Engine No. 1 Believes ExxonMobil’s Actions Further Confirm the Need for Meaningful Board Change; Objects to Underperforming Board’s Plan to Pick Its Own New Members
SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, a new investment firm that seeks to enhance long-term value through active ownership and which has nominated four highly qualified, independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors (the “Board”) in connection with the 2021 Annual Meeting of Shareholders, issued the following statement regarding ExxonMobil’s announcements today.
“A Board that has underperformed this dramatically and defied shareholder sentiment for this long has not earned the right to choose its own new members or pack itself in the face of calls for change. ExxonMobil shareholders deserve a Board that works proactively to create long-term value, not defensively in the face of deteriorating returns and the threat of losing their seats.
“Further, today’s patchwork of announcements do not materially alter ExxonMobil’s long-term trajectory nor do they position it to succeed in a changing world. For years ExxonMobil has pursued spending and strategic plans that position it to succeed only in the absence of a material long-term energy demand shift, and it remains positioned for continued value destruction for decades to come under alternate scenarios. It is equally poor long-term planning to rely almost exclusively on the idea that carbon capture will become scalable and affordable soon enough to allow for continued oil and gas production growth for decades to come under a Paris-compliant trajectory.
“We have nominated four independent individuals who each bring a strong track record of transformative success in energy as well as their own unique set of skills and experiences that are directly relevant to the present and future of ExxonMobil. We believe these nominees can bring real change – versus the appearance of change – and position ExxonMobil to successfully evolve along with the rapidly-changing energy industry. We look forward to continuing to make the case for reenergizing ExxonMobil.”
Additional information regarding Engine No. 1’s campaign to Reenergize Exxon may be found at www.ReenergizeXOM.com.
About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.
Important Information
Engine No. 1 LLC, Engine No. 1 LP, Engine No. 1 NY LLC, Christopher James, Charles Penner (collectively, “Engine No. 1”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine No. 1, the “Participants”) intend to file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in a Schedule 14A filed by the Participants with the SEC on December 11, 2020. This document is available free of charge from the source indicated above.
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine No. 1 disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine No. 1 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
Media Contacts
Gasthalter & Co.
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Investor Contacts:
Innisfree M&A Incorporated
Scott Winter/Gabrielle Wolf
212-750-5833
Australian transport fuels company immediately liberates support cost savings and defers migration to S/4HANA
LAS VEGAS--(BUSINESS WIRE)--$RMNI #RMNI--Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Ampol Limited, Australia’s leading transport fuels provider, has switched to Rimini Street Support for its SAP ECC 6.0 and Business Objects applications, as well as its SAP HANA Database software. As a result, the company reduced its annual support fees and is saving additional costs by deferring an expensive and disruptive migration to SAP S/4HANA.
Resetting the Agenda with Rimini Street Third-Party Support
Ampol Limited manages Australia’s largest petrol and convenience network, as well as refining, importing and marketing fuels and lubricants. With a history spanning over 120 years, it has grown to be the largest transport fuels company listed on the Australian Securities Exchange. The company’s robust supply chain is underpinned by its market-leading infrastructure which includes 19 terminals, five major pipelines, 89 depots, approximately 800 owned and operated retail sites and 1,900 branded sites.
For the past 20 years, Ampol has relied on its robust SAP platform which is a key enabler of its business and operations. Ampol has decided to partner with Rimini Street to maintain its current SAP platforms, while also supporting their complex operations across their supply chain.
“We needed to look at ways to be more efficient and effective with our costs and technology in the current economic environment,” said Alisa Cooper, IT director, Ampol. “The transition to Rimini Street has enabled us to reallocate investment in accelerating business value and innovate around the edges of our SAP platform.”
Ampol benefits from Rimini Street’s premium-level enterprise software support model, including its industry-leading Service Level Agreement (SLA) of 10-minute response times for all critical Priority 1 cases. Rimini Street’s clients are also assigned a Primary Support Engineer (PSE), backed by a team of functional and technical experts, who have an average of more than 15 years’ experience in the client’s software system.
“In light of COVID-19, organizations such as Ampol are looking at ways to be more efficient with capital spend and cost,” said Emmanuelle Hose, regional general manager, Australia and New Zealand, Rimini Street. “Across Australia, projects or investments must deliver an immediate ROI; these include large migration projects, expensive maintenance and support contracts and large-scale digital transformation initiatives. By switching to Rimini Street Support, organizations are enabled to invest their significant support savings into strategic business initiatives that will help them grow and gain competitive advantage.”
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 3,700 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.
Forward-Looking Statements
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 5, 2020, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.
© 2021 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
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FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (NASDAQ: OTTR) announced today the Board of Directors increased the company’s quarterly common stock dividend to $0.39 per share. The increase brings the annual indicated dividend rate to $1.56 per share, an $.08 increase over the 2020 rate. The dividend is payable on March 10, 2021 to shareholders of record on February 12, 2021.
This 5.4 percent increase demonstrates our strong commitment to our shareholders and shows the confidence the board of directors has in our ability to deliver sustainable earnings and cash flows. We expect future dividend increases to be in line with earnings growth while maintaining a targeted payout ratio in the range of 60 to 70 percent.
This represents the 82nd year (329th consecutive quarter) dividends have been paid on common stock.
The corporation will issue a news release announcing year end 2020 financial results on Monday, February 15, 2021 and has scheduled an earnings call for Tuesday, February 16, 2021 at 10:00 CT.
About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
Loren Hanson
218-739-8481
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OKLAHOMA CITY--(BUSINESS WIRE)--Enable Midstream Partners, LP (NYSE: ENBL) today announced that its 2020 tax package, which includes the Schedule K-1 (Form 1065) for common unitholders, will be available online by the end of the day March 5, 2021. The 2020 tax package may be accessed at https://taxpackagesupport.com/Enable. Enable expects printing and mailing of the 2020 tax packages to be completed by March 11.
For additional information or assistance, unitholders may call the toll-free Enable Midstream Tax Support Line at (833) 608-3516, weekdays between 8 a.m. and 5 p.m. Central.
ABOUT ENABLE MIDSTREAM PARTNERS
Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.
Media:
Leigh Ann Williams
(405) 553-6947
Investor:
Matt Beasley
(405) 558-4600
Minneapolis-based utility earned a perfect score for fifth consecutive year
MINNEAPOLIS--(BUSINESS WIRE)--For the fifth year in a row Xcel Energy has been honored as a best place to work for lesbian, gay, bisexual, transgender and queer (LGBTQ) equality. The Minneapolis-based company again earned a perfect score on the Human Rights Campaign’s 2021 Corporate Equality Index (CEI).
“I am proud to see Xcel Energy honored again among leading companies that are striving not just to perform well for our customers, but to do so in a way that empowers all employees and recognizes their contributions,” said Ben Fowke, chairman and CEO of Xcel Energy.
“We know that to meet our goal of building the energy future, we need an inclusive and diverse workforce, attracting and retaining a committed, innovative team. And this distinction marks one way we’re working to do that,” said Darla Figoli, executive vice president, Human Resources and Employee Services, and chief human resources officer.
Xcel Energy has been included in the Corporate Equality Index for 18 years and joins a record-breaking 767 businesses to earn a perfect score in 2021. This number of “Best Place to Work for LGBTQ Equality” designees is up nearly 12 percent from 686 last year. The first index, released in 2002, had 13 top-rated companies.
Xcel Energy achieved a 100% equality rating on CEI’s index based on several factors, including non-discrimination policies across all business areas, offering equitable benefits to LGBTQ employees and their families, and maintaining an inclusive culture that supports corporate social responsibility.
Maintaining a culture of diversity and inclusion has long been one of Xcel Energy’s core corporate values. Since 1995, Xcel Energy has offered benefits to employees’ domestic partners and children. The company continually develops new initiatives and implements training to promote a diverse and inclusive culture throughout the organization.
For more information about the Corporate Equality Index, visit the Human Rights Campaign.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com
HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced that it will issue its fourth quarter and full year 2020 earnings release after market close on Wednesday, February 24, 2021. The Company will host a conference call to discuss financial and operational results on Thursday, February 25, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).
The call will be webcast on Cactus’ website at www.CactusWHD.com. Institutional investors and analysts may participate by dialing (833) 665-0603. International parties may dial (929) 517-0394. The access code is 3572986. Please access the webcast or dial in for the call at least 10 minutes ahead of start time to ensure a proper connection.
An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken and SCOOP/STACK, among other areas, and in Eastern Australia.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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Here are Home Heating Tips to Help Save Energy and Stay Safe During a COVID-19 Winter
SAN FRANCISCO--(BUSINESS WIRE)--A comfortable indoor space is more important than ever with most customers staying home due to the COVID-19 pandemic. Longer nights, colder days and more time at home could lead to using more natural gas and increased energy costs. Pacific Gas and Electric Company (PG&E) offers ways for customers to save energy, money and stay safe during the cold winter months.
“Customers are spending more time at home than ever before as a result of the ongoing nature of the pandemic. There are, however, simple steps customers can take to lower their energy costs without sacrificing safety or comfort,” said Aaron August, PG&E Vice President of Business Development & Customer Engagement.
PG&E offers the following tips to safely reduce the cost of keeping warm.
Ways to Save Energy this Winter
For more tips on saving energy this winter, visit www.pge.com/winter.
Fuel-burning appliances, such as gas furnaces, stoves, ovens and water heaters can increase the risk of carbon monoxide leaks, a toxic gas, when they are not working properly. Electric heating devices, such as space heaters, can also be a safety hazard when used improperly. Inappropriate use has been known to cause fires.
Ways to Stay Safe this Winter
If customers suspect there is a problem with a natural gas appliance inside their home, they should call PG&E at 1-800-743-5000. If you detect carbon monoxide in your home, you should get out immediately and call 911.
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
HOUSTON--(BUSINESS WIRE)--SANDRIDGE PERMIAN TRUST (OTC Pink: PERS) today announced a distribution of approximately $3.9 million, or $0.075 per unit, reflecting the fair value to the Trust, less cash reserves withheld by the Trust as described below, received by the Trust for the portion of the Trust’s Overriding Royalty Interests (“Royalty Interests”) required to be released upon the sale by Avalon Energy, LLC (“Avalon”) of wells and related assets associated with specified oil and natural gas, properties situated in the Central Basin Platform of the Permian Basin in Andrews County, Texas (the “Underlying Properties”) to Montare Resources I, LLC (“Montare”) on October 13, 2020 (the “Montare sale”), as previously disclosed in the Trust’s Form 10-Q for the quarterly period ended September 30, 2020. The distribution is expected to occur on or before February 26, 2021 to holders of record as of the close of business on February 12, 2021.
There will be no distribution paid for the three-month period ended December 31, 2020 (with respect to production attributable to the Trust’s royalty interests from September 1, 2020 to November 30, 2020) as costs, charges and expenses attributable to the Underlying Properties were more than the revenue received from the sale of oil, natural gas and other hydrocarbons produced from the Underlying Properties, as reported by Avalon. As a result of the Montare sale, combined sales volumes were significantly lower during the three-month production period ended November 30, 2020 compared to the previous period. As no additional development wells will be drilled, the Trust’s production is expected to decline each quarter during the remainder of its life.
The Trust continues to own, and is entitled to receive proceeds from the sale of production attributable to, the Royalty Interests, which are the sole assets of the Trust. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of actual production volumes, oil, natural gas and natural gas liquids prices, and the amount and timing of the Trust’s administrative expenses, among other factors. All Trust unitholders share distributions on a pro rata basis.
Volumes, average prices and distributable income available to unitholders for the period were (dollars in thousands, except average prices and per unit):
Sales Volumes |
|
|
|
|
Oil (MBbl) |
|
|
18 |
|
Natural Gas Liquids “NGL” (MBbl) |
|
|
2 |
|
Natural Gas (MMcf) |
|
|
6 |
|
Combined (MBoe) |
|
|
20 |
|
Average Price |
|
|
|
|
Oil (per Bbl) |
|
$ |
36.18 |
|
NGL (per Bbl) |
|
$ |
16.41 |
|
Natural Gas (per Mcf) |
|
$ |
1.06 |
|
Natural Gas (per Mcf) including impact of post-production expenses |
|
$ |
0.82 |
|
Proceeds from sale of Trust assets |
|
$ |
4,874 |
|
Royalty income |
|
|
665 |
|
Total Revenues |
|
|
5,539 |
|
Expenses |
|
|
719 |
|
Distributable income |
|
$ |
4,820 |
|
Additional cash reserve |
|
|
884 |
|
Distributable income available to unitholders |
|
$ |
3,936 |
|
Distributable income per unit (52,500,000 units issued and outstanding) |
|
$ |
0.075 |
|
As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $190,000 or 3.5% of the funds otherwise available for distribution to Trust unitholders each quarter to gradually increase cash reserves for the payment of future known, anticipated or contingent expenses or liabilities by a total of approximately $2,275,000. In light of the fact that there will be no distribution from production for the three-month period ended December 31, 2020 (with respect to production attributable to the Trust’s royalty interests from September 1, 2020 to November 30, 2020), the Trustee has elected to withhold approximately $884,000, the remaining amount needed to reach its targeted cash reserve. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds.
Pursuant to Internal Revenue Code Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at 30% of gross income unless the rate is reduced by treaty. This is intended to be a qualified notice by SandRidge Permian Trust to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b), and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold at the highest marginal rate on the distribution made to non-U.S. persons. The Tax Cuts and Jobs Act (the “TCJA”) enacted in December 2017 treats a non-U.S. holder’s gain on the sale of Trust units as ECI to the extent such holder would have had ECI if the Trust had sold all of its assets at fair market value on the date of the exchange. The TCJA also requires the transferee of units to withhold 10% of the amount realized on the sale of exchange of units (generally, the purchase price) unless the transferor certifies that it is not a non-resident alien individual or foreign corporation. Pending the finalization of proposed regulations under IRC Section 1446, the IRS has suspended this new withholding obligation with respect to publicly traded partnerships such as the Trust, which is classified as a partnership for federal and state income tax purposes.
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of this provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, the Trustee’s planned withholding of funds to increase cash reserves for future known, anticipated or contingent expenses or liabilities of the Trust, the impact of COVID-19 on the global economy, and the amount and date of any future distributions to unitholders of the Trust. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Avalon with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively impacted by prevailing low commodity prices, which could remain low for an extended period of time or decline further. In addition to the recent collapse of oil prices and the worldwide collapse of demand for oil, recent announcements by Saudi Arabia and Russia to abandon output restraints, and the economic effects of the COVID-19 pandemic, other important factors that could cause actual results to differ materially and adversely impact distributions to unitholders include lease operating expenses related to the operation of the Underlying Properties, expenses of the Trust, and reserves made by the Trust for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Avalon nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the period ended September 30, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
SandRidge Permian Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will be releasing its fourth quarter & full-year 2020 financial results on Tuesday, February 23, 2021, after the market closes.
In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, February 24, 2021 beginning at 10:00 A.M. Eastern time. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session with sell-side analysts only.
Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-499-3809
Initial Offerings Include AI-Based Reliability Applications to Improve Operational Efficiency for the Energy and Process Industries
THE HAGUE, Netherlands, REDWOOD CITY, Calif., HOUSTON & REDMOND, Wash.--(BUSINESS WIRE)--Shell (NYSE:RDS), C3 AI (NYSE:AI), Baker Hughes (NYSE:BKR), and Microsoft (NASDAQ:MSFT) today announced the launch of the Open AI Energy Initiative™ (OAI), a first-of-its-kind open ecosystem of artificial intelligence (AI)-based solutions for the energy and process industries. The OAI provides a framework for energy operators, service providers, equipment providers, and independent software vendors for energy services to offer interoperable solutions, including AI and physics-based models, monitoring, diagnostics, prescriptive actions, and services, powered by the BHC3™ AI Suite and Microsoft Azure.
“This initiative is about combining the efforts of global leaders to accelerate the digital transformation of the energy industry to new, safe, and secure energy and to ensure climate security,” said C3 AI CEO Thomas M. Siebel.
The first set of OAI solutions provided by Shell and Baker Hughes are focused on reliability and designed to improve uptime and performance of energy assets and processes. These reliability solutions will serve as extensions to the current BHC3 Reliability application, an AI-based application that provides reliability, process, and maintenance engineers with AI-enabled insights to predict process and equipment performance risks for the energy industry. The application leverages the BHC3 AI Suite’s ability to integrate enterprise-scale data from disparate data sources and train AI reliability models that cover full plant operations while taking full advantage of Azure, Microsoft’s scalable, enterprise-class cloud infrastructure.
The OAI augments BHC3 Applications with partner-led, domain-specific solutions that accelerate deployment of AI-based reliability solutions to unlock significant economic value across the energy industry while helping to make energy production cleaner, safer, and more efficient. The initial OAI reliability solutions offered by Shell and Baker Hughes enable interoperability between BHC3 Reliability, OAI modules, and existing industry solutions for such applications. Solutions available today include proven and tested equipment- and process-specific modules with pre-trained AI models, codified subject matter expertise, low-latency data connectors, thermodynamic and operating parameter libraries, global health monitoring services, deep diagnostics, failure prevention recommendations, and prescriptive actions.
Shell is making modules available through the OAI, including:
Baker Hughes will offer OAI interoperability with a range of existing technologies in the energy industry, including:
The Open AI Energy Initiative will augment Baker Hughes and C3 AI Applications, including:
“Digital technologies and AI are helping us improve our core business today and build the energy businesses of the future. Over the last few years, we have been working with C3 AI to scale our AI-based predictive maintenance solutions to reduce costs and improve the productivity, reliability, and performance of our assets,” said Shell Chief Technology Officer Yuri Sebregts. “We are monitoring more than 5,200 pieces of equipment using machine learning across upstream and downstream manufacturing as well as integrated gas assets. We are excited to take this capability to market and want to develop an open ecosystem where others can offer AI solutions to help improve reliability across the industry.”
“Taking energy forward requires new approaches to technology that leverage collaboration, open data standards, and cutting-edge AI capabilities,” said Uwem Ukpong, executive vice president of regions, alliances & enterprise sales at Baker Hughes. “Working alongside our alliance partners at C3 AI and together with industry leaders at Shell and Microsoft, the OAI will help address the persistent industry challenge of nonproductive downtime. This new ecosystem will leverage our strong existing BHC3 portfolio and is a promising step in the digital transformation of energy.”
“Microsoft is committed to the transformation of the energy sector and supporting solutions like the Open AI Energy Initiative, which are contributing to the realization of these transformation goals,” said Microsoft Vice President of Energy Darryl Willis. “Digital technology is helping key industry areas such as plant reliability and maintenance, and Microsoft’s participation in the Open AI Energy Initiative will further advance the transition to a net-zero emissions future.”
“The Open AI Energy Initiative is an early but clear reflection of the direction the market is heading,” said Kevin Prouty, IDC group vice president, energy and manufacturing insights. “With this already-established alliance of leading organizations, including C3 AI, Shell, Baker Hughes, and Microsoft, the OAI is poised to single-handedly establish the ecosystem of enterprise AI for the energy industry.”
Learn more about the Open AI Energy Initiative and its reliability solutions at https://bakerhughesc3.ai/products/bhc3-oai/
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is a leading provider of enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai
About Royal Dutch Shell plc
Royal Dutch Shell plc is incorporated in England and Wales‚ has its headquarters in The Hague and is listed on the London‚ Amsterdam‚ and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing‚ marketing and shipping of oil products and chemicals and renewable energy projects. For further information‚ visit www.shell.com.
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
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LONDON--(BUSINESS WIRE)--#GlobalMarineVesselEnergyEfficiencyMarket--The new marine vessel energy efficiency market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the alternative fuel and fuel engine innovations,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the marine vessel energy efficiency market size to grow by USD 163.00 million during the period 2021-2025.
Marine Vessel Energy Efficiency Market Segment Highlights for 2020
Regional Analysis
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it has created a new business to commercialize its extensive low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.
ExxonMobil Low Carbon Solutions is advancing plans for more than 20 new carbon capture and storage opportunities around the world to enable large-scale emission reductions. ExxonMobil plans to invest $3 billion on lower emission energy solutions through 2025. The business will be led by Joe Blommaert, who has more than 30 years of experience in the industry with leadership roles in technology advancement, product marketing, and operations. The board of directors has elected him as a vice president of Exxon Mobil Corporation.
CCS is the process of capturing CO2 that would otherwise be released into the atmosphere from industrial activity, and injecting it into deep geologic formations for safe, secure and permanent storage. The United Nations Intergovernmental Panel on Climate Change and the International Energy Agency agree that CCS is one of the most important low-carbon technologies required to achieve societal climate goals at the lowest cost. CCS is also one of the only technologies that could enable some industry sectors to decarbonize, including the refining, chemicals, cement and steel sectors.
ExxonMobil has more than 30 years of experience in CCS technology and was the first company to capture more than 120 million tonnes of CO2, which is equivalent to the emissions of more than 25 million cars for one year. The company has an equity share in about one-fifth of global CO2 capture capacity and has captured approximately 40 percent of all the captured anthropogenic CO2 in the world.
ExxonMobil Low Carbon Solutions will also leverage ExxonMobil’s significant experience in the production of hydrogen which, when coupled with CCS, is likely to play a critical role in a lower-carbon energy system. Other technology focus areas in ExxonMobil’s low carbon portfolio will be added in the future as they mature to commercialization.
“With our demonstrated leadership in carbon capture and emissions reduction technologies, ExxonMobil is committed to meeting the demand for affordable energy while reducing emissions and managing the risks of climate change,” said Darren Woods, chairman and chief executive officer. “We are focused on proprietary projects and commercial partnerships that will have a demonstrably positive impact on our own emissions as well as those from the industrial, power generation and commercial transportation sectors, which together account for 80 percent of global CO2 emissions. We have the expertise that can help bring technologies to market and make a meaningful difference.”
The business will seek to develop partnerships and collaborations on a wide range of technologies, and be responsible for marketing of emission-reduction credits created through the business’s sequestration projects.
New CCS projects and partnerships under evaluation include:
The new projects will complement ExxonMobil’s current carbon capture capacity in the United States, Australia and Qatar, which totals about 9 million tonnes per year, the equivalent of planting 150 million trees every year.
ExxonMobil is collaborating with multiple partners across industry, academia and government to advance carbon capture technologies to reduce costs and enhance scalability. This includes the company’s work with FuelCell Energy to advance carbonate fuel cell technology to more efficiently capture CO2 from industrial facilities, and Global Thermostat, a collaboration to advance efforts to capture CO2 directly from the air.
CCS opportunities can become more commercially attractive through government policy, including the United States tax credit 45Q, which ExxonMobil supports, and other supportive policies in the European Union, Canada and Singapore.
Since 2000, ExxonMobil has spent more than $10 billion to develop and deploy higher-efficiency and lower-emission energy solutions across its operations. The company works with about 80 universities in the United States, Europe and Asia to explore next-generation energy technologies.
Cautionary Statement
Statements of future events, investment opportunities or conditions in this release are forward-looking statements. Actual future results, including project plans and timing, future reductions in emissions and emissions intensity, carbon capture results and the impact of operational and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; national, regional and local policies; changes in laws and regulations including laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2019 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
Important Additional Information Regarding Proxy Solicitation
Exxon Mobil Corporation (“ExxonMobil”) intends to file a proxy statement and associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in ExxonMobil’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020, ExxonMobil’s proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on April 9, 2020 and ExxonMobil’s Form 8-K filed with the SEC on December 1, 2020. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the 2020 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at This email address is being protected from spambots. You need JavaScript enabled to view it. or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.
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- FCC Certification Brings More Smart Devices for the Puloli NB-IoT Network -
SAN FRANCISCO--(BUSINESS WIRE)--#FCC--Puloli Inc., a leading provider of NB-IoT solutions for utilities, energy and Smart Cities, and Quectel, a leading global supplier of cellular modules, are proud to announce that the Quectel BG95 is now FCC certified for Upper 700 MHz A Block for NB-IoT. This certification adds additional cost-effective communications options to Critical Infrastructure Industries (CII). It ensures that endpoints and devices built on BG95 will fully comply with relevant FCC requirements and operate as intended when connected to the Puloli network.
Quectel BG95 is based on the Qualcomm® 9205 chipset. On the heels of last year’s announcement of the 9205 LTE modem support for the Puloli NB-IoT, Puloli has continued to expand the number of devices and endpoints supported on its network. “We welcome the Quectel modules to the Puloli list of supported hardware platforms. With the FCC certification of BG95 for Upper 700 MHz A Block, we significantly expand the availability of low-cost, low-power devices on our network,” said Kethees Ketheesan, CEO of Puloli. “Given the rich ecosystem of third-party vendors who are incorporating BG95 into multi-use sensors, endpoints and applications, we expect increased deployments based on the BG95 series in the near future.”
“We’re delighted that our BG95 module is now FCC-certified. With this certification, the Puloli NB-IoT Network-as-a-Service offers utilities connectivity for even more devices and sensors,” said Alexander Bufalino, VP Marketing, Quectel Wireless Solutions. “The BG95 has been selected by a wide variety of device-makers and developers and this has created a broad ecosystem of devices and applications that are making cities truly smart.”
The Quectel BG95 is a series of multi-mode Low-Power Wide-Area (LPWA) modules supporting LTE Cat M1/Cat NB2/EGPRS and integrated GNSS. With a cost-effective SMT form factor of 23.6 mm × 19.9 mm × 2.2 mm, the BG95 enables integrators and developers to easily design their applications and take advantage of the module's low power consumption and mechanical intensity. Its advanced Land Grid Array (LGA) package allows fully automated manufacturing for high-volume applications.
Select Spectrum and Access Spectrum are offering Upper 700 MHz A Block licenses for sale. Robert Finch, president of Select Spectrum said, “Many utilities and other critical infrastructure companies are looking to deploy IoT solutions that leverage cellular industry IoT standards and provide for rapid returns on investment. We see the NB-IoT capabilities of the Quectel BG95 accelerating adoption of a wide range of utility, smart city and shared services use cases for those companies that have acquired or are considering 700 MHz A Block spectrum.”
About Puloli
Puloli is an IoT Network-as-a-Service (NaaS) company providing private IoT network solutions based on LTE/5G IoT standards. Puloli’s customers in Critical Infrastructure Industries, Smart Cities, and other related verticals value the security, reliability, control, flexibility, and the lower cost of ownership that come with Puloli private IoT networks operating on licensed spectrum. Puloli supports a wide range of frequency bands with the ability to customize channelization schemes and band plans to take advantage of unique and non-traditional spectrum availability. Puloli’s end-to-end system integration makes it a leading one-stop full turn-key service provider for the private IoT industry. Founded in 2016, Puloli is based in San Francisco, California. For more information, visit puloli.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Quectel
Quectel’s passion for a smarter world drives us to accelerate IoT innovation. A highly customer-centric organization, we create superior cellular and GNSS modules backed by outstanding support and services. Our growing global team of 2200 professionals, the largest in the IoT modules industry worldwide, ensures we are first to market and continue to set the pace of development. Listed on the Shanghai Stock Exchange (603236.SS), our international leadership is devoted to advancing IoT across the globe. For more information: www.quectel.com, LinkedIn, Facebook and Twitter.
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SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced that it has been awarded a contract from LLOG Exploration Offshore to supply over five miles of subsea insulation for tiebacks in the Dome Patrol Field in the Gulf of Mexico. The contract scope awarded to Perma-Pipe covers overseeing engineering support, pipe coating, and supplying insulation for the pipelines. The project will utilize FLOW–THERM™ (formerly Auto-Therm®), a glass syntactic polyurethane (GSPU) that is Perma-Pipe's most popular thermal insulation product suitable for deepwater and temperatures up to 226 °F (108 °C).
FLOW-THERM™ is highly efficient, cost-effective, and has excellent compressive resistance when used on subsea flowlines, risers, field joints, and equipment, including jumpers, pipeline end terminations (PLETs), pipeline end manifolds (PLEMs), inline structures shrouds, and doghouses for deep and ultra-deepwater requirements.
Scott James, Sr. Vice President for Perma-Pipe’s Americas region states, "Perma-Pipe has been a long-term and valued supplier of FLOW-THERM™ to many customers and projects in the Gulf of Mexico. This latest project demonstrates our continued commitment to our customers in this market.”
David Mansfield, President and CEO commented, "Our diverse group of products have broad applications that have proven to address customer needs. We are confident in our ability to continue to provide these quality products and in serving our customers’ expectations during these challenging times.”
The project will be executed at our New Iberia, Louisiana facility with delivery expected in June 2021.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
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NEW YORK--(BUSINESS WIRE)--Basalt Infrastructure Partners LLC (“Basalt”) announced today that the third flagship Basalt fund (“Basalt III”) has entered into a definitive agreement to acquire Xpress Natural Gas (“XNG” or the “Company”).
XNG is a fully integrated Compressed Natural Gas (“CNG”) provider operating in the United States and Canada. The Company provides reliable, low-carbon energy solutions to utility, commercial and industrial end-users.
“We are excited about the opportunity to work with the XNG management team to continue the Company’s growth trajectory, while maintaining focus on reliable and safe operations,” stated David Greenblatt, Partner of Basalt, exclusive advisor to the Basalt funds. “XNG is well positioned to support end-users who benefit from the Company’s leading CNG network, while reducing carbon emissions.”
“We could not be more excited about joining the Basalt portfolio and gaining access to a world class team and resources. XNG’s significant growth in the C&I, Utility and Virtual Pipeline markets has only been constrained by its access to capital,” said John Nahill, CEO of XNG. “Basalt and Basalt III together bring the market knowledge, operational experience and financial backing necessary to meet our ever evolving and growing customer demand.”
Consummation of the transaction remains subject to customary closing conditions. The terms of the transaction are not being disclosed. This transaction will mark Basalt III’s third investment, after Habitat Solar and Full Fibre Limited.
National Bank Financial Inc. served as exclusive financial adviser to Basalt and Kirkland & Ellis served as its legal adviser. RBC Capital Markets served as exclusive financial adviser to Xpress Natural Gas and WilmerHale served as its legal adviser.
About Basalt
Basalt is the exclusive investment advisor to the Basalt funds, comprising Basalt I, Basalt II and Basalt III. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Assets, Detroit Thermal, Hyperion Power, Helios Power, Black Bear Transmission, and Habitat Solar.
For more information, please visit www.basaltinfra.com.
About Xpress Natural Gas
Founded in 2011, XNG provides an alternative energy source for businesses without access to a gas pipeline. By transporting compressed natural gas in both the U.S. and Canada, XNG provides a consistent and reliable, low-carbon energy source for its broad customer base. The company’s business model enables CNG to be delivered to over 40 customer sites around the clock, 365 days a year. As a leading provider of CNG, the company is positioned for exponential growth in customer installments throughout 2021 and beyond.
For more information, please visit www.xng.com.
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Seth Berry
General Counsel
(508) 846-8200
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David Greenblatt
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(646) 661-3900
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New York, NY
LONDON--(BUSINESS WIRE)--#GlobalProtectiveCoatingsMarket--Technavio has been monitoring the protective coatings market and it is poised to grow by $ 14.09 bn during 2021-2025, progressing at a CAGR of about 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have at Par impact on the protective coatings market.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Akzo Nobel NV, Arkema SA, Covestro AG, Hempel AS, Jotun AS, Kansai Paint Co. Ltd., KC Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., and The Sherwin-Williams Co. are some of the major market participants. The increased demand for water-borne coatings will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this protective coatings market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Protective Coatings Market 2021-2025: Segmentation
Protective Coatings Market is segmented as below:
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Protective Coatings Market 2021-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The protective coatings market report covers the following areas:
This study identifies rapid growth in the oil and gas industry as one of the prime reasons driving the protective coatings market growth during the next few years.
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Protective Coatings Market 2021-2025: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Market Segmentation by End-user
Market Segmentation by Resin
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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.
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PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) plans to report its Full Year and Fourth Quarter 2020 financial results on Thursday, February 25, 2021. Management will present the results during a conference call and webcast at 9:00 a.m. Eastern.
A live webcast of the conference call, including presentation materials, can be accessed through NRG’s website at http://www.nrg.com and clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page. The webcast will be archived on the site for those unable to listen in real time.
About NRG Energy
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.
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LONDON--(BUSINESS WIRE)--#GlobalLaminateLithiumIonBatteryMarket--The laminate lithium-ion battery market is poised to grow by $ 11.19 bn during 2021-2025, progressing at a CAGR of almost 12% during the forecast period.
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The report on the laminate lithium-ion battery market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by shift of the automotive industry towards EV.
The laminate lithium-ion battery market analysis includes application segment and geography landscape. This study identifies the declining lithium-ion battery prices as one of the prime reasons driving the laminate lithium-ion battery market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The laminate lithium-ion battery market covers the following areas:
Laminate Lithium-Ion Battery Market Sizing
Laminate Lithium-Ion Battery Market Forecast
Laminate Lithium-Ion Battery Market Analysis
Companies Mentioned
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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) plans to announce its fourth-quarter and full-year 2020 financial results after the market closes on Monday, Feb. 22, 2021.
The company’s fourth-quarter and full-year 2020 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Feb. 23, 2021, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time).
Participants who wish to join the call by phone must register using the following link: http://www.directeventreg.com/registration/event/5346299
A webcast link to the conference call will be provided on Williams’ website. A replay of the webcast will be available on the website for at least 90 days following the event.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
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(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $499.0 million and its unaudited net asset value was $340.0 million, or $28.50 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 433 percent, and its coverage ratio for preferred shares was 336 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
441.9 |
$ |
37.06 |
||
Cash and Cash Equivalents |
|
0.2 |
|
0.02 |
||
Receivable for Investments Sold |
|
0.9 |
|
0.07 |
||
Income Tax Receivable |
|
52.1 |
|
4.36 |
||
Other Assets |
|
3.9 |
|
0.33 |
||
Total Assets |
|
499.0 |
|
41.84 |
||
Short-Term Borrowings |
|
23.8 |
|
2.00 |
||
Senior Notes |
|
87.9 |
|
7.37 |
||
Preferred Stock |
|
32.3 |
|
2.71 |
||
Total Leverage |
|
144.0 |
|
12.08 |
||
Other Liabilities |
|
1.6 |
|
0.14 |
||
Current Tax Liability |
|
13.4 |
|
1.12 |
||
Net Assets |
$ |
340.0 |
$ |
28.50 |
||
11.93 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $249.6 million and its unaudited net asset value was $168.7 million, or $29.89 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 402 percent, and its coverage ratio for preferred shares was 334 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
246.8 |
$ |
43.74 |
||
Cash and Cash Equivalents |
|
0.3 |
|
0.05 |
||
Receivable for Investments Sold |
|
0.3 |
|
0.05 |
||
Other Assets |
|
2.2 |
|
0.40 |
||
Total Assets |
|
249.6 |
|
44.24 |
||
|
|
|
||||
Short-Term Borrowings |
|
44.6 |
|
7.90 |
||
Senior Notes |
|
15.3 |
|
2.71 |
||
Preferred Stock |
|
12.2 |
|
2.17 |
||
Total Leverage |
|
72.1 |
|
12.78 |
||
|
|
|
||||
Other Liabilities |
|
0.9 |
|
0.17 |
||
Current Tax Liability |
|
7.9 |
|
1.40 |
||
Net Assets |
$ |
168.7 |
$ |
29.89 |
||
5.64 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $72.6 million and its unaudited net asset value was $51.7 million, or $22.21 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 500 percent, and its coverage ratio for preferred shares was 351 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
71.1 |
$ |
30.55 |
||
Cash and Cash Equivalents |
|
0.8 |
|
0.35 |
||
Receivable for Investments Sold |
|
0.1 |
|
0.05 |
||
Other Assets |
|
0.6 |
|
0.26 |
||
Total Assets |
|
72.6 |
|
31.21 |
||
|
|
|
||||
Senior Notes |
|
14.5 |
|
6.21 |
||
Preferred Stock |
|
6.1 |
|
2.62 |
||
Total Leverage |
|
20.6 |
|
8.83 |
||
|
|
|
||||
Other Liabilities |
|
0.3 |
|
0.17 |
||
Net Assets |
$ |
51.7 |
$ |
22.21 |
||
2.33 million common shares currently outstanding.
TTP has completed approximately $2.8 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through March 31, 2021. Under the program, TTP has repurchased 177,268 shares of its common stock at an average price of $15.875 and an average discount to NAV of 21.8%.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $38.9 million and its unaudited net asset value was $34.0 million, or $18.39 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 807 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
38.5 |
$ |
20.86 |
||
Cash and Cash Equivalents |
|
0.3 |
|
0.18 |
||
Other Assets |
|
0.1 |
|
0.05 |
||
Total Assets |
|
38.9 |
|
21.09 |
||
Credit Facility Borrowings |
|
4.8 |
|
2.60 |
||
Other Liabilities |
|
0.1 |
|
0.10 |
||
Net Assets |
$ |
34.0 |
$ |
18.39 |
||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $120.3 million and its unaudited net asset value was $95.0 million, or $14.06 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 482 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
118.7 |
$ |
17.56 |
||
Cash and Cash Equivalents |
|
0.3 |
|
0.04 |
||
Receivable for Investments Sold |
|
0.2 |
|
0.03 |
||
Other Assets |
|
1.1 |
|
0.17 |
||
Total Assets |
|
120.3 |
|
17.80 |
||
|
|
|
||||
Credit Facility Borrowings |
|
24.9 |
|
3.68 |
||
|
|
|
||||
Other Liabilities |
|
0.4 |
|
0.06 |
||
Net Assets |
$ |
95.0 |
$ |
14.06 |
||
6.76 million common shares currently outstanding.
TPZ has completed approximately $2.1 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 193,157 shares of its common stock at an average price of $10.611 and an average discount to NAV of 20.6%.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of January 31, 2021, the company’s unaudited total assets were approximately $259.9 million and its unaudited net asset value was $224.1 million, or $16.61 per share.
As of January 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 870 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2021.
Unaudited balance sheet |
||||||
|
(in Millions) |
Per Share |
||||
Investments |
$ |
250.5 |
$ |
18.57 |
||
Cash and Cash Equivalents |
|
2.7 |
|
0.20 |
||
Receivable for Investments Sold |
|
3.4 |
|
0.25 |
||
Other Assets |
|
3.3 |
|
0.24 |
||
Total Assets |
|
259.9 |
|
19.26 |
||
|
|
|
||||
Credit Facility Borrowings |
|
29.1 |
|
2.16 |
||
|
|
|
||||
Payable for Investments Purchased |
|
5.9 |
|
0.44 |
||
Other Liabilities |
|
0.8 |
|
0.05 |
||
Net Assets |
$ |
224.1 |
$ |
16.61 |
||
13.49 million common shares outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://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. For additional information, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
For additional information on these funds, please visit cef.tortoiseecofin.com.
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.
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.
Maggie Zastrow
(913) 981-1020
This email address is being protected from spambots. You need JavaScript enabled to view it.
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