STANCE Renewable Risk Partners to join Alliant Insurance Services
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--#Acquisitions--Alliant Insurance Services, Inc. has announced the acquisition of STANCE Renewable Risk Partners, an insurance due diligence and consulting firm based in the San Francisco Bay Area. The acquisition brings a team of highly skilled consulting veterans to Alliant who will help to broaden its capabilities.
STANCE is led by co-founders Sam Jensen and Anthony Retort, providing a streamlined, quality experience for clients with an emphasis on consulting for projects in the renewable energy space. Their unique process integrates seamlessly into project flow, allowing clients and counsel to focus on the broader picture of their company’s goals. John Ludwig, Co-COO, Alliant Specialty, stated: “The STANCE team is a great addition to Alliant; they complement our existing Nashville consulting operations nicely and help to further strengthen our energy consulting offerings.”
“STANCE is excited to be joining the Alliant team,” said Sam Jenkins, Co‑Founder, STANCE. “The continued growth of renewables, coupled with hard insurance market conditions, has resulted in a more complex and dynamic landscape in terms of placements and financing. From our perspective, broadening the energy consulting division will benefit the industry as a whole.”
Terms of the agreement were not disclosed.
About Alliant Insurance Services
Headquartered in Newport Beach, CA, Alliant Insurance Services, Inc., provides property and casualty, workers’ compensation, employee benefits, surety, underwriting, claims advocacy, and financial products and services to clients nationwide, including public entities, general contractors, tribal nations, healthcare providers, energy and marine corporations, law firms, real estate developers and owners, financial institutions, agribusinesses, and airlines and air ambulances. More information is available on the company’s website at alliant.com.
ALLIANT SPECIALTY CONTACT
Shari Paul
Assistant Vice President,
Specialty Group
(949) 239-5457
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ALLIANT CORPORATE CONTACT
Nick Kopinga
Vice President
Corporate Marketing and Communications
(949) 260-5004
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WASHINGTON--(BUSINESS WIRE)--Nodal Exchange announced today that it achieved record year-end open interest in 2020 across its key asset classes – power, natural gas and environmental futures.
Nodal Exchange continues to improve its strong position in the North American monthly power futures markets achieving over 1 billion MWh of open interest as of December 31, 2020 representing over $55 billion of notional value (both sides). This represents 11% growth from the prior year while the industry declined 1%. Nodal holds the majority of US power futures open interest with over 50% market share.
In addition, Nodal Exchange achieved growth in environmental futures trading. Nodal Exchange US environmental futures open interest was 87,716 lots as of December 31, 2020, up 80% from the prior year while the industry grew only 12%. Nodal Exchange, which first listed its environmental futures, working in collaboration with Incubex, in November 2018, continues to expand its environmental offering and now offers the largest set of environmental contracts in the world with a total of 82 contracts.
Nodal Exchange established its presence in the US natural gas market, ending 2020 with 39 million MWh US natural gas open interest up from zero at the start of the year.
“Despite the many challenges we all faced due to a global pandemic, Nodal Exchange was able to achieve important milestones and realize many successes this year. We are pleased to see growth in power, environmental and natural gas futures and are grateful for the trust and support of our trading and clearing community without whom these results would not have been possible,” said Paul Cusenza, Chairman and CEO of Nodal Exchange. “As we begin the new year, we hope to continue to grow in these markets and to expand our product portfolio in order to best meet the needs of the markets we serve.”
About Nodal
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
Nodal Exchange Public Relations
Nicole Ricard
Phone : 703-962-9816
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SAN RAMON, Calif.--(BUSINESS WIRE)--#apm--GE Digital today announced that it has been recognized by IDC’s new Worldwide Asset Performance Management 2020-2021 MarketScapes: Oil & Gas, Utilities, Mining, and Manufacturing. GE Digital’s Asset Performance Management (APM) is a suite of software and service solutions designed to help optimize the performance of assets for industrial companies. APM connects disparate data sources and uses advanced analytics and Digital Twin technology to turn data into actionable insights while fostering collaboration and knowledge management across an organization.
In both the Oil & Gas and Manufacturing industries, the report cites GE Digital’s scale and experience as a leadership strength, saying that this is a key consideration for customers looking for industry expertise in APM solutions that can scale beyond pilots and proofs of concept (POCs). Additionally, IDC pointed to the user interface (UI) of the GE Digital APM solution as an advantage. With increasing focus on digital twin development and delivery, this strength is poised to continue to advance for GE Digital, the report notes.
Across all four of the industries studied in this MarketScape cycle, IDC believes that GE Digital’s focus on customer intimacy and willingness to listen to customer suggestions and incorporate them into the product road map, coupled with agile development cycles to implement new requirements, is important in the future, and an important differentiator.
In the Utilities industry, versatility of GE Digital’s APM products was cited as a solution strength, as the software is used by customers of different sizes across various geographies for all types of assets. Customers further noted that they are able to grow their implementation based on their current needs due to the solution’s modularity. And, because the GE Digital Utility adjacent portfolio is broad and goes beyond APM, it meets the varied needs of the industry; Advanced Distribution Management Systems (ADMS), Energy Management Systems (EMS), Geographic Information Systems (GIS), remote operations, control, and vegetation management are complementary products. And, IDC noted that GE Digital’s commitment to multiyear support is key in this utility sector where solution longevity is considered extremely important.
“We appreciate the recognition of GE Digital as an APM leader, reflecting our commitment to meeting the needs of companies in the industries we serve,” said Pat Byrne, CEO of GE Digital. “Our goal is to bring simplicity, speed, and scale to our customers’ digital transformation initiatives with software that helps them to better run their business operations. To be recognized as a company that pays attention to customer needs affirms our purpose: transforming how our customers solve their toughest challenges by putting industrial data to work.”
The capabilities of GE Digital’s APM offering, according to the Mining industry MarketScape, are considered as a key strength as they encompass the entire requirement for the solution including prescriptive maintenance recommendations. This is supplemented and enhanced by the solution’s existing library of mining-specific asset models. Broad experience in the industry, has enabled GE Digital to develop its offering and improve it over the years, the report says.
“A strategic approach to APM is to provide industries including Oil and Gas, Utilities, Mining and Manufacturing with a condition-based approach to managing, optimizing, and maintaining assets that can ultimately result in operational efficiency gains, increased asset performance, and cost savings on maintenance and labor costs,” said Kevin Prouty, IDC Group Vice President, Energy and Manufacturing Insights. “When selecting a vendor, evaluate industry specific domain knowledge and capabilities and consider an APM offering with existing or future-road-map digital twin capabilities.”
More information about GE Digital’s Asset Performance Management solutions can be found here.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About GE Digital
GE Digital is transforming how industry solves its toughest challenges. GE Digital’s mission is to bring simplicity, speed and scale to its customers’ digital transformation activities, with software that helps them to better operate, analyze and optimize their business processes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas, aviation, and manufacturing sectors put their industrial data to work. For more information, visit www.ge.com/digital.
Source Material:
IDC MarketScape: Worldwide Oil and Gas Asset Performance Management 2020-2021 Vendor Assessment, Doc #EUR147032820, Dec 2020
IDC MarketScape: Worldwide Utilities Asset Performance Management 2020–2021 Vendor Assessment, Doc #US46211820, Dec 2020
IDC MarketScape: Worldwide Mining Asset Performance Management 2020 Vendor Assessment, Doc #US46211620, Dec 2020
IDC MarketScape: Worldwide Manufacturing Asset Performance Management 2020–2021 Vendor Assessment, Doc # US47031020, Dec 2020
Rachael Van Reen
GE Digital
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CALGARY, Alberta--(BUSINESS WIRE)--(TSE:IMO, NYSE American: IMO) Brad Corson, chairman, president and chief executive officer, and Dave Hughes, vice-president investor relations, Imperial Oil Limited, will host a 2020 Fourth Quarter Earnings Call on Tuesday, February 2, following the company’s fourth quarter earnings release that morning. The event begins at 9 a.m. MT and will be accessible by webcast.
During the call, Mr. Corson will offer brief remarks prior to taking questions from Imperial’s covering analysts.
Please click here [https://edge.media-server.com/mmc/p/95hwd8dj] to register for the live webcast. The webcast will be available for one year on the company’s website at www.imperialoil.ca/en-ca/company/investors.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
Investor relations
(587) 476-4743
Media relations
(587) 476-7010
The growth round was led by private equity firm GEC alongside existing investors Brick & Mortar Ventures and Shell Ventures
BOSTON--(BUSINESS WIRE)--#connectedworker--Cumulus Digital Systems, the startup building the Internet of Tools™ platform for the industrial workforce, announced today that it has raised $8 million in strategic growth capital led by new investor GEC, with participation from existing investors Brick & Mortar Ventures and Shell Ventures. Cumulus previously raised $7 million and will use the fresh capital to grow its sales and customer success teams in North America and Southeast Asia and its engineering team to add new capabilities to its platform.
Industrial maintenance and construction lag far behind other industries on the road to digitalization. Most work practices are still siloed and paper-based, with little transparency or accountability. Avoidable accidents caused by poor work quality are responsible for the release of more than 60 megatons of CO2 equivalents each year and cost facility owners approximately $260,000 per hour in unplanned downtime. Recent studies have found that more than 30% of construction work is rework that should have been done right the first time, and more than half of this rework is the result of miscommunication and poor project data, costing the U.S. construction industry more than $31 billion in 2018.
Cumulus’ Internet of Tools platform helps owners and contractors prevent accidents and eliminate downtime by collecting data from digitally enabled tools in the field to provide real-time quality assurance and progress tracking of mission-critical work activities. Cumulus’ customers have used the platform to virtually eliminate leaks caused by work-related accidents at their facilities, reduce quality control and data analysis costs by 60%, and save workers and inspectors in the field hours of paperwork and idle time each day.
Cumulus’ flagship Internet of Tools product is the patented and award-winning Smart Torque System (STS). STS gives facility owners real-time visibility into productivity and work quality during safety-critical industrial bolting activities — enabling them to know who completed the work, how long it took them to do it, and how well it was done. STS has been deployed at energy facilities and data centers in the United States, Canada, the Netherlands, India, Malaysia, Singapore, and Trinidad & Tobago.
“We are very excited to be partnering with GEC,” said Cumulus Co-founder & CEO Matthew Kleiman. “This funding round and GEC’s deep industry expertise will enable us to accelerate our growth into new markets and develop new ways to help our customers become completely connected and data-driven, where poor work quality no longer causes accidents, unplanned downtime, and rework.”
“GEC is thrilled to provide Cumulus with the capital it needs to drive rapid growth,” said Alexander Chmelev, who is a Partner of GEC and a Director of Cumulus. “Cumulus is a truly innovative company that is driving cost efficiencies, decarbonizing operations and increasing safety in multiple markets. GEC will bring to bear its expertise and relationships in energy, renewables and industrials to help Matthew Kleiman and his team grow Cumulus globally.”
“We couldn’t be more proud of Matthew Kleiman and the Cumulus team for reaching this significant milestone; we think that the milestones achieved by Cumulus (spinning-out from Shell TechWorks, technological development, diversified market presence, and now secured growth capital) are unprecedented in the heavy industrial sector,” said Curtis Rodgers, Director at Cumulus Digital Systems and Principal at Brick & Mortar Ventures. “GEC is an outstanding financially motivated investor with deep energy market expertise — we are excited to collaborate with them to advance industrial quality and learning management.”
This announcement follows Cumulus’ recognition as the 2020 IoT Start-up of the Year by Breakthrough IoT and being selected for CNBC’s exclusive Upstart 100 list in 2019.
About Cumulus Digital Systems
Cumulus Digital Systems connects workers, tools, and data to its cloud-hosted Internet of Tools™ platform to make industrial facilities safer, cleaner, and more productive. By collecting data from digitally enabled tools in the field, Cumulus’ platform provides maintenance and construction managers with real-time quality assurance and progress tracking, eliminating costly and unnecessary rework on the job. Founded in 2018 as a spin-out from Shell, Cumulus is headquartered in Cambridge, Massachusetts, and serves customers around the world. To learn more about Cumulus, visit www.cumulusds.com.
About GEC
GEC is a private equity firm that provides growth capital to clean energy technology companies with proven, patented innovations. GEC’s companies enable the global Energy Transition by decarbonizing energy sources, while increasing productivity and efficiencies. GEC is a signatory to the Principles for Responsible Investment. Founded in 2008, GEC has deployed $400 million in 14 platform investments and exited 7 companies. GEC is based in Houston, TX.
About Brick & Mortar Ventures
Brick & Mortar Ventures is an early stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. Notable past investments of the firm and its General Partner include Seed round participation in PlanGrid, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire and Levelset (formerly Zlien). Brick & Mortar Ventures is based in San Francisco, CA.
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc ("Shell"). With major offices in Europe, the USA, India and China, Shell Ventures invests in innovative technology companies, business models and growth plays that have the potential to accelerate the mobility and power transformation. Continuing Shell’s tradition in venture capital since 1996, Shell Ventures focuses on investments within the mobility space (including consumer solutions, e-mobility, connected mobility and new fuels), renewable power systems, oil and gas technologies, and digital innovations. Shell Ventures co-invests with other corporate investors and venture capital funds in both early-stage and late-stage (growth capital) companies, generally investing $2M-$25M over the life cycle of the deal. For more information go to http://www.shell.com/shell-ventures.
Kelsey Cullen, KCPR
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650.438.1063
SAN FRANCISCO--(BUSINESS WIRE)--#InvestmentFraud--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of SolarWinds Corporation (“SolarWinds” or “the “Company”) (NYSE: SWI) between February 24, 2020 and December 15, 2020, inclusive (the “Class Period”).
If you purchased or otherwise acquired SolarWinds securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 5, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
SolarWinds investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the SolarWinds Securities Class Litigation
SolarWinds, headquartered in Austin, Texas, provides information technology infrastructure management software products in the United States and internationally.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) since at least mid-2020, SolarWinds’s Orion monitoring products possessed a vulnerability that allowed hackers to compromise the server on which these products ran; (2) SolarWinds’s update server could be easily accessed with a password of ‘solarwinds123’; (3) consequently, SolarWinds’s customers, including, the United States federal government, Microsoft, Cisco, Nvidia, and others, were vulnerable to hacks; (4) as a result of these vulnerabilities, the Company would incur serious damage to its reputation; and (5) consequently, Defendants’ statements concerning SolarWinds’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 13, 2020, Reuters reported that hackers who were allegedly working for the Russian government had monitored email traffic at the U.S. Treasury and Commerce departments and gained access to the agencies’ email traffic by interfering with SolarWinds updates.
On December 14, 2020, SolarWinds disclosed that it had been the subject of a hack of its Orion monitoring products. On this news, the price of SolarWinds’s stock fell $3.93 per share, or 16.69%, from its closing price of $23.55 on December 11, 2020, to close at $19.62 per share on December 14, 2020, on extremely elevated trading volume.
On December 15, 2020, Reuters reported that during the previous year, a security researcher had “alerted the company that anyone could access SolarWinds’ update server by using the password ‘solarwinds123.’” The report also noted that “days after SolarWinds realized their software had been compromised, the malicious updates were still available for download.” On this news, the price of the Company’s stock fell $1.56 per share, or 7.95%, from its closing price of $19.62 on December 14, 2020, to close at $18.06 per share on December 15, 2020, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on January 25, 2021 based on the Trust’s calculation of net profits generated during November 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $88,000. Revenues from the Developed Properties were approximately $1.54 million, lease operating expenses including property taxes were approximately $1.36 million, and development costs were approximately $91,000. The average realized price for the Developed Properties was $40.11 per Boe for the Current Month, as compared to $38.50 per Boe in October 2020. Commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. The cumulative net profits deficit amount for the Developed Properties decreased slightly at approximately $25.8 million in the Current Month versus approximately $25.9 million in the prior month.
The Current Month’s calculation included approximately $41,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $36.77 per Boe in the Current Month, as compared to $34.31 per Boe in October 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $41,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of $40,000 together exceeded the payment of approximately $41,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $94,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC, will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. PCEC has informed the Trustee that due to the current economic conditions, including the low commodity prices and market oversupply of oil, for the foreseeable future, PCEC does not expect to loan such funds to the Trust other than the $1 million letter of credit. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $94,000, which together with prior drawdowns would leave approximately $208,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $274,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
38,463 |
1,282 |
$40.11 |
|
Remaining Properties (b) |
16,075 |
536 |
$36.77 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by its consultants, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before PCEC’s consultants completed their analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.6 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust receives are pursuant to the Trust’s overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interests, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to the ARO estimated by PCEC. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Martindale concluded that although the Conveyance permits PCEC to accrue future plugging and abandonment costs and to deduct those costs from proceeds otherwise payable to the Trust, this method of deducting the entire amount beginning in January 2020 does not produce the most equitable result for the existing Trust unitholders. Martindale’s report also indicated that based on its review of the estimated ARO calculation, approximately $26.4 million of the total ARO amount relates to estimated costs attributable to plugging and abandonment of wells in West Pico, which PCEC indicates will be abandoned over the next five years, and approximately $2.3 million relates to costs attributable to the plugging and abandonment of idle wells that California regulations require PCEC to address over the next five years, while the remaining ARO amount relates to wells that have remaining lives of greater than five years.
Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee has requested that PCEC promptly make the following adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its net profits interests:
If the ARO amount were to be reduced as provided above, the resulting net profits deficit would still have exceeded the proceeds attributable to the Net Profits Interests in 2020, and therefore the Trust would have received proceeds only from the overriding royalty interest, which were less than $2.0 million in 2020. As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in 2021.
Production Update
PCEC has informed the Trustee that the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries have had an adverse impact on PCEC’s production. PCEC continuously evaluates, based on price, whether to curtail production or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
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 these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of COVID‑19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC 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 affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Unmanned Underwater Vehicles (UUV) Market by Type (Remotely Operated Vehicle & Autonomous Underwater Vehicle), ROV & AUV Market by Application, Product, Propulsion System, System, and Region - Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.
The global UUV market size is projected to grow from USD 2.0 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 16.4% from 2020 to 2025.
The UUV market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25-30% globally in 2020.
Work Class Vehicles: The largest market share segment of the remotely operated vehicles market, by product type.
Work class vehicles is the product type segment contributing the largest share of the remotely operated vehicles market. Work class vehicles that weigh about 700 kg are known as light work class ROVs. These vehicles are used in engineering and scientific research to capture, measure, construct or conceal items underwater. The maximum depth range for light work class ROVs is between 2,000 and 3,000 meters. Work class ROVs with robotic arm manipulators are used to grasp objects, pumps, and brushes for cleaning operations as well as for underwater pipeline or deep water rig construction. The electronic instruments used in work class ROVs include underwater cameras and lights; acoustic positioning instruments; Conductivity, Temperature, and Depth (CTD) recording instruments; tracking systems; and side-scan, bottom scan, and multi-beam sonar.
Electric Propulsion: largest market share segment of the remotely operated vehicles market, by propulsion type.
The electric propulsion is the fastest-growing segment of the UUV market. Electric systems contain lithium-ion batteries that are used in ROVs. The lithium-ion batteries are used in small ROVs for increased endurance and greater operating range. These batteries are commonly used in combination with other propulsion systems for improving the efficiency and reliability of ROVs.
Asia Pacific: The fastest-growing region in the ROV market.
Asia Pacific is projected to be the highest CAGR rate for the ROV market during the forecast period. The offshore industry is the Asia Pacific region is anticipated to witness positive growth. The oil & gas blocks in the South China Sea are expected to propel exploration activities in the near future. Furthermore, the approval granted by the government of New Zealand to carry out offshore drilling is projected to influence the utilization of UUVs for further seismic surveys.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ulvq95
ResearchAndMarkets.com
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HOUSTON--(BUSINESS WIRE)--Gulf Coast Ultra Deep Royalty Trust (OTC Pink: GULTU) (the Trust) announced today that it will distribute to unitholders a cash distribution totaling $71,252 for the quarter ended December 31, 2020.
Unitholders of record on January 29, 2021 will receive a cash distribution of $0.000310 per unit payable on February 12, 2021.
Natural gas (Mcf) sales volumes, average sales price and net cash proceeds available for distribution for the quarter ended December 31, 2020 are set forth in the table below:
Natural gas (Mcf) sales volumes (a) |
114,815 |
|
||
Natural gas (per Mcf) average sales price |
$ |
2.03 |
|
|
Gross proceeds |
$ |
232,510 |
|
|
Post-production costs and specified taxes |
(39,712) |
|
||
Royalty income |
192,798 |
|
||
Interest and dividend income |
7 |
|
||
Administrative expenses |
(121,553) |
|
||
Income in excess of administrative expenses |
71,252 |
|
||
Cash proceeds available for distribution |
$ |
71,252 |
|
|
(a) Attributable to the onshore Highlander subject interest which is the only subject interest with commercial production.
About Gulf Coast Ultra Deep Royalty Trust. The Trust is a Delaware statutory trust created to hold a 5% gross overriding royalty interest in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012, which are collectively referred to as subject interests. The subject interests and the Trust’s overriding royalty interests are described in the Trust’s filings with the Securities and Exchange Commission (SEC). As described in the Trust’s SEC filings, future distributions are not guaranteed and will depend on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, post-production costs and specified taxes, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit http://gultu.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the amount and date of quarterly distributions to unitholders. Forward-looking statements are not guarantees or assurances of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that may cause actual results to differ materially from those anticipated by the forward-looking statements include, but are not limited to, the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to a record date for a quarterly cash distribution. Any differences in actual cash receipts by the Trust could affect the amount of quarterly cash distributions. Other important factors that may cause actual results to differ materially include risks inherent in production of oil and gas properties, the ability of commodity purchasers to make payment, the economic effects of the COVID-19 pandemic and federal, state and local governmental actions in response to the pandemic, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC, and the Trust's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed 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. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trust cautions investors that it does not intend, and assumes no obligation, to update any of the statements included in this press release.
The Bank of New York Mellon Trust Company, N.A. serves as trustee of the Trust. If you have any questions related to the Trust, please see below for contact information:
Gulf Coast Ultra Deep Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Industrial Fractionating Columns - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 9th edition of this report. The 207-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Industrial Fractionating Columns Market to Reach US$1.2 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Industrial Fractionating Columns estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$1.2 Billion by 2027, growing at a CAGR of 2.2% over the analysis period 2020-2027.
Oil & Gas, one of the segments analyzed in the report, is projected to grow at a 2.4% CAGR to reach US$592.3 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Chemical & Petrochemical segment is readjusted to a revised 2% CAGR for the next 7-year period. This segment currently accounts for a 37.9% share of the global Industrial Fractionating Columns market.
The U.S. Accounts for Over 29% of Global Market Size in 2020, While China is Forecast to Grow at a 3.6% CAGR for the Period of 2020-2027
The Industrial Fractionating Columns market in the U.S. is estimated at US$309 Million in the year 2020. The country currently accounts for a 28.97% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$198.2 Million in the year 2027 trailing a CAGR of 3.6% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR while Rest of European market (as defined in the study) will reach US$198.2 Million by the year 2027.
Other Applications Segment Corners a 15% Share in 2020
In the global Other Applications segment, USA, Canada, Japan, China and Europe will drive the 2.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$121 Million in the year 2020 will reach a projected size of US$139.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$156.4 Million by the year 2027, while Latin America will expand at a 2.2% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/wulff1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PORTLAND, Ore.--(BUSINESS WIRE)--Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) announced today it will issue its fourth quarter and full year 2020 earnings release and conduct an analyst conference call and webcast to review results at 8 a.m. Pacific Time (11 a.m. Eastern Time) on Friday, Feb. 26, 2021.
To hear the conference by webcast, log on to NW Natural Holdings’ corporate website at ir.nwnaturalholdings.com. To hear the conference call by phone, please dial 1-866-267-6789 within the United States and 1-855-669-9657 from Canada. International callers can dial 1-412-902-4110.
To access the conference replay, please call 1-877-344-7529 within the United States and enter the conference identification pass code 10150994. To hear the replay from Canada, please dial 1-855-669-9658 and from international locations, please dial 1-412-317-0088.
About NW Natural Holdings
Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings) is headquartered in Portland, Oregon and has been doing business for more than 160 years. It owns Northwest Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests and activities.
NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through nearly 770,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural owns and operates 20 Bcf of underground gas storage capacity in Oregon.
NW Natural Water provides water distribution and wastewater services to communities throughout the Pacific Northwest and Texas. NW Natural Water currently serves approximately 65,000 people through about 26,000 connections. Learn more about our water business at nwnaturalwater.com.
Additional information is available at nwnaturalholdings.com.
Investor Contact: Nikki Sparley
Phone: 503-721-2530
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Presidential Permit from the US Department of Energy allows for trans-border crossing of renewable hydropower transmission line from Canada to the US
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that it has received the Presidential Permit from the US Department of Energy for its New England Clean Energy Connect (NECEC) project, thus successfully completing all major permitting. The project also marked the start of construction with the commencement of clearing activities and installation of temporary access roads to prepare for the installation of the monopoles that will carry the transmission line. In partnership with Hydro-Quebec, the NECEC will bring clean hydropower from Quebec, significantly reducing carbon emissions in New England.
“From day one, our focus has been on how we can provide cleaner energy for the region along with lower electric rates, jobs and economic stimulus – all while mitigating the project’s environmental impact,” said AVANGRID President, Robert Kump. “After 33 months, hundreds of hours of public hearings, thousands of pages of evidence, and a comprehensive review by state, federal and regional regulators and agencies, there should be no doubt of the value the Clean Energy Corridor brings to Maine to further clean energy goals, provide cleaner air, and lower energy costs.”
“The NECEC is a strong and swift response to the climate urgency which, as the pandemic, is a challenge that has no borders. It will help bring down harmful emissions, while reliably powering homes and businesses with competitive, renewable energy,” said Hydro-Québec president and CEO Sophie Brochu. “The granting of the Presidential Permit brings us closer to our collective goal – building a clean energy future for us all.”
“We are pleased to be able to start construction so that Mainers can realize the more than $570 million in benefits and more than 1,600 jobs this project will bring to Maine during this time of economic uncertainty,” continued Kump. “Benefits for the state of Maine will come in the form of infrastructure upgrades, rate relief for customers, including a fund for low-income customers, grants for electric vehicle infrastructure, economic development for tourism, education funding, broadband, heat pumps and land conservation.”
Following nearly three years of extremely rigorous and thorough review and approvals for the project which examined environmental, economic and social impacts, the Presidential Permit is the last in a series of permits granted by independent regulatory bodies at the state and federal level. All of the regulatory reviews have concluded that the Clean Energy Corridor is environmentally and economically beneficial and good for Maine and New England. The project previously received permits from the U.S. Army Corps of Engineers, Maine Public Utilities Commission, the Maine Land Use Planning Commission, and the Maine Department of Environmental Protection.
ABOUT THE NECEC PROJECT
The New England Clean Energy Connect (NECEC) is a $950 million investment that will deliver 1,200 megawatts of renewable hydropower to the New England energy grid in Lewiston, Maine. All of the costs will be paid for by Massachusetts electric customers. Once built, the NECEC will be New England’s largest source of renewable energy, representing a fundamental shift away from fossil fuels while simultaneously lowering energy costs in Maine and New England.
The 145-mile transmission line will be built on land owned or controlled by Central Maine Power. The 53 miles of new corridor on working forest land will use a new clearing technique of tapered vegetation; the remaining two-thirds of the project follows existing power lines created for the state’s hydroelectric industry almost a century ago.
The project will create more than 1,600 good-paying jobs during the two-and-a-half-year construction period and provide $200 million in upgrades to Maine’s energy grid, making Maine’s electricity service more reliable. The NECEC will allow more producers of renewable energy in Maine to get their energy on the grid, and because the corridor project will use clean hydropower, it will reduce the use of fossil fuels, cutting three million metric tons of harmful emissions each year.
For more information about Hydro-Québec: https://www.hydroquebec.com/about/our-energy.html
For more information about the New England Clean Energy Connect, please visit our website at https://www.necleanenergyconnect.org/.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 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.
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for January 2021. The net profits interest calculation represents reported oil production for the month of October 2020 and reported natural gas production during September 2020. The calculation includes accrued costs incurred in November 2020.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.1 million. As a result of the cumulative outstanding net profits shortfall of approximately $1.5 million, however, no distribution will be paid to the Trust’s unitholders of record on January 29, 2021 in February 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which continues to decrease and now totals approximately $1.4 million, is eliminated.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
47,347 |
|
1,527 |
|
419,387 |
|
13,980 |
|
$ |
36.97 |
|
$ |
1.55 |
Prior Month |
|
44,612 |
|
1,487 |
|
158,152 |
|
5,113 |
|
$ |
39.63 |
|
$ |
1.45 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $1.8 million for the current month on realized wellhead prices of $36.97/Bbl, up $0.2 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.7 million for the current month, up $0.5 million from the prior month’s distribution period.
Total accrued operating expenses for the period were $1.9 million, a $0.2 million increase month-over-month from the prior period. Capital expenditures increased $0.3 from the prior period, primarily due to the beginning stages of drilling seven new wells in the Haynesville area in Louisiana by two scale, high quality operators (one public, one private).
The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
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 these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 6, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Concho Resources (“Concho”) (NYSE: CXO) following approval by shareholders of both companies.
“We appreciate the strong support for this transaction from the shareholders of both companies, which we view as further affirmation of the significant benefits it will deliver,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “This acquisition results in the combination of two premier companies that can lead the structural change for our vital industry that’s critical to investors. We expect the company to deliver differential performance on three key mandates: providing affordable energy to the world, generating superior returns on and of capital and demonstrating ESG leadership.”
Lance added, “I also welcome Tim Leach to ConocoPhillips’ board of directors and executive leadership team. Tim and his organization built a best-in-class Permian company and we both look forward to creating significant value from this transaction. Thanks to the considerable efforts of our transition teams over these past few months, we’re off to a fast start toward seamlessly integrating our two companies and building momentum as a sector leader.”
ConocoPhillips and Concho will each file the vote results for their respective special shareholder meetings on a Form 8-K with the U.S. Securities and Exchange Commission.
In accordance with the terms of the merger agreement, each share of Concho common stock was converted into the right to receive 1.46 shares of ConocoPhillips common stock at the effective time of the merger.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
All statements other than historical facts may be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations and business strategies, statements regarding the merger, including the anticipated benefits of the merger, the anticipated impact of the merger on ConocoPhillips’ business and future financial and operating results, the expected amount and timing of synergies from the merger and other aspects of operations or operating results. All statements, other than statements of historical fact, that address activities, events or developments that ConocoPhillips expects, believes or anticipates will or may occur in the future are forward-looking statements. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, ConocoPhillips expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond ConocoPhillips’ control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results or events to differ materially from those included in this press release. These include the ability to successfully integrate Concho’s businesses and technologies; the risk that the expected benefits and synergies of the merger may not be fully achieved in a timely manner, or at all; the risk that ConocoPhillips will be unable to retain and hire key personnel; unanticipated difficulties or expenditures relating to the merger; uncertainty as to the long-term value of ConocoPhillips common stock; the diversion of management time on merger-related matters; the inability to realize anticipated cost savings and capital expenditure reductions; the inadequacy of storage capacity for ConocoPhillips products, and ensuing curtailments, whether voluntary or involuntary, required to mitigate this physical constraint; the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; fluctuations in crude oil, bitumen, natural gas, LNG and NGLs prices, including a prolonged decline in these prices relative to historical or future expected levels; the impact of significant declines in prices for crude oil, bitumen, natural gas, LNG and NGLs, which may result in recognition of impairment charges on ConocoPhillips’ long-lived assets, leaseholds and nonconsolidated equity investments; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in reserves replacement rates, whether as a result of the significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; unexpected changes in costs or technical requirements for constructing, modifying or operating E&P facilities; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal; lack of, or disruptions in, adequate and reliable transportation for ConocoPhillips’ sales volumes, including crude oil, bitumen, natural gas, LNG and NGLs; the inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or the inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; the failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future E&P and LNG development in a timely manner (if at all) or on budget; potential disruption or interruption of ConocoPhillips’ operations due to accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks, and information technology failures, constraints or disruptions; changes in international monetary conditions and foreign currency exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs relating to ConocoPhillips’ sales volumes, including crude oil, bitumen, natural gas, LNG, NGLs and any materials or products (such as aluminum and steel) used in the operation of ConocoPhillips’ business; substantial investment in, and development and use of, competing or alternative energy sources, including as a result of existing or future environmental rules and regulations; liability for remedial actions, including removal and reclamation obligations, under existing and future environmental regulations and litigation; significant operational or investment changes imposed by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce GHG emissions; liability resulting from litigation, including litigation related to the merger, or ConocoPhillips’ failure to comply with applicable laws and regulations; general domestic and international economic and political developments, including armed hostilities; expropriation of assets; changes in governmental policies relating to crude oil, bitumen, natural gas, LNG and NGLs pricing, regulation or taxation, and other political, economic or diplomatic developments; volatility in the commodity futures markets; changes in tax and other laws, regulations (including alternative energy mandates), or royalty rules applicable to ConocoPhillips’ business; competition and consolidation in the oil and gas E&P industry; any limitations on ConocoPhillips’ access to capital or increase in ConocoPhillips’ cost of capital, including as a result of illiquidity or uncertainty in domestic or international financial markets; ConocoPhillips’ inability to execute, or delays in the completion of, any asset dispositions or acquisitions ConocoPhillips elects to pursue; potential failure to obtain, or delays in obtaining, any necessary regulatory approvals for pending or future asset dispositions or acquisitions, or that such approvals may require modification to the terms of the transactions or the operation of ConocoPhillips’ remaining business; potential disruption of ConocoPhillips’ operations as a result of pending or future asset dispositions or acquisitions, including the diversion of management time and attention; the inability to deploy the net proceeds from any asset dispositions that are pending or that ConocoPhillips elects to undertake in the future in the manner and timeframe ConocoPhillips currently anticipates, if at all; the inability to liquidate the common stock issued to ConocoPhillips by Cenovus Energy as part of ConocoPhillips’ sale of certain assets in western Canada at prices ConocoPhillips deems acceptable, or at all; the operation and financing of ConocoPhillips’ joint ventures; and the ability of ConocoPhillips customers and other contractual counterparties to satisfy their obligations to ConocoPhillips, including ConocoPhillips’ ability to collect payments when due from the government of Venezuela or PDVSA.
Additional important risks, uncertainties and other factors are described in ConocoPhillips’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and ConocoPhillips’ Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings ConocoPhillips makes with the SEC and in Concho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Concho’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, certain Current Reports on Form 8-K and other filings Concho made with the SEC.
Except as required by law, ConocoPhillips does not undertake or assume any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
# # #
John C. Roper (media)
281-293-1451
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Investor Relations
281-293-5000
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DUBLIN--(BUSINESS WIRE)--The "Global Diesel Generator Market for Industrial Applications 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The diesel generator market for industrial applications is poised to grow by $1.95 billion during 2021-2025 progressing at a CAGR of 6% during the forecast period. The report on diesel generator market for industrial applications provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering key vendors.
The market is driven by the rise in demand from the telecom industry and growing need for diesel generators in data centers. The study identifies the increasing instances of power grid failure as another of the prime reasons driving the diesel generator market for industrial applications growth during the next few years.
The diesel generator market for industrial applications market analysis includes type segment and geographical landscapes.
The report on diesel generator market for industrial applications covers the following areas:
The robust vendor analysis included in the report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading diesel generator market for industrial applications vendors that include APR Energy, Atlas Copco AB, Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., General Electric Co., Kirloskar Oil Engines Ltd., Kohler Co., Mitsubishi Heavy Industries Ltd., and Yanmar Holdings Co. Ltd.
Also, the diesel generator market for industrial applications analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/r/smn3b4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Ports Construction Projects" report has been added to ResearchAndMarkets.com's offering.
The publisher is currently tracking port construction projects with a total value of US$441.3 billion, which includes all projects from the early stages of pre-planning (announcement and study) through to the execution stage.
The pipeline of projects is relatively advanced, with US$197.4 billion relating to projects that are already in execution and US$52.4 billion for projects in pre-execution (which includes the design, tender, award stages). Projects in planning amount to US$146.9 billion, with a further US$44.6 billion in pre-planning.
This report provides a detailed analysis of port construction projects globally, based on projects tracked by the publisher.
Scope
Reasons to Buy
Key Topics Covered:
1. Global Overview
2. Regional Overviews
2.1 Americas
2.2 Asia-Pacific
2.3 Europe
2.4 Middle East and Africa
3. Project Analytics by Country
3.1 India
3.2 The US
3.3 Indonesia
3.4 Russia
3.5 Bangladesh
3.6 Australia
3.7 Singapore
3.8 Brazil
3.9 Nigeria
3.10 Vietnam
4. Construction
For more information about this report visit https://www.researchandmarkets.com/r/oevymt
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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BOCA RATON, Fla.--(BUSINESS WIRE)--MiX Telematics (NYSE: MIXT and JSE: MIX), a leading global provider of connected fleet and mobile asset management solutions, today announced it will report its third quarter fiscal 2021 results for the period ended December 31, 2020 before the U.S. financial markets open on Thursday, January 28, 2021.
MiX Telematics management will also host a conference call and audio webcast at 8:00 a.m. (Eastern Daylight Time) and 3:00 p.m. (South African Time) on Thursday, January 28, 2021 to discuss the Company's financial results and current business outlook.
About MiX Telematics Limited
MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to more than three quarters of a million subscribers in over 120 countries. The company's products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia, Mexico and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and on the New York Stock Exchange (NYSE: MIXT). For more information, visit www.mixtelematics.com.
Investor Contact:
Brian Denyeau
ICR for MiX Telematics
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+1-855-564-9835
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today that it will release financial results for the fourth quarter and full year ended Dec. 31, 2020 before the opening of market on Wednesday, Feb. 24, 2021. The company’s press release and financial statements will be available on the company’s website at https://investors.itron.com on Feb. 24, 2021 at 8:30 a.m. EST followed by the management conference call at 10 a.m. EST to discuss the results.
Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events.cfm. Participants should access the webcast 10 minutes prior to the start of the call to install and test any necessary audio software. Participants can also pre-register for the webcast at any time using the link above.
A telephone replay of the conference call will be available through Mar. 1, 2021. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 3823454.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643
Rebecca Hussey
Manager, Investor Relations
(509) 891-3574
DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) will announce fourth quarter 2020 earnings on Tuesday, February 2, 2021, before the opening of the New York Stock Exchange. The company will host a conference call at 11 a.m. Eastern time that day to discuss fourth quarter 2020 earnings results with securities analysts and institutional investors.
The conference call will be available through a live webcast that can be accessed via the Eaton Fourth Quarter 2020 Earnings Results link on Eaton’s home page, which is www.eaton.com. The call replay and news release will also be available at the same link.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit Eaton.com.
Margaret Hagan, Media Relations, +1 (440) 523-4343
Yan Jin, Investor Relations, +1 (440) 523-7558
Seroka’s ‘State of the Port’ Outlines Priorities: Job Creation, Cargo Growth, Climate Change, and Waterfront Development
SAN PEDRO, Calif.--(BUSINESS WIRE)--#AmericasPort--The nation’s busiest container port moved 9.2 million Twenty-Foot Equivalent Units (TEUs) in 2020, Port of Los Angeles Executive Director Gene Seroka announced at the Pacific Merchant Shipping Association’s sixth annual State of the Port of Los Angeles – a virtual event this year. A late-year surge of pandemic-induced consumer spending helped boost volumes to near 2019 levels, making 2020 the fourth highest-volume year in the Port’s history.
“Our container business in 2020 was the most erratic we have ever seen, with volumes plunging nearly 19% in the first five months of the year, followed by an unprecedented second-half surge,” Seroka said. “Our ILWU longshore workforce did a great job adapting to the huge swings in volume, as did port truckers and everyone else involved in moving cargo through our Port. In a year of great difficulty, we are extremely grateful for the tenacity and resolve of all of our partners.”
“Los Angeles is one of the world’s great centers of trade and commerce, and that’s because of our port,” said Los Angeles Mayor Eric Garcetti, who delivered a pre-taped video message during the event. “Our success is a credit to the cargo owners who place their trust in us, and to the tireless efforts of our longshore workers, our terminal operators, our truck drivers, and all the essential workers across the supply chain who keep our economy moving even in the toughest of times.”
"In spite of a global pandemic, the Port of Los Angeles -- the number one container port in the country -- remains competitive, efficient, and committed to responsible growth," said Los Angeles Councilmember Joe Buscaino. "The Port is a true partner to the Harbor communities, investing one billion dollars into waterfront infrastructure that will transform the Wilmington and San Pedro waterfronts. The Port is also committed to improving our air quality, expanding security, and securing the latest technologies to ensure that the Port retains its position as the number one container port in America."
The Port’s third- and fourth-quarter 2020 cargo volumes increased 50% over the first half of the year, with the Port handling a remarkable 94% more traffic the week before Christmas than the same week in 2019. The Port completed the year down approximately 1.5% compared to 2019 cargo volumes.
During his speech, Seroka laid out the Port’s priorities for 2021, including job creation, cargo growth, infrastructure investment, accelerating zero emission technology development and deployment, and continued development of a thriving waterfront community. He reiterated the Port’s focus on supply chain efficiency and optimization, calling for nationwide port data connectivity that could provide enhanced visibility, efficiency and choice for cargo owners, as well as a more stable supply chain.
“If we want America to improve as a leader in global trade, we need nationwide port data connectivity with agreed-upon data standards and open architecture system that provides interconnectivity between major U.S. ports, service providers and the freight they move,” said Seroka.
In his call for further supply chain digitization, Seroka announced the development of The Control Tower, the newest in a series of Port Optimizer™ cloud-based data solutions. The Control Tower, developed in collaboration with Wabtec, will provide new levels of metrics and data including real-time port level views of turn times, truck capacity management information and detailed velocity metrics.
The Control Tower will follow the Port’s introduction of The Signal in 2020, a data dashboard providing a three-week-in-advance look at cargo coming into the Port. Later in the year, the port introduced The Return Signal, another real-time data tool helping truckers know when and where to return empty containers to terminals. The Signal and Return Signal are both provided as services of the Port of Los Angeles.
Drayage improvement incentives announced
Seroka noted several challenges faced by the Port in 2020 amidst the pandemic, including drayage truck inefficiencies caused by container volume surges. Drayage trucks currently handle about three-quarters of all import and export containers moving through the Port. In response, Seroka announced a new Truck Turn-Time and Dual-Transaction Incentive Program. Starting in February, the program will financially reward terminal operators who move containerized cargo faster and more efficiently through their terminals.
Crisis Response
The State of the Port address highlighted several Port achievements during 2020, including its leadership of Logistics Victory Los Angeles (LoVLA), which was formed to support procurement of Personal Protective Equipment (PPE) for the City’s stockpile and distribution to frontline workers during the COVID-19 health crisis. To date, the effort -- led by Seroka as the City’s Chief Logistics Officer during this crisis -- has provided more than 4.6 million units of PPE and other supplies to three dozen area hospitals and more than 150 skilled nursing facilities throughout the region.
Infrastructure Investment
Despite the pandemic, Seroka noted the progress on $473 million in Port capital projects, which include eight major terminal, rail and roadway improvements. The Port also moved forward on its goal of zero-emission terminal equipment by 2030 and a zero-emissions drayage fleet by 2035. It currently has 16 demonstration projects underway involving the testing of 134 pieces of advanced equipment, including 78 zero-emissions trucks.
The Port remains committed to the development of the LA Waterfront, with Seroka adding that the Port broke ground on the nine-acre, $71 million Wilmington Waterfront Promenade, the $33 million San Pedro Town Square at Harbor Boulevard and Sixth Street and the nearly mile-long walkway along the Main Channel. This will lead to the $150 million West Harbor commercial retail and entertainment center, scheduled to break ground this year with a Phase 1 opening in late 2022.
Phillip Sanfield
Port of Los Angeles
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