WYOMISSING, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that its subsidiary, UGI Energy Services, LLC, acquired a 33% equity interest in Ag-Grid Energy LLC (“Ag-Grid”), a renewable energy producer with projects in the United States. Ag-Grid currently develops and operates small scale renewable power projects that support local energy demands while lowering emissions.
Ag-Grid is currently engaged in the production of renewable power with four operational projects, in Connecticut and Massachusetts, and two under construction with a target completion date in December 2022. These six projects include the conversion of dairy waste and roughly 16 million gallons of food waste annually from nearby food manufacturers to renewable power. Ag-Grid also has food waste de-packaging services at selected sites. The renewable power, currently produced annually through the use of anaerobic digesters, is sold through long-term net metering contracts to local utility and industrial customers. Approximately 1,300 kilowatts of power generation capacity is now in-service with the four existing projects, and an additional 1,500 kilowatts is expected after the completion of the two projects under construction in Connecticut and New York.
Ag-Grid also has a strong pipeline of dairy and food waste digester projects that are expected to produce additional renewable power and renewable natural gas (“RNG”) in the U.S. GHI Energy, LLC, a wholly owned subsidiary of UGI, will be the exclusive off-taker and marketer of RNG for Ag-Grid.
“We are pleased with the opportunity to increase our supply of safe, reliable, affordable and environmentally friendly energy,” said Robert F. Beard, Executive Vice President – Natural Gas, Global Engineering, Construction & Procurement, UGI. “This investment provides a platform for growth and additional diversification as we expand our renewables footprint into new geographies. We look forward to a long, productive relationship with Ag-Grid.”
“We are very excited to partner with UGI and look forward to creating a reliable supply of renewable energy for UGI and achieve our common goals of environmental stewardship and long-term sustainability of the communities that we serve and operate in,” said Rashi Akki, Founder and CEO of Ag-Grid Energy. “Ag-Grid has a robust pipeline of projects in both renewable electricity and RNG and, with this partnership, we will be able to effectively execute and accelerate these projects to provide enhanced financial and environmental sustainability benefits to all stakeholders including our dairy farm partners as well as our food waste partners.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
About Ag-Grid Energy
Ag-Grid Energy is a developer, owner and operator of waste to energy facilities on dairy farms in the United States. Ag-Grid Energy has a vision to convert agricultural and organic waste into renewable energy and byproducts to support local area practices that leads towards a sustainable environment.
Comprehensive information about Ag-Grid Energy is available on the Internet at https://www.aggridenergy.com.
Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Drew Stehling to Serve as VP of Facilities
HOUSTON--(BUSINESS WIRE)--CAM Integrated Solutions, LLC (CAM), a provider of EPCM services to the energy industry, announced today the promotion of Drew Stehling, P.E. to Vice President of Facilities.
Stehling’s career spans over 17 years as a process engineer within the upstream, midstream, downstream, and chemical industries. With a Bachelor of Science in Chemical Engineering from Texas A&M University, Drew specializes in compression stations, offshore topsides, natural gas treating plants, fractionator facilities, gas storage and loading, refineries, and batch chemical plants.
In addition to being a Process Engineer, his skills include the development and management of project teams, execution strategy, as well as project staffing and forecasting.
Drew joined CAM in 2017 and has served as Senior Process Engineer, Project Manager, Senior Project Engineer, and Process Engineering Manager during different stints in his tenure. Throughout the years, he has demonstrated strong leadership skills and has played a key role within the CAM team.
Jason Newton, COO, states, “Through his proven leadership and results-driven work ethic, Drew has been instrumental in implementing CAM’s execution strategy. There is no doubt that he will be successful in this new role on the leadership team.”
About CAM Integrated Solutions, LLC (CAM)
CAM Integrated Solutions, founded in 2015, provides integrated EPCM solutions for the energy market. CAM provides clients with a wide range of services, from concept to in-service, including engineering and design, procurement, fabrication, construction management, survey, right-of-way, and automation and controls. CAM’s multi-talented, operator-experienced team delivers consistent results for simple or complex projects. For more information, visit www.camintegrated.com.
Kelli Hardin
This email address is being protected from spambots. You need JavaScript enabled to view it.
832-533-8202
camintegrated.com
NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) today announced that a study conducted by consulting firm Environmental Resources Management (ERM), London, U.K., has determined the carbon negative properties of its lignin-based Polyfon® H dispersant completely offset the volume of greenhouse gas (GHG) emissions associated with its manufacture, resulting in a carbon footprint 122% lower than fossil carbon-based alternatives and positively impacting climate change.
“Ingevity’s research legacy in lignin process chemistry provides us with a wide range of high-quality, sustainable crop protection products like our Polyfon technology,” said Rich White, senior vice president, Performance Chemicals, and president, Industrial Specialties and Pavement Technologies. “ERM’s study now allows us to quantifiably realize the net positive GHG benefits of Polyfon as we continue to provide renewable solutions that help customers advance their sustainability goals and enhance their products’ performance.”
Used mainly as a dispersant in the agriculture industry for a diverse set of crop protection formulations including biological products, Polyfon is created from lignin, a renewable by-product of the kraft paper-making industry. According to the ERM study, the 2.2 metric tons (MT) of biogenic carbon dioxide - carbon pulled from the atmosphere and stored as carbon in the pine tree during tree growth - outbalance the 1.46 MT of carbon dioxide released with the energy use, materials, packaging and wastes associated with Polyfon manufacture, resulting in a negative carbon footprint, or a positive benefit to climate change.
ERM’s study notes that after application to crops, Polyfon’s innate biogenic carbon is expected to remain in the soil for at least a 100-year timeframe, storing the carbon in the soil instead of releasing it to the atmosphere to impact climate change.
ERM is a global provider of environmental, health, safety, risk, social and sustainability-related consulting services, and relied on the IPCC 2013 Life Cycle Impact Assessment (LCIA) method to calculate the product’s GHG emissions to assess climate change potential. This approach is consistent with the assumptions of the LCIA study conducted by Franklin Associates for the American Chemistry Council Pine Chemistry Panel. ERM used the Franklin Associates study as the source of carbon footprint data for the tall oil rosin input.
This is the fourth study in Ingevity’s ongoing review of the environmental impacts of its major product lines. For more information on ERM’s net product benefit study of Polyfon H, please visit the sustainability page on Ingevity’s website.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
Caroline Monahan
843-740-2068
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Mary Dean Hall
84-INGEVITY
This email address is being protected from spambots. You need JavaScript enabled to view it.
The company and its four purpose-led lifestyle brands are delivering on commitments impacting positive change.
SAN FRANCISCO--(BUSINESS WIRE)--In recognition of Earth Day, we are announcing the release of Gap Inc.’s 2021 Environmental, Social and Governance (ESG) Report. This report reflects the progress that the company and its brands, Old Navy, Gap, Banana Republic and Athleta, made in 2021 toward building a more sustainable and inclusive business. Gap Inc. has aligned its ESG strategy to the pillars of Empowering Women and Human Rights, Enabling Opportunity, and Enriching Communities.
“At Gap Inc., our ESG vision is to be a driving force in the industry, collectively building a more sustainable future for our business, our communities, and the planet,” said Judy Adler, Vice President of ESG at Gap Inc. “We have made meaningful progress toward our sustainability commitments, including achieving our goal to provide training and support to more than 1 million women and girls since 2007 through our innovative Personal Advancement & Career Enhancement (P.A.C.E.) Program. We will continue to adapt and innovate to improve sustainability for our business and our industry in the years ahead.”
Highlights from the Gap Inc. 2021 ESG Report include:
This report covers Gap Inc.’s global operations for fiscal 2021, which ended on January 29, 2022, unless otherwise noted. To view the full ESG Report and in-depth information about the company’s efforts to be a force for good, for people and the planet, please visit our redesigned ESG website, gapinc.com/sustainability.
About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the largest American specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. The company uses omni-channel capabilities to bridge the digital world and physical stores to further enhance its shopping experience. Gap Inc. is guided by its purpose, Inclusive, by Design, and takes pride in creating products and experiences its customers love while doing right by its employees, communities, and planet. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2021 net sales were $16.7 billion. For more information, please visit www.gapinc.com.
Kalia Beard
This email address is being protected from spambots. You need JavaScript enabled to view it.
FORT WORTH, Texas--(BUSINESS WIRE)--$MP #rareearth--MP Materials Corp. (NYSE: MP) today commemorates the start of construction at its first rare earth metal, alloy, and magnet manufacturing facility, located in Fort Worth, Texas. The first-of-its kind U.S. facility is a substantial component of a $700 million investment the company will make over the next two years to fully restore the U.S. rare earth magnetics supply chain. The project will create around 150 high-skill jobs and 1,300 indirect jobs and is located in Hillwood’s 27,000-acre, mixed-use development, AllianceTexas.
In parallel, MP Materials and General Motors (NYSE: GM) are co-announcing a definitive supply agreement to produce alloy and magnets for GM’s EV programs. The definitive supply agreement solidifies the terms of a binding agreement announced by MP Materials and GM in December. Under the long-term agreement, MP Materials will supply U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for the electric motors in more than a dozen models using GM’s Ultium Platform, with a gradual production ramp that is expected to begin in late 2023, starting with alloy.
MP Materials’ Fort Worth facility will have the capacity to produce approximately 1,000 tonnes of neodymium-iron-boron (NdFeB) magnets per year, supporting the production of approximately 500,000 EV traction motors, with room to scale. In addition to EVs, NdFeB magnets are critical inputs to robots, wind turbines, drones, defense systems, and many other high-growth technologies. Adamas Intelligence, an independent research firm, forecasts that global demand for NdFeB magnets will triple by 2035 on the back of rising demand for EV traction motors, wind power generators, energy efficient consumer appliances, and more.
In February, the Department of Defense awarded MP Materials $35 million to refine and separate heavy rare earth elements at the company’s Mountain Pass, California, rare earth materials production facility. MP’s Texas magnetics factory will source refined feedstock from Mountain Pass and transform it into finished products, delivering an end-to-end supply chain, including mining and refining, metal, alloy, and magnet manufacturing, and recycling.
Mountain Pass is a closed loop, zero-discharge facility with a dry tailings process that recycles more than 1.7 billion liters of water per year. To optimize for efficiency and sustainability, byproduct generated from alloy and magnet manufacturing will be recycled in a closed loop to every extent possible.
James Litinsky, Founder, Chairman, and Chief Executive Officer, MP Materials
“Bringing magnetics capabilities home is transformational for MP Materials and America’s supply chains. I am very proud that after a series of executive orders spanning multiple presidential administrations MP Materials is leading the restoration of the full supply chain and the revitalization of the American manufacturing spirit in our sector.”
Anirvan Coomer, Executive Director, Global Purchasing & Supply Chain, General Motors
"The new MP Materials magnetics facility in Fort Worth, Texas, will play a key role in GM’s journey to build a secure, scalable, and sustainable EV supply chain. As the foundational automotive customer of the Fort Worth facility, GM will use the products from this plant in the GMC HUMMER EV, Cadillac LYRIQ, Chevrolet Silverado EV, and more than a dozen models based on GM’s Ultium platform. We also look forward to collaborating with MP Materials from a public policy perspective to seek policies that are supportive of the establishment of an efficient U.S.-based rare earth and magnet supply chain."
Ross Perot Jr., Chairman, Hillwood and The Perot Group
“Today is an exciting day for North Texas and our entire country. MP Materials is not only bringing their state-of-the art magnetics facility to AllianceTexas, but also reshoring important next-generation manufacturing jobs to America. Securing and developing rare earth materials is one of the most important national security issues of our day, and we’re proud that AllianceTexas can partner with MP Materials to play a key role in America’s ability to power its future.”
The Honorable Ted Cruz, U.S. Senator for Texas
“The United States needs to do everything we can to end our dangerous dependence on China for rare earth elements and critical minerals across the entire supply chain. It is both significant and important that MP Materials is going beyond mining and into alloying and manufacturing, and I’m deeply proud of the role Texas is playing in these projects.”
The Honorable Kay Granger, U.S. Representative for Texas
"MP’s investment will bring hundreds of new jobs and millions in economic growth to the TX-12 community. Rare earth materials are crucial for many defense systems, and by producing these much-needed magnets, this facility will reduce our dependence on countries like China. For the sake of our national security, we must continue to increase domestic rare earth production, and I’m proud that we will do that right here in Fort Worth.”
The Honorable Michael Burgess, U.S. Representative for Texas
“When it comes to solving the energy crisis facing our nation, we need innovative and visionary solutions at the forefront. It is exciting that Texas is able to welcome another energy provider today with the groundbreaking of MP Materials’ new rare earth alloying and magnet manufacturing facility. I hope you will join me in welcoming MP Materials to our community.”
The Honorable Beth Van Duyne, U.S. Representative for Texas
“Rare earth magnets are essential for U.S. economic and national security, and it is vital to our national interest that we manufacture these components at scale here at home. I applaud MP Materials for building this landmark facility in Fort Worth, and I’m pleased that Texas is at the forefront of restoring this important supply chain back to America.”
The Honorable Marc Veasey, U.S. Representative for Texas
“Rare earth magnets are critical to the energy transition and security of the United States. It is essential we manufacture these components in the United States from domestic materials sourced in an environmentally responsible manner. The people of TX-33 are prepared to support and lead this effort.”
The Honorable Greg Abbott, Governor of Texas
“Congratulations to MP Materials on the groundbreaking of their new magnet manufacturing facility and engineering headquarters in Fort Worth. This incredible investment will not only create more than 100 new jobs for hardworking Texans, but will also bolster the state’s supply chain in high-tech industries while solidifying Texas as a mecca for advanced manufacturing and innovation. It’s thanks to industry innovators like MP Materials that ‘Made in Texas’ continues to be the most powerful global brand.”
The Honorable Mattie Parker, Mayor of Fort Worth
“This new MP Materials facility is an excellent fit for the groundbreaking work being done at AllianceTexas, and it presents an incredible opportunity to bring more advanced manufacturing jobs home to the U.S. right here in Fort Worth. Our local, state, and national economic and mobility goals require secure development of rare earth magnets, and I am proud that Fort Worth will serve as a center for our nation's focus on advancing this effort.”
About MP Materials
MP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials in the Western Hemisphere. The Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility in California, North America’s only active and scaled rare earth production site. Separated rare earth elements are critical inputs to the world’s most powerful and efficient magnets found in electric vehicles, drones, defense systems, wind turbines and various advanced technologies. The Company is developing U.S. metal, alloy and magnet manufacturing capacity to build these critical components domestically. More information is available at https://mpmaterials.com/.
Join the MP Materials community on Twitter, Instagram and LinkedIn.
Forward-Looking Statements
This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company’s expected investment to restore the rare earth supply chain in the United States, the expected number of employees and jobs being created in connection with the Company’s Forth Worth facility, statements regarding the long-term agreement with General Motors and the Company’s ability and timing to supply U.S.-produced NdFeB alloy and magnets. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business.
Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; uncertainty of the projected financial information with respect to the Company; continued demand for NdFeB magnets which may decrease materially in the future; risks related to the Company’s long-term agreement with General Motors; the Company’s ability to produce and supply NdFeB magnets to third parties, including General Motors, is subject to a number of uncertainties and contingencies; the impact of the global COVID-19 pandemic, on any of the foregoing risks; and those risk factors discussed in the Company’s filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this earnings release may not occur.
Matt Sloustcher
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2775 per share for the first quarter ($1.11 annualized), payable on May 16, 2022, to stockholders of record as of the close of business on May 2, 2022. This dividend is a 3% increase over the first quarter of 2021 and marks the fifth consecutive annual increase.
KMI is reporting first quarter net income attributable to KMI of $667 million, compared to $1,409 million in the first quarter of 2021; and distributable cash flow (DCF) of $1,455 million, compared to $2,329 million in the first quarter of 2021. Adjusted Earnings were $732 million for the quarter, versus $1,374 million in the first quarter of 2021. First quarter 2021 results were favorably impacted by earnings during the February 2021 Winter Storm Uri. Excluding those nonrecurring earnings, our current quarter earnings would be above the prior-year period.
“The company is off to a great start this year and once again generated robust earnings and strong coverage of this quarter’s dividend. We continue to live within our cash flow, have reduced our debt by more than $11 billion since 2015, and plan for this year to be the fifth consecutive year of increased dividends. During 2022 we expect to once again fund our expansion capital opportunities internally, meet or exceed our debt metric goal, and return excess cash to our shareholders through a dividend increase and opportunistic share repurchases,” said KMI Executive Chairman Richard D. Kinder.
“We are seeing great opportunities, both in our traditional segments and in our growing participation in the low-carbon energy evolution,” said KMI Chief Executive Officer Steve Kean. “While we are benefiting from commodity price tailwinds, we are also performing better than budget in a number of areas, which is more than offsetting some higher cost headwinds. Even excluding the commodity price tailwinds, we are above DCF plan for the quarter.”
Kean continued, “We are seeing growth in our base natural gas business as more customers seek to take advantage of the extensive firm transport and storage services we offer. That growth is coming from favorable renewals, especially on our flexible storage services, and from incremental growth opportunities. Our Stagecoach acquisition is fully integrated with our commercial and physical operations, producing the commercial opportunities we expected, and exceeding the acquisition model.
“Our Products business segment strongly outperformed the first quarter of 2021 and our Terminals segment also closed the quarter up relative to the prior year period. Our CO2 business is benefiting from higher crude prices and is also exceeding its oil production and CO2 volume targets,” Kean said.
“Our assets will be needed for a long time to come, providing the same services they do today. We have also positioned ourselves for the ongoing energy evolution. We are investing in our pipelines and terminals in support of renewable diesel and the associated feedstocks. We continue to leverage our status as a low methane emission intensity leader within our sector as interest in responsibly sourced natural gas grows within our customer base. And our investment in renewable natural gas is presenting good additional growth opportunities,” Kean concluded.
“KMI’s financial performance during the quarter was strong, as we generated earnings per share of $0.29 and DCF per share of $0.64. While these both represent a decrease from the first quarter of 2021, those 2021 results were positively impacted by the nonrecurring earnings achieved during Winter Storm Uri,” said KMI President Kim Dang. “Excluding Uri-related earnings from our 2021 results, earnings per share for the quarter were up 17% and DCF per share was up 16% as compared to the first quarter of 2021. Compared to our budget, net income attributable to KMI during the quarter was down $28 million, largely due to unsettled commodity hedges, which we treat as certain items. Adjusted Earnings, which exclude certain items, exceeded our budget for the quarter by $40 million, and DCF exceeded our budget by $62 million, or 4%. Also during the quarter, we generated $822 million of excess DCF above our declared dividend.”
2022 Outlook
For 2022, KMI budgeted to generate net income attributable to KMI of $2.5 billion and declare dividends of $1.11 per share, a 3% increase from the 2021 declared dividends. KMI also budgeted to generate 2022 DCF of $4.7 billion and Adjusted EBITDA of $7.2 billion and to end 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3 times. KMI now expects net income, EBITDA and DCF to be favorable to budget due to stronger than expected commodity prices and favorable operating results from our Natural Gas and CO2 business segments, partially offset by higher costs.
Overview of Business Segments
“The Natural Gas Pipelines segment’s financial performance was down in the first quarter of 2022 relative to the first quarter of 2021, again due to the nonrecurring earnings during the February 2021 storm” said Dang. “Excluding the 2021 winter storm earnings, financial performance was up on higher contributions from the Texas Intrastate system, from Tennessee Gas Pipeline (TGP), from our new Stagecoach assets and from favorable pricing on the Altamont and Copano South Texas gathering systems as well as increased volumes on our KinderHawk gathering system. These were partially offset by lower contributions from El Paso Natural Gas (EPNG) and Colorado Interstate Pipeline (CIG).”
Natural gas transport volumes were up 2% compared to the first quarter of 2021, with increases on Kinder Morgan Louisiana Pipeline (KMLP), Natural Gas Pipeline of America (NGPL) and TGP due to increased deliveries to LNG customers; and from our new Stagecoach assets. These increases were partially offset by declines on EPNG due to pipeline outages; and on Wyoming Interstate Company and Cheyenne Plains Gas Pipeline due to continued declining production in the Rockies basins. Natural gas gathering volumes were up 12% from the first quarter of 2021 with higher volumes primarily on KinderHawk.
“Contributions from the Products Pipelines segment were up compared to the first quarter of 2021 as demand recovery continued,” Dang said. “Total refined products volumes were up 7%, while crude and condensate pipeline volumes were down 4% compared to the first quarter of 2021. Gasoline volumes were above the comparable period last year by 5% and diesel volumes were down 3%. Jet fuel volumes continue their strong rebound, up 38% versus the first quarter of 2021.
“Terminals segment earnings were up compared to the first quarter of 2021. In our liquids business, we saw strong gains in volumes across both our truck rack terminals and refined product hub facilities, which benefited from higher refinery utilization rates and continued demand recovery compared to the prior year period. Notwithstanding the foregoing, steep backwardation in refined product futures price curves has presented a headwind for product storage and blending economics, contributing to lower utilization rates and modest rate pressure, principally in our New York Harbor hub. In our Jones Act tanker business, where fundamentals continue to improve, the benefit from higher fleet utilization was more than off-set by lower average charter rates compared to the first quarter of 2021 as vessels were recontracted into a lower, albeit improving, rate environment,” said Dang. “Earnings in our bulk business were higher compared to the first quarter of 2021 owing to gains in both handling rates and volumes for export coal and petroleum coke.
“CO2 segment earnings were down compared to the first quarter of 2021 due to the fact that in the first quarter of 2021, the segment returned power to the grid by curtailing oil production during Winter Storm Uri under an existing contract with its power provider. Excluding the storm benefit in 2021, Q1 2022 segment financial performance was higher, primarily due to higher realized crude, NGL, and CO2 prices. Our realized weighted average crude oil price for the quarter was up 31% at $66.90 per barrel compared to $51.05 per barrel for the first quarter of 2021, while our weighted average NGL price for the quarter was up 117% from the first quarter of 2021 at $43.68 per barrel, and CO2 prices were up $0.47 or 45%,” said Dang. “First quarter 2022 combined oil production across all of our fields was flat compared to the same period in 2021 on a net to KMI basis. NGL volumes net to KMI were up 7% versus the first quarter of 2021, while CO2 sales volumes were down 10% on a net to KMI basis compared to the first quarter of 2021, due to the expiration of a carried interest following payout on a project in 2021. CO2 sales volumes were up 8% excluding that adjustment.”
Other News
Corporate
Natural Gas Pipelines
Products Pipelines
Terminals
Energy Transition Ventures
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, April 20, at www.kindermorgan.com for a LIVE webcast conference call on the company’s first quarter earnings.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow (FCF).
Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7).
Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. (See the accompanying Tables 1 and 2.)
DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)
Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 3 and 4.)
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.
Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.
Dave Conover
Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
(800) 348-7320
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--$XPRO #XPRO--Expro Group Holdings N.V. (NYSE: XPRO) (“Expro” or “the Company”) will hold a conference call on May 5, 2022 to discuss results for the quarter ended March 31, 2022. The conference call is scheduled to begin at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). A press release regarding the results will be issued before the market opens on May 5 and the press release, together with associated presentation slides, will be posted to the investor relations section of the Expro website in advance of the conference call.
We encourage those who plan to dial into the conference to pre-register: pre-registration link. Callers who pre-register will be given a dial-in number and unique PIN via email to gain immediate access to the call.
Participants may also join the conference call by dialing:
US: 1 844 200 6205
International: +1 929 526 1599
Access code: 482756
To listen via live webcast, please visit the Investor section of www.expro.com.
An audio replay of the webcast will be available in the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and remain available for a period of 12 months.
To access the audio replay telephonically:
Dial-In: US1 929 458 6194 or 44 (204) 525 0658
Access ID: 324599
Start Date: May 5, 2022, 1:00 p.m. CT
End Date: May 12, 2022, 11:00 p.m. CT
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access and well intervention and integrity solutions.
With roots dating to 1938, Expro has more than 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
Karen David-Green – Chief Communications, Stakeholder & Sustainability Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 281 994 1056
DEERFIELD, Ill--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today confirmed that it will report its first quarter 2022 results after the market close on Wednesday, May 4, 2022. The company plans to host a conference call to discuss these results at 10:00 a.m. ET on Thursday, May 5, 2022.
Investors can access the call by dialing 866-374-5140 or 404-400-0571. The passcode is 75104576. The conference call also will be available live on the company’s website at www.cfindustries.com. Participants also may pre-register for the webcast on the company’s website. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. A replay of the webcast will be available through the company’s website at www.cfindustries.com.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.
Media
Chris Close
Director, Corporate Communications
847-405-2542 – This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
847-405-2045 – This email address is being protected from spambots. You need JavaScript enabled to view it.
Project is in support of the Israeli Navy through the United States Army Corps of Engineers
ORLANDO, Fla.--(BUSINESS WIRE)--Conti Federal Services, a leading U.S. government construction and engineering firm specializing in complex critical infrastructure, secure construction, and environmental remediation projects, has been awarded a $17,757,234 design-bid-build contract to demolish existing infrastructure and construct a new pier for one of the Israeli naval bases. The marine work will be followed by building new infrastructure on the site, including the construction of a new electrical building and landscaping the location.
Awarded by the U.S. Army Corps of Engineers (USACE) Europe, the task order is part of the $50M Northern Israel Multiple Award Task Order Contract (MATOC) that Conti Federal won in 2021 to provide repair and renovation, associated environmental work, force protection work and construction services in support of the Israel Ministry of Defense under the Foreign Military Sales (FMS) agreement with the United States Government.
“To be selected once again for this critical work speaks to the success that our team continues to deliver for the U.S. Army Corps of Engineers – specifically in the Israel region. We’ve been supporting the mission in Israel for more than a decade and look forward to continuing to serve for the next one,” said Conti Federal Israel Regional Manager Mike Sziy.
The project is to be completed in 2023 and is just the latest in the many construction and modernization projects Conti Federal has taken on for the Israel Ministry of Defense. For details about Conti Federal’s work with USACE and other government agencies globally, visit https://www.contifederal.com/projects.
About Conti Federal
Conti Federal Services is a leading global construction and engineering company with roots dating back 115 years. The company has delivered some of the most demanding projects for the U.S. federal government, on time and on budget. Conti Federal specializes in disaster preparedness and recovery, classified and secure construction, critical infrastructure and environmental remediation. Conti Federal is dedicated to ensuring clients meet mission success while committing to their core values of safety, integrity, and compliance.
Meredith Koons
Conti Federal
732-540-9478
This email address is being protected from spambots. You need JavaScript enabled to view it.
New executives strengthen the internal infrastructure build-out, enable operational excellence, and support execution of Energy Vault’s global growth strategy
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions, today announced the appointment of David Hitchcock, interim Chief Financial Officer, and Kevin Keough, Senior Vice President of Corporate Development.
"I am pleased to welcome both David and Kevin to the Energy Vault team. David brings deep public company CFO, transactional and operational finance experience as we build out our global financial support and infrastructure teams across multiple continents. Kevin has an tremendous track record of successful M&A transactions within proven value creation frameworks and post intergration results during his time at Danaher, and will play an important role in Energy Vault’s strategic growth initiatives in a very dynamic market,” said Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault.
David Hitchcock Appointed interim Chief Financial Officer
David Hitchcock has been appointed interim Chief Financial Officer, replacing Andrea Wuttke, who will be leaving the company after a transitional period. Hitchcock brings more than three decades of extensive operational financial leadership experience on a global basis, including significant capital markets and M&A expertise. Hitchcock most recently served as Chief Financial and Administrative Officer of Syniverse Technologies (Syniverse), a leading global services provider to the mobile telecom industry. During Hitchcock’s eight years as CFO at Syniverse, he supported them making the successful transition from a public company (NYSE) to private company through the 2011 sale to The Carlyle Group. Syniverse revenue increased from over $300 million in 2007 to more than $900 million in through a combination of organic and inorganic growth while maintaining strong, consistent margins and significantly expanding its workforce and revenue base outside of North America.
Prior to Syniverse, Hitchcock held senior finance and operational roles at Lucent Technologies, including Corporate Controller and Business Vice President for Lucent Worldwide Services, CFO for the Global Supply Chain Network organization ($6B+ scope in manufacturing and procurement), and CFO of North America for the post-merger combination of Alcatel-Lucent across all business segments.
Hitchcock currently serves as an Industry Advisor to Astra Capital Management and is a Board Member and Chair of the Audit Committee for Communications Technologies Services, LLC, an Astra portfolio company. David earned a BS in Accounting and an MBA from Wake Forest University and is a Certified Public Accountant.
In his new role, Hitchcock will be responsible for all internal and external financial functions, the oversight of Energy Vault’s public company accounting and financial reporting, as well as all capital markets activities.
“I am thrilled to join Energy Vault at such an exciting time in the company’s life cycle and I look forward to building out a robust finance function. I have been consistently impressed with the depth of the management team, the significant technological advances and value proposition Energy Vault has,” said Mr. Hitchcock. “I am energized to begin working with all our key stakeholders, driving the company’s strategic plan forward and enhancing long-term shareholder value.”
Hitchcock replaces Andrea Wuttke, former Chief Financial Officer of Energy Vault.
Kevin Keough Appointed Senior Vice President of Corporate Development
In addition, Energy Vault recently appointed Kevin Keough as Senior Vice President of Corporate Development. Kevin brings more than 30 years of extensive strategic, operational and engineering expertise that includes having led corporate development at Danaher, Tektronix, Netscout, and Inet Technologies across a broad range of high growth market and technology segments. At those companies, he was responsible for their long-range growth strategies and executing accredtive mergers and acquisitions that grew long term shareholder value.
In his new role at Energy Vault, Keough will be responsible for working with Mr. Piconi and the global management team to set the Company’s strategic plan and to drive all of its business development and strategic growth initiatives.
At Danaher, Keough applied his knowledge of the rigorous Danaher Business System, DBS, to successfully deploy more than $5 billion of capital to achieve numerous accretive transactions that expanded addressable market sizes, exploited white space opportunities, consolidated attractive segments, and added key growth technologies and business assets. Kevin holds a Bachelors in Electrical Engineering from the Georgia Institute of Technology in Atlanta, Georgia.
Renewable energy storage is incredibly important to enable the decarbonization of the planet. Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability.
Mr. Keough commented, “I am excited with the significant opportunity for growth via execution of the strategic plan coupled with various strategic growth initiatives. Energy Vault has a suite of service offerings from which we can enhance our value proposition to our customers and drive the Company’s mission forward. I look forward to working with Mr. Piconi and the entire Energy Vault team.”
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity-based energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com
Forward Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, our ability to identify and consummate acquisitions as well as factors affecting the success of such acquisitions, and our ability to retain qualified personnel. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Energy Vault
Investors
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media
This email address is being protected from spambots. You need JavaScript enabled to view it.
EQT’s certified natural gas agreement will enable Bloom Energy customers such as T-Mobile to use responsible fuels
SAN JOSE, Calif. & PITTSBURGH, Pa.--(BUSINESS WIRE)--$BE--Bloom Energy (NYSE: BE) and EQT, the largest producer of natural gas in the U.S., today announced they have closed a certificate trade agreement (CTA) for certified, responsibly sourced natural gas. Bloom Energy has purchased certificates for all of its U.S. fleet’s natural gas consumption for the next two years from EQT. EQT's certified natural gas became available for sale in December 2021. The agreement marks the realization of Bloom’s commitment made in July 2021 to convert its fleet to certified gas.
Together, Bloom and EQT are leading the market for certified natural gas, which not only allows end-users to reduce the emissions associated with their value chain but also incentives emissions reduction efforts by producers.
By converting its U.S. fleet of fuel cell installations – deployed at more than 700 sites – to EQT’s certified natural gas, an estimated 176,000 metric tons of CO2e emissions will be avoided per year when compared to the national average leak rate, the equivalent of 38,329 passenger vehicles taken off the road annually.
The certificates purchased by Bloom from EQT represent gas production jointly approved under both the MiQ Methane Standard and the Equitable Origin EO100TM Standard for Responsible Energy Development, which together provide a transparent, verified method for tracking environmental, social and governance (ESG) performance. The certification standards developed by MiQ and EO aim to bring transparency to an opaque market, drive demand for certified natural gas and help operators differentiate themselves through methane-emissions performance and overall responsible energy production.
“As the energy industry works to make renewable and zero-carbon technologies more widely available, we must do everything in our power to reduce the carbon intensity of today’s energy production,” said Stephen Lamm, senior director of sustainability, Bloom Energy. “By transitioning our domestic fleet of fuel cells to certified natural gas, we believe we are taking an immediate and impactful step to help eliminate harmful methane emissions as we lay the foundation for a net-zero future. We’re proud to partner with EQT on their mission to transform the natural gas market, and we strongly urge other gas producers and consumers to join us in embracing more responsible practices – not only for the industry, but the planet.”
“We are excited to support Bloom’s transition to certified, responsibly sourced natural gas, which is expected to make an immediate and significant impact on their customers’ efforts to reduce their own environmental footprint,” said Toby Z. Rice, President and CEO, EQT. “Natural gas offers an immediate path to decarbonize industries in an impactful way. This agreement validates our belief that certified natural gas is a differentiator for customers seeking affordable, reliable and clean energy sources that are produced with the highest of ESG standards.”
EQT's certified natural gas production currently comprises 4.5% of all-natural gas produced in the U.S., making EQT not only the nation's largest natural gas producer, but also the nation's largest producer of certified natural gas.
The use of certified natural gas is gaining increasing interest from major organizations, such as T-Mobile, who value the benefits of clean, reliable, and resilient energy.
“Bloom Energy power will support approximately 20 T-Mobile data centers across multiple states and, more broadly, help us deliver on our commitment to create a more sustainable future by sourcing clean and lower carbon resources for our operations,” said Chad Wilkerson, director of sustainability and infrastructure sourcing, T-Mobile.
This work aligns with Bloom’s gas sector transformation and consistent decarbonization efforts, including the implementation of waste-to-electricity solutions using biogas and the production of low-cost green hydrogen through the integration of concentrated solar and solid oxide electrolyzer technologies.
For more information about the Bloom and the company’s commitment to a zero-carbon future, visit: www.bloomenergy.com/.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
About EQT
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.
Bloom Energy Cautionary Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding use of responsible fuels and impact on harmful methane emissions; Bloom’s expectations regarding the amount of CO2e emissions that will be avoided as a result of the CTA and Bloom’s products; and the impact of the CTA and Bloom’s products on Bloom’s customers’ efforts to reduce their environmental footprint. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, the emerging nature of the distributed generation market and rapidly evolving market trends; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; Bloom’s reliance upon a limited number of customers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including Bloom’s Annual Report on Form 10-K for the year ended on December 31, 2021 as filed with the SEC on February 25, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
EQT Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation and its subsidiaries (collectively, the Company), including projections and expectations regarding the Company’s contract to provide certified, responsibly sourced natural gas to Bloom Energy and the projected emissions reduction opportunities related thereto.
The forward-looking statements included in this new release involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently available to the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control and which include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company’s hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting and storing natural gas, natural gas liquids and oil; cyber security risks; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and water required to execute the Company's exploration and development plans, including as a result of the COVID-19 pandemic; risks associated with operating primarily in the Appalachian Basin and obtaining a substantial amount of the Company's midstream services from Equitrans Midstream; the ability to obtain environmental and other permits and the timing thereof; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to acquisitions and other strategic transactions. These and other risks and uncertainties are described under Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC, as updated by any subsequent Form 10-Qs, and those set forth in other documents the Company files from time to time with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Media Contact:
Jennifer Duffourg
480.341.5464
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bloom Energy Investor Relations:
Ed Vallejo
267.370.9717
This email address is being protected from spambots. You need JavaScript enabled to view it.
EQT Contact:
Bridget McNie
Director of Communications
412.720.4500
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that it plans to release its results for the first quarter 2022 after the close of the New York Stock Exchange (NYSE) on Monday, May 2.
The following morning, on Tuesday, May 3, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.
The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investor Relations" section.
About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon second-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
Breezeline environmental targets are designed to reduce the company’s carbon footprint to protect the environment
QUINCY, Mass.--(BUSINESS WIRE)--Breezeline, formerly Atlantic Broadband, the nation’s eighth-largest cable operator, today announced that the company has begun to deploy electric vehicles (EVs), a key step in its commitment to reduce its operational emissions by 65% by 2030 and achieve net zero emissions by 2050.
The company has deployed the first electric vehicle into what will be a fleet of electric vehicles used by Breezeline sales teams starting this year in New Hampshire and West Virginia, with plans in the coming years to also transition technician vans and trucks to electric. The rear of the vehicles displays the company’s stated commitment of being “On the road to zero emissions.”
According to the Environmental Protection Agency, transportation accounts for the largest portion (27%) of total U.S. greenhouse gas emissions (based on 2020 data). Greenhouse gas emissions, in turn, are a factor in global warming and other negative environmental impacts.
Other Breezeline initiatives designed to reduce the company’s environmental impacts include:
“The greening of our fleet is a key initiative in our long term plan to reduce emissions and to protect the environment,” said Frank van der Post, President of Breezeline. “Our parent company, Cogeco, has led the way through its ongoing commitment to sustainable operations. We are committed to doing the same in our U.S. operations by adopting these emissions reduction targets and seeking improvements that will lead to a sustainable future.”
Cogeco, Breezeline’s parent company, has made care for the environment a key area of focus. The company has been recognized as a leader in sustainability practices and is ranked in the Corporate Knights Global 100 Most Sustainable Companies. The company achieved an “A” score for its 2021 CDP Climate Change response, the only North American telecommunications company on the list (the CDP is a non-profit that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts). Cogeco, a signatory to the United Nations Global Compact, also was one of only 45 companies globally to receive the inaugural HRH Prince of Wales Terra Carta Seal last year, which recognizes companies committed to the creation of genuinely sustainable markets.
ABOUT BREEZELINETM
Cogeco US, operating as Breezeline, a subsidiary of Cogeco Communications Inc. (TSX: CCA), is the eighth-largest cable operator in the United States. The company provides its residential and business customers with Internet, TV and Voice services in 12 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia. Cogeco Communications Inc. also operates in Québec and Ontario, in Canada, under the Cogeco Connexion name. Cogeco Inc.’s subsidiary, Cogeco Media, owns and operates 23 radio stations serving audiences across the province of Québec, as well as a news agency.
Andrew Walton
Breezeline
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2022.
Unitholders of record on May 2, 2022 will receive a distribution amounting to $4,760,000 or $0.28 per unit, payable May 13, 2022.
Volumes, average sales prices and net profits for the payment period were:
Sales volumes: |
|
|
||
Oil (Bbl) |
|
124,939 |
|
|
Natural gas (Mcf) |
|
80,423 |
|
|
Total (BOE) |
|
138,343 |
|
|
Average sales prices: |
|
|
||
Oil (per Bbl) |
|
$ |
78.89 |
|
Natural gas (per Mcf) |
|
$ |
6.44 |
|
Gross proceeds: |
|
|
|
|
Oil sales |
|
$ |
9,856,344 |
|
Natural gas sales |
|
|
518,215 |
|
Total gross proceeds |
|
$ |
10,374,559 |
|
Costs: |
|
|
|
|
Lease operating expenses |
|
$ |
3,246,529 |
|
Production and property taxes |
|
|
318,419 |
|
Development expenses |
|
|
330,635 |
|
Total costs |
|
$ |
3,895,583 |
|
Net proceeds |
|
$ |
6,478,976 |
|
Percentage applicable to Trust’s Net Profits Interest |
|
80 |
% |
|
Net profits interest |
|
$ |
5,183,181 |
|
Increase in cash reserve held by VOC Brazos Energy Partners, L.P. |
|
|
0 |
|
Total cash proceeds available for the Trust |
|
$ |
5,183,181 |
|
Provision for current estimated Trust expenses |
|
|
(240,264 |
) |
Amount withheld for future Trust expenses |
|
|
(182,917 |
) |
Net cash proceeds available for distribution |
|
$ |
4,760,000 |
|
As previously disclosed, in November 2021, the Trustee notified VOC Brazos Energy Partners, L.P. (“VOC Brazos”) that the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022. The Trustee intends to withhold a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to approximately $1.175 million. This amount is in addition to the letter of credit in the amount of $1.7 million provided to the Trustee by VOC Partners to protect the Trust against the risk that it does not have sufficient cash to pay future expenses. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. 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 eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold $182,917 from the proceeds otherwise available for distribution this quarter, for a total amount of $365,834 withheld to date.
This press release contains forward-looking statements. Although VOC Brazos has advised the Trust that VOC Brazos believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended March 31, 2022. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
(713) 483-6020
79 per cent of Canadian homeowners say they are familiar with smart home technology and 4 in 5 (78 per cent) believe smart home technology can reduce their bills by using less electricity according to a new survey by Schneider Electric Canada
MISSISSAUGA, Ontario--(BUSINESS WIRE)--As the cost of living continues to rise, Canadian homeowners are increasingly seeking solutions that help them save on energy, as well as reduce their carbon footprint. New data from a recent study conducted by Schneider Electric, the leader in the digital transformation of energy management and automation, reveals 73 per cent of Canadian homeowners have seen an increase in their electrical bills in the past year, and most are interested in further integrating energy monitoring systems (71 per cent) and smart switches (63 per cent) into their homes to help combat that rise.
Homes and buildings continue to be a significant source of greenhouse gas emissions. After accounting for the electricity used for heating, cooling, lighting, and appliances, they total 18 per cent of national greenhouse gas (GHG) emissions. For Canada to achieve its goal of net-zero emissions, while also encouraging construction of new homes in response the ongoing housing affordability crisis, it is imperative energy solution providers do their part to help homeowners understand and embrace technology aiding us in the fight against climate change.
Encouragingly, the study found Canadian homeowners share this sentiment, with 82 per cent stating they are concerned about how climate change may affect future generations and 3 in 4 (76 per cent) agreeing smart home technology would make it easy to manage energy efficiency. However, while 79 per cent of homeowners are familiar with smart home solutions, less than 1 in 5 (17 per cent) households have currently adopted and integrated the technology.
“Our study found 9 in 10 (89 per cent) Canadian homeowners say it’s important to have energy efficient appliances or devices when buying, building, or renovating a home," said David O'Reilly, Vice President of Home and Distribution at Schneider Electric Canada. “Beyond cost savings, smart home technology, like Square D and Wiser Energy solutions gives Canadian homeowners incredible visibility into their energy usage which in turn gives them increased control over their energy consumption, while offering an effortless way to reduce their personal carbon footprint.”
To help more homeowners take advantage of this emerging technology, Schneider Electric launched a suite of connected living products aimed at addressing the most common demands of Canadian homeowners when shopping for smart home technology including ease of installation and use, long-term durability and sustainability.
Designed to make life easier with the end-user in mind, products such as Schneider Electric’s Square D Wiring Devices appeal to homeowners by saving them energy, while also offering them unprecedented control of their home from an easy-to-use smart phone application. Additionally, these devices incorporate unique and thoughtful design, built to complement any taste or style.
“Encouraging further adoption of smart home technology will not only help households reduce their individual carbon emissions, but also encourage them to reimagine what it means to live sustainably,” said O’Reilly. “With 3 in 5 homeowners agreeing that adopting smart home technology is “the right thing to do” for the environment, Canadians continue to recognize the importance of reducing energy consumption and lessening their environmental impact wherever possible.”
Learn more about Schneider Electric and our smart home solutions here.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter Facebook LinkedIn YouTube Instagram Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Hashtags: #LifeIsOn #Sustainability #ESG #OurImpact
Survey Methodology
An online quantitative survey was conducted between Nov 30, 2021 and Dec 6, 2021 through the Angus Reid online panel amongst a sample of 1,523 nationally representative Canadian homeowners over the age of 18, offered in both French and English.
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
MALPITAS, Calif. & HERZLIYA, Israel--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced today the appointment of Mr. Dirk Carsten Hoke as a member of the board of directors. The appointment was approved unanimously by the board of directors.
Mr. Hoke’s career spans more than 25 years and five continents in various industries. Most recently Mr. Hoke served from 2016 until 2021 as the Chief Executive Officer of Airbus Defence and Space and was also a member of Airbus’ Global Executive Committee. Prior to that, he held various executive positions at Siemens, including General Manager for the Transrapid Propulsion and Power Supply Subdivision, President of Siemens Transportation Systems China, Chief Executive Officer of Siemens Africa, Chief Executive Officer Industrial Solutions, Chief Executive Officer Customer Services and Chief Executive Officer Large Drives.
Mr. Hoke resides in Germany and serves on the Board of Advisors of Voyager Space and on the Board of Directors of Spire Global. He is the designated CEO of Volocopter.
He holds a degree in Mechanical Engineering from the Technical University of Brunswick, Germany and is an Alumni of the Young Global Leader Program of the World Economic Forum.
“We are very pleased to welcome Mr. Dirk Hoke to our board. His operational and leadership experience in multiple industries and in particular, the fields of electronics and transportation, are a very good fit for SolarEdge. We are confident that his insights and contributions will be meaningful for our board discussion,” stated Mr. Nadav Zafrir, Chairman of the Board.
Ms. Betsy Atkins, Chair of the Nominating and Corporate Governance Committee said, “Mr. Hoke’s appointment is the result of the Company’s commitment to continuously examine the composition of its Board and actively seek board members with innovative and diverse perspectives, skills and experience that can contribute to our Board in a meaningful way”.
About SolarEdge
SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
This email address is being protected from spambots. You need JavaScript enabled to view it.
RICHMOND, Va.--(BUSINESS WIRE)--Afton Chemical is pleased to announce its latest development in diesel fuel detergent technology, Greenclean™ 3, now available in North America. This powerful, innovative technology builds on the successful and recognized first-generation Greenclean™ platform. With its more robust detergent system, Greenclean™ 3 will continue to enhance the operation of heavy-duty fleets and off-road equipment that contain the latest engine technology and emission control devices.
Greenclean™ 3 Detergent Technology benefits include protection from both traditional deposits and internal injector deposits, enhanced filterability, improved stability, reduction in emissions, and improved fuel economy. This new platform also incorporates other additive combinations to address performance needs such as lubricity, cetane, and cold flow improvers to minimize the complexity of handling multiple additives.
Roman Olini, Americas Commercial Vehicle Marketing Manager, credited Afton’s extensive industry experience in developing this latest generation of Greenclean™ Detergent Technology. “We developed this platform building on Afton's long legacy of technical expertise and real-world experience in the diesel fuel segment. We are proud to launch an efficient new product line that maintains the strengths of our current technology while continuing to deliver optimal performance in all segments of the commercial vehicle space,” he said.
Tim Brennan, Fuels Technical Services Manager, said, “This new detergent system has been proven in the United States, under real-world conditions validating very robust fuel economy benefits.”
About Afton Chemical Corporation:
Afton Chemical Corporation is part of the NewMarket Corporation (NYSE: NEU) family of companies. Afton Chemical Corporation uses its formulation, engineering and marketing expertise to help their customers develop and market fuels and lubricants that reduce emissions, improve fuel economy, extend equipment life, improve operator satisfaction and lower the total cost of vehicle and equipment operation. Afton Chemical Corporation develops and sells an extensive line of unique additives for gasoline and distillate fuels, driveline fluids, engine oils and industrial lubricants. Afton Chemical Corporation supports global operations through regional headquarters located in Asia Pacific, EMEAI, Latin America and North America. Afton Chemical Corporation is headquartered in Richmond, Virginia. For more information, visit www.aftonchemical.com.
Greenclean™ and Greenclean™ 3 are trademarks owned by Afton Chemical Corporation.
Cautionary Note Regarding Forward-Looking Statements:
Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the benefits of the company’s manufacturing expansion and statements about the company’s long-term global growth plans. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.
Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden or sharp raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters; terrorist attacks and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; our inability to realize expected benefits from investment in our infrastructure or from recent or future acquisitions, or our inability to successfully integrate recent or future acquisitions into our business; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2021 Annual Report on Form 10-K, which is available to shareholders upon request.
You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.
Americas: Lauren Packard on +1 804 788 6081 or This email address is being protected from spambots. You need JavaScript enabled to view it.
MINNEAPOLIS--(BUSINESS WIRE)--Northern States Power Company, a Minnesota corporation, announced today that it has submitted a redemption notice to The Depository Trust Company, as registered holder, to redeem all of its outstanding 2.15% First Mortgage Bonds, Series due August 15, 2022 (the “Bonds”) on May 20, 2022 (the “Redemption Date”). The redemption price for the Bonds will be equal to 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. The aggregate principal amount of Bonds currently outstanding is $300,000,000.
This press release does not constitute a notice of redemption of the Bonds. Holders of the Bonds should refer to the notice of redemption to be delivered through The Depository Trust Company.
This press release is not an offer to sell or a solicitation of an offer to buy any securities.
Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice President, Treasurer & Investor Relations
or
News media inquiries:
Xcel Energy Media Relations, 612-215-5300
Agreement will result in a lump sum turnkey contract with liquidated damages, signaling confidence in commercial feasibility for the world’s most deeply negative carbon footprint liquid fuels plant.
COLUMBIA, La.--(BUSINESS WIRE)--Strategic Biofuels, the leader in developing deeply negative carbon footprint renewable fuels plants, announced today that it has finalized its partnership with leading engineering, procurement and construction (EPC) firm, Koch Project Solutions (KPS) a subsidiary of Koch Engineered Solutions, for their Louisiana Green Fuels (LGF) Project in Caldwell Parish, Louisiana. The companies have agreed that KPS will construct the renewable fuels plant on a lump sum turnkey basis with parent company backed guarantees with liquidated damages for performance and schedule delays. KPS will be responsible for constructing, commissioning, and startup of this facility which will produce the world’s lowest carbon footprint liquid fuel.
“Koch Project Solutions is excited to continue our work with Strategic Biofuels,” said Antoine Schellinger, senior vice president of corporate development for Koch Project Solutions. “We are confident in Strategic Biofuels’ ability to bring innovative solutions to market. We look forward to helping move the Louisiana Green Fuels project forward.”
With this agreement, Strategic Biofuels further solidifies a strong team of industry leaders. KPS has served in a Project Management role for the LGF Project since its inception in late 2020 and has substantially contributed to the Project’s rapid achievement of major project milestones. Last month, Strategic Biofuels announced that LGF had moved into the Front End Engineering Design (FEED) or FEL-3 phase of engineering. Upon completion of FEED, expected in the first quarter of 2023, KPS will provide Strategic Biofuels with a Lump Sum Turnkey price for the plant which will allow Strategic Biofuels to secure project financing and begin construction.
Once in operation the project will convert forestry waste feedstock into cleaner-burning renewable diesel producing approximately 34 million gallons of renewable fuel per year. The project achieves its negative carbon footprint through carbon capture and sequestration (CCS), renewable power, and forestry waste feedstocks. The LGF plant’s emission for production of its renewable diesel represents a reduction in greenhouse gas emissions of approximately 400% relative fossil diesel fuel and is the equivalent of removing about a quarter of a million cars from the road.
“Achieving this agreement with Koch further demonstrates our shared goal and commitment to ushering in a new wave of commercial carbon capture projects, changing the industry by offering cleaner solutions, and ultimately pushing the boundaries of what is commercially scalable,” said Dr. Paul Schubert, chief executive officer of Strategic Biofuels. “We are tremendously proud of what has been accomplished to-date and know that the invaluable experience and innovative solutions the Koch team brings to the table will have a lasting impact as we move forward together to bringing our revolutionary plant online.”
For more information about Strategic Biofuels or the Louisiana Green Fuels project, visit: www.strategicbiofuels.com.
About Strategic Biofuels
Strategic Biofuels LLC is a team of energy, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program and under the California Low Carbon Fuels Standard.
About Louisiana Green Fuels
Louisiana Green Fuels is the first project by Strategic Biofuels LLC in Northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration (CCS) Well will be the first renewable diesel project in North America to achieve deeply “negative” carbon emissions. The feedstock for the plant is forestry waste from managed and sustainable forests.
About Koch Project Solutions
Koch Project Solutions strives to be the preferred partner for capital project execution. Built on a foundation of safety, Koch Project Solutions partners with project owners to develop customized execution and contracting strategies designed to maximize the return on investment. Koch Project Solutions is a part of Koch Engineered Solutions providing world-class services and technologies broadly across industrial sectors. Superior Outcomes. Consistently Delivered. Learn more at our website: www.kochprojectsolutions.com.
Hunter Dodson
713-627-2223
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--$LGO #cleanenergy--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) will release its first quarter 2022 financial results on Wednesday, May 11 after the close of market trading. Additionally, the Company will host a webcast and conference call to discuss its first quarter 2022 operating and financial results on Thursday, May 12 at 10:00 a.m. ET.
Details of the webcast and conference call are listed below:
Date: |
Thursday, May 12, 2022 |
Time: |
10:00 a.m. ET |
Webcast Registration Link: |
https://produceredition.webcasts.com/starthere.jsp?ei=1540122&tp_key=11de69ee45 |
Dial-in Number: |
Local: +1 (647) 794-4605 |
North American Toll Free: +1 (888) 204-4368 |
|
Conference ID: |
5973251 |
Replay Number: |
Local / International: + 1 (647) 436-0148 |
North American Toll Free: +1 (888) 203-1112 |
|
Replay Passcode: 5973251 |
|
Website: |
To view press releases or any additional financial information, please visit the Investor Resources section of the Company’s website at: www.largoinc.com/investors/Overview |
About Largo
Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURETM and VPURE+TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Following the acquisition of vanadium redox flow battery technology in 2020, Largo is working to integrate its world-class vanadium products with its VCHARGE vanadium battery technology to support the planet's on-going transition to renewable energy and a low carbon future. Largo’s VCHARGE batteries are uniquely capable of supporting reliability and grid stability as electricity systems move away from fossil-fuel generation. VCHARGE batteries are cost effective due to a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information, please visit www.largoinc.com.
For further information, please contact:
Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.