• Award funds Red Rock Biofuels Holdings, Inc. (“Red Rock”) to Convert Post-Fire Charred Waste Woody Biomass to Sustainable Aviation Fuel & Renewable Diesel

FORT COLLINS, Colo.--(BUSINESS WIRE)--Red Rock is pleased to announce that it has received a Wood Innovations Grant from the U.S. Forest Service to fund its project to convert post-fire charred waste woody biomass to sustainable aviation fuel & renewable diesel fuel.

“We founded Red Rock more than a decade ago to decarbonize transportation and help mitigate wildfire. Since that time, demand for sustainable aviation fuel (SAF) has grown exponentially and wildfires in the western U.S. and around the world have grown in frequency, size and intensity. We’re pleased to work with the U.S. Forest Service on this project to convert post-fire charred waste woody biomass present across the U.S. west into valuable SAF”, commented Red Rock’s Co-founder and CFO, Jeff Manternach.

“As numerous industries continue to seek new, effective ways to decarbonize their operations and demand for secure sources of low-carbon SAF accelerates, Red Rock’s work becomes even more critical. We expect results of this project with the U.S. Forest Service to support development efforts for our planned biorefineries in California, Oregon, Wisconsin and beyond,” said Red Rock’s Co-founder and CEO, Terry Kulesa.

Wildfires across the western U.S. have become a major problem over the past several decades, now consuming approximately 8.2 million acres per year on average, while federal suppression costs alone spiral into billions of dollars every year. Red Rock’s project with the U.S. Forest Service aims to utilize the increasingly abundant post-fire restoration material to produce low-carbon SAF and diesel fuel.

Red Rock’s portfolio of biorefineries under development are designed to tackle the most difficult industrial sectors to decarbonize, including aviation, heavy transport & shipping, cement manufacturing and steel manufacturing. Together with wildfire, these industries account for approximately one third of global greenhouse gas emissions. Thousands of new biorefineries need to be constructed to meet our collective net zero ambitions, and Red Rock is uniquely positioned to develop, construct and operate a portfolio of biorefineries to address these challenges.

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About Red Rock Biofuels Holdings, Inc.

Fort Collins, Colorado-based Red Rock Biofuels Holdings, Inc. was founded in 2011 to tackle the escalating problem of catastrophic wildfire in the Western U.S. and the rapidly growing need for renewable, low-carbon jet fuel (SAF) and cellulosic renewable diesel fuel (cellulosic RD). Red Rock is developing biorefineries to convert abundant waste woody biomass into SAF and cellulosic RD.

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With the launch of their commercial demonstration facility in Sardinia, Italy, Energy Dome’s energy storage technology is ready for market

MILAN--(BUSINESS WIRE)--Energy Dome, a leading provider of utility-scale long-duration energy storage, today announced the successful launch of its first CO2 Battery facility in Sardinia, Italy. This milestone marks the final de-risking of the CO2 Battery technology as Energy Dome enters the commercial scaling phase, becoming the first commercial long-duration energy storage technology on the market offering a reliable alternative to fossil fuels for dispatchable baseload power globally.

The initial phase of operations has confirmed the performance of the CO2 Battery and its capability of storing energy for a long duration, all while maintaining highly competitive round-trip efficiency, without degradation or site dependency. The Sardinia demonstration project has proven this innovative process using off-the-shelf equipment available from a globally established supply chain, demonstrating that the rapid global deployment of the CO2 Battery is now possible with no bottlenecks.

“I am proud of our dedicated team and of our results. We can now provide an answer to the most pressing issue of our time: climate change,” said Energy Dome Founder and CEO Claudio Spadacini. “Our breakthrough technology, the CO2 Battery, is now commercially available to make cost-effective renewable energy dispatchable on a global scale.”

Energy Dome’s CO2 Batteries can be quickly deployed anywhere in the world at less than half the cost of similar-sized lithium-ion battery storage facilities, and use readily available materials, such as carbon dioxide, steel and water. Energy Dome is now preparing for its first full-scale 20MW-200MWh plant. Its first commercial project, Commercial Operation Date, is expected to be deployed by the end of 2023.

Energy Dome began its operations in February 2020 and has progressed from a concept to full testing at multi-megawatt scale in just over two years. To achieve this, Energy Dome has tapped a team of experts in turbomachinery, process engineering and energy, with a proven track record in ventures designing novel turbines and building over 500MW of energy projects. This successful launch is also in part due to the unique nature of Energy Dome’s process, which integrates known components in a novel industrial process based on a thermodynamic transformation of CO2.

The company has already secured multiple commercial agreements, including with an Italian utility A2A for the construction of a first 20MW-5h facility. Earlier this year, Energy Dome also signed a non-exclusive license agreement with Ansaldo Energia, a major provider of power generation plants and components, to build long-duration energy storage projects in Italy, Germany, the Middle East and Africa.

Energy Dome’s plan is backed by investors including European deeptech venture capital firm 360 Capital, Barclays, Novum Capital Partners and Third Derivative.

To fund the rapid commercial scale-up, Energy Dome plans to launch its Series B fundraising round for prospective investors interested in its groundbreaking energy storage technology.

About Energy Dome

Energy Dome is an energy storage solution provider that is unlocking renewable energy by making solar and wind power dispatchable using the CO2 Battery. Led by a team with a track record of innovation in the energy sector, Energy Dome’s low-cost energy storage technology helps accelerate the global transition to renewable energy by enabling greater penetration of renewables on the grid. In 2022, the company won the prestigious BloombergNEF Pioneers competition under the category “providing round-the-clock zero-emissions power." For more information, please visit www.energydome.com.

Cassandra Sweet
Antenna for Energy Dome
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CHICAGO--(BUSINESS WIRE)--#accelerator--A startup developing saliva-based diagnostics to screen for oral cancers and pre-cancers has won first place in the 26th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC), the signature venture competition for MBA students at the University of Chicago Booth School of Business.

More than $1.76 million in investment was awarded to the 11 finalist teams competing in NVC finals Thursday, the largest amount ever awarded in the history of the pioneering startup accelerator. The event was held in person for the first time since 2019.

"Our finalist teams were spectacular and spectacularly diverse — from a test to detect cancer, to tiles for spacecraft, to a market for hydrogen, to wine and healthy food," said Steven Kaplan, the Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business and Kessenich E.P. Faculty Director of the Polsky Center for Entrepreneurship and Innovation, where he cofounded the NVC. "The strength of our teams was such that they generated a record amount of investment, surpassing last year’s $1.73 million."

The Rattan L. Khosa First-Place Prize, totaling $665,000 in investment, was awarded to OrisDX, a venture that seeks to help alleviate the burden of cancer morbidity globally through greater access to non-invasive diagnostics and screening resulting in early detection of head and neck cancers. OrisDX, which is also a finalist in the George Shultz Innovation Fund and was a participant in the Polsky Center's I-Corps program, is poised to launch a novel saliva-based molecular diagnostics test to detect pre-cancers and cancers of the oral cavity, based on science developed through a decade of foundational research by top physicians and scientists at the University of Chicago and Johns Hopkins University, including UChicago’s Medicine’s Nishant Agrawal.

"Our winning team exemplifies the growing collaborative powers of combining our Booth students with UChicago's world-class researchers," said Mark Tebbe, an adjunct professor of entrepreneurship at Booth and an instructor of the NVC. "The innovativeness of this solution combined with its ability to potentially change medical procedures made it a clear winner in our very competitive NVC."

"We are so excited about today's result, but even more excited about what this means to our future patients," said Jake Stangl, chief business officer at OrisDX and a current MBA student at Booth. "Our non-invasive diagnostic will make sure patients get the care they need early enough to ensure they live long and healthy lives. It's been an honor competing against the other extremely talented teams, and being coached by some of the world's greatest business leaders at the Polsky Center."

The $25,000 Moonshot Prize, awarded to a team whose unique technologies are catalyzing innovative solutions to global challenges, was split between the second- and third-place winners: BlackCurrant, a hydrogen trading marketplace helping transportation companies access sustainable fuels, and Canopy Aerospace, which is developing manufacturing processes for commercial thermal protection systems for the emerging space and hypersonic industries.

The $5,000 People's Choice award, a cash prize voted on by the audience, went to Earthi, a grab-and-go fast-casual concept focused making healthy and delicious plant-based meals for flexitarians trying to reduce their meat consumption.

See here for the full list of the 2022 NVC winners and investment totals.

The NVC was a pioneer of business school venture competitions when it held its first finals in 1997 with a $20,000 investment pool. It now has five tracks serving distinct UChicago audiences — including alumni, undergraduates, executive MBA students, and social impact entrepreneurs — and has graduated more than 370 startup companies still in operation today, including nationally known brands such as Grubhub, Braintree/Venmo, Simple Mills, Tovala, and Foxtrot. NVC alumni have gone on to raise more than $1 billion in funding and achieve more than $8.5 billion in exits.

The competitive program spans the academic year, starting in the fall when students form teams and then apply to be in the program. Of 62 applications received this year, 30 teams were selected to participate in the credit-bearing spring quarter course, where they took classes in entrepreneurship and received coaching to refine their pitches before finalists were selected to advance to the investment competition.

The finalist teams on Thursday presented their business plans to a judging panel made up of 22 investors, entrepreneurs, and industry leaders, many of them Booth alumni, who deliberated behind closed doors before announcing the record investment pool. All 11 finalists received investment.

About the Polsky Center for Entrepreneurship and Innovation at the University of Chicago

The Polsky Center for Entrepreneurship and Innovation applies world-class business expertise from the University of Chicago Booth School of Business to bring new ideas and breakthrough innovations to market. With a 60-person professional staff, the Polsky Center drives the creation of new ventures and commercial partnerships at the University of Chicago and beyond. As a global leader in entrepreneurship education, the Polsky Center is home of the Edward L. Kaplan, '71, New Venture Challenge, one of the top accelerator programs in the nation. The Polsky Center provides training for aspiring entrepreneurs and those seeking a career in private equity, venture capital, and entrepreneurship through acquisition. Learn more at polsky.uchicago.edu and follow updates on Twitter @polskycenter.

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PARIS--(BUSINESS WIRE)--Regulatory News:

Technip Energies (PARIS: TE) has been awarded a Bankable Feasibility Study (BFS) contract by Viridian Lithium for the construction of the first lithium refining and conversion plant in Europe.

Located in Lauterbourg, France, the plant will produce up to 100,000 tons of Battery Grade lithium chemicals per year – which is the equivalent capacity to power 2 million electric vehicles – to enable a secure and sustainable battery supply chain for the transition to electric mobility.

The contract consists in a Bankable Feasibility Study (BFS), and a preferential right on the construction of the plant and its three foreseen extensions.

Laure Mandrou, Senior Vice President Carbon-Free Solutions of Technip Energies, commented: “We are very excited to start this new journey with Viridian Lithium. It is the beginning of an industrial partnership that is fully in line with Technip Energies' strategy of engineering a sustainable future. We are committed to support Viridian Lithium in the creation of the first French and European Lithium stream.”

Remy Welschinger, Co-Founder & President of Viridian Lithium, said: “We are very pleased to partner with Technip Energies to develop a clean and reliable supply chain for batteries to empower the transition to electric mobility.”

Purified lithium chemicals are non-substitutable materials for lithium-ion batteries and are strategic materials for the European automotive industry. The Project will increase the supply chain autonomy of our electric vehicle industry. Lithium is one of the four key metals of the energy transition.

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: www.technipenergies.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Technip Energies
Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 20 7585 5051
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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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Viridian Lithium
www.viridianlithium.com
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Highlights:

• Provides a scalable, passive 360-degree EO/IR solution for U.S. Navy fleet protection
• Automatic detection, tracking enhances combat systems and navigation capabilities
• Reinforces L3Harris as a “Trusted Disruptor” for agile modular open systems architecture

MELBOURNE, Fla.--(BUSINESS WIRE)--A team led by L3Harris Technologies (NYSE:LHX) has been selected to provide the Shipboard Panoramic Electro-Optic/Infrared (SPEIR) system to the U.S. Navy that will provide improved fleet protection. The initial $205 million contract has a potential value of $593 million if all options are exercised through March 2031.

The SPEIR program represents a generational leap forward in the use of 360-degree electro-optic and infrared (EO/IR) imagery and situational awareness, elevating EO/IR sensors - the eyes of the fleet - from a dedicated weapons support sensor to a full passive mission solution capability.

L3Harris will serve as systems integrator and prime contractor, delivering capabilities for mission areas including anti-ship cruise missile defense, counter-unmanned aerial systems, counter-fast attack craft/fast in-shore attack craft, mobility, anti-terrorism/force protection and operational tasking visual information. This new system is targeted for installation on destroyers, carriers, frigates, amphibious and landing helicopter assault ships to provide a critical warfighting capability.

The team includes Lockheed Martin and BAE Systems and will provide an L3Harris solution known as SPATIAL that provides a scalable 360-degree EO/IR passive automatic detection and tracking solution, enhancing combat systems and navigation capabilities to the U.S. Navy.

The program was awarded by the Program Executive Office Integrated Warfare Systems (PEO IWS) 2.0.

“The SPEIR program leverages the technologies demonstrated as part of the Office of Naval Research’s Future Naval Capability effort known as CESARS (Combined EO/IR Surveillance and Response System) and a strong heritage of maritime Electro-Optical Sensor Systems combined with L3Harris internal investment to provide a SPEIR capability to the fleet faster, with less risk and cost than other solutions,” said Sean Stackley, President, Integrated Mission Systems, L3Harris. “Passive persistent surveillance capability is a significant step forward in protecting the surface fleet, safe navigation and force protection by enabling operations in an emissions-controlled environment.”

BAE Systems employs image processing development from CESARS that provides a fully automated image processing detection capability that reduces operator workload.

“BAE Systems is leveraging our expertise in machine learning and automation capabilities to maritime defense systems,” said Frank Crispino, Director of Active Protection Solutions for BAE Systems.

Lockheed Martin brings combat system interface experience to ease integration into existing ship systems.

“The SPEIR program builds on Lockheed Martin’s legacy of proven integrated combat system and electro-optical sensor solutions for PEO IWS,” said Rick Cordaro, Vice President, Lockheed Martin Advanced Product Solutions.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs or about system or technology capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Marcella Thompson
Integrated Mission Systems
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214-430-8872

Jim Burke
Corporate
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321-727-9131

HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced a new line of circulating shaped charges designed to improve cement placement during well plug and abandon (P&A) operations.

Building on the perforating technology of the company’s first generation of KnockOut circulation (puncher) shaped charges, the KnockOut 360° circulating shaped charge eliminates the earlier version’s requirement for a zero phased gun configuration which could limit the area open to flow and coverage required for a reliable cement plug.

The KnockOut 360° system can be run in a phased gun configuration to perforate 360 degrees of the inner tubing, leaving the outer casing with minimal controlled damage regardless of primary to secondary casing orientation. This makes it the ideal circulating shaped charge line for P&A applications.

KnockOut 360° perforating system also provides consistent entry holes in the inner tubing to maximize open flow area, and perfect cement distribution for plugging the well. The system is currently available in 2-in. and 5 1/8-in. O.D.’s. A 7-in. version is in development for release later this year.

Hunting’s perforating technology is accessible through Hunting’s network of distribution centers strategically located in all the world’s oil-producing regions.

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.

The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.

Business Contact:
John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.

Leading cleantech integrator progresses on pledge to reduce customers’ carbon footprints by a cumulative 500 million metric tons by 2050

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today released a full-year appendix for its 2021 ESG report centered on the theme of “Doing Well by Doing Good: Innovation. Action. Integrity.” The appendix represents companywide data for full-year 2021, updating figures originally published in the company’s 2021 report.

By sharing this appendix and annual ESG reports, Ameresco strives to maintain accountability through evaluation of company initiatives and transparency of performance metrics in tracking toward long-term ESG goal progress. Highlights from the full-year 2021 appendix include:

• In 2021, Ameresco’s renewable energy assets and customer projects delivered a carbon offset equivalent to approximately 13.6 million metric tons of carbon dioxide; totaling over 75 million metric tons of carbon dioxide since going public in 2010. This progress contributes to the company’s pledge to reduce customers’ carbon footprint by a cumulative 500 million metric tons by 2050.
  
  
• Ameresco’s operational carbon inventory for 2021 totaled 45,382 metric tons of carbon dioxide for Scope 1 and Scope 2 emissions. This progress benchmarks towards the company’s 2040 net zero commitment against 2019 emissions baseline.
  
  
• Named one of the Best & Brightest Companies To Work For In The Nation® for the third consecutive year in 2021, Ameresco ended the year with a global workforce spread across the United States (89% of workforce), Canada (6%), and the United Kingdom (5%) with a cumulative 43% employee diversity across the United States team.
  
  
• Through the end of 2021, Ameresco employees devoted a collective 2,032 hours to volunteerism initiatives and the company donated over $172,000 to non-profit 501(c)(3) organizations between employee donation matches and business donations. These are milestones mark a successful first year for the company’s newly established philanthropic programs focused on C.A.R.I.N.G. for local communities.

“Our full-year appendix will serve as an invaluable resource for our company, helping to provide data transparency when reviewing our year-to-year progress,” said Doran Hole, Executive Vice President and Chief Financial Officer at Ameresco. “Through our gathered data, we are able to hold ourselves accountable and consider companywide areas of growth while continuing to maintain a trusting relationship with our employees, customers, and stakeholders.”

Ameresco’s ESG Reporting and this 2021 full-year appendix is a product of the company’s ESG Ambassadors, which is a committee composed of department leaders across various sectors including Finance, Controls & Process, Human Resources & Operations, Marketing Communications, and more. The committee was established in 2020 in an effort to communicate the many ways ESG is intertwined in the company’s operations. The company plans to publish the next full-year 2022 ESG Report in Q2-2023.

To view the 2021 Ameresco ESG report and appendix, please visit: https://www.ameresco.com/2021-esg-report/.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Media Contact:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

MELBOURNE--(BUSINESS WIRE)--Rio Tinto and the Salzgitter Group have signed a Memorandum of Understanding (MOU) to work together towards carbon-free steelmaking by studying optimisation of Rio Tinto’s high-quality Canadian and Australian iron ore products for use in Salzgitter’s SALCOS green steel project in Germany.

Under the MOU, Rio Tinto and Salzgitter will explore optimisation of iron ore pellets, lump and fines for use in hydrogen direct reduction steelmaking. The two companies will also explore the potential for greenhouse gas emission certification across the steel value chain.

Rio Tinto produces iron ore pellets and concentrate at Iron Ore Company of Canada and iron ore lump and fines in Western Australia’s Pilbara region. The partnership will focus on the potential use of these products in the SALCOS® - Salzgitter Low CO2 Steelmaking programme, which is targeting virtually carbon-free steel production, starting step-by-step in 2025 using hydrogen direct reduction.

Rio Tinto Chief Commercial Officer Alf Barrios said “We welcome the chance to work with Salzgitter on ways to accelerate green steelmaking, in keeping with our commitment to reduce emissions across the steel value chain.

“Salzgitter has one of the world’s most advanced green steelmaking projects. Rio Tinto is excited at the opportunity of supplying our product and combining our technical expertise with that of Salzgitter to help advance the SALCOS project.”

Salzgitter Flachstahl GmbH Chairman of the Management Board Ulrich Grethe said “With this alliance, we want to combine the knowledge of both companies to make further progress with low-carbon steel production.

“In this context, the Salzgitter Group is relying on strong partners, as set out in our ‘Salzgitter AG 2030’ Group strategy, in line with its motto of ‘Partnering for Circular Solutions’.”

Rio Tinto is committed to reaching net zero emissions by 2050 and is targeting a 15% reduction in Scope 1 & 2 emissions by 2025 (from a 2018 baseline) and a 50% reduction by 2030. Rio Tinto’s approach to addressing Scope 3 emissions is to engage with its customers on climate change and work with them to develop the technologies to decarbonise.

Under the SALCOS program, Salzgitter’s carbon-based blast furnace route will gradually be replaced from the middle of this decade by direct reduction plants, initially operated by natural gas and then with a steadily increasing proportion of hydrogen.

riotinto.com

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Media Relations, UK

Illtud Harri
M +44 7920 503 600

Matthew Klar
M+ 44 7796 630 637

David Outhwaite
M +44 7787 597 493

Media Relations, Americas

Simon Letendre
+1 514 796 4973

Investor Relations, UK

Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

Rio Tinto plc

6 St James’s Square
London SW1Y 4AD
United Kingdom

T +44 20 7781 2000
Registered in England
No. 719885

Media Relations, Australia

Jonathan Rose
M +61 447 028 913

Matt Chambers
M +61 433 525 739

Jesse Riseborough
M +61 436 653 412

Investor Relations, Australia

Amar Jambaa
M +61 472 865 948

Rio Tinto Limited

Level 7, 360 Collins Street
Melbourne 3000
Australia

T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

Category: General

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today announced that it has completed a transaction in which the Company has sold its 50% stake in two floating storage and offshore (FSO) vessels to its joint venture partner Euronav NV. The purchase price values the two FSO vessels at $300 million in total. Net of adjustments for working capital and expenses, International Seaways received approximately $140 million in cash from the sale.

The transaction has been approved by North Oil Company (“NOC”), the operator of the Al Shaheen field, whose shareholders are Qatar Energy and Total E&P Golfe Limited. The two FSO vessels have been serving the Al Shaheen field without interruption since 2010.

“Our participation in the FSO joint venture with Euronav has provided stable cash flows for more than 11 years for International Seaways and its predecessor,” commented Lois K. Zabrocky, President and CEO of International Seaways, Inc. “For the past several months, we’ve evaluated options to unlock the value of the joint venture in cash in order to further strengthen our balance sheet and support our long-term value creation strategy, which, over the last five years, has included a transformational merger and vessel purchases at cyclical lows, maintaining a strong balance sheet and returning nearly $100 million in capital to shareholders since the start of 2020. We thank Euronav for their partnership, and we are confident that they will continue to operate these vessels with the highest standards.”

Hugo De Stoop, CEO of Euronav said, “This represents an important strategic milestone for Euronav and allows us to provide in full a significant source of long-term earnings visibility for our shareholders. Euronav has for many years maintained operational control of these assets and it makes sense now for us to assume full economic control. International Seaways has been a strong and reliable partner since 2008 and we are grateful for their support. These operational units have already provided substantial value to our customer since 2010 and the long-term contracts reflect Euronav’s operational capability in diversifying activities beyond the traditional crude oil transportation sector and generating superior returns on capital.”

INCREASED REGULAR CASH DIVIDEND

Additionally, the Company announced that its Board of Directors has declared a cash dividend of $0.12 per share for the second quarter of 2022. The declaration represents an increase of $0.06 per share from the Company’s historical quarterly dividend of $0.06 per share since the start of 2020. The dividend will be paid on June 29, 2022, to shareholders of record at close of business on June 17, 2022.

ABOUT INTERNATIONAL SEAWAYS, INC.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 78 vessels, including 13 VLCCs (including three dual-fuel, LNG-powered newbuilds to be delivered in the first quarter of 2023), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s and 39 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
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OSLO, Norway--(BUSINESS WIRE)--The small island of Donsö is renowned as a historic fishing village, where even today boathouses at the harbour honour its rich maritime heritage with name plaques of fishing vessels. It forms the perfect backdrop for Sweden’s biggest all-inclusive trade fair – Donsö Shipping Meet, taking place on June 14^th and 15^th this year. In the lead up to this event, IEC Telecom Norway, one of the leading satcom service operators in the region, shares insights on the latest trends in marine comms.

“Sea transport is important for a myriad of economic activities in the Nordic region – with 90% of Sweden’s international trade traffic conducted over water,” shares Alf Stian Mauritz, CAO and President – North & Central Europe, IEC Telecom Group. “Due to their locations, heavy process industries in Sweden and Finland are highly dependent on sea transport. Besides, Norway owns the ninth biggest merchant fleet in the world while Denmark operates the fifth largest container fleet in terms of gross tonnage. In parallel today, Donsö has been home to increased activity in the tanker shipping sector, especially for bulk goods and chemicals, and is expanding its harbour for bigger ships,” he adds.

This merchant sector represents the largest market for connectivity needs and has generated about $300 million in maritime satcom service revenues in 2021. With an 18% global share of vessels, the Scandinavian countries and the European Union are heavily invested in maritime satcom installations and emphasise crew welfare. According to Euroconsult, the number of VSATs in the fishing segment alone is expected to increase 400% by 2024 and the bandwidth consumption per vessel is expected to double.

New crew welfare and safety regulations as well as high-performance broadband services even in the harshest weather conditions are prompting vessel owners to readily adopt onboard connectivity. “Tracking and monitoring services in particular are expected to witness a significant growth rate in the near future,” says Mr. Mauritz. With its portfolio of IoT solutions, IEC Telecom offers real-time visibility over maritime operations.

This year, IEC Telecom will present the state-of-the-art LT-4100 satellite communications system at Donsö Shipping Meet for the first time. Suitable for racing, shipping, leisure vessels, and workboats, LT-4100 has been particularly designed for the rough environment at sea. Thanks to a pioneering heating element, it can operate between a broad temperature range, perfect for the Nordic region and its heavy sea traffic. LT-4100 is the first Iridium Certus 100 terminal, delivering voice and data connectivity with 100% global coverage.

IEC Telecom has been part of the Nordic satellite communications market for over a decade, with a regional flagship office in Oslo, Norway.

*Source: AETOSWire

Anastasia Kuzmenko, +971(0)44475180
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W. iec-telecom.com

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today the appointment of Melissa Cougle to the position of Chief Financial Officer (“CFO”), effective June 15, 2022. Ms. Cougle succeeds Brandon Blossman, who will be stepping down as Ranger’s CFO to pursue other opportunities, effective June 10, 2022.

Ms. Cougle brings nearly two decades of finance leadership experience in the energy and oilfield services industry, including CFO roles at Frank’s International and National Energy Services Reunited. She also serves on the boards of both Tidewater Incorporated and the Energy Workforce & Technology Council. She brings a deep public company finance background including strategic planning, accounting, financial analysis, public company reporting and internal financial controls.

“This is an exciting time for the Company on the heels of our recent acquisitions, which have positioned the Company for meaningful growth and cash flow generation in the quarters and years ahead,” commented Stuart Bodden, President and Chief Executive Officer of Ranger. “Melissa’s past positions give her significant strategic insight into the role of corporate finance within an oilfield services company, and I am confident that she will bring fresh new perspectives to our leadership team following our significant growth and expansion of our shareholder base. We are confident in our strategy, and I look forward to working with Melissa and the rest of the executive team to continue building a sustainable, high returns business centered on top quality clients, excellent service and assets, effective technologies, efficient operations and processes, and ESG stewardship.”

“We thank Brandon for his leadership over the past four years,” stated Bill Austin, Chairman of the Board. “His work at Ranger reflects his integrity and drive as a leader and we wish him great success in his future endeavors. We appreciate Brandon’s support as we have integrated several transformational acquisitions while maintaining strong operational and financial performance and a solid balance sheet.”

About Ranger Energy Services, Inc.

Ranger is one of the largest providers of high specification mobile rig well services, cased hole wireline services, and ancillary services in the U.S. oil and gas industry. Our services facilitate operations throughout the lifecycle of a well, including the completion, production, maintenance, intervention, workover and abandonment phases.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “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. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

Shelley M. Weimer
VP of External Reporting & Compliance
(713) 935-8900
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DUBLIN--(BUSINESS WIRE)--The "Geothermal Power Generation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The report analyzes the historical and present-day scenario of the global geothermal power generation market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how global geothermal power generation market would expand during the forecast period of 2021 to 2031.

The report offers intricate dynamics about different aspects of the global geothermal power generation market, which aids companies operating in the market in making strategic development decisions. This study also elaborates on significant changes that are highly anticipated to configure growth of the global geothermal power generation market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global geothermal power generation market and estimates statistics related to growth of the market in terms of volume (Mw) and value (US$ Bn).

This study covers a detailed segmentation of the global geothermal power generation market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global geothermal power generation market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.

The report provides detailed information about the global geothermal power generation market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global geothermal power generation market, so as to help them design successful strategies and make target-driven decisions.

Key Questions Answered:

• How are key market players successfully earning revenue out of advantages of the global geothermal power generation?
• What would be the Y-o-Y growth trend of the global geothermal power generation market between 2021 and 2031?
• What are the winning imperatives of leading players operating in the global geothermal power generation market?
• Which are the leading companies operating in the global geothermal power generation market?

   

Key Topics Covered:

1. Preface

2. Executive Summary

3. Market Overview

3.1. Introduction

3.2. Value Chain Analysis

3.3. Market Drivers

3.4. Market Restraints

3.5. Market Opportunities

3.6. Porter's Five Forces Analysis

3.7. Market Attractiveness Analysis of Geothermal Power Generation Market, by Technology, 2020

3.8. Company Market Share Analysis

4. Geothermal Power Generation Market: Technology Analysis

4.1. Global Geothermal Power Generation Market: Technology Overview

4.2. Dry Steam Plants

4.3. Flash Steam Plants

4.4. Binary Cycle Power Plant

5. Geothermal Power Generation Market: Regional Analysis

5.1. Global Geothermal Power Generation Market: Regional Overview

5.2. North America

5.3. Europe

5.4. Asia Pacific

5.5. Latin America

5.6. Middle East & Africa

6. Company Profiles

• Ormat Technologies Inc.
• Enel Green Power
• Cyrq Energy Inc.
• Calpine Corporation
• Alterra Power Corporation
• Northern California Power Agency
• Ram Power Corporation
• US Geothermal Inc.
• Orkuveita Reykjavikur (Reykjavik Energy)
• Raya Group Limited
• Contact Energy
• Sumitomo Corporation
• Mannvit
• Mitsubishi Heavy Industries Ltd.
• Energy Development Corporation

For more information about this report visit https://www.researchandmarkets.com/r/i5gu6n

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• The Company generated net sales of $31.2 million for the first quarter

• Income from operations improved $1.1 million versus the first quarter of 2021

• Backlog of $59.2 million at April 30, 2022 compared to $39.3 million on January 31, 2022

NILES, Ill.--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2022.

“Revenues for the first quarter of $31.2 million increased 28% from the $24.4 million for the same quarter last year. The resulting income from operations of $0.2 million was also above the $0.9 million loss incurred in the same quarter of 2021," noted President and CEO David Mansfield. "While both revenues and margins improved, there was a corresponding increase to operating expenses, which was partly due to personnel costs and driven by the increased levels of activity."

"During the first quarter of 2022, the oil and gas market in Canada has been returning to increased levels of investment, and the industry outlooks are positive. There has also been a notable improvement to our results in Saudi Arabia, where investments in construction projects are expected to return to pre-pandemic levels.

"Our current backlog of $59.2 million is 50% higher than our January 31, 2022 backlog. After a significant amount of new awards during the quarter, including in Saudi Arabia and the United States, our backlog is at approximately the same level as it was this time last year, and it is distributed very similarly between our different business units.

"The net income from our results does not reflect the same period improvement as is described above, since there is inconsistency in the rates of taxation in the different countries where we operate, and also because we are not recognizing the full tax benefit of past losses. This makes the calculation of effective tax rates extremely inconsistent from period to period, and this is highlighted in the tax charge for this quarter,” concluded Mr. Mansfield.

First Quarter Fiscal 2022 Results

Net sales were $31.2 million in the current quarter, an increase of $6.8 million, or 28%, from $24.4 million in the prior year quarter. The increase was a result of increased sales volumes, partly due to recovery from the effects of the COVID-19 pandemic.

Gross profit increased to $7.0 million, or 23% of net sales, in the current quarter from $4.5 million, or 18% of net sales, in the prior year quarter. This increase was driven by higher sales volumes and project and product mix.

General and administrative expenses increased $1.2 million, or 28%, from $4.4 million in the prior year quarter to $5.7 million in the current quarter. Approximately $0.9 million of this increase was the result of increased incentive compensation. This amount was based on 2021 actual payouts as compared to estimated amounts previously accrued in addition to accruals made for 2022 forecasted results as compared to the prior year quarter, where no incentive compensation was recorded. The remainder of the increase was due to additions to headcount in support of the Company's business growth.

Selling expenses were relatively consistent, increasing slightly to $1.2 million in the current quarter, compared to $1.0 million in the prior year quarter.

Net interest expense increased to $0.4 million in the current quarter from $0.2 million in the prior year quarter. This increase was related primarily to the sale leaseback transaction for our operating facility in Tennessee entered into in April 2021.

Other income, net decreased to an income of less than $0.1 million in the current quarter, compared to approximately $0.4 million in the prior year quarter. In the prior year quarter, the Company received grants from the Canadian government under the Canadian Emergency Wage Subsidy ("CEWS") and Canadian Emergency Rent Subsidy ("CERS") programs. The Company was approved for and received approximately $0.3 million and $0.1 million in grants under the CEWS and CERS programs, respectively, during the prior year quarter. Grants to the Company under both programs ended in the second quarter of 2021.

Loss from operations before income taxes decreased by $0.5 million to a loss of $(0.2) million in the current quarter from a loss of $(0.7) million in the prior year quarter. The improvement was a result of increased sales volumes and margins as described above.

The Company's worldwide effective tax rates ("ETR") were (455.9%) and (24.3%) in the current quarter and the prior year quarter, respectively. The change in the ETR from the prior year quarter to the current year quarter is largely due to changes in the mix of income and loss in various jurisdictions.

The resulting net loss of $(0.9) million in the current quarter was relatively consistent with the net loss of $(0.8) million in the prior year quarter.

Percentages set forth above in this press release have been rounded to the nearest percentage point and may not exactly correspond to the comparative data presented.

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in six countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology 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, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the impact of global economic weakness and volatility; (iv) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (v) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (vi) the Company’s ability to repay its debt and renew expiring international credit facilities; (vii) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (viii) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (ix) the Company’s ability to interpret changes in tax regulations and legislation; (x) the Company's ability to use its net operating loss carryforwards; (xi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s over-time revenue recognition; (xii) the Company’s failure to establish and maintain effective internal control over financial reporting; (xiii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xiv) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xv) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xvi) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xvii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xviii) reductions or cancellations of orders included in the Company’s backlog; (xix) risks and uncertainties specific to the Company's international business operations; (xx) the Company’s ability to attract and retain senior management and key personnel; (xxi) the Company’s ability to achieve the expected benefits of its growth initiatives; and (xxii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)

The Company's Form 10-Q for the quarter ended April 30, 2022 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.

Note: Per share calculations could be impacted by rounding.

Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO

Perma-Pipe Investor Relations
(847) 929-1200
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DUBLIN--(BUSINESS WIRE)--The "Offshore Pipeline Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The offshore pipeline market is expected to register a CAGR of more than 6% during the forecast period of 2022 - 2027.

Companies Mentioned

• Saipem SpA
• L&T Hydrocarbon Engineering Limited
• McDermott International, Ltd.
• Allseas Group SA
• Bourbon Corporation SA
• Enbridge Inc.
• Subsea 7 SA
• Genesis Energy, L.P.
• China Petroleum Pipeline Engineering Co., Ltd.
• Atteris LLC

Key Market Trends

Gas Segment to Witness Significant Growth

• The increasing demand for natural gas has led to the discovery of new gas fields and further adoption of easy and cheap transportation of natural gas exports through subsea (offshore) pipelines are expected to drive the offshore pipeline market.
• Global natural gas production has recorded at 3853.7 billion cubic meters in 2020. North America is the leading natural gas producer and accounts for about 1109.9 billion cubic meters, followed by Middle-East and Africa with 917.9 billion cubic meters. This is expected to drive the offshore pipeline market during the forecast period.
• Furthermore, in October 2021, Guyana has announced plans to build a 220km-long subsea (offshore) gas pipeline. The proposed pipeline will have a gas transport capacity of about 50 million standard cubic feet per day (MMSCFD) from ExxonMobil-operated Liza Phase 1 and 2 projects.
• In January 2022, Abu Dhabi National Oil Company has announced the discovery of raw gas (between 1.5 to 2 trillion standard cubic feet) in an offshore area located in the northwest of the Emirates.
• Moreover, the recent waves of cost reductions and critical technological breakthroughs enabled many oil and gas exploration and production companies to expand their portfolio of sustainable deepwater and ultra-deepwater developments. As a result, the offshore pipeline market is expected to witness significant growth in the near future.
• Therefore, owing to the above points, the gas segment is expected to witness dominant growth during the forecast period.

North America to Dominate the Market

• North America is expected to dominate the global market share for the offshore pipeline market during the forecast period. The countries are trying to invest in offshore oil and gas exploration activities. During the forecast period, oil and gas pipeline infrastructure in the countries like the United States and Canada are expected to continue running at full capacities.
• With the increasing activities in the Gulf of Mexico, the United States is expected to witness significant growth in the offshore pipeline market. The upcoming 18 new projects of gas production are believed to hold a combined 836 billion cubic feet of natural gas reserves.
• In 2021, BP announced the commencement of the Manuel project in the US Gulf of Mexico. The project includes a new subsea production system for two new wells tied into the Na Kika platform. The wells are expected to boost gross platform production by an estimated 20,100 barrels of oil equivalent a day (boe/d).
• Moreover, the Canadian pipeline industry is expected to experience stable and robust growth over the next several years, due to the technological advancements. Also, the Canadian oil and gas sector may record high levels of production, with the pipelines considered as the safest and most reliable cost-effective way to meet the energy requirement for high-value end-user markets.
• Therefore, North America is expected to be the dominant region in the offshore pipeline market, supported by increasing investments in oil and gas projects during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2027

4.3 Crude Oil Historic Trend and Production Forecast in million barrels per day, Global, until 2027

4.4 Brent Crude Oil and Henry Hub Spot Prices, until 2021

4.5 Natural Gas Historic Trend and Production Forecast in billion cubic feet per day (bcf/d), Global, until 2027

4.6 Recent Trends and Developments

4.7 Government Policies and Regulations

4.8 Market Dynamics

4.8.1 Drivers

4.8.2 Restraints

4.9 Supply Chain Analysis

4.10 Porter's Five Forces Analysis

4.10.1 Bargaining Power of Suppliers

4.10.2 Bargaining Power of Consumers

4.10.3 Threat of New Entrants

4.10.4 Threat of Substitute Products and Services

4.10.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 Product Type

5.1.1 Oil

5.1.2 Gas

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 South America

5.2.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/280z8p

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

BOLT-ON ACQUISITION HIGHLIGHTS

• Bolt-on acquisition (the “Asset Acquisition”) of high oil-cut, core working interest properties in the Williston Basin for $170 million initial purchase price from a private party (the “Seller”)
• Average production >2,500 Boe per day (2-stream, ~83% oil) expected over the next twelve months
• Inventory rich acquisition with 17.5 net undeveloped locations, including 2.6 net wells in process and ~3,500 net acres
• NOG owns existing interests in approximately 50% of the acquired property value, providing high confidence and visibility
• Forward 1-year unhedged cash flow from operations (4/1/22 effective date) expected to be greater than $73 million at strip pricing as of 5/31/22, representing an initial purchase price transaction multiple of 2.3x
• Strong free cash flow profile with only ~$20 – 25 million of annual sustaining capital expenditures necessary to maintain production
• Transaction expected to be accretive to all material valuation metrics, including TEV / EBITDA, earnings per share, free cash flow and cash flow per share over a multi-year period
• Acquisition to be financed with cash; continue to expect 2022 year-end leverage ratio <1x

ADDITIONAL ORGANIC AND GROUND GAME ACTIVITY, GUIDANCE AND SHAREHOLDER RETURN UPDATES

• Strong organic elections combined with commitments on five meaningful Ground Game transactions driving additional completions in 2022 and 2023
• 2022 wells spud expected to grow to 65 net wells, a 10-well increase compared to original forecast; average wellhead IRR expected to be >100%
• Raising production and capital expenditures guidance to adjust for the Asset Acquisition, increased well count and increased Ground Game budget; expect Q4:22 exit rate to exceed high-end of new annual production guidance range
• NOG has executed significant hedges for the Asset Acquisition and increased activity
• NOG has completed additional Preferred Stock repurchases and initial Notes repurchases

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced that it has entered into an acquisition agreement in the Williston Basin and provided additional updates on operations and guidance.

WILLISTON BASIN ACQUISITION

NOG has entered into a definitive agreement to acquire non-operated interests in the Williston Basin for an initial purchase price of $170 million in cash, subject to typical closing adjustments. The Seller may earn an additional $5 million in contingent payments in 2023 if WTI oil prices exceed $92.50 on December 30, 2022. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under NOG’s revolving credit facility.

At closing, production on the assets is expected to be greater than 2,300 Boe per day (2-stream, ~85% oil) and NOG expects average production of approximately 2,500 Boe per day over the next twelve months post-closing (2-stream, ~83% oil). NOG expects approximately $15 million of capital expenditures to be incurred post-closing in 2022. These high-quality properties have operating costs lower than NOG’s corporate average on its Williston Basin properties.

The acquired assets are primarily located in Dunn, McKenzie and Williams Counties, ND and include approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations. NOG expects 0.8 net wells to be turned-in-line in 2022 post-closing. The assets are operated primarily by Marathon Oil, Continental Resources and ConocoPhillips, and NOG owns existing interests in approximately 50% of the acquired property value.

The effective date for the transaction is April 1, 2022, and NOG expects to close the transaction in August 2022. The obligations of the parties to complete the transactions contemplated by the purchase agreement are subject to the satisfaction or waiver of customary closing conditions.

HEDGING UPDATE

In addition to its continuous hedging program, NOG has hedged, as standard practice, a significant portion of the pending transaction and for increased activity levels. Updated hedge schedules can be found in NOG’s related June Acquisition Presentation at http://ir.northernoil.com.

ADDITIONAL ORGANIC DEVELOPMENT AND GROUND GAME SUCCESS

NOG has agreed to terms on five meaningful Ground Game transactions in the second quarter of 2022, which should drive significant growth to both late 2022 and 2023 projected volumes and cash flows. Additional organic elections and Ground Game wells to be turned-in-line are roughly equally weighted to the Williston and Permian Basins. NOG expects this activity to turn-in-line an additional 3.7 net wells in the back half of 2022 and 1.3 net wells in the first half of 2023. NOG has allocated a portion of its existing Ground Game budget towards these transactions. NOG’s Ground Game capital budget for 2022 has been increased by $40.0 million, inclusive of both potential acquisition and development costs. The increase to the Ground Game budget is driven by an increasing opportunity set of near-term projects with attractive full cycle returns.

REVISED 2022 PRODUCTION AND CAPITAL SPENDING GUIDANCE

NOG anticipates, pro forma for the transactions and at current strip pricing, increasing its Free Cash Flow target for 2022 from >$425.0 million to >$500.0 million.

NOG anticipates a Q4:22 exit rate above the high-end of the revised 2022 annual production guidance range.

NOG will revise additional guidance line items upon closing of the transaction, scheduled for August 2022.

INCREASED SHAREHOLDER RETURNS

In the second quarter-to-date, NOG has in total repurchased $18.7 million in Liquidation Preference value of its Series A Convertible Preferred Stock (the “Preferred”), or an additional $15.0 million since reporting its first quarter 2022 results. These transactions were completed by mid-May 2022 at lower than current market prices. In total, the $55.0 million of Preferred repurchased year-to-date reduces annualized dividend payments by $3.6 million per annum and have reduced the diluted share count by approximately 2.4 million shares, based on the current conversion ratio. The current outstanding Liquidation Preference value of the Preferred is $166.9 million.

Additionally, NOG repurchased $5.0 million of its 8.125% Senior Unsecured Notes due 2028 (the “Notes”) at 98.6% of par value, plus accrued interest. Currently $745.0 million of par value of Notes remain outstanding.

MANAGEMENT COMMENTS

“We continue to use a multi-pronged approach to create value for our shareholders,” commented Nick O’Grady, NOG’s Chief Executive Officer. “As the natural consolidator of working interests, our strong financial position has allowed us to recycle our substantial free cash flow into meaningful growth opportunities. Importantly, we still expect less than a 1x leverage ratio by year-end 2022. We are well ahead of our goals for this year, but these developments are setting the stage for material growth in volumes and cash flow for 2023.”

“While the Permian continues to be a source of growth, we continue to find significant opportunities to grow our Williston Basin position,” commented Adam Dirlam, NOG’s President. “Anchored by significant inventory, high oil cuts, strong margins and existing ownership in over 50% of the properties, this bolt-on transaction fits perfectly with our strategy.”

ADVISORS

Kirkland & Ellis LLP is serving as legal advisor to NOG.

Raymond James served as lead financial advisor to NOG.

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, business strategy, plans and objectives of management for future operations, industry conditions, capital expenditures, production, cash flow, hedging and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG's ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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DUBLIN--(BUSINESS WIRE)--The "Refining Industry Market Installed Capacity and Capital Expenditure (CapEx) Forecast by Region and Countries including details of All Active Plants, Planned and Announced Projects, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The global refining capacity increased from 103,723 mbd in 2016 to 107,568 mbd in 2021 at an Average Annual Growth Rate (AAGR) of 0.7%. It is expected to increase from 107,568 mbd in 2021 to 122,673 mbd in 2026 at an AAGR of 2.6%.

The US, China, Russia, India, and the South Korea are the major countries that accounted for 48.5% of the total refinery capacity of the world in 2021.

Report Scope

• Updated information on all active and upcoming (planned and announced) refineries globally
• Provides key details such as refinery name, operator name, refinery type, status for all active, suspended, planned, and announced refineries in a country
• Provides an annual breakdown of new-build and expansion capital expenditure outlook by region and by key countries for the period 2022-2026
• Latest developments and contracts related to a refinery, at the regional level, wherever available

Key Report Benefits:

• Obtain the most up to date information available on all active, suspended, planned, and announced refineries globally
• Identify growth segments and opportunities in the refining industry
• Facilitate decision making on the basis of strong refinery capacity data
• Assess your competitor's refinery portfolio

Key Topics Covered:

1. Introduction

1.1. What is this Report About?

1.2. Market Definition

2. Global Refining Industry, Snapshot

2.1. Global Refining Industry, Key Data, 2021

2.2. Global Refining Industry, Planned and Announced Refineries

2.3. Global Refining Industry, New Units and Capacity Expansions by Region

2.4. Global Refining Industry, Regional Comparisons

3. Africa Refining Industry

3.1. Africa Refining Industry, Snapshot

3.2. Africa Refining Industry, Planned and Announced Refineries, Capacity Expansions and Capex by Country

3.3. Africa Refining Industry, New Units and Capacity Expansions by Key Countries

3.4. Africa Refining Industry, Egypt

3.5. Africa Refining Industry, Algeria

3.6. Africa Refining Industry, South Africa

3.7. Africa Refining Industry, Nigeria

3.8. Africa Refining Industry, Libya

3.9. Africa Refining Industry, Morocco

3.10. Africa Refining Industry, Sudan

3.11. Africa Refining Industry, Angola

3.12. Africa Refining Industry, Cote d'Ivoire

3.13. Africa Refining Industry, Cameroon

3.14. Africa Refining Industry, Ghana

3.15. Africa Refining Industry, Djibouti

3.16. Africa Refining Industry, Tunisia

3.17. Africa Refining Industry, Gabon

3.18. Africa Refining Industry, Senegal

3.19. Africa Refining Industry, Zambia

3.20. Africa Refining Industry, Niger

3.21. Africa Refining Industry, Congo Republic

3.22. Africa Refining Industry, Chad

3.23. Africa Refining Industry, South Sudan

3.24. Africa Refining Industry, Sierra Leone

3.25. Africa Refining Industry, Recent Developments

3.26. Africa Refining Industry, Recent Contracts

4. Asia Refining Industry

4.1. Asia Refining Industry, Snapshot

4.2. Asia Refining Industry, Planned and Announced Refineries, Capacity Expansions and Capex by Country

4.3. Asia Refining Industry, New Units and Capacity Expansions by Key Countries

4.4. Asia Refining Industry, China

4.5. Asia Refining Industry, India

4.6. Asia Refining Industry, South Korea

4.7. Asia Refining Industry, Japan

4.8. Asia Refining Industry, Singapore

4.9. Asia Refining Industry, Thailand

4.10. Asia Refining Industry, Indonesia

4.11. Asia Refining Industry, Taiwan

4.12. Asia Refining Industry, Malaysia

4.13. Asia Refining Industry, Pakistan

4.14. Asia Refining Industry, Vietnam

4.15. Asia Refining Industry, Philippines

4.16. Asia Refining Industry, Brunei

4.17. Asia Refining Industry, North Korea

4.18. Asia Refining Industry, Myanmar

4.19. Asia Refining Industry, Bangladesh

4.20. Asia Refining Industry, Sri Lanka

4.21. Asia Refining Industry, Laos

4.22. Asia Refining Industry, Afghanistan

4.23. Asia Refining Industry, Mongolia

4.24. Asia Refining Industry, Recent Developments

4.25. Asia Refining Industry, Recent Contracts

5. Caribbean Refining Industry

6. Central America Refining Industry

7. Europe Refining Industry

8. Former Soviet Union Refining Industry

9. Middle East Refining Industry

10. North America Refining Industry

11. Oceania Refining Industry

12. South America Refining Industry

For more information about this report visit https://www.researchandmarkets.com/r/7k8k7r

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (“Phoenix” or the “Company”) (NASDAQ: PEV), a California based company that designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles (“EVs”), today announced the pricing of its initial public offering (the “Offering”) of 2,100,000 shares of common stock (the “Shares”) at a public offering price of $7.50 per Share, for total gross proceeds of $15,750,000 before deducting underwriting discounts and commissions and offering expenses. The Offering is being conducted on a firm commitment basis. The Shares have been approved for listing on The Nasdaq Capital Market and are expected to commence trading on June 8, 2022, under the ticker symbol “PEV.”

The Company has granted the underwriters an option, exercisable within 30 days from the closing of the Offering, to purchase up to an additional 315,000 Shares at the public offering price to cover over-allotment, if any, less underwriting discounts and commissions.

The offering is expected to close on June 10, 2022, subject to customary closing conditions.

Prime Number Capital LLC is acting as the sole book runner and representative of the underwriters. Revere Securities LLC and Westpark Capital, Inc. are acting as co-managers for the Offering. Loeb & Loeb LLP is acting as counsel to the Company, and Robinson & Cole LLP is acting as counsel to Prime Number Capital LLC.

The Company intends to use the net proceeds from this Offering primarily for investment in its technology, research and development efforts, manufacturing, marketing, maintaining and expanding its intellectual property portfolio and for working capital and other general corporate purposes.

A registration statement on Form S-1 (File No. 333- 261384) relating to the Offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on June 7, 2022. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus related to the offering may be obtained, when available, from Prime Number Capital LLC by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicles (“EVs”) industry, through its wholly owned subsidiaries, designs, assembles, and integrates electric drive systems and light and medium duty EVs and markets and sells electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars” focused on commercial products including medium duty EVs, chargers and electric forklifts, and “EdisonFuture” which intends to offer light-duty EVs. As an EV pioneer, the Company delivered its first commercial EV in 2014 and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport (“LAX”), and the LAX fleet has grown to 39 electric shuttle buses, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California are among the Company’s customers for the Company’s first generation E Series Zeus EVs. Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding trading on the NASDAQ Capital Market and closing of the Offering are forward-looking statements. No assurance can be given that the net proceeds of the Offering will be used as indicated. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Underwriter

Prime Number Capital LLC
Ms. Xiaoyan Jiang, Chairwoman
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 516-582-9666

DUBLIN--(BUSINESS WIRE)--The "Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global enhanced oil recovery (EOR) market reached a value of US$ 49.84 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 81.45 Billion by 2027, exhibiting a CAGR of 8.28% during 2022-2027.

Companies Mentioned

• BASF SE
• Halliburton Corporation
• Royal Dutch Shell Plc
• Schlumberger Ltd.
• Chevron Phillips Chemical Corporation
• Fmc Technologies Inc.
• National Aluminium Company Limited (NALCO)
• Praxair Inc.
• Secure Energy Services Inc.
• Xytel Corporation
• Equinor ASA
• BP Plc
• China Petroleum & Chemical Corporation (Sinopec)
• Oil & Natural Gas Corporation Ltd. (ONGC)
• ExxonMobil Corporation
• ConocoPhillips
• Petroleo Brasileiro (Petrobas) S.A.
• PJSC Lukoil Oil Company

Keeping in mind the uncertainties of COVID-19, they 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

Enhanced oil recovery (EOR), also known as tertiary recovery, refers to the process through which otherwise immobile residual oil is mobilized either physically, chemically or thermally. As primary and secondary oil recovery methods can leave up to 75% of the oil in the reservoir, oil extracting companies have started relying on EOR or tertiary oil recovery methods. Thermal recovery, gas injection and chemical injection are the most commonly used EOR techniques across the globe. Although most of the EOR technologies are currently used offshore, oil companies are developing technologies to expand onshore EOR methods

Over the past few years, the rapid depletion of fossil fuels has contributed to the increasing application of EOR technologies in the oil and gas industry. The rising demand for oil has further added to the growing demand for EOR worldwide. In addition, several governments around the world are taking initiatives for utilizing advanced technologies for oil extraction to achieve higher profits from existing oil and gas fields.

For example, countries like China and India are offering financial incentives to attract multinational companies to invest in the enhanced oil recovery market. In line with this, various companies all over the world are engaging in R&D activities to improve oil recovery. For instance, British Petroleum has developed advanced techniques that can extract oil using thermally activated microscopic particles which expand deep into the reservoir

Key Questions Answered in This Report:

• How has the global enhanced oil recovery market performed so far and how will it perform in the coming years?
• What are the key regional markets in the global enhanced oil recovery industry?
• What has been the impact of COVID-19 on the global enhanced oil recovery market?
• What is the breakup of the global enhanced oil recovery market based on the technology?
• What is the breakup of the global enhanced oil recovery market based on the application?
• What are the various stages in the value chain of the global enhanced oil recovery market?
• What are the key driving factors and challenges in the global enhanced oil recovery market?
• What is the structure of the global enhanced oil recovery market and who are the key players?
• What is the degree of competition in the global enhanced oil recovery market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Enhanced Oil Recovery Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Breakup by Technology

5.5 Market Breakup by Application

5.6 Market Breakup by Region

5.7 Market Forecast

6 Market Breakup by Technology

7 Market Breakup by Application

8 Market Breakup by Region

9 SWOT Analysis

10 Value Chain Analysis

11 Porters Five Forces Analysis

12 Competitive Landscape

12.1 Market Structure

12.2 Key Players

12.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/scwgti

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
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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NUR-SULTAN, Kazakhstan--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Munaigas Inc. (Chevron), and JSC NC “KazMunayGas” (KMG) have announced a memorandum of understanding (MoU) to explore potential lower carbon business opportunities in Kazakhstan.

Chevron and KMG plan to evaluate the potential for lower carbon projects in areas such as carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency and methane management; and carbon financial disclosure methodology.

The MoU was signed by Derek Magness, managing director for Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman of the Management Board of KMG, in Nur-Sultan on the eve of the 34th Plenary session of the Foreign Investors Council chaired by President of Kazakhstan Kassym-Jomart Tokayev and Chevron’s executive vice president of Upstream Jay Johnson.

“At the UN Climate Ambition Summit, President Kassym-Jomart Tokayev made a statement about Kazakhstan's intention to achieve carbon neutrality by 2060. KazMunayGas, in its turn, has set a goal to reduce its carbon footprint by 15 percent by 2031 compared to 2019 levels and is going to take further actions under the Paris Agreement and Kazakhstan’s Doctrine of Carbon Neutral Development. However, lower carbon is a new area for us, and we believe that Chevron’s wide experience in implementing lower carbon technologies and practices in the oil and gas industry will contribute to our capabilities and lead to joint lower carbon projects. We highly appreciate the partnership that has developed over the years of Chevron’s presence in our country,” Mirzagaliyev said.

“Chevron has been investing in Kazakhstan for close to three decades. We are proud of our history of partnership and are committed to investing in the country’s energy future. This MoU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector,” Magness said. “We firmly believe that we can play an important role in the country’s energy transition and achievement of its carbon-reduction targets. Through our collaboration with KMG, we hope to contribute to providing affordable, reliable, ever-cleaner energy, and help the industries and customers who use our products to advance their lower carbon goals.”

“Chevron knows the future of energy is lower carbon and achieving the global net zero ambitions of the Paris Agreement will require partnership and collaboration,” said Jeff Gustavson, president of Chevron New Energies, which was launched in 2021 to focus on establishing lower carbon businesses in CCUS, hydrogen, renewable fuels, offsets, and other emerging areas. “We are excited about the opportunity to pursue these lower carbon opportunities with KazMunayGas and help advance the energy transition in Kazakhstan.”

The collaboration between Chevron and KMG is part of the efforts from both companies to support Kazakhstan’s target vision to achieve carbon neutrality by 2060.

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About KazMunayGas

JSC National Company “KazMunayGas” is a leading vertically integrated oil and gas company in Kazakhstan. KMG manages assets throughout the entire production cycle, i.e. from exploration and production of hydrocarbons to transportation, refining and provision of maintenance services. Founded in 2002, the company represents the Republic of Kazakhstan’s interests in the national oil and gas industry.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “toward,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Chevron
Sally Jones
This email address is being protected from spambots. You need JavaScript enabled to view it.
+44 5601091435

Creighton Welch
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281.703.2728

KazMunayGas
Dauren Omarov
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+7 7172 78 62 31
+7 717278 91 49

CLEVELAND--(BUSINESS WIRE)--Power management company Eaton was recently honored with a 2022 Communicator Award of Distinction by The Academy of Interactive & Visual Arts. The annual award recognizes creative excellence among marketing and communications professionals.

“Congratulations to our global Communications team for the external recognition on Eaton’s inaugural Global Inclusion and Diversity Transparency report,” said Monica Jackson, vice president, Global Inclusion and Diversity. “It creatively and transparently shares our commitment and progress toward achieving our aspirational goal of becoming a model of inclusion and diversity in our industry.”

Founded by passionate communications professionals more than two decades ago, the Communicator Awards honor the best of digital, video, podcast, marketing, mobile and print work. Eaton won for Brochure of Distinction, which falls in the Design & Print category. More than 4,000 entries were received in all categories from across the U.S. and world this year.

“Coming in as the new managing director of the AIVA, I was thrilled to be greeted by such a high level of creativity among the submissions for the 28^th season of the Communicator Awards,” said new AIVA managing director Lauren Angeloni. “I want to congratulate all of the honorees for their well-deserved wins. I would also like to extend deep and sincere thanks to our jurors, who have devoted a massive amount of time to give back to their communities in the evaluation of so much amazing and powerful work.”

For more information on the 2022 Communicator Awards and to see the full list of winners, go to Winners - Communicator Awards. To view Eaton’s award-winning entry and learn more about its inclusion and diversity journey, please visit Inclusion & diversity | Eaton.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Drew Horansky, +1 (440) 523-4306