SAN FRANCISCO & BOSTON--(BUSINESS WIRE)--Voltus, Inc. (“Voltus”), the leading Distributed Energy Resource (DER) software technology platform, and Broadscale Acquisition Corp. (“Broadscale”) (Nasdaq: SCLE), a publicly-traded special purpose acquisition company, today announced Voltus will be hosting a Virtual Investor Day on Tuesday, March 22, 2022 at 10 am EDT.
During the two hour event, members of the Voltus executive team will provide an overview of Voltus, the first pure-play DER software technology company that will go public, helping to enable a decentralized, decarbonized, digitized, resilient, and more affordable electricity system. Management will review Voltus’s established record of rapid, high-margin, recurring-revenue growth within a massive addressable market with potential to reach $120 billion by 2030, supported by macro tailwinds; the company’s growth strategy; and details of its pending transaction. In addition, the formal presentation will be followed by a live question and answer session.
The event will be virtual; to register click here. If you have questions for the management team, please submit them to This email address is being protected from spambots. You need JavaScript enabled to view it. before or during the event. Webcast and presentation materials, as well as a replay of the webcast following the event, will be available on the Voltus investor relations website (www.voltus.co/investors).
On November 30, 2021, Voltus and Broadscale entered into a definitive merger agreement. Upon the closing of the transaction, the combined company will be named Voltus Technologies, Inc. and is expected to remain on the Nasdaq under the new ticker symbol “VLTS.” The transaction is currently expected to close in the first half of 2022 and requires the approval of Broadscale’s stockholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.
About Voltus
Voltus is the leading software technology platform connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and DER partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.
About Broadscale Acquisition Corp.
Broadscale is a blank check company sponsored by a joint venture between Broadscale Group (led by Andrew L. Shapiro) and HEPCO Capital Management, LLC (led by Jonathan Z. Cohen and Edward E. Cohen) that was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has focused its search for a business combination target on opportunities that align with its mission of “Disruption for Good” -- that is, the transformation of traditional industries in positive ways that generate tangible improvements to the well-being of the global population. To learn more, visit www.broadscalespac.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Voltus market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Broadscale and its management, and Voltus and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations, which include, but are not limited to: 1) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Voltus, Broadscale, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain the approval of the stockholders of Broadscale or Voltus, or to satisfy other conditions to the closing of the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq’s listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Voltus as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Voltus or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Voltus’s estimates of its financial performance; 12) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of Broadscale’s securities; 13) the risk that the transaction may not be completed by Broadscale’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Broadscale; 14) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; 15) the inability to complete the PIPE investment in connection with the business combination; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Broadscale’s registration statement on Form S-4 (File No. 333-262287), filed with the SEC on January 21, 2022 (the “Registration Statement”), and other documents filed by Broadscale from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Broadscale nor Voltus gives any assurance that either Broadscale or Voltus or the combined company will achieve its expected results. Neither Broadscale nor Voltus undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Use of Projections
This press release may contain financial forecasts of Voltus. Neither Voltus’s independent auditors, nor the independent registered public accounting firm of Broadscale, audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. These projections should not be relied upon as being necessarily indicative of future results. The projected financial information contained in this press release constitutes forward-looking information. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved.
Additional Information and Where to Find It
In connection with the proposed transaction, Broadscale has filed with the U.S. Securities and Exchange Commission the Registration Statement, which included a preliminary proxy statement and a preliminary prospectus. After the Registration Statement has been declared effective, Broadscale will mail a definitive proxy statement /prospectus relating to the proposed transaction to its stockholders as of the record date established for voting on the proposed transactions. Broadscale’s stockholders and other interested persons are urged to carefully read the Registration Statement, including the preliminary proxy statement / preliminary prospectus, and any amendments thereto, and, when available, the definitive proxy statement/prospectus and other documents filed in connection with the proposed transaction, as these materials contain, or will contain, important information about the proposed transaction and the parties to the proposed transaction.
Broadscale’s stockholders and other interested persons will be able to obtain free copies of the Registration Statement, the preliminary proxy statement / preliminary prospectus, the definitive proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC, without charge, when available, at the website maintained by the SEC at www.sec.gov.
The documents filed by Broadscale with the SEC also may be obtained free of charge at Broadscale’s website at https://www.broadscalespac.com or upon written request to 1845 Walnut Street, Suite 1111, Philadelphia, PA 19103.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Broadscale and Voltus and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed transactions. Broadscale’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Broadscale listed in the Registration Statement. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed business combination is set forth in the Registration Statement.
No Offer or Solicitation
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Investor Relations Contact – Voltus
Sioban Hickie, ICR, Inc.
Eduardo Royes, ICR, Inc.
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Media Contact – Voltus
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Broadscale Acquisition Corp.
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NEW YORK--(BUSINESS WIRE)--Center for Hydrogen Safety (CHS) – the global authority on hydrogen safety and training – announced Jackson, Mississippi-based Hy Stor Energy as the latest addition to its roster of membership organizations. Hy Stor Energy is developing and advancing renewable hydrogen production, storage, and delivery at scale in the United States.
"Hy Stor Energy's understanding of the vital role hydrogen safety plays in global decarbonization and the greater energy transition makes them a powerful addition to our community,” said Nick Barilo, executive director, CHS. "We look forward to Hy Stor’s contributions to CHS and seeing their impact on the global energy transition."
CHS facilitates member collaboration to address hydrogen safety issues and arm stakeholders and users with reliable, consistent safety information. As a member of CHS, Hy Stor Energy will join a specialized Working Group tasked to create valuable resources to educate students and professors on the safe use of hydrogen in the academic environment. Hy Stor Energy strengthens an already impressive CHS community of more than 70 world-leading organizations including bp, Equinor, and CF Industries.
Hy Stor Energy is creating a model for producing, storing, and delivering long-term carbon-free energy, thus contributing to reliability and resilience in an increasingly fossil-free world.
“We are proud to join CHS and collaborate with the industry to create best practices for hydrogen storage and safety,” said Laura L. Luce, CEO of Hy Stor Energy. “We are accelerating the U.S. renewable hydrogen economy through the development of hydrogen hubs across the country. We are creating opportunities for materials testing, hydrogen storage, and end-use application safety testing as well as developing a working lab focused on advancing commercial scale safety testing for the aviation, maritime/port operations, and heavy-duty transport industries.”
Established in 2018, CHS is a technical community within the American Institute of Chemical Engineers. CHS member benefits include access to conferences and working groups, safety guidance, training and workshops, and a global forum to address emerging issues and impact technical solutions.
About Center for Hydrogen Safety
The Center for Hydrogen Safety (CHS) is a nonprofit, impartial and politically neutral corporate membership organization that promotes the safe operation, handling, and use of hydrogen and hydrogen systems across all installations and applications. A global technical community within the American Institute of Chemical Engineers (AIChE), the CHS builds upon the technical expertise embodied by AIChE, its Center for Chemical Process Safety (CCPS), and partnering organizations to identify and address concerns regarding the safe use of hydrogen as a sustainable energy carrier, in commercial and industrial applications, and hydrogen and fuel cell technologies. Visit the CHS website to learn more or subscribe to CHS’s “The Elemental” technical bulletin here.
About Hy Stor Energy
Hy Stor Energy is facilitating the transition to a fossil-free energy environment by developing and advancing renewable hydrogen at scale through the development, commercialization, and operation of renewable hydrogen hub projects. Large, fully integrated projects produce, store, and deliver 100% carbon-free, energy, providing customers with safe and reliable renewable energy on-demand. Developed as part of an integrated hub, these projects couple on-site renewable hydrogen production with integrated long-duration storage and distribution – using scale to reduce costs. Hy Stor Energy, led by energy storage industry and hydrogen technology veteran Laura L. Luce, has an innovative team with deep expertise and is positioned as a leader in the renewable hydrogen revolution. For more information, please visit www.hystorenergy.com.
About AIChE
The American Institute of Chemical Engineers, also known as AIChE, is a professional society of more than 60,000 members in more than 110 countries. Its members work in corporations, universities, and government using their knowledge of chemical processes to develop safe and useful products for the benefit of society. Through its varied programs, AIChE continues to be a focal point for information exchange on the frontier of chemical engineering research in such areas as nanotechnology, sustainability, hydrogen fuels, biological and environmental engineering, and chemical plant safety and security. More information about AIChE is available at www.aiche.org. Learn about AIChE’s IDEAL statement on equity, diversity, and inclusion at www.aiche.org/IDEAL.
For News Media
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Liquefied natural gas project expands Gulf Coast energy capabilities
HOUSTON--(BUSINESS WIRE)--#AudubonCompanies--Audubon Engineering Company LP has been awarded a contract to provide engineering and construction management services for a major greenfield liquefied natural gas (LNG) interconnect on the Louisiana Gulf Coast. Regulated by the Federal Energy Regulatory Commission (FERC), this pipeline project will move between 1.5 and 2.0 Bcf/d of gas to serve as the main supply of an LNG export facility.
Audubon, a global leader in the design, construction, and delivery of LNG production solutions, successfully completed the front-end engineering in 2021. Under this new contract, Audubon will provide detailed engineering and design of a transmission pipeline and associated infrastructure to provide gas for a major LNG facility.
Backed by our integrated offshore and pipeline teams, Audubon is leading the project from our Louisiana and Texas offices in collaboration with FERC, a major LNG export company, and a major interstate gas transmission company.
Dave Beck, managing partner at Audubon Engineering Company LLC, said, “We look forward to bringing our project execution capabilities and extensive LNG track record to this project. LNG is an important component of our energy transition strategy, and we are proud to leverage our expertise to support the operation.”
Increasing demand for LNG
According to American Press, LNG demand is expected to rise by up to 50% by 2030, and Southwest Louisiana is positioned to be a major supplier of this resource.* As the world accelerates low- and zero-carbon energy resources, Louisiana is seeing increased investment in LNG infrastructure to capitalize on its abundant natural gas supply.
For more than two decades, Audubon has worked alongside our customers to make LNG production even more efficient and reliable. The Louisiana LNG project adds to our growing experience list for clients who are interested in maximizing ROI of this high-demand, low-carbon energy resource.
Continuing our legacy in Louisiana
This project builds on our deep roots in Louisiana. Our operational bases in Metairie, Mandeville, and Lafayette have provided customers with local support and global LNG expertise for years. Some of our past LNG projects in the state include engineering services for an LNG facility, a transmission compressor station project in South Louisiana, and a greenfield LNG production facility in Port Allen.
We’re also is pleased to have made Louisiana State University’s ROARING 10 list in 2021 and for ranking #11 in the ENR Texas & Louisiana Top Design Firms list in 2020, which demonstrate our integral work in the Louisiana community.
Looking to the future
With the increase in infrastructure capabilities this project provides, in addition to the state’s strategic location on the Gulf Coast, Louisiana can expand its potential for additional investment. This project highlights the strength of LNG as a global resource for clean, efficient energy and will help increase Louisiana’s presence on the world stage.
Audubon is honored to support this initiative, the state of Louisiana, and its role in helping to meet society’s long-term energy demands.
* Source: American Press, “LNG export heavyweights: Cameron Parish has become a major world player,” 2021.
About Audubon Engineering Company LLC
Founded in 1997, Audubon Engineering Company LLC is a global provider of engineering, consulting, construction, fabrication, and technical services delivering sustainable solutions to the energy, power, infrastructure, and industrial markets. Together with our family of companies (Audubon Engineering Company LP, Audubon Field Solutions LLC, Audubon Industrial Solutions LLC, Audubon Inspection Solutions, Audubon Carbon, Audubon Construction, Opero Energy, Affinity Management Group LLC, and Armexa LLC), we deliver repeatable project success—safely, on schedule, and within budget. For more information, please visit auduboncompanies.com.
Ivonne Hallard
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SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that members of management will participate in virtual meetings with members of the investment community at the Barclays Select Series: Midstream & Clean Infrastructure Corporate Access Days on Tuesday, March 1, 2022 and Wednesday, March 2, 2022. The materials to be discussed in the meetings will be available on the partnership’s website at 10:30 a.m. Eastern Time, Tuesday, March 1, 2022.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.
NuStar Energy L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926
GRAND JUNCTION, Colo.--(BUSINESS WIRE)--#CloudNative--Iron-IQ kicks off 2022 by closing out an oversubscribed Series-A funding led by Ascent Energy Ventures with contributions from Greater Colorado Venture Fund and SCAPE totaling $3.5M to further expand the company’s offerings to oil and gas operators. This comes on the heels of the closing of several new contracts that rapidly expand Iron-IQ's growth and reinforce industry-wide adoption. The future of SCADA is Iron-IQ, and leading operators are partnering with Iron-IQ to better manage field assets.
“We are thrilled with our progress in 2022,” said Matt Showalter, Executive Chairman. “The support we've received from our investing partners allows us to scale Iron-IQ and deliver exceptional value to our clients. The energy industry realizes antiquated legacy systems are unsustainable. If operators want to survive and thrive, they must embrace the digital transformation of energy technology and infrastructure. The first step in the digital transformation is Iron-IQ.”
Michael Ligrani, Iron-IQ CEO, noted, “The days of having an old piece of software running on an old Windows server, in a closed environment, behind a firewall within your network, are rapidly coming to an end. We can do everything securely that a modern cloud product can do – rules and analytics, ESG controls, alarms, integrations - that data can be fed asynchronously between our systems the moment it comes in from the field. The recent funding and customer adoption proves the industry demands cloud-native SCADA.”
Iron-IQ continues to gain traction in the SCADA race with new features and economically sound solutions for any size of well operation- even operators with old pumpjacks lacking monitoring technology.
“Every oil and gas producer needs SCADA. Yet most operators don’t have it,” Ligrani said. “The best operators know, once you monitor controls, your production and efficiency will increase while empowering the management of ESG metrics.”
Iron-IQ’s platform recently updated their core experience to an enterprise offering, challenging the old guard that has dominated oil and gas SCADA. Patch-IQ℠ with alarming, control, IP-camera integration, custom logic layers, and advanced data integration is meant to change the nature of SCADA.
“We started off as a company on a mission to bring Cloud-Native SCADA to oil and gas. We are achieving this mission while expanding our solutions. There are powerful levers that modern operators should use, but the problem is the source of that data- that’s the SCADA system. We’ve rethought how modern SCADA architecture looks and performs, and we’re changing the way SCADA is done in oil and gas. We are the platform of the future,” commented Iron-IQ CEO, Michael Ligrani.
More than ever, oil and gas companies, especially those undergoing M&As, are choosing Iron-IQ to migrate their existing, outdated systems to cloud-native SCADA to save time, money, and manpower that is otherwise squandered with legacy systems. With the changing landscape of environmental regulations and the need for on-demand data, switching to a cloud-native and mobile-first solution is a necessary step in the evolution of how oil and gas will operate in the future.
To request your demo, visit https://iron-iq.com/
Josh Spraker
Chief Revenue Officer - CRO, IRON-IQ
P: 970.697.7040
www.iron-iq.com
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Iron-IQ
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COLUMBUS, Ind.--(BUSINESS WIRE)--At a meeting with analysts and shareholders today, members of the leadership team of Cummins Inc. (NYSE: CMI), a global power leader, shared the Company’s plans to generate profitable growth driven through leadership in the design, manufacture, and support of powertrain technology across a number of fuel types and power sources.
“The decarbonization of our economy is critical to our way of life and our industry will play a key role in that effort,” Tom Linebarger, Chairman and CEO, said at the meeting. “Fortunately, decarbonization is also a growth opportunity for Cummins. We are confident in our ability to play a leading role in bringing lower carbon technologies to commercial vehicle and industrial markets globally and to generate strong returns, due to the capabilities Cummins has built over many years.”
The Company is uniquely positioned to lead in the transition to zero emissions and outgrow our markets, through our range of advanced combustion powertrains and zero carbon solutions. “Our increasingly broad portfolio of technologies, enhanced by our recently announced plans to acquire Meritor and Jacobs Vehicle Systems, coupled with our industry leading scale and longstanding global relationships make us a compelling powertrain partner for OEMs wherever they operate,” said Jennifer Rumsey, President and Chief Operating Officer. Rumsey explained that the company is investing in differentiated technologies that will meet diverse customer needs and enable business growth as decarbonization occurs including market-leading, fuel agnostic engine platforms and key components for powertrain performance and emissions.
Amy Davis, Vice President & President – New Power, detailed how the company is already preparing for a fully zero emissions future, with investments in a broad array of technologies from electrolyzers for green hydrogen production to mobility technologies such as Battery electric and fuel cell electric systems. “Our New Power business is positioned to capture significant growth both in our core markets, as they transition to zero carbon solutions, and in new spaces presented by the global hydrogen economy,” said Davis. “We will leverage the key capabilities Cummins brings such as deep customer relationships, application knowledge, and a vast sales and service network while also demonstrating the agility of a startup mindset. Through shorter development cycles, vehicle build capability, the infusion of outside talent, and operational autonomy, we will be able to enhance the value we can provide to all of our stakeholders.”
The broad range of clean diesel and lower carbon engine-based solutions and powertrain components in the base business, combined with the broad zero emissions technologies of the New Power business, ensure that Cummins will be well-positioned for growth regardless of the pace of adoption of zero emissions vehicles, while also working toward the company’s aspirational goal of zero carbon emissions by 2050.
Webcast information
A copy of the presentation used in the meeting and a replay of the webcast is available at investor.cummins.com.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24.0 billion in 2021. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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 SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
Jon Mills
Cummins Inc.
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ROCKVILLE, Md.--(BUSINESS WIRE)--#energystorage--The Massachusetts town of Plymouth and the Acton Water District will soon enjoy the clean energy and savings of solar power with an innovative 4.69 megawatt (MW) solar and 4 MWh storage project. Standard Solar acquired the project from developer EDF Renewables North America. The project received an award from the state’s Solar Massachusetts Renewable Targets (SMART) program, which provides incentives for solar and storage projects.
Located in Acton, Massachusetts, on land owned by the Acton Water District, the Lawsbrook Solar + Storage project will allow the Town of Plymouth and Acton Water District to benefit from discounted power and lease revenues from the solar and storage system. The project will further the Commonwealth’s solar and energy storage goals by adding clean power to the bulk electrical system while supplementing the project with a battery to discharge clean power during on-peak evening hours, reducing the need for reliance on dirtier power sources during those times.
The system is expected to generate 5,866 megawatt-hours of clean energy each year, enough to power 800 average Massachusetts’ homes and offset the carbon dioxide equivalent of burning 4.5 million pounds of coal. The project is built over the W.R. Grace Superfund Site and was awarded by way of an RFP to EDF Renewables in 2018. This project makes complimentary use of one of the District’s active groundwater well fields, which serves as part of the Town’s drinking water supply. The property hosting the project is previously disturbed land from gravel extraction and is encompassed by the larger W.R. Grace Superfund Site. Due to the various environmental sensitivities on the site, permitting the project entailed receiving approvals at various levels of the federal, state and local governments.
“Standard Solar is a leader in forwarding the clean energy movement throughout the nation,” said Eric Partyka, Director of Business Development, Standard Solar. “Adding this solar+storage project to our existing portfolio in Massachusetts underscores our rapid growth. It’s always significant when we connect with a great partner like EDF Renewables and acquire projects that are helping a town like Plymouth and the Acton Water District to capitalize on the multiple benefits of a solar and storage system. We look forward to adding many more projects like this to our portfolio in 2022 and beyond.”
The Lawsbrook project is part of Standard Solar’s rapidly expanding portfolio in Massachusetts and the U.S. They currently own and maintain nearly 20 MW in Massachusetts and 280 MW of commercial and community solar projects throughout the United States.
“The Acton Water Solar + Storage project is the first of two projects that EDF Renewables has had the privilege to partner with the Acton Water District on,” said Peter Bay, Associate Director, Business Development for EDF Renewables. “We are thrilled to see the project come to fruition, despite numerous permitting and interconnection challenges, and begin conveying benefits to the District and Town of Plymouth. The Acton Water District team have been fantastic partners on the project and have provided ample support in ensuring it’s a successful endeavor. We’re appreciative to have a reputable partner in Standard Solar as the long-term owner of the site.”
“After a few years of hard work by all involved, we are extremely excited to have this renewable energy project coming online,” said Christ Allen District Manager, Acton Water District. “In the water supply industry, we keenly understand the impacts of global climate change, and the role that reliance on fossil fuels plays. We’re committed to do our part by lowering our carbon footprint, as water and wastewater treatment are very energy intensive processes. Partnering with EDF Renewables, such a knowledgeable, experienced company, has given us a great deal of peace of mind endeavoring into technology where we have no experience. It gives us a great deal of pride commissioning our first solar project and contributing to saving the climate.”
The SMART Program was created in 2016 by the Massachusetts Department of Energy Resources and is a long-term sustainable solar incentive program designed to advance cost-effective solar development in the state. The new Lawsbrook solar and storage project will help the Commonwealth of Massachusetts reach its Renewable Energy Portfolio Standard as well as their recently codified 2030 and 2050 goals for a statewide clean energy economy.
At the close of 2021, the Massachusetts Department of Public Utilities issued an order doubling the SMART program, extending the block incentive program to 3,200 MW of solar capacity. This move creates capacity for new projects and releases a bottleneck of stalled projects.
About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 17 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 280 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.
For project acquisition and development inquiries, contact Eric Partyka, Director of Project Development, 443-350-1776, This email address is being protected from spambots. You need JavaScript enabled to view it. and on LinkedIn.
About EDF Renewables North America
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
PR:
Standard Solar
Leah Wilkinson
Wilkinson + Associates
703-907-0010
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EDF Renewables North America
Sandi Briner
1 858-521-3525
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) posted its fourth quarter & full year 2021 earnings release and presentation in the Investors section of the Company’s website. Interested parties can access using the following link: www.avangrid.com.
In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, February 23, 2022 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.
Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-499-3809
Dividend Payable March 31, 2022
DUBLIN--(BUSINESS WIRE)--The Board of Directors of power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $0.81 per ordinary share, an increase of 7% over its last quarterly dividend. The dividend is payable March 31, 2022, to shareholders of record at the close of business on March 11, 2022. Eaton has paid dividends on its shares every year since 1923.
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.
Jennifer Tolhurst, +1 (440) 523-4006
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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced its full year 2022 operating plan and market guidance. A slide presentation summarizing Matador’s 2022 operating plan and market guidance is also included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. In a separate press release issued today, Matador also reported its financial and operating results for the fourth quarter and full year 2021.
Full Year 2022 Guidance Summary
Matador’s full year 2022 guidance estimates are summarized in the table below.
Guidance Metric |
Actual 2021 Results |
|
|
2022 Guidance Range |
|
|
% YoY Change(1) |
||
Total Oil Production |
17.8 million Bbl(2) |
|
|
21.0 to 22.0 million Bbl |
|
|
+21% |
||
Total Natural Gas Production |
81.7 Bcf(3) |
|
|
92.0 to 98.0 Bcf |
|
|
+16% |
||
Total Oil Equivalent Production |
31.5 million BOE(4) |
|
|
36.3 to 38.3 million BOE |
|
|
+19% |
||
D/C/E CapEx(5) |
$513 million |
|
|
$640 to $710 million |
|
|
+31% |
||
Midstream CapEx(6) |
$31 million |
|
|
$50 to $60 million |
|
|
+79% |
||
Total D/C/E and Midstream CapEx |
$544 million |
|
|
$690 to $770 million |
|
|
+34% |
(1) Represents percentage change from 2021 actual results to the midpoint of 2022 guidance range.
(2) One barrel of oil.
(3) One billion cubic feet of natural gas.
(4) One barrel of oil equivalent, estimated using a conversion factor of one barrel of oil per six thousand standard cubic feet of natural gas.
(5) Capital expenditures associated with drilling, completing and equipping wells.
(6) Primarily reflects Matador’s share of capital expenditures for San Mateo Midstream, LLC (“San Mateo”).
The full year 2022 guidance estimates presented in the table above are based upon the following key assumptions for 2022 drilling and completions activity and capital expenditures.
D/C/E CapEx(1) Components |
Actual 2021 Results |
|
|
2022 CapEx Estimates |
|
|
% YoY Change(2) |
||
Operated |
$432 million |
|
|
$510 to $550 million |
|
|
+23% |
||
Non-Operated |
$27 million |
|
|
$70 to $80 million |
|
|
+178% |
||
Artificial Lift / Other Production Related |
$36 million |
|
|
$40 to $50 million |
|
|
+25% |
||
Capitalized G&A and Interest |
$18 million |
|
|
$20 to $30 million |
|
|
+39% |
||
Total D/C/E CapEx |
$513 million |
|
|
$640 to $710 million |
|
|
+32% |
(1) Capital expenditures associated with drilling, completing and equipping wells.
(2) Represents percentage change from 2021 actual results to the midpoint of 2022 guidance range.
Management Comments Regarding 2022 Operating Plan
Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “The Board, the staff and I are pleased today to provide our 2022 operating plan and market guidance. We believe that 2022 should again be rewarding for Matador and all of its stakeholders, as we continue developing our excellent Delaware Basin assets, generating significant free cash flow, paying down debt, evaluating potentially accretive acquisition opportunities and returning cash to shareholders through increases to the dividend as our performance allows. We were pleased to announce yesterday that Matador’s Board of Directors declared a quarterly cash dividend of $0.05 per share payable in March 2022, amounting to $0.20 per share on an annualized basis, and consistent with the doubling of our dividend in the fourth quarter of 2021, as compared to the first three quarters of 2021.
“We began 2022 operating five drilling rigs in the Delaware Basin but have recently contracted a sixth drilling rig to begin development of certain recently acquired assets in the western portion of our Ranger asset area in Lea County, New Mexico, which are ‘bolt on’ positions to the Company’s existing acreage. We plan to operate these six rigs across our various Delaware Basin asset areas throughout 2022, and the 2022 drilling program is expected to focus on opportunities throughout our various Delaware Basin assets. Although we expect to turn to sales 15 wells in the Stateline asset area and nine wells on the Rodney Robinson leasehold in 2022, we are also excited to return to the development of high-quality targets in the Antelope Ridge, Rustler Breaks and Ranger asset areas. As in recent years, Matador’s 2022 drilling program will continue to focus on longer laterals, with 90% of the operated horizontal wells we turn to sales in 2022 anticipated to have lateral lengths of two miles or greater.
“We are anticipating a number of key milestones in 2022, as we did in 2021, that are expected to add significant value, while also positioning Matador for continued growth and free cash flow in the coming years. The first of these milestones was recently accomplished when production was turned to sales from 11 new Voni wells in the Stateline asset area, all of which had completed lateral lengths of approximately 12,000 feet, or about 2.3 miles. The second milestone should be realized in mid-to-late March when we turn to sales production from nine new Rodney Robinson wells in the western portion of our Antelope Ridge asset area. During April and May, we expect to reach a third milestone when we turn to sales production from 11 new wells in the Rustler Breaks asset area. During the latter portion of the third quarter, we should realize our fourth key milestone for 2022, when we turn to sales production from 16 wells in the Antelope Ridge asset area outside of the Rodney Robinson leasehold. The fifth and final milestone for 2022 should occur in late November and December when we turn to sales production from 11 new wells in the Ranger asset area, including seven wells drilled on the recently acquired acreage in the Ranger asset area.
“San Mateo concluded a record financial quarter in the fourth quarter of 2021 and a record year in 2021 and is poised for additional growth in 2022 as well. San Mateo has become a very strategic component of Matador’s overall business strategy over the years, as well as a top provider of ‘three-pipe’ midstream services to its customers in the Delaware Basin. San Mateo expects to generate free cash flow again in 2022. As they did last year, the San Mateo team will be working hard in 2022 to add new customers and throughput volumes to its midstream system, which, if successful, may require additional capital expenditures in 2022, but should lead to additional economies of scale for its midstream system.
“The Board, the staff and I are confident in our abilities to efficiently execute this 2022 operating plan. We are excited about the 2022 milestones in front of us, and the year is off to a good start in that regard. As you will see in this release, we expect to have record production results again in 2022 and should oil and natural gas prices continue to remain strong throughout 2022, we believe our 2022 operating plan, in the capable hands of our office and field staff, should generate record financial results and free cash flow as well.”
2022 Operating Plan
The table below provides Matador’s expectations for operated and non-operated wells to be turned to sales during 2022. Additional details regarding Matador’s drilling and completions program for 2022 are provided in the slide presentation accompanying this press release.
|
Operated |
|
|
Non-Operated |
|
|
Total |
|
|
Gross Operated |
|||||||||
Asset/Operating Area |
Gross |
|
|
Net |
|
|
Gross |
|
Net |
|
|
Gross |
|
Net |
|
|
Well Completion Intervals |
||
Western Antelope Ridge (Rodney Robinson) |
9 |
|
|
8.1 |
|
|
- |
|
- |
|
|
9 |
|
8.1 |
|
|
3-AVLN, 3-1BS, 2-2BS, 1-3BS |
||
Antelope Ridge (All Other) |
17 |
|
|
12.3 |
|
|
28 |
|
1.5 |
|
|
45 |
|
13.8 |
|
|
6-1BS, 8-2BS, 3-3BS |
||
Arrowhead |
2 |
|
|
0.7 |
|
|
15 |
|
1.2 |
|
|
17 |
|
1.9 |
|
|
2-2BS |
||
Ranger |
14 |
|
|
9.5 |
|
|
21 |
|
2.3 |
|
|
35 |
|
11.8 |
|
|
7-2BS, 4-3BS, 3-WC A |
||
Rustler Breaks |
20 |
|
|
12.4 |
|
|
25 |
|
3.2 |
|
|
45 |
|
15.6 |
|
|
1-BYCN, 4-1BS, 7-2BS, 2-3BS, 2-WC A, 4-WC B |
||
Stateline |
15 |
|
|
15.0 |
|
|
- |
|
- |
|
|
15 |
|
15.0 |
|
|
2-1BS, 5-3BS-Carb, 8-WC B |
||
Wolf |
3 |
|
|
2.8 |
|
|
- |
|
- |
|
|
3 |
|
2.8 |
|
|
3-2BS |
||
Delaware Basin |
80 |
|
|
60.8 |
|
|
89 |
|
8.2 |
|
|
169 |
|
69.0 |
|
|
|
||
Eagle Ford Shale |
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
No completions in 2022 |
||
Haynesville Shale |
- |
|
|
- |
|
|
13 |
|
0.7 |
|
|
13 |
|
0.7 |
|
|
No operated completions in 2022 |
||
Total |
80 |
|
|
60.8 |
|
|
102 |
|
8.9 |
|
|
182 |
|
69.7 |
|
|
|
||
Note: AVLN = Avalon; BYCN = Brushy Canyon; BS = Bone Spring; BS-Carb = Bone Spring Carbonate; WC = Wolfcamp;. For example, 1-3BS indicates one Third Bone Spring completion and 3-WC A indicates three Wolfcamp A completions for full year 2022.
Matador expects to turn to sales 80 gross (60.8 net) operated wells in the Delaware Basin in 2022, as follows:
Additional important features of Matador’s 2022 Delaware Basin operating program are noted below.
Stateline Asset Area – Eddy County, New Mexico
At February 22, 2022, Matador had recently turned to sales the 11 Voni wells in the Stateline asset area as planned. Matador is not currently drilling in the Stateline asset area as the Company takes a planned pause from drilling and completion activities in that area for several months. Matador has turned to sales production from 50 wells in the Stateline asset area in the last 18 months and now plans to allow these wells to produce for several months before returning in May to drill and complete four additional Wolfcamp B wells. These four additional Boros wells are anticipated to be turned to sales late in the third quarter of 2022 and, consequently, will not contribute significantly to Matador’s production until the fourth quarter.
Antelope Ridge Asset Area – Lea County, New Mexico
Matador is currently completing nine wells on the Rodney Robinson leasehold in the western portion of the Antelope Ridge asset area, and these wells are expected to be turned to sales in mid-to-late March 2022. Matador also expects to actively drill other of its properties throughout the Antelope Ridge asset area in 2022 and especially during the first six months of 2022. The Company expects to turn to sales production from an additional 17 wells in the Antelope Ridge asset area outside the Rodney Robinson leasehold during 2022, with 16 of these wells anticipated to be turned to sales at various times during the latter half of the third quarter.
Rustler Breaks Asset Area – Eddy County, New Mexico
Matador expects to return to active development of its Rustler Breaks asset area in 2022 and anticipates operating one rig in this asset area throughout much of 2022. The 2022 drilling program in the Rustler Breaks asset area should be characterized by longer laterals with more focus on the development of primarily Bone Spring targets, as compared to most of the Company’s previous drilling campaigns in the Rustler Breaks asset area, which consisted primarily of one-mile laterals and Wolfcamp targets. Matador expects to turn to sales 20 wells in the Rustler Breaks asset area throughout the second, third and fourth quarters of 2022.
Ranger and Arrowhead Asset Areas – Lea and Eddy Counties, New Mexico
Matador plans increased activity in its Ranger asset area during 2022, resulting from the success of the four Uncle Ches wells turned to sales during 2021 and in early 2022, as well as the Company’s recent acquisition of “bolt on” properties to its existing leasehold in Lea County, New Mexico (please see the discussion of Recent Acquisitions and Divestitures in the Company’s Fourth Quarter 2021 earnings release issued on February 22, 2022 for additional details on the recently acquired properties). At February 22, 2022, Matador had contracted a sixth drilling rig to begin development of certain of these recently acquired properties in the Ranger asset area. Matador expects to turn to sales seven wells on these recently acquired properties at varying times during the fourth quarter of 2022.
Matador plans to drill and complete two additional wells in the Greater Stebbins Area beginning in May 2022, and these wells are expected to be turned to sales during the fourth quarter of 2022. The Company then expects to return to more active development of the Greater Stebbins Area in late 2022 and into 2023.
Wolf Asset Area – Loving County, Texas
At February 22, 2022, Matador had recently turned to sales production from three wells, all Second Bone Spring completions, in the Wolf asset area as anticipated. Matador plans to drill three additional wells in the Wolf asset area beginning in August 2022, but these wells are not expected to be turned to sales until early 2023.
2022 Production Estimates and Cadence
Oil, Natural Gas and Oil Equivalent Production Growth and Anticipated Cadence
Matador expects to continue drilling longer horizontal wells from multi-well pads in 2022, with 90% having lateral lengths of two miles or greater. This, in turn, is expected to result in an uneven cadence of wells being turned to sales in any given period, much like the Company has experienced over the last two years. As a result, Matador expects its production growth profile to continue to be uneven or “lumpy” from quarter to quarter.
The table below provides estimated ranges for Matador’s average daily oil, natural gas and total oil equivalent production on a quarterly basis throughout 2022, as compared to actual average daily oil, natural gas and total oil equivalent production in the fourth quarter of 2021. While the table below should provide a reasonable expectation of the Company’s production growth profile for 2022 as of February 22, 2022, the Company anticipates updating these quarterly estimates for the second quarter of 2022 and future periods throughout the year, as necessary to reflect its actual results and then-current estimates.
2022 Quarterly Production Estimates
|
|||||||||
Period |
Average Daily Total Production, BOE per day |
Average Daily Oil Production, Bbl per day |
Average Daily Natural Gas Production, MMcf per day |
||||||
Q4 2021 |
87,300 |
49,800 |
225.2 |
||||||
Q1 2022 |
91,500 to 92,500 |
52,000 to 52,600 |
236.0 to 240.0 |
||||||
Q2 2022 |
106,000 to 108,000 |
61,700 to 62,700 |
268.0 to 272.0 |
||||||
Q3 2022 |
100,000 to 102,000 |
58,000 to 59,000 |
254.0 to 258.0 |
||||||
Q4 2022 |
107,500 to 109,500 |
62,000 to 63,000 |
274.0 to 278.0 |
||||||
Matador’s estimated 2022 total oil equivalent production of 37.3 million barrels of oil equivalent (“BOE”), or an average daily oil equivalent production of approximately 102,000 BOE per day (58% oil), at the midpoint of the 2022 guidance range, reflects a year-over-year increase of 19%, as compared to 31.5 million BOE (57% oil), or 86,200 BOE per day, produced in 2021. The Company anticipates its average daily oil equivalent production should increase 24% from 87,300 BOE per day in the fourth quarter of 2021 to approximately 108,500 BOE per day in the fourth quarter of 2022.
Matador’s estimated 2022 total oil production of 21.5 million barrels, or an average daily oil production of approximately 58,900 barrels of oil per day, at the midpoint of the 2022 guidance range, reflects an increase of 21%, as compared to 17.8 million barrels, or an average of 48,900 barrels of oil per day, produced in 2021. The Company anticipates its average daily oil production should increase 26% from 49,800 barrels of oil per day in the fourth quarter of 2021 to approximately 62,500 barrels of oil per day in the fourth quarter of 2022.
Matador’s estimated 2022 total natural gas production of 95.0 billion cubic feet, or an average daily natural gas production of approximately 260.3 million cubic feet per day, at the midpoint of the 2022 guidance range, reflects an increase of 16%, as compared to 81.7 billion cubic feet, or an average daily natural gas production of 223.8 million cubic feet per day, produced in 2021. The Company anticipates its average daily natural gas production should increase 23% from 225.2 million cubic feet per day in the fourth quarter of 2021 to approximately 276.0 million cubic feet per day in the fourth quarter of 2022.
Delaware Basin Production Growth
Matador estimates total oil equivalent production of 35.6 million BOE (59% oil) from the Delaware Basin, or 97,500 BOE per day, at the midpoint of 2022 guidance, a year-over-year increase of 21% from 2021. The Company anticipates its total oil and natural gas production from the Delaware Basin should increase 22% and 20%, respectively, year-over-year, at the midpoint of 2022 production guidance.
First Quarter 2022 Production Estimates
As noted in the table above, Matador expects its average daily total production to increase 5% sequentially from 87,300 BOE per day in the fourth quarter of 2021 to approximately 92,000 BOE per day in the first quarter of 2022. The Company’s first quarter 2022 production volumes have been impacted by several factors that have deferred portions of its anticipated first quarter production into the second quarter of 2022, including (i) several Boros wells which were shut-in in the Stateline asset area while hydraulic fracturing operations were completed by another operator on offsetting wells; (ii) more wells than originally anticipated being shut-in on the Rodney Robinson leasehold while the Company conducts hydraulic fracturing operations on nine new wells there; (iii) periods of shut-in production in the Greater Stebbins Area attributable to artificial lift installations on several of the wells turned to sales in December 2021; and (iv) periods of shut-in production on certain of the recently acquired properties in the Ranger asset area resulting from the need to install and repair ESPs and to upgrade production facilities on these properties.
Mac Schmitz
Capital Markets Coordinator
(972) 371-5225
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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter of 2021 and for the full year of 2021.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2021 were $105.8 million, or $2.92 per share, compared to $92.4 million, or $2.60 per share, for the same period in the prior year. This increase was primarily driven by an increase in investments included in rate base and economic recovery in our service territory.
MGE's investments in new, cost-effective, and carbon-free renewable generation, a step toward achieving 80% carbon reduction by 2030 and net-zero carbon electricity by mid-century, are helping to fuel the company's asset growth. The Two Creeks solar project was completed in November 2020 and the Badger Hollow I solar project was completed in November 2021. Both projects contributed to increased electric earnings in 2021.
Our new customer information system went live in September 2021. This multiyear capital upgrade to internal legacy systems is part of the Enterprise Forward initiative to transform MGE into a digitally integrated utility.
During 2021, electric retail kilowatt-hour sales increased approximately 3% compared to the prior year. Electricity use by commercial customers was approximately 4% higher during 2021. Electric residential consumption increased by approximately 2%.
At the end of 2021, the company was serving approximately 2,000 more electric customers and 3,000 more natural gas customers than at the same time in the prior year.
MGE Energy's GAAP earnings for the fourth quarter of 2021 were $13.1 million, or 36 cents per share, compared to $15.8 million, or 44 cents per share, for the same period in the prior year. This decrease was primarily attributable to lower gas retail sales. The average temperature in October 2021 was approximately 56 degrees compared to 45 degrees in October 2020. The normal average temperature is 50 degrees.
Electric net income in the fourth quarter of 2021 remained relatively flat compared to the fourth quarter of 2020.
MGE Energy, Inc. (In thousands, except per share amounts) (Unaudited) |
||||||||
Three Months Ended December 31, |
|
2021 |
|
|
2020 |
|
||
Operating Revenues |
|
$ |
162,066 |
|
|
$ |
136,509 |
|
Operating Income |
|
$ |
17,249 |
|
|
$ |
18,712 |
|
Net Income |
|
$ |
13,060 |
|
|
$ |
15,796 |
|
Earnings Per Share - basic |
|
$ |
0.36 |
|
|
$ |
0.44 |
|
Earnings Per Share - diluted |
|
$ |
0.36 |
|
|
$ |
0.44 |
|
Weighted average shares outstanding - basic |
|
|
36,163 |
|
|
|
36,163 |
|
Weighted average shares outstanding - diluted |
|
|
36,169 |
|
|
|
36,163 |
|
|
|
|
|
|
|
|
||
Year Ended December 31, |
|
2021 |
|
|
2020 |
|
||
Operating Revenues |
|
$ |
606,584 |
|
|
$ |
538,633 |
|
Operating Income |
|
$ |
117,294 |
|
|
$ |
109,997 |
|
Net Income |
|
$ |
105,761 |
|
|
$ |
92,418 |
|
Earnings Per Share - basic |
|
$ |
2.92 |
|
|
$ |
2.60 |
|
Earnings Per Share - diluted |
|
$ |
2.92 |
|
|
$ |
2.60 |
|
Weighted average shares outstanding - basic |
|
|
36,163 |
|
|
|
35,612 |
|
Weighted average shares outstanding - diluted |
|
|
36,167 |
|
|
|
35,612 |
|
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission.
Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.
WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced the receipt of multiple air pollution control (APC) contracts from customers in India, South Africa, the US, and China. These awards have an aggregate value of approximately $5.3 million.
Vincent J. Arnone, President and Chief Executive Officer, commented, “We are pleased to announce these contract awards including our first Fuel Tech Flue Gas Conditioning systems in India along with our first electrostatic precipitator upgrade in South Africa. These awards represent the breadth of Fuel Tech’s technology solutions that can be provided to a wide range of end markets, fuels, processes and geographies. We are excited to be supporting the needs of both new customers and existing end users. We have begun to see activity in our markets increase with the improved economic outlook as the effects of the COVID-19 pandemic subside.”
A contract was received for two Flue Gas Conditioning (FGC) systems for large coal-fired boilers in India. Our scope includes the engineering design, supply of key components and startup support for the FGC project. Fuel Tech is working with a local project partner in India who is supplying the basic equipment and providing the installation scope for the project. FGC technology uses sulfur trioxide as a conditioning reagent to improve the efficiency of electrostatic precipitators (ESPs), which are used to capture fly ash particulate from coal-fired boilers. FGC systems provide a low capital cost approach to improving particulate capture by maximizing the collection efficiency of new or existing ESPs to meet regulatory requirements for particulate and opacity levels, and are an attractive alternative to fabric filter technology. Equipment deliveries are expected to be completed in the first quarter of 2023, with project startup expected in the second quarter of 2023.
An order was received for an ESP upgrade on a large coal-fired utility boiler in South Africa to reduce particulate emissions. This contract includes the engineering design for the overall ESP upgrade and key equipment components for the project, along with startup and optimization services. Fuel Tech is working with a local project partner in South Africa who is supplying the ESP components and providing the installation scope for the project. The engineering phase will be completed by the end of the first quarter of 2022. Installation and startup are scheduled for completion in the third quarter of 2022.
An award for a US project was received for Selective Catalytic Reduction (SCR) technology including an ULTRA® system, that will be installed to treat process gas from a kiln at a chemical processing facility. SCR technology uses a catalyst along with urea or ammonia as the reagent to provide high levels of nitrogen oxide (NOx) reduction. Fuel Tech’s ULTRA process provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent where SCR is used to reduce NOx, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Deliveries are expected to be completed in the third quarter of 2022.
Two additional orders in the US were received for ULTRA systems. The first contract was for two ULTRA units deployed on natural gas-fired package boiler units which generate process steam at a food processing facility on the West Coast. Deliveries are expected to be completed in the second quarter of 2022. The second ULTRA order is for a gas-fired combustion turbine at municipal power generation facility in the Northeast. This system is expected to be delivered in the fourth quarter of 2022.
The final US contract was received for a Selective Non-Catalytic Reduction (SNCR) system for a waste incinerator. Fuel Tech’s SNCR technology is a proven solution for utility and industrial combustion unit owners looking to comply with more stringent NOx control requirements. Work is expected to be completed by the third quarter of 2022. In China, a NOxOUT® system order was received to treat process gases at a glass fabrication facility, with delivery expected in the third quarter of 2022.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
Vince Arnone
President and Chief Executive Officer
(630) 845-4500
Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
DUBLIN--(BUSINESS WIRE)--The "Aircraft Antenna Market by Frequency (VHF&UHF band, Ka/Ku/K band, HF band, X band, C band, L band), Antenna Type, Installation, Application, End User (OEM, Aftermarket), Aircraft Type, & Region (North America, Europe, APAC, RoW) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global market for aircraft antenna is estimated to be USD 0.6 billion in 2021 and is projected to reach USD 0.9 billion by 2026, at a CAGR of 7.9% during the forecast period. The growth of this market is mainly driven by increase in airspace modernization programs, increase in demand for military UAVs and introduction of advanced aircraft systems.
The aircraft antenna market includes major players L3Harris Technologies Inc. (US), Honeywell International (US), Collins Aerospace (US), Cobham Limited (UK), and The Boeing Company (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aircraft antenna production and services by 7-10% globally in 2020.
The VHF & UHF band segment is estimated to lead the market during the forecast period, with a share of 30% in 2021. VHF & UHF (very high frequency and ultra-high frequency) bands are used for short-range aircraft navigation and communication, enabling an aircraft to determine its position and stay on course by receiving radio signals transmitted through a network from a ground location. This band is used for communication in the line-of-sight range.
The Terminal Wireless Local Area Network segment is projected to witness the highest CAGR during the forecast period
Based on application, the Terminal Wireless Local Area Network segment is projected to be the highest CAGR rate for the aircraft antenna market during the forecast period. A Terminal Wireless Local Area Network functions with the help of a small compliant transceiver that supports multiple high-speed wireless protocols. This multi-protocol support enables the operation of the GateSync system at airports across the world. The system enables airlines to wirelessly load and offload content and data while the aircraft is on the ground.
The microstrip antenna segment is projected to witness the highest CAGR during the forecast period
Based on antenna type, the microstrip antenna segment is projected to grow at the highest CAGR rate for the aircraft antenna market during the forecast period. Microstrip antennas are popular owing to their low manufacturing cost and ease of fabrication and integration with circuit components. These antennas are lightweight and can be easily mounted on the surface of aircraft, spacecraft, satellites, missiles, and even on handheld mobile devices.
The nose mounted segment is projected to witness the highest CAGR during the forecast period
Based on installation, the nose mounted segment is projected to grow at the highest CAGR rate for the aircraft antenna market during the forecast period. In most military and commercial aircraft, the nose cone also shelters radar antennas and other equipment that are used for the detection of meteorological phenomena, enemy aircraft, and the transmission of communication signals. In the nose section, the antennas installed are weather radar, glideslope, and localizers.
The OEM segment is projected to witness the highest CAGR during the forecast period
Based on the end user, the OEM segment is projected to grow at the highest CAGR rate for the aircraft antenna market during the forecast period. Technological advancements and the need for better connectivity and communication in the aviation industry are additional factors influencing the growth of the aircraft antenna market.
The UAV segment is projected to witness the highest CAGR during the forecast period
Based on aircraft type, the UAV segment is projected to grow at the highest CAGR rate for the aircraft antenna market during the forecast period. The increasing applicability of UAVs in the defense sector has boosted the aircraft antenna market. UAVs have less demanding flight profiles and environmental standard requirements than manned aircraft, and hence, the antennas used in UAVs are smaller and have lower mass as compared to those used in manned aircraft.
The North America market is projected to contribute the largest share from 2021 to 2030
The key factor responsible for North America leading the aircraft antennas market is the high demand for new aircraft in the region. The growing demand for aircraft for commercial applications and their increasing utility in the defense sector to carry out transport and surveillance activities are additional factors influencing the growth of the North American aircraft antenna market.
Research Coverage
The study covers the aircraft antenna market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on frequency, application, antenna type, installation, aircraft type, end user and by region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
The aircraft antenna market is dominated by a few globally established players such as L3Harris Technologies Inc. (US), Honeywell International (US), Collins Aerospace (US), Cobham Limited (UK), and The Boeing Company (US).
Market Dynamics
Case Studies
Companies Profiled
For more information about this report visit https://www.researchandmarkets.com/r/pvwj2v
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
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AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its 2021 tax packages, including the Schedule K-1, are now available online and may be accessed at taxpackagesupport.com/usac. Due to supply chain uncertainties, USA Compression expects to begin mailing the 2021 tax packages the week of March 7, 2022; given the potential for delay, USA Compression encourages unitholders to access their tax information online through the website for the most timely receipt of information. Unitholders may call Tax Package Support at 1-855-521-8151 or browse USA Compression’s website at usacompression.com in the Investor Relations section under K-1 Information.
About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
USA Compression Partners, LP
Nelson Larkin, Tax Director
(512) 369-1604
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DUBLIN--(BUSINESS WIRE)--The "Microgrid as a Service (MaaS) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The microgrid as a service (MaaS) market is projected to grow at a CAGR of 17.91% to reach $2,574.636 million by 2026, from $812.571 million in 2019.
A microgrid is a small-scale power system that may function independently of a location's major electrical grid. A microgrid may also be utilized in combination with the main grid, which opens up a slew of new possibilities and opportunities. Small-scale and localized stations can run on their own source of energy and content generating and distribution equipment as long as they follow the regulations set out by the government of the region. A microgrid's principal purpose is to serve as a backup for structures or industries in the event that the primary grid fails, or when the primary grid cannot deliver enough power during peak hours.
Microgrids can also be utilized to reduce an establishment's total power usage from the major electrical grid. This is aided by the fact that microgrids may function on a variety of energy sources, including renewables. Microgrids on a wide scale, managed and controlled by microgrid as a service company can allow businesses across a vast region to minimize their usage of traditional power sources while ramping up their use of renewable energy.
At the same time, most microgrids are modular in structure, allowing them to reduce the likelihood of the primary grid failing altogether in the case of a catastrophic disaster. These modular microgrids may also be updated over time to include more efficient and sustainable power sources, according to MaaS plans. The expanding number of data centers being built as a result of the digital economy's increased penetration, as well as the growing number of urban centers and linked machines, has increased the demands on the aging power grid systems. As a result, the development of microgrids is rising in order to minimize the strain on grid infrastructure and allow for more effective power management, which is boosting the microgrid as a service market.
Growth Factors
Increasing investments in microgrid infrastructure to fuel the market growth
One of the major reasons for the growth of the microgrid as a service market is growing investments in the microgrid infrastructure. The global microgrid as a service (MaaS) market is expected to grow during the forecast period, as the demand for increased resilience prompts large government expenditures in microgrid infrastructure. Remote communities, colleges, and hospitals that want to take advantage of the unrivaled benefits of microgrid infrastructure may increase the need for dependable MaaS.
Furthermore, MaaS end customers are not needed to make large upfront investments, which may help the worldwide industry develop even faster. Operating expenses can be significantly reduced by using a microgrid system. This might persuade most market segments to embrace MaaS. Due to characteristics such as fuel independence, grid resiliency, higher and more reliable power supply quality, and affordable energy expenditure, microgrid technology might be widely implemented. Moreover, the global microgrid as a service (MaaS) market is expected to rise in parallel with the software as a service (SaaS) sector, which aids in the development of more cost-effective, dependable, and secure microgrid systems.
Restraints
Lack of awareness among end-user and the structure complexity is expected to hinder the market growth
A major restraint in the growth of the microgrid as a service (MaaS) market is the lack of awareness among end-users and the growing structure complexity. The micro-grid as a service (MaaS) market is expected to be hampered by the complexity of planning and designing, as well as a lack of public awareness throughout the forecast period. Micro-grid has been regarded as having a complicated design from its start.
Sensors, encoders, communication systems, controllers, motors, resolvers, mechanical structures, and many more components combine to form a complicated system. The automated process is controlled by a programmable logic controller (PLC) system with 1000-5000 lines of ladder logic, six-axis motion controllers, and a DC drive system. Other constraints, such as the strict laws, regulations, and standards governing microgrids, as well as the rising acceptance of customer-owned microgrids, are also impeding the market's adoption of Microgrid as a Service (MaaS).
Market Segmentation:
The microgrid as a service market has been analyzed through the following segments:
By Grid Type
By End-User
By Geography
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/mp7rah
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
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For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) (“COP”) announced today that it is commencing a private offer to exchange (the “Pool 1 Offer”) four series of notes issued by COP, ConocoPhillips Company (“CPCo”) and Burlington Resources LLC (“Burlington”) as described in the table below (collectively, the “Pool 1 Notes”) for a combination of cash and a new series of CPCo’s senior notes due 2062 (the “New 2062 Notes”). The aggregate principal amount of Pool 1 Notes of each series that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, such that the aggregate principal amount of Pool 1 Notes accepted in the Pool 1 Offer results in the issuance of New 2062 Notes in an amount not exceeding $2,000,000,000 (the “2062 Notes Cap”).
Pool 1 Notes |
|
|
|
|||||
Acceptance Priority Level |
CUSIP Number(s) |
Title of Security |
Issuer |
Principal Amount Outstanding |
Reference UST Security |
Bloomberg Reference Page |
Fixed Spread (basis points)(1) |
Cash Payment Percent of Premium(2) |
1 |
20825CAQ7 |
6.50% Notes due 2039 |
COP |
$2,750,000,000 |
2.375% U.S. Treasury due
|
FIT1 |
115 |
100% |
2 |
20825VAB8 |
5.95% Notes due 2036 |
Burlington |
$500,000,000 |
1.875% U.S. Treasury due
|
FIT1 |
150 |
100% |
3 |
20825CAP9 |
5.90% Notes due 2038 |
COP |
$600,000,000 |
2.375% U.S. Treasury due
|
FIT1 |
115 |
100% |
4 |
20826FAR7 |
5.95% Notes due 2046* |
CPCo |
$500,000,000 |
1.875% U.S. Treasury due November 15, 2051 |
FIT1 |
125 |
80% |
(1) |
The Early Participation Payment for the Pool 1 Offer will be $30 of principal amount of New 2062 Notes per $1,000 principal amount of Pool 1 Notes and is included in the Total Consideration. |
(2) |
The Cash Payment Percent of Premium is the percentage of the amount by which the Total Consideration exceeds $1,000 in principal amount of such Pool 1 Notes to be paid in cash. |
* |
Denotes a series of Pool 1 Notes for which the Total Consideration and Exchange Consideration will be determined taking into account the par call date, instead of the maturity date, in accordance with market practice. |
COP also announced today that it is commencing a private offer to exchange (the “Pool 2 Offer” and, together with the Pool 1 Offer, the “Exchange Offers”) five series of notes issued by CPCo, Burlington and Burlington Resources Oil & Gas Company LP (“BRO&G”) as described in the table below (collectively, the “Pool 2 Notes” and, together with the Pool 1 Notes, the “Old Notes”) for a combination of cash and a new series of CPCo’s senior notes due 2042 (the “New 2042 Notes” and, together with the New 2062 Notes, the “New Notes”). The aggregate principal amount of Pool 2 Notes of each series that are accepted for exchange will be based on the order of acceptance priority for such series as set forth in the table below, such that the aggregate principal amount of Pool 2 Notes accepted in the Pool 2 Offer results in the issuance of New 2042 Notes in an amount not exceeding $1,000,000,000 (the “2042 Notes Cap”).
Pool 2 Notes |
|
|
|
|||||
Acceptance Priority Level |
CUSIP Number(s) |
Title of Security |
Issuer |
Principal Amount Outstanding |
Reference UST Security |
Bloomberg Reference Page |
Fixed Spread (basis points)(1) |
Cash Payment Percent of Premium(2) |
1 |
208251AE8 |
6.95% Notes due 2029 |
CPCo |
$1,549,114,000 |
1.875% U.S. Treasury due
|
FIT1 |
75 |
100% |
2 |
12201PAN6 |
7.40% Notes due 2031 |
Burlington |
$500,000,000 |
1.875% U.S. Treasury due
|
FIT1 |
95 |
100% |
3 |
20825UAC8 |
7.25% Notes due 2031 |
BRO&G |
$500,000,000 |
1.875% U.S. Treasury due
|
FIT1 |
95 |
100% |
4 |
12201PAB2 |
7.20% Notes due 2031 |
Burlington |
$575,000,000 |
1.875% U.S. Treasury due
|
FIT1 |
95 |
100% |
5 |
718507BK1 |
7.00% Notes due 2029 |
CPCo |
$200,000,000 |
1.875% U.S. Treasury due
|
FIT1 |
85 |
110% |
(1) |
The Early Participation Payment for the Pool 2 Offer will be $30 of principal amount of New 2042 Notes per $1,000 principal amount of Pool 2 Notes and is included in the Total Consideration. |
(2) |
The Cash Payment Percent of Premium is the percentage of the amount by which the Total Consideration exceeds $1,000 in principal amount of such Pool 2 Notes to be paid in cash. |
Set forth below is a table summarizing the terms of the New Notes:
Title of Series |
Maturity Date |
Benchmark Security |
Spread to Benchmark Security |
New 2062 Notes |
March 15, 2062 |
1.875% U.S. Treasury due November 15, 2051 |
175 bps |
New 2042 Notes |
March 15, 2042 |
2.375% U.S. Treasury due February 15, 2042 |
140 bps |
The Exchange Offers are being conducted upon the terms and subject to the conditions set forth in an offering memorandum, dated February 22, 2022 (the “Offering Memorandum”). Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offering Memorandum.
The “Total Consideration” for each of the Pool 1 Offer and the Pool 2 Offer for each $1,000 principal amount of each series of Old Notes validly tendered pursuant to the Pool 1 Offer or the Pool 2 Offer, as the case may be, at or prior to the Early Participation Deadline (as defined below) and accepted for purchase will be equal to an amount that would reflect a yield to the maturity date or, if applicable, the par call date of such series of Old Notes (excluding accrued and unpaid interest to, but not including the applicable Settlement Date) equal to the sum of (i) the bid-side yield on the applicable Reference U.S. Treasury Security as calculated by the Dealer Managers in accordance with market practice, as of the Pricing Determination Date, plus (ii) a Fixed Spread with respect to such series of Old Notes set forth in the tables above. The Total Consideration (which will include an Early Participation Payment of $30 of principal amount of the New 2062 Notes or New 2042 Notes, as applicable) for each of the Exchange Offers for holders tendering and not validly withdrawing their Old Notes at or prior to the Early Participation Deadline will be divided into (i) a cash payment equal to the product of (x) the applicable Cash Payment Percent of Premium set forth in the tables above for such series of Old Notes and (y) the applicable Total Consideration for such series of Old Notes less $1,000 (the “Cash Payment”) and (ii) a principal amount of the New Notes determined by multiplying each $1,000 principal amount of Old Notes tendered by an exchange ratio equal to the quotient obtained by dividing (a) the Total Consideration of the series of outstanding Old Notes tendered minus such Cash Payment by (b) the New Issue Price. The “New Issue Price” for each series of New Notes will be deemed to be $1,000 per $1,000 principal amount of New Notes. The amount of the Cash Payment is subject to adjustment as described in the Offering Memorandum.
Each series of New Notes will bear interest at a rate per annum equal to the sum of (a) the bid-side yield on the applicable Benchmark Security as calculated by the Dealer Managers in accordance with market practice, as of the Pricing Determination Date, plus (b) a fixed spread with respect to such series of New Notes.
In addition, holders whose Old Notes are accepted for exchange will receive in cash accrued and unpaid interest from the last applicable interest payment date to, but excluding, the date on which the exchange of such Old Notes is settled, less the amount of any pre-issuance interest on the New Notes exchanged therefor on the Final Settlement Date only, and amounts due in lieu of fractional amounts of New Notes. In the case of any New Notes issued on the Final Settlement Date, if the pre-issuance interest accrued on such New Notes exceeds the accrued and unpaid interest on the Old Notes exchanged therefor, then no accrued and unpaid interest on such Old Notes will be paid.
COP reserves the right, in its sole and absolute discretion, to increase the 2062 Notes Cap or the 2042 Notes Cap without extending the Withdrawal Deadline (as defined below) or otherwise reinstating withdrawal rights.
Each Exchange Offer is subject to certain conditions, including, (i) with respect to the Pool 1 Offer, a minimum of $500,000,000 aggregate principal amount of New 2062 Notes being issued in the Pool 1 Offer, (ii) with respect to the Pool 2 Offer, a minimum of $500,000,000 aggregate principal amount of New 2042 Notes being issued in the Pool 2 Offer, (iii) as of 10:00 a.m. New York City time on March 8, 2022, the combination of the yield of the New Notes and the Total Consideration or Exchange Consideration, as applicable, for the applicable series of Old Notes would result in the New Notes and such Old Notes not considered as “substantially different” under Financial Accounting Standards Board Accounting Standards Codification Subtopic 470-50, (iv) COP receiving aggregate gross proceeds of at least $2.7 billion from the public offering, commenced substantially concurrently with the Exchange Offers, of three series of senior debt securities issued by CPCo and guaranteed by COP on or prior to March 11, 2022, the date currently expected to be the Early Settlement Date, on terms acceptable to COP, in its sole discretion, and (v) with respect to any Old Notes validly tendered pursuant to any Exchange Offer that will be exchanged on the Final Settlement Date (as defined below), COP determines that the New Notes to be issued on the Final Settlement Date in such Exchange Offer will be treated as part of the same issue as the New Notes, if any, issued on the Early Settlement Date for U.S. federal income tax purposes pursuant to specified tests.
Only Eligible Holders (as defined below) of Old Notes who validly tender their Old Notes at or before 5:00 p.m. New York City time on March 7, 2022, subject to any extension by COP (the “Early Participation Deadline”), who do not validly withdraw their tenders and whose Old Notes are accepted for exchange, will receive the Early Participation Payment.
The Exchange Offers will expire at one minute after 11:59 p.m., New York City time, on March 21, 2022, unless extended (the “Expiration Date”) or earlier terminated. Tenders of Old Notes submitted in the Exchange Offers at or prior to 5:00 p.m. New York City time on March 7, 2022, subject to any extension by COP (the “Withdrawal Deadline”), may be validly withdrawn at any time prior to the Withdrawal Deadline, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by COP). Tenders submitted in the Exchange Offers after the Withdrawal Deadline will be irrevocable except in the limited circumstances where additional withdrawal rights are required by law (as determined by COP).
COP reserves the right, but is under no obligation, at any point following the Early Participation Deadline and before the Expiration Date, to accept for exchange any Old Notes validly tendered at or prior to the Early Participation Deadline (the date of such exchange, the “Early Settlement Date”). The Early Settlement Date will be determined at COP’s option and is currently expected to occur on March 11, 2022, the third business day immediately following the Pricing Determination Date. If, after the Early Participation Deadline, COP chooses to exercise its option to have an Early Settlement Date and all conditions to the relevant Exchange Offers have been or are concurrently satisfied or waived by COP, COP will, subject to the terms of the Exchange Offers, accept for exchange all Old Notes validly tendered in the Exchange Offers prior to the Early Participation Deadline subject to proration, and the exchange for such Old Notes will be made on the Early Settlement Date.
The Final Settlement Date for the Exchange Offers will be promptly after the Expiration Date and is currently expected to occur on March 23, 2022, the second business day immediately following the Expiration Date (the “Final Settlement Date”).
The Exchange Offers are only being made, and the New Notes are only being offered and will only be issued, and copies of the offering documents will only be made available, to holders of Old Notes (1) either (a) in the United States, that are “qualified institutional buyers,” or “QIBs,” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act or (b) outside the United States, that are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act, or a dealer or other professional fiduciary organized, incorporated or (if an individual) residing in the United States holding a discretionary account or similar account (other than an estate or a trust) for the benefit or account of a non-“U.S. person,” and (2) (a) if located or resident in any Member State of the European Economic Area, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in Regulation (EU) 2017/1129), and consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the European Economic Area has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPs Regulation; or (b) if located or resident in the United Kingdom, who are persons other than “retail investors” (for these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA), and consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation (“Eligible Holders”). The Exchange Offers will not be made to holders of Old Notes who are located in Canada. Only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. There is no separate letter of transmittal in connection with the Offering Memorandum.
The New Notes have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Exchange Offers before the deadlines specified herein and in the Offering Memorandum and eligibility certification. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum and eligibility certification.
This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers are being made solely by the Offering Memorandum and eligibility certification and only to such persons and in such jurisdictions as is permitted under applicable law.
Global Bondholder Services Corporation has been appointed as the exchange agent and information agent for the Exchange Offers. Documents relating to the Exchange Offers will only be distributed to holders of Old Notes who certify that they are Eligible Holders. Questions or requests for assistance related to the Exchange Offers or for additional copies of the Offering Memorandum and eligibility certification may be directed to Global Bondholder Services Corporation at (855) 654-2015 (toll-free) or (212) 430-3774 (banks and brokers) or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Exchange Offers. The Offering Memorandum and eligibility certification can be accessed at the following link: https://gbsc-usa.com/eligibility/cop.
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About ConocoPhillips
ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition or the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission.
Dennis Nuss (media)
281-293-4733
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Investor Relations
281-293-5000
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DUBLIN--(BUSINESS WIRE)--The "Syngas Market: Global Market Size, Forecast, Insights, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The global syngas market is expected to grow at a CAGR of around 6.6% during 2022-2028. This report on global syngas market report provides holistic understanding of the market along with market sizing, forecast, drivers, challenges, and competitive landscape.
The report presents a clear picture of the global syngas market by segmenting the market based on gasifier type, feedstock, technology, end use and region. Also, detailed profiles of companies operating in syngas market are provided in this report.
Market Dynamics
Drivers
Challenges
Companies Mentioned
Key Topics Covered:
1. Preface
2. Key Insights
3. Global Syngas Market
3.1. Introduction
3.2. Market Drivers
3.3. Market Challenges
4. Global Syngas Market Analysis
4.1. Market Portraiture
4.2. Market Size
4.3. Market Forecast
4.4. Impact of COVID-19
5. Global Syngas Market by Gasifier Type
5.1. Introduction
5.2. Fixed Bed
5.3. Entrained Flow
5.4. Fluidized Bed
6. Global Syngas Market by Feedstock
6.1. Introduction
6.2. Coal
6.3. Natural Gas
6.4. Petroleum
6.5. Pet-Coke
6.6. Biomass and Waste
7. Global Syngas Market by Technology
7.1. Introduction
7.2. Steam Reforming
7.3. Partial Oxidation
7.4. Auto-Thermal Reforming
7.5. Combined or Two-step Reforming
7.6. Others
8. Global Syngas Market by End Use
8.1. Introduction
8.2. Power Generation
8.3. Chemicals
8.3.1. Ammonia
8.3.2. Gas to liquid
8.3.3. Hydrogen
8.3.4. Methanol
8.3.5. N-Butanol
8.3.6. Dimethyl Ether
8.4. Liquid Fuels
8.5. Gaseous Fuels
9. Global Syngas Market by Region
10. SWOT Analysis
11. Porter's Five Forces
12. Market Value Chain Analysis
13. Competitive Landscape
13.1 Competitive Scenario
13.2 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1ir7cp
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SOUTH SAN FRANCISCO, Calif. & EUGENE, Ore.--(BUSINESS WIRE)--#autonomousvehicles--Faction Technology, Inc. and Arcimoto, Inc. (NASDAQ: FUV) showcased a next-generation driverless delivery vehicle based on the Arcimoto Platform at the new Arcimoto RAMP manufacturing facility in Eugene, Oregon today. Equipped with Faction’s DriveLink™ and TeleAssist™ technologies, the completely driverless Faction D1 combines autonomy with remote human teleoperation. The driverless vehicle system retains the Arcimoto FUV’s capabilities of a 75 mph top speed and just over 100 miles of range while transporting up to 500 pounds of cargo.
“Scalable driverless vehicle systems require engineering from the chassis up, and by leveraging the revolutionary Arcimoto Platform, we’re able to develop our driverless system much faster than using legacy vehicle designs,” said Faction CEO, Ain McKendrick. “The end result will be a rightsized, ultra-efficient driverless delivery vehicle that reduces pollution and drives down costs for local and last-mile delivery fleets.”
Targeting the average urban trip of five miles or less, Faction and Arcimoto have a shared belief that right-sizing driverless electric vehicles will provide a significant boost in efficiency, reduce carbon emissions, and offer significant cost savings over existing transportation solutions.
Mark Frohnmayer, Founder and CEO at Arcimoto said, “We’ve been thrilled to work with the Faction team to support driverless development on the Arcimoto Platform. With a common mission of deploying ultra-efficient electric vehicles at scale, the commercial launch of the driverless Faction D1 will be a game-changer for last-mile logistics.”
The driverless Faction D1 features advanced sensors and safety systems, and has a configurable cargo compartment that can be adapted for specialized payloads in addition to general fleet-on-demand use. With a commercial service cost of less than $2 per mile for driverless deliveries, the vehicle is extremely cost-competitive for various delivery use cases.
Pilot customer trials are expected to begin in 2022. Interested fleet customers can contact Faction about access to pre-production vehicles and services now, and make reservations for production models beginning in 2023.
For more information visit www.faction.us
About Faction
Faction Technology, Inc. is a Silicon Valley startup that develops driverless solutions based on light electric vehicles. Founded in February 2020, Faction is on a mission to revolutionize micro-logistics and vehicle-on-demand. The company believes the future of sustainable transportation is to develop driverless vehicles that are safe, cost-effective, and right-sized to serve a range of use cases for both business and passenger transportation needs. For more information visit www.faction.us
About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Our flagship vehicle, the Arcimoto FUV®, is purpose-built for everyday driving and transforms ordinary trips into pure-electric joyrides. Launched in 2021, the all-new Arcimoto Roadster is designed to be the ultimate open-road fun machine and is the purest expression of the Arcimoto Platform. The Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Expected to launch in 2022, the Flatbed represents Arcimoto’s vision of a pure-electric, rightsized utility pickup truck. The upcoming Cameo™ is designed to create a smooth, silent, sustainable camera vehicle for the film and influencer industries. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this press release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.
Faction
Andrea Borbely, VP Operations
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650-254-6025
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and the only U.S. public charging network powered by 100% renewable electricity, today released a new guide featuring best practices gleaned from over a decade of operating experience designed to help state Departments of Transportation (DOTs) and their partners with administering funds from the recently announced $5 billion National Electric Vehicle Infrastructure Program (NEVI). Titled “Best Practices for Charging Infrastructure Funding Program Design,” the guide is the latest in EVgo’s “Connect the Watts” series and outlines five program design principles for states to consider and implement in their EV Infrastructure Deployment Plans in order to receive necessary funding, develop their much-needed infrastructure on time and accelerate the mass adoption of electrified transportation in the United States.
Under the Biden Administration’s $5 billion NEVI program, states are required to submit EV Infrastructure Deployment Plans outlining their proposed use of federal funds received by August 1, 2022. “Best Practices for Charging Infrastructure Funding Program Design” draws upon the company’s decade-plus experience deploying fast charging infrastructure to help states develop their programs and expedite infrastructure development. The new Connect the Watts guide also draws from EVgo’s deep background in clean energy, investing and federal energy policy. EVgo's leadership team has a long history of working with policymakers across the aisle and across the country, from executive experience at the federal level to state agencies and regulatory bodies.
“At EVgo, we continue to champion close collaboration between the public and private sectors to realize the full potential of federal funding and move the needle further on mass EV adoption,” said Cathy Zoi, Chief Executive Officer at EVgo. “As state DOTs across the country gear up to administer the newly announced funds, EVgo’s distillation of a decade of experience can serve as a valuable guide – demystifying the steps necessary to effectively support EV growth and accelerate electrification.”
Today’s announcement builds upon EVgo’s thought leadership initiatives on public funding programs, including past best practices documents and a full set of public comments in response to the NEVI request for stakeholder input. The company’s latest guide outlines best practices for states in regard to maintaining timelines, scouting and evaluating potential charging locations, ensuring equitable access in rural and disadvantaged communities, working alongside charging network operators as well as public and other interagency partners to ensure compliance with NEVI and obtain approval from their Departments of Transportation.
“Best Practices for Charging Infrastructure Funding Program Design” is part of EVgo’s “Connect the Watts” program, an initiative aimed at bringing the EV charging infrastructure community together to identify and implement best practices for charger deployment. To download “Best Practices for Charging Infrastructure Funding Program Design,” click here.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943
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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) today announced it has been named to Newsweek’s America’s Most Responsible Companies list for 2022. The prestigious award is presented annually to public corporations for their commitment to corporate social responsibility in the three areas of ESG—environment, social and corporate governance.
Essential Utilities, through its subsidiaries, Aqua and Peoples Natural Gas, has more than 250 years of combined experience in operating sustainably and responsibly while ensuring safe and reliable access to the Earth’s most essential resources. In 2021, Essential reported ESG results and published new, aggressive targets for reducing carbon emissions and increasing employee and supplier diversity across the business.
“In addition to delivering safe and reliable access to water, wastewater and natural gas service, we are deeply committed to progressing in our mission to become a more sustainable and equitable company,” said Christopher Franklin, chairman and CEO of Essential Utilities. “We are honored to be recognized for our progress towards our ambitious ESG goals, and we remain focused on responsible infrastructure improvements, environmental sustainability and continued progress to diversify our company at all levels.”
The list, presented by Newsweek and global research firm Statista, Inc., recognizes the top responsible companies from a selection of 2,000 public companies by revenue with headquarters in the United States, spanning 14 industries. The selection process was based on a published sustainability report, publicly available ESG performance data and an independent survey.
The inclusion on the 2022 list marks yet another time Essential Utilities has been publicly recognized for its commitment to corporate social responsibility. Learn more about their performance at esg.essential.co.
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including. There are important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements including: general economic business conditions; the successful integration of the customers and the facility; and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential Utilities’ business, please refer to Essential Utilities’ annual, quarterly and other SEC filings. Essential Utilities is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
WTRGG
Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610.645.1191
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Erin O’Donnell
Communications
O: 412.266.2446
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