HOUSTON--(BUSINESS WIRE)--Hunting PLC, the international energy services group, today announced that it has been contracted to provide titanium stress joints through multiple EPC Contractors for Beacon Offshore Energy’s Shenandoah development in the Gulf of Mexico.
Hunting will provide (2) 10.75” Titanium Grade 29 Stress Joints utilized for Production, (1) 16” Titanium Grade 23 Stress Joint for Gas Export, and (1) 18” Titanium Grade 23 Stress Joint for Oil Export.
“Hunting is extremely excited to provide this scope for the Shenandoah development. This marks the 3rd project over the past 2+ years where we have utilized our worldwide, field-proven technologies in the GOM,” said Dane Tipton, President of Hunting’s Subsea Technologies Division.
For more information regarding Hunting’s titanium stress joints and their Subsea Technologies offerings, visit http://www.hunting-intl.com/subsea-technologies.
About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the company has operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
Business Contacts:
John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.
Strive delivers a new shareholder mandate to U.S. energy companies to focus on excellence over politics
COLUMBUS, Ohio--(BUSINESS WIRE)--Strive Asset Management announced that its first exchange-traded fund (ETF) exceeded $100 million in assets under management (AUM) and over $160 million in traded volume in its first full week of launch, representing the largest non-seeded[1] ETF launch in 2022. The fund, DRLL, is a passively managed U.S. energy index fund that delivers a new "post-ESG" shareholder mandate to U.S. energy companies through shareholder engagement and proxy voting.
“This represents an important milestone and it's just the first step of our journey,” said Vivek Ramaswamy, executive chairman of Strive Asset Management. “Our goal is to unlock the potential of the U.S. energy sector by mandating companies to focus on excellence, including through greater oil and gas production, instead of social agendas imposed by large ESG-linked asset managers."
Matt Cole, head of products & investments at Strive Asset Management added, “We believe our message and mandates to US companies are already resonating with Americans. Unlike typical ETF launches where you see a small number of high dollar trades, the success of DRLL has been driven by smaller dollar trades.”
DRLL had an average trade size of $4,055 per trade, compared to an average trade size of $5.7 million for other 2022 ETF launches that generated over $100 million in assets under management in their first week.
Strive exceeded the trading volume of BlackRock’s passively managed U.S. energy index fund, IYE, over the past week and aims to exceed the AUM of IYE by the end of 2023.
About DRLL
The Strive U.S. Energy ETF (DRLL) seeks to track the total return performance, before fees and expenses, of a subset of the Solactive GBS United States 1000 Index (the “Index”) composed of U.S.-listed equities in the energy sector. The Solactive index exhibits 99.7% historical correlation[2] with BlackRock’s U.S. Energy Index. The Index is represented by securities of companies in the energy industry or sector (oil, coal, and natural gas companies, as well as companies that produce renewable or alternative energy such as hydrogen, nuclear, solar, and wind power).
Investors can learn more at www.strivefunds.com.
About Strive Asset Management
Strive is an Ohio-based asset management firm whose mission is to restore the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics. Strive will compete directly with the world’s largest asset managers by launching funds that advance Excellence Capitalism in boardrooms across corporate America. The company was co-founded by Vivek Ramaswamy and Anson Frericks in 2022.
Learn more at www.strive.com.
IMPORTANT INFORMATION
DRLL is compared to the IYE because it is the most similar Energy Exchange Traded fund based on index holding overlap. DRLL’s holdings overlap with IYE on 90.23% of holdings. The remaining 9.77% is 9 stocks of the 44 stocks in the IYE (AM, CHPT, DTM, ENPH, EVA, FSLR, NFE, PLUG, TPL.)
Solactive AG ("Solactive") is the licensor of The Solactive United States Energy Regulated Capped Index (the "Index"). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.
Solactive United States Energy Regulated Capped Index (the "Index"), which measures the performance of the energy sector of the U.S. equity market as defined by Solactive AG (the "Index Provider" or "Solactive"). The Index includes large, and mid capitalization companies. The Index is a subset of a float-adjusted capitalization weighted index of equity securities comprising the 1,000 largest companies from the US stock market.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 872-270-5406 or visit our website at www.strivefunds.com. Read the prospectus or summary prospectus carefully before investing.
Investments involve risk. Principal loss is possible. Energy Sector Risk. The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy supply and demand, government regulations and energy conservation efforts. Non-Diversification Risk. Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Fund’s Shares and greater risk of loss. Index Calculation Risk. The Index relies on various sources of information to assess the criteria of issuers included in the Index, including fundamental information that may be based on assumptions and estimates. New Fund Risk. The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. In addition to the risks outlined IYE has the following Principal risks: Cybersecurity Risk, Dividend-Paying Stock Risk, Close-Out Risk for Qualified Financial Contracts, and Illiquid Investments Risk. Please see fund prospectus for a complete list of risks associated with investing.
ESG investing is defined as utilizing environmental, social, and governance (ESG) criteria as a set of standards for a company’s operations that socially conscious investors use to screen potential investments.
Quasar Distributors, LLC.
[1] A seed investment into an ETF is defined by a day where the average trade size was greater than $1,000,000 in the first week of trading. For reference, in July 2022 the average trade size of S&P 500 indexed ETFs (SPY, VOO, and IVV) was $57,654 and $9,893 for Energy Sector ETFs (XLE, VDE, and IYE).
[2] Correlation time period: 6/30/22-7/29/22
Gregory FCA for Strive Asset Management
Sam Marinell
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DUBLIN--(BUSINESS WIRE)--The "Fuel Cards Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global fuel cards market reached a value of US$ 654.75 Billion in 2021. Looking forward, the market to reach a value of US$ 1,286.83 Billion by 2027, exhibiting a CAGR of 11.92% during 2021-2027
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A fuel card is a payment solution utilized for managing and budgeting vehicle-related expenses while minimizing the hassle of administrating costly expense reports and reimbursements. It can be used by employees who operate corporate vehicles for maintenance and other related expenses like fuel purchases and repairs. It is generally protected via anti-fraud technology and individual personal identification numbers (PINs) to make tracking easier.
It offers online access to the linked account, manages multiple cards, sets up reporting systems, and helps download statements. Nowadays, fuel cards are available with flexible payment options, including paying by credit card, which provides greater control over cash flow.
Fuel Cards Market Trends:
The increasing adoption of digital payment methods, the growing influence of the internet of things (IoT), and the rising focus on efficient fleet administration are among the key factors driving the demand for fuel cards across the globe.
Apart from this, as fuel cards allow business fleet managers to track fuel purchases in real-time, set spending limits, and manage fuel expenses, small and medium scale enterprises (SMEs) with fleets are increasingly relying on fuel cards to manage their fuel usage. In addition, several fuel card programs offer discounted prices or other rebates for purchasing fuel within a network and reducing fuel costs.
Besides this, key players are integrating fleet fuel cards with embedded chips and introducing smartcards, which are more durable than magnetic strips, quick response (QR) codes, and near-field communication (NFC) technology via mobile apps to handle payments.
Furthermore, they are offering customized solutions to clients with detailed reporting, which is anticipated to provide lucrative growth opportunities to market in the coming years.
Key Questions Answered in This Report:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Key Market Segmentation:
Breakup by Type:
Breakup by Technology:
Breakup by Application:
Breakup by End User:
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
For more information about this report visit https://www.researchandmarkets.com/r/ijqfum
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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Iowa Project to Be Owned and Operated by Apex, Supplying Renewable Energy to Meta in Fifth Transaction Between the Two Companies
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy today announced the financing of the 224 MW Great Pathfinder Wind project, following the execution of a tax equity commitment from Bank of America. In May, Apex closed on construction financing with Santander Corporate and Investment Banking (Santander), Sumitomo Mitsui Banking Corporation, and Bank of America acting as coordinating lead arrangers and bookrunners. Santander is also serving as administrative agent. The transaction closed on an accelerated timeline to support the project’s planned 2022 commercial operations date.
Upon completion, Great Pathfinder Wind will support Meta’s operations under a long-term power purchase agreement for the full capacity of the project. The PPA represents Apex’s fifth such transaction with Meta.
"Apex, as a pure-play renewable energy company, has delivered more than $10 billion of clean energy resources to date, with projects in development to support an additional $50 billion in wind, solar, storage, and green fuels generation facilities,” said Mark Goodwin, Apex Clean Energy president and CEO. “From clean electrons in the grid to green fuels for industry and transport, we are delivering energy solutions to decarbonize sectors across our economy. Apex is the energy company of the future.”
Great Pathfinder Wind, located in Boone and Hamilton Counties, Iowa, is currently under construction and is expected to begin operations in Q4 2022. Apex is providing construction management services for the project and IEA Constructors, a wholly owned subsidiary of Infrastructure and Energy Alternatives, Inc., is constructing the project, which consists of 66 GE wind turbine generators.
The wind facility will generate an estimated $73.9 million in local tax revenue, $68.8 million in payments to landowners, and nearly 300 full-time local jobs during construction.
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 300 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
About Bank of America
Bank of America has set tangible sustainable finance goals and made measurable progress in mobilizing and scaling capital deployment to help drive social and environmental change. In 2021, Bank of America set a goal to achieve net-zero greenhouse gas emissions in financing activities, operations and supply chain before 2050. As part of the company’s commitment to deploy $1.5 trillion in sustainable finance by 2030, approximately $250 billion of capital was mobilized and deployed aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Santander Corporate & Investment Banking
Santander Corporate & Investment Banking is a global division of Madrid-based Banco Santander, S.A. (NYSE: SAN) a banking Group with 155 million customers in the U.S., Europe, and Latin America. Santander supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. The Group has become a leader in renewable energy finance and advice through its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander’s coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
Media
Cat Strumlauf
Apex Clean Energy
Director | Corporate Communications
(434) 227-4196
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PARIS--(BUSINESS WIRE)--In accordance with the regulations relating to share buybacks, Technip Energies (PARIS:TE) (ISIN:NL0014559478) declares the following purchases of its own shares during the week of August 8 to August 12, 2022.
These transactions were carried out as part of a buyback program with a discretionary mandate carried out by an investment services provider making decisions relating to the acquisition of Technip Energies shares independently.
Name of the Issuer |
Identify Code of the Issuer (LEI Code) |
Day of the transaction |
Identity Code of the Security |
Total Daily Volume (in number of shares) |
Daily weighted average purchase prices of the shares (in €) |
Market Identity Code |
Technip Energies |
724500FLODI49NSCIP70 |
2022-08-08 |
NL0014559478 |
20000 |
12.017685 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-08-09 |
NL0014559478 |
20000 |
12.194626 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-08-10 |
NL0014559478 |
20000 |
12.206179 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-08-11 |
NL0014559478 |
20000 |
12.400297 |
XPAR |
Technip Energies |
724500FLODI49NSCIP70 |
2022-08-12 |
NL0014559478 |
20000 |
12.476356 |
XPAR |
|
|
|
TOTAL |
100000 |
12.259029 |
|
For detailed information on the transactions carried out and on the objectives of the shares purchases, please refer to the detailed declaration available on https://investors.technipenergies.com/financial-information/notice-trading-own-shares.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: https://www.technipenergies.com.
Phillip Lindsay
Vice-President, Investor Relations
Tel: +44 203 429 3929
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Media Relations
Stella Fumey
Director, Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
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Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
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Logility nominated for its work with client iNova Pharmaceuticals
ATLANTA--(BUSINESS WIRE)--#SCM--Logility, Inc., a leader in supply chain innovation powering the sustainable and resilient enterprise, today announced its recognition as one of SupplyChainBrain’s 2022 100 Great Supply Chain Partners. The company was recognized for its work with iNova Pharmaceuticals, a distributor of prescription medicines and healthcare products, to transform its data management, demand and supply planning, replenishment planning and analytics framework.
“Our business is complex. In addition to widely dispersed geographies, our planning processes have to reflect and synthesize different market dynamics,” said Rowan Seccombe, Sales and Operations Planning Manager, iNova. “We benefited greatly from the industry expertise at Logility and from their local implementation partner Demand Management Systems. The platform approach was also a tremendous asset.”
To achieve its growth goals, iNova needed to unify and synchronize its strategy for supply and demand planning, sales and operations planning (S&OP), and inventory management. Logility’s deep industry expertise and the comprehensive Logility® Digital Supply Chain Platform enabled consistency in planning and reporting across all regions. This collaboration has reduced “misfires” and enhanced communication and decision-making across the entire enterprise.
“Our implementation consultants constantly challenged us to justify and reconsider current processes and the implementation went quickly,” said Seccombe. “The flexible and configurable design of the Logility platform has greatly reduced our reliance on legacy systems and has established a trustworthy source of truth.”
“Manual entry and spreadsheet-based planning are a hindrance to expansion in today’s competitive marketplace. Fast-growing companies like iNova understand that to compete, you need future-proof and flexible technology underpinning your operations,” said Allan Dow, president, Logility. “Working together, we were able to improve iNova’s forecast accuracy by 50%, automate nearly half of its PO creation and significantly improve safety stock modelling. It’s been a rewarding process to see what the right solutions have enabled their team to accomplish.”
“For twenty years running, SupplyChainBrain has published our much-anticipated list of 100 Great Supply Chain Partners — a select group of companies whose customers recognize them for providing outstanding solutions and services,” said Brad Berger, publisher, SupplyChainBrain. “This year’s field of nominees was highly competitive and excellent overall, coming from all sectors of supply chain management. Logility should be proud to be named amongst the 100 Great!”
Logility will appear in the 2022 August issue of SupplyChainBrain magazine and on SupplyChainBrain.com as an honored member of this year’s 100 Great Supply Chain Partners. To view the comprehensive list of winners, please click here.
About SupplyChainBrain
SupplyChainBrain, today’s most comprehensive supply chain management information resource, is accessed year-round through a wide range of ever evolving multi-media formats by hundreds of thousands of the world’s most influential supply chain executives. In addition to addressing the fundamental principles of supply-chain management, SupplyChainBrain identifies the latest news, emerging trends, technologies and best practices, forward thinking ideas and cutting-edge solutions - and continues to write and report about these as they evolve and mature.
About Logility
Accelerating the digital sustainable supply chain, Logility helps companies seize new opportunities, sense and respond to changing market dynamics and more profitably manage their complex global businesses. The Logility® Digital Supply Chain Platform leverages an innovative blend of artificial intelligence (AI) and advanced analytics to automate planning, accelerate cycle times, increase precision, improve operating performance, break down business silos and deliver greater visibility. Logility’s SaaS-based platform transforms sales and operations planning (S&OP) and integrated business planning (IBP) processes; demand, inventory and replenishment planning; global sourcing; quality and compliance management; product life cycle management; supply and inventory optimization; manufacturing planning and scheduling; retail merchandise planning, assortment and allocation. Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products and Red Wing Shoe Company. Logility is a wholly owned subsidiary of American Software, Inc. (NASDAQ: AMSWA). To learn how Logility can help you make smarter decisions faster, visit www.logility.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. References below to the Company means Logility, Inc. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company’s revenues; dependence on particular market segments or customers; competitive pressures; market acceptance of the Company’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; American Software, Inc.’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company and American Software could experience as well as other information, please refer to American Software, Inc.’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.
Marti Kirsch
Executive Vice President Marketing at Logility
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the Citi One-on-One Midstream / Energy Infrastructure Conference in Las Vegas, Nevada. The conference is being held in person on Tuesday, August 16th, 2022 and Wednesday, August 17th, 2022.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536
BELOIT, Wis.--(BUSINESS WIRE)--#FMD--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), is expanding its capabilities to serve unmanned marine vehicles (UXV) through a licensing agreement with DECK Marine Systems (DECK), a developer of innovative systems to deploy and recover vessels and sensors. Through the agreement, FMD and DECK will co-develop an intelligent launch and recovery system (LARS) for use with UXVs and FMD will have an exclusive license to sell and service DECK’s LARS, instrument deployment units (IDUs) and winches for the U.S., Canada, Australia and UK government markets.
“As the Navy develops and tests more unmanned vehicle technologies, FMD remains committed to providing the capabilities and support necessary for expanding the reach and scope of our fleet,” said Jay McFadyen, FMD’s Chief Commercial Officer. “The expanded capabilities offered through our licensing agreement with DECK Marine Systems, combined with our existing products and services from our Welin Lambie business unit, strengthens our ability to help propel U.S. maritime defense into the future.”
Through this agreement, DECK will have access to FMD’s global network of highly trained field service technicians, along with a wide range of marine technologies, OEM products and turnkey services through the defense contractor’s six strategically located service centers. DECK will also leverage FMD’s customer-focused Regional Account Managers to expand its presence among marine defense customers.
“Precision and durability are essential for maritime military success, and we believe that makes DECK’s proven technology solutions an ideal fit to support the Navy’s UXV programs,” said Dmitri Jekimov, DECK Marine Systems CEO. “We look forward to working with FMD to expand our presence and capabilities to serve more military marine markets.”
For more than 100 years, FMD has provided products and services to the Navy. Today, the defense contractor powers more than 80% of the Navy’s ships with medium-speed applications. The defense contractor has rapidly expanded its array of best-in-class marine technologies, OEM parts and turnkey services for marine defense customers through expansion and the acquisitions of companies that include Federal Equipment Company (FEC), Hunt Valve, Maxim Watermakers, Research Tool & Die (RT&D), Ward Leonard, and Welin Lambie. Most recently, the defense contractor was named an exclusive naval field service provider for The Ideal Electric Company.
About Fairbanks Morse Defense (FMD)
Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.
To learn more, visit www.FairbanksMorseDefense.com.
About DECK Marine Systems (DECK)
DECK Marine Systems is an Estonian private company specializing in winches, Launch and Recovery Systems (LARS) and instrument deployment units. DECK products are mainly used to handle equipment located under the water. All products are designed to deploy sensitive underwater vehicles and acoustic instruments into the ocean in a safe and controlled manner.
To learn more, visit www.deckmarinesystems.com
Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
512-215-4452
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DECK Marine Systems Media Contact:
Dmitri Jekimov
+372 6 559 445
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Increasing Full Year 2022 Adjusted EBITDA Guidance
HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea,” “the Company,” or “we”) (NYSE: LFG), an industry-leading renewable natural gas (“RNG”) company, today announced financial and operating results for the second quarter and first half of 2022.
FINANCIAL HIGHLIGHTS
RECENT STRATEGIC ACCOMPLISHMENTS
CEO COMMENTARY
“Today we released operating and financial results for the second quarter and first half of 2022 that collectively reflect the hard work and dedication of the Archaea team over our short tenure as a public company,” said Nick Stork, Archaea’s Co-Founder and Chief Executive Officer. “The first half of this year was a crucial time in our pursuit of cementing a runway to successfully increase our estimated long-term production and annual earnings power. Moving forward, it is time for us to leverage the foundation we’ve established and successfully execute on our development plan. With every day that goes by, our team proves that we have positioned ourselves as a distinctive renewable energy platform that will continue to reshape the RNG industry.
We continue to see meaningful benefits from our optimization program, which has not only improved the operational performance of our existing RNG asset base, but has also substantiated key subsystems included within our Archaea V1 plant design. We have also made progress on our new-build projects, with an additional dairy digester RNG facility recently coming online. We are also seeing the increasing value of our differentiated commercial strategy amidst continued price volatility in the short-term transportation markets, as we have continued to sign additional long-term, fixed-price contracts. Our recently announced contracts with Énergir and UGI underscore the demand for sizable volumes of RNG that are structured in a way that caters to the specific energy needs and environmental goals of customers. Archaea remains one of the few RNG producers that can meet these demands.
I cannot overstate the transformative nature of the two strategic transactions we announced in the second quarter of this year. In July, we funded our first capital contribution to the Lightning Renewables JV, expanded the Lightning Renewables JV to a total of 40 projects with the Fort Wayne acquisition, and successfully closed the acquisition of INGENCO. We look forward to seeing the impact of both INGENCO and the Lightning Renewables JV on the future growth and success of our business. To position these assets and our broader project development backlog for continued execution, we successfully upsized and amended our credit facility and term loan despite today’s challenging capital markets environment. We believe that the over $600 million of incremental commitments from our lender group underscores confidence in our differentiated business model and ability to advance the development of our robust project backlog.
As I’ve mentioned already, our efforts during the second half of this year are focused on execution. We are ready to demonstrate our unmatched gas processing, project development, and operational expertise with the imminent unveiling and commissioning of our inaugural Archaea V1 plants, while also completing our near-term optimization projects. We are increasingly confident that Archaea V1’s standardized and modularized design will prove itself to be the cornerstone of our success by reducing project development costs and timelines and enabling more efficient operating performance. It is the collective responsibility of the Archaea team to execute on our mission to construct, commission, and operate these facilities.
Our team is proud of what we have achieved to date, and we are prepared to achieve the next important phase of our development program.”
SUMMARY AND REVIEW OF FINANCIAL RESULTS
The following results for the three months and six months ended June 30, 2022 are presented on a consolidated basis.
($ in thousands) |
Three Months Ended
|
Six Months Ended
|
|||||
Revenue |
$ |
77,219 |
$ |
134,116 |
|
||
Equity Investment Income, Net |
|
2,693 |
|
4,122 |
|
||
Net Income (loss)1 |
|
32,624 |
|
(548 |
) |
||
Adjusted EBITDA2 |
|
30,095 |
|
50,672 |
|
||
|
|
|
|||||
RNG Production Sold3 (MMBtu) |
|
2,037,765 |
|
3,577,797 |
|
||
Electricity Production Sold3 (MWh) |
|
158,803 |
|
324,383 |
|
||
RNG production sold for the three months and six months ended June 30, 2022 was positively impacted by incremental production from the Assai and Soares RNG facilities which were completed in December 2021 and January 2022, respectively, and increased methane recovery and RNG production from completed optimization initiatives. RNG production sold for the six months ended June 30, 2022 was also negatively impacted by downtime at certain facilities related to winter weather and maintenance activities during the first quarter.
Electricity production sold for the three months and six months ended June 30, 2022 was positively impacted by efficiency improvements across the asset portfolio and incremental production from our PEI Power facility. Electricity production sold for the six months ended June 30, 2022 was also negatively impacted by winter seasonality in the first quarter.
Revenues for the three months and six months ended June 30, 2022 were positively impacted by RNG production from Assai, strong market pricing of Environmental Attributes, natural gas, and electricity, and forward sales of certain Environmental Attributes which reduces market pricing risk. Net equity investment income for the three months and six months ended June 30, 2022 was positively impacted by lower income tax expenses in the second quarter compared to the first quarter of 2022.
Net income for the three months and six months ended June 30, 2022 was primarily driven by strong market pricing of Environmental Attributes, natural gas, and electricity, and gains from changes in fair value of warrant derivatives, partially offset by higher cost of sales due to higher gas costs, electric utility costs, and employee costs, as well as higher royalties due to higher energy revenues. Net income for the six months ended June 30, 2022 was also positively impacted by reduced general and administrative expenses in the second quarter compared to the first quarter due to reduced acquisition and other transaction costs and severance costs.
Adjusted EBITDA for the three months and six months ended June 30, 2022 was positively impacted by strong market pricing of Environmental Attributes, natural gas, and electricity, and to a lesser extent, negatively impacted by higher cost of sales and higher royalties as described above.
Timing Adjustment for a Settled RIN Transaction
Under generally accepted accounting principles (“GAAP”), the timing of revenue recognition for stand-alone Renewable Identification Numbers (“RINs”) sales contracts is tied to the delivery of the RIN to our counterparties and not the production of the RIN. The Company had approximately 3.0 million RINs generated by June 2022 RNG production that were delivered under forward RIN sale agreements in July 2022 at a weighted-average price of $3.15. To reflect this and match the RIN revenue to the month of production, the Company included a $7.0 million Adjusted EBITDA add-back (“Settled RIN adjustment”), which represents the net cash value (proceeds minus expenses) of this settled, forward sold RIN transaction. The related revenues and associated royalty expenses will be recognized in the third quarter of 2022. The Company anticipates the quarterly financial impact of these monetization timing delays to be mitigated over time as it continues to bring additional RNG facilities online and enter into new contracts.
COMPLETION OF AMENDMENT AND UPSIZE OF TERM LOAN AND REVOLVING CREDIT FACILITY
On June 30, 2022, the Company announced that it successfully closed an amendment to its Revolving Credit and Term Loan Agreement. Aggregate commitments now total $1.1 billion, an increase of approximately $630 million from the original facilities, and consist of a $400 million senior secured term loan credit facility and a $700 million senior secured revolving credit facility (together, the “Amended Facilities”). The interest rate for the Amended Facilities is equal to the secured overnight financing rate (“SOFR”) plus 275 basis points for the revolving credit facility and SOFR plus 325 basis points for the term loan credit facility. The Amended Facilities also include an uncommitted $200 million accordion feature. The maturity date of the Amended Facilities remains unchanged at September 15, 2026.
Available capacity under the Amended Facilities, along with available cash, were used to fund the Company’s acquisition of INGENCO and initial capital contribution to Lightning Renewables. Available capacity under the Amended Facilities is also expected to be used to fund capital expenditures related to the Company’s development plan and other permitted investments, to provide working capital, and for other general corporate purposes.
CAPITAL STRUCTURE AND LIQUIDITY
As of June 30, 2022, Archaea’s liquidity position was $861.4, consisting of cash and cash equivalents of $213.3 million, restricted cash of $21.9 million, and $626.2 million of available borrowing capacity under the revolving credit facility after taking into consideration outstanding letters of credit.
The Amended Facilities described above, along with the Company’s other existing sources of liquidity, are expected to be sufficient to fund the Company’s development capital needs for the foreseeable future, including capital expenditures related to Lightning Renewables, projects related to INGENCO, and core development projects, thereby eliminating the need for additional external capital in the near-term based on the Company’s current development plans and backlog.
Capital Investments
Total cash used in investing activities was $67.1 million for the three months ended June 30, 2022. Archaea spent $66.5 million on development activities. Development activities in the three months ended June 30, 2022 were related to construction and optimization across the Company’s various plants and projects in development. The Company also made contributions to equity method investments totaling $4.0 million and received return of investment in equity method investments of $3.3 million.
Total cash used in investing activities was $133.6 million for the six months ended June 30, 2022. Archaea spent $127.9 million on development activities and $7.0 million, net of cash acquired, primarily related to the acquisition of landfill gas right assets. Development activities in the six months ended June 30, 2022 were related to construction and optimization across the Company’s various plants and projects in development. The Company also made contributions to equity method investments totaling $8.0 million and received return of investment in equity method investments of $7.4 million.
Well-Positioned to Support Recent Increase in Debt Funding and Near-Term Leverage
The Company believes it is capable of supporting the near-term increase in its leverage profile as a result of its Amended Facilities. The Company’s long-term debt profile is supported by long-term, fixed-price contracts in place today, which have a weighted average remaining contract term of 18.7 years and cumulative fixed-price value of up to $6.5 billion over the remaining life of the contracts. This provides the Company with multi-decade visibility into a sizable, predictable cash flow profile that can readily service its near-term debt levels.
2022 FULL YEAR GUIDANCE
Archaea is increasing its Adjusted EBITDA and capital expenditures guidance for full year 2022. In addition, the Company is reaffirming its electricity production sold volumes guidance and reducing its RNG production sold volumes guidance for full year 2022. All guidance is current as of the published date and is subject to change.
($ millions, except production data) |
Full Year 2022 |
||||||
RNG Production Sold3 (million MMBtu) |
10.4 |
– |
11.4 |
||||
Electricity Production Sold3 (thousand MWh) |
850 |
– |
950 |
||||
Adjusted EBITDA4 |
$132.5 |
– |
$147.5 |
||||
Capital Expenditures7 |
$325 |
– |
$365 |
||||
Within the 2022 Adjusted EBITDA guidance range, the Company estimates that approximately 3.0 million MMBtu at the midpoint of its expected 2022 RNG production sold will be subject to market pricing in the second half of 2022. For the second half of 2022, the Company assumes D3 RIN prices of $2.85 to $2.95 per gallon ($33.42 to $34.59 per MMBtu8) for volumes expected to be subject to market pricing. For projections beyond the second half of 2022, the Company’s D3 RIN pricing assumptions remain unchanged at $1.50 per gallon ($17.59 per MMBtu).
Within its 2022 Adjusted EBITDA guidance range, the Company is also reaffirming its expected general and administrative expenses of approximately $55 million, which includes expected headcount additions related to the INGENCO acquisition and Lightning Renewables JV.
The Company is revising its expected 2022 RNG production sold guidance to 10.4 million to 11.4 million MMBtu due to winter weather and maintenance activities in the first half of 2022 and unanticipated delays in zoning at optimization sites with significant landfill gas being flared or combusted. These delays are expected to be mitigated in the near-term. Annualized production as of July 2022 was approximately 10 million MMBtu per year, without the impact of significant optimization and new build projects that are expected to be placed into service in the second half of 2022.
The Company’s 2022 capital expenditures projection increased by $70 million to $80 million to reflect the impact of favorable additions to its development backlog. Excluding the incremental capital expenditures from these future projects, and capital paid for acquisitions year to date 2022, Archaea does not expect any material changes to its previous baseline 2022 capital expenditures guidance range provided on March 17, 2022 of $255 million to $285 million.
At the midpoint of its guidance range, the Company continues to expect capital investments of approximately $130 million during 2022 for projects expected to be placed into service in 2022.
BRIAN MCCARTHY NAMED CHIEF FINANCIAL OFFICER
The Company recently named Brian McCarthy its Chief Financial Officer, a role he has held on an interim basis since March 2022. Mr. McCarthy will lead the Company’s financial operations and strategy as well as the Company’s commercial strategy, investments, and business development. Mr. McCarthy is a Co-Founder of Archaea and served as legacy Archaea’s Chief Financial Officer from January 2019 to May 2021.
SECOND QUARTER 2022 CONFERENCE CALL AND WEBCAST
Archaea will host a conference call to discuss financial and operating results for second quarter and first half of 2022 and to provide an update on strategic priorities on Tuesday, August 16, 2022 at 11 a.m. Eastern Time / 10 a.m. Central Time. A listen-only webcast of the call and an accompanying slide presentation may be accessed at www.archaeaenergy.com. After completion of the webcast, a replay will be available for 12 months on the Company’s website.
1. Unless otherwise specified, net income (loss) as shown herein is before net income (loss) attributable to redeemable noncontrolling interest. For information regarding net income (loss) attributable to Class A Common Stock, please see the Consolidated Statements of Operations included in this release. |
2. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Measures” for further details. |
3. Volumes produced and sold include production from the Company’s wholly-owned facilities and its proportionate share of production from its equity method investment facilities. |
4. A reconciliation of expected full year 2022 Adjusted EBITDA to net income (loss), the closest GAAP financial measure, cannot be provided without unreasonable efforts due to the inherent difficulty in quantifying certain amounts, including share-based compensation expense, which is affected by factors including future personnel needs and the future price of our Class A Common Stock, and changes in fair value of warrant derivatives, due to a variety of factors including the unpredictability of underlying price movements, which may be significant. |
5. Through Archaea Energy Operating LLC, a subsidiary of the Company. |
6. Environmental Attributes refer to federal, state, and local government incentives in the United States, provided in the form of RINs, Renewable Energy Credits, Lower Carbon Fuel Standard credits, renewable thermal certificates, rebates, tax credits, and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy. |
7. Excluding acquisition costs. |
8. Conversion factor of 11.727 RINs per MMBtu. |
ARCHAEA
Megan Light
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346-439-7589
Blake Schreiber
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346-440-1627
MIAMI--(BUSINESS WIRE)--On.Energy today announced that it has closed $100 million in project financing from Sustainable Development Capital, LLC (SDCL) Energy Efficiency Income Trust plc (“SEEIT”), the first UK-listed company to invest exclusively in behind-the-meter energy projects and a constituent of the FTSE 250 index. This conditional financing commitment will be used to accelerate the deployment of battery energy storage systems (BESS) for industry-leading corporate, industrial, and utility customers across the United States and Canada.
“On.Energy has a proven track record of delivering fully integrated battery energy storage solutions to our customers. This investment, which is our first from a major institutional investor, demonstrates the confidence shown by SEEIT in supporting our projects and validates the tireless efforts of our employees, investors, and management team,” said On.Energy CEO Alan Cooper.
The company’s CFO David Fernandes added, “On.Energy welcomes this world-class financial partner to support us as we advance the energy transition by continuing to expand our innovative, end-to-end solutions across the United States.”
To date, On.Energy has delivered and currently operates more than 30 BESS diversified across industries such as airports, hotels, retailers, plastics, and power generation. The company has 80MWh of battery storage in operation and under construction and an additional pipeline of nearly 2.5 GWh of BESS projects across North and South America, servicing AAA corporate, industrial, and utility customers.
The company’s customers include some of the world’s largest C&I brands, including Walmart, Hyatt Hotels, Grupo Bimbo, Glencore, Enel, Quimpac, Skysense, Solar Axiom, and more.
Purvi Sapre, SDCL Fund Manager, said, “On.Energy represents SEEIT’s first investment into a focused battery energy storage system provider, further diversifying SEEIT’s portfolio while also providing opportunities for synergies across its existing portfolio companies. We are delighted to be partnering with a company committed to the development and commercialization of technologies that push forward global efforts to achieve net zero by providing affordable and sustainable energy through safe and efficient infrastructure.”
The funding round was supported by Pan American Finance, which served as the investment advisor, and Wilson Sonsini, who served as counsel.
About On.Energy
On.Energy is a fully integrated battery energy storage system solutions (BESS) provider. From its headquarters in Miami and offices in Texas, Mexico and Peru, On.Energy’s experienced team leverages its proprietary On.Command™ energy management system to implement customized, turnkey solutions that support peak shaving, energy arbitrage, frequency regulation, UPS/backup power, wholesale market integration, and microgrid operations for utilities, system operators and C&I customers across the Americas.
Learn more about On.Energy at www.on.energy.
About SEEIT
SDCL Energy Efficiency Income Trust plc is a constituent of the FTSE 250 index. It was the first UK listed company of its kind to invest exclusively in the energy efficiency sector and is managed by Sustainable Development Capital LLP. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of commercial and industrial solar and storage projects in the United States, a regulated gas distribution network in Sweden and a district energy system providing essential and efficient utility services on one of the largest business parks in the United States.
The company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
Further information can be found on the company's website at www.seeitplc.com.
Michelle Hargis
Mercom Communications
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512-215-4452
Algoma and Furetank enter into joint venture agreement to construct four climate friendly dual-fuel product tankers to trade in Northern Europe
ST. CATHARINES, Ontario--(BUSINESS WIRE)--#yourmarinecarrierofchoice--Algoma Central Corporation (TSX: ALC) today announced that it has entered into a joint venture agreement to construct four dual-fuel ice class 1A 17,999 DWT climate friendly product tankers with Furetank AB (“Furetank”) of Sweden. Algoma will own 50% of the joint venture, which is to be named FureBear. This joint venture, with a leader in the Northern European intermediate ice-class product tanker segment, will advance Algoma’s presence in international short sea shipping markets and strengthen the Company’s investment in long-term sustainable shipping solutions.
“This investment will enable us to continue on our strategic path to diversify geographically and into niche short sea markets,“ said Gregg Ruhl, President and CEO of Algoma Central Corporation. “Short sea shipping is our core DNA here at Algoma and these specialized, environmentally conscious vessels will fit naturally into our expanding global fleet. Furetank and Algoma share similar goals and values and this was especially important to us as we developed this partnership. I look forward to working together on our shared vision for providing safe, efficient and environmentally and economically sustainable transportation of petroleum products to our customers,” concluded Mr. Ruhl.
“We are pleased to welcome aboard Algoma and combine our companies’ symbols to create the FureBear joint venture,” said Lars Höglund, CEO of Furetank. “Furetank has deep roots in the shipping industry and a rich family history dating back to the 17th century, but our focus is aimed forward towards the goal of sustainable shipping. Together with Algoma’s similar narrative, I look forward to our collaboration and to continue our journey as a leader in the Northern European petroleum trade. These vessels will be top-performers in the market by offering efficient cargo operations all while reducing our environmental footprint,” concluded Mr. Höglund.
The tankers will be constructed at China Merchants Jinling Shipyard in Yangzhou, China, with delivery expected between 2023 and 2025. Upon completion, all four vessels will be entered into the Gothia Tanker Alliance, and will be operated by Furetank out of Gothenburg, Sweden. Each vessel has been specially designed by Furetank in collaboration with FKAB Marine Design and several onboard system suppliers with energy efficiency at the forefront of the planning process. The four FureBear vessels will be sisters to the eight Vinga-Series vessels currently trading in the Gothia Tanker Alliance which have proven to be top-performing tanker assets globally when it comes to energy efficiency and climate footprint.
The Vinga sisters all have dual-fuel capability and run on LNG/LBG or gasoil. They are designed with a battery hybrid solution and several innovative features that reduce fuel and energy consumption, resulting in extensively lower emissions of CO2, sulphur oxide, nitrogen oxide and hazardous particles. They are also fully equipped for shore power.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Seaway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with two under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates the world's largest fleet of pneumatic cement carriers and a global fleet of mini-bulk vessels serving regional markets. Algoma truly is Your Marine Carrier of Choice™. For more information about Algoma, visit the Company's website at www.algonet.com.
About Furetank
Furetank, based on Donsö in the Gothenburg archipelago, is a Swedish, family-owned shipping company active in tanker shipping since the early 1950’s. Furetank operates nine owned vessels and is a founding member of the Gothia Tanker Alliance; a market platform for small and intermediate product tankers, operating 40 vessels in European waters. Furetank’s motto is not a giant but a leader – continuously striving to adopt green solutions for the environment and climate. For more information, visit Furetank’s website at www.furetank.se.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley
E.V.P. & Chief Financial Officer
905-687-7897
Lars Höglund
CEO
46 (0) 705 74 96 41
BOSTON--(BUSINESS WIRE)--#SchneiderElectric--Schneider Electric, the global leader in the digital transformation of energy management and automation, has partnered with SkillPointe Foundation to develop America’s skilled workforce and provide new opportunities for aspiring individuals of all backgrounds in the building automation, security, IT, electrical, HVAC, construction maintenance or building-related fields. By establishing a new scholarship program that will fund skills training in New York and New Jersey, Schneider Electric and SkillPointe Foundation aim to inspire individuals to reach their full potential across the industry. The Schneider Electric SkillPointe Scholarship supports vocational training that empowers participants to build better lives while providing the broader industry with needed talent.
“This partnership marks a pivotal moment in our continued efforts to develop an inclusive and skilled trade workforce while giving back to our industry,” reflects James Mylett, Senior Vice President, U.S. Digital Buildings at Schneider Electric. “We’re incredibly proud of our role in providing the mentorship and networking opportunities needed to help aspiring workers realize their full career potential, whether they end up on our team at Schneider Electric or with another exciting career opportunity.”
A total of ten $2,500 grants will be awarded by the Atlanta-based SkillPointe Foundation during Fall 2022, with another ten awarded in early 2023. Scholarships are available to individuals of all backgrounds in the New York Metropolitan and New Jersey areas who are pursuing vocational training for building automation, security, IT, electrical, HVAC, construction maintenance or building-related jobs such as cable/fiber technicians, electronics and electrical technicians, field service technicians, HVAC technicians, IT support specialists, construction maintenance and software developers.
“Schneider Electric is helping to transform the places Americans live and work, but continued success depends on skilled talent pipelines,” said Alvin Townley, founding executive director of the SkillPointe Foundation. “We’re honored to launch this new partnership and help a global leader like Schneider Electric innovate and build a larger and more inclusive skilled workforce. Together, we’re also helping workers in New York and New Jersey obtain new skills and realize better futures.”
The program is being piloted in the New York and New Jersey area, and any selected scholarship recipients will be invited to the local Schneider Electric branch in Lyndhurst, New Jersey, led by Bobbi Jo Provost, for networking and mentorship sessions. Applications for Round 1 consideration are due September 30, 2022. You can learn more and apply at SkillPointeFoundation.org or start your application https://www.myscholarship.app/the-schneider-electric-skillpointe-scholarship.
About the SkillPointe Foundation
The SkillPointe Foundation partners with organizations like Schneider Electric, NetJets, the U.S. Chamber of Commerce Foundation, and The Home Depot Foundation to provide financial aid to individuals of all backgrounds seeking skills training for high-demand careers not requiring a four-year degree. Specifically, the SkillPointe Foundation works with donors to manage strategic scholarship programs that increase opportunities for aspiring workers and build the talent pool needed by American industry. In its first twelve months of operation, the Foundation has awarded 100 scholarships nationwide. It is an independent affiliate of SkillPointe.com.
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
Hashtags: #SchneiderElectric #LifeIsOn #SkillPointeFoundation #Scholarships2022 #SkilledTrades
Schneider Electric Media Relations – Vicki True; 774-613-1158; This email address is being protected from spambots. You need JavaScript enabled to view it.
BUFFALO, N.Y.--(BUSINESS WIRE)--$ROCK #ROCK--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced that Chairman and Chief Executive Officer Bill Bosway and Chief Financial Officer Tim Murphy are scheduled to participate at the Seaport Research Partners Annual Summer Investor Conference on Tuesday, August 23, 2022, holding meetings with investors that day.
The Company’s most recent slide presentation is available on Gibraltar’s website at https://ir.gibraltar1.com/reports-presentations.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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HOUSTON--(BUSINESS WIRE)--Datagration, the premier end-to-end data platform provider for upstream oil and gas, and OneNexus Environmental, which has designed and developed a unique offering, OneNexus Assurance™, for the industry to address the growing problem of unfunded Asset Retirement Obligations in the E&P industry, have teamed up to solve the industry’s trillion-dollar problem.
Today’s energy sector faces a daunting number of inactive, unplugged, non-producing wells along with their associated facilities, presenting a trillion-dollar problem for the industry, its investors and stakeholders—and ultimately the U.S. taxpayer. The Environmental, Social and Governance (ESG) of this problem is gaining attention from every aspect of the business and investment world. Properly planning for the decommissioning of existing and future end-of-life wells is an important part of achieving oil & gas sustainability.
OneNexus will use PetroVisor which is a Software-as-a-Service (SaaS) Platform and its disruptive Unified Data Model (UDM) to integrate and track 100,000’s selected wells for its targeted solutions. PetroVisor will assist One Nexus personnel in doing complex engineering, operations, and financial and statistical analysis automatically, thereby improving the operational efficiency and risk management aspects of its models.
“We are extremely excited to work with OneNexus, their approach to decommissioning planning is truly unique and game-changing for our industry,” says Peter Bernard, Chairman & CEO, Datagration. “OneNexus has created a truly differentiated offering for O&G companies that help them focus on producing hydrocarbons, while taking the Asset Retirement Obligation burden off their balance sheet.”
“We selected PetroVisor and its UDM because it offered a truly commercial data and analytic solution we could use today,” said Tony Sanchez-CEO. “The ability for OneNexus to scale quickly is very important and we know PetroVisor is able to do this for us.”
Over the last few decades, SaaS and BI solutions have assisted teams in aligning around KPIs. However, in order to address the increasingly complex problems of the decades to come, our data tools and data culture must adapt. PetroVisor creates a systematic approach for business metrics and KPIs while reducing data management complexity and costs.
To learn more about Datagration and PetroVisor, go to www.datagration.com.
ABOUT DATAGRATION
Datagration provides the world's Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis, and more.
ABOUT ONENEXUS ENVIRONMENTAL
OneNexus Environmental was created to help oil & gas companies systematically and responsibly manage their Asset Retirement Obligations (AROs) and decommissioning activities. The new venture was started by a network of seasoned energy industry and financial experts to serve as an Environmental, Social and Governance (ESG) solutions provider utilizing a fintech model to solve the complex problem of decommissioning uncapped onshore and offshore wells in a safe, reliable and cost-effective manner. Headquartered in Houston, Texas – the Energy Capital of the World – OneNexus is a Benefit Company whose purpose is to address the mounting number of inactive and orphaned wells which contribute to greenhouse gas emissions and financial liabilities of the energy industry. For more information, please visit www.onenexusenvironmental.com.
Randy Walker
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980-621-9300
DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) announced today the completion of the sale of its 51 percent interest in Energy Transfer Canada ULC (Energy Transfer Canada) to a joint venture which includes Pembina Pipeline Corporation and global infrastructure funds managed by KKR. The sale of these assets allows Energy Transfer to further deleverage its balance sheet and redeploy capital within its U.S. footprint, which consists of a portfolio of energy assets with exceptional geographic and product diversity.
For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).
Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
Media Relations
214-840-5820
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Investor Relations
Bill Baerg, Brent Ratliff or Lyndsay Hannah
214-981-0795
SAN RAMON, Calif.--(BUSINESS WIRE)--Today, Chevron announced that Dr. Anoop Kumar, senior staff scientist (Grease-SME) at Chevron Corporation’s Richmond Technology Center in California, was named the new president of the National Lubricating Grease Institute (NLGI). Based in Liberty, Missouri, the NLGI is a not-for-profit trade association, primarily composed of companies who manufacture and market all types of lubricating grease.
“We’re thrilled to congratulate Dr. Anoop Kumar on this great honor, and we know that he will bring thoughtful and important change to the lubricant and grease industry. Dr. Kumar has over thirty years of global experience in product and process development, manufacturing, and applications of lubricating greases and industrial oils, making him an excellent choice to run this organization,” shared Chris Jablonski, vice president, Downstream, Technology & Services at Chevron.
“I am deeply honored, thrilled and grateful to be named president of NLGI. I’ve been an active member since 1997, and I am excited to start this role as I have taken time to outline my strategic priorities,” Dr. Kumar expressed. “The grease industry is everchanging, and my goal is to lead the organization toward a more sustainable and successful future.”
Dr. Kumar has developed six strategic priorities to focus on during his two-year term. These include:
Specifically, Dr. Kumar is starting his term by addressing the current lithium shortage impacting the grease market, promoting new NLGI industry standards like the recently released HPM and HPM+ certifications, and starting a conversation about sustainability goals in the grease industry.
About Dr. Anoop Kumar
Dr. Anoop Kumar received his Chemistry Ph. D and his Marketing Management Postgraduate Diploma at India’s Premier IIT Roorkee. In 1991, Dr. Kumar began his career at Indian Oil Corporation Limited (IOCL) as a research officer and worked there for 17 years. In 1997, while at IOCL, he co-founded and ran the NLGI India Chapter, before leaving IOCL in 2008. He joined the NLGI board in 2012 while working at Royal Manufacturing Co., now Axel Royal LLC, as director for R&D and Business Development. He is the technical editor of TLT magazine published by the Society of Tribologists and Lubrication Engineers (STLE) and chairman of ASTM D02.G0.02 Consistency and Related Rheological Tests. Dr. Kumar has 29 worldwide patents on lubricating greases and more than 90 publications, and presentations.
About Chevron Products Company
Chevron Products Company is a division of an indirect, wholly owned subsidiary of Chevron Corporation (NYSE: CVX) headquartered in San Ramon, CA. A full line of lubrication and coolant products are marketed through this organization. Select brands include Havoline®, Delo® and Havoline Xpress Lube®. Chevron Intellectual Property LLC owns patented technology in advanced lubricants products, new generation base oil technology and coolants.
Zayna Usman, BCW on behalf of Chevron Lubricants
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Steam created from agricultural waste will help decarbonize chemical production at Brunsbüttel plant
BRUNSBÜTTEL, Germany--(BUSINESS WIRE)--Sasol Chemicals, a business unit of Sasol Ltd. (JSE: SOL; NYSE: SSL), plans to double its use of green steam from a first of its kind biomass cogeneration facility adjacent to its Brunsbüttel, Germany facility.
Sasol Chemicals will lease land adjacent to its plant to Hamburger Energiewerke, Hamburg’s municipal utility, which plans to build the facility by the end of 2024. When fully operational in 2025, the plant will supply at least 70,000 megawatt hours of steam to Sasol each year, enabling the company to reduce its CO2 emissions from the plant by approximately 13,000 metric tons annually. In addition to green steam, the plant will produce more than 90,000 megawatt hours of sustainable electricity annually.
”This is another important step towards meeting our ambitious long-term sustainability objectives,” said Jens Straatmann, Senior Vice President, Eurasia Chemicals. "Increasing the use of green steam is a key enabler of further reducing our greenhouse gas emissions and will get us closer to our goal of reducing our scope 1 and scope 2 emissions by 30 percent by 2030.”
The facility will be the first large–scale power generation plant to operate almost exclusively with well-pressed or dried fermentation residues. That feedstock will be sourced from plants that are certified under Germany’s Renewable Energy Sources Act. The plant will benefit local agriculture because much of this material is surplus that is currently going to waste; now, it will become the heat source for the chemical building blocks of products used in personal care, cleaning and industrial applications.
Since 2014 the Brunsbüttel facility has used green steam from another nearby biomass facility. The two facilities combined will be able to supply half of the plant’s steam consumption.
Sasol’s Brunsbüttel facility, its largest in Germany, is located 80 kilometres (50 miles) northwest of Hamburg near the Kiel Canal and produces a broad range of organic and inorganic products. The site's organic products are used in a range of daily applications including detergents and cleaning agents, cosmetics, and pharmaceuticals, as well as in various technical applications. The site’s inorganic products are key components in catalysts, high-performance abrasives, and polymer additives.
About Sasol Chemicals
Sasol Chemicals is a solutions provider focused on sustainability, circularity and specialties. It fulfills its purpose of “Innovating for a better world” by offering a broad, state-of-the-art portfolio of specialty and commodity chemicals for a wide range of applications and industries.
Our solutions are used by more than 7,500 customers, in 120 countries, in countless products that improve the quality of life for people around the world. They also provide the building blocks for a sustainable future by helping reduce energy usage, waste and packaging, and by providing solutions to the renewable energy industry.
Sasol Chemicals is a business of Sasol Limited, a leading chemicals and energy company focused on creating sustainable value for our stakeholders. For more information, visit the Sasol Chemicals website.
Global:
Russell Johnson
Head of Global Corporate Affairs
Sasol Chemicals
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In Germany:
Sunna Schulz
Sr. Manager, Corporate Affairs
Chemicals Eurasia
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Largest Publicly Held Petrochemicals Company in the Philippines Unlocks Untapped Value in Production Optimization with AspenTech Solutions
BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in industrial software, today announced that the largest petrochemicals company in the Philippines, JG Summit Olefins Corporation (JGSOC), is advancing its journey toward operational excellence by unlocking untapped value in production optimization. This planned deployment with Aspen Unified PIMS™ supports the company’s innovation-driven vision and is projected to boost operating margin by optimizing feedstock selection at the crackers. The JGSOC expansion project is a step toward further diversification of the local petrochemical and chemical industries and is envisioned to strengthen the industrial value chain linkages for the manufacturing sector.
Samuel Co Chan, Vice-President for Supply Trading and Product Optimization, JG Summit Olefins Group, said: “AspenTech’s distinct and transparent solutions align with JGSOC’s pursuit of operational excellence by deploying the best and most efficient technologies. As the leading, value-driven, and highly innovative software, Aspen Unified PIMS can enable production optimization with greater intuition, accuracy, and accessibility. JGSOC is deriving current benefits in plant efficiency and productivity with Aspen Plus® and Aspen DMCplus® solutions.”
Lawrence Ng, Vice President of Sales, Asia Pacific & Japan, Aspen Technology, added: “AspenTech is pleased to deepen our partnership with JG Summit Olefins Group through the company’s latest adoption of Aspen Unified PIMS software. In advancing toward the Self-Optimizing Plant, this planned deployment empowers JGSOC with a scalable technology solution amidst industry skills shortage.”
Supporting Resources
About JG Summit Petrochemicals Group
JG Summit Olefins Corporation (JGSOC) is the country’s largest petrochemical company in the Philippines. Since its establishment in 1998, it has been a pioneer in the local petrochemical industry through its wholly owned and fully integrated petrochemical complex located in Batangas City, south of Metro Manila. Its products include polyethylene and polypropylene resins, olefins, butadiene and aromatics products, used both by domestic and international manufacturers. Since January 1, 2022, the two subsidiaries under the JG Summit Petrochemicals Group – JG Summit Petrochemical Corporation and JG Summit Olefins Corporation – have merged, with the latter as the surviving entity, and with all business operations now under JGSOC. JGSOC is 100% owned by JG Summit Holdings, Inc. Visit https://jgspetrochem.com/ to find out more.
About Aspen Technology
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.
© 2022 Aspen Technology, Inc. AspenTech, aspenONE, the Aspen leaf logo, Aspen, Aspen Unified PIMS, Aspen Plus and Aspen DMCplus are trademarks of Aspen Technology, Inc. All rights reserved.
Aspen Technology, Inc.
Georgina Tan
+65 6395 3913
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Revenue from Oil and Gas Sales of $16.5 million, Net Income Reaches $5.5 million
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico, today announced the Company’s financial results for the second quarter of 2022, ended June 30, 2022.
Second Quarter 2022 Financial Highlights
Second Quarter 2022 Production Accomplishments
Additional Second Quarter 2022 Highlights
Six Months Financial Results Ended June 30, 2022
Management Comments
Tommy Pritchard, Chief Executive Officer of Empire, commented, “The second quarter was a record period for Empire. We reported revenue of $16.5 million, three-times higher than last year, driven by increased production from Empire’s assets including the recent acquisition of North Dakota properties that we completed during the second quarter. Continued high commodity prices coupled with optimization of marketing contracts contributed to higher operating nets as well. We also launched our Starbuck Field enhancement program, a $10 million capital investment with targeted multiple increases in production and reserves that we expect to complete by year-end."
Mike Morrisett, President of Empire, added, “In June, Empire’s common stock was added to the Russell 3000® and Russell 2000® Indexes, reflecting the increased liquidity and significant growth of our market valuation since we uplisted to the NYSE American last quarter. We also continued to strengthen our balance sheet with the nearly $3 million we received from the conversion of all legacy warrants. Empire continues to have strong resources, including over $12 million in cash and a low debt level, to continue to execute its strategic plans that are focused on organic growth and the addition of incremental long-life and low-decline reserves that generate strong cash flow.”
For Empire’s complete financial results for the three-month period ended June 30, 2022, see the Company’s Quarterly Form 10-Q filed with the Securities and Exchange Commission on August 15, 2022.
Teleconference and Webcast Information
Empire will hold a conference call on Tuesday, August 16, 2022 at 11:00am ET / 10:00am CT. To participate, please call 1 (877) 270-2148 at least 10 minutes prior to the start of the call and ask to join the Empire Petroleum call.
A simultaneous webcast of the call may be accessed through the Company's website, www.empirepetrocorp.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=dVBLCHYE
A replay of the call will be available at 1 (877) 344-7529, access code 867163, through August 23, 2022. The call will also be available for replay on the Company’s website, Events & Presentations - Empire Petroleum Corp for one year.
About Empire Petroleum
Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.
Safe Harbor Statement
This release contains 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company.
-Tables Follow –
EMPIRE PETROLEUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
| Revenue: | ||||||||||||
| Oil Sales | $ |
13,329,366 |
|
$ |
4,058,449 |
|
$ |
23,745,788 |
|
$ |
6,120,493 |
|
| Gas Sales |
|
1,446,435 |
|
|
372,178 |
|
|
2,431,858 |
|
|
681,062 |
|
| Natural Gas Liquids Sales |
|
1,763,546 |
|
|
425,480 |
|
|
3,496,064 |
|
|
473,392 |
|
| Other |
|
24,913 |
|
|
45,357 |
|
|
48,956 |
|
|
82,975 |
|
| Net Realized and Unrealized Loss on Derivatives |
|
(23,893 |
) |
|
(182,034 |
) |
|
(136,214 |
) |
|
(539,949 |
) |
| Total Revenue |
|
16,540,367 |
|
|
4,719,430 |
|
|
29,586,452 |
|
|
6,817,973 |
|
| Costs and Expenses: | ||||||||||||
| Operating |
|
5,503,850 |
|
|
2,312,932 |
|
|
10,696,532 |
|
|
3,730,942 |
|
| Taxes - Production |
|
1,137,841 |
|
|
418,681 |
|
|
2,039,079 |
|
|
588,513 |
|
| Depletion, Depreciation & Amortization |
|
455,799 |
|
|
565,333 |
|
|
890,245 |
|
|
745,873 |
|
| Accretion of Asset Retirement Obligation |
|
336,488 |
|
|
270,155 |
|
|
666,488 |
|
|
554,620 |
|
| General and Administrative |
|
3,282,452 |
|
|
3,220,101 |
|
|
5,736,096 |
|
|
4,126,149 |
|
| Total Cost and Expenses |
|
10,716,430 |
|
|
6,787,202 |
|
|
20,028,440 |
|
|
9,746,097 |
|
| Operating Income (Loss) |
|
5,823,937 |
|
|
(2,067,772 |
) |
|
9,558,012 |
|
|
(2,928,124 |
) |
| Other Income and (Expense): | ||||||||||||
| Other Expense |
|
(177,872 |
) |
|
(435,584 |
) |
|
(177,872 |
) |
|
(435,584 |
) |
| Interest Expense |
|
(111,785 |
) |
|
(2,768,606 |
) |
|
(222,433 |
) |
|
(2,905,434 |
) |
| Net Income (Loss) | $ |
5,534,280 |
|
$ |
(5,271,962 |
) |
$ |
9,157,707 |
|
$ |
(6,269,142 |
) |
| Net Income (Loss) per Common Share: | ||||||||||||
| Basic | $ |
0.27 |
|
$ |
(0.35 |
) |
$ |
0.45 |
|
$ |
(0.54 |
) |
| Diluted | $ |
0.24 |
|
$ |
(0.35 |
) |
$ |
0.41 |
|
$ |
(0.54 |
) |
| Weighted Average Number of Common Shares Outstanding, | ||||||||||||
| Basic |
|
20,424,970 |
|
|
15,176,845 |
|
|
20,145,955 |
|
|
11,601,496 |
|
| Diluted |
|
23,294,723 |
|
|
15,176,845 |
|
|
22,233,826 |
|
|
11,601,496 |
|
EMPIRE PETROLEUM CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
| June 30, | December 31, | |||||
|
2022 |
|
|
2021 |
|
|
| ASSETS | ||||||
| Current Assets: | ||||||
| Cash | $ |
12,436,535 |
|
$ |
3,611,871 |
|
| Accounts Receivable |
|
8,846,989 |
|
|
7,733,905 |
|
| Unrealized Gain on Derivative Instruments |
|
191,072 |
|
|
55,242 |
|
| Inventory - Oil in Tanks |
|
1,192,589 |
|
|
1,037,880 |
|
| Prepaids |
|
539,526 |
|
|
679,122 |
|
| Total Current Assets |
|
23,206,711 |
|
|
13,118,020 |
|
| Property and Equipment: | ||||||
| Oil and Natural Gas Properties, Successful Efforts |
|
50,426,477 |
|
|
46,914,326 |
|
| Less: Accumulated Depreciation, Depletion and Impairment |
|
(18,202,939 |
) |
|
(17,525,918 |
) |
|
32,223,538 |
|
|
29,388,408 |
|
|
| Other Property and Equipment, Net |
|
1,322,323 |
|
|
1,288,611 |
|
| Total Property and Equipment, Net |
|
33,545,861 |
|
|
30,677,019 |
|
| Unrealized Gain on Derivative Instruments - Long Term |
|
82,853 |
|
|
194,018 |
|
| Sinking Fund |
|
5,450,000 |
|
|
4,810,000 |
|
| Utility and Other Deposits |
|
1,805,608 |
|
|
1,290,594 |
|
| Total Assets | $ |
64,091,033 |
|
$ |
50,089,651 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts Payable | $ |
3,324,959 |
|
$ |
4,329,535 |
|
| Accrued Expenses |
|
7,533,699 |
|
|
5,844,184 |
|
| Current Portion of Lease Liability |
|
209,320 |
|
|
180,105 |
|
| Current Portion of Long-Term Notes Payable |
|
1,406,081 |
|
|
1,700,663 |
|
| Total Current Liabilities |
|
12,474,059 |
|
|
12,054,487 |
|
| Long-Term Notes Payable |
|
6,806,043 |
|
|
6,914,101 |
|
| Long Term Lease Liability |
|
591,412 |
|
|
646,311 |
|
| Asset Retirement Obligations |
|
21,379,788 |
|
|
20,640,599 |
|
| Total Liabilities |
|
41,251,302 |
|
|
40,255,498 |
|
| Stockholders' Equity: | ||||||
| Series A Preferred Stock - $.001 Par Value, 10,000,000 Shares Authorized, | ||||||
| 6 and 0 Shares Issued and Outstanding, Respectively |
|
- |
|
|
- |
|
| Common Stock - $.001 Par Value 190,000,000 Shares Authorized, | ||||||
| 21,443,293 and 19,840,648 Shares Issued and Outstanding, Respectively | 81,111 |
|
79,362 |
|
||
| Additional Paid-in Capital | 72,834,256 |
|
68,988,134 |
|
||
| Accumulated Deficit | (50,075,636) |
|
(59,233,343 |
) |
||
| Total Stockholders' Equity | 22,839,731 |
|
9,834,153 |
|
||
| Total Liabilities and Stockholders' Equity | $ |
64,091,033 | $ |
50,089,651 |
|
|
Empire Petroleum Corporation:
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002
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Investor Relations
Stephanie Prince
PCG Advisory
646-863-6341
Clean energy hub in Ohio, Pennsylvania and West Virginia would generate new jobs, stimulate economic growth, and reduce carbon emissions
PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) (“U. S. Steel”) Equinor US Holdings Inc (NYSE: EQNR) (“Equinor”), and Shell US Gas & Power LLC (NYSE: SHEL) (“Shell”) have entered into a non-exclusive Cooperation Agreement to advance a collaborative clean energy hub in the Ohio, West Virginia, Pennsylvania region. The hub would focus on decarbonization opportunities that feature carbon capture utilization and storage (CCUS), as well as hydrogen production and utilization. The development of this hub, and its associated infrastructure, would generate new, sustainable jobs, stimulate economic growth, and help achieve significant reductions in carbon emissions.
The regional CCUS and hydrogen hub aligns with both the United States’ and project partners’ ambitions to realize net-zero carbon emissions by 2050. To support its development, Equinor and Shell will jointly apply for US Department of Energy funding designated for the creation of regional clean energy hubs. U. S. Steel is evaluating the role it may play in the hub, including as a potential funding participant, customer, supplier, or partner.
“Establishing a low carbon hub in this region could have a profound impact on both the climate and the economy, creating sustainable jobs that will support families for many years to come,” says Grete Tveit, SVP Equinor Low Carbon Solutions. “For 14 years we have been engaged and investing in this region, and our significant equity gas production in the Appalachia region has proved to be an important low carbon asset in our portfolio. In collaboration with partners and the local community, we’re proud to advance this initiative and America’s net zero future.”
With an abundance of low carbon gas, a robust industrial sector, and a skilled workforce, the tri-state region boasts the optimal location for a potential hub. Equinor and Shell are uniquely positioned to help develop a clean energy hub in the region with each having several operational projects around the world. U. S. Steel is a historic innovator and leader in the energy efficient production of steel. And, it has a strategy focused on creating a more sustainable future for all its stakeholders.
“We’re proud of the collaboration with Equinor and U. S. Steel,” says Lee Stockwell, GM US Carbon Capture and Storage for Shell and signee of the Cooperation Agreement. “Together, we’ll continue to leverage our deep technical experience, existing networks, and seek to buildout the partnership with our customers and other partners.”
“U. S. Steel is investing significant resources to achieve the sustainability goals in our Best for All® strategy, and we know we cannot do it all alone. Successfully addressing the climate crisis requires public and private collaborations,” says Richard L. Fruehauf, U. S. Steel’s Chief Strategy & Sustainability Officer. “We cannot —and will not —stand still, and this agreement is another effort to advance profitable, sustainable steel solutions for people and the planet.”
To realize the true potential of a working hub, private and public engagement is critical. Equinor, Shell, and U. S. Steel will be engaging the local industry, labor, educational institutions, and communities, and others.
Forward-Looking Statements
This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, trends, events or developments that we expect or anticipate will occur in the future, statements regarding our greenhouse gas emissions reduction goals and statements regarding our future strategies. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described on this webpage and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K and those described from time to time in our reports filed with the Securities and Exchange Commission.
About U. S. Steel
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
About Equinor
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.
About Shell US Gas & Power LLC
Shell US Gas & Power LLC is an affiliate of Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. In the U.S., Shell operates in 50 states and employs more than 12,000 people working to help tackle the challenges of the new energy future.
Arista Joyner
Manager
Financial Communications
T – (412) 433-3994
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Kevin Lewis
Vice President
Investor Relations
T – (412) 433-6935
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