LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI) (the “Company”), which is innovating the way utilities and cities manage energy and water, today announced the pricing of its private offering of $400 million aggregate principal amount of its 0% convertible senior notes due 2026 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also granted the initial purchasers of the Notes an option to purchase, during a 13-day period beginning on, and including the first day the Notes are issued, an additional $60 million aggregate principal amount of Notes. The offering is expected to settle on March 12, 2021, subject to customary closing conditions.
The Company also announced by separate press release that it had priced the previously announced registered public offering of 3.9 million shares of common stock of the Company, at a public offering price of $90.00 per share. The Company also granted the underwriters of that offering a 30-day option to purchase up to an additional 0.6 million shares of common stock of the Company. The offering of shares is expected to close on March 12, 2021, subject to customary closing conditions. The closing of the offering of the Notes is not contingent upon the closing of the offering of common stock (or vice versa).
The Notes will not bear regular interest, and the principal amount of the Notes will not accrete. The Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The conversion rate will initially be 7.9365 shares of common stock per $1,000 principal amount of Notes, subject to adjustment in certain circumstances. This represents an initial conversion price of $126.00 per share, representing a conversion premium of 40% over the public offering price in the Company’s concurrent common stock offering. The Notes will be convertible at the option of the holders prior to December 15, 2025 only during certain periods upon the occurrence of certain events and will be convertible thereafter at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay cash up to the aggregate principal amount of Notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted.
In addition, the Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after March 20, 2024, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time. If the Company undergoes a “fundamental change” (as defined in the indenture governing the Notes), holders of the Notes may require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid special interest to, but excluding, the repurchase date. In addition, upon certain corporate events or upon redemption, the Company will, under certain circumstances, increase the conversion rate for holders who convert Notes in connection with such a corporate event or redemption.
In connection with the pricing of the Notes, the Company entered into privately negotiated convertible note hedge transactions with certain of the initial purchasers or their affiliates and other financial institutions (the “hedge counterparties”). The convertible note hedge transactions are expected generally to reduce the potential dilution to the Company’s common stock upon any conversion of the Notes and/or offset the cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, in the event that the market price of the common stock is greater than the strike price of the convertible note hedge transactions, which initially corresponds to the initial conversion price of the relevant Notes. The Company also entered into privately negotiated warrant transactions with the hedge counterparties. The warrant transactions could separately have a dilutive effect to the extent the market value per share of common stock exceeds the strike price of any warrant transactions, unless the Company elects, subject to certain conditions set forth in the related warrant confirmations, to settle the warrant transactions in cash. The strike price of the warrant transactions will initially be approximately $180.00 per share, which represents a premium of approximately 100% over the public offering price in the Company’s concurrent common stock offering, and is subject to certain adjustments under the terms of the warrant transactions. If the initial purchasers exercise their option to purchase additional Notes, the Company may enter into additional convertible note hedge transactions and additional warrant transactions with the hedge counterparties.
The Company expects that, in connection with establishing their initial hedge of the convertible note hedge transactions and warrant transactions, the hedge counterparties or their respective affiliates may enter into various derivative transactions with respect to the common stock concurrently with, or shortly after, the pricing of the Notes, and may unwind these various derivative transactions and purchase shares of common stock in open market transactions shortly after the pricing of the Convertible Notes. These activities could increase (or reduce the size of any decrease in) the market price of the common stock or the Notes at that time. In addition, the Company expects that the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding derivative transactions with respect to the common stock and/or by purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity date of the Notes (and are likely to do so during any observation period relating to a conversion of the Notes or in connection with any repurchase of Notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, could affect the amount and value of the consideration that noteholders will receive upon conversion of the Notes.
The Company expects to use a portion of the net proceeds from the offering to pay the cost of the convertible note hedge transactions described above (after such cost is partially offset by the proceeds to the Company from the warrant transactions described above). The Company expects to use the remaining net proceeds from the offering, together with cash on hand, to optionally redeem its outstanding 5.00% senior notes due 2026 at a price equal to 102.5% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. Such redemption will be made solely pursuant to a redemption notice delivered pursuant to the indenture governing the 5.00% senior notes due 2026, and nothing contained in this press release constitutes a notice of redemption of the 5.00% senior notes due 2026.
The convertible notes will be offered to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act. The convertible notes have not been, and will not be, registered under the Securities Act, or the securities laws of any state or other jurisdiction, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About Itron
Itron® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our latest Annual Report on Form 10-K filed with the SEC. Itron undertakes no obligation to update or revise any information in this press release.
The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any resurgence of the COVID-19 pandemic including other factors contributing to infection rates, such as reinfection or mutation of the virus, the effectiveness or widespread availability and application of any vaccine, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see Itron’s updated risk in Part I, Item 1A: Risk Factors of our latest Form 10-K filed with the SEC.
Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643
CALGARY, Alberta--(BUSINESS WIRE)--#H2--Proton Technologies began separating hydrogen again in late February at their project in Saskatchewan, Canada. The new separation unit is for multi-year hydrogen filter longevity and iteration testing, with hydrogen truck-loading expected later this year. Liquid oxygen is scheduled to be trucked in for injection at modest but still commercial scale. At the demonstration site production is expected to reach one thousand tonnes hydrogen per day after construction of a large air separation unit.
Hydrogen is a carbonless fuel which creates no CO2 when used. Proton has a way to make clean hydrogen at an anticipated production cost below $0.30 US per kg with a lower carbon intensity than wind or solar to electrolysis. Oil fields are not abandoned because they are empty, rather they have reached an economic limit but much of the oil remains in the ground. Proton’s process involves injecting oxygen into oilfields. This triggers reactions that produce hydrogen. Then a downhole hydrogen filter only allows hydrogen to come into the production well and up to surface, leaving all carbon in the ground. The cost structure is low because late-life oilfields become Proton’s reaction vessel which already contains decades of fuel.
There are many paths to move hydrogen, by truck, by rail, by pipeline, as a gas, as a liquid, or incorporated into chemicals such as ammonia, but if the production cost of hydrogen is lower than natural gas, baseload electricity and blending into natural gas systems are attractive as large proven markets with existing infrastructure and customers. “We plan to fuel our power purchase agreement using hydrogen-compatible generators,” says Seta Afshordi, COO of Proton Canada.
A journey is more purposeful when the destination is known. “Proton Canada aspires to supply 10% of humanity’s total energy by 2040. This will require huge investment for construction of many large air separation units and about 1/10th of western Canada’s vast oil resource, most of which is uneconomic for oil production,” says Grant Strem, Chair & CEO. Enquiries may be made to This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., or This email address is being protected from spambots. You need JavaScript enabled to view it..
For Media:
Proton’s Chair & CEO Grant Strem, COO Seta Afshordi, and Head of Commercial Calvin Johnson are available for interviews. Bookings can be made through
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+1 403 467 1220
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced that EQT Corporation (“EQT”) and certain other parties have exercised their preferential rights to purchase certain properties that would have otherwise been included in Northern’s recently announced Marcellus Shale acquisition from Reliance Marcellus, LLC (“Reliance”). These properties, primarily consisting of assets subject to a Joint Development Agreement (“JDA”) with EQT, will therefore be excluded from Northern’s pending acquisition from Reliance that is expected to close in April 2021.
HIGHLIGHTS
“We expect this change to have minimal impact to the Company’s free cash flow profile,” commented Nick O’Grady, Chief Executive Officer. “The exercise of this right immediately reduces our indebtedness and boosts the returns on the acquisition. The JDA assets represent less than 15% of the projected five-year cash flows on the assets and only about 1% of the net inventory, despite reducing the purchase price by approximately 28%.”
ADJUSTED 2021 GUIDANCE – RELIANCE ASSETS – FULL YEAR
2021E Guidance Ranges: |
||
Production (MMCF per day) |
75 – 85 |
|
Net Wells Added to Production |
3.5 – 3.8 |
|
Total Capital Expenditures ($ in millions) |
$20 – $25 |
|
Production, Asset G&A and Marketing Expenses (per Mcf) |
$0.85 – $0.95 |
|
Average Differential to NYMEX Henry Hub (per Mcf) |
$0.55 – $0.65 |
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.
More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on Northern’s properties and properties pending acquisition; Northern’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the acquisition of certain non-operated natural gas assets in the Appalachian Basin (the “Assets”) from Reliance; Northern’s ability to consummate the acquisition of the Assets and the anticipated timing of such consummation; the projected capital efficiency savings and other operating efficiencies and synergies resulting from Northern’s acquisition transactions; integration and benefits of property acquisitions, including the acquisition of the Assets, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness; changes in Northern’s reserves estimates or the value thereof; disruptions to Northern’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which Northern conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; Northern’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products and prices; and the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of Northern’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Northern’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Northern’s actual results to differ from those set forth in the forward looking statements.
Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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DUBLIN--(BUSINESS WIRE)--The "Marine Port Security - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Marine Port Security Market to Reach $33.8 Billion by 2027
Amid the COVID-19 crisis, the global market for Marine Port Security estimated at US$ 23.4 Billion in the year 2020, is projected to reach a revised size of US$ 33.8 Billion by 2027, growing at a CAGR of 5.4% over the period 2020-2027.
The U.S. Market is Estimated at $6.3 Billion, While China is Forecast to Grow at 8.3% CAGR
The Marine Port Security market in the U.S. is estimated at US$ 6.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 7.1 Billion by the year 2027 trailing a CAGR of 8.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 4.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 34 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/s8wzft
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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Industry veteran Thomas Koerner will help company break into Asian photovoltaic market
FREIBURG, Germany--(BUSINESS WIRE)--#NexWafe--NexWafe GmbH today announced Thomas Koerner has joined the company’s board of directors. With nearly two decades of experience in the worldwide solar industry, Koerner brings invaluable expertise to NexWafe in the areas of global marketing and business development, specifically in the Asian marketplace.
NexWafe recently completed a €10 million round of funding intended to help move the company into pilot production and beyond. The pioneering company uses a proprietary green silicon manufacturing process that is fully compatible with conventional solar cell manufacturing to produce ultra-thin, high-efficiency, monocrystalline silicon wafers. With climate change a top priority among world leaders and carbon taxes on the horizon, NexWafe’s technology is designed to lower carbon dioxide emissions produced during the manufacture of silicon wafers while simultaneously reducing cost and increasing efficiency.
“Thomas brings additional depth and diversity to our leadership team at NexWafe,” commented Davor Sujita, CEO. “His experience in establishing business relationships in China and elsewhere in Asia will be invaluable to our efforts in those essential markets. We look forward to having him on the NexWafe team.”
An impassioned advocate for the solar industry, Koerner is currently Corporate Vice President of Global Sales at Canadian Solar, where he has been employed since 2012. Prior to joining Canadian Solar, which is one of the top six solar cell/module manufacturers in the world, Koerner held executive positions with Astronergy, Heliatek, and Schüco International KG.
“NexWafe’s business model is to produce next-generation silicon wafers with its own manufacturing technology and seek active partnerships with organizations that can adopt the company’s process,” said Koerner. “Through strategic partnerships in Asia and other key emerging markets, NexWafe will be well positioned to positively impact the cost-down roadmap of the photovoltaic industry and bring us to net-zero by 2030. I am pleased that I will be able to contribute to this important mission.”
Prior to his new position on NexWafe’s board of directors, Koerner served as a board member for SEIA, the Solar Energy Industries Association, and eNow, Inc., a provider of mobile solar applications for commercial and recreational vehicles. He earned a Master’s in Business Administration from Steinbeis University in Berlin, as well as a Master’s in Engineering from the University of Applied Science in Regensburg.
About NexWafe GmbH
NexWafe GmbH uses a proprietary process to produce ultra-thin, high-efficiency, monocrystalline green silicon wafers. Fully compatible with conventional solar cell manufacturing, NexWafe offers a 70% reduction in carbon dioxide emissions during manufacturing. In addition to being “green,” Nexwafe’s continuous, direct gas-to-wafer manufacturing process minimizes waste, resulting in wafers that are 30% less expensive than conventional wafers. NexWafe’s in-line, ultra-scalable process shatters cost down roadmap barriers and inherently supports the industry’s extraordinary growth as the transition to solar power accelerates worldwide. The company, which was spun out from Fraunhofer Institute for Solar Energy Systems ISE in 2015, has a 5MW pilot prototype facility located in Freiburg, Germany.
Jenna Beaucage or Alan Ryan
Rainier Communications
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FRANKFURT, Germany--(BUSINESS WIRE)--Today, MV Index Solutions GmbH (MVIS®) announced the licensing of the BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO) to Defiance ETFs for the use in a next generation ETF that offers retail clients exposure to companies involved in the development of hydrogen-based energy sources and fuel technologies.
“We are pleased to license our Hydrogen and NextGen Fuel Cell Index to Defiance ETFs, providing their new fund with pure-play benchmark for this transformative clean-energy-related theme,” said Josh Kaplan, Global Head of Research at MV Index Solutions. ”With this index we add to our family of broad and pure-play clean energy thematic indices,” he added.
"We're already starting to see hydrogen take on a larger role as a viable energy source," Defiance ETFs President Paul Dellaquila said. "We believe that as governments and corporations continue to demand renewable energy sources and adopt more environment-friendly policies, hydrogen will be a pivotal resource to help fuel a cleaner economy."
The BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO), launched on 09 March 2021, is a global index that tracks the performance of the global hydrogen and fuel cell segment. Due to the lack of pure-play companies in the global hydrogen and fuel cell segments, this includes pure-play and non-pure-play companies. Detailed information about the index, including methodology details and index data is available on the MV Index Solutions website.
Key Index Features
BlueStar Hydrogen and NextGen Fuel Cell Index (ticker: BHDRO)
Number of Components: 25
Base Date: 19 June 2020
Base Value: 100
Note to Editors:
About MV Index Solutions - www.mvis-indices.com
MV Index Solutions (MVIS®) develops, monitors and licenses the MVIS Indices and BlueStar Indexes, a selection of focused, investable and diversified benchmark indices. The indices are especially designed to underlie financial products. MVIS Indices cover several asset classes, including equity, fixed income markets and digital assets and are licensed to serve as underlying indices for financial products. Approximately USD 25.83 billion in assets under management (as of 10 March 2021) are currently invested in financial products based on MVIS/BlueStar Indices. MVIS is a VanEck company.
About Defiance ETFs- www.defianceetfs.com/
Founded in 2018, Defiance ETFs is an exchange-traded funds (ETFs) sponsor and registered investment advisor focused on thematic investing. Our suite of rules-based ETFs allows retail and institutional investors to express a targeted view on dynamic sub-sectors that are leading the way in disruptive innovations.
Media Contact
Séverine Thäsler-Jäger, MV Index Solutions
+49 (0)69 4056 695 53
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ChargePilot ensures reliable operations and charging cost reductions for logistics organizations
BELMONT, Calif.--(BUSINESS WIRE)--Österreichische Post AG (Austrian Post), the postal service provider for Austria, has selected The Mobility House to support its rapidly-growing electric vehicle fleet with intelligent charging. As the Austrian Post works toward its goal of eliminating delivery emissions within the decade, they will deploy The Mobility House’s ChargePilot Charging and Energy Management solution across more than 2,400 AC and DC charging stations in over 130 depot locations.
"Austrian Post has already been using electric delivery vehicles in daily delivery operations since 2011. Since then, the battery-electric drive has proven to be optimal for us. Therefore, it is our goal to further expand this pioneering role and to be emission-free on the last mile by 2030 at the latest. This requires a technically up-to-date and scalable charging management system. We have found ChargePilot and are looking forward to the further expansion of our e-fleet," explains Head of Group Fleet at Österreichische Post AG Paul Janacek.
Austrian Post is a longtime logistics industry leader in fleet electrification: It currently owns the largest fleet of electric vehicles in Austria, which serves about 80 percent of all delivery districts throughout the country. The addition of the ChargePilot system enables Austrian Post to automatically take advantage of lower electricity pricing throughout the day and ensure cost-optimized charging across its fleet, without investing in costly infrastructure expansion. ChargePilot also quickly identifies potential failures across the charging network, allowing for preventive maintenance and strengthening operational reliability. Additionally, the solution can be used to prioritize the charging of certain vehicles to, for example, guarantee the range of individual vans as needed.
At some Austrian Post locations, ChargePilot will manage stations with as many as 70 charging stations. The Mobility House’s U.S. Managing Director Greg Hintler noted, "Especially with such large installations built on both AC and DC charging stations from different manufacturers, you need a system that is compatible with all these components. An open interface architecture is therefore the linchpin for meeting the various requirements and making flexible expansion possible."
This news comes as logistics and last-mile delivery giants in the United States, including Amazon, FedEx, UPS and the U.S. Postal Service, look to lower operating costs and enhance sustainability efforts by electrifying their fleets. The economic and environmental benefits offered by electric vehicle fleets are expected to increase steadily over the coming years as e-commerce sales rise across the country.
ChargePilot is now in daily use by several of the leading postal and logistics service providers across Europe and in the largest electric bus fleets in the United States, as well as by more than 300 companies in a wide range of industries around the world. The solution is designed to be compatible with all charging stations, enabling simple and quick adoption across any fleet.
To learn more about The Mobility House charging and energy management solutions, visit: mobilityhouse.com.
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, 750+ installation companies, 65+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 500 commercial installations around the world. The Mobility House has 155 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.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
COSTA MESA, Calif.--(BUSINESS WIRE)--#aerospace--D.A. Davidson & Co. announced today that it served as exclusive financial advisor to Oasis Materials Company LP , the leading provider of highly-engineered, precision ceramic thermal transition technologies, in its partnership with Fralock Holdings, LLC, a design, engineering and manufacturing company that develops advanced materials for critical applications.
Oasis Materials’ domain expertise and in-house engineering allow it to serve as a platform for a series of disruptive solutions across the aerospace & defense, semiconductor and healthcare markets. Founded in 2005, Oasis Materials occupies over 55,000 square feet throughout two facilities including its headquarters in Poway, Calif. and a Rocklin, Calif. operation.
“Oasis Materials is an innovative technology company with a strong portfolio of thermal management solutions and a sterling reputation. This acquisition will further enhance Fralock’s design, engineering and manufacturing capabilities as it relates to specialty ceramic components and thermal subassemblies,” said Paul Weisbrich, managing director and leader of Aerospace, Defense and Space investment banking at D.A. Davidson. “We wish the team the best of luck in their continued growth.”
Fralock Holdings’ applications are used in a variety of ways that impact our lives, serving OEM’s in the Aerospace, Life Science, Medical, Military, Oil & Gas, Satellite and Semiconductor Equipment Manufacturing markets. This acquisition will enable Fralock to incorporate Oasis Materials’ technology into its existing suite of products to offer a wider variety of solutions for customers seeking cost competitive ways to augment precision thermal transition management. The acquisition is part of a series of several recent acquisitions completed by Fralock Holdings as the company continues to focus on enhancing its capabilities and customer offerings.
This transaction highlights the continued success of D.A. Davidson’s Diversified Industrials practice, further demonstrating the firm's position as a leading advisor in this sector.
D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across five industry verticals: consumer, diversified industrials, financial institutions, real estate and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies:
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 27 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.
Media Contact:
Emily Roy
Prosek for D.A. Davidson
(646) 818-9232
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that it resumed its share repurchase program at an annualized level of $1.5 billion, a 50% increase compared to the level of repurchases underway in the fourth quarter of 2020 when the program was suspended due to the Concho transaction. The company expects to execute the program ratably across all four quarters in 2021. Based on the company’s current outlook for 2021 commodity prices, this level of share repurchases, combined with the ordinary dividend, reflects its long-standing priority to return greater than 30% of cash from operations to shareholders annually.
“It’s still early in the new year, but commodity prices have strengthened such that our dividend alone may not be sufficient to meet our return of capital commitment,” said Ryan Lance, chairman and chief executive officer. “We will monitor the environment closely and retain the discretion to adjust our share repurchase program, as appropriate. While today’s action reflects a more constructive outlook on 2021, we do not intend to increase our previously announced operating capital program of $5.5 billion. We believe this market will favor companies who demonstrate sustainable discipline and strong free cash flow generation with a track record of predictable returns of capital. At a time of reckoning for the sector, ConocoPhillips’ proven value proposition remains the right one for this volatile business.”
In addition, the company confirmed that it expects to provide an update on certain guidance items by the end of March.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,700 employees at Dec. 31, 2020. Production excluding Libya averaged 1,118 MBOED for the 12 months ended Dec. 31, 2020, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information –This news release contains certain non-GAAP terms that are not prepared in accordance with GAAP, including cash from operations (CFO) and free cash flow (FCF) which are defined on our website at https://www.conocophillips.com/nongaap.
John C. Roper (media)
281-293-1451
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Investor Relations
281-293-5000
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CALGARY, Alberta--(BUSINESS WIRE)--Blackline Safety Corp. (TSXV: BLN) today announced that 595,000 stock options were granted on March 9, 2021 to directors, advisor to the Board of Directors, officers and an employee of the company. The options were assigned an exercise price of $8.00 per share and are exercisable for a period of five years, subject to regulatory approval. These options are granted under Blackline's stock option plan as part of its annual compensation package.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 140 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit www.BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
INVESTOR/ANALYST CONTACT
Cody Slater, CEO
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Telephone: +1 403 397 5300
MEDIA CONTACT
Heather Houston
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Telephone: +1 904 398 5222
Cell phone: +1 386 216 9472
WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin® Corporation (NASDAQ: KOPN), a leading developer and provider of transmissive and reflective active matrix liquid crystal and organic light emitting diode (OLED) microdisplays used in military, enterprise, industrial, medical and consumer products, today announced that its CyberDisplay® WQVGA LVS display/backlight module and A230 Driver IC are incorporated into the Shearwater wearable NERD 2 diving computer, which enables public safety divers to perform life-saving search and rescues while having crucial dive information continuously available hands-free and without interruption.
Shearwater Research, based in Richmond, BC, Canada, is a leading underwater diving equipment company who has built a reputation for offering some of the highest quality instruments on the market.
Shearwater’s NERD 2 (Patent No.: US010921597B2) is the market leading near-to-eye display for underwater divers, providing constant availability of critical dive information such as depth, dive time, compass and breathable gas levels without the need for stopping to check gauges. This allows divers to remain focused on their critical work. Public safety divers can mount and secure the NERD 2 on their diving masks to be in their line of sight. Kopin’s microdisplay and backlight, in combination with the Shearwater optical lens, generate images on the NERD 2 that appear as if you were looking at a 25” television from a 12-foot distance. NERD 2 features include Bluetooth wireless capability, two-button interface, a rechargeable battery with an average life of 18 hours and the ability for the user to log dives.
“The innovative technology of the NERD 2 allows for flexibility, reliability, efficiency and a higher level of safety for divers everywhere,” said Jim Hartt, CEO, Shearwater. “Kopin’s LCD and ASIC are key elements of our NERD 2 design because they deliver visual information at a glance. This is especially critical for public safety divers who are often working rapidly to save lives, and who need both hands free in order to rescue their victims.”
"We are delighted that our products have been incorporated into the NERD 2 which helps public safety divers in their rescue missions,” said Greg Truman, Head of Kopin’s Industrial and Enterprise Display Business. “We have seen considerable expansion of the market for public safety wearables products over the past several years. Heads-up thermal imaging displays for firefighters, monocular optical modules for police officers, and now head mounted second screens for public safety divers are just a few of the vertical markets that fall under the larger umbrella category of public safety wearables. Our WQVGA microdisplay, which is used in the Shearwater NERD 2, is a popular display in this market because it offers users a bright, clean, easily readable image in a small form factor. To know that our WQVGA display has aided in successful rescue efforts, and played a role in saving peoples’ lives, is very rewarding.”
Kopin’s CyberDisplay WQVGA LVS is a color-filter active-matrix liquid crystal display (AMLCD) with a resolution of 428x240. The WQVGA LVS display utilizes high-performance single crystal silicon transistors and is the smallest (0.21″ diagonal) transmissive AMLCD for the resolution. The WQVGA LVS display, backlight and A230 driver ASIC together consume less than 100 mW at a display brightness of 1000 nits, sufficient for outdoor usage. A frame buffer memory residing in the ASIC offers further power savings.
About Kopin
Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for military, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at www.kopin.com.
About Shearwater
Shearwater Research designs and manufactures scuba diving computers and advanced diving electronics. Shearwater holds a leading position among companies and a reputation for some of the highest quality instruments on the market. Shearwater dive computers feature intuitive menus and interfaces that make them easy to use for divers at all development levels. Shearwater computers are designed to improve the journey for divers everywhere. For more information, please visit Shearwater’s website at www.shearwater.com.
For more information about how NERD 2 is used by Public Safety divers please view this video: https://youtu.be/nYQSoME-HkQ.
Forward-Looking Statements
Statements in this press release may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the safe harbor created by such sections. Words such as "expects," "believes," "can," "will," "estimates," and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such "forward-looking statements," which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations are described in Part I, Item 1A. Risk Factors; Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K for the fiscal year ended December 26, 2020, or as updated from time to time in the Company's Securities and Exchange Commission filings.
Shearwater Research
Gabriel Pineda, 604-669-9958
Director of Sales and Marketing
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or
Kopin
Richard Sneider, 508-870-5959
Treasurer and Chief Financial Officer
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or
Market Street Partners
Joann Horne, 415-445-3233
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IRVINE, Calif.--(BUSINESS WIRE)--Smart Energy Water (SEW), a leading software technology provider in the Energy and Utility space, announced today a new alliance with Deloitte. The collaboration aims to enable exceptional customer service and digital experience for global energy, water, and gas providers.
Headquartered in California, SEW (Smart Energy Water) serves over 340+ Energy and Water service providers worldwide. The joint offerings will leverage AI, ML, and IoT technologies to build industry-leading Digital Customer Experience (CX) and Mobile Workforce Experience platforms to address the industry’s current and future needs. Together, this alliance will help achieve better business outcomes and improve operational efficiency for small and large utilities.
“We believe this global strategic alliance with Deloitte will significantly transform the industry and hold our commitment to serving our clients globally. Implementation of our joint digital CX and WX platforms will empower millions of customers with digital self-service capabilities to manage their energy and water use with interactive customer web and native mobile apps,” said Deepak Garg, Founder and CEO of SEW.
The alliance is driven by the large and growing market opportunity for digital self-service. Some initial areas of joint solution focus include Customer Experience, Workforce Engagement, Advanced Analytics, Data Science, Machine Learning (ML) and Artificial Intelligence (AI) to drive digital transformation in utilities and pave the way for continuous innovation.
“As Utility companies throughout North America and the rest of the world continue to expand their digital strategy focused on enhanced customer experience, our alliance with Smart Energy Water (SEW) with its strong digital capabilities coupled with Deloitte’s proven implementation expertise, allows us to jointly provide an offering that is not only unique, but also timely and reliable at this critical point in time,” said Bob Simpson, Managing Director, Power, Utilities & Renewables, Deloitte Consulting LLP.
Deloitte brings years of experience working with Electricity, Gas, and Water service providers, advising, and designing an integrated approach for clients that provides a wide range of services in their implementation journey.
About SEW (Smart Energy Water)
SEW, with its innovative and industry-leading cloud platforms, aims to deliver the best Digital Customer Experiences and Mobile Workforce Experience powered by AI, ML, and IoT Analytics to the global energy, water, and gas providers. We partner with businesses to deliver solutions that are easy-to-use, integrate seamlessly, and help build a strong technology foundation that allows energy, water, and gas providers to become future-ready, by harnessing the power of digital technologies. To learn more about Smart Energy Water, visit www.SEW.ai.
About Deloitte
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Deloitte network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies. Learn how Deloitte’s more than 286,000 people make an impact that matters at www.deloitte.com.
Mashal Dhawan
Chief Marketing Officer
Smart Energy Water
909-217-3503
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The program’s fourth cohort will receive world-class research support and non-dilutive funding to develop commercially viable clean technologies
DENVER & HOUSTON--(BUSINESS WIRE)--The Shell GameChanger Accelerator™ Powered by NREL (GCxN) has selected three additional startups to participate in the program. The new companies are focused on creating electrochemical systems that can help reduce carbon emissions in hard-to-decarbonize sectors and represent the program’s fourth cohort. GCxN provides promising cleantech startups with technical resources to accelerate product commercialization while de-risking investment.
The selected startups are using electrochemistry to sustainably restructure the development of society’s most widely-used chemicals, materials and fuels. The fourth GCxN cohort includes:
“Almost every aspect of our modern lives depends on certain materials and fuels, but with great consequence. For example, the American manufacturing industry is on-track to become the nation’s largest source of greenhouse gas emissions within the next ten years,” said Katie Richardson, GCxN program manager at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). “The selected GCxN startups are restructuring essential building blocks to reduce the carbon impact of essential goods and services.”
“GCxN’s fourth cohort will help prove that electrochemistry technologies can replace carbon-intensive legacy processes. As renewable energy costs continue to drop, cross-industry initiatives and partnerships will prove that it's possible to cost-effectively scale these technology applications and achieve real-world impact,” said Haibin Xu, Shell’s GCxN program manager.
GCxN startups are nominated by the program’s network partners—more than 60 cross-industry cleantech incubators, accelerators and universities—before undergoing in-depth review by Shell and NREL. Participating companies benefit from NREL’s state-of-the-art research capabilities, receive up to $250,000 in non-dilutive funding, and have access to networking opportunities through NREL's Innovation and Entrepreneurship Center. Participating startups have raised more than $52 million of funding to date, representing a $21 leverage ratio for each dollar of GCxN funding. Portfolio companies have also hired 51 new employees since GCxN program onboarding. For more information about the program, the new cohort and other participating startups visit GCxNREL.com.
About GCxN
The Shell GameChanger Accelerator™ powered by NREL (GCxN) is a multi-million dollar, multi year program developed in collaboration between Shell GameChanger and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to discover and advance emerging clean technologies with the potential to dramatically alter the future global energy landscape. GCxN identifies promising startup companies through an ecosystem of more than 60 cleantech business incubators, accelerators and universities, providing access to up to $250,000 in non-dilutive funding in the form of technical expertise to develop and demonstrate new energy technologies. GCxN is made possible by funding through Shell GameChanger. GCxN is administered by NREL, located in Golden, Colo.
Camille Cater
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WASHINGTON--(BUSINESS WIRE)--DC Green Bank is excited to announce the launch of a pre-development loan in DC to support customized design of sustainable improvements for commercial buildings, community-based nonprofit organization buildings, and multifamily or mixed-use properties. The product was developed by and will be offered in partnership with Inclusive Prosperity Capital, a mission-driven nonprofit investment fund specializing in clean energy, energy efficiency, and resiliency.
The pre-development loan, named Navigator, can be used to fund costs required to design high quality energy savings projects, including energy audits and benchmarking, design, engineering, bidding work, and other sustainable design costs. Navigator loans will range from $10,000 - $250,000 or more on a case-by-case basis and fill a critical gap in the District’s sustainable funding landscape, particularly for affordable housing development.
“Through our engagement with District residents, contractors, developers, property owners, engineers and beyond, we have identified pre-development loans as a crucial missing piece in the city’s clean energy puzzle,” said DC Green Bank CEO Eli Hopson. “We’re excited to be partnering with Inclusive Prosperity Capital to fill this financing gap and make sure that DC has investment offerings at each stage of the renewable energy and energy efficiency project lifecycle.”
The Navigator product provides an on-ramp for District building owners as they consider financing options to upgrade their energy systems, decrease their environmental footprint, save money, and meet DC’s emerging Building Energy Performance Standards (BEPS). With 75% of the District’s emissions emanating from the building sector, these standards are designed to help the city bring emissions down by 50% by 2032 and to achieve net-zero emissions by 2050. Navigator provides financial resources needed for building owners and operators, District contractors, and DC Green Bank to come together to think holistically about the evaluation and design phase of building projects.
“The Navigator loan allows building owners to access financing for early-stage audits, benchmarking, and design for clean energy projects, which can often be a challenge,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “DC has a proven track record of leadership on climate and energy issues, and this collaboration with DC Green Bank has the potential to unlock millions of dollars to accelerate action and climate impact.”
The Navigator product is available now, and the DC Green Bank team is ready to initiate discussions to close the first round of deals. Additional information on the remainder of DC Green Bank’s loan and financing products can be found at https://dcgreenbank.com/products/.
_____________________________
About DC Green Bank
DC Green Bank was established by the District's Green Finance Authority Establishment Act of 2018. DC Green Bank develops innovative financial solutions to support District businesses, organizations, and residents in the journey to a cleaner future. DC Green Bank invests in solar energy systems, energy efficient buildings, green infrastructure, and transportation electrification in line with its values of Sustainability, Clean Economy, and Inclusive Prosperity.
About Inclusive Prosperity Capital (IPC)
Inclusive Prosperity Capital is a mission-drive nonprofit investment fund designed to deliver financing solutions to communities that need it most. IPC invests in clean energy and resilience in partnership with local initiatives and organizations to provide energy security, climate justice, and economic growth. Inclusive Prosperity Capital everyone should have access to the benefits of clean energy and resilience.
Gary Decker
External Relations Partner
DC Green Bank
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202-301-8306
Madeline Priest
Senior Manager, Market Development
Inclusive Prosperity Capital
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860-257-2891
EVForward™ DeepDive outlines most appealing attributes of electric vehicle leader’s product lineup among car buyers
LIVONIA, Mich.--(BUSINESS WIRE)--Escalent, a top human behavior and analytics firm, today released the latest EVForward™ DeepDive to closely examine electric vehicle (EV) shopper attitudes regarding industry leader Tesla, Inc. The findings challenge common perceptions of the factors that contribute to Tesla’s success and position as the global leader in EV adoption.
“While perception among industry experts suggests Tesla is beating traditional automakers in the EV adoption race due to an extraordinary affection for the brand or its polarizing leader, consumers told us they are drawn to the company’s products themselves,” said Mike Dovorany, Automotive & Mobility vice president at Escalent. “In fact, among respondents who are shopping for or already own an EV—Tesla or otherwise—Elon Musk is among the top drawbacks in their consideration of the brand.”
Top five attributes driving consideration of Tesla:
Further, Tesla’s vehicles are living up to the expectations of those who ultimately decide to purchase them. Most Tesla owners point to 10 or more factors that positively impact their consideration of the brand.
Additionally, Tesla drivers rate the company’s integrated approach to the EV ownership experience extremely positively. As a result of offering a one-stop-shop approach to sales, financing, service, chargers and navigation, 91% of Tesla owners and 70% of non-Tesla EV owners indicated they are more likely to consider a Tesla for their next purchase.
That said, there is vast potential for other EV brands, but success does not lie in trying to copy Tesla in every way. Consumers make clear which of Tesla’s attributes are key to EV success and which cause pause or concern.
To learn more about what EV owners and shoppers say Tesla is getting right—and wrong—join Escalent’s Mike Dovorany for an informational webinar on Thursday, March 18 from 2 pm to 2:30 pm ET.
Register for the webinar today at Escalent.co.
About EVForward™
Escalent EVForward™ is the largest, most comprehensive study of the next generation of EV buyers. The program provides rich, actionable analysis based on an unrivaled quantity and quality of inputs to inform the steps that industry players need to take today to inspire broader adoption of EVs and ensure their success with future buyers.
This EVForward DeepDive was conducted among a national sample of 1,003 respondents and included a survey, focus groups and industry expert interviews between December 21, 2020 and February 19, 2021. These respondents are a subset of the EVForward database, a national sample of 10,293 new-vehicle buyers aged 18 to 80 that is weighted by age, gender and US state to match the demographics of the US new-vehicle purchaser population and by vehicle segment to match current vehicle sales. The sample for this research comes from an opt-in, online panel. As such, any reported margins of error or significance tests are estimated and rely on the same statistical assumptions as data collected from a random probability sample. Escalent will supply the exact wording of any survey question upon request.
About Escalent
Escalent is a top human behavior and analytics firm specializing in industries facing disruption and business transformation. As catalysts of progress for more than 40 years, we tell stories that transform data and insight into a profound understanding of what drives human beings. And we help businesses turn those drivers into actions that build brands, enhance customer experiences and inspire product innovation. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.
Jordan Walker
248.258.2333
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Daphne H. Foster to Retire August 31, 2021; Gregory B. Hanson, Global’s Treasurer Since 2014, Promoted to CFO Effective September 1, 2021
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced that Daphne H. Foster has notified the Board of Directors that she plans to retire as Chief Financial Officer and step down as a member of the board effective August 31, 2021, after more than 14 years with the Partnership. Gregory B. Hanson, Global’s Treasurer since 2014, will succeed Foster as CFO effective September 1, 2021.
“Daphne has played an integral role in advancing Global’s strategic goals over the past 14 years,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “She has strengthened the organization by investing in people and new processes, guided a number of successful financings and financial transactions, and helped lead us to a strong financial position. I thank Daphne for her innumerable contributions and wish her well in retirement.”
“I also want to congratulate Greg on his appointment as CFO. He has done an exceptional job in managing our treasury department and has established strong relationships with our banking group. Greg’s in-depth understanding of the business and ability to lead make him the ideal candidate to oversee the finance function. I look forward to working with Greg in his new role as we continue to focus on delivering outstanding results for our unitholders, our employees, our customers and our guests,” said Slifka.
Hanson has more than 20 years of finance experience. Prior to joining Global in 2013, Hanson served as a Senior Vice President at G.E. Financial Services and RBS Citizens Financial Group. Before that, he was a Vice President for Merrill Lynch Capital and a Principal for Bank of America. Hanson received a bachelor’s degree from Colby College and an M.B.A. from Babson College’s Franklin W. Olin School of Business.
About Global Partners LP
With approximately 1,550 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 Partners 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 Partners engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global Partners LP, 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. These forward-looking statements are based on Global Partners’ 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. All comments concerning the Partnership’s expectations for future revenues and operating results and otherwise are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. 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 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 Partners’ 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 thereof. The Partnership 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.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Edward J. Faneuil
Executive Vice President, General Counsel and Secretary
Global Partners LP
(781) 894-8800
DUBLIN--(BUSINESS WIRE)--The "Oil Downstream Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global oil downstream products market is expected to grow from $2042.01 billion in 2020 to $2534.61 billion in 2021 at a compound annual growth rate (CAGR) of 24.1%.
Oil Downstream Products Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global oil downstream activities market as it emerges from the COVID-19 shut down.
Major companies in the oil downstream products market include Royal Dutch Shell; Exxon Mobil Corporation; China Petroleum & Chemical Corporation; BP Plc and Chevron.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3181.88 billion in 2025 at a CAGR of 6%.
The oil downstream products market consists of sales of the post extraction activities for crude oil and natural gas by entities (organizations, sole traders or partnerships) that provide post extraction activities for crude oil and natural gas, including refined petroleum products manufacturing and asphalt, lubricating oil and grease manufacturing. The oil downstream products market is segmented into refined petroleum products and asphalt, lubricating oil and grease.
Asia Pacific was the largest region in the global oil downstream products market, accounting for 30% of the market in 2020. North America was the second largest region accounting for 18% of the global oil downstream products market. South America was the smallest region in the global oil downstream products market.
To reduce the pollution levels, companies have started adopting the gas to liquid technology which produce high quality petroleum products. The gas to liquid technology is the conversion of natural gas to high quality liquid products such as transportation fuels, motor oils, naphtha, diesel and waxes. This technology uses natural gas as a substitute to crude oil as gas and is considered to be the cleanest burning fossil fuel and is abundant, versatile and easily affordable.
The by- products obtained by using the GTL technology are colorless, odorless and contain negligent amounts of impurities. For Instance, Shell, Chevron and PetroSA have adopted this technology to produce transportation fuels, oils and by products to produce plastics, detergents and cosmetics.
Disruption in supply of oil in certain markets due to political instability and extremism was one of the major factors affecting the growth of global oil downstream activities market. Oil supplies from major crude oil exporters such as Libya, Iraq, Nigeria and Columbia were getting disrupted due to political instability and terrorist attacks on oil and gas wells and refineries, thus affecting the growth of the market. For instance, Nigeria and Columbia constituted 74% of all attacks on oil and gas assets in 2016 , thereby causing significant disruption to oil and gas supplies.
The oil downstream activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, according to the IMF, China's GDP grew from $11 trillion in 2015 to $13.6 trillion in 2018.
Additionally, according to the World Economic Outlook Reports by the IMF, emerging markets and developing economies together registered a growth of 4.0% in 2015 and this increased to 4.5% in 2018. Thus, strong economic growth boosted the demand for products such as diesel, gasoline, asphalt and this drove the oil downstream activities market during the historic period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Oil Downstream Products Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Oil Downstream Products Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Oil Downstream Products Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Oil Downstream Products Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Oil Downstream Products Market Trends And Strategies
8. Impact Of COVID-19 On Oil Downstream Products
9. Oil Downstream Products Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Oil Downstream Products Market Regional Analysis
10.1. Global Oil Downstream Products Market, 2020, By Region, Value ($ Billion)
10.2. Global Oil Downstream Products Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region
10.3. Global Oil Downstream Products Market, Growth And Market Share Comparison, By Region
11. Oil Downstream Products Market Segmentation
11.1. Global Oil Downstream Products Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12. Oil Downstream Products Market Segments
12.1. Global Refined Petroleum Products Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Diesel; Gasoline; Fuel Oil; Kerosene; Other Refined Petroleum Products
12.2. Global Asphalt, Lubricating Oil And Grease Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Asphalt; Other Petroleum Products
Companies Mentioned
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the fourth quarter of 2020.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Companies, municipalities and any organization that operates a fleet of vehicles are looking to de-carbonize as quickly as they can. Fortunately, Clean Energy’s previous investments in renewable natural gas and our ongoing focus on that business is beginning to pay off, highlighted by recent deals like LA Metro that signed a long-term high-volume RNG agreement with us as part of their commitment to becoming carbon neutral. Simply put, RNG is the future of our company. We believe the road ahead is to offer RNG to every customer so that they can make a substantial contribution towards addressing climate change. We finished the year as expected financially and announced two exciting RNG joint venture arrangements with Total and BP as we grow to meet demand for our low carbon RNG.”
The Company delivered 96.0 million gallons in the fourth quarter of 2020, a 7% decrease from 103.3 million in the fourth quarter of 2019. This decrease was principally from the continuing effects of COVID-19, primarily impacting the airports and public transit customer markets. For 2020 the Company delivered 382.5 million gallons, a 5% decrease from 400.8 million in 2019. While the airports and public transit customer markets were below 2019 levels due to COVID-19, refuse, trucking, and bulk deliveries each finished ahead in 2020 compared to 2019. RNG gallons delivered increased 7% in 2020 to 153.3 million gallons despite also experiencing negative impacts from lower fuel volumes within the airports and public transit markets.
The Company’s revenue for the fourth quarter of 2020 was $75.0 million, a decrease of 37.3% compared to $119.6 million for the fourth quarter of 2019. This decrease is principally attributed to revenue for the fourth quarter of 2019 including eight quarters of U.S. federal excise tax credits for alternative fuels ("AFTC") in the amount of $47.1 million, which applied to vehicle fuel sales made from January 1, 2018 through December 31, 2019, compared to only one quarter of AFTC in the fourth quarter of 2020 in the amount of $5.0 million, which applied to vehicle fuel sales made from October 1, 2020 through December 31, 2020. Revenue for the fourth quarter of 2020 was also negatively impacted by lower volumes from the continuing effects of COVID-19. Each period included an unrealized loss on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program in the amount of $1.9 million and $3.3 million for the fourth quarters of 2020 and 2019, respectively. Station construction revenue was steady at $7.1 million for the fourth quarter of 2020 compared to $7.6 million for the fourth quarter of 2019.
The Company’s revenue for the year ended December 31, 2020 was $291.7 million, a decrease of 15.2% compared to $344.1 million for the year ended December 31, 2019. This decrease was attributed to 2019 including two years of AFTC in the amount of $47.1 million, compared to one year of AFTC included in 2020 in the amount of $19.8 million, as well as lower volumes from the pandemic and generally lower effective pricing for gallons delivered in 2020 versus 2019. Both years included unrealized gains (losses) on commodity swap and customer fueling contracts relating to the Company’s Zero Now program in the amount of $2.1 million and $(6.6) million for 2020 and 2019, respectively. Station construction sales increased 15.2% to $26.6 million for 2020 compared to $23.1 million for 2019.
On a GAAP (as defined below) basis, net income (loss) attributable to Clean Energy for the fourth quarter of 2020 was $(2.6) million, or $(0.01) per share, compared to $41.1 million, or $0.20 per diluted share, for the fourth quarter of 2019. The primary differences between the periods being greater AFTC in 2019 by $36.7 million due to the recognition of eight quarters of AFTC in 2019 versus one quarter of AFTC in 2020, and $6.6 million of additional gain on the disposal of certain assets of a subsidiary in 2019 versus 2020. In 2020 we also delivered lower volumes of fuel and had lower related volume gross profit margins from the effects of COVID-19.
On a GAAP basis, net income (loss) attributable to Clean Energy for the year ended December 31, 2020 was $(9.9) million, or $(0.05) per share, compared to $20.4 million, or $0.10 per diluted share, for the year ended December 31, 2019. The comparability of yearly results is impacted by the negative effects of COVID-19 in 2020, and the inclusion of eight quarters of AFTC in 2019 versus four quarters in 2020, and a greater gain on disposal of certain assets in 2019 versus 2020. Additionally, the year ended December 31, 2020 was positively affected by station installation revenue and the unrealized gain on commodity swap and customer fueling contracts, while the comparable 2019 period was negatively affected by the unrealized loss on commodity swap and customer fueling contracts.
Non-GAAP loss per share and Adjusted EBITDA (each as defined below) for the fourth quarter of 2020 was $(0.00) and $13.6 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the fourth quarter of 2019 was $0.21 and $57.0 million, respectively.
Non-GAAP loss per share and Adjusted EBITDA for the year ended December 31, 2020 was $(0.04) and $45.1 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the year ended December 31, 2019 was $0.15 and $85.6 million, respectively.
Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) these measures exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may make adjustments for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.
Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. Similarly, the Company believes excluding the non-cash results from equity method investments is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.
The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to an adjusted net income (loss) figure used in the calculation of non-GAAP income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
December 31, |
|
December 31, |
|||||||||||
(in thousands, except share and per share data) |
|
2019 |
|
|
2020 |
|
|
2019 |
|
2020 |
|
||||
Net income (loss) attributable to Clean Energy Fuels Corp. |
|
$ |
41,084 |
|
|
$ |
(2,561 |
) |
|
$ |
20,421 |
|
$ |
(9,864 |
) |
Stock-based compensation |
|
|
824 |
|
|
|
435 |
|
|
|
3,880 |
|
|
2,957 |
|
(Income) loss from equity method investments |
|
|
(4 |
) |
|
|
(207 |
) |
|
|
119 |
|
|
161 |
|
Loss (gain) from change in fair value of derivative instruments |
|
|
691 |
|
|
|
1,880 |
|
|
|
5,545 |
|
|
(2,175 |
) |
Adjusted (non-GAAP) net income (loss) |
|
$ |
42,595 |
|
|
$ |
(453 |
) |
|
$ |
29,965 |
|
$ |
(8,921 |
) |
Diluted weighted-average common shares outstanding |
|
|
205,852,492 |
|
|
|
198,230,811 |
|
|
|
205,987,509 |
|
|
200,657,912 |
|
GAAP income (loss) attributable to Clean Energy Fuels Corp. per share |
|
$ |
0.20 |
|
|
$ |
(0.01 |
) |
|
$ |
0.10 |
|
$ |
(0.05 |
) |
Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share |
|
$ |
0.21 |
|
|
$ |
- |
|
|
$ |
0.15 |
|
$ |
(0.04 |
) |
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy, plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income (loss) attributable to Clean Energy:
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||||
|
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Three Months Ended |
|
Year Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
(in thousands) |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Net income (loss) attributable to Clean Energy Fuels Corp. |
|
$ |
41,084 |
|
|
$ |
(2,561 |
) |
|
$ |
20,421 |
|
|
$ |
(9,864 |
) |
Income tax expense |
|
|
664 |
|
|
|
74 |
|
|
|
858 |
|
|
|
309 |
|
Interest expense |
|
|
2,137 |
|
|
|
2,288 |
|
|
|
7,574 |
|
|
|
7,348 |
|
Interest income |
|
|
(730 |
) |
|
|
(264 |
) |
|
|
(2,437 |
) |
|
|
(1,345 |
) |
Depreciation and amortization |
|
|
12,294 |
|
|
|
11,964 |
|
|
|
49,625 |
|
|
|
47,682 |
|
Stock-based compensation |
|
|
824 |
|
|
|
435 |
|
|
|
3,880 |
|
|
|
2,957 |
|
(Income) loss from equity method investments |
|
|
(4 |
) |
|
|
(207 |
) |
|
|
119 |
|
|
|
161 |
|
Loss (gain) from change in fair value of derivative instruments |
|
|
691 |
|
|
|
1,880 |
|
|
|
5,545 |
|
|
|
(2,175 |
) |
Adjusted EBITDA |
|
$ |
56,960 |
|
|
$ |
13,609 |
|
|
$ |
85,585 |
|
|
$ |
45,073 |
|
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons sold as compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company’s proportionate share of gallons delivered by joint ventures in the applicable period. RNG sold as vehicle fuel is included in the CNG or LNG amounts as applicable based on the form in which it was sold.
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|
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Three Months Ended |
|
Year Ended |
||||||||
|
|
December 31, |
|
December 31, |
||||||||
RNG gasoline gallon equivalents delivered (in millions) |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||
CNG |
|
|
25.9 |
|
|
34.1 |
|
|
112.5 |
|
|
124.4 |
LNG |
|
|
6.4 |
|
|
7.1 |
|
|
30.8 |
|
|
28.9 |
Total |
|
|
32.3 |
|
|
41.2 |
|
|
143.3 |
|
|
153.3 |
The table below shows gallons delivered for the three months and years ended December 31, 2019 and 2020:
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|
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|
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Three Months Ended |
|
Year Ended |
||||||||
|
|
December 31, |
|
December 31, |
||||||||
Gallons Delivered (in millions) |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||
CNG |
|
|
87.3 |
|
|
81.2 |
|
|
335.7 |
|
|
321.0 |
LNG |
|
|
16.0 |
|
|
14.8 |
|
|
65.1 |
|
|
61.5 |
Total |
|
|
103.3 |
|
|
96.0 |
|
|
400.8 |
|
|
382.5 |
Sources of Revenue
The following table shows the Company's sources of revenue for the three months and years ended December 31, 2019 and 2020:
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Three Months Ended |
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Year Ended |
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|
December 31, |
|
December 31, |
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Revenue (in millions) |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||
Volume-related (1) |
|
$ |
64.9 |
|
$ |
62.9 |
|
$ |
273.6 |
|
$ |
245.3 |
Station construction sales |
|
|
7.6 |
|
|
7.1 |
|
|
23.1 |
|
|
26.6 |
AFTC (2) |
|
|
47.1 |
|
|
5.0 |
|
|
47.1 |
|
|
19.8 |
Other |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
Total revenue |
|
$ |
119.6 |
|
$ |
75.0 |
|
$ |
344.1 |
|
$ |
291.7 |
(1) |
For the three months and year ended December 31, 2020, volume-related revenue includes an unrealized gain (loss) from the change in fair value of commodity swap and customer fueling contracts of $(1.9) million and $2.1 million, respectively. For the three months and year ended December 31, 2019, volume-related revenue includes an unrealized (loss) from the change in fair value of commodity swap and customer contracts of $(3.3) million and $(6.6) million, respectively. |
(2) |
In 2019, we recognized AFTC revenue for the vehicle fuel we sold in 2018 and 2019 in the three months ended December 31, 2019. |
2021 Outlook
GAAP net income (loss) for 2021 is expected to be approximately breakeven, assuming no unrealized gains or losses on commodity swap and customer contracts and contemplates a prolonged effect and more flattened recovery curve from the COVID-19 pandemic through the middle of 2021. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap contracts could significantly impact the Company’s estimated GAAP net income for 2021. Adjusted EBITDA for 2021 is expected to range from $60 million to $62 million. These expectations also exclude the impact of any acquisitions, divestitures, new joint ventures, transactions or other extraordinary events including a deterioration in, slower or lack of any recovery from the COVID-19 pandemic. Additionally, the expectations regarding 2021 Adjusted EBITDA assumes the calculation of this non-GAAP financial measure in the same manner as described above and without adjustments for any other items that may arise during 2021 and that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.
|
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|
|
(in thousands) |
|
2021 Outlook |
|
GAAP Net income (loss) attributable to Clean Energy Fuels Corp. |
|
$ |
Breakeven |
Income tax expense (benefit) |
|
|
300 |
Interest expense |
|
|
4,100 |
Interest income |
|
|
(1,050) |
Depreciation and amortization |
|
|
48,000 |
Stock-based compensation |
|
|
10,250 |
Loss (income) from equity method investments |
|
|
400 |
Loss (gain) from change in fair value of derivative instruments |
|
|
0 |
Adjusted EBITDA |
|
$ |
60,000 – 62,000 |
Today’s Conference Call
The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Friday, April 9, 2021, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13715902. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of renewable natural gas (RNG), which is derived from biogenic methane produced by the breakdown of organic waste, Clean Energy helps thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by 60% to over 400% depending on the source of the RNG. Clean Energy delivers RNG in the form of compressed natural gas (CNG) and liquefied natural gas (LNG) to its network of 565 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefaction facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Safe Harbor Statement
This press release contains 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, including statements about, among other things, the Company’s outlook for fiscal 2021, the expected impact of the COVID-19 pandemic on the Company’s business and the demand for renewable vehicle fuels, including fleets transitioning to lower carbon solutions in transportation.
Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the COVID-19 pandemic and the measures taken to prevent its spread and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to manage and grow its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility the Company incurs additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to potentially modify its fueling stations to reform its RNG to fuel hydrogen and electric vehicles; future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and grow its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; future availability of and our access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.
Investor Contact:
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News Media Contact:
Raleigh Gerber
Manager of Corporate Communications
949.437.1397
BOSTON--(BUSINESS WIRE)--#EcoStruxure--Schneider Electric, the leader in the digital transformation of energy management and automation, and Black & Veatch, a leading provider of resilient sustainable energy solutions to mission-critical U.S. facilities and infrastructure, today announced the completion of a microgrid system they jointly designed and constructed for the Marine Corps Air Station (MCAS) Miramar, in San Diego, California. The microgrid is online, fully operational and has been proven to provide 100 percent capability – even in the event of power outages – across the facility’s more than 100 mission critical buildings, including its entire flight line.
“This microgrid makes MCAS Miramar one of the most sustainable and energy secure facilities in the Department of Defense and plays a key role in helping California reach its clean energy goals.” said Mark Feasel, North American President of Smart Grids at Schneider Electric. “We’re excited to partner with industry leaders such as Black & Veatch and MCAS that share a similar objective to modernize our energy infrastructure and achieve cleaner energy, new efficiencies and cost savings.”
MCAS Miramar conducted its first full-scale Energy Resilience Readiness Exercise to assess resilience and reliability of the microgrid system, and whether it could keep operations up and running at full operational loads. During a full-day simulated power outage, the microgrid system completely disconnected from the grid and all operations were successfully carried out throughout its critical buildings and flight line. Similarly, the microgrid performed as designed twice in the fall of 2020, as it dispatched in support of the local utility, San Diego Gas & Electric (SDG&E) when it was struggling to fulfill peak loads. During Public Safety Power Shutoffs in California, the operation of the Miramar microgrid allowed SDG&E to maintain electrical service to thousands of homes that would have otherwise been curtailed.
“This microgrid system not only strengthens resilience with the ability to support our station with energy for up to 14 days, but it’s enabling us to significantly lower emissions,” said Mick Wasco, Installation Energy Manager at MCAS Miramar. “We’re excited to take this major step integrating renewable energy into our mission and making MCAS Miramar one of the most energy resilient defense facilities in the nation.”
In addition to the buildout of a new diesel and natural gas power plant, this project also includes construction of an advanced Energy and Water Operations Center (EWOC). The microgrid is operated directly out of the air station’s EWOC, where plant managers have direct visibility of the integrated microgrid control system, which utilizes Schneider Electric’s SCADA software and a certified network to connect field devices into the system. The applications that form the advanced microgrid control system, such as real-time monitoring and optimization, provide economic generation and load balance while maintaining system stability through load/frequency and voltage/VAR controls.
“Because energy resilience and reliability play such vital roles to our nation’s security and military preparedness, making this mission-critical project a reality helps to ensure the energy security of MCAS Miramar for years to come,” said Scott Kinner, Vice President of Black & Veatch’s federal business. “The collaboration with Schneider Electric and other stakeholders in this effort highlighted our extensive expertise in power generation and distributed infrastructure delivery as well as MCAS clear commitment to a more sustainable energy future.”
In 2016, Black & Veatch and Schneider Electric were selected to construct a microgrid at MCAS Miramar, bringing together an industry-leading portfolio of expertise, equipment and service to develop and operate a state-of-the-art microgrid. The system provides power to critical base loads, while cutting energy costs by using renewables and natural gas to lessen the base load, reduce energy demand and peak shave. In February 2019, Schneider Electric announced the expansion of the microgrid project at MCAS Miramar to further boost resilience. Supported by a $5 million California Energy Commission (CEC) Electric Program Investment Charge (EPIC) grant, the next phase of the project will add an energy storage system and integrate demand side management.
For more information about Schneider Electric’s microgrid solutions, please visit: https://www.se.com/us/en/work/solutions/microgrids/
For more information about Black & Veatch’s microgrid solutions, please visit: https://www.bv.com/industries/power/microgrids
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
About Black & Veatch
Black & Veatch is an employee-owned 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 in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
Hashtags: #SchneiderElectric, #LifeIsOn, EcoStruxure, #Microgrid, #MCASMiramar
Vicki True
Media Relations Manager
Schneider Electric
774-613-1158
Highlights
Exceeded 2020 financial targets with full year Adjusted EBITDA of $67.5 million, distribution coverage of 1.53 times, and leverage ratio of 3.83 times
Full year 2020 Adjusted EBITDA from continuing operations of $49.7 million, which excludes any expected synergies from the crude oil business sale
2021 outlook underpinned by stable cash flows, solid distribution coverage, improved balance sheet and liquidity profile, with pro forma leverage ratio of approximately 2.0 times
TULSA, Okla.--(BUSINESS WIRE)--$BKEP #Asphalt--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) today reported its financial results for the fourth quarter and full year ended December 31, 2020. Net loss was $29.2 million in fourth quarter 2020, compared to net income of $4.3 million for the same period in 2019, primarily due to a $39.1 million impairment of its crude oil pipeline and trucking assets included in discontinued operations.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) was $17.8 million in fourth quarter 2020 compared to $16.0 million for the same period in 2019. Adjusted EBITDA in fourth quarter 2020 excluded $0.7 million in transaction fees and severance costs related to the sale of the crude oil business.
“We ended 2020 with strong performance in our asphalt terminalling segment to cap off one of our best years despite challenges brought on by COVID-19, a testament to the stability and strength of our core businesses and solid execution by our team. Most importantly, we delivered on our top strategic priority, transforming Blueknight into a pure-play infrastructure terminalling business with greater financial flexibility,” commented Andrew Woodward, Chief Executive Officer.
“With the sale of our crude oil businesses, we significantly reduced the volatility and risk profile of our business, and now have a sharper strategic focus and improved growth trajectory. As we look forward to the remainder of 2021 and beyond, our team is optimistic about the long-term investment trends in infrastructure and is turning its full attention to growth and expansion of our core terminalling competencies, while maintaining our key financial metrics and a disciplined capital allocation strategy,” added Woodward.
SEGMENT PERFORMANCE
Asphalt Terminalling Services. Total operating margin, excluding depreciation and amortization, in fourth quarter 2020 was $16.5 million, up 4% compared to the same period in 2019 primarily due to higher variable throughput revenue. Full year 2020 total operating margin, excluding depreciation and amortization, was $60.8 million, slightly higher year-over-year. After excluding cost recovery revenue, approximately 95% of Blueknight’s full year 2020 total revenue was considered take-or-pay, which included $91.9 million of fixed fee revenue and $5.7 million of variable throughput and other revenue.
DISCONTINUED OPERATIONS
On December 21, 2020, Blueknight announced it had entered into multiple definitive agreements to sell its (i) crude oil terminalling, (ii) crude oil pipeline, and (iii) crude oil trucking segments (collectively the “Crude Oil Transaction”). As such, these segments are presented as discontinued operations in the Partnership’s financial reporting statements.
BALANCE SHEET AND CASH FLOW
Fourth quarter 2020 distributable cash flow was $13.3 million compared to $11.0 million for the same period in 2019. The 21% increase was attributable to improved business performance and lower cash interest expense. The calculated coverage ratio on all distributions was 1.64 times for fourth quarter 2020 versus 1.36 times for the same period in 2019.
Full year 2020 distributable cash flow was $49.6 million compared to $39.3 million in 2019, representing a $10.3 million, or 26% increase year-over-year. The calculated coverage ratio on all distributions was 1.53 times for full year 2020 versus 1.22 times in 2019.
At December 31, 2020, total debt was $252.6 million. Blueknight’s leverage ratio, which included $1.7 million in outstanding letters of credit, was 3.83 times versus 4.05 times for the same period in 2019.
As of March 4, 2021, total debt was $99.9 million following repayment of cash proceeds from the Crude Oil Transaction, representing a pro-forma leverage ratio of approximately 2.0 times.
2021 OUTLOOK
For 2021, Blueknight expects infrastructure and highway construction demand for its asphalt terminalling business to be comparable with the prior year with a more favorable outlook beyond 2021 over the medium and long-term driven by the expectation of a more comprehensive infrastructure funding bill. As a result, Blueknight expects its Adjusted EBITDA from continuing operations to be in-line with 2020, excluding any expected corporate synergies of $1.5 million to $2.5 million related to the Crude Oil Transaction. These earnings are supported by:
Total maintenance capital expenditures in 2021 are expected to be between $5.5 million and $6.5 million. Blueknight expects to use internally generated cash flow to fund 2021 distributions and is targeting a full year coverage ratio of 1.2 times or greater on all distributions.
CONFERENCE CALL DETAILS, NEW WEBSITE LAUNCH, AND ANNUAL REPORT ON FORM 10-K
The Partnership will discuss fourth quarter and full year 2020 results during a conference call tomorrow, Wednesday, March 10, 2021, at 10:00 a.m. CST (11:00 a.m. EST). The conference call will be accessible by telephone at 1-855-327-6837. International participants will be able to access the conference call at 1-631-891-4304. Participants are requested to dial in five to ten minutes before the scheduled start time. An audio replay will be available through the “Investors” section of the Partnership’s website.
Blueknight is pleased to announce that it has launched a new website, consistent with our strategy and core operations as a terminalling solutions provider focused on infrastructure and transportation end markets. The Partnership’s new website will be updated on a regular basis and visitors are encouraged to explore and learn more at www.bkep.com. The Partnership will upload a new investor presentation to the Investor section of its website at http://investor.bkep.com detailing Blueknight’s investment highlights and long-term strategy on Wednesday, March 10, 2021.
Additional information regarding the Partnership’s results of operations will be provided in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, to be filed with the SEC on March 10, 2021.
RESULTS OF OPERATIONS
The following table summarizes the Partnership’s financial results for the three and twelve months ended December 31, 2019 and 2020 (in thousands, except per unit data):
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed fee revenue |
|
$ |
21,957 |
|
|
$ |
24,056 |
|
|
$ |
87,218 |
|
|
$ |
91,879 |
|
Cost recovery revenue |
|
|
3,344 |
|
|
|
2,928 |
|
|
|
14,312 |
|
|
|
12,664 |
|
Variable throughput and other revenue |
|
|
1,894 |
|
|
|
2,825 |
|
|
|
4,988 |
|
|
|
5,702 |
|
Total revenue |
|
|
27,195 |
|
|
|
29,809 |
|
|
|
106,518 |
|
|
|
110,245 |
|
Operating expenses, excluding depreciation and amortization |
|
|
(11,318 |
) |
|
|
(13,261 |
) |
|
|
(46,367 |
) |
|
|
(49,396 |
) |
Total operating margin, excluding depreciation and amortization |
|
|
15,877 |
|
|
|
16,548 |
|
|
|
60,151 |
|
|
|
60,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,761 |
|
|
|
3,091 |
|
|
|
15,196 |
|
|
|
13,416 |
|
General and administrative expense |
|
|
3,403 |
|
|
|
3,681 |
|
|
|
13,388 |
|
|
|
14,182 |
|
Asset impairment expense |
|
|
160 |
|
|
|
- |
|
|
|
2,476 |
|
|
|
- |
|
Loss on sale of assets |
|
|
60 |
|
|
|
316 |
|
|
|
131 |
|
|
|
67 |
|
Operating income |
|
|
8,493 |
|
|
|
9,460 |
|
|
|
28,960 |
|
|
|
33,184 |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
54 |
|
|
|
199 |
|
|
|
530 |
|
|
|
1,169 |
|
Interest expense |
|
|
(1,678 |
) |
|
|
(1,248 |
) |
|
|
(7,447 |
) |
|
|
(5,665 |
) |
Provision for income taxes |
|
|
(16 |
) |
|
|
6 |
|
|
|
(44 |
) |
|
|
7 |
|
Income from continuing operations |
|
|
6,853 |
|
|
|
8,417 |
|
|
|
21,999 |
|
|
|
28,695 |
|
Loss on discontinued operations, net |
|
|
(2,513 |
) |
|
$ |
(37,642 |
) |
|
|
(3,587 |
) |
|
|
(42,175 |
) |
Net income(loss) |
|
$ |
4,340 |
|
|
$ |
(29,225 |
) |
|
$ |
18,412 |
|
|
$ |
(13,480 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income(loss) for calculation of earnings per unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General partner interest in net income(loss) |
|
$ |
69 |
|
|
$ |
(462 |
) |
|
$ |
337 |
|
|
$ |
(213 |
) |
Preferred interest in net income |
|
$ |
6,279 |
|
|
$ |
6,279 |
|
|
$ |
25,115 |
|
|
$ |
25,115 |
|
Net loss available to limited partners |
|
$ |
(2,008 |
) |
|
$ |
(35,042 |
) |
|
$ |
(7,040 |
) |
|
$ |
(38,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss from discontinued operations per common unit |
|
$ |
(0.06 |
) |
|
$ |
(0.87 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.98 |
) |
Basic and diluted net income(loss) from continuing operations per common unit |
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
(0.09 |
) |
|
$ |
0.07 |
|
Basic and diluted net loss per common unit |
|
$ |
(0.05 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.91 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding - basic and diluted |
|
|
40,816 |
|
|
|
41,199 |
|
|
|
40,755 |
|
|
|
41,104 |
|
Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and total operating margin, excluding depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation, asset impairment charges, gains and losses on asset sales, and other select items which management feels decreases the comparability of results among periods. Distributable cash flow is defined as Adjusted EBITDA minus cash paid for interest, maintenance capital expenditures, and cash paid for taxes. Operating margin, excluding depreciation and amortization is defined as revenues from related parties and external customers less operating expenses, excluding depreciation and amortization. The use of Adjusted EBITDA, distributable cash flow and operating margin, excluding depreciation and amortization should not be considered as alternatives to GAAP measures such as operating income, net income or cash flows from operating activities. Adjusted EBITDA, distributable cash flow and operating margin, excluding depreciation and amortization are presented because the Partnership believes they provide additional information with respect to its business activities and are used as supplemental financial measures by management and external users of the Partnership’s financial statements, such as investors, commercial banks and others to assess, among other things, the Partnership’s operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing or capital structure. Reconciliation of operating margin, excluding depreciation and amortization to its most directly comparable GAAP measure is included in the results of operations table above. Reconciliation of Adjusted EBITDA and distributable cash flow to their most directly comparable GAAP measures are included in the following table.
The following table presents a reconciliation of Adjusted EBITDA and distributable cash flow to income from continuing operations and loss on discontinued operations for the periods shown (in thousands, except ratios):
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Income from continuing operations |
|
$ |
6,853 |
|
|
$ |
8,417 |
|
|
$ |
21,999 |
|
|
$ |
28,695 |
|
Interest expense |
|
|
1,678 |
|
|
|
1,248 |
|
|
|
7,447 |
|
|
|
5,665 |
|
Income taxes |
|
|
16 |
|
|
|
(6 |
) |
|
|
44 |
|
|
|
(7 |
) |
Depreciation and amortization |
|
|
3,761 |
|
|
|
3,091 |
|
|
|
15,196 |
|
|
|
13,416 |
|
Non-cash equity-based compensation |
|
|
244 |
|
|
|
150 |
|
|
|
955 |
|
|
|
801 |
|
Asset impairment expense |
|
|
160 |
|
|
|
- |
|
|
|
2,476 |
|
|
|
- |
|
Loss on sale of assets |
|
|
60 |
|
|
|
316 |
|
|
|
131 |
|
|
|
67 |
|
Other |
|
|
- |
|
|
|
356 |
|
|
|
443 |
|
|
|
1,053 |
|
Adjusted EBITDA from continuing operations |
|
$ |
12,772 |
|
|
$ |
13,572 |
|
|
$ |
48,691 |
|
|
$ |
49,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on discontinued operations, net |
|
$ |
(2,513 |
) |
|
$ |
(37,642 |
) |
|
$ |
(3,587 |
) |
|
$ |
(42,175 |
) |
Interest expense |
|
|
1,903 |
|
|
|
1,151 |
|
|
|
8,527 |
|
|
|
5,319 |
|
Income taxes |
|
|
7 |
|
|
|
(8 |
) |
|
|
19 |
|
|
|
1 |
|
Depreciation and amortization |
|
|
2,560 |
|
|
|
2,278 |
|
|
|
10,336 |
|
|
|
9,652 |
|
Non-cash equity-based compensation |
|
|
60 |
|
|
|
22 |
|
|
|
228 |
|
|
|
120 |
|
Asset impairment expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,417 |
|
(Gain) loss on sale of assets |
|
|
1,252 |
|
|
|
(1,013 |
) |
|
|
(584 |
) |
|
|
(1,190 |
) |
Loss on classification as held for sale |
|
|
- |
|
|
|
39,096 |
|
|
|
- |
|
|
|
39,096 |
|
Other |
|
|
- |
|
|
|
366 |
|
|
|
- |
|
|
|
564 |
|
Adjusted EBITDA from discontinued operations |
|
$ |
3,269 |
|
|
$ |
4,250 |
|
|
$ |
14,939 |
|
|
$ |
17,804 |
|
Total Adjusted EBITDA |
|
$ |
16,041 |
|
|
$ |
17,822 |
|
|
$ |
63,630 |
|
|
$ |
67,494 |
|
Cash paid for interest |
|
|
(3,333 |
) |
|
|
(2,192 |
) |
|
|
(15,150 |
) |
|
|
(10,009 |
) |
Cash paid for income taxes |
|
|
(7 |
) |
|
|
25 |
|
|
|
(227 |
) |
|
|
(30 |
) |
Maintenance capital expenditures, net of reimbursable expenditures |
|
|
(1,676 |
) |
|
|
(2,378 |
) |
|
|
(8,932 |
) |
|
|
(7,894 |
) |
Distributable cash flow |
|
$ |
11,025 |
|
|
$ |
13,277 |
|
|
$ |
39,321 |
|
|
$ |
49,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared(1) |
|
|
8,082 |
|
|
|
8,106 |
|
|
|
32,330 |
|
|
|
32,432 |
|
Distribution coverage ratio |
|
|
1.36 |
|
|
|
1.64 |
|
|
|
1.22 |
|
|
|
1.53 |
|
(1) Inclusive of preferred and common unit declared cash distributions. |
||||||||||||||||
Forward-Looking Statements
This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Blueknight
Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.
Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
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