HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced several updates that highlight the company’s differentiated value proposition. This announcement follows the recent closing of the company’s acquisition of Shell’s Permian Basin properties on Dec. 1 for net cash of $8.6 billion.
Today’s announcement reflects the addition of Shell’s Permian Basin properties, including the previously announced expected 2022 capital expenditures and production associated with that transaction. Highlights include:
ConocoPhillips CEO and Chairman Ryan Lance commented, “At mid-year, we presented a truly differential 10-year plan that embraced our Triple Mandate for how we will play a valued role in the energy transition: safely produce low cost of supply, low-GHG-intensity barrels to the market, deliver compelling financial and capital returns to investors, and meet a net-zero ambition. Today’s announcement builds upon each element of the Triple Mandate and supports our belief that ConocoPhillips is the most durable, investable company in the E&P business. With the recent Permian acquisition, we’re in an even stronger position to build upon our success in 2021 as we head into next year.”
Preliminary 2022 Capital Expenditures Budget
ConocoPhillips’ preliminary 2022 capital expenditures budget and operating plan reflect an outlook for next year that is consistent with the company’s June 2021 10-year plan, with the inclusion of the Permian acquisition and current estimates for inflation and non-operated activity. This plan honors the company’s fundamental principles and capital allocation priorities and is expected to drive improvement in underlying cash from operations (CFO) in support of growing returns of capital to shareholders. Additional details include:
Three-Tiered Returns of Capital Framework
The company also announced its expected 2022 returns of capital program and the initiation of a three-tier returns of capital framework. The three-tier framework is structured to continue delivering a compelling, growing ordinary dividend and through-cycle share repurchases, now with the addition of a variable return of cash (VROC) tier. The VROC tier will provide another flexible tool for meeting the company’s commitment of returning greater than 30% of CFO during periods when commodity prices are meaningfully higher than the company’s planning price range.
The VROC will be determined and approved each quarter by the board of directors at the same time the ordinary dividend is reviewed. The factors considered in determining the VROC will include the anticipated level of distributions required to meet the company’s capital returns commitment, forward prices, balance sheet cash and total yield. The VROC will be announced at the same time as the ordinary dividend, but the quarterly payout will be staggered from the ordinary dividend payout, resulting in up to eight cash distributions to shareholders throughout the year.
As the company considers the business outlook, including forward commodity prices, it has set its expected 2022 capital returns to shareholders at ~$7 billion. This would represent a ~16% increase in returns of capital versus 2021 and is expected to be allocated roughly equally between cash and share repurchases across the three distribution tiers as follows:
“Over the past five years we have consistently delivered on our commitment to return greater than 30% of CFO to shareholders through our attractive ordinary dividend and almost $13 billion of share repurchases,” added Lance. “We have been recognized for our through-cycle returns of capital and remain fully committed to this priority. We believe the greatest sustained value from a capital returns program comes from consistent execution and a compelling level of payout, but we also recognize that meeting our returns commitment in the current favorable commodity price environment creates a need for a variable cash tier. The basis of our capital returns approach is CFO-driven, and our new three-tier framework can more easily flex distributions with commodity prices, while retaining some discretion in allocation across the tiers. We are excited to initiate the three-tier program with an immediate cash distribution.”
Lance concluded, “We are exiting 2021 after a truly exceptional year with a differential long-term plan built around our Triple Mandate. We expect to play an essential role in the energy transition by executing sound investment plans, delivering superior and consistent returns through cycles and meeting our net-zero ambition, while retaining the flexibility to successfully adapt as the future unfolds.”
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $87 billion of total assets, and approximately 9,900 employees at Sept. 30, 2021. Production excluding Libya averaged 1,514 MBOED for the nine months ended Sept. 30, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition or the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information and Other Terms– This news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO). The company believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. CFO is defined as cash provided by operating activities, excluding the impact of changes in operating working capital. This news release also contains the terms pro forma underlying growth, return of capital and total yield. Pro forma underlying growth represents the percentage change in production year over year after adjusting total company reported production for the impact of closed acquisitions and dispositions as if they had closed January 1, 2021. Also included is the impact of converting Concho volumes from a two stream to three stream reporting basis with an assumed effective date of January 1, 2021. Returns of capital (also referred to as distributions) is defined as the total of the ordinary dividend, share repurchases and VROC. Total yield is calculated as the Company’s distributions relative to the Company’s market capitalization.
Dennis Nuss (media)
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Begins Quoting Large-Scale Building Applications with a Focus on Recurring Revenues and Monetization of Carbon Credits
TORONTO--(BUSINESS WIRE)--$KNR--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company"), a leader in smart building technologies, is advancing net zero building infrastructure with the launch of SmartPower®, a fully integrated Geothermal and VRF (variable refrigerant flow) solution, for the new construction and energy retrofit market.
“Launching the SmartPower® brand and solution provides a significant opportunity to grow our recurring revenues and monetize carbon credits as we continue to scale with profitability,” said Paul Ghezzi, CEO of Kontrol Technologies. “Heightened demand for net zero emission infrastructure is being driven by the adoption of carbon taxes, in key North American market regions, coupled with stakeholder activism and corporate social responsibility. By advancing new sustainable energy solutions that seamlessly integrate into our existing technology stack, we are well positioned to continue to grow our market share.”
Kontrol Technology Platform
The launch of SmartPower® for on-site power generation for heating and cooling of entire buildings is a valuable technology addition to the Company’s current platform, including SmartSite® software for building HVAC control and optimization and SmartSuite® hardware and software for in-suite energy management.
The addition of SmartPower® provides the opportunity to sell energy as a service for up to 20 years and generate recurring revenues. Geothermal power plants are a green house gas emission reduction technology which Kontrol will seek to monetize as part of its previously announced carbon credit program (see press release dated September 28, 2021).
Continued Ghezzi, “The shift to more sustainable infrastructure is an accelerating opportunity for Kontrol, as buildings continue to represent a leading source of greenhouse gas emissions. Kontrol’s customer base includes real estate investment trusts, asset managers and developers with hundreds of millions of square feet of building assets under management and in development.”
Kontrol has commenced the quoting of multiple new build high rise opportunities where the applicable customer has determined that a Geothermal power plant and VRF solution will assist in mitigating carbon taxes, provide more sustainable building infrastructure, and deliver stability in energy pricing. The SmartPower® solution will be the main source of energy for the entire building and the electricity grid will serve as the back up.
About Kontrol Technologies Corp.
Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may,” “will,” “expect,” “likely,” “should,” “would,” “plan,” “anticipate,” “intend,” “potential,” “proposed,” “estimate,” “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking
statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation and carbon credit industry, as well as the geothermal energy market and net zero building infrastructures.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
Kontrol Technologies Corp.
Paul Ghezzi
CEO
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SAN ANTONIO--(BUSINESS WIRE)--Elysian Carbon Management (“Elysian”) today announced it has secured an initial capital commitment of $350 million from EnCap Flatrock Midstream (“EFM”). Elysian provides integrated end-to-end carbon capture and storage (“CCS”) solutions to owners of industrial and power facilities seeking to transition to low carbon products and address environmental, social and governance (“ESG”) goals through the reduction of emissions.
Elysian is led by a team of CCS industry veterans: Chief Executive Officer Bret Logue, Chief Commercial Officer Keith Tracy, Chief Financial Officer Michael Pepe, Chief Strategy Officer Michael Schwartz and Senior Vice President David Watson. They have more than 50 years of collective experience in CCS and over 150 years in the energy sector.
“We are excited to partner with EnCap Flatrock Midstream as we focus on developing, building and operating carbon storage sites, affiliated capture facilities and the infrastructure required to connect emissions sources to geologic storage,” CEO Bret Logue said. “EFM’s unique experience in providing venture capital to the midstream sector, plus the team’s relationships and expertise in asset development and management makes the firm the perfect partner for Elysian.”
“Elysian is at the forefront of developing projects necessary to support carbon reduction goals across North America,” said EFM Managing Partner David J. Kurtz, who is also a member of the Elysian board of directors. “Few independent teams in this nascent sector have a comparable depth and breadth of the technical, financial and operational experience needed to bring CCS projects to fruition.”
Sidley Austin LLP acted as legal counsel to Elysian with Partner Irving L. Rotter in the lead role. Shearman & Sterling LLP served as legal adviser to EnCap Flatrock Midstream with Partner Sarah McLean leading the firm’s team.
About Elysian Carbon Management, LLC
Elysian is a carbon management company that provides integrated end-to-end carbon capture and storage solutions to owners of industrial and power facilities seeking to transition to low-carbon products and to address ESG goals. The Elysian team creates value by developing, building and owning carbon capture assets across a diverse array of carbon emission sources, as well as CO2 pipeline and CO2 storage assets in basins across North America. Please visit elysian.cc for more information on the company and its management team.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.
Casey Nikoloric, Managing Principal
TEN|10 Group
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DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Charging Stations Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
Major players in the electric vehicle charging station market are Tesla, Chargepoint, Siemens, ClipperCreek and Schneider electric.
The global electric vehicle charging stations market is expected to grow from $5.8 billion in 2020 to $6.79 billion in 2021 at a compound annual growth rate (CAGR) of 17.1%. The market is expected to reach $20.49 billion in 2025 at a CAGR of 31.8%.
The electric vehicle charging station market consist of sales of electric vehicle charging services. Electric vehicle charging stations provides charging facility to electric vehicles through alternating current (AC) and direct current (DC) charging. AC charging station consists of level 1 and level 2 charging. Level 1 charging station uses 120V AC current, level 2 Charging station uses 240V AC current to charge the vehicles. Whereas the DC charging station also known as Level 3 charging station uses 480V DC current to charge the EVs.
The electric vehicle charging stations market covered in this report is segmented by installation type into home charging system, commercial charging system. It is also segmented by connector type into chademo, CCS, GB/T, tesla supercharger, others; by mode of charging into plug in charging system, wireless charging system and by charging station into AC charging station, DC charging station.
The limited range of electric vehicles is hindering the Electric vehicle (EV) charging stations market growth. Electric vehicles have a limited range as compared to the traditional internal combustion engine vehicles as due to its limited battery capacity. The electric vehicles can't be used in case of long-distance travel, this causes the slow growth of the electric vehicles. According to a survey conducted by BBC, involves a sample of 10,293 drivers out of which 76% of the drivers said that in a single charge electric vehicle can't travel long distances.
Increasing tax incentives and subsidies given to local automakers to produce electric vehicles is driving the demand for electric vehicle (EV) charging station market. Tax incentives and subsidies to the electric vehicle makers is encouraging auto makers to make more Electric vehicle which will generate more demand for EV charging stations.
China's subsidy policy caused 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicles sales in China was almost four times the numbers sold in the USA, the growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government.
Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast-charge. The ultra-quick charging technologies of the direct current (DC) are used in electric vehicle charging stations to transfer current to electric vehicles through DC.
Key Topics Covered:
1. Executive Summary
2. Electric Vehicle Charging Stations Market Characteristics
3. Electric Vehicle Charging Stations Market Trends and Strategies
4. Impact Of COVID-19 On Electric Vehicle Charging Stations
5. Electric Vehicle Charging Stations Market Size and Growth
5.1. Global Electric Vehicle Charging Stations Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Electric Vehicle Charging Stations Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Electric Vehicle Charging Stations Market Segmentation
6.1. Global Electric Vehicle Charging Stations Market, Segmentation by Installation Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Electric Vehicle Charging Stations Market, Segmentation by Connector Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Electric Vehicle Charging Stations Market, Segmentation by Mode Of Charging, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.4. Global Electric Vehicle Charging Stations Market, Segmentation by Charging Station, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Electric Vehicle Charging Stations Market Regional and Country Analysis
7.1. Global Electric Vehicle Charging Stations Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Electric Vehicle Charging Stations Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6o7nr6
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LUANDA, Angola--(BUSINESS WIRE)--Chevron’s affiliate in Angola, Cabinda Gulf Oil Company Limited (CABGOC) announced today the successful extension of the Block 0 concession, off the coast of Cabinda province, in Angola. The agreement extends the concession for 20 years, through 2050. Under the renewed agreement, CABGOC will remain the operator with a 39.2 percent interest on behalf of its partners “Sociedade Nacional De Combustiveis De Angola – Empresa Pública (“Sonangol EP”) with a 41 percent interest, TotalEnergies EP Petroleum Angola (“Total”) with a 10 percent interest, and Eni Angola Production B.V. (“Eni”) with a 9.8 percent interest.
“We are pleased with the opportunity to continue to partner with the government of Angola and our Block 0 associates to apply our industry-leading exploration and production capabilities in Angola, where we have had a presence for more than 60 years,” said Billy Lacobie, managing director of Chevron’s Southern Africa Strategic Business Unit. “We are proud to have played a significant role in the development of the country’s oil and gas industry, and we look forward to continuing to help provide reliable, affordable, ever-cleaner energy that enables human progress and powers Angola forward.”
In addition to Block 0, CABGOC operates and holds a 31 percent interest in a production-sharing contract (PSC) for deepwater Block 14, located west of Block 0. In 2020, CABGOC’s net daily production averaged 89,000 barrels of liquids and 340 million cubic feet of natural gas.
Chevron also has a 36.4 percent interest in Angola LNG Limited, which operates an onshore natural gas liquefaction plant in Soyo, in Zaire province. The plant has the capacity to process 1.1 billion cubic feet of natural gas per day. ALNG is the world’s first LNG plant supplied with associated gas, where the natural gas is a byproduct of crude oil production. Feedstock for the plant originates from multiple fields and operators.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
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MINNEAPOLIS--(BUSINESS WIRE)--Aethlon Capital announced today that it successfully advised Navegate, Inc., a technology enabled logistics and supply chain management company headquartered in Mendota Heights, Minn., on the sale of its business to Radiant Logistics, Inc. (NYSE American: RLGT) of Renton, Wash. As part of the transaction, which closed on December 3rd, Radiant acquired all of Navegate’s stock.
“Navegate has a rich and innovative history in the global supply chain industry that has spanned over five decades. The combination with Radiant will build on that legacy and is an exciting new chapter for all involved,” said Nathan Dey, Chief Executive Officer of Navegate. “We’re proud to be a trusted partner to our customers, and the synergies created by this transaction will enable us to better serve them as the demands of the logistics landscape continue to evolve.”
Sima Griffith, Managing Principal of Aethlon Capital, said, “The Aethlon team was pleased to represent Navegate’s owners on the sale of their company to publicly-traded Radiant Logistics, a transportation and supply chain management company with an extensive global network.”
Commenting on the acquisition, Bohn Crain, Founder and Chief Executive Officer of Radiant, said, “We are very excited to have the opportunity to join forces with Navegate. We have been patiently looking for the right next transaction to complement the Radiant network and we found it in Navegate. In addition to solidifying our presence in Shanghai, Navegate also strengthens our international services offering, particularly in the areas of customs brokerage, ocean forwarding and drayage services and brings with it a robust global trade management platform that we will be able to offer back to our broader network of over 100 operating locations across North America.”
About Navegate, Inc.
Navegate, headquartered in Mendota Heights, Minn., is a global supply chain management company providing best-in-class software and logistics management. They combine powerful cloud-based software with 50 years of industry expertise to reduce costs, optimize performance, and mitigate risk for their clients.
About Radiant Logistics, Inc.
Radiant, headquartered in Renton, Wash., is a provider of third-party logistics and multimodal transportation services. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
About Aethlon Capital, LLC
Aethlon Capital, LLC is a Minneapolis-based investment bank that specializes in mergers and acquisitions and raising capital for manufacturing, technology, consumer, and transportation & logistics companies. For more information, visit: www.Aethlon.com.
Sima Griffith, Managing Principal
Aethlon Capital, LLC
612-338-6065
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LONDON & NEW YORK & STOCKHOLM--(BUSINESS WIRE)--#ai--Pivot Energy Services, an award-winning climate tech start-up for the built environment, has today announced its rebrand to Tallarna. The new name means “pine trees” or “the pines” in Swedish and highlights the company’s ability to reduce carbon emissions in buildings at speed and scale.
The rebrand includes the launch of a new logo, website, and social media accounts, and builds on the company’s appeal of combining carbon and capital efficiency. Tallarna is recognised by PwC and the University of Cambridge as one of ‘The 20 hottest start-ups in AI’ for the integration of its data analytics platform with a Fortune 500, A-rated insurer.
At the heart of this rebrand is an emphasis on Tallarna’s unique ability to translate buildings’ technical risks into financial metrics that resonate across the value chain. The performance of decarbonisation projects can then be insured and guaranteed, unlocking third-party, off-balance sheet funding.
Tallarna’s plural meaning, “the pines”, highlights the need for a multi-faceted, collective approach to decarbonisation, one that incorporates environmental, social, and financial sustainability. This belief is seen in the company’s diverse partnerships across the building value chain, including with technology provider ABB. They are currently working with Tallarna to co-create an “energy-efficiency-as-a-service” product for industrial environments.
Accelerating net zero is a cornerstone of Tallarna. Pine trees absorb CO2 on a large scale thanks to their fast growth and are part of a forest ecosystem that mitigates soaring temperatures. This climate tech start-up likewise stabilises the indoor environment and supports more comfortable, healthier homes. Tallarna’s Swedish roots honour the company’s beginnings, founded in Stockholm in 2017 by Tim Meanock, Will Gayton, and Johan Signer.
The new brand brings to life the speed and scale at which decarbonisation needs to happen. Currently, less than 1% of building stock is zero carbon ready. But to reach net zero by 2050, more than 85% of buildings will need to achieve this. In the UK social housing sector alone, this equates to retrofitting 3,307 homes per week. Tallarna is currently working with a significant number of social housing landlords, analysing portfolios of tens of thousands of properties at one time, to deliver flexible financing and procurement economies.
Tallarna makes decarbonisation projects financially executable through an ecosystem approach. It connects the dots between data analytics, performance guarantees, and efficient funding, helping unlock “the trillions required in private investment” that COP26 President, Alok Sharma, argued was fundamental to halting the devasting effects of climate change.
“As we grow and rebrand as Tallarna, we move into an exciting stage of our company’s evolution,” said Tim Meanock, co-founder and CEO, Tallarna. “One that showcases our full strength in making building decarbonisation financially executable at scale.”
Michelle Taute
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Affiliates of American Industrial Partners to Serve as “Stalking Horse Bidder” in Court-Supervised Sale Process and Provide Approximately $29 Million in DIP Financing to Support Operations
Strike to Continue Operating and Servicing Customers as Normal
HOUSTON--(BUSINESS WIRE)--Strike, LLC (“Strike” or “the Company”) today announced that it has entered into an asset purchase agreement with affiliates of American Industrial Partners, (“AIP”), the Company’s largest debtholder, pursuant to which AIP will acquire substantially all of the Company’s assets.
To facilitate the transaction process, the Company today filed voluntary petitions for a court-supervised restructuring under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. This action is expected to provide for a quick and orderly sale of the Company’s assets under Section 363 of the Bankruptcy Code, with AIP serving as the “stalking horse bidder” in a court-supervised auction and sale process. Accordingly, the proposed transaction with AIP is subject to higher or otherwise better offers, Court approval and other customary conditions.
In connection with the proposed sale transaction, Strike has received a commitment for approximately $29 million in debtor-in-possession (“DIP”) financing from AIP. Upon Court approval, this new financing, together with cash generated from the Company’s ongoing operations, is expected to support the business throughout the sale process. The Company expects to operate in the ordinary course throughout the process and remains focused on serving customers and working with suppliers as normal.
“The sale and financing agreements with AIP mark an important step forward in our efforts to strengthen our business and position the Company to continue meeting and exceeding the needs of our customers well into the future,” said Chuck Davison, Jr., Chief Executive Officer. “Since I joined Strike in July, the Board and management team have taken a fresh look at the business to evaluate how best to build on our brands’ strong position in the marketplace, improve our financial position and set Strike on a path for future success. Based on this review, we have determined that initiating a court-supervised sale process is the optimal path forward for our business and is in the best interest of all our stakeholders.”
Davison continued, “AIP’s interest in Strike is a testament to the value they see in the services we provide our customers and the strength of our talented team. We are as dedicated as ever to operating safely and providing our customers with the same level of quality and service that they have come to expect. We thank our customers for their support and appreciate the continued cooperation of our partners, who play a key role in helping us bring our services to market. We continue to go the extra mile for our customers every day, and we appreciate our associates’ hard work and commitment to Strike.”
The Company has filed a number of customary motions seeking court authorization to continue to support its operations during the court-supervised sale process, including the continued payment of employee wages and benefits. The Company intends to pay vendors, suppliers and other trade creditors in full under normal terms for goods and services provided during the bankruptcy case. Strike expects to receive approval for these requests.
Additional information regarding the Company’s court-supervised sale process is available at www.StrikeRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the Company’s claims agent, Epiq, at https://dm.epiq11.com/StrikeLLC, by calling Epiq toll-free at (855) 675-2860 (or +1 (503) 520-4488 for calls originating outside of the U.S.), or by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it..
White & Case LLP is serving as Strike’s legal counsel, and Opportune LLP is serving as financial and restructuring advisor.
About Strike
Strike is a full-service pipeline, facilities, and energy infrastructure solutions provider. Headquartered in The Woodlands, Texas, Strike partners closely with clients all across North America, safely and successfully delivering a full range of integrated engineering, construction, maintenance, integrity, and specialty services that span the entire oil and gas life cycle. For more information, visit www.strikeusa.com.
About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy, and has been active in private equity investing since 1989. To date, American Industrial Partners has completed more than 100 acquisition transactions, and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions.
For more information on AIP, visit www.americanindustrial.com.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could impact the Company’s objectives and plans or cause the actual results of the Company to differ significantly from the historical results or from any future results expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the Chapter 11 process, competition in the industry, general domestic or international economic conditions, and changes in laws or regulations. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking.
Michele Kooken
Strike, LLC
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or
Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
New funding enables increased production capability to service growing backorders and to further advance Halio’s electrochromic technology for commercial buildings, residential homes, and vehicles.
HAYWARD, Calif.--(BUSINESS WIRE)--Halio, builder of the world’s most technologically advanced and most beautiful smart windows, announced an additional $100M in financing led by inside investors SK and Capricorn Investment Group. SK is Korea’s third-largest company with more than USD 68 Billion in annual revenue. Halio aligns with SK’s focus on ESG (Environmental, Social, and Governance) materials solutions.
“SK recognizes the benefits that Halio Smart Glass brings to our lives, the planet, and its synergy with our investment in ESG," said Dong UK Choi, Vice President of SK.
Capricorn makes investments focused on specific impact areas of sustainability, including clean technology, health and wellness, and energy efficiency.
“Halio is the practical, necessary, inevitable, and elegant ingredient for the building industry as it moves to net-zero and occupant wellness,” said Dipender Saluja, Managing Director, Capricorn Investment Group.
Halio develops and commercializes breakthrough advances in electrochromic technology that maximize natural light while mitigating solar heat and glare. The Halio Solution includes the industry’s most advanced smart glass and a cloud-based AI control system. This system has been gaining design wins and winning the hearts of influential architects who recognize its ability to fulfill their design vision, meet sustainability objectives, and create an immersive daylight experience for occupants.
Funding enables increased production capability to service orders and to further advance Halio’s electrochromic technology for commercial buildings, residential homes, and vehicles.
“Architects and developers have specified Halio Smart Glass into a growing backlog of designs,” said Bruce Sohn, Halio CEO. “Our successful partnership with Viracon, the largest architectural glass fabricator in America, is already accelerating our timeline to increase production output.”
Halio and Architects
Halio Smart Glass is specified by leading architects and co-branded by industry partners such as Viracon and Marvin. Halio’s smart glass sets the standard demanded by discerning architects and builders worldwide by delivering the highest clarity, fastest switching speed, and smoothest transitions, powered by the most sophisticated and integrated control system of its kind. Thoughtful design improves sightlines by eliminating unattractive bus bars and low-quality tapes.
Halio’s technology delivers superior durability, ensured by incorporating technology proven in solar systems that must endure harsh environments for decades and reduces a building’s carbon footprint through lower energy consumption of up to 20% while improving occupants' health, wellness, and productivity.
Halio’s control system is future-proofed by incorporating IoT standards such as Matter. Through Works with Halio certification, it seamlessly integrates with third-party solutions including Siemen’s Connect Ecosystem, which includes Desigo CC and related platforms, Amazon Alexa, Crestron, Apple Homekit, and other systems.
Halio frees architects and designers to control all aspects of window design.
About Halio
Halio, Inc. delivers the world’s most responsive, intelligent platform for daylight management. Halio's Smart Glass for commercial and residential facades and interiors is the world’s leading electrochromic (EC) technology integrated into windows to maximize daylight while optimizing energy savings, reducing solar heat gain, and minimizing glare. Powered by Halio windows and skylights are available from both Halio and third-party fabricators in various glass coatings and configurations.
Visit www.halioinc.com for more information. Follow us on LinkedIn, Twitter, Instagram, and YouTube.
Corporate Contact:
Bob Eminian
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408-242-4680
Media Contact:
Carol Warren
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714-890-4500
ORANGE, Conn.--(BUSINESS WIRE)--Today, AVANGRID, Inc. (NYSE:AGR), a leading sustainable energy company, filed suit in New Mexico against Security Limits, Inc. and its owner and CEO Paulo Silva for defamation and tortious interference. In the suit, AVANGRID lays out how Silva, a disgruntled former AVANGRID Networks sub-contractor, interjected himself into the merger review process between AVANGRID and PNM Resources in New Mexico after AVANGRID rebuked his threats to do so if AVANGRID would not agree to enter into a new contract with him.
Security Limits’ Silva is using the New Mexico Public Regulation Commission (PRC) merger review process as part of an effort to extort AVANGRID. His claims are being echoed by the lone opponent to the merger, New Energy Economy (NEE), in efforts to have the merger be denied by the PRC.
Despite his criticisms of AVANGRID, Silva has touted and continues to tout his affiliation with AVANGRID on his LinkedIn page https://www.linkedin.com/in/paulosilva-cybersecurity/.
Under New Mexico Statutes Section 30-16-9 (2020), Extortion is defined, in relevant part, as follows:
Extortion consists of the communication or transmission of any threat to another by any means whatsoever with intent thereby to wrongfully obtain anything of value or to wrongfully compel the person threatened to do or refrain from doing any act against his will. Any of the following acts shall be sufficient to constitute a threat under this section:
Whoever commits extortion is guilty of a third-degree felony.
“At the PRC public comment in August, while decrying the purported corruption within Iberdrola and AVANGRID and making false, outrageous statements, Silva was just five days earlier desperately trying to secure additional contracts with AVANGRID and its companies,” said Robert Kump, AVANGRID President and Deputy CEO.
According to AVANGRID’s Senior Vice President and General Counsel R. Scott Mahoney, “AVANGRID will vigorously defend itself against the meritless allegations and claims made by Security Limits and echoed by NEE.” Mahoney added, “In fact, AVANGRID has previously reviewed unsubstantiated allegations made by Silva’s company Security Limits and sent it a cease-and-desist letter.”
AVANGRID is pursuing all legal remedies against Security Limits, Silva and anyone that has aided him.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT, with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Zsoka McDonald (203) 997-6892
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Joanie Griffin (505) 261-4444 or
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WASHINGTON--(BUSINESS WIRE)--Nodal Exchange today announced new volume and open interest records in its power, natural gas and environmental markets. In power, Nodal set a calendar month trading record in November 2021 with 245 million MWh of power futures volume traded, representing a record 47.3% market share and a growth rate of 140% over November 2020. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with a record 1.156 billion MWh at the end of November. The open interest represents over $108.7 billion of notional value (both sides).
Nodal Exchange grew its position in the U.S. natural gas market with record trading volume of 279 million MMBtu in November 2021. Nodal also achieved record natural gas futures open interest with 330 million MMBtu as of end of November.
Environmental markets on Nodal Exchange also continued to post calendar month volume and open interest records in November. A total of 23,522 environmental lots traded in November 2021, up more than 110% from 11,157 lots in November 2020. Open interest at month-end was a record 166,236 environmental lots, up more than 70% from a year earlier. Other environmental highlights this month include:
“Nodal is pleased to have achieved these new records in power, natural gas and environmental markets and appreciates the ongoing support of its community,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear.
ABOUT NODAL
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
PRESS CONTACT:
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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DALLAS & STAMFORD, Conn.--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly traded special purpose acquisition company, and Altus Power, Inc. (“Altus Power”) today announced that the minimum cash condition to their previously announced business combination has been satisfied. Accordingly, the parties are on track to consummate the business combination next week following CBAH’s special meeting of stockholders (the “Special Meeting”), which is to be held on December 6, 2021.
The parties also announced that the deadline for stockholders to withdraw their redemption requests has been extended to 4:00 p.m. (New York City time) on December 8, 2021. Any stockholder wishing to withdraw a redemption request may request a withdrawal by contacting CBAH’s transfer agent at the email address listed below:
Continental Stock Transfer & Trust Company
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The parties expect the business combination to close on December 9, 2021. Upon closing, post-combination Altus Power’s Class A shares and warrants are expected to commence trading on the New York Stock Exchange, under the symbols “AMPS” and “AMPS WS”, respectively, on December 10, 2021. Further, at the closing of the business combination, each CBAH unit will separate into its components, which are one CBAH Class A share and one-fourth of one warrant. The holders of CBAH Class A shares and warrants will receive equivalent securities of AMPS and AMPS WS, as applicable, in post-combination Altus Power.
About CBRE Acquisition Holdings, Inc.
CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.
Important Information About the Business Combination and Where to Find It
CBAH has filed with the U.S. Securities and Exchange Commission ("SEC") a Registration Statement on Form S-4 (the "Registration Statement"), which includes a proxy statement/prospectus in connection with the proposed business combination between Altus Power and CBAH and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH. The Registration Statement was declared effective by the SEC on November 5, 2021 and CBAH also filed the definitive proxy statement/prospectus with respect to the business combination on that date. CBAH has mailed a definitive proxy statement/prospectus and other relevant documents to its stockholders as of October 27, 2021, the record date for the Special Meeting. CBAH's stockholders and other interested persons are advised to read the definitive proxy statement/prospectus in connection with CBAH's solicitation of proxies for its stockholders' Special Meeting to be held to approve the business combination because the proxy statement/prospectus contains important information about CBAH, Altus Power and the business combination. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge at the SEC's website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.
Participants in the Solicitation
CBAH, Altus Power and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of CBAH's stockholders with respect to the approval of the business combination. CBAH and Altus Power urge investors, stockholders and other interested persons to read the Registration Statement and the definitive proxy statement/prospectus and exhibits thereto, as well as other documents filed with the SEC in connection with the business combination, as these materials will contain important information about Altus Power, CBAH and the business combination. Information regarding CBAH's directors and officers and a description of their interests in CBAH is contained in the Registration Statement and the definitive proxy statement/prospectus.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to the use of proceeds for the new credit facility and analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the business combination, the business plans, objectives, expectations and intentions of CBAH once the business combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the Business Combination Agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the Business Combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Registration Statement and CBAH’s definitive proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
CBRE Acquisition Holdings Contacts
Cash Smith
CBRE Acquisition Holdings, Inc.
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Steven Iaco
CBRE Corporate Communications
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Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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HOUSTON--(BUSINESS WIRE)--NRG Energy Inc. (NYSE: NRG) has closed the previously announced sale of approximately 4,850 MWs of fossil generating assets from its East and West regions to Generation Bridge, an affiliate of ArcLight Capital Partners. At Closing, NRG received $620 million of net proceeds, after purchase price adjustments pursuant to the terms of the Purchase and Sale Agreement entered into on February 28, 2021. As previously disclosed, the transaction is leverage neutral with $500 million of the net proceeds allocated to deleveraging.
Following the closing of the asset sale and as part of NRG’s Capital Allocation Program, the NRG Board of Directors has authorized $1 billion for share repurchases, effective immediately. The program is expected to begin in 2021 and will continue throughout 2022.
“Closing this transaction further advances our strategic priorities of decarbonizing our portfolio while aligning our business with the evolving needs of our customers,” said Mauricio Gutierrez, President and Chief Executive Officer, NRG. “We remain focused on advancing the strategic priorities we outlined during our June 2021 Investor Day, including executing on our free cash flow per share growth roadmap and maintaining a strong balance sheet to create significant value for our stakeholders.”
Under the share repurchase authorization, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing and amount of any shares of NRG’s common stock that are repurchased under the share repurchase authorization will be determined by NRG’s management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the company’s ability to maintain satisfactory credit ratings. The share repurchase authorization does not obligate NRG to acquire any particular amount of common stock, and may be modified, suspended or discontinued at any time or from time to time at NRG’s discretion.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working toward a sustainable energy future. More information is available at nrg.com. Connect with NRG on Facebook, LinkedIn, and follow us on Twitter @nrgenergy.
Investors:
Kevin L. Cole, CFA
Investor Relations
609.524.4526
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Media:
Candice Adams
Corporate Communications
609.524.5428
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HOUSTON--(BUSINESS WIRE)--SANDRIDGE PERMIAN TRUST (OTC: PERS) today announced a distribution of approximately $2.5 million, or $0.047 per unit, reflecting the release of approximately $2.5 million of the remaining cash reserves previously withheld by the Trustee for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The distribution is expected to occur on or before December 20, 2021 to holders of record as of the close of business on December 13, 2021 and will be the final distribution to be made to the Trust unitholders.
As of the date of this press release, 99.9% of the Trust’s total 52,500,000 units outstanding were held by Cede & Co. (The Depository Trust Company’s nominee) as the official unitholder of record. The record date of December 13, 2021 for the final distribution is only applicable to unitholders of record such as Cede & Co., and the ex-date, as set by The Financial Industry Regulatory Authority, Inc., or FINRA, actually determines which street name holders will be eligible to receive this distribution. The ex-date for the final distribution has not been set. FINRA will set the ex-date after the Trust issues this press release. The Trustee does not set the ex-date, and therefore, investors should contact their broker with any questions about the ex-date for this distribution.
The Trust units will be removed from trading and cancelled following the payment of the final distribution. The Trust will remain in existence until the filing of a certificate of cancellation with the Secretary of State of the State of Delaware following the completion of the winding up process, which is expected to occur before the end of the year.
The Trust owned Royalty Interests in oil and natural gas properties and was entitled to receive proceeds from the sale of production attributable to the Royalty Interests up to June 1, 2021. As described in the Trust’s filings with the SEC, the amount of the quarterly distributions fluctuated from quarter to quarter, depending on the proceeds received by the Trust as a result of actual production volumes, oil, natural gas and natural gas liquids prices, and the amount and timing of the Trust’s administrative expenses, among other factors. All Trust unitholders share distributions on a pro rata basis.
Distributable income was calculated as follows (in thousands, except for unit and per unit amounts):
Cash reserves following August 2021 distribution to Trust unitholders |
$ |
3,347,029 |
|
|
Tax credit from Avalon Energy, LLC |
95,510 |
|
||
Interest earned (Sept. – Nov.) |
142 |
|
||
Winding-up expenses of the Trust (Sept. – Nov.) |
(468,066 |
) |
||
Reserved for remaining winding-up expenses of the Trust |
(503,050 |
) |
||
Distributable income |
$ |
2,471,565 |
|
|
Distributable income available to unitholders |
$ |
2,471,565 |
|
|
Distributable income per unit (52,500,000 units issued and outstanding) |
$ |
0.047 |
|
|
Pursuant to Internal Revenue Code Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This is intended to be a qualified notice by SandRidge Permian Trust to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b), and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold at the highest marginal rate on the distribution made to non-U.S. persons. The Tax Cuts and Jobs Act (the “TCJA”) enacted in December 2017 treats a non-U.S. holder’s gain on the sale of Trust units as ECI to the extent such holder would have had ECI if the Trust had sold all of its assets at fair market value on the date of the sale of such Trust units. The TCJA also requires a transferee of Trust units to withhold 10% of the amount realized on the sale or exchange of such units (generally, the purchase price) unless the transferor certifies that it is not a non-resident alien individual or foreign corporation or another exception is available. Pursuant to final Treasury Regulations issued on October 7, 2020, this new withholding obligation will become applicable to transfers of units in publicly traded partnerships such as the Trust (which is classified as a partnership for federal and state income tax purposes) occurring on or after January 1, 2022.
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of this provision. These forward-looking statements include the amount and date of any anticipated distribution to unitholders; the amount and date of any future distributions to unitholders of the Trust; expectations regarding the timing of the winding up of the Trust, including the cancellation of the Trust units; and statements regarding the possibility of future distributions to unitholders during the winding up period. Statements made in this press release are qualified by the cautionary statements made above. Neither Avalon nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
SandRidge Permian Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it plans to achieve net zero greenhouse gas emissions from operated assets in the U.S. Permian Basin by 2030, accelerating and expanding its emission-reduction plans for unconventional operations in New Mexico and Texas. The plans are part of the corporate-wide effort to reduce Upstream greenhouse gas emissions intensity by 40-50% by 2030, compared to 2016 levels.
“Our groundbreaking plans to reach net zero for Permian Basin operations further demonstrate our commitment and support of society’s ambitions for a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We have plans to reduce greenhouse gas emissions intensity across our businesses by deploying the capabilities and technical strengths that are foundational to ExxonMobil.”
The greenhouse gas emission-reduction efforts in the Permian will be supported by electrifying operations, continuing investments in methane mitigation and detection technology, eliminating routine flaring, upgrading equipment, and employing emissions offset technology, which may include nature-based solutions.
The company plans to electrify its operations with low-carbon power, which may include wind, solar, hydrogen, natural gas with carbon capture and storage, or other emerging technologies. ExxonMobil plans to expand its methane detection programs utilizing satellite surveillance and a network of ground-based sensors for continuous monitoring, and aerial flyovers that identify leaks for rapid repairs.
By year-end 2021, ExxonMobil anticipates reduced flaring volumes across its Permian Basin operations by more than 75% compared to 2019. The company plans to eliminate all routine flaring in the Permian by year-end 2022, in support of the World Bank’s Zero Routine Flaring initiative. The company is also securing alternative natural gas delivery points across the basin to minimize non-routine flaring.
“Our goal of net zero for Scope 1 and Scope 2 greenhouse gas emissions is one of the most ambitious and wide-reaching in the Permian Basin,” said Bart Cahir, senior vice president of unconventional at ExxonMobil. “Throughout the value chain, our people are working hard to help reduce the greenhouse gas emissions associated with the products that enable modern life.”
ExxonMobil has demonstrated a strong track record of setting and achieving aggressive greenhouse gas emission-reduction goals. The company is on track to exceed its 2025 greenhouse gas emission-reduction plans announced in December 2020. Year-end 2021 results are expected to show a reduction of 15-20% in greenhouse gas intensity from Upstream operations compared to 2016 levels, four years ahead of schedule. This is supported by an anticipated reduction of 40-50% in methane intensity and 35-45% in flaring intensity compared to 2016.
Plans for the Permian Basin further support ExxonMobil’s corporate methane reduction objectives and are aligned with the U.S. and European Union-led Global Methane Pledge to reduce methane emissions by 30% by 2030.
To validate its emissions-reduction efforts, ExxonMobil is working with an independent validator, non-profit MIQ through a pilot program initially focused on Poker Lake facilities in New Mexico. Through the program, natural gas will be certified based on a series of factors including methane intensity and will be marketed to customers early next year. The certification process could be expanded to other production areas based on demand.
ExxonMobil’s 2030 net zero goal for the Permian Basin will require the support of well-designed policies and advances in technology that increase availability and reliability of carbon-neutral power in the region, including wind and solar. Through long-term purchase contracts, the company supports the development of wind and solar power generation.
At the end of the third quarter 2021, ExxonMobil reported producing an average of 500,000 barrels of oil equivalent per day from its unconventional assets in the Permian Basin, accounting for more than 40% of the company’s U.S. net production. As production increases in the Permian, greenhouse gas emissions are expected to be mitigated accordingly. Costs associated with lower-emissions technology are included in the corporate plan through 2027, which was announced earlier this month.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.
Cautionary Statement
Statements of future aims, goal, events or conditions in this release are forward-looking statements. Actual future results, including the achievement of the aims to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets, to eliminate routine flaring in-line with World Bank Zero Routine Flaring in Permian operated assets, to reduce methane emissions, to electrify Permian operations, and associated project plans and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
ExxonMobil-operated emissions, reductions and avoidance performance data are based on a combination of measured and estimated data using best available information. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies.
ExxonMobil Media Relations:
(972) 940-6007
MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) announced today that its board of directors has declared a quarterly cash dividend of $0.12 per share payable on January 7, 2022 to shareholders of record on December 17, 2021.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
For more information, visit www.wfscorp.com.
Ira M. Birns
Executive Vice President & Chief Financial Officer
or
Glenn Klevitz
Vice President, Treasurer and Investor Relations
(305) 351-4763
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HOUSTON--(BUSINESS WIRE)--Datagration announced today that it will participate in the Capital One Securities 16th Annual Energy Conference. The conference is being held virtually from December 6th – December 8th.
Other participating companies include: Aramco, Callon Petroleum, EQT, Hess, Murphy Oil Corporation, Pioneer Natural Resources, Shell, Whiting and many more.
Datagration’s presentation materials are available and may be downloaded by visiting the Datagration website at www.datagration.com under “Virtual Events” under the Resources tab.
ABOUT DATAGRATION
Datagration provides the world’s Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis and more. To learn more about Datagration and the PetroVisor platform go to www.datagration.com.
Media Inquiries:
Braxton Huggins at This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
David Freer at This email address is being protected from spambots. You need JavaScript enabled to view it.
SwRI’s Mechanical Engineering Division serves government and industry clients worldwide
SAN ANTONIO--(BUSINESS WIRE)--Dr. Ben Thacker, P.E., has been named vice president of Southwest Research Institute’s Mechanical Engineering Division. Thacker previously served as executive director of the division’s Materials and Fluids Engineering Departments.
“I am deeply honored to be entrusted with this responsibility and feel incredibly grateful to SwRI and its leadership team for the many ways they have advanced my career,” Thacker said.
As vice president, Thacker will oversee a staff of more than 300, working in five research departments: Engineering Dynamics, Fluids Engineering, Machinery, Materials Engineering and Structural Engineering.
“The autonomy afforded those who take technical risks, collaborate and work hard to satisfy our clients is the most rewarding part about working at SwRI,” Thacker said. “I am extremely proud of SwRI, and I am grateful to have found this place 33 years ago.”
During his SwRI career, Thacker has significantly contributed to a wide range of projects providing support to Institute clients such as NASA, the U.S. Air Force Research Laboratory, Los Alamos National Laboratory, the Defense Threat Reduction Agency, and the Naval Air Warfare Center. He was a key contributor to the NASA Probabilistic Structural Analysis Methods for Select Space Propulsion System Components project, which led to the development of the NESSUS® probabilistic analysis software. He is currently working with the American Society of Mechanical Engineers (ASME) to develop standards for verification, validation, and uncertainty quantification for large-scale numerical simulations.
Thacker holds a doctorate from The University of Texas at Austin, a master’s from the University of Connecticut and a bachelor’s from Iowa State University, all in civil engineering. He is a registered Professional Engineer in Texas. In 2017, Thacker was inducted as a Fellow of the American Institute of Aeronautics and Astronautics (AIAA).
In addition to his service to SwRI, Thacker is active in several professional organizations, including AIAA, ASME, TMS (The Minerals, Metals, and Materials Society), and the National Society of Professional Engineers. Thacker is a member of two engineering honor societies: Tau Beta Pi and Chi Epsilon. He has served on many international and national scientific panels, committees, and conferences.
For more information, visit https://www.swri.org/technical-divisions/mechanical-engineering.
Tracey M.S. Whelan • (210) 522-2256 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Energy Storage Association awards highlight leaders from across the energy storage industry
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#bess--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it is the recipient of the U.S. Energy Storage Association’s 2021 Brad Roberts Outstanding Industry Achievement by a Member Organization Award. Ameresco was selected based on the company’s innovative strategies and accomplishments in the battery energy storage systems (BESS) market.
Ameresco was recognized alongside the Energy Safety Response Group as one of two companies selected for the Brad Roberts Outstanding Industry Achievement award. The renewable energy company was selected for its innovation in implementing BESS across the U.S. and leading resiliency projects at mission-critical facilities like the U.S. Marine Corp Recruit Depot Parris Island, which is now able to run fully independent of the main grid during outages.
“This year was a landmark year for the U.S. energy storage industry, due in no small part to efforts of this year’s award winners,” said Jason Burwen, Interim CEO of the U.S. Energy Storage Association. “This year’s class has made huge strides in advancing the prospects of the energy storage industry, which will decarbonize the nation’s power system, make communities and grid infrastructure sufficiently resilient to climate-driven extreme weather events, and create good-paying jobs.”
The U.S. Energy Storage Association (ESA) is the national trade association for the American energy storage industry and advocates for the advancement of the energy storage industry. Each year ESA recognizes companies and individuals from across the industry for their outstanding commitments to excellence in innovation, diversity and inclusion, and forward-thinking leadership.
“The Ameresco team is grateful to receive recognition from a leading cleantech industry leader such as the Energy Storage Association,” said President and CEO of Ameresco George Sakeilaris. “Our projects in the battery and energy storage sector are building the blueprints to facilitate a greener future.”
To learn more about Ameresco and its energy efficient solutions, please visit www.ameresco.com.
About Energy Storage Association
The U.S. Energy Storage Association (ESA) is the national trade association dedicated to energy storage, working toward a more resilient, efficient, sustainable, and affordable electricity grid – as is uniquely enabled by energy storage. With more than 200 members, ESA represents a diverse group of companies, including independent power producers, electric utilities, energy service companies, financiers, insurers, law firms, installers, manufacturers, component suppliers and integrators involved in deploying energy storage systems around the globe. More information is available at: www.energystorage.org. The U.S. Energy Storage Association will merge into the American Clean Power Association (ACP) on January 1, 2022.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Media Contact:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will participate in the Wells Fargo Midstream, Utility & Renewables Symposium. Senior management expects to participate in a series of virtual meetings with members of the investment community on December 8, and presentation materials used during these meetings will be posted to USA Compression’s website prior to the investor meetings. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”
About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
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