New Weather System Expected to Bring Unsettled Conditions to Service Area Beginning Monday

SAN FRANCISCO--(BUSINESS WIRE)--PG&E crews have restored nearly all customers who lost electricity following a powerful “atmospheric river” weather system that battered the company’s service area with days of record-breaking rain, snow and wind.

As of 2:00pm about 98 percent of the nearly 944,000 customers who lost power during the storm had their power restored. The remainder of customers are primarily located in hard-hit areas where roads remain closed due to heavy snowfall, debris flows, or other damage. PG&E will continue to work to gain access to these customers and restore power as safely and as quickly as possible.

Even as the PG&E crews work to overcome such obstacles and reconnect service safely and as quickly as possible, meteorologists are monitoring a new winter system that could bring more wet and stormy weather to Northern and Central California starting Monday.

“We want to thank our customers and our communities that we are privileged to serve for their support and their patience in the aftermath of this severe storm,” said Sumeet Singh, PG&E’s interim president. “Since this historic storm started, more than 5,000 of PG&E’s field team members, contract partners and mutual assistance support from other utilities have worked tirelessly to inspect our system, repair significant damage and restore power to our customers in the hardest hit areas. We recognize the frustration and inconvenience caused by prolonged outages and are sincerely grateful for the understanding of all those who have been impacted.”

Restoration Effort

Since midnight on Tuesday, Jan. 26, through Saturday morning, more than 944,000 PG&E customers lost power due to heavy wind, rain and snow. PG&E found more than 1,500 instances of damaged infrastructure where equipment needs to be replaced or repaired, including 365 broken poles and 1,417 spans of wire.

At the peak of the restoration effort, more than 450 crews were working to assess and repair damage and restore power as safely and as quickly as possible for customers.

Based on 30 years of weather data, PG&E meteorologists describe this week’s storm as the strongest since 2011 and say that it caused the highest two-day and three-day outage totals since 2010.

Winter Weather Ahead

PG&E’s meteorology team forecasts a relatively cold and strong weather system will move through the company’s service area late Monday into Tuesday. Customers who may be impacted are encouraged to review storm safety tips and take the necessary precautions to stay safe during winter weather.

Storm safety tips

• Never touch downed wires: If you see a downed power line, assume it is energized and extremely dangerous. Do not touch or try to move it—and keep children and animals away. Report downed power lines immediately by calling 911 and by calling PG&E at 1-800-743-5002.
• Use flashlights, not candles: During a power outage, use battery-operated flashlights, and not candles, due to the risk of fire. If you must use candles, please keep them away from drapes, lampshades and small children. Do not leave candles unattended.
• Have a backup phone: If you have a telephone system that requires electricity to work, such as a cordless phone or answering machine, plan to have a standard telephone or cellular phone ready as a backup.
• Have fresh drinking water, ice: Freeze plastic containers filled with water to make blocks of ice that can be placed in your refrigerator/freezer during an outage to prevent foods from spoiling. Blue Ice from your picnic cooler also works well in the freezer.
• Secure outdoor furniture: Deck furniture, lightweight yard structures and decorative lawn items should be secured as they can be blown by high winds and damage overhead power lines and property.
• Use generators safely: Customers with standby electric generators should make sure they are properly installed by a licensed electrician in a well-ventilated area. Improperly installed generators pose a significant danger to customers, as well as crews working on power lines. If using portable generators, be sure they are in a well-ventilated area.
• Turn off appliances: If you experience an outage, unplug or turn off all electrical appliances to avoid overloading circuits and to prevent fire hazards when power is restored. Simply leave a single lamp on to alert you when power returns. Turn your appliances back on one at a time when conditions return to normal.
• Safely clean up: After the storm has passed, be sure to safely clean up. Never touch downed wires and always call 811 or visit 811express.com at least two full business days before digging to have all underground utilities safely marked.

Customers can find additional tips at pge.com/beprepared.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

Media Relations
415.973.5930

SAN JOSE, Calif.--(BUSINESS WIRE)--EGTRONICS Co., Ltd. has recently been awarded with the “2020 Korean Small and Medium Venture Business Awards” in the technology innovation category by the South Korean Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of SMEs and Startups (MSS).

Established in 2008, EGTRONICS is a Korean manufacturer of electric vehicle parts and communication power supplies and is a key partner of major domestic and overseas eco-friendly vehicle manufacturers and 5G mobile communication companies.

It has been widely recognized for its competitiveness in the industry by developing high-efficiency, low-noise circuit technology for converter and inverter products, which are key parts of electric vehicles. The company was able to achieve an electrical energy conversion efficiency of 97% compared to the competitors’ efficiency rating of 80 to 90%.

Company Technology Use Cases

EGTRONICS supplied key components of hydrogen electric buses that operated during the 2018 PyeongChang Olympics. The company has been a supplier to Hyundai Motors since 2009 and became the sole supplier for fuel-cell electric trucks of Hyundai Motors.

Notable Products: DC-DC Converter and MCU

The company’s flagship product is the DC-DC converter which optimizes the battery capacity through its special algorithm. It is a core product for the eco-friendly vehicle and can be applicable from passenger use to commercial use such as buses and trucks. EGTRONICS is a global leader in DC-DC converter manufacturing as it is the only company in the world to produce converters that are specialized for 10kW capacity batteries.

Through over two years of research, EGTRONICS had succeeded in developing the Motor Control Unit (MCU) which integrates power inverter and battery charger in a modular form.

The MCU offers various benefits such as reducing the volume and weight of the parts as well as increasing the fuel efficiency of an EV. It also minimizes the electrical noise of the components which improves the stability of the system.

Investments and Expansion

The investors expect the company will be playing a big role in the growing EV market due to its technology and potential. EGTRONICS has already received investments of USD 7 million from major venture capital companies such as KB Investment, BNK Ventures, and Intervalue Partners. The investors’ confidence in the company comes from the fact that it is the world’s first company to commercialize both the converters and the inverters.

The company exports its commercial vehicle parts to Europe and North America while supplying parts for small vehicles such as motorcycles to India. Turkey’s Bozankaya and Poland’s WB Group are some of the main partners.

To accommodate the increase in demand, a new production facility will be in operation in 2021, which will double its production capacity to 300,000 units per year. In addition, its R&D center has recently completed the construction.

“The 10 years of R&D of our company will give EGTRONICS the edge to compete with any company in the world,” said Chan-Ho Kang, the CEO.

Charles Chung / America Branch President
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases an update on the residential solar loan ABS sector, including a 2021 new issuance forecast, credit and competitive trends across the sector, and a comparison of solar loan ABS platforms.

Credit performance in the residential solar loan ABS sector has shown resilience through the COVID-19 pandemic and appears likely to remain stable in 2021. Originations continue to rise as issuers are becoming more competitive in their product offerings. In addition, the industry may be further buoyed by federal policies from a new administration that has indicated its support of renewable energy.

As a result of positive trends in the sector, KBRA expects residential solar ABS issuance from public transactions to reach over $2 billion in 2021. Other positive drivers include the sector’s favorable credit performance, yield, and positive ESG attributes.

Click here to view the report.

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

Analytical Contacts

Eric Neglia, Managing Director
+1 (646) 731-2456
This email address is being protected from spambots. You need JavaScript enabled to view it.

Melvin Zhou, CFA, Senior Director
+1 (646) 731-2412
This email address is being protected from spambots. You need JavaScript enabled to view it.

Frank Connor, Analyst
+1 (646) 731-2408
This email address is being protected from spambots. You need JavaScript enabled to view it.

Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-1232
This email address is being protected from spambots. You need JavaScript enabled to view it.

Hundreds of PG&E Crews, Contractors Working Assess Storm Damage, Make Repairs and Restore Power to Remaining 47,000 Customers

PG&E Supporting Affected Communities, Reaching Out Today to Every Customer Without Power via Automated Phone Calls and Other Channels

SAN FRANCISCO--(BUSINESS WIRE)--Overnight and through the day Friday, Pacific Gas and Electric Company (PG&E) crews continued assessing winter storm damage, making repairs and restoring electric service to customers in Northern and Central California. That work will continue until every customer has been restored.

Now, 95 percent of residences and businesses that lost power due to strong winds, heavy rains and deep snow earlier this week have had their power restored. Crews continue to focus on the areas where the largest number of customers remain without of power, including locations in Mendocino, Calaveras, Tuolumne, Yolo, Amador and Humboldt counties. In those locations and elsewhere, PG&E has found more than 1,500 instances of damaged infrastructure where equipment needs to be replaced or repaired, including 365 broken poles and 1,417 spans of wire.

As of Friday afternoon, approximately 42,000 customers are without power due to storm damage. Of those, approximately 10,000 customers are located where PG&E crews can’t gain access due to high snow, falling trees and blocked roads. Where crews can access damaged equipment, they will continue to restore service to customers today, tonight and through the weekend.

Based on 30 years of weather data, PG&E meteorologists describe this week’s winter storm as the strongest since 2011 and say that it caused the highest two-day and three-day outage totals since 2010.

Being without power for an extended time creates inconvenience and hardships for our customers, and PG&E appreciates the patience of our customers. PG&E has been reaching out to every customer today who is still without power due to storm-related outages. This includes automated phone calls with updated information as well as through other channels. As crews complete damage assessments, customers will get updates providing their estimated time of restoration.

To support communities experiencing extended outages, PG&E has provided a variety of support including contributing $50,000 to the American Red Cross for storm relief, delivering blankets and water to customers in Yolo County and providing 21 megawatts of temporary generation to keep critical facilities powered in four counties.

Since the storm arrived on Tuesday, Jan. 26, through this afternoon, crews have been able to restore power to approximately 818,000 customers (95%) out of the approximately 860,000 who lost it due to heavy wind, rain and snow.

PG&E crews, as well as some contract and mutual-aid crews, are in the field, assessing conditions, making repairs and restoring customers. Due to treacherous conditions and difficult terrain, these assessment activities are ongoing. Damage from wind, heavy rains and snow has caused access issues due to roads blocked by trees, debris and snow In some locations, PG&E has been using helicopters, snow cats and four-wheel drive vehicles to gain access to infrastructure in the hardest-hit areas.

More than 450 crews plus another 500 or so troublemen and qualified electrical workers are engaged in assessment and restoration work. They are being supported by thousands of other employees who are staffing PG&E emergency-response centers, either virtually or in person.

Customers can find the latest information on outages on PG&E’s website. Visit PG&E’s Safety Action Center website for preparedness tips and more.

PG&E reminds its customers to stay safe, be prepared and have an emergency plan.

Storm Safety Tips

• Never touch downed wires: If you see a downed power line, assume it is energized and extremely dangerous. Do not touch or try to move it—and keep children and animals away. Report downed power lines immediately by calling 911 and by calling PG&E at 1-800-743-5002.
• Use flashlights, not candles: During a power outage, use battery-operated flashlights, and not candles, due to the risk of fire. If you must use candles, please keep them away from drapes, lampshades, animals and small children. Do not leave candles unattended.
• Have a backup phone: If you have a telephone system that requires electricity to work, such as a cordless phone or answering machine, plan to have a standard telephone or cellular phone ready as a backup.
• Have fresh drinking water, ice: Freeze plastic containers filled with water to make blocks of ice that can be placed in your refrigerator/freezer during an outage to prevent foods from spoiling. Blue Ice from your picnic cooler also works well in the freezer.
• Secure outdoor furniture: Deck furniture, lightweight yard structures and decorative lawn items should be secured as they can be blown by high winds and damage overhead power lines and property.
• Use generators safely: Customers with standby electric generators should make sure they are properly installed by a licensed electrician in a well-ventilated area. Improperly installed generators pose a significant danger to customers, as well as crews working on power lines. If using portable generators, be sure they are in a well-ventilated area.
• Turn off appliances: If you experience an outage, unplug or turn off all electrical appliances to avoid overloading circuits and to prevent fire hazards when power is restored. Simply leave a single lamp on to alert you when power returns. Turn your appliances back on one at a time when conditions return to normal.
• Safely clean up: After the storm has passed, be sure to safely clean up. Never touch downed wires and always call 811 or visit 811express.com at least two full business days before digging to have all underground utilities safely marked.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.

MEDIA RELATIONS:
415-973-5930

TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) will release its results for the three months and full year ended December 31, 2020 on Tuesday, February 23, 2021 after close of markets.

A conference call to review the results will be webcast live on Wednesday, February 24, 2021 at 10:00 a.m. To access the webcast click here.

Rohit Bhardwaj
Vice-President, Finance and CFO
Tel: (416) 496-4177

Ryan Paull
Business Development Manager
Tel: (973) 980-2159

Shape strategic responses through the phases of industry recovery

ABB Ltd., Andritz AG and Beacon Power LLC will emerge as major mechanical energy storage market participants during 2021-2025

LONDON--(BUSINESS WIRE)--#GlobalMechanicalEnergyStorageMarket--The mechanical energy storage market is expected to grow by 58.27 GigaWatts during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the mechanical energy storage market in optimistic, probable, and pessimistic forecast scenarios.

Enterprises will go through the Response, Recovery, and Renew phases. Download a Free Sample Report on COVID-19

The mechanical energy storage market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase as compared to 2019.

With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

This post-pandemic business planning research will aid clients to:

• Adjust their strategic planning to move ahead once business stability kicks in.
• Build resilience by making effective resource and investment choices for individual business units, products, and service lines.
• Conceptualize scenario-based planning to mitigate future crisis situations.

Download the Post-Pandemic Business Planning Structure. Click here

Key Considerations for Market Forecast:

• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
• Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
• Pre- as well as post-COVID-19 market estimates
• Quarterly impact analysis and updates on market estimates

Gain instant access to 17,000+ market research reports by using

Technavio's SUBSCRIPTION platform

Related Report on Utilities Industries:

Global Thermal Energy Storage Market - The thermal energy storage market is segmented by technology (MSES and PCM) and geography (Europe, North America, APAC, MEA, and South America). Click Here to Get an Exclusive Free Sample Report

Global Residential Solar Energy Storage Market - The residential solar energy storage market is segmented by technology (Li-ion batteries and lead-acid batteries) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report

Major Three Mechanical Energy Storage Market Participants:

ABB Ltd.

ABB Ltd. operates the business through various segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers largely plug and play energy storage system for residential solar installations, which is the first to enable simultaneous AC and DC Coupling and is very expandable.

Andritz AG

Andritz AG operates the business through various segments such as Pulp & Paper, Metals, Hydro, and Separation. The company offers a hybrid energy solution that combines a hydropower unit with stationary energy storage based on automotive lithium-ion battery systems. This system can be applied to all types and sizes of hydropower plants such as low head, run of river, and high head and to all turbine types.

Beacon Power LLC

Beacon Power LLC operates the business through the Unified segment. The company offers a mechanical battery that stores kinetic energy in a rotating mass. These systems are modular and can be configured to meet the power capacity demands of a variety of applications, from 100 kW to multi MW systems.

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/mechanical-energy-storage-market-industry-analysis

Mechanical Energy Storage Market 2021-2025: Segmentation

The mechanical energy storage market is segmented as below:

• Technology
  • Pumped Hydroelectric
  • Flywheel
  • Others
• Geography
  • APAC
  • North America
  • Europe
  • South America
  • MEA

The mechanical energy storage market is driven by the growing energy storage requirement. In addition, other factors such as increasing energy storage alternatives is expected to trigger the mechanical energy storage market toward witnessing a CAGR of about 6% during the forecast period.

Get more insights about the global trends impacting the future of mechanical energy storage market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR46678

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced the completion and commercial operation of the Desert Harvest 1 (114 MWdc) and Desert Harvest 2 (100 MWdc) Solar Projects. Desert Harvest 1 provides electricity to MCE under a 20-year Power Purchase Agreement (PPA), while Desert Harvest 2 supplies energy and renewable attributes to Southern California Public Power Authority (SCPPA) under a 25-year Renewable Energy Credit (REC) + Index structure contract.

The two Projects are located adjacent to each other on unincorporated land in Riverside County, California, administered by the Federal Bureau of Land Management (BLM). The BLM designated this area as a Solar Energy Zone (SEZ) and Development Focus Area, land set aside for utility-scale renewable energy development. Support from local, state, and federal governments was critically important to the success of the project. Construction for the Desert Harvest projects included careful considerations and mitigations for a variety of environmental issues including local wildlife habitats, tribal and cultural resources, aesthetics, and noise and dust control.

Both projects consist of horizontal single-axis tracking solar photovoltaic (PV) technology. Desert Harvest 2 includes a 35 MW, 4-hour energy storage system (ESS). The coupling of storage and solar demonstrates EDF Renewables’ ability to address specific challenges posed by the California “duck curve.”

“EDF Renewables is pleased to partner with MCE and SCPPA’s participating members – Anaheim, Burbank, and Vernon to supply affordable, in-state solar energy to their respective customers through the Desert Harvest Solar Projects,” commented Ryan Pfaff, Executive Vice President of Development at EDF Renewables. “We are proud to bring these important solar additions to fruition particularly during this very challenging pandemic. The site construction team and all our subcontractors and suppliers are to be commended for delivering on time while keeping health and safety a top priority.”

The construction of Desert Harvest 1 and 2 represented almost 190,000 labor hours in partnership with local trades and unions including: Labors Local 1184, Operators Local 12, Ironworkers Local 433, and IBEW Local 440. These partnerships contribute to MCE’s over 1.5 million labor hours and 5,000 jobs on new California renewable energy projects.

“MCE’s partnership with EDF Renewables on the Desert Harvest project provided an exciting opportunity to invest in clean, renewable solar energy, while growing California’s economy through in-state job creation,” said Dawn Weisz, CEO of MCE. “Construction of projects like this that increase adoption of solar resources, instead of fossil fuels, helps us secure a clean energy future for California.”

Michael Webster, Executive Director of SCPPA, stated the following, “Desert Harvest 2 supplies 100 MWdc of solar capacity to our growing renewable resource mix of geothermal, wind, biomass, small hydro, and solar resources. This project will help our Participating SCPPA Members meet and exceed renewable energy requirements, while at the same time minimizing costs and maintaining reliability.”

In addition to economic benefits for Riverside County, the combined projects generate enough clean energy to meet the consumption of up to 77,000 average California homes¹. This is equivalent to avoiding more than 353,000 metric tons of CO₂ emissions annually² which represents the greenhouse gas emissions from 76,000 passenger vehicles driven over the course of one year.

EDF Renewables’ Asset Optimization group will perform operations and maintenance services for the life of the Project. The group will provide NERC compliance support, remote monitoring, and balance-of-plant management to maximize power production.

¹ According to U.S. Energy Information Administration (EIA) 2019 Residential Electricity Sales and U.S. Census Data
² According to U.S. Environmental Protection Agency (EPA) Greenhouse Gas Equivalencies Calculator

About EDF Renewables North America:

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About MCE:

As California’s first Community Choice Aggregation Program, MCE is a groundbreaking, not-for-profit, public agency that has been setting the standard for energy innovation in our communities since 2010. MCE offers cleaner power at stable rates, significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. MCE is a load-serving entity supporting a 1,200 MW peak load. MCE provides electricity service to more than 480,000 customer accounts and more than one million residents and businesses in 36 member communities across four Bay Area counties: Contra Costa, Marin, Napa, and Solano. For more information about MCE, visit mceCleanEnergy.org, or follow us on Facebook, LinkedIn, Twitter and Instagram.

About SCPPA:

SCPPA is a joint powers agency formed in 1980 under California law to provide support to its members in the planning, construction, management and operation of electric energy resources. Members today include the cities of Anaheim, Azusa, Banning, Burbank, Cerritos, Colton, Glendale, Los Angeles, Pasadena, Riverside and Vernon, and the Imperial Irrigation District. For more information, visit scppa.org.

EDF Renewables:
Sandi Briner, +1 858-521-3525
This email address is being protected from spambots. You need JavaScript enabled to view it.

MCE:
Jenna Famular, +1 925-378-6747
This email address is being protected from spambots. You need JavaScript enabled to view it.

SCPPA:
Kate Ellis
This email address is being protected from spambots. You need JavaScript enabled to view it.

• FREYR has entered into a definitive business combination agreement with Alussa Energy Acquisition Corp. (NYSE: ALUS); upon closing, the combined company will be renamed “FREYR Battery” and be listed on the New York Stock Exchange under the new ticker symbol “FREY”
• FREYR’s mission is to accelerate the decarbonization of transportation and energy systems by delivering the world’s cleanest and most cost-effective batteries
• FREYR is expected to receive approximately $850 million in equity proceeds as a part of the business combination, enabling the company to accelerate the development of up to 43 GWh of clean battery cell manufacturing capacity in Norway by 2025
• Transaction includes a $600 million fully committed Private Investment in Public Equity (“PIPE”) anchored by strategic and institutional investors, including Koch Strategic Platforms, Glencore, Fidelity Management & Research Company LLC, Franklin Templeton, Sylebra Capital and Van Eck Associates Corporation
• 100% of FREYR’s existing shares will roll over into in the combined company
• Pro forma equity value of the combined company would be approximately $1.4 billion

NEW YORK, NY & OSLO, Norway--(BUSINESS WIRE)--FREYR AS, (the “Company” or “FREYR”), a Norway-based developer of clean, next-generation battery cell production capacity, today announced that it will become a publicly listed company through a business combination with Alussa Energy Acquisition Corp. (“Alussa Energy”) (NYSE: ALUS), a Cayman Islands exempted, publicly listed special purpose acquisition company (“SPAC”). The transaction represents a pro forma equity value of $1.4 billion for the combined company upon closing which will be named “FREYR Battery” (“Pubco”). Pubco’s common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021.

FREYR is targeting development of up to 43 GWh of battery cell production capacity in Norway by 2025 to position the Company as one of Europe’s largest battery cell suppliers. FREYR expects to deliver safer, higher energy density and lower cost clean battery cells made with renewable energy from an ethically and sustainably sourced supply chain. The Company’s ambition is to become the battery cell producer with the lowest lifecycle carbon footprint in the world. FREYR plans to utilize Norway’s inherent advantages, including access to renewable energy, some of Europe’s lowest electricity prices and shorter delivery distances to main markets in Europe and the US as compared to competitors in Asia.

The Company is partnering strategically on next-generation semi-solid battery cell technology that is expected to materially reduce manufacturing costs and provide a highly competitive market position for FREYR. The Company’s solutions will address the rapidly growing global markets for electric vehicles, energy storage, and marine applications, representing an estimated addressable market of about 5,000 GWh per year by 2030.

Daniel Barcelo, Chief Executive Officer and Founder of Alussa Energy, commented, “We are excited and privileged to partner with FREYR, as this transaction represents a compelling investment opportunity to address the rapidly growing market for electrification of global transportation and energy systems. Furthermore, Norway with its entrepreneurial cities like Mo i Rana provide a great foundation for FREYR’s Gigafactories. We evaluated over 75 investment opportunities across the global energy and energy transition sectors since our IPO in late 2019, and FREYR clearly stood out as a frontline player in adopting leading-edge battery technology to address a significant and growing market with a unique commitment to full-cycle sustainability. We have full confidence that FREYR’s experienced execution team, combined with the capital resources from this transaction, including strategic investors Koch Strategic Platforms and Glencore, makes the Company well-positioned to play a transformational role in decarbonizing global energy and transportation markets.”

Tom Jensen, Chief Executive Officer of FREYR, said, “We believe the combination of foundational capital from committed investors with commercially available, advanced battery solutions is the fastest way to accelerate the energy transition. FREYR is dedicated to delivering one of the most sustainable and cost-effective clean battery cells based on 100% renewable energy and ethically sourced raw materials. We are truly excited to share our ambition with Alussa Energy and some of the leading international investors as we embark on our plan for the production of one of the most environmentally friendly battery cells in the world. We believe our partnership-based business model positions FREYR to accelerate long-term value creation by targeting sustainable, superior returns to our shareholders and stakeholders.”

Torstein Dale Sjøtveit, Founder and Executive Chairman of FREYR, continued, “FREYR has attracted a diversified and experienced team, partners and initial customers in a short period of time. The capital raise and NYSE listing add further momentum to our progress and positions us as a catalyst for European battery cell production and the Nordic battery ecosystem. We see this transaction as a strong confirmation of FREYR’s growth potential enabled by cutting-edge technology and access to clean renewable energy. Moving ahead, FREYR will focus on executing our project plans, attracting more talent, cultivating partnerships and providing our customers with sustainable and cost-effective clean battery cells.”

Todd Kantor, Portfolio Manager of Encompass Capital Advisors LLC, a Member of Alussa Energy’s Sponsor, added, “As a hedge fund primarily focused on investing across the energy eco-chain, we view FREYR as one of the most exciting investment opportunities in the energy transition movement, particularly given the Company’s potential to deliver innovative electrification solutions through a sustainable and clean platform.”

Transaction Overview

The business combination values the combined company at an implied $1.4 billion pro forma equity value. The transaction will provide an estimated $850 million of net proceeds to the Company, assuming no redemptions by Alussa Energy shareholders, including a $600 million fully committed PIPE at $10.00 per share of the Company anchored by strategic and institutional investors, including Koch Strategic Platforms, Glencore, Fidelity Management & Research Company LLC, Franklin Templeton, Sylebra Capital and Van Eck Associates Corporation. 100% of FREYR’s existing shares will roll over into the combined company.

The transaction implies an equity value of FREYR of approximately $410 million. Current FREYR shareholders (fully diluted) are expected to own approximately 30% of the combined company after transaction close, representing an exchange ratio of approximately 0.179031 of shares of the combined company for each share of FREYR based on the currently available information and assuming a $600 million PIPE.

The boards of directors of both Alussa Energy and FREYR have approved the proposed business combination, which is expected to be completed in the second quarter of 2021, subject to, among other things, the approval by Alussa Energy’s and FREYR’s shareholders and satisfaction or waiver of other customary conditions set forth in the definitive documentation.

Additional information about the proposed transactions contemplated by the business combination agreement (the “Transaction”), including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Alussa Energy with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Credit Suisse Securities (USA) LLC acted as the equity capital markets advisor to Alussa Energy. Credit Suisse Securities (USA) LLC, BTIG, LLC and BTIG Norway AS acted as the financial advisors to Alussa Energy. Skadden Arps, Slate, Meagher & Flom LLP served as M&A legal counsel to Alussa Energy, Ellenoff Grossman & Schole LLP served as securities counsel to Alussa Energy, Wiersholm AS served as Norwegian counsel to Alussa Energy, and Appleby (Cayman) Ltd served as Cayman Islands legal counsel to Alussa Energy. Rystad Energy and Sustainable Governance Partners acted as business and environmental, social and governance advisors, respectively, to Alussa Energy. Kite Hill PR LLC acted as the public relations advisor to Alussa Energy.

Wilson Sonsini Goodrich & Rosati P.C. served as U.S. legal counsel to FREYR, and Advokatfirmaet BAHR AS, served as Norwegian legal counsel to FREYR. Crux Advisers AS acted as investor relations and communications adviser to FREYR.

Credit Suisse Securities (USA) LLC, BTIG, LLC and Pareto Securities AS served as placement agents for the PIPE financing. Davis Polk & Wardwell LLP served as legal counsel to the placement agents.

Investor Webcast / Conference Call Information

FREYR and Alussa Energy will host a joint investor conference call to discuss the proposed business combination today, Friday, January 29, 2021 at 8:00 EST/14:00 CET.

To follow the conference call via webcast, please use this link:
https://streams.eventcdn.net/freyer/investor-conference-call/

To listen to the prepared remarks via telephone, please dial
US: +1-833-350-1443
NO: +47 23 96 63 25
Conference ID: 4357642

About FREYR A/S

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About Alussa Energy Acquisition Corp.

Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit www.alussaenergy.com.

Forward-Looking Statements

This press release contains, and certain oral statements made by representatives of Alussa Energy and FREYR and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alussa Energy’s, Pubco’s and FREYR’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Alussa Energy’s, Pubco’s and FREYR’s expectations with respect to future performance of the combined company, anticipated financial impacts of the Transaction, the anticipated addressable market for the combined company, the satisfaction of the closing conditions to the Transaction, the exchange ratio (which is subject to certain inputs that may change prior to completion of the Transaction) and the timing of the completion of the Transaction. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Alussa Energy, Pubco or FREYR and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the inability to consummate the Transaction, including due to failure to obtain approval of the shareholders of Alussa Energy or other conditions to the Closing in the Business Combination Agreement; (3) the failure of investors in the PIPE to fund their commitments upon the Closing; (4) delays in obtaining or the inability to obtain any necessary regulatory approvals required to complete the Transaction; (5) the inability to obtain the listing of Pubco’s ordinary shares on the New York Stock Exchange following the Transaction; (6) the risk that the Transaction disrupts current plans and operations as a result of the announcement and consummation of the Transaction; (7) the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; (8) costs related to the Transaction; (9) changes in applicable laws or regulations; (10) the effect of the COVID-19 pandemic on Alussa Energy, Pubco and FREYR and their ability to consummate the Transaction; (11) the possibility that Alussa Energy, Pubco or FREYR may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the registration/proxy statement (when available) relating to the Transaction, including those under “Risk Factors” therein, and in other filings with the SEC made by Alussa Energy, Pubco and FREYR. Alussa Energy, Pubco and FREYR caution that the foregoing list of factors is not exclusive, and caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. None of Alussa Energy, Pubco or FREYR undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

No Assurances

There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.

Information Sources; No Representations

This press release has been prepared for use by Alussa Energy, Pubco and FREYR in connection with the Transaction. The information herein does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information relating to the business, past performance, results of operations and financial condition of Alussa Energy was derived entirely from Alussa Energy and all information relating to the business, past performance, results of operations and financial condition of FREYR and Pubco was derived entirely from FREYR. No representation is made as to the reasonableness of the assumptions made with respect to the information herein, or to the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance.

No representations or warranties, express or implied, are given in respect of this press release. To the fullest extent permitted by law in no circumstances will Alussa Energy, Pubco or FREYR, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors, officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents (including without limitation any projections or models), any omissions, reliance on information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in any way to the operations of FREYR or Pubco has been derived, directly or indirectly, exclusively from FREYR and has not been independently verified by Alussa Energy. Neither the independent auditors of Alussa Energy nor the independent auditors of FREYR or Pubco audited, reviewed, compiled or performed any procedures with respect to any projections or models for the purpose of their inclusion in this press release and, accordingly, neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of this press release.

Important Information about the Transaction and Where to Find It

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.

Participants in Solicitation

Alussa Energy, Pubco and FREYR and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Alussa Energy ordinary shares in respect of the proposed business combination. Alussa Energy shareholders and other interested persons may obtain more detailed information regarding the names and interests in the Transaction of Alussa Energy’s directors and officers in Alussa Energy’s and Pubco’s filings with the SEC, including when filed, the S-4 and the Proxy Statement. These documents can be obtained free of charge from the sources indicated above.

For investor inquiries, please contact:
For FREYR:
Steffen Føried
Chief Financial Officer
(+47) 975 57 406
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Alussa Energy:
Chi Chow
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 929-303-6514

For media inquiries, please contact:
For Alussa Energy:
Emma Wolfe
This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS, or "QuantumScape"), a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles (EVs), announced that it will release its fourth quarter and full year 2020 financial results after market close on Tuesday, February 16, 2021. This release will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Participating on the call will be Jagdeep Singh, Co-founder and Chief Executive Officer, and Kevin Hettrich, Chief Financial Officer, of QuantumScape.

The call can be accessed via a live webcast accessible on the IR Events Calendar page in the Investor Relations section of our website at https://www.quantumscape.com/. An archive of the webcast will be available shortly after the call on our website for twelve months following the call.

About QuantumScape Corporation

QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.

For additional information, please visit www.quantumscape.com.

For Investors
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Media
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--$PLL #Lithium--Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont” or “Company”) is pleased to present its December 2020 quarterly report.

Highlights during and subsequent to the quarter were:

• Commenced a definitive feasibility study (“DFS”) for Piedmont’s planned 160,000 t/y spodumene concentrate operation in North Carolina led by Primero Group and Marshall Miller & Associates with a planned completion date in mid-2021;
• Expanded drill programs by an additional 25,000 meters using five drill rigs with the intention of updating the Company’s Mineral Resource estimates on the Central and Core properties in the first half of 2021 in advance of completing the DFS for its planned spodumene concentrate operations;
• Received key permit for Piedmont’s planned 22,700 t/y lithium hydroxide plant in Kings Mountain, North Carolina, comprising a Title V Air Permit from the North Carolina Department of Environmental Quality’s Division of Air Quality authorizing construction and operations of the planned lithium hydroxide plant;
• Launched a pilot-scale testwork program at SGS Canada to produce a bulk sample of spodumene concentrate from a 50t bulk sample collected from the Company’s Core property in early 2020;
• Substantially increased the Company’s land position within the Carolina Tin-Spodumene Belt to 2,322 acres including highly prospective properties contiguous to or in the near vicinity of the Company’s Core property;
• Commenced process to re-domicile Piedmont from Australia to the United States via a Scheme of Arrangement subject to shareholder, regulatory, and court approval. If the Scheme is approved the Company’s primary listing will move from the Australian Securities Exchange (“ASX”) to Nasdaq Capital Market and the Company will retain an ASX listing via Chess Depositary Interests;
• Entered into agreements to acquire a 19.9% interest in Sayona Mining Limited (“Sayona”) through shares and convertible notes. Piedmont will also purchase a 25.0% stake in Sayona’s 100% owned Quebec subsidiary, Sayona Quebec Inc (“Sayona Quebec”). Sayona Quebec owns the Authier lithium project, the highly prospective Tansim lithium project, and is pursuing a bid to acquire Quebec-based North American Lithium’s assets out of bankruptcy;
• Piedmont and Sayona Quebec have also entered into a binding SC6 supply agreement pursuant to which Sayona Quebec will supply to Piedmont the greater of 60,000 t/y or 50% of Sayona Quebec’s spodumene concentrate production at market prices on a life-of-mine basis;
• Expanded the Company’s senior management team through the addition of Ms. Malissa Gordon – Community and Government Relations, Mr. Jim Nottingham – Senior Project Manager Concentrate Operations, Mr. Pratt Ray – Production Manager – Chemical Operations, and Mr. Brian Risinger – Vice President Corporate Communications and Investor Relations;
• Completed of a U.S. public offering of 2,300,000 of Piedmont’s American Depositary Shares (“ADSs”), with each ADS representing 100 of Piedmont’s ordinary shares, including full exercise of the underwriters’ option, at an issue price of US$25.00 per ADS, to raise gross proceeds of US$57.5 million (A$81.2 million); and
• Following successful completion of the U.S. public offering, the Company repaid 100% of the Paycheck Protection Program funds received by the Company in May 2020. 

Keith D. Phillips, President and CEO of Piedmont, commented:

“It is an exciting time for the battery materials industry in North America. Our North Carolina location places us in an ideal position to play a pivotal role in helping power North America’s electric vehicle and clean energy storage revolutions.

“Recent activity in the US battery materials equity markets validates our efforts to re-domicile Piedmont, and we look forward to completing the work moving our primary listing to Nasdaq, while maintaining a secondary Australian listing.

“Following our highly successful equity offering in October, Piedmont enters 2021 with a strong balance sheet that will enable the Company to meet its development objectives for the coming year. Our expanded team continues to do a great job on the ground in North Carolina in mineral exploration, metallurgical testwork, technical studies, and permitting that may make it possible for Piedmont to begin construction of our project by the end of this year. We expect 2021 will be a pivotal year for Piedmont Lithium, and we are excited about the months ahead.”

To view the ASX Release, please click here.

For further information, contact:

Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Brian Risinger
Vice President – Corporate Communications and Investor Relations
T: +1 704 910 9688
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide has signed the “Neptune Declaration on Seafarer Wellbeing and Crew Change” (the “Neptune Declaration”), joining more than 400 companies and organizations globally to work to ensure the crew change crisis caused by COVID-19 is resolved as rapidly as possible.

The Neptune Declaration’s four major aims are:

• Recognize seafarers as key workers and give them priority access to COVID-19 vaccinations
• Implement high-standard health protocols
• Increase collaboration between ship operators and charterers to facilitate crew changes
• Ensure airline connectivity between key maritime hubs for seafarers

“The world relies on the experience and dedication of seafarers to facilitate the transport of essential goods across the globe. Throughout these challenging times individual companies have continued to prioritize the wellbeing of seafarers, but there is more that can be done by working together to improve regulations and protocols so that these key workers make it home safely and on schedule,” said Quintin V. Kneen, Tidewater’s President and Chief Executive Officer. “We are proud to support this global effort to rapidly resolve this crew change crisis and we encourage everyone to contribute their support to this important cause.”

About Tidewater

Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.

Forward-Looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.

Jason Stanley
Vice President Investor Relations & ESG
+1.713.470.5292
This email address is being protected from spambots. You need JavaScript enabled to view it.

SOURCE: Tidewater Inc.

• Fourth Quarter 2020 Results
  • Revenue of $4.7 billion, down 3.6% versus prior year; flat on an organic¹ basis; funded book-to-bill of 0.93
  • Net income margin of 3.9%; adjusted earnings before interest and taxes (EBIT)² margin of 18.5%
  • GAAP earnings per share from continuing operations (EPS) of $0.92, down 48%
  • Non-GAAP EPS² of $3.14, up 10%
  • Operating cash flow of $698 million; adjusted free cash flow (FCF)² of $642 million
• Full Year 2020 Results
  • Revenue of $18.2 billion, up 42% versus prior year, 0.5% versus prior-year pro forma³, and 2.9% on an organic basis; funded book-to-bill of 1.04
  • Net income margin of 6.0%; adjusted EBIT margin of 18.0%
  • GAAP EPS of $5.19, down 34%; non-GAAP EPS of $11.60, up 13%
  • Operating cash flow of $2,790 million; adjusted FCF of $2,686 million
• Initiated 2021 guidance consistent with medium-term growth framework
• Raised quarterly dividend by 20% and established new $6 billion share repurchase authorization

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies, Inc. (NYSE:LHX) reported fourth quarter 2020 revenue of $4.7 billion, down 3.6% versus prior year, and flat on an organic¹ basis. GAAP net income was $184 million, down 54% versus prior year. Adjusted EBIT² was $864 million, up 3.5% versus prior year, and adjusted EBIT margin expanded 120 basis points (bps) to 18.5%. GAAP EPS was $0.92, down 48%, and non-GAAP EPS² was $3.14, up 10% versus prior year.

"Thanks to the hard work of our employees we continued to deliver the benefits of the merger and ended the year with solid performance, exceeding our initial 2020 guidance for margins, EPS and free cash flow as we overcame headwinds due to the global pandemic," said William M. Brown, Chairman and Chief Executive Officer. "We’re clearly making progress in building a high-performance, technology-focused operating company and positioning L3Harris as a full end-to-end mission solutions prime. In 2021, we'll build on our momentum as we remain focused on meeting employee, customer and shareholder commitments."

Summary Financial Results

Fourth Quarter 2020 Results:

Fourth quarter revenue decreased 3.6% versus prior year primarily due to divestitures and COVID-related impacts, mainly for commercial-related sales. Organic revenue was flat for the quarter as 3.7% growth in core U.S. and international businesses, excluding commercial aviation and Public Safety, was offset by the anticipated COVID-related decline. At the segment level, revenue growth was driven by Space and Airborne Systems and Communication Systems, offset by a decline in Aviation Systems primarily due to COVID-related impacts. Funded book-to-bill was 0.93 for the quarter.

Fourth quarter GAAP EPS decreased 48% versus prior year primarily due to charges for the impairment of intangibles, goodwill and other assets related to the commercial aviation business and other COVID-related impacts. These charges and other impacts were partially offset by operational excellence, integration benefits, cost management, a decrease in integration costs and a lower share count. Non-GAAP EPS increased 10% versus prior year driven by operational excellence, integration benefits, cost management and a lower share count, partially offset by COVID and divestiture-related impacts. Net income margin contracted 440 bps and adjusted EBIT margin expanded 120 bps to 18.5% versus prior year.

Full Year 2020 Results:

Full-year revenue increased 42% versus prior year primarily due to the post-merger inclusion of L3 operations in results, partially offset by divestitures and COVID-related impacts, mainly for commercial-related sales. Full-year revenue increased 0.5% versus prior-year pro forma and 2.9% on an organic basis as 5.6% growth in core U.S. and international businesses, excluding commercial aviation and Public Safety, more than offset the COVID-related decline. At the segment level, revenue growth was driven by Space and Airborne Systems, Integrated Mission Systems and Communication Systems, partially offset by a decline in Aviation Systems primarily due to COVID-related impacts. Funded book-to-bill was 1.04 for the year.

Full-year GAAP EPS decreased 34% versus prior year primarily due to charges for impairment of goodwill and other assets and other COVID-related impacts, higher amortization of acquisition-related intangibles, divestitures and a higher share count. This decline was partially offset by the inclusion of L3 operations in results for the full year in 2020 compared with only the second half in 2019, operational excellence, integration benefits, cost management and a decrease in integration costs. Full-year non-GAAP EPS increased 13% versus prior year driven by operational excellence, integration benefits, cost management and a lower share count, net of COVID and divestiture-related impacts. Net income margin contracted 450 bps and adjusted EBIT margin expanded 120 bps to 18.0% versus prior year.

Segment Results

Integrated Mission Systems

Fourth Quarter 2020 Results:

Fourth quarter revenue was flat as strong growth in Maritime from a ramp in manned and classified platforms was offset by a moderate decline in ISR due to aircraft timing and in Electro Optical due to program timing. Fourth quarter operating income increased 7.2% to $209 million, and operating margin expanded 100 bps to 14.3% versus prior year, driven by cost management, integration benefits and operational excellence.

Segment funded book-to-bill was 1.04 for the quarter.

In ISR, domestic and international demand remained strong with a 5-year, $668 million single-award IDIQ to perform sustainment services for the U.S. Air Force C-130, enabling the Air Force to maintain its fleet readiness. L3Harris also received $142 million in international orders, including a contract to provide ISR capabilities on a fleet of maritime patrol aircraft for an Asia Pacific customer.

In Maritime, the company received a $62 million follow-on award to provide power systems in support of the U.S. Navy’s Virginia-class submarine program. In addition, the company received a $60 million follow-on award to provide multiple autonomous surface vehicles (ASV) with advanced capabilities for the United Kingdom and France's joint Maritime Mine Counter Measures (MMCM) program, strengthening the company's position as a leader in unmanned surface vessel technology.

In Electro Optical, the company received several sensor awards, including a $26 million order to deliver WESCAM turrets for SOCOM's AC-130J aircraft and an $18 million order for F-35 systems. The company also reinforced its international position with a $68 million award to provide WESCAM sighting sensors for the Swiss Armed Forces’ new land-based TASYS tactical reconnaissance system.

Full Year 2020 Results:

n/m: Not meaningful

For the full year, the comparison to prior-year GAAP operating results is not meaningful as the segment is almost entirely comprised of former L3 businesses. Full-year revenue increased 3.3% versus prior-year pro forma driven by strong growth in Maritime, from a ramp in manned and classified platforms, and moderate growth in ISR. Full-year operating income increased 21% to $847 million versus prior-year pro forma, and operating margin expanded 230 bps to 15.3%, driven by operational excellence and integration benefits. Funded book-to-bill was 1.17.

Space and Airborne Systems

Fourth Quarter 2020 Results:

Fourth quarter revenue increased 4.3% versus prior year and 4.8% on an organic basis, primarily due to a ramp on the F-35 platform in Mission Avionics and growth in Space from recent program wins, partially offset by a moderate decline in Intel & Cyber due to program timing. Fourth quarter operating income increased 13% to $245 million, and operating margin expanded 150 bps to 19.5% versus prior year, driven by cost management, operational excellence and integration benefits, net of program mix.

Segment funded book-to-bill was 0.81 for the quarter.

The Space business received several key awards that extend L3Harris' exquisite space franchise, including contracts totaling more than $100 million to deliver imaging payloads for classified customers and a $137 million award to provide four fully-digital navigation payloads to be integrated into GPS III follow-on space vehicles 13 to 16.

Within Mission Avionics and Electronic Warfare, L3Harris booked more than $200 million in orders on long-term platforms (F-35, F/A-18 and F-16), increasing total orders for the year to more than $1.1 billion on these aircraft.

In Intel & Cyber, the company received a $320 million ceiling increase up to $800 million on an existing sole-source IDIQ contract to provide continued end-to-end mission solutions for a classified customer, sustaining its ground-based adjacency franchise.

Full Year 2020 Results:

Full-year revenue and operating income increased 14% versus prior year, primarily due to the post-merger inclusion of L3 operations in results and the factors below regarding pro forma and organic revenue growth. Full-year revenue increased 5.5% versus prior-year pro forma and 5.8% on an organic basis, primarily due to a ramp on the F-35 platform in Mission Avionics and classified growth in Intel & Cyber, partially offset by program transition timing in Space and Electronic Warfare. Full-year operating income increased 6.8% to $932 million versus prior-year pro forma, and operating margin expanded 20 bps to 18.8%, driven by cost management, operational excellence and integration benefits, net of program mix. Funded book-to-bill was 0.99.

Communication Systems

Fourth Quarter 2020 Results:

Fourth quarter revenue increased 2.1% versus prior year and 3.4% on an organic basis from strong growth in Tactical Communications, primarily from the Middle East and Central Asia, as well as the continued ramp in U.S. DoD modernization. This growth was partially offset by international program timing in Integrated Vision Solutions and lower demand within Public Safety due to anticipated COVID-related impacts. Fourth quarter operating income increased 14% to $296 million, and operating margin expanded 280 bps to 25.9% versus prior year from operational excellence, integration benefits and cost management.

Segment funded book-to-bill was 0.95 for the quarter.

The Broadband business secured a key strategic win of the U.S. Navy's Next Generation Jammer Low Band (NGJ-LB) Tactical Jamming System program to upgrade airborne electronic warfare capabilities for the EA-18G Growler fleet. Under this five-year, $496 million contract, the company will deliver prototype tactical jamming pods designed to extend U.S. air superiority, with a significant multi-billion-dollar follow-on opportunity.

Tactical Communications received several key awards that support U.S. DoD modernization and strengthen its domestic and international presence:

• $57 million award under the U.S. Army's $3.9 billion two-channel Leader radio IDIQ contract
• $41 million in orders from the U.S. Air Force for advanced two-channel Falcon IV® manpack radios as well as vehicular C4I and radio systems
• Three-year, $115 million contract from the Australian Defence Force to deliver tactical radios and waveforms that support emerging crypto modernization standards
• $70 million order from a country in the Middle East for Falcon III® products, bringing total orders booked to-date to the full contract value of $174 million

In addition, the company received a five-year, $88 million single-award IDIQ contract, with an initial $21 million order, to deliver its Panther II Very Small Aperture Terminals (VSATs) under the U.S. Marine Corps Wideband Satellite-Expeditionary (MCWS-X) modernization program.

In Integrated Vision Solutions, the company received a $105 million contract to deliver advanced night vision goggles to the Australian Army under the Land 53 Tranche 2 modernization program, following successful performance on Tranche 1 and increasing inception-to-date awards to over $300 million.

Full Year 2020 Results:

Full-year revenue increased 33%, operating income increased 30% and operating margin contracted 60 bps versus prior year, primarily due to the post-merger inclusion of L3 operations in results. Full-year revenue increased 3.9% versus prior-year pro forma and 4.4% on an organic basis from strong growth in Tactical Communications, primarily from the ramp in U.S. DoD modernization that also benefited Integrated Vision Solutions, partially offset by lower demand in Public Safety due to COVID-related impacts. Full-year GAAP and non-GAAP operating income increased 13%, and operating margin expanded 200 bps to 24.4% versus prior-year pro forma from operational excellence, integration benefits and cost management. Funded book-to-bill was 0.94.

Aviation Systems

Fourth Quarter 2020 Results:

Fourth quarter revenue decreased 22% versus prior year primarily due to the divestiture of the airport security and automation business, and 11% on an organic basis driven by COVID-related impacts in the commercial aviation business, consistent with expectations. This decline was partially offset by growth in Defense Aviation, from a ramp on classified programs and combat propulsion systems, and higher FAA volume in Mission Networks. The fourth quarter GAAP operating loss was driven by charges for impairment of goodwill and other assets related to our commercial aviation business, other COVID-related impacts and the divestiture of the airport security and automation business, partially offset by growth in Defense Aviation and Mission Networks. Non-GAAP operating income decreased 22% due to COVID-related impacts and the divestiture of the airport security and automation business, net of growth in Defense Aviation and Mission Networks. Non-GAAP operating margin was flat at 14.9% as operational excellence, integration benefits, and cost management offset COVID-related headwinds.

Segment funded book-to-bill was 0.89 for the quarter.

Order momentum in Defense Aviation was reflected in several key awards, including:

• $142 million contract with a multi-million-dollar initial order from the U.S. Space and Missile Systems Center to develop next-generation application-specific integrated circuits (ASICs) for M-Code GPS receivers, a critical element in support of U.S. national security and bringing total awards to-date to over $500 million
• $32 million in orders for combat propulsion systems under a five-year, $974 million sole-source IDIQ in support of the U.S. Army's ground vehicle recapitalization
• More than $30 million order to provide RF signal amplification for satellite communication in support of the Airbus OneSat program
• $29 million follow-on production order for fuzing and ordnance systems from the U.S. Army

Full Year 2020 Results:

n/m: Not meaningful

For the full year, the comparison to prior-year GAAP operating results is not meaningful as the segment is mainly comprised of former L3 businesses. Full-year revenue decreased 12% versus prior-year pro forma primarily due to the divestiture of the airport security and automation business, and 3.0% on an organic basis driven by COVID-related impacts in the commercial aviation business. This decline was partially offset by growth in Defense Aviation, from a ramp on classified programs and combat propulsion systems, and higher FAA volume in Mission Networks.

The full-year GAAP operating loss versus prior-year pro forma was due to charges for the impairment of goodwill and other assets, COVID-related impacts and the divestiture of the airport security and automation business, partially offset by growth in Defense Aviation and Mission Networks. Non-GAAP operating income decreased 5.4% to $476 million versus prior-year pro forma due to the divestiture of the airport security and automation business and COVID-related impacts, net of growth in Defense Aviation and Mission Networks. Non-GAAP operating margin expanded 100 bps to 13.8% as operational excellence, integration benefits and cost management more than offset COVID-related headwinds. Funded book-to-bill was 1.03.

Cash and Capital Deployment

In the fourth quarter of fiscal 2020, L3Harris generated $642 million in adjusted free cash flow and returned $619 million to shareholders through $440 million in share repurchases and $179 million in dividends. For the full year, the company generated $2,686 million in adjusted free cash flow and returned $3,015 million to shareholders through $2,290 million in share repurchases and $725 million in dividends.

The L3Harris Board of Directors approved a 20 percent increase in the company’s quarterly cash dividend rate from 85 cents per share to $1.02 per share, commencing with the dividend to be declared for the first quarter of 2021. The L3Harris Board also approved a new $6 billion share repurchase authorization.

Guidance

L3Harris initiated the following guidance for 2021:

• Revenue
  • $18.5 billion - $18.9 billion, up organically 3.0% - 5.0%
• Margin and earnings
  • GAAP net income margin of 10.8% - 11.1%
  • Adjusted EBIT margin of 18.0% - 18.5%
  • GAAP EPS of $9.80 - $10.11
  • Non-GAAP EPS of $12.60 - $13.00
• Cash flow and capital deployment
  • Operating cash flow and adjusted free cash flow of $3.1 billion - $3.2 billion and $2.8 billion - $2.9 billion, respectively
  • ~$2.3 billion in share repurchases, excluding use of divestiture proceeds

COVID

As communicated in connection with the company’s prior releases of quarterly financial results for 2020, the ongoing attempts to contain and reduce the spread of COVID, such as mandatory closures, “shelter-in-place” orders and travel and quarantine restrictions, have caused significant disruptions and adverse effects on the U.S. and global economies, such as impacts to supply chains, customer demand, international trade and capital markets. L3Harris' response has involved increasing its focus on keeping its employees safe while striving to maintain continuity of operations, meet customer commitments and support suppliers. For example, the company instituted work-from-home (for employees who are able to work remotely) and social distancing arrangements; canceled travel and external events; procured personal protective equipment for employees; implemented health screening procedures at all facilities; staggered work shifts, redesigned work stations, implemented stringent cleaning protocols and initiated more detailed safety precautions and protocols for on-site work, such as daily health assessments and mandatory face coverings, which currently remain in effect.

Investor Relations Contact:
Rajeev Lalwani, 321-727-9383
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations Contact:
Jim Burke, 321-727-9131
This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--#GlobalMarineCoatingsMarket--The marine coatings market is expected to grow by $ 3.64 bn, progressing at a CAGR of almost 6% during the forecast period.

Click & Get Free Sample Report in Minutes

The growth of the ship-building industry is one of the major factors propelling market growth. However, factors such as fluctuating raw material prices will hamper the market growth.

More details: https://www.technavio.com/report/marine-coatings-market-industry-analysis

Marine Coatings Market: Type Landscape

Based on the type, the anti-corrosive segment is expected to witness lucrative growth during the forecast period.

Marine Coatings Market: Geographic Landscape

By geography, APAC is going to have a lucrative growth during the forecast period. About 82% of the market’s overall growth is expected to originate from APAC. China, South Korea (Republic of Korea), and Japan are the key markets for marine coatings in APAC.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Related Reports on Materials Include:

• Grease Market by End-user and Geography - Forecast and Analysis 2020-2024- The grease market size has the potential to grow by USD 217.66 million during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 1.81%. To get extensive research insights: Click and get FREE sample report in minutes
  
• Strontium Market by End-user and Geography - Forecast and Analysis 2020-2024- The strontium market size has the potential to grow by 34.10 thousand MT during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 3.20%. To get extensive research insights: Click and get FREE sample report in minutes

Companies Covered:

• Akzo Nobel NV
• BASF SE
• Chugoku Marine Paints Ltd.
• DuPont de Nemours Inc.
• Hempel AS
• Nippon Paint Holdings Co. Ltd.
• Orkla ASA
• PPG Industries Inc.
• The Carlyle Group Inc.
• The Sherwin-Williams Co.

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Key Topics Covered:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

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

Five Forces Analysis

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

Market Segmentation by Application

• Market segments
• Comparison by Application
• Coastal - Market size and forecast 2019-2024
• Deepsea - Market size and forecast 2019-2024
• Containers - Market size and forecast 2019-2024
• Offshore house - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Application

Market Segmentation by Type

• Market segments
• Comparison by Type
• Anti-corrosive - Market size and forecast 2019-2024
• Anti-fouling - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Type

Market Segmentation by Chemistry

• Market segments
• Comparison by Chemistry
• Epoxy - Market size and forecast 2019-2024
• Polyurethane - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Chemistry

Customer landscape

Geographic Landscape

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

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Akzo Nobel NV
• BASF SE
• Chugoku Marine Paints Ltd.
• DuPont de Nemours Inc.
• Hempel AS
• Nippon Paint Holdings Co. Ltd.
• Orkla ASA
• PPG Industries Inc.
• The Carlyle Group Inc.
• The Sherwin-Williams Co.

Appendix

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

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

MANSFIELD, Ohio--(BUSINESS WIRE)--#DIVIDEND--The Board of Directors of The Gorman-Rupp Company (NYSE: GRC) has declared a quarterly cash dividend of $0.155 per share on the common stock of the Company, payable March 10, 2021, to shareholders of record as of February 12, 2021. This will mark the 284th consecutive quarterly dividend paid by The Gorman-Rupp Company.

Other action taken by the Board of Directors of The Gorman-Rupp Company was the announcement of the Annual Meeting of Shareholders scheduled to be held Thursday, April 22, 2021, and the related establishment of the close of business on March 1, 2021 as the record date for shareholders entitled to notice of and to vote at the meeting. The meeting will be in a virtual format only via webcast at 10:00 a.m. Eastern time.

About The Gorman-Rupp Company

Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: (1) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (2) highly competitive markets; (3) availability and costs of raw materials; (4) loss of key personnel; (5) cyber security threats; (6) intellectual property security; (7) acquisition performance and integration; (8) compliance with, and costs related to, a variety of import and export laws and regulations; (9) environmental compliance costs and liabilities; (10) exposure to fluctuations in foreign currency exchange rates; (11) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (12) changes in our tax rates and exposure to additional income tax liabilities; (13) impairment in the value of intangible assets, including goodwill; (14) defined benefit pension plan settlement expense; (15) family ownership of common equity; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

HOUSTON--(BUSINESS WIRE)--$NEXT #LNG--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) today announced that the Company has completed an evaluation of the Galveston Bay LNG site and determined that the site in Texas City is not suitable for development of an LNG facility and related infrastructure and utilities.

The U.S. Army Corps of Engineers (USACE), Galveston District, has advised that a portion of the Galveston Bay LNG site is under Federal Navigation Servitude and serves as an active Dredged Material Placement Area (DMPA) for the Texas City Ship Channel Federal Project. The Galveston Bay LNG project cannot be constructed without USACE requesting that Congress – via the Water Resources Development Act or other legislation – authorize the release of its constitutional right of Navigation Servitude over this DMPA.

On account of the potential for prolonged uncertainty around the prospect of release of Federal Navigation Servitude by USACE, NextDecade has elected to forfeit the Galveston Bay LNG site and will no longer make lease payments to the site’s landholders, the Texas General Land Office and the City of Texas City. Additionally, NextDecade has informed the Federal Energy Regulatory Commission (FERC) of its intent to withdraw Galveston Bay LNG from FERC pre-filing proceedings and cease all related activities. The Company has also requested that the U.S. Department of Energy terminate its June 2018 authorization for export of LNG from Galveston Bay LNG.

“While it is unfortunate that the Galveston Bay LNG site is not viable for large-scale infrastructure development, this determination only further enhances the value of – and the need for – NextDecade’s world-class Rio Grande LNG project in the Port of Brownsville,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “Since 2015, NextDecade’s development activities have been acutely focused on delivering Rio Grande LNG and developing the largest LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the rapidly tightening global LNG market.”

The circumstances of Galveston Bay LNG have no impact on NextDecade’s Rio Grande LNG project in the Port of Brownsville, where late-stage development activities are ongoing. NextDecade continues to work on remaining commercial agreements needed to achieve a final investment decision on the Rio Grande LNG project in 2021.

About NextDecade Corporation

NextDecade Corporation (NextDecade) is a liquefied natural gas (LNG) company focused on delivering the 27 mtpa Rio Grande LNG export facility in South Texas. Rio Grande LNG will be the largest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. Utilizing proven carbon capture and storage technology and proprietary processes, NextDecade is targeting carbon neutrality at Rio Grande LNG. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.

NextDecade Forward-Looking Information

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; the 2019 novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2019 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.

Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Patrick Hughes
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (832) 209-8131

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a fourth quarter 2020 common unit distribution of $0.40 per unit.  The fourth quarter common unit distribution will be paid on February 12, 2021 to holders of record as of February 8, 2021.

NuStar Energy L.P.’s Board of Directors also declared a fourth quarter 2020 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on March 15, 2021 to holders of record as of March 1, 2021.

A conference call with management is scheduled for 9:00 a.m. CT on Thursday, February 4, 2021, to discuss the financial and operational results for the fourth quarter of 2020. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 5472607. International callers may access the discussion by dialing 661/378-9931, passcode 5472607. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 5472607. International callers may access the playback by dialing 404/537-3406, passcode 5472607. The playback will be available until 12:00 p.m. CT on March 6, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/ojo329tj or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation.  NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids.  The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico.  For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar Energy L.P.’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar Energy L.P., are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website:  http://www.nustarenergy.com

LEAWOOD, KS--(BUSINESS WIRE)--This notice provides stockholders of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distributions paid on January 29, 2021 and cumulative distributions paid fiscal year-to-date.

The following table sets forth the estimated amounts of the current distributions, payable January 29, 2021 and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

Tortoise Power and Energy Infrastructure Fund, Inc.

You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policies.

The amounts and sources of distributions reported 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 TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Tortoise Capital Advisors is the Adviser to the Tortoise Power and Energy Infrastructure Fund, Inc.

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, please 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
This email address is being protected from spambots. You need JavaScript enabled to view it.

Fourth Quarter

• Reported a fourth-quarter loss of $539 million or $1.23 per share; adjusted loss of $507 million or $1.16 per share
• Generated operating cash flow of $639 million
• Completed Sweeny Hub Phase 2 expansion and the fourth dock at Beaumont Terminal
• Commissioned second dock and additional storage at South Texas Gateway Terminal
• Operated at 101% O&P utilization in Chemicals
• Announced 2021 capital budget of $1.7 billion, including Phillips 66 Partners

Full-Year 2020

• Achieved record safety and environmental performance
• Generated $2.1 billion of operating cash flow
• Responded rapidly to COVID-19 conditions; exceeded $500 million cost and $700 million capital reduction targets
• Completed major growth projects, including Gray Oak Pipeline and Sweeny Hub Phase 2 expansion
• Announced San Francisco Refinery conversion into renewable fuels facility

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces a fourth-quarter 2020 loss of $539 million, compared with a loss of $799 million in the third quarter of 2020. Excluding special items of $32 million, the company had an adjusted loss of $507 million in the fourth quarter, compared with a third-quarter adjusted loss of $1 million.

“2020 was a year of unprecedented challenges,” said Greg Garland, chairman and CEO of Phillips 66. “We took early, decisive steps to reduce costs and capital spending, secure additional liquidity and suspend share repurchases. These actions, combined with cash flow generation from our diversified portfolio, provided us with financial flexibility to maintain our strong investment grade credit ratings and sustain the dividend. We are focused on the health and safety of our employees, their families and our communities as we deliver products that are essential to the global economy.

“During the year, we reached major Midstream growth project milestones. We completed the Gray Oak Pipeline, our largest pipeline project to date. Gray Oak connects to the South Texas Gateway Terminal, which began crude oil export operations across two new docks. At the Sweeny Hub, we finished the Phase 2 expansion, adding two fractionators and storage capacity at Clemens Caverns. At Beaumont, the fourth dock began operations, and 2.2 million barrels of crude oil storage were placed into service.

“CPChem polyethylene sales volumes set a new record in 2020, meeting global consumer demand, including for food packaging and medical supplies. In Refining, we announced the Rodeo Renewed project to meet the growing demand for renewable energy. Marketing and Specialties reported one of its strongest financial performances.

“In 2020, our employees delivered exceptional operating performance, achieving record results in personal safety, process safety and environmental performance. We also advanced our digital transformation efforts, fostered innovation across our company and implemented new technologies, including digital systems for work processes and artificial intelligence to predict maintenance requirements and optimize processing unit performance.

“Looking ahead, we are optimistic about the impact of the COVID-19 vaccines on the economic recovery, as well as opportunities for value creation across our portfolio, including investments in a lower-carbon future. We remain committed to disciplined capital allocation and a strong balance sheet.”

Midstream

Midstream fourth-quarter pre-tax income was $223 million, compared with $146 million in the third quarter. Midstream results in the fourth quarter included $96 million of impairments related to Phillips 66 Partners’ investments in two crude oil logistics joint ventures, as well as $3 million of hurricane-related costs and $1 million of pension settlement expense. Third-quarter results included a $120 million impairment of pipeline and terminal assets related to the planned conversion of the San Francisco Refinery to a renewable fuels facility, an $84 million impairment related to the cancellation of the Red Oak Pipeline project, $3 million of pension settlement expense and $1 million of hurricane-related costs.

Transportation fourth-quarter adjusted pre-tax income of $196 million was $6 million lower than the third quarter. The decrease was primarily due to lower pipeline and terminal volumes, driven by decreased refinery utilization, partially offset by higher equity earnings from improved Bakken Pipeline volumes.

NGL and Other adjusted pre-tax income was $86 million in the fourth quarter, compared with $102 million in the third quarter. The decrease was mainly due to lower equity earnings, as well as reduced propane and butane trading results, partially offset by higher fractionation volumes, reflecting the ramp-up of Sweeny Fracs 2 and 3.

The company’s equity investment in DCP Midstream, LLC generated fourth-quarter adjusted pre-tax income of $41 million, a $9 million decrease from the prior quarter, mainly reflecting lower Sand Hills Pipeline equity earnings and timing of maintenance costs.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’ fourth-quarter 2020 pre-tax income was $193 million, compared with $231 million in the third quarter of 2020. Chemicals results in the fourth quarter included reductions to equity earnings of $21 million for pension settlement expense and $1 million of hurricane-related costs, partially offset by a $12 million benefit from lower-of-cost-or-market inventory adjustments. Third-quarter results included a $101 million benefit to equity earnings from lower-of-cost-or-market inventory adjustments, partially offset by $2 million of hurricane-related costs.

CPChem’s Olefins and Polyolefins (O&P) business contributed $216 million of adjusted pre-tax income in the fourth quarter of 2020, compared with $148 million in the third quarter. The $68 million increase was primarily due to higher polyethylene margins, partially offset by higher turnaround and maintenance costs. Global O&P utilization was 101% for the quarter.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed fourth-quarter adjusted pre-tax income of $13 million, compared with $5 million in the third quarter. The increase primarily reflects higher earnings from international equity affiliates due to improved margins.

Refining

Refining had a fourth-quarter pre-tax loss of $1.1 billion, compared with a pre-tax loss of $1.9 billion in the third quarter. Refining results in the fourth quarter included $22 million of hurricane-related costs and $3 million of pension settlement expense, partially offset by $6 million of favorable U.K. R&D credits. Third-quarter results included a $910 million impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels facility, $12 million of pension settlement expense and $11 million of hurricane-related costs.

Refining had an adjusted pre-tax loss of $1.1 billion in the fourth quarter of 2020, compared with an adjusted pre-tax loss of $970 million in the third quarter of 2020. Both periods reflect the continued impact of challenging market conditions. The decreased results in the fourth quarter were largely driven by higher turnaround and maintenance activity.

Pre-tax turnaround costs for the fourth quarter were $76 million, compared with third-quarter costs of $41 million. Phillips 66’s worldwide crude utilization rate was 69% in the fourth quarter, down from 77% in the third quarter. Clean product yield was 86% in the fourth quarter.

Marketing and Specialties

Marketing and Specialties (M&S) fourth-quarter pre-tax income was $232 million, compared with $415 million in the third quarter of 2020. M&S results in the fourth quarter included a $14 million benefit to equity earnings from a lower-of-cost-or-market inventory adjustment, partially offset by $2 million of hurricane-related costs and $1 million of pension settlement expense. Third-quarter results included hurricane-related costs of $1 million and pension settlement expense of $1 million.

Adjusted pre-tax income for Marketing and Other was $181 million in the fourth quarter of 2020, a decrease of $185 million from the third quarter of 2020. The decrease was due to lower realized margins, largely reflecting the impact of rising prices during the quarter, as well as reduced volumes, driven by COVID-19-related demand impacts. Refined product exports in the fourth quarter were 103,000 barrels per day (BPD).

Specialties generated fourth-quarter adjusted pre-tax income of $40 million, down from $51 million in the third quarter, largely due to lower finished lubricant margins.

Corporate and Other

Corporate and Other fourth-quarter pre-tax costs were $226 million, compared with pre-tax costs of $239 million in the third quarter. Pre-tax costs in the fourth quarter included a $9 million gain on an asset sale. Third-quarter pre-tax costs included a $25 million asset impairment and $1 million of pension settlement expense.

The $22 million increase in Corporate and Other adjusted pre-tax costs in the fourth quarter was mainly driven by lower capitalized interest and higher employee-related expenses.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $639 million in cash from operations during the fourth quarter, including $400 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $236 million. The company issued $1.75 billion of senior notes and repaid $500 million of its term loan in the quarter.

During the quarter, Phillips 66 funded $506 million of capital expenditures and investments and $393 million in dividends.

As of Dec. 31, 2020, Phillips 66 had $7.8 billion of liquidity, reflecting $2.5 billion of cash and cash equivalents and approximately $5.3 billion of total committed capacity under revolving credit facilities. Consolidated debt was $15.9 billion at Dec. 31, 2020, including $3.9 billion at Phillips 66 Partners (PSXP). The company’s consolidated debt-to-capital ratio was 42% and its net debt-to-capital ratio was 38%. Excluding PSXP, the debt-to-capital ratio was 39% and the net debt-to-capital ratio was 33%.

Strategic Update

Phillips 66 completed two new 150,000 BPD fractionators at its Sweeny Hub, bringing the site’s total fractionation capacity to 400,000 BPD. Frac 2 commenced commercial operations in September, and Frac 3 started operations in October. Phillips 66 plans to resume construction of the fourth fractionator in the second half of 2021. Upon completion of Frac 4, the Sweeny Hub will have 550,000 BPD of fractionation capacity. The fractionators are supported by long-term customer commitments.

At the South Texas Gateway Terminal, which is being constructed by Buckeye Partners, L.P., the second dock commenced crude oil export operations in the fourth quarter. Upon completion in the first quarter of 2021, the marine export terminal will have storage capacity of 8.6 million barrels and up to 800,000 BPD of dock throughput capacity. Phillips 66 Partners owns a 25% interest in the terminal.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

At Beaumont Terminal, the company completed the addition of a new 200,000 BPD dock in the fourth quarter, bringing the terminal’s total dock capacity to 800,000 BPD. The terminal has total crude and product storage capacity of 16.8 million barrels.

In Chemicals, CPChem and Qatar Petroleum are jointly pursuing development of petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. CPChem is closely monitoring economic developments and has deferred final investment decision for its U.S. Gulf Coast project until 2022.

CPChem is advancing optimization and debottleneck opportunities. This includes recently approved projects at its Cedar Bayou facility in Baytown, Texas, that will increase capacity of ethylene and polyethylene. In addition, CPChem is pursuing expansion of its normal alpha olefins production.

In October, CPChem announced its first U.S. commercial-scale production of circular polyethylene from recycled mixed-waste plastics at its Cedar Bayou facility and received International Sustainability and Carbon Certification PLUS (ISCC PLUS) certification for this location in November. CPChem is using advanced recycling technology to convert plastic waste to valuable liquids that can become new petrochemicals. CPChem’s circular polyethylene matches the performance and safety specifications of traditional polymers.

In Refining, Phillips 66 is advancing its plans at the San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. The company will complete its diesel hydrotreater conversion in mid-2021, which will produce 8,000 BPD (120 million gallons per year) of renewable diesel. Upon expected completion of the full conversion in early 2024, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion is expected to reduce the plant’s greenhouse gas emissions by 50% and help California meet its low-carbon objectives.

In Marketing, 106 retail sites in the Central region were acquired in January through a joint venture. This will enable long-term placement of Phillips 66 refinery production and extend participation in the retail value chain.

Recently, Phillips 66 announced the formation of an Emerging Energy organization. This group is charged with establishing a lower-carbon business platform that delivers attractive returns. It will focus on opportunities within our portfolio, such as Rodeo Renewed, as well as commercializing emerging energy technologies for a sustainable future. Combined with the company’s research and innovation efforts, the Emerging Energy organization uniquely positions Phillips 66 to develop and deploy technologies and products to support a lower-carbon future.

In collaboration with Georgia Institute of Technology, Phillips 66 received a U.S. Department of Energy grant for improving the costs, performance and reliability of an electrolysis technology that has the potential to convert carbon dioxide to clean fuels.

A field demonstration of a proprietary Phillips 66 solid oxide fuel technology was installed at a Phillips 66 facility to provide power generation for pipeline integrity.

Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to www.phillips66.com/supplemental.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. This release also includes a “debt-to-capital ratio excluding PSXP.” This non-GAAP measure is provided to differentiate the capital structure of Phillips 66 compared with that of Phillips 66 Partners.}

^{References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66.}