With the combination of customer experience insights and journey orchestration, organizations can have a single view of the customer journey and use real-time interactions to improve experiences and loyalty
SAN FRANCISCO--(BUSINESS WIRE)--Medallia, Inc., the global leader in customer and employee experience, today announced the signing of a definitive agreement to acquire Thunderhead, the leader in enterprise technology for real-time interaction management and journey orchestration.
Thunderhead will strengthen Medallia’s ability to power individualized journeys and conversations at scale, across all online and offline channels, helping Medallia’s thousands of customers continue to increase their brand loyalty, sales, and growth.
“We continue to blaze the innovation trail for the customer experience world. This latest acquisition is targeted at the needs of the most pioneering enterprise companies who are looking for new ways to make customers feel known, no matter where they are interacting,” said Medallia CEO Leslie Stretch. “The combination of Medallia Experience Cloud and Thunderhead’s open technology for real-time interaction delivers feedback-driven personalization on a massive scale. Thunderhead’s journey orchestration capability ensures every enterprise can make the most of feedback data to shape their product and service offerings, customer journeys, and experiences.”
Thunderhead technology is relied upon by some of the greatest organizations in the world, including the Cleveland Cavaliers, EnBW, and Bosch. The comprehensive Thunderhead ONE platform brings together IOT, digital, contact center, and offline interactions to deliver personalized experiences at scale.
“Medallia pioneered customer experience management and continues to lead the category,” said Thunderhead CEO Glen Manchester. “Medallia's ability to capture signals from an extensive range of sources to operationalize insight and drive action has kept it at the forefront.”
“The acquisition of Thunderhead by Medallia heralds the next era of customer experience. We pioneered the idea of The Customer Operating System™, with our closed-loop customer engagement platform powered by continuous listening, feedback, and learning, all actioned through our unique fusion of journey orchestration and real-time interaction management (RTIM),” Manchester continued. “With Thunderhead, Medallia can ensure that every single aspect of the customer lifecycle — marketing, commerce, sales, and service — will be a seamless, relevant, and frictionless experience.”
The transaction is expected to close in the first quarter of this fiscal year.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Thunderhead. Kirkland & Ellis LLP is serving as legal advisor to Medallia. Allen & Overy LLP is serving as Thunderhead’s legal advisor.
About Medallia
Medallia is the pioneer and market leader in customer, employee, citizen and patient experience. The company’s award-winning SaaS platform, Medallia Experience Cloud, is becoming the experience system of record that makes all other applications customer and employee aware. The platform captures billions of experience signals across interactions including all voice, video, digital, IoT, social media and corporate messaging tools. Medallia uses proprietary artificial intelligence and machine learning technology to automatically reveal predictive insights that drive powerful business actions and outcomes. Medallia customers reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities and drive revenue-impacting business decisions, providing clear and potent returns on investment. For more information visit www.medallia.com.
© 2022 Medallia, Inc. All rights reserved. Medallia®, the Medallia logo, and the names and marks associated with Medallia’s products are trademarks of Medallia. All other trademarks are the property of their respective owners.
About Thunderhead
Thunderhead is leading the movement to transform customer engagement, enabling brands for the first time to understand each customer's intent and orchestrate individualized journeys for millions of customers across billions of touchpoints, seamlessly and in real-time. Thunderhead is the recognized global leader in technology for Customer Journey Orchestration, Journey Analytics and Real Time Interaction Management. With its AI-driven ONE Engagement Hub, it's now possible for brands to deliver exceptional engagement for every customer throughout every journey. Across every industry, ONE is driving top-line growth, reducing cost-to-serve, increasing customer happiness and building customer lifetime value.
Eric Stoessel
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HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced that it will release 2022 first-quarter financial results on Tuesday, February 1, 2022 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Wednesday, February 2, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central).
WHAT:
Geospace Technologies First Quarter 2022 Results Conference Call
WHEN:
Wednesday, February 2, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central)
HOW:
Live via phone – U.S. participants can dial toll free (877) 876-9176. International participants can dial (785) 424-1670. Please reference the Geospace Technologies conference ID: GEOSQ122 prior to the start of the conference call.
For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page.
Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security, and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.
Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305
DUBLIN--(BUSINESS WIRE)--The "Global Field Erected Cooling Tower Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The publisher has been monitoring the field erected cooling tower market and it is poised to grow by $237.46 million during 2022-2026, progressing at a CAGR of 2.42% during the forecast period.
The report on the field erected cooling tower market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by growing demand for re-engineered or refurbished field erected cooling towers and increasing number of natural gas-fired power plants.
The field erected cooling tower market analysis includes the product segment and geographic landscape. This study identifies the growing power sector and augmented power generation capacities worldwide as one of the prime reasons driving the field erected cooling tower market growth during the next few years.
Companies Mentioned
The report on field erected cooling tower market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Product
6. Customer landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/pu67n3
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CLARKSTON, Mich. & MONTGOMERY, Ala.--(BUSINESS WIRE)--Oscar W. Larson Company (“Oscar Larson” or “OWL”), a portfolio company of Trive Capital and strategic partner of SideKick Operators, has acquired Capitol Business Equipment, Inc. (“CBE”). CBE specializes in remote and on-premise large-scale technology deployments, long-term managed service, and repair & maintenance of nearly any type of in-store hardware and software technology, including loss prevention technology, point of sale systems, and network solutions. The acquisition further bolsters Oscar Larson’s service offering and footprint that have been purpose built to relentlessly serve its customers nationwide.
SideKick Operators (“SideKick”), the Texas-based strategic investment and advisory firm, announced its partnership with Oscar Larson and Trive in April of 2021. SideKick is a co-investor alongside Trive and the shareholders of the Oscar W. Larson Company. SideKick is also serving as a strategic advisor to the Oscar Larson management team as the company expands nationally and broadens their offerings to better meet the needs of their customers.
SideKick CEO Justin Steen said “We are thrilled about the partnership with CBE. The company has a strong reputation and delivers exceptional service, making them a perfect partner for OWL’s mission to deliver best-in-class service nationwide.”
Oscar Larson President Charlie Burns said “The CBE partnership, and the recent acquisitions of WildcoPES and Cox Service Station Maintenance, are game changers for the company. We are well positioned to be the nation’s partner of choice for in and out of store facility maintenance and service to energy infrastructure.”
Oscar Larson is actively seeking add-on opportunities in the equipment distribution and installation, testing, inspection, maintenance and repair services markets within the QSR or energy infrastructure industries.
About SideKick Operators
For more than 4 decades, the partners of SideKick Operators have been building long lasting and sustainable companies across North America. SideKick is a strategic firm investing in mission critical trades providing repair, maintenance, inspection, and testing services. The company joins in partnership with business leaders to build national brand reputations through operational excellence. SideKick comes from a history with a deep rooted appreciation for founder and family-owned businesses.
About Trive Capital
Trive Capital is a Dallas, Texas based private equity firm with approximately $3.6 billion in assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.
The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.
About Oscar Larson
Founded in 1946 and headquartered in Clarkston, Michigan, Oscar Larson is a leading end-to-end equipment distributor and provider of installation, testing, inspection, maintenance and repair services to energy infrastructure and other customers across multiple regions.
For inquiries, please contact Morgan McGee – This email address is being protected from spambots. You need JavaScript enabled to view it.
Infrastructure improvement grant from the Louisiana Port Construction and Development Priority Program will fund carbon negative site improvements
COLUMBIA, La.--(BUSINESS WIRE)--Strategic Biofuels, the leader in developing negative carbon footprint renewable fuels plants, and the Port of Columbia in Caldwell Parish (Port) have jointly announced that the Port has received a $15 million infrastructure improvement grant. The grant, intended to fund site improvements, is from the Louisiana Port Construction and Development Priority Program, which is administered by the Louisiana Department of Transportation and Development (DOTD).
Port Director, Greg Richardson said, “The infrastructure improvement grant represents a major advancement for the Port of Columbia and Caldwell Parish. It allows the Port to improve the services it can offer and ultimately improve revenues. Because of the grant’s potential impact, the Port engaged Gary LaGrange, longtime Director of the Port of New Orleans, to help us navigate the grant application process. During Gary’s 15-year tenure with the Port of New Orleans, he was responsible for more than $500 million in infrastructure improvements before he retired in 2016. Our success in securing the grant confirmed the Port Commissioners’ wisdom in engaging him.”
The Port of Columbia is the site of Strategic Biofuels’ Louisiana Green Fuels (LGF) Project, and the grant will enhance the Port’s accessibility, serviceability and covers three areas of site improvement:
Bob Meredith, Strategic Biofuels’ Chief Operating Officer and Caldwell Parish native said, “We greatly appreciate the efforts the Port has made to secure funding for infrastructure improvements. The early upgrading of Riverton Camp Road coming this summer provides strong support for LGF’s aggressive construction schedule. It allows us to begin actual plant construction as soon as the full project funding is secured, and we expect that to be in early 2023. The Port has also been a key contributor in our efforts with DOTD and Union Pacific Railroad. The strong support we’ve continued to receive from Caldwell Parish confirms the wisdom of locating the plant here.”
About the Port of Columbia:
The Port of Columbia is a Louisiana Economic Development (LED) Certified Site located six miles north of Columbia in Caldwell Parish, LA. Certified Sites are development-ready industrial sites which have passed an extensive application process and exhaustive review by an independent, third-party engineering firm. The Port of Columbia is governed by a board of commissioners who are accountable to the Caldwell Parish government.
About Strategic Biofuels:
Strategic Biofuels LLC is a team of oil and gas, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard (RFS) and under the California Low Carbon Fuels Standard (LCFS).
About Louisiana Green Fuels:
Louisiana Green Fuels is the first project by Strategic Biofuels in northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration Wells will be the first renewable fuels project in North America to achieve “negative” carbon emissions and the most carbon-negative of any liquid fuels plant in the world. The feedstock for the plant is forestry waste from managed and sustainable forests.
Uniqua Williams
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HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announces that it will report financial results for the fourth quarter and full year 2021 on Thursday, February 24, 2022, after the close of trading on the New York Stock Exchange. The earnings release will be available on Oceaneering’s website at www.oceaneering.com.
Oceaneering also has scheduled a conference call and webcast related to its 2021 results for Friday, February 25, 2022, at 10:00 a.m. Central Time. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering’s website. A replay of the conference call will be made available on the website approximately two hours after the live call concludes.
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) named Jeff Wiltrout, Vice President- Corporate Strategy, effective immediately. Wiltrout has served in this role on an interim basis since Thad Ewald’s departure from Cummins last year.
“I am thrilled to have Jeff take this role, and I’m confident his experience and leadership capabilities make him the ideal leader for this work,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “During his career at Cummins, Jeff has demonstrated excellence in leading critical strategy projects while building trust and developing strong teams around him. It is an exciting and pivotal moment in our history given the technology and industry transitions that are taking place, and Jeff will help us continue to grow and be successful.”
Wiltrout joined Cummins in 2009 and prior to his current interim role, he served as the Executive Director of Corporate Development where he was responsible for leading the Corporate Development function. In that position, he worked with business segment leaders to evaluate potential opportunities, lead deal negotiations and execute transactions through a variety of structures including acquisitions, joint ventures, minority equity investments and licensing. Wiltrout held several other roles at Cummins including Power Systems Strategy Director, Corporate Strategy Director, Product Planning Leader in Cummins Generator Technologies (CGT), Manager in Corporate Strategy, and Business Development Manager in Cummins Turbo Technologies (CTT). Prior to Cummins, Wiltrout was with National City Bank in Indianapolis.
Wiltrout earned his bachelor’s degree from the University of Notre Dame in South Bend, Indiana (U.S.), and his MBA from the Kelley School of Business at Indiana University in Bloomington, Indiana (U.S.). He resides in Columbus, Indiana (U.S.), with his wife and children.
About Cummins Inc.
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 57,800 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 $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Jon Mills
Director, External Communications
317-658-4540
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MONTREAL--(BUSINESS WIRE)--$LMR #CSMs--Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it has received approval from the TSX Venture Exchange for the non-brokered private placement previously announced on January 7, 2022 and updated on January 14, 2022. It has closed its financing for gross proceeds of $1,666,000 and has issued 20,825,000 units (the “Units”) at a price of $0.08 per unit. Each Unit consists of one common share and one warrant exercisable for five years at $0.11.
The Company has agreed to pay cash finder fees in the aggregate of $33,100 and issued an aggregate of 413,750 warrants, exercisable for two years at $0.11.
Proceeds of the private placement will be used for working capital.
Insiders of the Company subscribed for 1,375,000 Units. As such, this participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders nor the consideration for the Units paid by such insiders, exceed 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the closing date of this private placement as details of the respective participation of such insiders in the Offering was unknown at such time.
The securities have now been issued having a required hold period expiring May 20, 2022.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with purpose: a people-first company where we can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Our goal is to create a new energy future in Canada where we will grow the critical minerals workforce, become a valued partner and neighbour with the communities in which we operate, and provide a secure and responsibly sourced supply of critical minerals.
The Company holds a 100% interest in its La Loutre graphite development in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions. Located 180 kilometres northwest of Montreal, the property consists of 1 large, continuous block with 48 minerals claims totaling 2,867 hectares (28.7km2). Lomiko Metals published a Preliminary Economic Assessment (“PEA”) on September 10, 2021 which indicated the project had a 15 year mine life producing per year 100,000 tonnes of the graphite concentrate at 95%Cg or a total of 1.5Mt of the graphite concentrate. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors.
Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the Bourier Project as per the options agreement announced on April 27th, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec which consists of 203 claims, for a total ground position of 10,252.20 hectares (102.52 km2), in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.
Mr. Mike Petrina, Project Manager, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release.
For more information on Lomiko Metals, review the website at www.lomiko.com or contact us at This email address is being protected from spambots. You need JavaScript enabled to view it..
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s projects, including expected costs of exploration and timing to achieve certain milestones, including timing for completion of exploration programs; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company’s business objectives or projects, the Company's financial position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: current market for critical minerals; current technological trends; the business relationship between the Company and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry; general economic conditions, including in relation to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
For more information:
Kimberly Darlington
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514-771-3398
Proposal includes clean generation and storage feasibility studies to help company achieve net-zero greenhouse gas emissions
DES MOINES, Iowa--(BUSINESS WIRE)--MidAmerican Energy today announced plans for a $3.9 billion renewable energy project in Iowa, including wind and solar generation, and the exploration of new technologies to advance the company’s transition to net-zero greenhouse gas emissions.
In a filing with the Iowa Utilities Board, MidAmerican’s proposed project, called Wind PRIME, would add 2,042 megawatts of wind generation and 50 megawatts of solar generation.
The company also proposed conducting feasibility studies focused on other clean generation technologies, including carbon capture, energy storage and small modular nuclear reactors.
Wind PRIME will continue MidAmerican’s long history of supporting Iowa communities and advancing the state’s position as a leader in renewable energy. Since 2004, the company has invested approximately $14 billion in renewable energy projects across Iowa.
“Iowa is a renewable energy leader, thanks in large part to MidAmerican Energy’s proven track record of clean energy commitments and investments that are a true competitive advantage for our state,” Iowa Governor Kim Reynolds said. “MidAmerican’s Wind PRIME is a commitment and investment on a whole new level, cementing Iowa’s clean energy leadership for many years to come. Beyond that, though, the company’s commitment to study and pursue emerging clean energy technologies will help Iowa meet the growing demand for a sustainable economy that manages our carbon footprint.”
Wind PRIME, MidAmerican’s 13th renewable energy generation development, is aptly named to both convey that now is the prime time to embark on this opportunity, and to reflect that although wind is an essential component, the project also includes solar energy generation and the examination of new clean energy technologies that will be an important part of the net-zero transition.
“As MidAmerican continues to progress toward delivering 100% renewable energy to our customers, we are also preparing to meet an important milestone of net-zero greenhouse gas emissions,” Kelcey Brown, president and CEO of MidAmerican, said. “The Wind PRIME project will position us and our customers for a sustainable future, while ensuring we continue to deliver affordable and reliable energy.”
Wind PRIME would result in significant benefits for the environment and MidAmerican’s customers:
MidAmerican estimates that the Wind PRIME project will create more than 1,100 full-time jobs during the construction phase and another 125 full-time positions for ongoing operations and maintenance.
In addition, Wind PRIME will provide an average of $24 million-plus per year in local property tax payments on wind turbines and solar facilities, as well as more than $21 million in annual landowner easement payments.
If approved, the company plans to complete construction in late 2024.
About MidAmerican Energy
MidAmerican Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway Energy, is headquartered in Des Moines, Iowa. The company serves 795,000 electric customers in Iowa, Illinois and South Dakota, and 774,000 natural gas customers in Iowa, Illinois, Nebraska and South Dakota. Information about MidAmerican Energy is available at midamericanenergy.com and company social media channels.
Tina Hoffman
Media Relations Hotline
515-281-2266
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DUBLIN--(BUSINESS WIRE)--The "Boat Speedometer Market by Application, Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global boat speedometer market was valued at $353.3 million in 2020 and is expected to reach $558.5 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.
Boat speedometer is an important device that is used to measure speed of boats or ship in water. Boat speedometer is also known as pitometer log. Boat speedometer is being adopted in sailboats, ships, and yachts to display how fast the boat is moving on water. Boat speedometer becomes very important to measure the speed of boat during any climatic change so that safety of people inside the boat can be measured. Boat speedometer can be used on submarine and surface boats.
Surge in demand for boat speedometer in modern boats, ships, and marine industry in various countries, such as India, China, Brazil, and others, drives the growth of the global boat speedometer market. In addition, maintaining the proper speed of boats and sailboats is very important to prevent any dangerous situation and avoid accidents in boats and ships, thereby driving the growth of the global boat speedometer market.
Rise in disposable income of population in various countries, such as India, Japan, Brazil, and others, is expected to increase tourism activities, thereby driving the growth of the boat speedometer market. For instance, the disposable income of Japan grew by 6.5% from 2019 to 2020. Increase in demand for boat speedometers in recreational activities and boating activities globally drives the growth of the global boat speedometer market.
However, fluctuation in raw material prices and availability of substitutes, such as impeller log and propeller log, are anticipated to restraint the growth of the boat speedometer market. On the contrary, rise in water sports activities globally is anticipated to create growth opportunities for the global boat speedometer market.
Key Benefits
Market Dynamics
Drivers
Restraints
Opportunities
Key Segments
By Application
By Type
By Distribution Channel
By Region
Key Players
For more information about this report visit https://www.researchandmarkets.com/r/b5b6og
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Earnings conference call to begin at 5 p.m. ET on Wednesday, February 9, 2022
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--U.S. Xpress Enterprises, Inc. (NYSE: USX) today announced that it will release its fourth quarter and full year 2021 financial results after the market closes on Wednesday, February 9, 2022. U.S. Xpress will host a conference call and simultaneous webcast at 5 p.m. ET the same day to discuss its results.
Conference Call / Webcast Details:
Date: February 9, 2022
Time: 5 p.m. ET
Toll-Free Dial-In Number: 1-877-423-9813
International Dial-In Number: 1-201-689-8573
The live webcast and a replay will be available on the U.S. Xpress investor website at investor.usxpress.com.
About U.S. Xpress Enterprises
Through its subsidiaries, U.S. Xpress Enterprises, Inc. offers customers over-the-road, dedicated, and brokerage services. Founded in 1985, the Company utilizes a combination of smart technology, a modern fleet of tractors, and a network of highly trained, professional drivers to efficiently move freight for a wide variety of customers. U.S. Xpress implements a range of digital initiatives and technology to drive innovation in the industry, streamline the value chain for customers and improve the overall driver experience. For more, visit usxpress.com.
U.S. Xpress Enterprises, Inc.
Matt Garvie
Vice President, Investor Relations
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HOUSTON & OSLO, Norway--(BUSINESS WIRE)--Honeywell (NASDAQ: HON) and FREYR Battery (NYSE: FREY) today announced they have signed an agreement pursuant to which FREYR will, subject to viability, leverage Honeywell’s leading technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.
Through the agreement, Honeywell and FREYR intend to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers alike. Subject to viability, FREYR will leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S.
The battery cells produced through this project can be utilized by “behind-the-meter” or industrial locations, as well as “front-of-the-meter” locations like large solar and wind renewable power generation sites.
“Battery storage will play a crucial role as organizations transition to clean power generation,” said Tom Einar Jensen, FREYR’s Chief Executive Officer. “Honeywell is an ideal partner with world class teams, technology and industrial expertise and our shared commitment to decarbonizing the global energy systems sector will serve as the foundation for our continued work together. Today’s announcement is also an important milestone as we advance to a potential H1 2022 Final Investment Decision (“FID”) on our first Gigafactory in Mo i Rana, Norway.”
Battery Energy Storage Systems (BESS) technology development is vital to the continued decarbonization of global power systems. According to a recently published research report by Stanford University, the U.S. power grid could reach 100% renewable power penetration by 2050. This new cost competitive electricity mix would rely largely on solar, wind and hydro development as well as energy storage technology. According to the study, BESS would spearhead this trend and could reach total installed capacity of 15,700 GWh by 2050.
“Introducing decarbonized storage solutions at scale across multiple geographic markets is vital to our continued sustainability efforts and in turn, helps to make renewable energy accessible and efficient,” said Ujjwal Kumar, President & CEO, Honeywell Process Solutions. “This collaboration will pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers.”
Honeywell has committed to achieve carbon neutrality in its operations and facilities by 2035. The work Honeywell is doing with FREYR builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
To learn more please visit: https://pmt.honeywell.com/us/en/initiative/renewable-and-distributed-assets
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com
About Honeywell
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to leverage Honeywell’s technology offerings, including integrated automation, field instrumentation and security integration solutions in their manufacturing process; the parties’ entry into any definitive agreement in relation to the teaming agreement; the parties' ability to provide smart energy storage solutions to address the needs of a wide range of commercial and industrial customers; the next-generation battery cells’ “behind-the-meter” industrial applications or ability to be delivered to “front-of-the-meter” customers and co-located with large solar and wind power generation sites; FREYR’s ability to leverage Honeywell’s broad automation and software expertise including automation systems, quality assurance and controls, and industrial software to provide manufacturing capacity at scale in Europe and the U.S.; BESS technology development’s role in the decarbonization of global power systems and clean power generation; decarbonized storage solutions’ role in making renewable energy accessible and efficient; the parties’ ability to pair FREYR’s next-generation battery solutions with Honeywell’s 20 years of lithium-ion battery industry know-how and established routes to markets and customers; Honeywell’s commitment to achieving carbon neutrality in its operations and facilities by 2035; and Honeywell’s products that are aimed at improving environmental and social outcomes for customers are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.
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Honeywell: Sean Meakim
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HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.27 per share for the fourth quarter ($1.08 annualized), payable on February 15, 2022, to stockholders of record as of the close of business on January 31, 2022. This dividend is a 3% increase over the fourth quarter of 2020.
KMI is reporting fourth quarter net income attributable to KMI of $637 million, compared to $607 million in the fourth quarter of 2020; and distributable cash flow (DCF) of $1,093 million, compared to $1,250 million in the fourth quarter of 2020. Adjusted Earnings were $609 million for the quarter, versus $604 million in the fourth quarter of 2020.
“Our assets once again generated robust Adjusted Earnings and strong coverage of this quarter’s dividend. The company provides our investors with dependable value grounded on stable cash flows and a time-honored corporate philosophy: fund our expansion capital opportunities internally, maintain a healthy balance sheet, and return excess cash to our shareholders through dividend increases and/or share repurchases,” said KMI Executive Chairman Richard D. Kinder.
“We closed out 2021 as a record year financially, beginning with our outstanding commercial and operational performance during Winter Storm Uri. We followed that by achieving our 2021 EBITDA target — not counting the earnings during the storm,” said KMI Chief Executive Officer Steve Kean. “I am especially proud of our more than 10,000 co-workers, who remained laser-focused on safety, operational excellence, and customer service — despite the waxing and waning pandemic and frequently changing restrictions around the country,” continued Kean.
“As we complete our 25th year, future prospects for the company look very bright. Our business model, predominantly take-or-pay and fee-based long-term contracts with creditworthy customers, remains durable. And our interconnected network of transportation and storage infrastructure is now recognized as even more valuable in the marketplace. We remain committed to allocating capital conservatively in both our traditional businesses and new opportunities in the low-carbon energy transition. With multiple new deals and arrangements for transporting responsibly-sourced or certified natural gas, we are leveraging our status as a low methane emission intensity leader within our sector. Our assets remain well positioned to serve growing domestic markets and export locations for liquefied natural gas (LNG) and Mexico. Over the next 25 years we plan to build on continued strong performance in our base businesses while exploring exciting new opportunities in the growing low-carbon sector,” Kean concluded.
“Our financial performance during the quarter was strong, as we generated fourth quarter earnings per share of $0.28, a 4% increase over the $0.27 earnings per share achieved in the fourth quarter of 2020,” said KMI President Kim Dang. “At $0.48 per share, DCF per share was down $0.07 from the fourth quarter of 2020, primarily due to higher sustaining capital expenditures in the fourth quarter of 2021 versus the fourth quarter of 2020. During the quarter, we generated $477 million of excess DCF above our declared dividend.
“The integration of our Kinetrex Energy and Stagecoach acquisitions went very well and Kinetrex made good progress on the construction of its three new landfill-based renewable natural gas (RNG) facilities during the quarter,” continued Dang. “Both acquisitions outperformed our acquisition models for the year.”
For the full year 2021, KMI reported net income attributable to KMI of $1,784 million, compared to $119 million in 2020; and DCF of $5,460 million, up 19% from $4,597 million for the comparable period in 2020. The increases compared to the prior period are primarily related to KMI’s strong performance during the February winter storm and are therefore largely nonrecurring.
2022 Outlook
For 2022, KMI expects to generate net income attributable to KMI of $2.5 billion and declare dividends of $1.11 per share, a 3% increase from the 2021 declared dividends. KMI expects to generate 2022 DCF of $4.7 billion and Adjusted EBITDA of $7.2 billion; and to end 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3, below our long-term target of approximately 4.5 times. The $4.7 billion DCF and 4.3 times leverage metric do not reflect the potential impact of the possible use of up to $750 million available for attractive opportunities, including share repurchases.
Overview of Business Segments
“The Natural Gas Pipelines segment’s financial performance was up 2% in the fourth quarter of 2021 relative to the fourth quarter of 2020,” said Dang. “The segment provided higher contributions from the full year in-service of the Permian Highway Pipeline, as well as from our new Stagecoach assets and from increased volumes and favorable pricing on our Altamont and South Texas gathering systems. These were offset by lower contributions from Fayetteville Express Pipeline (FEP), Natural Gas Pipeline of America (NGPL), and El Paso Natural Gas (EPNG).”
Natural gas transport volumes were down 3% compared to the fourth quarter of 2020, with declines on Colorado Interstate Gas Pipeline due to continued declining production in the Rockies basins; on EPNG due to pipeline outages; and on FEP due to contract expirations. These declines were partially offset by increased volumes from the Permian Highway Pipeline going into service and from Tennessee Gas Pipeline (TGP) and Kinder Morgan Louisiana Pipeline due primarily to increased deliveries to LNG customers. Natural gas gathering volumes were up 6% from the fourth quarter of 2020 with higher volumes across multiple systems, most notably on our Eagle Ford assets.
“Contributions from the Products Pipelines segment were up compared to the fourth quarter of 2020 as demand recovery continued,” Dang said. “Total refined products volumes were up 9%, while crude and condensate pipeline volumes were down 3% compared to the fourth quarter of 2020. Gasoline volumes were above the comparable period last year by 7% and diesel volumes were down 4%. Jet fuel volumes continue their strong rebound, up 48% versus the fourth quarter of 2020.
“Terminals segment earnings were down compared to the fourth quarter of 2020. The variance was largely attributable to weakness in our Jones Act business, which experienced lower average charter rates. Fortunately, fleet utilization has improved with all of our vessels presently sailing under firm contracts,” said Dang. “While we benefited from continued strength in export coal volumes, earnings in our bulk business were down compared to the fourth quarter of 2020 owing primarily to operational disruptions associated with Hurricane Ida, one-time costs related to an expired port lease, and a gain in the prior year period realized in connection with the sale of an equity investment. Liquid volumes continued to strengthen across our network in the fourth quarter with activity at our truck rack terminals serving primarily domestic consumers exceeding pre-pandemic levels. While volumes remained below 2019 levels at our refined products hub along the Houston Ship Channel, marine exports strengthened in the fourth quarter, approaching a pre-pandemic high.
“CO2 segment earnings were down compared to the fourth quarter of 2020 due to lower CO2 sales and crude volumes and realized crude prices, partially offset by higher realized CO2 and NGL prices. Due to hedges entered into in prior periods at then-prevailing prices, our realized weighted average crude oil price for the quarter was down 2% at $54.19 per barrel compared to $55.41 per barrel for the fourth quarter of 2020. NGL volumes net to KMI were down 1% versus the fourth quarter of 2020, while our weighted average NGL price for the quarter was up 64% from the fourth quarter of 2020 at $30.23 per barrel,” said Dang. “Fourth quarter 2021 combined oil production across all of our fields was down 4% compared to the same period in 2020 on a net to KMI basis, but above plan for the year. CO2 sales volumes were down 13% on a net to KMI basis but have started 2022 above budget.”
Other News
Corporate
Natural Gas Pipelines
Products Pipelines
Terminals
Energy Transition Ventures
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 143 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, January 19, at www.kindermorgan.com for a LIVE webcast conference call on the company’s fourth quarter earnings.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; and Net Debt-to-Adjusted EBITDA.
Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7).
Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. (See the accompanying Tables 1 and 2.)
DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)
Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)
Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. In prior periods, Net income was considered the comparable GAAP measure and has been updated to Net income attributable to Kinder Morgan, Inc. for consistency with our other non-GAAP performance measures. (See the accompanying Tables 3 and 4.)
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.
Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; energy transition-related opportunities; KMI’s 2022 expectations; anticipated dividends; and KMI’s capital projects, including expected completion timing and benefits of those projects. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the impacts of the COVID-19 pandemic and the pace and extent of economic recovery; the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; counterparty financial risk; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere), and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors.
Dave Conover
Media Relations
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Investor Relations
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New marine cartography from Navionics delivers combined, all-in-one inland and coastal mapping, daily chart updates, premium content and more to Navionics compatible chartplotters
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), the world’s largest1 and most innovative marine electronics manufacturer, today announced that Navionics®, a Garmin brand, is releasing a new, streamlined catalog of Navionics®+ and premium Platinum+™ charts to refresh its lineup of marine cartography products. For easy transition between navigating inland and coastal waters, Navionics+ and Platinum+ charts now feature all-new aligned coverage regions as an all-in-one mapping solution that combines detail-rich inland and offshore content, as well as a full suite of advanced features for a wide range of compatible chartplotters2 to help mariners plot their paradise.
“For years, Navionics has delivered a complete range of valuable navigation tools and features for boaters, anglers and sailors across the globe. Our simplified catalog includes newly combined inland and coastal content for all Platinum+ charts, making it easier than ever for mariners to explore the waters they enjoy most,” said Marcello Albanese, Navionics director of sales and business development. “Plus, mariners can continue to utilize the same quality content and premium features, such as high-resolution relief shading chart overlays, to support a safer and more enjoyable navigation experience – whether on the lake or off the coast.”
With unparalleled worldwide coverage and No.1 marine mapping1, Navionics+ and Platinum+ offer a variety of features – like daily chart updates, chart overlays and advanced routing technology – that are designed to smoothly guide boaters on the water, or quickly lead anglers to where the fish may be hiding. A one-year subscription is included with the purchase of a Navionics+ or Platinum+ chart card, offering a quick-and-easy way to access unlimited daily chart updates via the Navionics Chart Installer, or using the Plotter Sync feature in the Navionics® Boating smart device app. Navionics+ and Platinum+ also feature up to 1-foot depth contours, community edits, depth shading and shallow water shading options for insight about inland and coastal waters.
For more advanced features, boaters and anglers can upgrade to premium Platinum+ to discover more about the coasts they cruise or lakes they fish. Platinum+ includes all the standard features found in Navionics+ cartography, with the addition of high-resolution relief shading, satellite imagery, SonarChart™ Shading overlays, unique 3D views, aerial photography and more.
Standard Navionics+ and premium Platinum+ chart cards are available for purchase with suggested retail prices ranging from $129.99 to $399.99, based on varying coverage. Navionics+ and Platinum+ charts can be activated via Chart Installer or via the Navionics Boating smart device app. Navionics+ and premium Platinum+ cartography is compatible with a wide range of chartplotters available on the market today. For more information on compatible third-party chartplotters for Navionics+ and Platinum+, click here.
About Garmin and Navionics
Engineered on the inside for life on the outside, Garmin and Navionics products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most innovative, highest quality, and easiest to use marine electronics and mapping the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email This email address is being protected from spambots. You need JavaScript enabled to view it., or follow us at facebook.com/navionicsglobal, twitter.com/navionics, instagram.com/navionics, youtube.com/navionics or linkedin.com/company/navionics.
1 Based on 2020 reported sales.
2 Navionics+ and Platinum+ chart cards are not compatible with Garmin chartplotters
3 Route guidance is for planning purposes only and does not replace safe navigation operations
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Fusion, Navionics, GPSMAP and ActiveCaptain are registered trademarks and Garmin Navionics+, Garmin Navionics Vision+, Navionics+, Platinum+, SonarChart and Auto Guidance+ are trademarks of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Riley Swickard
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (the "Company") plans to announce its financial results for the fourth quarter and full year 2021 prior to 8:00 A.M. Eastern Time on Tuesday, March 1st, 2022. A copy of the press release and an earnings supplement will be posted to the Investors section of the Company's website, www.newfortressenergy.com.
In addition, management will host a conference call on Tuesday, March 1st, 2022 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter 2021 Earnings Call."
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:00 A.M. Eastern Time on March 1st, 2022 through 11:00 A.M. Eastern Time on March 8th, 2022 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 2763528
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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New marine cartography from Garmin delivers all-in-one inland and coastal mapping, access to daily chart updates, new Auto Guidance+ technology and more to Garmin chartplotters
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), the world’s largest1 and most innovative marine electronics manufacturer, today announced Garmin Navionics+™ and premium Garmin Navionics Vision+™ for Garmin chartplotters, the newest generation of marine cartography products from Garmin. Wherever mariners choose to plot their paradise, new Garmin cartography products offer an all-in-one mapping solution that integrates detail-rich inland and offshore content, as well as a variety of tools to support smarter and safer navigation.
“Garmin Navionics+ and Garmin Navionics Vision+ offer our best and most feature-rich marine cartography experience to date – a true game-changer for boaters and anglers,” said Dan Bartel, Garmin vice president of global consumer sales. “Now, with new coverage regions, mariners have the freedom to confidently explore inshore and offshore waters with a full suite of mapping content and advanced features. Plus, with access to daily chart updates, mariners can stay informed about the latest changes to their maps and charts and benefit immediately from new cartography releases.”
In addition to unparalleled worldwide coverage and No. 1 marine mapping1, new Garmin cartography offers a myriad of features – including an all-new chart presentation, daily chart updates and advanced autorouting capabilities – that are designed to smoothly guide boaters on the water, or quickly lead anglers to where the fish may be hiding. It also features color-shaded target depth ranges, up to 1-foot depth contours, free downloadable NOAA raster images2, shallow water shading and exclusive access to ActiveCaptain community content for valuable insight on points of interest (POI), recommendations and advice from fellow boaters.
Here’s what’s new with Garmin cartography:
New, redesigned chart presentation
Garmin Navionics+ and Garmin Navionics Vision+ introduce an improved look and feel – with vivid color palettes and greater detail of coastal and inland features – to deliver a new, on-screen cartography presentation for more intuitive navigation on lake or sea. This new interface displays charts in striking detail with a crystal-clear look at the depths below the boat, as well surrounding structure and navigational aids above the waterline.
Up to 5,000 daily updates
With up to 5,000 updates to chart content every day, Garmin’s new cartography products offer the latest insights about any body of water for enhanced situational awareness and peace of mind while navigating. Daily chart updates combine millions of contributions from private and public surveyors, crowd-sourced data and more, delivering the freshest, most up-to-date content each time mariners leave shore. With coverage of more than 42,000 lakes worldwide, daily updates allow for immediate access to new chart data and lake content as it is released. A one-year subscription is included with the purchase of Garmin Navionics+ or Garmin Navionics Vision+ and offer a quick-and-easy way to sync a mobile device to Garmin chartplotters for unlimited daily updates via the ActiveCaptain® smart device app.
Advanced autorouting technology
New Garmin cartography also includes Auto Guidance+ technology3 with faster route calculations and improved routing detail. After selecting departure and arrival points, Auto Guidance+ considers a variety of factors – overhead clearance, chart data, popular routes and desired depth – then creates a suggested route for mariners to follow to their destination.
See more with premium Garmin Navionics Vision+ content
For more advanced features, boaters and anglers can upgrade to premium Garmin Navionics Vision+ to discover more about the coasts they cruise or lakes they fish. Premium Garmin cartography includes all the standard features found in Garmin Navionics+, with the addition of high-resolution relief shading, sonar imagery, unique 3D views, high-resolution satellite imagery, aerial photography and more.
Garmin Navionics+ and premium Garmin Navionics Vision+ can be purchased via download or microSD card for compatible Garmin chartplotters with suggested retail prices ranging from $129.99 to $399.99, based on varying coverage. Compatible chartplotters with built in g3 cartography can convert to Garmin Navionics+ content with the purchase of an update microSD card; Simply install the update card to receive the enhanced content and gain access to daily updates.
Garmin Navionics+ and Garmin Navionics Vision+ are compatible with current Garmin chartplotters, including the GPSMAP® 8400/8600, GPSMAP 7×3/9×3/12×3, ECHOMAP™ Ultra, ECHOMAP UHD series and more. Previous chartplotter models, such as the GPSMAP 7x2 Series, will continue to have access to updates of Garmin BlueChart g3 coastal charts and LakeVü g3 inland maps with Navionics data via download or microSD card purchase. For more information about Garmin cartography and chartplotter compatibility, click here.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most innovative, highest quality, and easiest to use marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion® and Navionics®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email This email address is being protected from spambots. You need JavaScript enabled to view it., follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin, youtube.com/garmin or linkedin.com/company/garmin, and find us on the blog at garmin.com/blog/marine.
1 Based on 2020 reported sales.
2 Raster cartography cannot be viewed on echoMAP™ CHIRP and ECHOMAP™ Plus combos but can be viewed on mobile devices via the ActiveCaptain mobile app
3 Auto Guidance+, Auto Guidance and Dock-to-Dock Autorouting are for planning purposes only and do not replace safe navigation operations
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Fusion, Navionics, GPSMAP, BlueChart and ActiveCaptain are registered trademarks and ECHOMAP, Garmin Navionics+, Garmin Navionics Vision+ and Auto Guidance+ are trademarks of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Riley Swickard
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A leading national point-of-sale lender in the high growth solar and sustainable home solutions industries
CINCINNATI--(BUSINESS WIRE)--Fifth Third Bancorp today announced a definitive agreement to acquire Dividend Finance, a leading fintech point-of-sale (POS) lender, providing financing solutions for residential renewable energy and sustainability-focused home improvement.
“The addition of Dividend Finance to our renewable energy portfolio enhances the scale of Fifth Third’s growing digital service capabilities and supports the Bank’s commitment to environmental leadership in financial services,” said Greg Carmichael, Fifth Third chairman and CEO. “Together, we will help our customers with innovative, technology-driven financial solutions.”
Dividend Finance was founded in 2013 in San Francisco and is one of the top national solar lenders. With a vision of creating a more efficient and sustainable world by enabling more investment in renewable energy, Dividend pioneered a financing model to improve the outcome for all parties and help accelerate the growth of solar across the U.S. Dividend’s POS technology platforms enable contractors and homeowners to easily access financing for solar and home improvement projects. LL Funds is the majority shareholder in Dividend Finance.
“The Dividend team shares Fifth Third’s commitment to solutions that improve customers’ lives and has a strong track record of innovation, growth and excellent customer experience,” said Tim Spence, president of Fifth Third Bank. “We’re thrilled to add Dividend’s best-in-class lending experience, which meets customers’ evolving preferences and helps them accelerate their transition to a more sustainable future.”
“We are proud and excited to join the Fifth Third team. Their focus on tech-driven innovation and leadership on ESG matters is well known and will complement our culture. Dividend’s ability to leverage the extensive balance sheet, advantaged cost-of-funds and broader resources of Fifth Third will provide a tremendous edge to our customers and enable us to continue to accelerate growth,” said Eric White, Dividend Finance CEO.
“We are proud to have supported and partnered with Dividend Finance during their growth and consider them to be a leader among their peers,” said Raj Mundy, partner at LL Funds and Executive Chairman of Dividend Finance. “We are delighted to see the company become part of the Fifth Third family, and confident that its growth and momentum will be further enabled by this transition.”
Offering a wide range of loan products across multiple proprietary POS platforms, Dividend Finance has built a one-stop solution that enables contractors to offer the best financing experience for their customers. Dividend’s digital lending platform is designed for customizability, providing contractors with the tools to win new business and borrowers with a streamlined process for financing home improvement projects. In addition to a robust contractor network and a leading technology platform, Dividend has a national customer footprint focused on prime and super-prime borrowers.
Fifth Third is focused on three environmental sustainability strategies: reducing the Bank’s environmental footprint, managing climate-related risks and supporting our customers and communities in the transition to a more sustainable future. In 2020, Fifth Third set its first sustainable finance goal of $8 billion to be achieved by 2025. This includes lending and financing for solar, wind, geothermal, biomass and hydropower. As a result of this acquisition and Fifth Third’s existing leadership position in providing renewable solutions to commercial clients, Fifth Third is actively assessing a new sustainable financing target. Additionally, Fifth Third’s Environmental, Social and Governance (ESG) report outlines the Bank’s full climate strategy.
The acquisition is subject to customary closing conditions, including regulatory approvals. Fifth Third currently expects the transaction to close in the second quarter of 2022. Macquarie Capital served as financial advisor and Dentons served as legal counsel to Dividend Finance.
About Dividend Finance
Dividend is a leading FinTech point-of-sale lender for home improvement and solar financing solutions. Founded in 2013, the Company partners with solar and home improvement contractors across the U.S. to offer a range of financing products through its proprietary point-of-sale platforms. Learn more by visiting www.dividendfinance.com.
About LL Funds
Founded in 2009, LL Funds is an independent investment firm managing ~$2.9 billion for institutional and individual investors. The firm focuses on Fintech companies, making both equity and debt investments. Since inception, LL has generated over $3.4 billion of investment gains and distributed over $4 billion to investors.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”
Beth Oates (Media Relations)
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Chris Doll (Investor Relations)
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ATLANTA--(BUSINESS WIRE)--#atlantabiz--Insight Energy, LLC, a subsidiary of Insight Sourcing Group Holdings, Inc., today announced expansion of its energy procurement consulting and brokerage business through a transaction with Trane that builds Insight Energy’s presence in Louisville, Kentucky and Pittsburgh, Pennsylvania, adding to its robust team in Atlanta, Georgia. In addition to these expanded energy procurement and risk management services (formerly Fellon McCord), Insight Energy brings market leading energy efficiency, renewable advisory and sustainability services to meet customers’ de-carbonization objectives.
According to Tom Beaty, CEO of Insight Sourcing Group Holdings, Inc., “We are excited to grow our business for energy procurement customers in new markets. Our objective is to be the market leader in integrated energy supply, demand and sustainability, and this expansion advances us towards that goal.”
According to Tommy Greer, SVP of Insight Energy, “We are excited to add new energy procurement consulting and brokerage employees to our team through a transaction with Trane. Their unique capabilities to develop wholesale purchasing and risk management strategies for energy intensive clients complement our existing capabilities and will drive great value for our current and future clients. Our exclusive focus on integrated energy solutions and consistent recognition as one of the top companies to work for in the southeast will create an exciting future for all of us.”
About Insight Sourcing Group Holdings, Inc.
Insight Sourcing Group is the largest and fastest-growing consulting firm in North America focused exclusively on strategic sourcing and procurement-related services. Founded in 2002, the firm works with senior executives and procurement leaders to accelerate savings through strategic sourcing and procurement transformation consulting services, energy cost management, and on-going category analytics. Insight Sourcing Group has worked with hundreds of corporate clients of all sizes and over 65 Private Equity firms. To learn more, visit insightsourcing.com.
About Insight Energy
Insight Energy delivers customized energy and sustainability solutions that reduce costs, manage risk and improve competitive position. They partner with private equity and C&I clients to establish and achieve decarbonization targets, while maintaining a unique focus on driving spend visibility and cost savings to build program momentum that meet their financial targets. For more information, please visit insightsourcing.com/energy.
Media Contacts:
The LAKPR Group for ISG
Lynn Trono, This email address is being protected from spambots. You need JavaScript enabled to view it.
Marie Espinel, This email address is being protected from spambots. You need JavaScript enabled to view it.
Collaboration builds on strategic investment and will accelerate the development of next-generation anode materials for the battery supply chain
HOUSTON & BRISBANE, Australia--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) and NOVONIX Limited (ASX: NVX, OTC: NVNXF) today announced they have signed a technology development agreement to advance the production and commercialization of next-generation anode materials for lithium-ion batteries.
“This agreement builds on our strategic investment in NOVONIX and is a natural next step for two companies committed to innovation and a lower-carbon future,” said Ann Oglesby, Vice President of Energy Research & Innovation at Phillips 66. “It sets the framework for the companies to work closely and collaboratively to accelerate the development of next-generation materials for the U.S. battery supply chain.”
Phillips 66 became a major investor in NOVONIX in September of 2021, when it acquired a 16% stake in the company. The investment is supporting NOVONIX’s growth as it scales up production and develops new technologies for higher-performance energy storage applications.
“We are excited to further our relationship with Phillips 66, and together we plan to develop integral processes, from manufacturing precursor materials to producing high-capacity long-life synthetic graphite anode material intended to improve battery performance, lower cost and decrease environmental impact,” said NOVONIX CEO Chris Burns, Ph.D. “We believe NOVONIX is currently the only supplier with plans to provide large volumes of synthetic graphite anode material in the U.S., and this partnership will accelerate our mission to establish a North American supply chain to power the growing battery sector and facilitate a sustainable future.”
Under the agreement, Phillips 66 and NOVONIX will leverage leading positions in their respective industries — as well as existing intellectual property and R&D capabilities — to drive commercial development of optimized feedstocks and lithium-ion anode materials with reduced carbon-intensive processing.
Phillips 66 is a leading global manufacturer of specialty coke, a key precursor to the synthetic graphite anode material NOVONIX produces. The company is one of the few downstream companies with an in-house research and development organization. Its Energy Research & Innovation group works on developing lower-carbon technologies to support the energy transition, including next-generation batteries.
NOVONIX is a leading producer of synthetic graphite anode materials used in the making of lithium-ion batteries that power electric vehicles, personal electronics, medical devices and energy storage units. NOVONIX’s anode materials business is based in Chattanooga, Tennessee, where it is increasing capacity to produce 10,000 metric tons per year of synthetic graphite by 2023, 40,000 mt/year by 2025 and 150,000 mt/year by 2030.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
About NOVONIX
NOVONIX Limited is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the U.S. and Canada and sales in more than 14 countries. NOVONIX's mission is to enable a clean energy future by producing longer-life and lower-cost battery materials and technologies.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including but not limited to regulatory approvals and market conditions. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.
For Phillips 66:
Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Bernardo Fallas (media)
855-841-2368
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For NOVONIX Limited:
Stefan Norbom (investors)
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Kiki O'Keeffe (media)
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Most Active Drilling Program in Company History
With Nine Rigs Operating in Three High-Potential Hydrocarbon Basins
Including Spudding First Well in Ecuador
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its operational update for the three-month period ended December 31, 2021 (“4Q2021”).
All figures are expressed in US Dollars. Growth comparisons refer to the same period of the prior year, except when otherwise specified.
Highlights
Oil and Gas Production
Colombia Operations
In the Llanos 34 block - Llanos basin:
In the CPO-5 block - Llanos basin:
In the Platanillo block (GeoPark operated, 100% WI) - Putumayo basin:
Ecuador Operations
In the Perico block (GeoPark non-operated, 50% WI) - Oriente basin:
In the Espejo block (GeoPark operated, 50% WI) - Oriente basin:
Chile Operations
In the Fell block (GeoPark operated, 100% WI) – Magallanes basin:
Portfolio Management
2022 Work Program: Multiple Catalysts with Superior Free Cash Flow Yields2
Cash Generation Allows for Net Debt Reduction and Acceleration of Shareholder Returns
Breakdown of Quarterly Production by Country
The following table shows production figures for 4Q2021, as compared to 4Q2020:
4Q2021 |
|
4Q2020 |
||||
Total (boepd) |
Oil (bopd)a |
Gas (mcfpd) |
|
Total (boepd) |
% Chg. |
|
Colombia |
32,002 |
31,780 |
1,332 |
|
31,858 |
0% |
Chile |
2,162 |
365 |
10,781 |
|
3,133 |
-31% |
Brazil |
1,822 |
25 |
10,783 |
|
2,167 |
-16% |
Argentina |
1,942 |
1,035 |
5,442 |
|
2,146 |
-10% |
Total |
37,928 |
33,205 |
28,338 |
|
39,304 |
-4% |
a) |
Includes royalties paid in kind in Colombia for approximately 1,119 bopd in 4Q2021. No royalties were paid in kind in Brazil, Chile, or Argentina. |
| __________________________ | |
1 |
GeoPark will no longer report production from Argentina after closure of the divestment, expected in late January 2022. |
2 |
Free cash flow is calculated as Adjusted EBITDA less capital expenditures, cash taxes and mandatory debt service payments, and does not include potential cash inflows from the 2022 exploration campaign. Free cash flow yields were calculated using GPRK’s market capitalization from January 3 to January 14, 2022. Please refer to the release published on November 10, 2021 for further details. |
3 |
Unaudited. |
Quarterly Production Evolution
(boepd) |
4Q2021 |
3Q2021 |
2Q2021 |
1Q2021 |
4Q2020 |
Colombia |
32,002 |
31,565 |
29,571 |
31,455 |
31,858 |
Chile |
2,162 |
2,354 |
2,584 |
2,491 |
3,133 |
Brazil |
1,822 |
1,791 |
2,080 |
1,984 |
2,167 |
Argentina |
1,942 |
2,149 |
2,254 |
2,201 |
2,146 |
Total |
37,928 |
37,859 |
36,489 |
38,131 |
39,304 |
Oil |
33,205 |
32,844 |
30,962 |
32,877 |
33,238 |
Gas |
4,723 |
5,015 |
5,527 |
5,254 |
6,066 |
Oil and Gas Production Update
Consolidated:
Oil and gas production in 4Q2021 was 37,928 boepd. Compared to 4Q2020, oil and gas production decreased by 4%, resulting from lower production in Chile, Brazil, and Argentina.
Oil represented 88% and 85% of total reported production in 4Q2021 and 4Q2020, respectively.
Colombia:
Average net oil and gas production in Colombia reached 32,002 boepd in 4Q2021 compared to 31,858 boepd in 4Q2020 resulting from increased production in the Llanos 34 and CPO-5 blocks, partially offset by lower production in the Platanillo block.
Production and operations in the Platanillo block were affected from mid-October to early November 2021 due to community protests against the Government in the Putumayo basin.
Oil and gas production in main blocks in Colombia:
Ecuador:
Perico block: In December 2021 the Jandaya 1 exploration well was spudded to test an exploration prospect in the northeastern part of the block.
The Jandaya 1 exploration well was drilled and completed to a total depth of 10,975 feet. Testing activities are currently underway.
Following testing activities in the Jandaya 1 well, the operator plans to drill the Tui 1 exploration well, targeting a spud date in February 2022. The Tui 1 exploration well is located in the southern part of the block, approximately 6 km from the Jandaya 1 well.
Espejo block: GeoPark is carrying out the acquisition of 60 sq km of 3D seismic, targeting to spud the first exploration well in 2H2022.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in Sucumbios Province in the Oriente basin in north-eastern Ecuador. The blocks are adjacent to multiple discoveries and producing fields and have access to existing infrastructure with spare capacity and a well-developed service industry.
Chile:
Average net production in Chile decreased by 31% to 2,162 boepd in 4Q2021 compared to 3,133 boepd in 4Q2020, resulting from lower gas production due to limited drilling and maintenance activities combined with the natural decline of the fields. The production mix during 4Q2021 was 83% natural gas and 17% light oil (compared to 89% natural gas and 11% light oil in 4Q2020).
Upcoming activities in Chile include the drilling of two gas wells in the Jauke/Dicky geological structure, targeting to spud the first well in March 2022.
Brazil:
Average net production in Brazil decreased by 16% to 1,822 boepd in 4Q2021 compared to 2,167 boepd in 4Q2020, mainly due to maintenance activities in the Manati gas field that affected production from December 10 to December 17, 2021. The production mix was 99% natural gas and 1% oil and condensate in both 4Q2021 and 4Q2020.
Manati Gas Field Divestment Process Update
In November 2020 GeoPark signed an agreement to sell its 10% non-operated WI in the Manati gas field to Gas Bridge S.A. for a total consideration of R$144.4 million (approximately $26 million at an exchange rate of R$5.5 per dollar), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, subject to obtaining certain regulatory approvals.
The transaction is subject to several conditions that should be met before March 31, 2022 and that have not been met as of the date of this release.
Argentina:
Average net production in Argentina decreased by 10% to 1,942 boepd in 4Q2021 compared to 2,146 boepd in 4Q2020. The production mix during 4Q2021 was 53% light oil and 47% natural gas (compared to 57% light oil and 43% natural gas in 4Q2020).
GeoPark expects to complete the divestiture of the Aguada Baguales, El Porvenir and Puesto Touquet blocks in late January 2022. The blocks represent 100% of the Company’s production and reserves in Argentina.
The Company will no longer report production from these blocks after the closure of the transaction, expected in late January 2022.
OTHER NEWS
Reserves Release Date
GeoPark plans to release its 2021 year-end independent reserves certification before the end of January 2022.
GLOSSARY |
|
|
|
ANP |
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels |
|
|
Operating netback |
Revenue, less production, and operating costs (net of accrual of stock options and stock awards), selling expenses and realized portion of commodity risk management contracts. Operating netback is equivalent to Adjusted EBITDA net of cash expenses included in Administrative, Geological and Geophysical and Other operating costs |
Bbl |
Barrel |
Boe |
Barrels of oil equivalent |
Boepd |
Barrels of oil equivalent per day |
Bopd |
Barrels of oil per day |
D&M |
DeGolyer and MacNaughton |
F&D costs |
Finding and development costs, calculated as capital expenditures divided by the applicable net reserves additions before changes in Future Development Capital |
Km |
Kilometers |
Mboe |
Thousand barrels of oil equivalent |
Mmbo |
Million barrels of oil |
Mmboe |
Million barrels of oil equivalent |
Mcfpd |
Thousand cubic feet per day |
Mmcfpd |
Million cubic feet per day |
Mm3/day |
Thousand cubic meters per day |
NPV10 |
Present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual rate of 10% |
PRMS |
Petroleum Resources Management System |
Sq km |
Square Kilometer |
WI |
Working Interest |
|
|
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations regarding various matters, including the expected production growth, expected schedule, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, capital expenditures plan, work program and investment guidelines, the divestiture of the Aguada Barrales, El Porvenir and Puesto Touquet blocks, the divestment of the Manati gas field, free cash flow yields, our dividend and share buyback programs, our deleveraging process, reserves and exploration resources. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.
INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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MEDIA:
Communications Department
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