Amazon tops the list with a significant increase in announced corporate renewable energy investments last year

WASHINGTON--(BUSINESS WIRE)--Today, the Renewable Energy Buyers Alliance (REBA), announced the release of its second annual Deal Tracker Top 10, which highlights 2020’s leading large energy buyers, topped by Amazon with the procurement of 3.163 gigawatts (GW). Large energy buyers once again showcase their resolve and commitment to renewable energy with a record-breaking 10.6 GW of announced contracted capacity.

“Large energy buyers have led the market since the inception of renewable energy in 2008. It is remarkable that the business community announced nearly 100 new deals while managing the impacts of a global pandemic,” said Miranda Ballentine, CEO, REBA. “These leaders stepped up to prioritize renewables as a key component of broader organizational energy and climate strategies, and more importantly, recognize the role of the energy industry as the country looks to navigate economic recovery.”

The REBA Deal Tracker is more than a tracking mechanism, it’s a reflection of how large energy buyers continue to drive progress toward a zero-carbon future. The diverse list of companies – half of which represents first-time energy buyers accounting for 25 percent of total announced volume – has navigated market barriers through innovative contracting structures and collaboration with key stakeholders, including utilities, energy transaction parties, local communities, and industry leaders. Significant potential remains to grow the market and economy as well as create jobs by improving access to renewables through key federal policy priorities.

2020 REBA Deal Tracker Top 10

“We’re making big investments in wind and solar energy because it can help to quickly decarbonize our business operations. Amazon is on a path to run on 100 percent renewable energy by 2025 — five years ahead of our original target of 2030,” said Kara Hurst, vice president, sustainability, Amazon. “We believe all companies have a role to play in protecting the planet. To inspire collaboration, we co-founded The Climate Pledge – with signatories committing to reaching net-zero carbon by 2040, 10 years ahead of the Paris Agreement. We welcome REBA’s steadfast work toward enabling resilient, zero-carbon energy supplies and unlocking renewable energy for all large-scale energy buyers to help them deliver on their commitments.”

REBA members accounted for 97 percent of the renewable energy deals announced in 2020, and as the strategies used to transact in the energy market have evolved, so too has the profile of a typical large energy buyer. While the information technology (IT) sector continues to represent the highest announced renewable energy procurement by volume, industrials and materials was the top sector for new buyers, which indicates the importance of decarbonization of industrial supply chains to meet zero-carbon goals.

Of the 98 renewable energy deals reflected in the full REBA Deal Tracker update, 82 percent were announced in organized markets and 72 percent were utility-scale solar projects. Notably, 2020 was the first year that multiple large energy buyers announced procurement that included battery storage, aligning with broader industry trends as storage technology becomes more accessible. Trends also indicate a shifting focus on maximizing the carbon impact of renewable energy with leading large energy buyers matching procurement to time of use and location, siting projects strategically to optimize emissions reductions and prioritizing community benefits.

The REBA Deal Tracker is a unique tracking mechanism that focuses on U.S.-based utility scale corporate procurement. The annual REBA Deal Tracker Top 10 list features the top corporates, or large energy buyers, leading the procurement of renewable energy. You can download the full REBA Deal Tracker here.

Media Contact: Marisa Long, Inspire PR Group on behalf of REBA; 412-877-7592 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Announces intent of B. Riley Financial to exchange $35 million of its existing term loan for senior notes

Proceeds to be used to support clean energy growth initiatives and restructure senior and term debt

Revolving credit facility to be permanently reduced by 75% of the senior note value, exclusive of the value of the B. Riley Financial term loan exchange

Interest on remaining Tranche A term loan to be significantly reduced

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten public offering of $110 million aggregate principal amount of senior notes due 2026. B&W expects to grant the underwriters a 30-day option to purchase additional senior notes in connection with the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

B&W and the senior notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

The Company expects to use the net proceeds of this offering to support clean energy growth initiatives, substantially pay down its revolving credit facility and permanently reduce the facility size by 75% of the senior note value exclusive of the value of the B. Riley Financial term loan exchange. As part of the offering, B. Riley Financial, Inc. intends to exchange $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in the offering. Following the completion of the offering, the interest rate on the remaining Tranche A term loan balance will be reduced to an interest rate equal to 150 basis points less than the interest rates of the senior notes, compared to its current rate of 12%. The Company and its lenders have also amended the terms of its credit agreement to facilitate the senior notes offering, among other things.

B. Riley Securities, Inc. is acting as lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., and National Securities Corporation are acting as joint book-running managers for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc. and Kingswood Capital Markets, division of Benchmark Investments, Inc. are acting as co-managers for the offering.

The senior notes will be offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC") on February 13, 2020. The offering will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offering of senior notes, the intent of a lender to convert $35 million of its existing term loan to senior notes, the revolving credit facility to be permanently reduced by 75% of the senior note value, and the interest on remaining Tranche A term loan to be significantly reduced. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

• Leader in digital transformation and energy management offers builders new technology ecosystem for more resilient, safe and sustainable homes
• Resilient, future-proof solutions allow builders to meet quickly-evolving regulations and optimize homes for distributed energy resources

BOSTON--(BUSINESS WIRE)--#IBS2021--Schneider Electric, the leader in the digital transformation of energy management and automation, today showcased its Wiser Energy Monitor, Square D Energy Center and new connected wiring device ranges for builders seeking innovative ways to drive efficiency and sustainability at the International Builders’ Show. These new smart solutions allow builders to differentiate their homes through increased electrical system connectivity, transparency and enhanced energy control.

As a national leader in connected and smart home technology, Schneider Electric is already in four out of 10 homes in the U.S., keeping them safe from potential electrical hazards. Now, Schneider Electric is offering builders new solutions through the Wiser Energy System and connected wiring devices to help respond to changing home buyer needs and evolving environmental regulations.

“Homes are on track to become the single-largest consumer of electricity and we recognize the environmental impact of this and the challenges new regulations are placing on the building industry to increase efficiency,” said Richard Korthauer, Vice President, Home & Distribution, Schneider Electric. “As a trusted partner for more than 100 years, we are proud to offer builders new solutions, like the Square D Energy Center, to helping them create sustainable homes of the future that offer seamlessly integrated technology for greater peace of mind and energy savings.”

Across the United States, Schneider Electric is working with home builders, offering solutions that focus on the four key areas that enable them to build top-of-the-line homes: providing best in class safety and protection, creating an enhanced lifestyle with connectivity, incorporating AI and machine learning, and embracing modern aesthetics and modular designs. These solutions include:

Square D Energy Center – A more resilient, efficient, and aesthetic all-in-one home energy system designed for smart homes offering personalized digital control over residential energy use.

• Addresses changing building regulations, including California’s Title 24 Building Energy Efficiency Standards, requiring solar as part of all new home construction.
• Integrates an array of smart home technology, including whole-home surge protection, EV connectivity, Qwik-Connect solar inverter, backup interface module, backup-ready panel, and more.

Wiser Home Energy Monitor – A connected solution integrated into the home's electrical panel providing real-time information to optimize home energy usage and track savings.

• Enhanced monitoring and control of residential energy use through a single app.
• Updates and alerts to track energy use for all electrical devices across the home.

Square D Wiring Devices – High-performing, multi-tasking, connected light switches, dimmers, outlets and combination devices that can control room lighting and monitor energy.

• Embedded sensors monitor energy consumption down to the switch level, offering greater insight to optimize residential energy use.
• Classic functionality available in a wide range of colors to enhance the aesthetics of any home, easy to install and compatible with Alexa and Google Home for voice activation.

Partnering to Create Resilient, Sustainable Homes

Sustainable, durable and healthy homes begin with construction. Schneider Electric and Providence Homes, the leading builder of energy efficient homes in Northeast Florida, are working together to create energy efficient residential ecosystems and empower home buyers to better control their energy costs.

Providence Homes is dedicated to going beyond energy efficiency and building long-lasting, sustainable homes. In working with Schneider Electric, the builder has been able to create homes that are not only sustainable, resilient, hyper-efficient and people-centric, but most of all transparent and optimized for long-term energy efficiency.

“We take great pride in building 100% ENERGY STAR^® Certified homes that can keep up with the energetic families that live inside them, while offering a cleaner, healthier environment for all. When showing our homes, we are excited to share how our homes outperform traditional code-built homes in all aspects of design and performance,” said Charles Roberts, Vice President of Operations. “By incorporating the Wiser Home Energy Monitor, our homebuyers can easily see the cost-savings in action and the value speaks for itself.”

Providence Homes is integrating Schneider Electric’s Wiser Energy Monitor into more than 250 homes, giving those homeowners 24/7 real-time access to energy usage, track savings and set energy goals to optimize their home energy.

For more information on these innovation solutions, please stop into the Schneider Electric virtual booth at the show or visit https://www.se.com/us/en/home/offers/connected-home/.

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.

Hashtags: #IBS2021 #LifeisOn

Discover Life Is On

Follow us on:
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Schneider Electric
Thomas Eck
Tel.: (917) 797-4974
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--The Board of Trustees of Eversource Energy (NYSE:ES) today approved a quarterly dividend of $0.6025 per share, payable on March 31, 2021, to shareholders of record as of the close of business on March 4, 2021.

Eversource Energy operates New England’s largest energy delivery company and is committed to safety, reliability, environmental leadership and stewardship, as well as expanding energy and sustainability options for approximately 4.3 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire. It has approximately 343 million common shares outstanding.

MEDIA CONTACT:
Jeffrey R. Kotkin
(860) 665-5154

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy will webcast a conference call with financial analysts on Wednesday, February 17, 2021, beginning at 9 a.m. Eastern Time, at which senior management will review 2020 results and discuss the outlook for 2021.

This listen-only, live audio presentation will be accessible from the Investors section of the Eversource website at https://www.eversource.com/Content/general/about/investors/presentations-webcasts.

Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2020 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally-recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Jeffrey R. Kotkin
860-665-5154

• H&P's North America Solutions segment exited the first quarter of fiscal 2021 with 94 rigs doubling the lows experienced in August 2020 and up roughly 35% during the quarter

• The Company ended the quarter with $524 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility culminating in approximately $1.3 billion in available liquidity

• Quarterly North America Solutions operating gross margins⁽¹⁾ increased $5 million to $45 million sequentially, as revenues increased by $53 million to $202 million and expenses increased by $47 million to $157 million

• The Company reported a fiscal first quarter net loss of $(0.66) per diluted share; including select items⁽²⁾ of $0.16 per diluted share

• H&P continues its leadership position in drilling automation technology and the evolution of the commercial model with 25% to 30% of our active FlexRig® fleet utilizing AutoSlide® and performance-based contracts

• On December 11, 2020, the Board of Directors of the Company declared a quarterly cash dividend of $0.25 per share payable on March 1, 2021 to stockholders of record at the close of business February 12, 2021

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $70 million or $(0.66) per diluted share from operating revenues of $246 million for the quarter ended December 31, 2020, compared to a net loss of $59 million, or $(0.55) per diluted share, on revenues of $208 million for the quarter ended September 30, 2020. The net losses per diluted share for the first quarter of fiscal year 2021 and the fourth quarter of fiscal year 2020 include $0.16 and $0.19, respectively, of after-tax gains and losses comprised of select items⁽²⁾. For the first quarter of fiscal year 2021, select items⁽²⁾ were comprised of:

• $0.16 of after-tax gains pertaining to the sale of an offshore platform rig, discontinued operations related to adjustments resulting from currency fluctuations, and a non-cash fair market adjustment to our equity investment

Net cash used in operating activities was $20 million for the first quarter of fiscal year 2021 compared to net cash provided by operating activities of $93 million for the fourth quarter of fiscal year 2020.

President and CEO John Lindsay commented, “Like many, we entered 2021 with a combined sense of relief and optimism - relieved that one of the most difficult years in the Company's 100-year history is behind us and optimistic given our market share gains during our first fiscal quarter of 2021. We exited the first fiscal quarter with 94 rigs, double the number we had active at the trough in August, and the upward trend continues. We are also encouraged by the recent worldwide deployment of COVID-19 vaccines, improved crude oil prices and the progress we are making on strategic efforts to deploy additional digital technology solutions and to advance new commercial models.

"Global uncertainty related to COVID-19 and the possibility of future industry and economic volatility certainly temper our short-term optimism, and we remain cognizant that even in a stable or improving environment there remains several challenges ahead for both the Company and the industry. We are pleased with our recent gains in technology solution deployments and performance-based contracts, but are aware of the work that remains and the additional efforts around change management that must occur within the industry. Accordingly, improvements in both technology solutions and performance-based contract adoptions are not likely to be linear and may not always correlate with our rig count. That said, we remain steadfast and confident in our ability to lead and effect change in our industry.

"H&P's customer-centric approach of combining our people, rigs and leading-edge automation technology differentiates H&P within the industry, and is empowering us to deliver the highest-value wells for our customers. An underlying principle of our performance contracts is to create sustainable 'win-win' scenarios based not only on efficiency, but also wellbore quality and placement. When successful, these contracts lead to superior well economics and returns for both our customers and H&P as well. Another key component in improving well economics is the use of H&P's patented drilling automation software that helps to enable higher quality wells to be drilled on a more consistent basis with lower levels of risk. To date, our autonomous AutoSlide® technology is deployed on 25-30% of our FlexRig® fleet and we currently have similar percentages for performance-based contracts."

Senior Vice President and CFO Mark Smith also commented, "The Company exited the recent fiscal quarter with $524 million in cash and short-term investments, a debt-to-cap of 13% and approximately $1.3 billion in available liquidity. H&P's ability to emerge well positioned from a very challenging year is a testament to our balance sheet strength and underscores the importance of maintaining robust financial footing in the volatile, and often unpredictable, times experienced in our cyclical industry. The Company's strong financial foundation underpins our long-term focus and capital allocation strategy including our historic practice of providing returns to shareholders in the form of dividends and share repurchases.

"During the first fiscal quarter we incurred significant costs associated with the large number of rig reactivations, which served to temporarily impinge operating margins by approximately $10.6 million. Such costs are necessary as we continue to reactivate rigs and we anticipate additional rig reactivations during the second fiscal quarter albeit at a more modest pace. While we are pleased to see activity improve during the first fiscal quarter as well as H&P's ability to quickly respond to customer demand, we also have more work to do on cost management, which overshadows the positive contributions performance-based contracts and our automated technology solution offerings are having on our financial performance."

John Lindsay concluded, “I am pleased with the progress our Company is making on its strategic initiatives, particularly given the economic and industry headwinds we are navigating. As we have indicated previously, introducing disruptive technologies and business models is a long and sometimes unpredictable process. I believe our dedicated teams are well-equipped and our conservative financial stewardship has enabled us to capitalize on the challenges and opportunities ahead."

Operating Segment Results for the First Quarter of Fiscal Year 2021

North America Solutions:

This segment had an operating loss of $73 million compared to an operating loss of $78 million during the previous quarter. The decrease in the operating loss was driven by a higher level of rig activity and fewer idle but contracted rigs in the fleet; however, operating results were negatively impacted by the costs associated with reactivating rigs during the quarter.

Operating gross margins⁽¹⁾ increased by $5.4 million to $44.7 million as both revenues and expenses increased sequentially. Revenues during the quarter benefited from $5.8 million in early contract termination revenue compared to $11.7 million in the prior quarter and also benefited from fewer idle but contracted rigs within the active fleet. Expenses during the quarter were adversely impacted by costs associated with reactivating 25 idle rigs and 10 idle but contracted rigs and the continued elevated levels of self-insurance expenses. Our technology solutions contribution was modestly above expectations having a positive impact on the overall segment margins.

International Solutions:

This segment had an operating loss of $8.4 million compared to an operating loss of $3.5 million during the previous quarter. Operating gross margins⁽¹⁾ declined to a negative $7.0 million from a negative $1.2 million in the previous quarter due to fewer revenue days as international activity continued to decline. The previous quarter also benefited from certain revenue reimbursements received. This segment continues to carry a higher level of expenses relative to activity levels resulting from compliance with local jurisdictional requirements surrounding COVID-19 as well as minimum levels of fixed overhead in countries where we had no activity during the quarter. The Company continues to explore opportunities to mitigate these expenses, while maintaining strict adherence to local regulations. Current quarter results included a $1.9 million foreign currency loss related to our South American operations compared to an approximate $2.6 million foreign currency loss in the fourth quarter of fiscal year 2020.

Offshore Gulf of Mexico:

This segment had operating income of $2.7 million compared to operating income of $1.5 million during the previous quarter. Operating gross margins⁽¹⁾ increased slightly to $6.0 million compared to $4.6 million in the prior quarter as activity levels remained flat.

Operational Outlook for the Second Quarter of Fiscal Year 2021

North America Solutions:

• We expect North America Solutions operating gross margins⁽¹⁾ to be between $60-$70 million
• We expect to exit the quarter at between 105-110 contracted rigs

International Solutions:

• We expect International Solutions operating gross margins⁽¹⁾ to be between $(1)-$(3) million, exclusive of any foreign exchange gains or losses

Offshore Gulf of Mexico:

• We expect Offshore Gulf of Mexico operating gross margins⁽¹⁾ to be between $6-$9 million

Other Estimates for Fiscal Year 2021

• Gross capital expenditures are still expected to be approximately $85 to $105 million; roughly one-third expected for maintenance, roughly one-third expected for skidding to walking conversions and roughly one-third for corporate and information technology. Asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are now expected to total approximately $25 million in fiscal year 2021. Note the sale of the offshore platform rig during the first fiscal quarter 2021 is excluded from this number.
• Depreciation is still expected to be approximately $430 million
• Research and development expenses for fiscal year 2021 are now expected to be roughly $25 to $30 million
• General and administrative expenses for fiscal year 2021 are still expected to be approximately $160 million

COVID-19 Update

The COVID-19 pandemic continues to have a significant impact around the world and on our Company. After falling dramatically in 2020, crude oil prices have recovered, but industry activity still remains at much lower relative levels. The environment in which we operate is still uncertain; however, upon the onset of COVID-19's rapid spread across the United States in early March 2020, we responded quickly and took several actions to maintain the health and safety of H&P employees, customers and stakeholders and to preserve our financial strength. We discussed these actions in our press releases dated, April 30, 2020 and July 28, 2020 and in our quarterly reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and in our annual report on Form 10-K for the fiscal year ended September 30, 2020 and will provide updates in our quarterly report on Form 10-Q for the quarter ended December 31, 2020 when filed.

Select Items Included in Net Income per Diluted Share

First quarter of fiscal year 2021 net loss of $(0.66) per diluted share included $0.16 in after-tax gains comprised of the following:

• $0.07 of after-tax gains pertaining to the sale of an offshore platform rig
• $0.07 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $(0.00) of after-tax losses related to restructuring charges

Fourth quarter of fiscal year 2020 net loss of $(0.55) per diluted share included $0.19 in after-tax gains comprised of the following:

• $0.20 of after-tax gains pertaining to the sale of industrial real estate property
• $(0.00) of after-tax losses related to restructuring charges
• $(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments

Conference Call

A conference call will be held on Wednesday, February 10, 2021 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations to discuss the Company’s first quarter fiscal year 2021 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the Investor Relations section by clicking on “INVESTORS” and then clicking on “Event Calendar” to find the event and the link to the webcast.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At December 31, 2020, H&P's fleet included 262 land rigs in the U.S., 32 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s future financial position, operations outlook, business strategy, dividends, budgets, projected costs and plans and objectives of management for future operations, and the impact or duration of the COVID-19 pandemic and any subsequent recovery, are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

We use our Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on our Investor Relations website at www.helmerichpayne.com.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig and AutoSlide, which may be registered or trademarked in the U.S. and other jurisdictions.

(1) Operating gross margin is defined as operating revenues less direct operating expenses.
(2) See the corresponding section of this release for details regarding the select items. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside of the Company's core business operations.

Dave Wilson, Vice President of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(918) 588‑5190

WASHINGTON--(BUSINESS WIRE)--On Tuesday, February 9, 2021, Nodal Exchange achieved a new daily trading record in power futures with a total traded volume of 56.2 million MWh which is equivalent to the electricity that 5.3 million homes would consume in a year in the USA. This surpasses the previous daily trading record of 42.0 million MWh from February 4th, 2020.

This record follows Nodal Exchange’s strong performance in 2020 achieving over 1 billion MWh of open interest as of December 31, 2020 representing over $55 billion of notional value (both sides.) This represents 11% growth from the prior year while the industry declined 1%. Nodal holds the majority of US power futures open interest with over 50% market share.

“I am excited by Nodal’s record day in power yesterday, which was accompanied by significant environmental and natural gas trading,” said Paul Cusenza, Chairman and CEO of Nodal Exchange. “As the year progresses, we look forward to continued growth in all the markets we serve and appreciate the support of our trading community.”

About Nodal

Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.

Nodal Exchange Public Relations
Nicole Ricard
Phone : 703-962-9816
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) today reported its third quarter fiscal 2021 results. Highlights for the quarter include:

• Loss from continuing operations for the third quarter of Fiscal 2021 of $380.4 million, primarily a result of a $383.6 million write down of goodwill and certain intangibles related to the impact of the bankruptcy rejection of transportation contracts with Extraction Oil & Gas, Inc. (“Extraction”), compared to income from continuing operations of $49.1 million for the third quarter of Fiscal 2020
• Announcement of a global settlement agreement with Extraction which, among other consideration, provides for: (i) a new long-term supply agreement, which includes a significant acreage dedication in the DJ Basin, and retains Extraction’s crude oil volumes for shipping on the Grand Mesa Pipeline; (ii) a new rate structure under the supply agreement, with an agreed upon differential plus an increase in the rate when New York Mercantile Exchange (“NYMEX”) prices exceed $50.00 per barrel; and (iii) the receipt of $35.0 million from Extraction as a liquidated payment for the Partnership’s unsecured claims
• Successful start-up of our Poker Lake pipeline, which has an initial capacity of over 350,000 barrels per day and connects into our integrated Delaware Basin produced water pipeline infrastructure network
• Adjusted EBITDA from continuing operations for the third quarter of Fiscal 2021 of $125.0 million, impacted by lower volumes on the Grand Mesa Pipeline, lower demand in the Liquids and Refined Products segment due to the COVID-19 pandemic and lower earnings associated with biodiesel tax credits, compared to $200.5 million for the third quarter of Fiscal 2020

Subsequent to December 31, 2020, the Partnership announced the completion of a private offering of $2.05 billion of 7.5% 2026 senior secured notes (“2026 Secured Notes”) and a new $500.0 million asset-based revolving credit facility (“ABL Facility”). The proceeds received from these transactions were used to repay all outstanding amounts under the Partnership’s existing $1.915 billion revolving credit facility due in October 2021 and its $250.0 million term loan facility and terminate those agreements, as well as to pay all fees and expenses associated with the transactions. In connection with these transactions, the Partnership has temporarily suspended all common unit and preferred unit distributions until total leverage has been reduced to an agreed upon level.

“The Partnership made significant progress on numerous fronts during its fiscal third quarter. The successful completion of the Poker Lake pipeline allowed our Water Solutions segment to begin receiving disposal volumes from its Poker Lake Dedication and will facilitate future growth from the development. The finalization of our negotiations with Extraction around our future operating relationship preserved barrels to be transported on the Grand Mesa Pipeline and removed a significant point of uncertainty in our future earnings.” stated Mike Krimbill, NGL’s CEO. “Subsequent to the quarter’s end, we successfully extended our short-term debt maturities and provided the Partnership with improved liquidity and a long-term runway with which it can concentrate on deleveraging the balance sheet with an eye towards reinstating both the preferred and common unit distributions as soon as possible. Before entering into the agreement that restricts distributions, management and the Board first considered many other options and, based on the totality of the circumstances, determined and strongly believes the chosen path forward is in the best interest of all stakeholders,” Krimbill concluded.

Quarterly Results of Operations

The following table summarizes operating income (loss) and Adjusted EBITDA from continuing operations by reportable segment for the periods indicated:

The tables included in this release reconcile operating income (loss) to Adjusted EBITDA from continuing operations, a non-GAAP financial measure, on a consolidated basis and for each of the Partnership’s reportable segments.

Crude Oil Logistics

On December 21, 2020, the Partnership announced a global settlement agreement with Extraction, as it relates to Extraction’s emergence from bankruptcy, which occurred on January 21, 2021. Among other consideration, the global settlement agreement provides for the following: (i) a new long-term supply agreement, which includes a significant acreage dedication in the DJ Basin, and retains Extraction’s crude oil volumes for shipping on the Grand Mesa Pipeline; (ii) a new rate structure under the supply agreement, with an agreed upon differential plus an increase in the rate when NYMEX prices exceed $50.00 per barrel; and (iii) the receipt of $35.0 million from Extraction as a liquidated payment for the Partnership’s unsecured claims related to the rejected transportation contracts, which was received on January 21, 2021.

Operating income for the third quarter of Fiscal 2021 decreased compared to the third quarter of Fiscal 2020 primarily due to impairment charges of $383.6 million related to the write down of goodwill and certain intangible assets due to the impact of the rejection of transportation contracts with Extraction in connection with its bankruptcy. During the three months ended December 31, 2020, financial volumes on the Grand Mesa Pipeline averaged approximately 69,000 barrels per day, compared to approximately 134,000 barrels per day for the three months ended December 31, 2019. These volumes are expected to increase going forward as the global settlement agreement with Extraction begins to take effect and as drilling and completion activity increases in the DJ Basin.

Liquids and Refined Products

Total product margin per gallon, excluding the impact of derivatives, was $0.048 for the quarter ended December 31, 2020, compared to $0.091 for the quarter ended December 31, 2019. This decrease was primarily due to higher supply costs and lower demand resulting from the COVID-19 pandemic.

Refined products volumes decreased by approximately 112.8 million gallons, or 34.5%, during the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019. Propane volumes decreased by approximately 86.7 million gallons, or 18.5%, and butane volumes decreased by approximately 63.3 million gallons, or 22.9%, when compared to the quarter ended December 31, 2019. Other product volumes decreased by approximately 46.4 million gallons, or 27.5%, during the quarter ended December 31, 2020 compared to the same period in the prior year. The decrease in refined products, propane, butane and other product volumes was also primarily due to the continued lower demand as a result of the COVID-19 pandemic.

Additionally, the Partnership received the $13.8 million one-time benefit of certain biofuel tax credits that had been accumulated in prior periods and recognized in the quarter ended December 31, 2019.

Water Solutions

The Partnership processed approximately 1.41 million barrels of water per day during the quarter ended December 31, 2020, a 10.9% decrease when compared to produced water processed per day during the quarter ended December 31, 2019. This decrease was primarily due to lower disposal volumes in all basins, other than the Northern Delaware basin, during the period resulting from lower crude oil prices, drilling activity and production volumes. The increase in disposal volumes during the three months ended December 31, 2020 in the Northern Delaware basin was primarily driven by three months of activity from the assets acquired from Hillstone Environmental Partners, LLC (“Hillstone”) in November 2019 as well as new produced water volumes received upon the completion and commencement of the Partnership’s Poker Lake pipeline. The pipeline and tie-ins, which have the initial capacity of over 350,000 barrels per day and connects into the Partnership’s integrated Delaware Basin produced water pipeline infrastructure network, was successfully completed in October 2020.

Revenues from recovered crude oil, including the impact from realized skim oil hedges, totaled $11.4 million for the quarter ended December 31, 2020, a decrease of $6.4 million from the prior year period. This decrease was the result of lower volumes and lower crude oil prices. The percentage of recovered crude oil per barrel of produced water processed has declined over the past several periods due to an increase in produced water transported through pipelines (which contains less oil per barrel of produced water) and the addition of contract structures that allow certain producers to keep the skim oil recovered from produced water.

Operating expenses in the Water Solutions segment decreased to $0.27 per barrel compared to $0.42 per barrel in the comparative quarter last year. The Partnership has taken significant steps to reduce operating costs and continues to evaluate cost saving initiatives in the current environment.

Corporate and Other

Corporate and Other expenses decreased from the comparable prior year period primarily due to lower compensation expense, in particular cash and non-cash incentive compensation, and a reduction in acquisition related expenses. These decreases were partially offset by legal costs incurred for defending the rejection of our transportation contracts in the Extraction bankruptcy proceedings.

Capitalization and Liquidity

Total debt outstanding was $3.28 billion at December 31, 2020 compared to $3.15 billion at March 31, 2020, an increase of $131 million due primarily to the funding of certain capital expenditures incurred prior to and accrued on March 31, 2020 as well as $100.0 million of deferred purchase price of Mesquite Disposals Unlimited, LLC (“Mesquite”). Capital expenditures incurred totaled $11.5 million during the third quarter (including $6.3 million in maintenance expenditures) and $65.9 million year-to-date (including $22.3 million in maintenance expenditures). These expenditures have decreased throughout Fiscal 2021 with original full year expectations totaling $100 million or less for both growth and maintenance capital expenditures combined. Total liquidity (cash plus available capacity on our revolving credit facility) was approximately $103.1 million as of December 31, 2020.

On February 4, 2021, the Partnership closed on the 2026 Secured Notes and the ABL Facility. The proceeds received were used to repay all outstanding amounts under the Partnership’s existing $1.915 billion revolving credit facility and repay its $250 million term credit facility, along with all fees and expenses associated with these repayments and the issuance of the 2026 Secured Notes and the ABL Facility. The Partnership currently has approximately $340 million in availability under the ABL Facility, net of all currently outstanding borrowings and letters of credit.

In connection with the refinancing, the Partnership agreed to certain restricted payment provisions under the 2026 Secured Notes and the ABL Facility. One of these provisions requires the Partnership to temporarily suspend the quarterly common unit distribution beginning with respect to the quarter ended December 31, 2020, as well as distributions on all of the Partnership’s preferred units, until the total leverage ratio falls below 4.75x. The cash savings from this suspension should accelerate the deleveraging of the Partnership’s balance sheet and increase liquidity, thereby creating more financial flexibility for the Partnership going forward.

Third Quarter Conference Call Information

A conference call to discuss NGL’s results of operations is scheduled for 4:00 pm Central Time on Tuesday, February 9, 2021. Analysts, investors, and other interested parties may access the conference call by dialing (800) 291-4083 and providing access code 5176744. An archived audio replay of the conference call will be available for 7 days beginning at 1:00 pm Central Time on February 10, 2021, which can be accessed by dialing (855) 859-2056 and providing access code 5176744.

Non-GAAP Financial Measures

NGL defines EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. NGL defines Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities, certain legal settlements and other. NGL also includes in Adjusted EBITDA certain inventory valuation adjustments related to TransMontaigne Product Services, LLC (“TPSL”), our refined products business in the mid-continent region of the United States (“Mid-Con”) and our gas blending business in the southeastern and eastern regions of the United States (“Gas Blending”), which are included in discontinued operations, and certain refined products businesses within NGL’s Liquids and Refined Products segment, as discussed below. EBITDA and Adjusted EBITDA should not be considered as alternatives to net (loss) income, (loss) income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. NGL believes that EBITDA provides additional information to investors for evaluating NGL’s ability to make quarterly distributions to NGL’s unitholders and is presented solely as a supplemental measure. NGL believes that Adjusted EBITDA provides additional information to investors for evaluating NGL’s financial performance without regard to NGL’s financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as NGL defines them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities.

Other than for the TPSL, Mid-Con, and Gas Blending businesses, which are included in discontinued operations, and certain businesses within NGL’s Liquids and Refined Products segment, for purposes of the Adjusted EBITDA calculation, NGL makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, NGL records changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, NGL reverses the previously recorded unrealized gain or loss and record a realized gain or loss. NGL does not draw such a distinction between realized and unrealized gains and losses on derivatives of the TPSL, Mid-Con, and Gas Blending businesses, which are included in discontinued operations, and certain businesses within NGL’s Liquids and Refined Products segment. The primary hedging strategy of these businesses is to hedge against the risk of declines in the value of inventory over the course of the contract cycle, and many of the hedges cover extended periods of time. The “inventory valuation adjustment” row in the reconciliation table reflects the difference between the market value of the inventory of these businesses at the balance sheet date and its cost, adjusted for the impact of seasonal market movements related to our base inventory and the related hedge. NGL includes this in Adjusted EBITDA because the unrealized gains and losses associated with derivative contracts associated with the inventory of this segment, which are intended primarily to hedge inventory holding risk and are included in net income, also affect Adjusted EBITDA.

Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership’s operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the Board of Directors) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the Board of Directors.

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process.

For further information, visit the Partnership’s website at www.nglenergypartners.com.

NGL Energy Partners LP
Trey Karlovich, 918-481-1119
Chief Financial Officer and Executive Vice President
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or
Linda Bridges, 918-481-1119
Senior Vice President - Finance and Treasurer
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Powerful ecosystem integration platform brings increased agility, visibility, and control to optimize critical end-to-end business processes

ROCKFORD, Ill.--(BUSINESS WIRE)--#API--It’s no secret that unprecedented consumer demand combined with tightening freight capacity and rising shipping rates are driving rapid change and growth in today’s logistics and transportation industry. What you might not know though, is that to manage such change, more and more companies in this industry are turning to modern cloud integration technology to stay one step ahead of their competition.

Cleo, the global ecosystem integration category leader, serves over 500 logistics and transportation businesses including truckload, LTL, multimodal, freight brokerage and 3PL providers with its Cleo Integration Cloud (CIC) for Logistics & Transportation solution.

Industry-leading companies rely on Cleo not just for its single-platform solution, but also for its proven ability to automate core processes associated with fulfillment (such as eliminating manual interventions in their Load-Tender-to-Invoice process), optimize capacity utilization, and enable greater operational agility through real-time data and insights. The CIC platform also provides end-to-end business process visibility with control over integration to manage ecosystems, strengthen valuable relationships, and accelerate business outcomes.

Over the past twelve months, Cleo’s CIC for Logistics & Transportation solution has gained significant adoption – processing record-breaking transaction volumes representing 175% year-over-year growth.

“At SemiCab, we are disrupting the long-haul trucking industry with our collaborative transportation platform,” said Ajesh Kapoor, president and CEO of SemiCab. “Integration among partners for transactions and processes is an essential part of the platform. Our platform provides pre-built integration with key partners such as TMS providers like Blue Yonder and Oracle, several ELD providers and others, but we have always desired to extend the platform’s unique capabilities to include organizations and partners that already work with integration platforms like Cleo. Cleo Integration Cloud provides a powerful platform to support real-time and batch transactions, enabling us to extend our platform’s benefits to include new partners and customers, leveraging their existing integration environments, and deliver on our promise of eliminating empty miles, increasing capacity, and reducing risk.”

The CIC for Logistics & Transportation offering is specifically designed with purpose-built capabilities to address many pressing integration problems affecting logistics companies today. According to a recent survey, 97% are trying to resolve a wide spectrum of supply chain challenges including top issues such as overcoming reliance on manual processes (34%), and difficulty integrating back-office applications such as ERP, TMS or WMS systems (27%).

Logistics and transportation companies using CIC are experiencing the following benefits:

• Faster customer onboarding
  • Onboard new trading partners in days instead of weeks
  • Meet any customer request or requirement by enabling any-to-any integrations and retaining flexible protocol connectivity
• Increase transparency, real-time operational visibility
  • Monitor and track B2B operations
  • Receive automated alerts with event and non-event-based notifications
• Automate load tender and advance ship notification (ASN) processes with backend applications
  • Connect any integration to any transportation management system (TMS), warehouse management system (WMS), ERP, and other back-end applications
  • Create automated API integrations and seamlessly route EDI transactions to any on-premise or cloud system
• Improve customer support & services
  • Provide users hands-on control to quickly troubleshoot and resolve integration process failures by identifying failures in real-time
  • Give your customers access to real-time information into the business processes that connect your logistics business with their shipping requests
• Optimize resource and team productivity
  • Choose between self-service execution or offloading of complex integration tasks to Cleo’s Managed Services team
  • Focus personnel on other in-house priorities and projects that drive superior customer experiences

“As logistics and transportation providers look to open up eCommerce opportunities, meet more rigid shipper and customer mandates, and stay competitive in the post-COVID era, Cleo helps them minimize complexity, drive revenue, and accelerate business growth,” said Mahesh Rajasekharan, president and CEO of Cleo. “We do this by enabling both API and EDI integration from the same platform, with real-time end-to-end business process visibility, and the industry’s only true blend of self-service and managed services deployment option.”

Want to Learn More? Watch a Demo

About SemiCab

SemiCab is a Collaborative Transportation Platform built to help shippers, carriers, and brokers alike by creating highly efficient truckload capacity with lower empty miles. SemiCab facilitates communication, enables collaboration, and brings much-needed transparency to the freight industry. To create visibility, SemiCab uses real-time data from load tendering and pre-built integrations with industry leading TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and proprietary optimization models. By taking advantage of modern technology and advanced optimization techniques, SemiCab creates efficient capacity and increases the utilization of private and dedicated fleets. The result? Shippers pay less and carriers and drivers make more. To learn more visit: SemiCab.com.

About Cleo Integration Cloud

Cleo Integration Cloud (CIC) is a cloud-based integration platform, purpose-built to design, build, operate and optimize critical ecosystem integration processes, including Load-Tender-to-Invoice. The CIC platform brings end-to-end integration visibility across API, EDI and non-EDI integrations that gives technical and business users the confidence to rapidly onboard trading partners, enable integration between applications, and accelerate revenue-generating business processes. On the platform, 500+ industry-leading logistics providers have the choice of self-service, managed services, or a blended approach – ensuring complete flexibility and control over their B2B integration strategy.

About Cleo

Cleo is an ecosystem integration software company focused on business outcomes, ensuring each customer’s potential is realized by delivering solutions that make it easy to discover and create value through the movement and integration of B2B enterprise data. Cleo gives customers strategic, “outside-in” visibility into the critical end-to-end business flows happening across their ecosystems of partners and customers, marketplaces, and internal cloud and on-premise applications. Our solutions empower teams to drive business agility, accelerate onboarding, facilitate modernization of key business processes, and capture new revenue streams by reimagining and remastering their digital ecosystem through robust application, B2B, and data integration technologies. For more information, visit www.cleo.com or call +1.815.282.7695.

Media Contacts
Laura Asendio
10Fold Communications on behalf of Cleo
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SAN FRANCISCO--(BUSINESS WIRE)--CAI International, Inc. (CAI) (NYSE: CAI) one of the world’s leading transportation finance companies, announces the following earnings release date and conference call:

If you are unable to participate during the live conference call and webcast, the call will be archived at www.capps.com for 30 days (click the “Investors” tab).

David Morris, VP Finance, Corporate Controller
(415) 788-0100
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Rail-served locations feature quick access to entire Midwest and a well-trained workforce

DENVER--(BUSINESS WIRE)--The Broe Group’s transportation affiliate, OmniTRAX Inc., a comprehensive logistics solutions provider, is working with the City of Sand Springs, Okla. to bring its Rail-Ready Sites program to the Sand Springs Railway (SS). The OmniTRAX Rail-Ready Sites program connects companies looking to recognize the benefits of rail with rail-served properties.

OmniTRAX and Sand Springs are initially marketing two rail-served sites on the SS totaling about 25 acres. The SS, with direct connections with Union Pacific and BNSF, operates a 32-mile route between Sand Springs and Tulsa, and provides regional rail services to numerous customers with direct rail service, rail-to-truck and truck-to-rail transloading, bulk transfer-distribution and inventory management solutions.

“With great infrastructure connecting most of the Midwest in a few days, companies locating in Sand Springs can get their products to market more effectively than most areas of the country. We look forward to continuing our collaboration with the City of Sand Springs to help bring jobs and economic growth to the region,” said Ean Johnson, Vice President of Industrial Development at OmniTRAX.

Sand Springs and the Tulsa County region are top-rated locations for companies in the steel, advanced manufacturing and energy related industries. To review the available sites and learn more about how OmniTRAX helps companies locate on rail-served properties, visit this link.

“Sand Springs is a well-connected transportation hub with a very stable workforce and local government, plus rising demographics. We’ve had an excellent relationship with OmniTRAX since they acquired the Sand Springs Railway more than six years ago and their Rail-Ready Sites program will certainly help attract a new corporate partner to Sand Springs that relies on rail service,” said Mayor Jim Spoon of the City of Sand Springs.

About OmniTRAX, Inc.

As one of North America’s largest and fastest growing private railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.

About The Broe Group

Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.

Media Contact:
Julie Slagle, Manager – Communications
OmniTRAX
+1 303.398.4539
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• Two companies to provide customers with cost-effective, resilient and sustainable energy outcomes with no upfront capital or operational risks
• TruEnergy joins GreenStruxure alliance partner program, bringing their national expertise and deployment to medium-sized commercial and industrial building owners and operators

DALLAS--(BUSINESS WIRE)--#EaaS--GreenStruxure, the joint venture between Schneider Electric and Huck Capital, and TruEnergy, a premier energy advisor that works with commercial clients to find the best electricity and gas plans throughout North America, announced today they are teaming up to meet the immediate needs of U.S. building owners and operators for cost-effective, resilient and sustainable energy solutions. TruEnergy joins GreenStruxure’s alliance partner program to accelerate the deployment of GreenStruxure’s unique Energy as a Service business model. Together they will address the underserved medium-sized commercial and industrial building market across the United States to provide the energy outcomes customers need with no upfront capital or operational risks.

GreenStruxure, bringing together Schneider Electric’s industry leading expertise in renewable energy microgrids and Huck Capital’s sustainability-focused investments, was launched in September 2020 to help customers address their growing cost, resilience and sustainability challenges. The company offers innovative, modular, standardized renewable energy microgrids under a new Energy as a Service model. Customers have no upfront capital expenses, no risk and do not have to worry about operation or maintenance issues with a complex energy system. They will also enjoy a predictable, long-term contract for energy that provides cost-effective, resilient, sustainable power. The new solution can be up and running in about a year.

TruEnergy works with clients of all sizes to find the best electricity and gas plans. The company offers procurement services as well as energy efficiency, sustainability, and tax recoupment services. It currently serves over 15,000 customers throughout North America. With GreenStruxure, TruEnergy will be focusing on medium-sized building customers with demanding sustainability targets, a need for reliable power to run their business, and spend of at least $35,000/month in electricity.

“Our customers want to take control of their energy – keep their costs low and predictable, ensure they have power at critical times and minimize their carbon footprint ­­– ­and they don’t see a simple way to do this today,” said Jose Lorenzo, GreenStruxure CEO. “We’re thrilled to partner with TruEnergy to bring these customers a new solution and work alongside them every step of the way to help them meet their goals.”

“Our promise to our customers is we’re going to make this complex thing very easy for you, and we’re going to give you better customer service than any energy broker out there,” said Zach Jeffery, TruEnergy CEO. “We are excited to join forces with GreenStruxure to offer our customers this new and innovative solution that gives them the energy outcomes they need.”

For more information, go to www.greenstruxure.com or www.truenergy.com.

About GreenStruxure

GreenStruxure, a partnership bringing together Schneider Electric’s industry leading expertise in renewable energy microgrids and Huck Capital’s sustainability-focused investments, launched in September 2020 to deliver modular, standardized Energy as a Service solutions to commercial and industrial medium-sized buildings in the U.S. GreenStruxure is simplifying and accelerating the market adoption of renewable energy microgrids, offering an innovative outcome-based alternative for building owners and operators who want sustainable, cost-effective, resilient, onsite energy delivered to them hassle-free as a service with no upfront capital expenses or operational risks.

www.greenstruxure.com

About TruEnergy

TruEnergy is a premier energy advisor based in Dallas, TX. We work with commercial and residential clients of all sizes to find the best electricity and gas plans for you throughout Texas, Ohio, Pennsylvania, and the United States. Since each client has a personal account manager, TruEnergy provides you with personalized service to cater to your individual needs.

www.truenergy.com

Follow us on LinkedIn: https://www.linkedin.com/company/greenstruxure

GreenStruxure
Martin Hanna
+1 847-345-6232
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• All gas turbines will be delivered hydrogen ready
• Orders include combined-cycle gas turbines with the lowest carbon intensity ever

LAKE MARY, Fla.--(BUSINESS WIRE)--#ChangeInPower--Mitsubishi Power Americas, Inc. (Mitsubishi Power) secured the highest market share for heavy-duty gas turbine orders in the Americas in 2020 according to McCoy Power Reports data. Orders in the Americas totaled 3,288 megawatts, representing 54 percent of total orders.

Orders for Mitsubishi Power’s solutions spanned a variety of applications, with decarbonization and hydrogen capability emerging as key competitive advantages. More than half of Mitsubishi Power’s 2020 orders include a hydrogen performance guarantee or have a joint development agreement for hydrogen in progress.

Mitsubishi Power’s orders include the first combined-cycle gas turbines specifically ordered to operate on 30 percent green hydrogen by their commercial operation date. These gas turbines will have the lowest carbon dioxide emissions intensity — by at least 11 percent — of all heavy-duty gas turbines ordered in 2020. Carbon dioxide emissions intensity is measured in pounds of carbon dioxide emissions per megawatt hour of electricity produced.

Mitsubishi Power now ships all of its heavy-duty gas turbines with hydrogen capability for deeper decarbonization. As-delivered, the gas turbines are capable of operating on a mixture of up to 30 percent hydrogen and 70 percent natural gas, which can be increased to 100 percent hydrogen in the future. As hydrogen content increases, carbon intensity is reduced. When a unit reaches 100 percent green hydrogen, carbon intensity will drop to zero.

Paul Browning, President and CEO of Mitsubishi Power Americas, said, “Having recently announced that we have number one market share in energy storage in the Americas, we are proud to now add our achievement of number one market share in heavy-duty gas turbines. This is the culmination of a 5-year strategic plan that we launched in 2016, when we declared that our company mission would be to provide power generation and storage solutions to our customers, empowering them to affordably and reliably combat climate change and advance human prosperity.

“We started 2020 with the industry's first order for a hydrogen gas turbine as part of a plan for Intermountain Power to transition from coal, to natural gas, to green hydrogen. We received additional orders with the intent to transition to hydrogen, initiated hydrogen joint development agreements, and introduced the world’s first standard green hydrogen packages. We and our customers are laying the groundwork for a path toward deep decarbonization and eventually a carbon-free future for the power sector. Together we are creating a Change in Power.”

Read more about key 2020 orders for cleaner energy:

• “Intermountain Power Agency Orders MHPS JAC Gas Turbine Technology for Renewable-Hydrogen Energy Hub”
• “El Paso Electric, Mitsubishi Power Americas Work to Help Decarbonize Region with New Gas Turbine”
• “Capital Power Orders Two Mitsubishi Power JAC Gas Turbines to Help Achieve Net Carbon Neutral Goal”
• “Alabama Power Chooses Mitsubishi Power JAC Gas Turbine Power Island Combined with Black & Veatch EPC Experience for Plant Barry”

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

Sharon Prater
+1 407-688-6200
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HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its fourth quarter and full year 2020 earnings conference call at 10:00 AM CST on Wednesday, February 24, 2021. Forum will issue a press release regarding its fourth quarter and full year 2020 earnings prior to the conference call.

To participate in the earnings conference call, please call 855-757-8876 within North America, or 631-485-4851 outside of North America. The access code is 1286195. The call will also be broadcast through the Investor Relations link on Forum’s website at www.f-e-t.com. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available for two weeks after the call and may be accessed by dialing 855-859-2056 within North America, or 404-537-3406 outside of North America. The access code is 1286195.

Forum Energy Technologies is a global oilfield products company, serving the drilling, downhole, subsea, completions and production sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com.

Company Contact
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
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COLUMBUS, Ind.--(BUSINESS WIRE)--The Board of Directors of Cummins Inc. (NYSE: CMI) today declared a quarterly common stock cash dividend of 1.35 dollars per share, payable on March 4, 2021, to shareholders of record on February 19, 2021.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: market slowdown due to the impacts from COVID-19 pandemic, other public health crises, epidemics or pandemics; impacts to manufacturing and supply chain abilities from an extended shutdown or disruption of our operations due to the COVID-19 pandemic; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers, including suppliers that may be impacted by the COVID-19 pandemic; aligning our capacity and production with our demand, including impacts of COVID-19; a major customer experiencing financial distress, particularly related to the COVID-19 pandemic; any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; adverse impacts from government actions to stabilize credit markets and financial institutions and other industries; product recalls; the development of new technologies that reduce demand for our current products and services; policy changes in international trade; a slowdown in infrastructure development and/or depressed commodity prices; the U.K.'s exit from the European Union; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; lower than expected acceptance of new or existing products or services; changes in the engine outsourcing practices of significant customers; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; challenges or unexpected costs in completing cost reduction actions and restructuring initiatives; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; variability in material and commodity costs; the actions of, and income from, joint ventures and other investees that we do not directly control; changes in taxation; global legal and ethical compliance costs and risks; product liability claims; increasingly stringent environmental laws and regulations; the performance of our pension plan assets and volatility of discount rates, particularly those related to the sustained slowdown of the global economy due to the COVID-19 pandemic; future bans or limitations on the use of diesel-powered products; the price and availability of energy; our sales mix of products; protection and validity of our patent and other intellectual property rights; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2019 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Jon Mills
Director, External Communications
317-658-4540
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Distribution Amounts and Dates Declared for:
Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced that the Board approved an increase to quarterly distributions for TYG and NTG and reauthorized a share repurchase program for these funds. The distribution increase of 5.0% for TYG and 6.5% for NTG is a product of the share repurchase programs completed in December and reflects the investment team’s positive long-term outlook for the energy infrastructure sector. Furthermore, TYG continues its strategic shift, positioning for the future of energy and toward a target portfolio of ~40% renewables and power infrastructure.

Distribution Amounts and Dates

TYG, NTG, TTP, TPZ and TEAF today declared the following distributions:

The TYG, NTG and TTP distributions are payable on February 26, 2021 to shareholders of record on February 19, 2021. TPZ is expected to continue to declare distributions monthly, with the February distribution payable on February 26, 2021 to shareholders of record on February 19, 2021. TEAF monthly distributions are payable on March 31, 2021, April 30, 2021 and May 28, 2021 to shareholders of record on the respective dates of March 24, 2021, April 23, 2021 and May 21, 2021. Management and the Board will continue to consider annual NAV performance, portfolio distribution growth and results of share repurchase programs, among other elements, in determining future changes to distribution amounts.

Share Repurchase Program (TYG and NTG)

As part of the Board’s desire to continue its ongoing commitment to enhancing shareholder value, the Board reauthorized a share repurchase program effective through February 28, 2022. Under the share repurchase program, each fund may repurchase up to 10% of its outstanding shares in open-market transactions at such times and in such amounts as management reasonably believes may enhance shareholder value.

Repurchase activity, including the number of shares purchased, the average purchase price and the average discount to net asset value, will be disclosed in the funds' financial reports to shareholders. The share repurchase program will follow Rule 10b-18 requirements, and there is no assurance that the funds will repurchase shares in any amount.

Given the benefit of providing transparency through timely data updates, FAQs and podcasts utilizing the funds’ website, management has decided to discontinue producing financial reports for the first and third fiscal quarters. The funds will continue to issue semi-annual and annual reports as required. Timely and important information is updated regularly on the funds’ website at www.TortoiseEcofin.com.

For book purposes, the source of distributions for TYG and NTG is estimated to be 100% return of capital, and the source of distributions for TEAF is estimated to be approximately 90 to 100% ordinary income, with the remainder as return of capital.

You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of these distributions or from the terms of TTP’s or TPZ’s distribution policy.

TTP and TPZ estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s and TPZ’s investment performance and should not be confused with “yield” or “income.”

TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TTP and TPZ report are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Maggie Zastrow
(913) 981-1020
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Preliminary Q4 2020 Highlights:
- Revenues of $149.9 million
- Net income of $2.4 million
- Earnings per share of $0.04
- Consolidated adjusted EBITDA of $16.1 million
- Bookings of $167 million

Preliminary Full Year 2020 Highlights:
- Revenues of $566.3 million
- Net income of $(12.5) million
- Earnings per share of $(0.26)
- Consolidated adjusted EBITDA of $45.1 million
- Bookings of $645 million
- Minimum required pension funding contributions reduced by $107 million or 75%

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced certain preliminary results for the fourth quarter and full year 2020.

"Our preliminary results for the fourth quarter and full year 2020 reflect the ongoing positive impact of our strategic plan, despite the adverse effects of COVID-19 across our segments," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "We ended the year well-positioned to achieve our 2021 and 2022 adjusted EBITDA targets of $70-$80 million and $95-$105 million, respectively¹, with roughly $645 million in bookings in 2020 and about $535 million in backlog at December 31, 2020, a 21.3% increase compared to the end of 2019."

"Our strategic actions in 2020, including launching new segments, expanding internationally and implementing additional cost savings initiatives, provide a strong foundation as we pursue a more than $5 billion pipeline of identified project opportunities over the next three years," Young continued. "Looking forward, our leading-edge renewable and environmental technologies are well-positioned to leverage the increasing global climate demand for carbon and methane reductions. We also see our aftermarket parts and services business growing worldwide through our global expansion and the ever increasing demand for upgrades, enhancements and improved efficiency."

For the fourth quarter of 2020 GAAP income from continuing operations is expected to be $2.8 million and net income is expected to be $2.4 million. Adjusted EBITDA is expected to be $16.1 million. Bookings in the fourth quarter of 2020 are expected to be $167 million.

For the full year of 2020 GAAP income from continuing operations is expected to be a loss of $14.3 million and net income is expected to be a loss of $12.5 million. Adjusted EBITDA is expected to be $45.1 million. Total bookings in 2020 are expected to be $645.0 million, and backlog at December 31, 2020 is expected to be $535.0 million, a 21.3% increase compared to December 31, 2019.

Full year 2020 preliminary results include the recognition in the third quarter of a $26.0 million loss recovery settlement related to certain historical EPC loss contracts, as previously disclosed.

The Company expects its total debt to be $347.6 million and its unrestricted cash balance to be $57.3 million as of December 31, 2020.

In addition, based on the performance of the Company's domestic qualified pension plan, the minimum required funding contributions through 2026 have been reduced by 75%. The current total minimum required funding contribution for the period 2021-2026 is $35 million, to be contributed in the next 2 years. This is $107 million less compared to the Company's previous expectation for the period from 2021-2026. These numbers are subject to change with the performance of the pension fund investments.

In addition to the $119 million of cost savings initiatives previously disclosed, the Company implemented an additional approximately $8 million of cost savings initiatives in 2020, for a total of $127 million. The Company has also identified another $11 million of cost savings actions expected to be implemented beginning in the first quarter of 2021.

These preliminary results are not a comprehensive statement of the Company’s financial results. Actual results for the fourth quarter and full year of 2020 may differ from these preliminary unaudited results due to the completion of the Company’s customary year-end closing, review and audit procedures and any other developments arising before its financial results are finalized. Reconciliations of operating income, the most directly comparable GAAP measure, to adjusted EBITDA, as well as to adjusted gross profit, are provided in the exhibits to this release.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.

This release presents preliminary adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's anticipated results of operations for 2020. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.