulting from the winter storms and on-going oilfield services constraints. These projections are subject to risks and uncertainties in the "Forward-Looking Statements" section at the end of this release.
$US millions |
|
Adj. EBITDA Range |
||
Operating Segment |
|
Low |
|
High |
Gathering & Processing North |
|
$615 |
- |
$635 |
Gathering & Processing South |
|
180 |
- |
190 |
Storage & Logistics |
|
60 |
- |
70 |
Less: Corporate G&A |
|
(55) |
|
(55) |
FY 2022 Totals |
|
$800 |
- |
$840 |
Growth Capital Update
Crestwood invested approximately $42 million in consolidated growth capital projects and joint venture contributions during the second quarter 2022 (excluding litigation-related capital pertaining to the Bear Den II processing plant). For full-year 2022, Crestwood expects growth capital in a range of $220 million to $240 million, which incorporates the additional capital requirements for Sendero and CPJV. Compared to the original $160 million to $180 million guidance range, this range includes approximately $15 million in Delaware Basin growth capital that was previously funded within CPJV, $20 million related to Sendero for producer well-connects and the integration of the two gathering systems, and $25 million in newly underwritten expansion projects for Delaware Basin producers.
Robert T. Halpin, President and Chief Financial Officer of Crestwood, commented, “In 2022 we have materially increased the scale of our operating footprint in all of our core growth areas. Crestwood’s commercial and business development teams have successfully utilized our expanded assets to better service our high-graded customer base and create incremental high-returning investment opportunities which will largely integrate Crestwood's legacy systems with many of the assets we have acquired over the last year. As our customers continue to execute their development plans in this very favorable commodity backdrop, Crestwood is positioned for robust volumetric and cash flow growth in 2023 with substantially lower capital requirements."
Capitalization and Liquidity Update
As of June 30, 2022, Crestwood had approximately $2.9 billion of debt outstanding, comprised of $2.25 billion of fixed-rate senior notes and $679 million outstanding under its revolving credit facility, resulting in a leverage ratio of 3.7x. Pro forma for the closing of the Sendero and CPJV acquisitions and the Barnett divestiture, Crestwood has $3.3 billion of debt outstanding, including $1.1 billion outstanding on its two revolving credit facilities, and more than $650 million of available liquidity.
Crestwood currently has 71.3 million preferred units outstanding (par value of $9.13 per unit) that pay a fixed-rate annual cash distribution of 9.25%, payable quarterly. The preferred units are listed on the New York Stock Exchange and trade under the ticker symbol CEQP-P.
Sustainability Program Update
In June 2022, Crestwood published its fourth annual sustainability report entitled Real Change. In Real Time. The report highlights the achievements the company has made on its first three-year sustainability strategy which culminated in December 2021, as well as outlines details on the next six focus areas that will drive the success of Crestwood’s second three-year sustainability strategy. Recently, Crestwood made progress on its carbon management program by collaborating with Bridger Photonics, Inc. to conduct aerial surveys on 100% of its assets in the Williston and Delaware Basins, including the recently acquired Oasis Midstream and Sendero assets. Through these efforts, Crestwood has developed a better understanding of emissions profiles at each asset and is able to further enhance its current continuous monitoring initiatives, which will overtime result in reduced methane emissions.
For more information on Crestwood’s approach to sustainability and carbon management, please visit https://esg.crestwoodlp.com.
Upcoming Conference Participation
Crestwood’s management will participate in the following upcoming investor conferences. Prior to the start of each conference, new presentation materials may be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com.
Earnings Conference Call Schedule
Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.
Non-GAAP Financial Measures
Adjusted EBITDA, distributable cash flow and free cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Source: Crestwood Equity Partners LP
1 Please see non-GAAP reconciliation tables included at the end of the press release.
| CRESTWOOD EQUITY PARTNERS LP | |||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(in millions, except per unit data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
June 30, |
June 30, |
||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
1,448.0 |
|
|
$ |
929.6 |
|
|
$ |
3,031.8 |
|
|
$ |
1,962.3 |
|
Cost of products/services sold |
|
1,213.2 |
|
|
|
797.2 |
|
|
|
2,577.6 |
|
|
|
1,611.0 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses and other: |
|
|
|
|
|
|
|
||||||||
Operations and maintenance |
|
46.6 |
|
|
|
25.8 |
|
|
|
89.0 |
|
|
|
58.6 |
|
General and administrative |
|
26.5 |
|
|
|
22.8 |
|
|
|
69.9 |
|
|
|
41.5 |
|
Depreciation, amortization and accretion |
|
80.6 |
|
|
|
58.8 |
|
|
|
155.4 |
|
|
|
118.0 |
|
(Gain) loss on long-lived assets, net |
|
7.2 |
|
|
|
(0.3 |
) |
|
|
11.0 |
|
|
|
1.1 |
|
|
|
160.9 |
|
|
|
107.1 |
|
|
|
325.3 |
|
|
|
219.2 |
|
Operating income |
|
73.9 |
|
|
|
25.3 |
|
|
|
128.9 |
|
|
|
132.1 |
|
Earnings (loss) from unconsolidated affiliates, net |
|
6.0 |
|
|
|
(27.1 |
) |
|
|
9.0 |
|
|
|
(130.8 |
) |
Interest and debt expense, net |
|
(40.1 |
) |
|
|
(35.1 |
) |
|
|
(76.2 |
) |
|
|
(71.1 |
) |
Loss on modification/extinguishment of debt |
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
|
|
(6.7 |
) |
Other income (expense), net |
|
(0.1 |
) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Income (loss) before income taxes |
|
39.7 |
|
|
|
(38.0 |
) |
|
|
61.9 |
|
|
|
(76.4 |
) |
Provision for income taxes |
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
— |
|
Net income (loss) |
|
39.4 |
|
|
|
(38.1 |
) |
|
|
61.6 |
|
|
|
(76.4 |
) |
Net income attributable to non-controlling partner |
|
10.3 |
|
|
|
10.3 |
|
|
|
20.5 |
|
|
|
20.4 |
|
Net income (loss) attributable to Crestwood Equity Partners LP |
|
29.1 |
|
|
|
(48.4 |
) |
|
|
41.1 |
|
|
|
(96.8 |
) |
Net income attributable to preferred units |
|
15.0 |
|
|
|
15.0 |
|
|
|
30.0 |
|
|
|
30.0 |
|
Net income (loss) attributable to partners |
$ |
14.1 |
|
|
$ |
(63.4 |
) |
|
$ |
11.1 |
|
|
$ |
(126.8 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per limited partner unit: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.14 |
|
|
$ |
(1.00 |
) |
|
$ |
0.12 |
|
|
$ |
(1.85 |
) |
Diluted |
$ |
0.14 |
|
|
$ |
(1.00 |
) |
|
$ |
0.11 |
|
|
$ |
(1.85 |
) |
Crestwood Equity Partners LP
Investor Contact
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) posted its second quarter 2022 earnings release and presentation in the Investors section of the Company’s website. Interested parties can access using the following link: www.avangrid.com.
In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, July 27, 2022 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.
Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.
# # #
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Analysts: Alvaro Ortega 207-629-7412
Media: Kim Harriman 203-343-4481
Cleaner, more intelligent transportation already underway with two San Diego fleet operators
BELMONT, Calif. & SAN DIEGO--(BUSINESS WIRE)--The Mobility House and Endera have partnered to bring the benefits of electric vehicles and smart charging to commercial transportation through an integrated technology offering. Endera designs, sells and services commercial electric vehicles and charging stations, while The Mobility House’s charging and energy management system, ChargePilot, optimizes charging to ensure vehicle readiness and reduce operating expenses. The companies have already delivered their fully-integrated electric shuttles and smart charging solution to two parking operators – ACE Parking and Aladdin Airport Parking – both servicing the San Diego International Airport.
“Commercial transportation is an important segment for reducing carbon emissions on the road, and we see tremendous potential in electrifying the way people get to and from their destinations,” said Endera CEO John Walsh. “The Mobility House is a perfect complement to our fleet services, together offering highly intelligent transportation to customers at the lowest cost of ownership.”
ACE Parking’s electric fleet, which includes 32 Endera shuttle buses, six BTC DC 50 kW chargers and two Proterra DC 60 kW chargers, became operational in February 2022 and averages 5,000 miles driven per day shuttling passengers to and from the San Diego Airport. With The Mobility House’s smart charging and energy management system ChargePilot, ACE Parking is estimated to save $16,000 a year versus unmanaged charging, based on San Diego Gas & Electric’s EV-HP pricing plan. For Aladdin Airport Parking, a fleet of eight Endera shuttles, four BTC 50 kW chargers and two Delta 25 kW DC wallbox chargers were most recently implemented in June 2022.
“We are proud to continue expanding our partnership ecosystem in the U.S. with Endera, joining The Mobility House partners like Audi, New Flyer, Nissan and Mercedes Benz,” said The Mobility House U.S. Managing Director Gregor Hintler. “Our projects in San Diego with Endera also mark several milestones for our U.S. team, including our first integration with shuttle EVs, as well as our first Delta charger commissioning.”
Endera and The Mobility House are both technology-forward companies on a mission to mitigate mobility emissions around the world. Together, they offer intelligent commercial transportation solutions with features like wireless connectivity between vehicles and chargers, giving operators visibility into each vehicle’s state of charge. Charging management also allows operators to intelligently schedule charging when energy costs are lowest and avoiding peak load charges. In addition to being hardware agnostic, the integrated solution offers Low Carbon Fuel Standard (LCFS) reporting and vehicle-to-grid (V2G) management.
About The Mobility House
The Mobility House’s mission is to create an emissions-free energy and mobility future. Since 2009, the company has developed an expansive partner ecosystem to intelligently integrate electric vehicles into the power grid, including electric vehicle charger manufacturers, 1,000+ installation partners, 80+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The intelligent Charging and Energy Management system ChargePilot and underlying EV Aggregation Platform enable customers and partners to integrate electric vehicles into the grid for optimized and future proof operations. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 800 commercial installations around the world. The Mobility House has more than 250 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.com.
About Endera
Endera is a technology company, specializing in smart electric commercial vehicles, charging stations and software solutions. As an end-to-end electric commercial vehicle supplier, Endera provides vehicle design and technology. Made in America, Endera delivers one of the lowest total costs of ownership over other commercial electric vehicles and provides sustainable solutions that rival its fossil fuel counterparts in price, technology, longevity, profitability, and service. To learn more, visit www.enderamotors.com.
Christine Bennett for The Mobility House
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783
Domenique Sciuto
This email address is being protected from spambots. You need JavaScript enabled to view it. | 307.302.9110
First live demonstration of bi-directional charging since launch of the federal cross-sector collaboration initiative to rapidly commercialize technology
Photos and b-roll available here
SAN DIEGO--(BUSINESS WIRE)--Today San Diego Gas & Electric announced that it has successfully deployed an innovative technology that enables eight electric school buses to put electricity back on the grid when needed such as on hot summer days. A collaborative effort between SDG&E, the Cajon Valley Union School District and locally based technology company Nuvve, this is the first vehicle-to-grid (V2G) project to become operational in Southern California, helping to advance clean air and climate goals while also bolstering grid reliability.
This is also the first V2G project to come online in the nation, following the U.S. Department of Energy’s (DOE) vehicle-to-everything (V2X) initiative announcement in Los Angeles in April. SDG&E, which started on the project prior to the announcement, is a signatory to the department’s V2X memorandum of understanding (MOU). The agreement is designed to bring together resources from DOE National Labs, state and local governments, utilities, and private entities to unlock the potential of bi-directional charging to increase energy security, community resilience, and economic growth while supporting the nation’s electric system.
As part of the five-year pilot project, SDG&E installed six 60kW bi-directional DC fast chargers at Cajon Valley’s bus yard in El Cajon. The pilot was celebrated at an event on Tuesday, July 26 with project partners and San Diego County District Two Supervisor Joel Anderson.
“This pilot project is a great example of our region being at the forefront of testing and adopting innovative technologies to reduce greenhouse gas emissions and strengthen the electric grid,” SDG&E Vice President of Energy Innovation Miguel Romero said. “Electric fleets represent a vast untapped energy storage resource and hold immense potential to benefit our customers and community not just environmentally, but also financially and economically.”
On average, cars are parked 95% of the time. California is home to 1.1 million EVs, the largest concentration of EVs in the nation. Starting in 2035, all new cars and passenger trucks sold in California are required to be zero-emissions. Many local agencies and local companies are working to transition to electric fleets under SDG&E’s Power Your Drive for Fleets program, which provides infrastructure support. In addition to Cajon Valley, SDG&E is also working with San Diego Unified and Ramona Unified School Districts on V2G projects.
“Pilots like these are critical to advancing industry knowledge and commercialization of new technologies that help create jobs and build a clean energy future,” said Office of Technology Transitions Commercialization Executive Rima Oueid. “I am thrilled to see this project go live less than three months after the DOE launched our V2X initiative, validating the value of public-private partnership.”
With the bi-directional chargers now in operation, Cajon Valley can participate in SDG&E’s new Emergency Load Reduction Program (ELRP), which pays business customers $2/kWh if they are able to export energy to the grid or reduce energy use during grid emergencies.
“We jumped at the opportunity to be part of this pilot project because of its potential to help us build a healthier community and better serve our students,” said Assistant Superintendent Scott Buxbaum. “If we are able to reduce our energy and vehicle maintenance costs as a result of this project, it frees up more resources for our schools and students.”
V2G technology works by allowing batteries onboard vehicles to charge up during the day when energy, particularly renewable energy such as solar is abundant. The batteries then discharge clean electricity back to the grid during peak hours or other periods of high demand.
“School buses are an excellent use case for V2G,” said Nuvve Co-Founder, Chair and CEO Gregory Poilasne. “They hold larger batteries than standard vehicles and can spend peak solar hours parked and plugged into bi-directional chargers. Nuvve’s technology enables the grid to draw energy from a bus when it is needed most, yet still ensuring the bus has enough stored power to operate when needed.”
This V2G project is part of SDG&E’s extensive portfolio of clean transportation and fleet electrification initiatives. To learn more about SDG&E’s Power Your Drive for Fleet programs, please visit sdge.com/fleet.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing energy infrastructure; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
Cajon Valley Union School District focuses on the positivity of each student's unique strengths, interests, and values. Recently showcased during the National Safe School Reopening Summit, Cajon Valley has garnered national recognition as a leader in educational excellence and innovation. Serving over 60 square miles of San Diego's East County, Cajon Valley Union School District offers personalized education, with programs that develop students into happy kids, healthy relationships, on a path to gainful employment, making El Cajon the best place to live, work, play and raise a family. Visit our website at www.cajonvalley.net.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world’s most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world’s transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, Calif. and can be found online at nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
Nuvve Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Nuvve and Nuvve’s strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. In addition, Nuvve cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) risks related to the rollout of Nuvve’s business and the timing of expected business milestones; (ii) Nuvve’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve’s ability to maintain effective internal controls over financial reporting (iv) Nuvve’s current dependence on sales of charging stations for most of its revenues; (v) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vi) potential adverse effects on Nuvve’s backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (vii) the effects of competition on Nuvve’s future business; (viii) risks related to Nuvve’s dependence on its intellectual property and the risk that Nuvve’s technology could have undetected defects or errors; (ix) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (x) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) the possibility that Nuvve may be adversely affected by 3 other economic, business, and/or competitive factors, including increased inflation and interest rates, and the Russian invasion of Ukraine; and (xvi) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684). Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Annual Report on Form 10-K filed by Nuvve with the Securities and Exchange Commission (SEC) on March 31, 2022, and in the other reports that Nuvve has, and will file from time to time with the SEC. Nuvve’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
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DUBLIN--(BUSINESS WIRE)--The "US Group II & III Base Oil Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The U.S. is emerging as a major supplier in the group II base oil Market
The U.S. is a crucial group II and III base oil market globally. The penetration of premium base oil products is high. The country is a major hub for production as well as consumption of group II and III base oil due to the strong demand by OEMs manufacturers for high-quality lubricants.
In addition, stringent regulations with respect to the emission standard, better fuel economy, and the growing trend of sustainability aspect is also the major factor driving the demand for group II and III base oil in the U.S. Chevron Corporation, Exxon Mobil Corporation, Phillips 66, HollyFrontier Corporation, Pure Performance, Neste, and Vertex Energy among others are the key players in the group II and III base oil market in the U.S.
U.S. GROUP II AND III BASE OIL MARKET TRENDS AND DRIVERS
Demand for Premium Base Oil is Gaining Momentum:
The demand for group II and group III base oil market is gaining momentum in the U.S. due to the rise in consumer preference for better fuel economy and engine oil durability and the need to minimize pollution levels. In addition, increasing stringency of automotive regulations to minimize carbon emissions in the environment has motivated automotive manufacturers to switch to high-quality lubricants based on group II and group III base oils. Therefore, U.S. manufacturers switch from group I base oil to group II and III base oil, i.e., premium base oil.
Rising demand from Bio-based Lubricant:
Bio-based lubricants are the replacement for petroleum-based lubricants. Increasing awareness regarding the ill effects of the chemical on the environment coupled with stringent government regulation boosts the demand for bio-based lubricants. Moreover, bio-based lubricants are renewable and benefit from being adjusted several times before they have an environmental impact. Thus, bio-based lubricants are favored, resulting in significant growth in the market for bio-based lubricants throughout the projection period.
SEGMENTATION ANALYSIS
Hydrotreating Is The Largest Segment Amongst Others In The U.S. Group II And III Oil Market
Hydrotreating is the largest segment and is projected to witness similar growth during the forecast period due to its ability to deliver quality base oil products more than other processes. It improves base stock quality, color, and color stability and reduces the level of sulfur, nitrogen, halogen, oxygen, and metals compounds. It is primarily used to produce group II base oil. HollyFrontier Corporation and Vertex Energy are some of the U.S. companies that use hydrotreating technology for producing group II and III base oil.
Automotive Oil Is The Fastest Growing Segment In The United States Group II And III Base Oil Market.
Since demand for efficient and high-performance vehicles is increasing, automotive lubricants' demand is increasing rapidly as these lubricants play a vital role in vehicle performance and efficiency. Automotive lubricants are the most important part of any vehicle, as almost every vehicle needs lubricants for the smooth functioning of the vehicle. Moreover, it also protects the engine metal surface from corrosion, reducing friction on moving parts and cleaning the engine from sludge. The increasing production and demand for vehicles in the U.S. supports market growth.
The Southern United States Is Dominating The Market
The Southern US is the largest group II and III base oil market in the U.S. The demand for premium base oil majorly comes from the automotive and construction industry in Southern US. BMW, Ford Motor, General Motors, Nissan Motor Company, Kia Motors, and Toyota Motor Corporation are some automotive players operating in the Southern region of the U.S. and consume a major chunk of base oil.
For instance, BMW prefers group III base oil for all its automotive brands produced and supplied by Shell. In terms of vehicle production, in 2021, BMW produced 433,810 BMW X series vehicles in its South Carolina plant, an increase of 20% as compared to 2020. Exxon Mobil Corporation, Vertex Energy, Motiva, and HollyFrontier Corporation are producing group II and III base oil in the Southern US.
Company and Strategies:
The U.S. group II and III base oil market is consolidated in nature as well as intensifying due to the changing landscape of the base oil market. The rapidly changing technological environment and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The parameters on which vendors are competing in the U.S. group II and III base oil market are product portfolio, product quality, geographical presence, brand image, and cost differentiation.
The major companies operating in the market are Chevron Corporation (California, U.S.), ExxonMobil (Texas, U.S.), Phillips 66 Company (Texas, U.S.), Dodge (California, U.S.), and HollyFrontier Corporation (Texas, U.S.), and Puraglobe (Florida). These companies compete among themselves for the leading position in the market, with steady competition from local vendors.
The U.S. group II and III base oil market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per Technology, Application, and Geography for the years considered. The report provides a holistic approach to the U.S. group II and III base oil industry to enable customers to analyze the market efficiently.
Recent Developments
Key Vendors
Other Prominent Vendors
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Supply Chain Analysis
7.3 Criteria to Select Base Stocks
7.4 Automotive Insights
7.5 Us Economic & Demographical Analysis
8 Market Opportunities & Trends
8.1 Increasing Demand for Premium Base Oil
8.2 Growing Demand for Imo-Compliant Marine Fuel
8.3 Growing Demand for Bio-Based Base Oil Products
9 Market Growth Enablers
9.1 Rising Significance of Group Ii+ Base Oil
9.2 Growing Disposable Income
9.3 Increasing Urbanization Trends
10 Market Growth Restraints
10.1 Increasing Crude Oil Prices
10.2 Changing Climate Landscape
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Penetration of Group Ii & Iii Base Oil by Region
11.4 Five Forces Analysis
12 Technology
12.1 Market Snapshot & Growth Engine (Value)
12.2 Market Snapshot & Growth Engine (Volume)
12.3 Market Overview
12.4 Hydrotreating
12.5 Hydrocracking
12.6 Catalytic Dewaxing
12.7 Others
13 Application
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Overview
13.3 Automotive Oil
13.4 Industrial Oil
13.5 Process Oil
13.6 Others
14 Region
14.1 Market Snapshot & Growth Engine
14.2 Region Overview
15 West
15.1 Market Overview
15.2 Market Size & Forecast
15.3 Technology
15.4 Application
16 South
16.1 Market Overview
16.2 Market Size & Forecast
16.3 Technology
16.4 Application
17 Midwest
17.1 Market Overview
17.2 Market Size & Forecast
17.3 Technology
17.4 Application
18 Northeast
18.1 Market Overview
18.2 Market Size & Forecast
18.3 Technology
18.4 Application
19 Competitive Landscape
19.1 Competition Overview
For more information about this report visit https://www.researchandmarkets.com/r/rdv8is
ResearchAndMarkets.com
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The world leader in high-performance fiber cement siding and fiber gypsum building solutions announces significant progress toward global sustainability goals, including reduction in greenhouse gas intensity
Annual Sustainability Report illustrates the company’s ongoing commitment to help build sustainable communities through innovative technologies and new operational processes
SYDNEY--(BUSINESS WIRE)--James Hardie Industries plc (ASX: JHX; NYSE: JHX), The world’s #1 producer and marketer of high-performance fiber cement and fiber gypsum building solutions, released its annual Sustainability Report, outlining the company’s progress toward its sustainability goals during fiscal year 2022, which ended on March 31, 2022. James Hardie’s 2022 Sustainability Report, Building Sustainable Communities, details a strategy that focuses on four key pillars: innovation in sustainable products and building practices, Zero Harm culture, minimizing impact on environment, and positively impacting local communities.
Key highlights from the 2022 Sustainability Report include:
Jill Kolling said: “We remain more committed than ever to innovating our product pipeline and operational practices, while listening to and engaging our employees, customers, and shareholders. The past year was a significant year of growth for our company globally, we are proud of our progress and we are committed to doing more. We look forward to growing our company alongside our goal of helping to build stronger, more sustainable communities.”
James Hardie’s sustainability strategy is integrated with its global strategy for value creation and operational performance.
Sustainability Report At-A-Glance:
I. Environment
Our environmental commitments include reducing waste, conserving water and energy, renewing and recycling resources, and protecting the environment – while delivering a high-value product and strong alternative to traditional building materials. We continue to invest and make progress towards our environmental commitments.
Sustainability in Practice:
II. Communities
At James Hardie, we care deeply about how our business affects local communities. We manage our community value creation by employing, sourcing, delivering, and giving locally. Our plants and offices support local communities in several ways:
III. Zero Harm
At James Hardie, safety is a non-negotiable value that is imbedded into the organizational culture at all our factories and offices. We prioritize the protection of our people and those who interact with our products. Building better safety systems is at the heart of James Hardie’s Zero Harm program. Safety is embedded in our corporate culture 24/7 across our global operations.
IV. Innovation
Fiber cement technology is renowned for its durability and long-lasting beauty, which deliver value to homeowners over the long term. Consumer insights continued to serve as a strategic tool for building value in James Hardie’s innovative product line in calendar year 2022.
James Hardie manages environmental impact through integrated operating and management systems such as the Hardie Manufacturing Operating System and LEAN manufacturing processes. In FY22, James Hardie generated more than $3.6 billion in net sales (a 24% increase over FY21) and more than $621 million in net income (a 36% increase over FY21).
James Hardie
James Hardie is a global leader in premium building solutions that offer lasting beauty and endless design possibilities with trusted protection and low maintenance. The world’s #1 producer and marketer of high-performance fiber cement and fiber gypsum building solutions, James Hardie offers siding and accessories for every style. Hardie® products empower homeowners and building professionals to achieve the home of their dreams. The company pioneered the technology of fiber cement building products made from sustainable raw materials and continues to invest in innovation to transform the way the world builds. James Hardie operates with an inclusive company culture, and an unwavering commitment to Zero Harm. James Hardie employs a diverse global workforce of approximately 5,200 employees across operations in North America, Europe, and Asia Pacific.
For more information and media resources, visit JamesHardie.com and JamesHardie.com/about-us/media-resources./about-us/media-resources. For investor information, please visit ir.jameshardie.com.au.
Connect with James Hardie on social media:
Linkedin.com/JamesHardie
Instagram.com/JamesHardie
Facebook.com/JamesHardie
Twitter.com/JamesHardie
Forward-Looking Statements
This Media Release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties set forth in Section 3 “Risk Factors” in James Hardie’s Annual Report on Form 20-F for the year ended 31 March 2022; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this Media Release except as required by law.
This media release has been authorized by Mr. Jason Miele, Chief Financial Offer.
James Hardie Industries plc is a limited liability company incorporated in Ireland with its registered office at Europa House, 2nd Floor, Harcourt Centre, Harcourt Street, Dublin 2, D02 WR20, Ireland
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that its wholly-owned subsidiary, Corpus Christi Liquefaction, LLC (“CCL”) has entered into a long-term liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with PTT Global LNG Company Limited (“PTTGL”), a wholly-owned subsidiary of PTT Public Company Limited (“PTT”), Thailand’s largest state-owned, multinational energy company.
Under the SPA, PTTGL has agreed to purchase 1.0 million tonnes per annum (“mtpa”) of LNG from CCL for twenty years beginning in 2026. The SPA calls for a combination of free-on-board (FOB) and delivered ex-ship (DES) deliveries. This customized structure represents a further evolution in Cheniere’s commercial offerings tailored to the specific needs of LNG customers around the world. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee.
“We are pleased to enter into this 20-year SPA with a subsidiary of PTT, the state-owned oil and gas company of Thailand which developed, owns and operates Thailand’s first LNG import terminal, and is an energy leader in a key, fast-growing Southeast Asian market,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “This is the first direct LNG contract from a US LNG producer for PTTGL, and this agreement not only reflects the critical need for long-term, reliable LNG supply across the globe, but also the important role LNG has to play in powering growing economies for decades to come.”
“Our new vision Powering Life with Future Energy and Beyond reflects the strategic direction and business transition toward clean energy as well as new businesses. LNG or gas is a major transition fuel which supports both energy security and sustainability. Our ambition is to move forward with the future energy while ensuring energy security. We actively engage in the LNG business and target to be a Global LNG Player by managing an LNG portfolio of 9 mtpa by 2030. By the end of this year, PTT’s LNG receiving terminals will be able to accommodate regasification capacity up to 19 million tons per year with our new terminal,” said Auttapol Rerkpiboon, PTT’s President and Chief Executive Officer.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 mtpa of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission.
About PTT
PTT is Thailand's fully integrated energy company which operates businesses consisting of natural gas, gas transmission, international trading, new business and infrastructure business; the rest are invested through subsidiaries, joint arrangements and associates, namely exploration and production, liquefied natural gas, petrochemical and refining, oil and retail, power and utilities, coal, and service businesses.
About PTTGL
PTTGL is a wholly-owned subsidiary of PTT Public Company Limited and operates in LNG business, established in 2017. The objective is to explore oversea investment opportunities in LNG value chain from LNG liquefaction plant to receiving terminal as well as LNG procurement and marketing.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
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Global infrastructure solutions leader joins leading Australian industry as country advances $1.4 billion plan to build a hydrogen industry
MELBOURNE, Australia--(BUSINESS WIRE)--Black & Veatch has joined the Australian Hydrogen Council (AHC) as part of its efforts to accelerate the global shift to zero emission energy and speed the development of a global hydrogen energy economy.
CEO of the AHC, Dr Fiona Simon, said one of the strengths of the AHC was the breadth and depth of its membership which included global firms like Black & Veatch.
“As a leading advocate in countries across the globe of decarbonisation through transitioning to hydrogen, Black & Veatch brings further knowledge and experience to our membership and we are delighted to have it onboard,” Dr Simon said.
“Hydrogen and ammonia will be critical factors in decarbonizing the world’s energy systems, supply chains and heavy industries. Robust collaboration between engineering leaders, such as Black & Veatch, and industry organizations, such as the Australian Hydrogen Council, will help realize Australia’s ambitions to supply green ammonia to the Asian and domestic markets,” said Mick Scrivens, Vice President, Director, Australia Pacific, Black & Veatch.
Hydrogen has the potential to reduce and replace reliance on fossil fuels for electricity generation as well as long duration energy storage, heating, transport, production of green chemicals and fertilizer. Additionally, hydrogen can be turned into green ammonia, which is produced using 100-percent carbon-free renewable energy.
Ammonia, a liquid chemical consisting of nitrogen and hydrogen, is more energy dense than pure hydrogen, incredibly stable and easily liquified for storage and shipment around the globe in the same fashion as LNG.
Ammonia then can be used in multiple energy-intensive industries to produce low-carbon electricity. It can also serve as an energy storage medium, be burned directly as a carbon-free, emissions-free energy source, or “cracked” to convert it back into hydrogen as an energy carrier.
Converting the world’s extensive LNG infrastructure – its LNG receiving terminals and storage facilities – will help facilitate the safe, efficient shipping of ammonia.
According to Black & Veatch’s 2022 Asia Electric Report, 73 percent of respondents believe that hydrogen will help meet carbon emissions goals beyond 10 years from now – more than any other technology.
Industry analysts anticipate that Australia will account for more than 10 percent of global carbon-free ammonia supply by 2035.
“Black & Veatch has an 80-year history working with hydrogen and ammonia production in multiple industries. With expertise in all stages of hydrogen infrastructure projects – from technical advisory services and design through operations – we continue to support global decarbonization programs, including those in Australia,” said Scrivens.
The AHC is the peak body for the hydrogen industry in Australia, with members from across the hydrogen value chain, including vehicle manufacturers, energy companies, infrastructure providers, research organisations and governments.
Editor’s Notes:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.
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Project will help extend field life while reducing CO2 emissions
HOUSTON--(BUSINESS WIRE)--Regulatory News:
Schlumberger announced today an award to OneSubsea® and its alliance partner, Subsea 7, by Kosmos Energy Gulf of Mexico Operations, LLC, for an engineering, procurement, construction and installation (EPCI) contract for the Odd Job field in the Gulf of Mexico.
Through the EPCI contract, OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger, will supply a subsea multiphase boosting system, topside equipment, and a 16-mile integrated power and control umbilical. Project management, engineering, assembly and testing will be performed at the OneSubsea facilities in Bergen and Horsøy, Norway, while transport to the field and installation will be carried out by Subsea 7.
“We are delighted to be working with Kosmos Energy on the successful long-term development of the Odd Job field,” said Don Sweet, director, Subsea Production Systems. “The system will be tied back to the existing facility, thereby achieving significant cost and energy savings, as well as reducing CO2 emissions, all while improving Kosmos Energy’s ultimate recovery.” An entity managed by Ridgewood Energy Corporation is also an owner in the Odd Job field.
OneSubsea has a strong track record of innovation, including world-leading experience in subsea multiphase boosting systems. Since 1994, OneSubsea has delivered more than 40 projects, including some 115 subsea boosting pumps. It has been shown that the application of subsea multiphase boosting can increase production rates by 20% to more than 200%, in addition to a substantial increase in total recovery as backpressure on the reservoir is offloaded by a seabed processing system.
Subsea Integration Alliance Chief Executive Officer, Olivier Blaringhem, added, “This contract recognizes the successful alliance model that brings together Subsea 7’s extensive track record in delivery of large-scale EPCI projects, with OneSubsea’s subsea processing technology leadership. Our alliance will improve Kosmos’ field economics while lowering complexity, cost and risk to achieve production objectives safely, on time and within cost targets.”
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
About Subsea Integration Alliance
Subsea Integration Alliance is a non-incorporated strategic global alliance between Subsea 7 and OneSubsea®, the subsea technologies, production, and processing business of Schlumberger, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. As one team, Subsea Integration Alliance amplifies subsea performance by helping customers to select, design, deliver and operate the smartest subsea projects. This eliminates costly revisions, avoids delays and reduces risk across the life of field. For more information, visit www.subseaintegrationalliance.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “goal,” “target,” “should,” “could,” “would,” “will” “likely,” and other similar words. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from Schlumberger and Subsea Integration Alliance strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Moira Duff – Director of External Communication, Schlumberger Limited
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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NEW YORK--(BUSINESS WIRE)--Golar LNG Partners LP, an indirect subsidiary of New Fortress Energy Inc. (NASDAQ: NFE), has declared a cash distribution of $0.546875 per unit of 8.75% Series A Cumulative Redeemable Preferred Units for the period from May 16, 2022 through August 14, 2022. This will be payable on August 15, 2022 to all Series A preferred unitholders of record as of August 8, 2022.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
IR:
Brett Magill
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Media:
Jake Suski
(516) 268-7403
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Dr. Erin Tullos, Jen Snyder, and Amber McCullagh join the company as senior advisors.
HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--#carbon--Validere, a leading all-in-one commodity and carbon management software for the energy industry, welcomes Dr. Erin Tullos, Jen Synder, and Amber McCullagh to the company’s market fundamentals team. In their roles as senior advisors, the team will share their knowledge in carbon, crude, natural gas, NGL, and LNG markets, providing clients with strategic advice on the direction of markets and the impact they will have on businesses.
“We are honored to welcome such a renowned group of experts to the Validere family,” says Nouman Ahmad, co-founder and CEO of Validere. “Their deep expertise will serve as an invaluable resource that will help customers find clarity within increasingly complex markets, so they can make optimal decisions around their commodities.”
Dr. Tullos brings over 14 years of industry experience, with expertise in emissions estimating, measurement, and reconciliation. Holding a Ph.D., in Physical Chemistry from Texas A&M University, she is also a Visiting Research Fellow at the University of Texas at Austin and a Consultant to the United Nations on the Oil and Gas Methane Partnership (OGMP 2.0). Prior to joining Validere, Dr. Tullos served as Director of R&D for Scientific Aviation and is a former Environmental Risk Management Team Lead at ExxonMobil.
Snyder has 20 years of experience leading teams analyzing North American and Global gas markets in a broad energy context. A graduate of MIT with a BS in Economics, Snyder served as Senior Vice President, North American Energy, at Wood Mackenzie, where she founded and led the North American gas practice and contributed to expansion into global gas markets and cross-commodity coverage.
McCullagh has more than a decade of experience in building and directing gas markets and midstream research. In her role prior to Validere, McCullagh served as a Director at Enverus, where she led development of midstream and Northeast gas markets research and contributed to North American supply, demand, LNG, and price outlooks. A graduate of Rice University with a BA in Mathematical Economics, McCullagh is also the former Director, North America Gas and LNG, at Wood Mackenzie.
The new additions to the market fundamentals team join Hillary Stevenson. With more than a decade of experience in oil market analysis, Stevenson is an expert on crude oil trends and their impact on the North American crude oil supply chain, with a focus on Cushing oil storage, North American refining, and pipeline networks. A graduate of the University of Louisville with a BS in Chemistry, Stevenson is the former Director, Short-Term Oil Research, at Wood Mackenzie and the former Director, Oil Markets and Business Development, at Genscape.
About Validere
Validere provides all-in-one commodity management to help energy organizations transform disconnected, incomplete data into clear and immediately actionable pathways to financial and environmental value. Over 50 of North America’s leading energy companies rely on Validere’s technology and multidisciplinary experts to understand their physical and environmental commodities and navigate an increasingly complex environment with clarity and ease. Validere is on a mission to better human prosperity by making the energy supply chain efficient and sustainable. The company has offices in Houston, Calgary, and Toronto.
Media Contacts:
Nicole Yager
Validere
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Matthew Juul
Validere
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Ribbon cutting held at state-of-the art Sterling Natural Resources Center in San Bernardino County that incorporates Anaergia waste-to-value proprietary technologies
BURLINGTON, Ontario & HIGHLAND, Calif.--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) announced today that its solutions that turn waste into renewable energy are now integrated in a new state-of-the-art wastewater treatment plant in Highland, California. The new facility, owned and operated by East Valley Water District and known as the Sterling Natural Resources Center (SNRC), held a ribbon cutting ceremony this past Saturday.
Unlike any other plant in the world, the SNRC will not only recycle water to replenish local groundwater, it will also convert both wastewater solids and food waste into renewable energy and organic fertilizer, and serve as a community center for education and local events. All wastewater and food waste entering the plant will be converted into resources, and the facility will supply electricity to the grid in excess of its needs. Most wastewater plants, by contrast, require significant energy to run and produce waste that must be disposed of in landfills.
The SNRC will use Anaergia’s advanced anaerobic digestion technology to convert up to 130,000 gallons per day of food waste, along with its sewage biosolids, into biogas. The biogas will then be used to generate three megawatts of renewable electricity, enough to meet all of the facility’s energy needs and still add renewable power to the electric grid. In addition, the plant will use state-of-the-art membrane technology made by Anaergia’s affiliated company Fibracast to recycle up to eight million gallons of wastewater per day. Residues left over after energy is produced will be converted to valuable biochar, a natural fertilizer that will be sold and used to enrich farmland soil.
“Thanks to the leadership of East Valley Water District, the SNRC will make two paradigm shifts on how humanity builds wastewater facilities in the future,” said Andrew Benedek, Chairman and CEO of Anaergia. “The first paradigm shift is to make every wastewater plant maximize its resource recovery, reducing impacts to the environment. The second paradigm shift is to make such plants a social benefit and not a smelly eyesore. In years to come, I predict that this will serve as a catalyst for positive change and the community will greatly benefit from its park-like setting, its community center, and the vocational training programs associated with the SNRC.”
“East Valley Water District’s vision for the SNRC was to make every source a resource —Anaergia helped provide a solution for a resource recovery center,” said John Mura, General Manager/CEO of East Valley Water District, which built and will operate the plant. “The team brought everything together to create value from the wastewater—design, engineering, patented technologies—as well a shared passion to create a facility that will benefit the community for years to come.”
About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.
About East Valley Water District
East Valley Water District was formed in 1954 and provides water and wastewater services to over 104,000 residents within the City of Highland and portions of both the City and County of San Bernardino. EVWD operates under the direction of a 5-member elected Board.
Sterling Natural Resource Center (SNRC) is a state-of-the-art facility in Highland, California, that will treat wastewater generated within East Valley Water District’s service area producing a sustainable new water supply to boost the region's water independence. Capable of treating up to 8 million gallons a day, the SNRC will recharge the local Bunker Hill Groundwater Basin. The SNRC will create new opportunities for the surrounding community in the form of outdoor space with picnic and walking paths, provide a drought-proof water supply, provide street improvements, and create new educational and training programs.
For further information on East Valley Water District please see: www.eastvalley.org
For further information on Anaergia please see: www.anaergia.com
Source: Anaergia Inc.
For Anaergia media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Technical consulting company assists Formentera Partners in defining their data strategy and selects an end-to-end upstream data platform to provide users with leading-edge tools that significantly advance Formentera’s technology and data initiatives
HOUSTON & OKLAHOMA CITY--(BUSINESS WIRE)--Datagration, the premier end-to-end data platform for upstream oil and gas, and Novus Consulting, a leading provider of data transformation, technical expertise, and consulting services, announced a strategic partnership to accelerate analytics, artificial intelligence (AI), and machine learning (ML) initiatives for Formentera Partners. Combining Novus’ deep industry knowledge with Datagration’s leading-edge Unified Data Model and apps positions Formentera to accelerate its analytics and AI/ML initiatives to responsibly acquire and optimize producing oil and gas assets in onshore United States basins.
Assessing and investing in new technological systems can be a daunting task for any leadership team. That is why Novus was selected by Formentera, an emerging, forward-thinking operator, to identify a “full-stack” operational platform. Novus set multiple criteria and benchmarks to define the best option for Formentera and chose Datagration’s innovative data transformation solutions.
“It’s well known there is a huge need for data and operations management in upstream oil and gas and choosing the right solutions can become a complicated and time-consuming process,” says Kate Stevenson, Founding Partner at Novus. “Businesses’ technology journeys can fail for so many different reasons, making it imperative to implement the right solutions and services. In the end, the PetroVisor platform delivered by Datagration became the obvious choice.”
Novus’ personalized system selection and implementation services, matched with their deep industry knowledge, have enabled them to deliver unending value to countless organizations. Executives are often hesitant toward digital transformation, with many software implementations failing to meet expectations. Novus provides a greater level of confidence and security for any business hoping to set off on their technology journey.
“We are extremely excited to partner with Novus to help guide Formentera through its data transformation journey,” said Peter Bernard, CEO of Datagration. “This partnership will help establish Formentera as a leading, forward-thinking, and data focused operator. Together with Novus, we look forward to delivering technology that enables a thriving and efficient data platform.”
Datagration has taken significant strides in the oil and gas industry to provide instant value and return on investment for E&P companies, optimizing data models through its PetroVisor platform. PetroVisor automates the flow of data and knowledge across the E&P value chain by eliminating existing data silos. Doing so enables scalability, speed of deployment, and data transparency throughout the organization.
“We are eager to begin our technology journey with Novus and Datagration at the helm,” said Blake London, Managing Partner of Formentera Partners. “We can’t wait to expand our data and AI initiatives and bring the advantages of Datagration and Novus’ deep knowledge and technical excellence to our business strategy.”
About Datagration
Datagration provides the world's Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis, and more. To learn more about Datagration and the PetroVisor platform, go to www.datagration.com.
About Novus Consulting
Novus Consulting LLC is an Oklahoma based IT Consulting company that offers comprehensive capabilities and deep industry knowledge necessary to help you solve the most complex issues facing an organization. Clients look to Novus to strategize technology landscapes to scale with business growth, manage the integration of new assets and a stand-up right-sized IT strategy for future growth, assist with informational analysis, applications, and procedures, evaluate and update technology systems and adhere to audit requirements, implement data standards, and automate processes. Novus cares about results, but not at the expense of people.
About Formentera Partners
Formentera Partners, LP is an energy-focused, private equity firm founded by Bryan Sheffield, Blake London, and Paul Treadwell in 2020, based in Austin, Texas. Formentera responsibly acquires and optimizes producing oil and gas assets in onshore United States basins. The Formentera team leverages substantial experience in operations, engineering, and finance and utilizes strict diligence criteria, hedging, streamlined structure, and new-age technology to produce visible and predictable income returns.
Jeremy Warren
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512-851-9133
NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, will publish a press release detailing second quarter 2022 results and conduct a conference call on August 8, 2022.
The second quarter 2022 press release will be issued by 6:00 am U.S. Eastern Daylight Time (12:00 pm Central European Time). The conference call is scheduled to begin at 7:30 am U.S. Eastern Daylight Time (1:30 pm Central European Time).
To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.
Participant conference call dial-in numbers:
United Kingdom: 020 3936 2999
United States: 1 (646) 664 1960
All other locations: +44 20 3936 2999
The participant passcode for the call is: 868004
A webcast of the conference call will be broadcast simultaneously at https://streams.eventcdn.net/freyer/2022q2/ on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.
A replay of the webcast will be available at https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025, over 83 GWh of annual capacity by 2028 and over 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161
Media contact:
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Vice President, Communication and Public Affairs
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Tel: (+47) 9920 54 570
Project will help extend field life while reducing CO2 emissions
HOUSTON--(BUSINESS WIRE)--Schlumberger announced today an award to OneSubsea® and its alliance partner, Subsea 7, by Kosmos Energy Gulf of Mexico Operations, LLC, for an engineering, procurement, construction and installation (EPCI) contract for the Odd Job field in the Gulf of Mexico.
Through the EPCI contract, OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger, will supply a subsea multiphase boosting system, topside equipment, and a 16-mile integrated power and control umbilical. Project management, engineering, assembly and testing will be performed at the OneSubsea facilities in Bergen and Horsøy, Norway, while transport to the field and installation will be carried out by Subsea 7.
“We are delighted to be working with Kosmos Energy on the successful long-term development of the Odd Job field,” said Don Sweet, director, Subsea Production Systems. “The system will be tied back to the existing facility, thereby achieving significant cost and energy savings, as well as reducing CO2 emissions, all while improving Kosmos Energy’s ultimate recovery.” An entity managed by Ridgewood Energy Corporation is also an owner in the Odd Job field.
OneSubsea has a strong track record of innovation, including world-leading experience in subsea multiphase boosting systems. Since 1994, OneSubsea has delivered more than 40 projects, including some 115 subsea boosting pumps. It has been shown that the application of subsea multiphase boosting can increase production rates by 20% to more than 200%, in addition to a substantial increase in total recovery as backpressure on the reservoir is offloaded by a seabed processing system.
Subsea Integration Alliance Chief Executive Officer, Olivier Blaringhem, added, “This contract recognizes the successful alliance model that brings together Subsea 7’s extensive track record in delivery of large-scale EPCI projects, with OneSubsea’s subsea processing technology leadership. Our alliance will improve Kosmos’ field economics while lowering complexity, cost and risk to achieve production objectives safely, on time and within cost targets.”
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
About Subsea Integration Alliance
Subsea Integration Alliance is a non-incorporated strategic global alliance between Subsea 7 and OneSubsea®, the subsea technologies, production, and processing business of Schlumberger, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. As one team, Subsea Integration Alliance amplifies subsea performance by helping customers to select, design, deliver and operate the smartest subsea projects. This eliminates costly revisions, avoids delays and reduces risk across the life of field. For more information, visit www.subseaintegrationalliance.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “goal,” “target,” “should,” “could,” “would,” “will” “likely,” and other similar words. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from Schlumberger and Subsea Integration Alliance strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Moira Duff – Director of External Communication, Schlumberger Limited
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Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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The solution will provide Empower Energies with an optimal DER system design to reduce the end-user energy cost, maximize its BESS investment and increase revenue opportunities
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI), creator of iDERMS, an intelligent distributed energy resource management platform, today announced its iDERMS Designer was selected by Empower Energies, one of the leading turnkey providers of clean energy solutions in the United States, to provide an optimal distributed energy resource (DER) sizing solution for a multi-facility development project in Electric Reliability Council of Texas (ERCOT).
Veritone’s iDERMS Designer was used to determine the size of a battery energy storage system (BESS) needed to complement the existing solar canopy system at multiple facilities, to coordinate battery discharging and charging for optimal performance and savings and to maximize possible revenue streams. The iDERMS Designer used patented artificial intelligence (AI) driven algorithms to ingest years of price, load and solar generation data in order to optimize for a multi-sensitivity business case for ERCOT facilities. As a result, the implemented solution is expected to reduce monthly energy bills, particularly during periods of ERCOT scarcity pricing.
In addition, it is anticipated that an optimized BESS will generate revenue streams from energy arbitrage leveraging Veritone’s ERCOT price forecaster. Further, participating in “value stacking” will uncover additional revenue streams, such as participating in a demand response program, acting as a spinning reserve resource in the ERCOT ancillary service market and providing backup power for critical end-user loads during periods of grid outage.
“Veritone has been an excellent partner for Empower Energies. Not only is their analysis and presentation first-rate, but their customer service is outstanding,” said Marshall Kaiser, senior director of managed accounts at Empower Energies. “Both we and our clients are very impressed with Veritone’s expertise, and are looking forward to collaborating on future projects.”
“As one of the most trusted renewable energy partners in the industry, Empower Energies is committed to providing our customers with the most advanced technologies that maximize the potential of their clean energy solutions,” said Robert Duva, vice president of engineering at Empower Energies. “We recognize that fewer reliable green energy sources and new forms of energy storage, energy supply and demand imbalances are impacting grid stability, customer satisfaction and company profitability, which is why we chose to partner with Veritone. Its AI-powered iDERMS platform bridges the gap, bringing the energy sector an urgently needed solution to make green energy more predictable, reliable and cost-effective.”
Veritone’s iDERMS solution harnesses the power of AI to revolutionize today’s energy ecosystems through proprietary, intelligent, day-ahead and real-time energy forecasting, optimization and control—all of which unlock the full potential of energy resources, while enhancing overall reliability. With Forecaster, Optimizer and Controller modules, the iDERMS solution allows for tackling industry challenges at a pace best suited to meet each customer’s specific objectives, timelines or financial goals, while simultaneously addressing reliability and the commercial aspects of DERs.
“Partnering with Empower Energies gives Veritone another tremendous opportunity to demonstrate the capability of iDERMS to help transform the industry,” said Sean McEvoy, senior vice president of energy at Veritone. “We have completed several capacity sizing projects over the past year, assuring our customers are equipped with an optimal energy mix before they deploy their DERs. With Veritone’s iDERMS solution, renewable energy is delivered with exceptional reliability and efficiency, while simultaneously addressing the commercial aspects of DERs to maximize investments as utilities accelerate the mission to end global dependence on fossil fuels.”
For more information, visit iDERMS here.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s expansive aiWARE™ operating system for AI orchestrates an ever-growing ecosystem of machine learning models to transform audio, video, and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve the problems of today and tomorrow. To learn more, visit www.veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Veritone Media Contact:
Global Results Communications for Veritone, Inc.
Lora Wilson or Valerie Christopherson
+1 949-608-0276
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Enabling continued development and expansion of its advanced climate tech offering for commercial real estate
MONTREAL--(BUSINESS WIRE)--#ai--BrainBox AI, a leader in autonomous building technology, today announced the close of its Series A fundraise at $30M USD to further expand its global footprint and impact across the built environment. The Series A round, led by ABB in the first close last October, concludes with a $3.5M USD investment from Export Development Canada (EDC), Canada’s export credit agency dedicated to helping Canadian companies of all sizes succeed on the world stage.
“Ensuring Canadian businesses can reach global markets is vital for their success and for Canada’s economic future. This partnership between our government and BrainBox AI will ensure they can further export their artificial intelligence cleantech solution. Through this investment, BrainBox AI will enable more commercial buildings around the world to intelligently reduce their carbon emissions footprint by up to 40%.” - The Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry.
Since BrainBox AI’s launch in 2019, its ground-breaking artificial intelligence technology for the built environment has been installed in over 100 million square feet of commercial building space, in 70 cities and over 20 countries worldwide. At the most recent United Nations Climate Change Conference (COP26) in Glasgow, the company was selected as winner of the Tech for Our Planet Challenge, for innovative climate tech solutions. BrainBox AI creates value with savings in energy costs of up to 25%, up to 40% reduction in carbon footprint and improved occupant comfort for commercial real estate owners.
Just this year, BrainBox AI has been installed in over 180 new buildings and 5 additional countries, with expansion into major cities around the world, including New York City and Milan. Most recently, BrainBox AI announced its partnership with SAIL Outdoors, a leading Canadian outdoor equipment retailer, to deploy its new AI-driven smart thermostat for multi-site retail offering across its entire nation-wide portfolio.
“Our government is committed to reaching carbon neutrality within the decade, including through the kind of partnerships like the one we are celebrating today. Not only is BrainBox AI helping commercial buildings across Canada cut emissions, but through this investment, they will be able to export this technology around the world. This will see them reach new heights while bringing game-changing clean technology to a carbon-intensive industry. A great example of the economy and the environment working hand-in-hand as Canadian businesses scale up and access new markets.” – The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development.
“The world requires new solutions that will support the global energy transition and greater emissions reductions, and BrainBox AI is an excellent example of a Canadian company driving cleantech innovation in the commercial real estate sector,” said Guillermo Freire, Senior-Vice President, Mid-Market, and responsible for EDC’s cleantech practice. “We are pleased to join forces with other investors to support BrainBox AI through our Investment Matching Program, which will help the company expand in key markets in Europe, the Asia-Pacific and the Middle East.”
“With the official close of our Series A fundraise, we’re thrilled to be working with investors that share our vision of providing a meaningful solution to decrease countries’ reliance on natural gas,” said Sam Ramadori, CEO, BrainBox AI. “This raise will go towards technological development and fueling our international growth, especially in Europe, a region that is actively looking for technologies to aide in its clean energy transition. As the energy industry continues to change, we are constantly innovating in order to provide the required demand flexibility via AI-enabled grid interactive buildings.”
About BrainBox AI
Founded in 2017, BrainBox AI was created to address the dilemma currently facing the built environment, its energy consumption, and significant contribution to climate change. As innovators of the global energy transition, BrainBox AI’s game-changing HVAC technology leverages AI to make buildings smarter, greener and more efficient. Working together with our trusted global partners, BrainBox AI supports real estate clients in various sectors, including office buildings, hotels, commercial retail, grocery stores, airports and more.
Headquartered in Montreal, Canada, a global AI hub, our workforce of over 150 employees, bring with them talent from all sectors with the common thread of being in business to heal our planet.
BrainBox AI works in collaboration with research partners including the US Department of Energy’s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal’s Institute for Learning Algorithms (MILA) and McGill University.
Learn more about BrainBox AI.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
BrainBox AI
Rebecca Bender
Montieth & Company
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EDC Media Contact
Media
Export Development Canada
1-888-222-4065
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Leading Interconnection Platform Partners with Trade Association to Advance and Advocate for the Data Center Community
DENVER--(BUSINESS WIRE)--CoreSite, a leading hybrid IT solutions provider and subsidiary of American Tower Corporation (NYSE: AMT) (“American Tower”), today announced several of the company’s executives have been appointed to roles within the Data Center Coalition (DCC).
The DCC represents and advances the interests of the data center community and advocates for a strong business climate, policies and investments that support the growth and success of this business sector. CoreSite, strategically positioned in 10 key markets across the United States, has been a long-time advocate for the data center industry and in the communities in which it serves.
“We are proud to welcome Matt Gleason, CoreSite’s VP General Management, to our board and additional CoreSite executives to our working committees to collaborate with their peers to advocate and advance the data center industry,” said Josh Levi, President of the DCC. “Our mission is to aggregate industry expertise and thought leadership to educate state and local government officials, economic developers, policymakers, community leaders and other stakeholders about data centers and highlight the economic and community-building impacts of the sector.”
“CoreSite is honored to partner with the Data Center Coalition,” said Matt Gleason, VP General Management and DCC Board Member. “I am looking forward to collaborating with my fellow DCC board members to advocate for a business climate, policies and investments that support the growth and success of our industry.”
CoreSite executive DCC committee appointments include:
Additional Resources:
About CoreSite
CoreSite, an American Tower company (NYSE: AMT), provides hybrid IT solutions that empower enterprises, cloud, network, and IT service providers to monetize and future-proof their digital business. Our highly interconnected data center campuses offer a native digital supply chain featuring direct cloud onramps to enable our customers to build customized hybrid IT infrastructure and accelerate digital transformation. For more than 20 years, CoreSite’s team of technical experts have partnered with customers to optimize operations, elevate customer experience, dynamically scale, and leverage data to gain competitive edge. For more information, visit CoreSite.com and follow us on LinkedIn and Twitter.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite’s control that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect CoreSite’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, CoreSite disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause CoreSite’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in American Tower’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by American Tower from time to time with the Securities and Exchange Commission.
Megan Ruszkowski
Vice President of Marketing
720-446-2014
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.6050 per unit ($2.42 per unit on an annualized basis) on all of its outstanding common units for the period from April 1 to June 30, 2022. The distribution will be paid August 12, 2022 to unitholders of record as of the close of business on August 8, 2022.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800
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