AKRON, Ohio--(BUSINESS WIRE)--#Bitcoin--Magellan Scientific, LLC (“Magellan” or the “Company”) announces the closing of the Company’s initial round of equity funding, along with the acquisition of 1,600 MicroBT Whatsminer M30S ASIC mining servers capable of generating 141 PH/s.
Magellan will receive and deploy its initial 1,600 MicroBT Whatsminer M30S ASIC mining servers throughout the fourth quarter 2021 and the first quarter 2022.
Magellan holds 100MW of off-grid, decentralized power generation capacity located throughout Ohio and Pennsylvania. Magellan’s initial 1,600 ASIC mining servers will use approximately 6MW (or, 6%) of the Company’s available 100MW of power capacity. Magellan’s low-cost, 24-hour operation allows the Company to achieve highly competitive operating costs of under $0.06/kWh. The Company will hold its Bitcoin production and leverage its digital asset holdings, along with our strategic relationships, to expand our operations.
Chris Halvorson, President of Magellan Scientific, stated, “Our successful equity raise, along with the ongoing deployment of our initial ASIC servers, marks an important milestone for Magellan. The Company has significant running room to deploy additional ASIC servers across our 100MW of power capacity locations. We will continue to build out our capacity which has the potential to support the operations of nearly 30,000 ASIC servers.”
About Magellan Scientific, LLC
Magellan Scientific, LLC is a digital asset technology company operating decentralized, off-grid data centers used in digital asset mining (e.g., Bitcoin). The Company uses high-performance servers to generate digital currency. Magellan has 100MW of off-grid, decentralized power generation capacity located throughout Ohio and Pennsylvania. Visit www.magellanscientific.com to learn more.
Mark H. Van Tyne
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330-631-7692
DUBLIN--(BUSINESS WIRE)--The "Global & United States Fuel and Convenience Store POS Market Outlook 2026" report has been added to ResearchAndMarkets.com's offering.
The global fuel & convenience store POS market is estimated to garner a revenue of close to USD 7260 Million by the end of 2026, up from a revenue of around USD 3990 Million in the year 2020. The global fuel & convenience store POS market is anticipated to grow with a CAGR of 10.74% over the forecast period, i.e., 2021 - 2026.
Moreover, in the United States, the market is expected to generate a revenue of about USD 560 Million by the end of 2026, and further grow with a CAGR of over 5% during the forecast period. Moreover, the market in the United States is expected to grow with a CAGR of 5.63% during the forecast period.
Factors such as the increasing number of fuel stations and convenience stores in countries worldwide, along with the increase in online payment, followed by the surge in the volume of sales of these stores are anticipated to drive the growth of the market during the forecast period.
The global and United States fuel & convenience store POS market is segmented on the basis of product fixed POS, mobile POS, and cloud POS. Out of these, the fixed POS segment is expected to generate the largest revenue of near to USD 3680 Million by the end of 2026.
Additionally, the segment is also expected to grow with a CAGR of more than 9% during the forecast period. Furthermore, in the year 2020, the segment registered a revenue of around USD 2150 Million.
Some of the prominent industry leaders featured include
Key Topics Covered:
1. Market Definition
1.1. Definition
1.2. Segmentation
2. Assumptions and Acronyms
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
4. Executive Summary - Global Fuel and Convenience Store POS Market
5. Market Dynamics
5.1. Market Drivers
5.2. Market Trends
6. Key Market Opportunities
7. Major Roadblocks for the Market Growth
8. Regulatory and Standards Landscape
9. Industry Risk Analysis
10. Industry Growth Outlook
11. Feature Analysis
12. Competitive Positioning
13. Cloud Based (SaaS) vs Traditional (Non-SaaS) Cost Analysis - 2020
14. Competitive Landscape
14.1. Market Share Analysis, 2020
14.1.1. Global Market Share Analysis
14.1.2. United States Market Share Analysis
14.2. Competitive Benchmarking
14.3. Company Profiles
15. Global Fuel and Convenience Store POS Market 2020-2026
15.1. Market Overview
15.2. By Value (USD Million)
15.3. By Volume (Thousand Units)
16. Global Fuel and Convenience Store POS Market - Segmentation Analysis 2020-2026
16.1. Product
16.1.1. Fixed POS, 2020-2026F (USD Million) (Thousand Units)
16.1.2. Mobile POS, 2020-2026F (USD Million) (Thousand Units)
16.1.3. Cloud POS, 2020-2026F (USD Million) (Thousand Units)
16.2. Deployment
16.2.1. Traditional (Non-SaaS), 2020-2026F (USD Million) (Thousand Units)
16.2.2. Cloud-Based (SaaS), 2020-2026F (USD Million) (Thousand Units)
16.3. Component
16.3.1. Hardware, 2020-2026F (USD Million) (Thousand Units)
16.3.2. Software, 2020-2026F (USD Million) (Thousand Units)
16.3.3. Services, 2020-2026F (USD Million) (Thousand Units)
16.3.3.1. Managed Services, 2020-2026F (USD Million) (Thousand Units)
16.3.3.2. Professional Services, 2020-2026F (USD Million) (Thousand Units)
16.4. Application
16.4.1. Inventory Management, 2020-2026F (USD Million) (Thousand Units)
16.4.2. Cash Management, 2020-2026F (USD Million) (Thousand Units)
16.4.3. Operations Management, 2020-2026F (USD Million) (Thousand Units)
16.4.4. Reporting and Analytics, 2020-2026F (USD Million) (Thousand Units)
16.4.5. Others, 2020-2026F (USD Million) (Thousand Units)
16.5. End-Use
16.5.1. Fuel Stations, 2020-2026F (USD Million) (Thousand Units)
16.5.2. Convenience Stores, 2020-2026F (USD Million) (Thousand Units)
17. United States Fuel and Convenience Store POS Market - Segmentation Analysis 2020-2026
For more information about this report visit https://www.researchandmarkets.com/r/hungfo
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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EL PASO, Texas--(BUSINESS WIRE)--El Paso Electric (EPE) issues an All Source Request for Proposal (RFP) to obtain generating resources including renewable energy for Texas customers by 2025. The objective of this RFP is to meet the growing customer demand EPE is experiencing, specifically for its Texas service territory, and to meet the anticipated 2025 summer peak.
“Unlike many other electric utilities around the country who have leveled out when it comes to their customer base, we continue to experience a two percent customer base growth rate year-over-year, which inevitably leads to an increase in energy usage and customer demand,” shares President and CEO Kelly A. Tomblin. “It is our responsibility to continue to meet this growing demand cost effectively and with the service and reliability that our customers and community have come to expect and deserve.”
EPE’s initial resource planning studies project a capacity need of approximately 175 to 225 megawatts (MW) before May 1, 2025. New generation is also necessary to offset EPE’s planned retirements of older, less-efficient generating units.
Prospective bidders for EPE’s All Source RFP have until December 23, 2021, to submit an intent to bid. The full RFP can be found at epelectric.com, here.
About El Paso Electric
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 450,000 retail and wholesale customers in a 10,000-square mile area of the Rio Grande valley in west Texas and southern New Mexico.
Facebook @ElPasoElectric | www.epelectric.com | Twitter @ElPasoElectric
Media Contact:
Javier C. Camacho
Public Relations Specialist
El Paso Electric Company
C: 915.487.4753
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DUBLIN--(BUSINESS WIRE)--The "Port Infrastructure Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.
The report predicts the global port infrastructure market to grow with a CAGR of 4% over the forecast period from 2021-2027.
The report on the global port infrastructure market provides qualitative and quantitative analysis for the period from 2019 to 2027. The study on port infrastructure market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2019 to 2027.
The report on port infrastructure market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global port infrastructure market over the period of 2019 to 2027. Moreover, the report is a collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global port infrastructure market over the period of 2019 to 2027. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.
Report Findings
1) Drivers
2) Restraints
3) Opportunities
Company Profiles
Key Topics Covered:
1. Preface
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
2. Executive Summary
2.1. Port Infrastructure Market Highlights
2.2. Port Infrastructure Market Projection
2.3. Port Infrastructure Market Regional Highlights
3. Global Port Infrastructure Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. Analysis of COVID-19 impact on the Port Infrastructure Market
3.4. Porter's Five Forces Analysis
3.5. Growth Matrix Analysis
3.5.1. Growth Matrix Analysis by Type
3.5.2. Growth Matrix Analysis by Application
3.5.3. Growth Matrix Analysis by Region
3.6. Value Chain Analysis of Port Infrastructure Market
4. Port Infrastructure Market Macro Indicator Analysis
5. Global Port Infrastructure Market by Type
5.1. Sea Port
5.2. Inland Port
5.3. Dry Port
5.4. Others
6. Global Port Infrastructure Market by Application
6.1. Passenger
6.2. Cargo
6.3. Others
7. Global Port Infrastructure Market by Region 2021-2027
7.1. North America
7.1.1. North America Port Infrastructure Market by Type
7.1.2. North America Port Infrastructure Market by Application
7.1.3. North America Port Infrastructure Market by Country
7.2. Europe
7.3. Asia-Pacific
7.4. RoW
8. Company Profiles and Competitive Landscape
8.1. Competitive Landscape in the Global Port Infrastructure Market
8.2. Companies Profiled
For more information about this report visit https://www.researchandmarkets.com/r/ag3y96.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today it has been named to Newsweek’s 2022 list of America’s Most Responsible Companies. Flowserve has earned this recognition for the third consecutive year.
The list of America’s Most Responsible Companies, compiled by Newsweek in partnership with Statista Inc., is based off of publicly available environmental, social and governance data as well as an independent survey of U.S. residents. From a pool of 2,000 public companies, this list recognizes the 500 most responsible companies in the U.S. across dozens of industries.
“To truly live our purpose of making the world better, we understand that we have to go beyond the products and services we offer,” said Scott Rowe, president and chief executive officer. “That’s why we’re committed to building a culture of inclusion, giving back to the communities where we live and work, continuously improving our operations to reduce our environmental footprint, and enabling our customers to reach their own sustainability goals.”
Flowserve’s 2020 Environmental, Social and Governance (ESG) Report details its commitment to corporate social responsibility and the tangible progress the company has made in driving sustainable operations and supporting its customers in lowering their carbon emissions.
“This recognition highlights the progress we’ve made and continue to make on our journey to building a more sustainable future,“ said Richard Waddams, Vice President, Global Operational Excellence. “Last year, we set a target to reduce our carbon emission intensity by 40% by the year 2030 and since then we have made significant progress.”
For more information on Flowserve’s ESG and sustainability progress, or to access the Flowserve 2020 ESG Report or 2020 ESG Report Executive Summary, visit Flowserve’s Corporate Sustainability page on Flowserve.com.
Visit Newsweek’s website for the full listing of America’s Most Responsible Companies 2022.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
Innovators in Software and Hardware Join Forces to Scale Solar Uptake
World’s Strongest and Most Reliable Solar Racking and Mounting Systems Now Available on the World’s Most Accurate and Entirely Free Solar Design and Sales Platform at OpenSolar.com
SAN FRANCISCO & SYDNEY--(BUSINESS WIRE)--OpenSolar, Inc., a global solar SaaS company keenly focused on empowering solar installers with the world’s most accurate and entirely free solar design and sales platform, and IronRidge, maker of the world’s strongest and most reliable solar racking and mounting systems, today announced the integration of IronRidge’s products on opensolar.com. The partnership connects two industry leaders – one focused on innovative hardware, the other on breakthrough software – with a common mission to scale solar uptake by providing installers with the best systems and tools available to streamline the complex solar design, sales, and installation process.
Through OpenSolar’s platform, installers can now automatically calculate the exact IronRidge racking and mounting components for each design, seamlessly build an accurate Bill of Material (BoM) and ensure the most efficient ordering and inventory of equipment, thereby improving installer cashflow. To increase sales conversion, installers also will have the capability to provide customers with dynamic content that educates customers on the market-leading strength and reliability of IronRidge products.
“OpenSolar is committed to simplifying and streamlining the entire solar sales process, not only with the world’s most accurate and efficient design software but with an entirely free end-to-end sales platform that incorporates all the essential components of a compelling solar proposal, including customized permitting solutions, the most competitive financing options, and an array of the very best hardware products in the market,” said Andrew Birch, Co-Founder of OpenSolar. “IronRidge’s mounting and racking products continue to set the standard for their remarkable durability and reliability, and we are proud to integrate them onto our cutting-edge platform.” Birch added, “I pose the question to solar installers everywhere, ‘when the world’s most accurate, efficient, and robust solar design and sales platform is entirely free, why would you pay to use a platform that provides anything less?’”
Rich Tiu, IronRidge CEO, said, “IronRidge and OpenSolar share a commitment to streamlining business operations for solar installers. Just as we aid the design and ordering of product through our digital platform - Design Assistant - OpenSolar is thriving in the space around sales enablement and customer outreach. Installers who take advantage of the new data integration between our platforms can save time and close more business in the residential space.”
OpenSolar’s partnership with IronRidge marks the company’s third major U.S. deal in 2021, having forged deals with permit design and engineering company, Greenlancer, in June, and leading solar financing company, Sungage Financial, in November. Also in November, the company announced the findings of independent, third-party assessments that validate the unmatched accuracy of its solar design tool. Since its launch in 2019, OpenSolar’s free-to-use design and sales platform has enabled solar installers in over 100 countries to convert more prospects into booked sales while saving time and eliminating the costly licensing fees attached to other solar design and sales platforms.
About IronRidge
IronRidge, an Esdec company, designs and manufactures structural hardware for residential and commercial solar systems. For over 25 years, the company has worked closely with solar professionals to build strong, simple, and cost-effective products. Based in the San Francisco Bay Area, IronRidge is NSF Certified to ISO 9001, maintaining the highest quality management standards. For more information, visit www.ironridge.com.
About OpenSolar
OpenSolar launched in 2019 with a mission to scale solar globally by providing installers with innovative software technology and an equally innovative business offering – the world’s first entirely free-to-use design and sales platform. Solar installers can use OpenSolar’s end-to-end platform to build complete customer proposals, including the industry’s most accurately designed systems, an array of state-of-art hardware, on-demand customized permitting proposals, and a portfolio of competitive financing options. Instead of charging a licensing fee to utilize its software, OpenSolar provides its software free of charge and instead derives revenue from its various partner affiliates. By utilizing OpenSolar, installers can avoid costly software licensing fees and instead, invest more money into other areas of their businesses, confident they are using the very best design and sales tools available in the market, all for free. OpenSolar is based in Sydney, Australia, with remote offices in the U.S. For more information, visit www.opensolar.com.
OpenSolar
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IronRidge
Angie Fryer
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today the early tender results of its previously announced cash tender offer (the “Maximum Tender Offer”) and that it has (1) eliminated the Series Tender Cap (as defined in the Offer to Purchase dated November 18, 2021 (the “Offer to Purchase”)) for the 2024 Notes (as defined below) and (2) increased the maximum aggregate purchase price for the Maximum Tender Offer from up to a maximum aggregate purchase price of $1,000,000,000 to up to a maximum aggregate purchase price sufficient to purchase all of the 2039 Notes (as defined below) validly tendered and not validly withdrawn at or prior to the Early Tender Date (as defined below) (such increased maximum aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding 1.200% Senior Notes due 2024 (the “2024 Notes”), its outstanding 3.650% Senior Notes due 2025 (the “3.650% 2025 Notes”), its outstanding 2.850% Senior Notes due 2025 (the “2.850% 2025 Notes”), its outstanding 10.500% Senior Notes due 2039 (the “2039 Notes”), its outstanding 8.750% Senior Notes due 2030 (the “2030 Notes”), its outstanding 7.500% Senior Notes due 2032 (the “2032 Notes”) and its outstanding 6.625% Senior Notes due 2037 (the “2037 Notes”) and the outstanding 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (the “2026 Notes” and, together with the 2024 Notes, the 3.650% 2025 Notes, the 2.850% 2025 Notes, the 2039 Notes, the 2030 Notes, the 2032 Notes and the 2037 Notes, the “Maximum Tender Offer Notes”). The terms and conditions of the Maximum Tender Offer are described in the Offer to Purchase.
The following table sets forth certain information regarding the Maximum Tender Offer Notes and the Maximum Tender Offer, including the aggregate principal amount of each of the 2024 Notes, 3.650% 2025 Notes, 2026 Notes, 2.850% 2025 Notes and 2039 Notes that was validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on December 2, 2021 (the “Early Tender Date”), as reported by D.F. King & Co., Inc., the tender and information agent for the Maximum Tender Offer.
Title of
|
CUSIP/ISIN |
Initial
|
Acceptance Priority Level |
Aggregate Principal Amount Tendered as of the Early Tender Date |
Aggregate Principal Amount Expected to be Accepted |
1.200% Senior Notes due 2024 |
91913YBA7 / US91913YBA73 |
$925,000,000 |
1 |
$755,876,000 |
$755,876,000 |
3.650% Senior Notes due 2025 |
91913YAS9 /
|
$600,000,000 |
2 |
$275,741,000 |
$275,741,000 |
4.375% Senior Notes due 2026 |
91914JAA0 /
|
$500,000,000 |
3 |
$256,270,000 |
$124,259,000 |
2.850% Senior Notes due 2025 |
91913YAY6 / US91913YAY68 |
$1,050,000,000 |
4 |
$722,105,000 |
$0 |
10.500% Senior Notes due 2039 |
91913YAP5 /
|
$250,000,000 |
5 |
$137,013,000 |
$137,013,000 |
The applicable total consideration for the Maximum Tender Offer Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase will be determined in the manner described in the Offer to Purchase at 10:00 a.m., New York City time, on December 3, 2021, unless extended or earlier terminated.
Because the aggregate principal amount of Maximum Tender Offer Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date has an aggregate purchase price that exceeds the Maximum Aggregate Purchase Price, Valero does not expect to accept for purchase all Maximum Tender Offer Notes that have been validly tendered and not validly withdrawn at or prior to the Early Tender Date. Rather, subject to the Maximum Aggregate Purchase Price, the Series Tender Cap applicable to the 3.650% 2025 Notes, 2026 Notes and 2.850% 2025 Notes, and the acceptance priority levels set forth in the table above, in each case as further described in the Offer to Purchase, Valero will accept for purchase 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and does not expect to accept for purchase any 2030 Notes, 2032 Notes, 2.850% 2025 Notes or 2037 Notes. As a result, a holder who validly tenders and does not validly withdraw Maximum Tender Offer Notes pursuant to the Maximum Tender Offer may have all or a portion of its Maximum Tender Offer Notes returned to it.
Holders of Maximum Tender Offer Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date, if accepted for purchase, will be eligible to receive the total consideration, which includes an Early Tender Payment of $30 per $1,000 principal amount of Maximum Tender Offer Notes validly tendered and not validly withdrawn by such holders and accepted for purchase by Valero. Payments for Maximum Tender Offer Notes accepted for purchase will include accrued and unpaid interest from the last interest payment date applicable to the relevant series of Maximum Tender Offer Notes up to, but not including, the settlement date for the Maximum Tender Offer Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase by Valero (the “Maximum Tender Early Settlement Date”). It is anticipated that the Maximum Tender Early Settlement Date will be December 6, 2021.
The Maximum Tender Offer will expire at midnight, New York City time, at the end of December 16, 2021 (the “Maximum Tender Expiration Date”), unless extended or earlier terminated. Because the Maximum Tender Offer has been fully subscribed as of the Early Tender Date, holders who tender Maximum Tender Offer Notes after the Early Tender Date will not have any of their Maximum Tender Offer Notes accepted for purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price. Any Maximum Tender Offer Notes tendered after the Early Tender Date, together with any Maximum Tender Offer Notes tendered at or prior to the Early Tender Date but not accepted for purchase by Valero, will be returned to the holders thereof as described in the Offer to Purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price.
The withdrawal deadline for the Maximum Tender Offer was 5:00 p.m., New York City time, on December 2, 2021 and has not been extended. Accordingly, previously tendered Maximum Tender Offer Notes and Maximum Tender Offer Notes tendered after such withdrawal deadline may not be withdrawn, subject to applicable law.
Valero’s obligation to accept for payment and to pay for the Maximum Tender Offer Notes validly tendered and not validly withdrawn in the Maximum Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. The Maximum Tender Offer may be terminated or withdrawn in whole or terminated or withdrawn with respect to any series of Maximum Tender Offer Notes, subject to applicable law. Valero reserves the right, subject to applicable law, to: (1) waive any and all conditions to the Maximum Tender Offer, (2) extend or terminate the Maximum Tender Offer, (3) increase, decrease or eliminate the Maximum Aggregate Purchase Price and/or any Series Tender Cap or (4) otherwise amend the Maximum Tender Offer in any respect.
Valero has retained J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as Lead Dealer Managers, and BofA Securities, Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc., as Co-Dealer Managers (collectively, the “Dealer Managers”), for the Maximum Tender Offer. Valero has retained D.F. King & Co., Inc., as the tender and information agent, for the Maximum Tender Offer. For additional information regarding the terms of the Maximum Tender Offer, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Citigroup Global Markets Inc. at (800) 831-9146. Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or at www.dfking.com/vlo or to the Dealer Managers at their respective telephone numbers.
This announcement is for information purposes only and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Maximum Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
Safe-Harbor Statement
Statements contained in this press release that state Valero’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “anticipate,” “believe,” “expect,” “plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,” “predict,” “budget,” “forecast,” “goal,” “guidance,” “target,” “could,” “would,” “should,” “may,” “strive,” “seek,” “potential,” “opportunity,” “aimed,” “considering,” “continue,” and similar expressions identify forward-looking statements. Forward-looking statements in this press release include those relating to expected timing of pricing of the Maximum Tender Offer, the expiration date for the Maximum Tender Offer, the settlement date and the expected Maximum Aggregate Purchase Price. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, the “Risk Factors” section included in the Offer to Purchase, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--AptarGroup, Inc. (NYSE: ATR), a global leader in drug delivery, consumer product dispensing and active material solutions, has been named one of America’s Most Responsible Companies 2022 by Newsweek and is ranked #10 out of 500 U.S. companies. Aptar is also ranked first in its industry category.
“We are extremely proud to be recognized by Newsweek and Statista for the third consecutive year for our efforts to further a more sustainable, socially responsible, diverse, equitable and inclusive company,” said Stephan B. Tanda, Aptar President and CEO. “This accolade is a reflection of our shared values – to act ethically and responsibly, to care for each other and our planet, to source renewable energy and to further a circular economy where packaging is reused and recycled.”
Aptar designs its products and processes with people and the planet in mind. The company’s focus on eco-design of products and science-based targets is aligned to that of its partners such as the Ellen MacArthur Foundation, the World Business Council for Sustainable Development and many other organizations who are contributing to a more circular economy. Aptar encourages readers to view its most recent Corporate Sustainability Report for additional information about its environment, social and governance efforts.
Newsweek, in partnership with Statista – one of the largest statistics database companies worldwide – evaluated America’s Most Responsible Companies based on the 2,000 largest public companies by revenue in the U.S. and publicly available performance data in the environmental, social and corporate governance categories. Rankings are also based on survey results from 11,000 U.S. citizens regarding their perceptions of the companies related to corporate social responsibility. Newsweek’s full list of America’s Most Responsible Companies 2022 can be found here.
About Aptar
AptarGroup, Inc., is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active material solutions. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective packaging technologies for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world. Aptar is headquartered in Crystal Lake, Illinois and has 13,000 dedicated employees in 20 countries. For more information, visit www.aptar.com.
Investor Relations Contact:
Matt DellaMaria
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815-479-5530
Media Contact:
Katie Reardon
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815-479-5671
HOUSTON--(BUSINESS WIRE)--MVP Holdings, LLC (MVP) acquired Echo Canyon Pipeline Holdings, LLC and its subsidiaries (Echo) today to substantially expand its crude business in the highly-active southern Midland basin of West Texas.
Echo operates 190 miles of crude gathering pipeline located in the Upton, Reagan, Glasscock, Irion and Crocket Counties of Texas. It also owns additional truck unloading facilities, shell storage capacity, and multiple connections to major crude oil off-take pipelines.
“The Echo Canyon acquisition continues our vision to grow MVP’s footprint in Texas and become the preferred midstream and marketing partner for oil and gas producers throughout the US,” said MVP President Gary Navarro.
About MVP Holdings
MVP Holdings is a privately-owned energy logistics company headquartered in Wichita, KS. MVP and its subsidiaries provide gathering, transportation, processing, storage, distribution, marketing, and other midstream services to independent oil and natural gas producers, refiners of petroleum products, and other market participants located throughout the United States.
More information is available at the company website at http://www.mvpurchasing.com/.
Lee Bullock, CFO of MVP Holdings, LLC
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316.469.0104
Mike Sommers and Heather Zichal speak with IHS Markit Vice Chairman Daniel Yergin for a new edition of CERAWeek Conversations – available at https://ondemand.ceraweek.com/cwc
WASHINGTON--(BUSINESS WIRE)--The heads of leading trade associations for both the oil and gas and renewable energy industries assess the significance of recent bipartisan infrastructure legislation, what it means for the future of their industries and for the energy position of the United States in the latest episode of CERAWeek Conversations.
In a conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Mike Sommers, president and CEO of the American Petroleum Institute (API) and Heather Zichal, CEO of the American Clean Power Association (ACP) take stock of the Infrastructure Investment and Jobs Act—the largest infusion of federal investment in the nation’s infrastructure in a generation.
The legislation shows that “at the end of the day, energy can truly be a bipartisan issue and a bipartisan initiative,” Zichal says.
For elected representatives from both parties, the opportunity to deliver long-desired projects to their constituents “really focused the mind for a number of members of Congress and senators to get something big done that will help their individual states,” Sommers adds.
Sommers and Zichal discuss the strong interplay between enhanced infrastructure and energy and what it means for their respective industries.
“One of the most important components of this bill is that there was recognition by passage that oil and gas are going to play a very significant role in the future, and we have to fund infrastructure that supports that oil and gas future that we know is going to be there,” Sommers says.
For Zichal, the investment in renewable energy transmission and the energy grid “to move those electrons around from the windiest and sunniest places in the country to the population centers” stands out.
“This bill represents the largest investment in American history in energy transmission and the grid,” she says.
Ensuring that energy will be able to get from where it is to where it needs to be is a vital, Sommers and Zichal note. Both say that improving the infrastructure permitting process—whether it be for oil and gas pipelines or transmission lines for wind and solar—will be key to meeting the country’s energy needs.
“We need to continue to invest in that infrastructure,” Sommers says. “But increasingly, every pipeline that we try to build or that we try to improve has become a political issue. I do think this is an area where ACP and API can come together to form an alliance because I suspect as you start building out high-powered transmission lines that it’s going to be a huge challenge to get that permitting process done.”
“It’s great that we all think we should triple the deployment of clean energy to meet our climate goals,” Zichal says. “But if we can’t get the permits to do that and we can’t get at a state, federal and regional level the green lights to make these investments, we’re going to hit grid saturation in some portions of the country.”
The complete video is available at: https://ondemand.ceraweek.com/cwc
Podcast version available: CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
Selected excerpts:
Interview Recorded Monday, November 29, 2021
(Edited slightly for brevity only)
Heather Zichal: “We have had a time-honored tradition of a conversation about a major investment in infrastructure. Overall, there’s this broad recognition that the U.S. is falling behind in terms of our infrastructure and our investment in our cities and states. It’s a testament to the Biden Administration and the leaders in congress that against the backdrop of so much partisanship they were able to come together and find legislation that was attractive to both Democrats and Republicans and get that legislation across the finish line.
“I am really excited about the provisions included for transmission in the grid. As we think about clean energy, transmission and the grid are really important and often overlooked.”
“Whether it’s grid cyber security, the transmission line pieces, the OCS opportunities – all of these things help remind us that, at the end of the day, energy can truly be a bipartisan issue and a bipartisan initiative.”
Mike Sommers: “I would sum it up in one word: Bridges. The reason why they were able to come together is a bipartisan focus on getting big things done in particular Senate states and particular House congressional districts. Some of these individual projects really focused the mind for a number of members of Congress and senators to get something big done that will help their individual states.”
“The challenge is going to be five years from now when they try to do this again. They’ve really done a lot of the bipartisan things that they thought that they could come to consensus on. The challenge is going to be how you continue to fund these infrastructure improvements without raising the gas tax or finding some other way to fund these kinds of priority programs.”
Heather Zichal: “We’re really excited that deployment of clean energy is happening across all 50 states and at higher levels than at any other point in time in American history. Unfortunately, we also recognize that there’s a potential for an Achilles’ heel if we do not have the clean energy transmission and energy grid to move those electrons around from the windiest and sunniest places of the country to the population centers. This bill represents the largest investment in American history in energy transmission and the grid. There are a handful of provisions that include citing provisions, transmission facilitation programs – a number of ideas that have been contemplated in Congress. The energy grid certainly has bipartisan support, but it’s often that one thing that’s forgotten about. It’s not just about how do you build the transmission line; it’s how do you go through the process to get that sited? How do you make sure the permitting process is working and how do you make sure that we get timely decisions? We’re trying to deploy clean energy as quickly as possible, so we need a set of policies around transmission that are going to allow us to continue to increase deployment of clean energy.”
Mike Sommers: “One of the most important components of this bill is that there was recognition by passage that oil and gas are going to play a very significant role in the future, and we have to fund infrastructure that supports that oil and gas future that we know is going to be there. This [bill] did put forward unprecedented funding towards carbon capture, utilization and storage technologies and other funding that is going to be important to continue to build out oil and gas infrastructure going forward. This bill allowed carbon sequestration derived from natural gas in the OCS and previously that was only allowed for coal. It also funded CCUS demonstration projects and infrastructure that we think are going to be very important as we continue to move towards a lower carbon future going forward. There’s also funding in this program for researching applications for hydrogen derived from natural gas and other feedstocks. This is a pretty exciting new investment in these kinds of things.”
Mike Sommers: “One of the concerns that we’ve had for decades is the ability to build pipelines to get energy from where it is to where it needs to be. Increasingly, we’ve had challenges in building out the pipelines in this country. There are already about 530,000 miles of pipelines in the United States. We need to continue to invest in that infrastructure. But increasingly, every pipeline that we try to build or that we try to improve has become a political issue. I do think this is an area where ACP and API can come together to form an alliance because I suspect as you start building out high-powered transmission lines…that it’s going to be a huge challenge to get that permitting process done. I often reflect on the fact that it took 44 months for the U.S. to win World War II from the moment we entered the war after Pearl Harbor to Victory in Japan Day. It’s really incredible that it takes us almost decades to get the permitting in place for some of these high-profile pipeline projects. I do think that’s going to be a challenge for clean power going forward. What we should be doing is really working together on how do you reform these processes so the American people have access to all forms of energy going forward.”
“Sometimes climate goals are actually contradicting climate goals. In the northeast they still get a lot of their energy to heat homes from heating oil. That wouldn’t be the case if we were able to build a pipeline that we can’t get a permit for to the northeast to ensure that they could have access to reliable natural gas. There’s a lot of contradictions right now in some of these permitting discussions when you actually can do something that would markedly improve the environment. But because activists have a certain view of what should be happening with our energy future, we’re not advancing some of those short-term steps. As we have been challenged over the course of the last decade in building out pipeline infrastructure, I think that is going to be the thing that stands in the way of more renewables coming online in the next decade.”
Heather Zichal: “As we are trying to build clean energy projects there are wildlife impacts that we as an industry are constantly trying to manage for. Offshore wind is an example of how government takes way too long to make decisions. I was working on offshore wind permitting in 2002 and we just now have our first federal permit.”
“When it comes to building a transmission line or a solar array, the permitting process is important in that you need to balance environmental versus commercial interests. It’s great that we all think we should triple the deployment of clean energy to meet our climate goals. But if we can’t get the permits to do that and we can’t get at a state, federal and regional level the green lights to make these investments, we’re going to hit grid saturation in some portions of the country.”
“I think about it through the lens of, we’ve got a ticking time bomb with climate. As an industry we want to be responsive to concerns about managing environmental protection. But at the same time, if it takes 10 years to build a transmission line to bring a bunch of clean energy on the grid in the Midwest, that’s not going to help us meet our challenges. There’s a lot of work to be done on how do we get to a place where it’s not impossible to invest in infrastructure and to have that certainty and predictability so that you can put that money into that project or know that you’re not going to have a stranded asset when you build a large solar array in the middle of Nevada.”
“There are some important decisions that can be made at the government level in looking at time-bound decision making; more transparency around the process so people understand what’s in the queue and we’re able to hold government accountable for making those timely decisions. And there are likely some provisions in and around NEPA (National Environmental Policy Act) that are worth a discussion. However, as somebody who is a very strong environmentalist, I care a lot about how we make those decisions and ensure that we are not creating loopholes for industry to drive a truck through.”
Mike Sommers: “The big challenge for the oil and gas industry right now is as prices have risen, how do you get workers to come back to work to work on oil and natural gas? If you asked API member companies, the challenges in getting folks to come back to work given vaccine mandates and some of the federal programs that have kept people at home and a trucker shortage that is massive within the industry are probably the biggest challenges that they’re facing right now.”
Heather Zichal: “We’re contemplating standing up offshore wind for the first time in the United States of America. What’s exciting to me is that there’s a lot of overlap between the oil and gas workers and offshore wind. We’re looking at ways to find transferable skills, but we’re also having a lot of conversations about what we need to do to build out the workforce. Wind technicians and solar installers are some of the fastest-growing jobs in the U.S. Continuing to recruit and find workers today for those jobs, but also think about what are the skill sets we’re going to need for those offshore wind projects, those hybrid energy storage projects down the road.”
Mike Sommers: “The president made that announcement that they were going to release about 50 million barrels of oil from the SPR. But let’s put that in context. The world currently consumes about 100 million barrels of oil every single day. It really is one half of one day of world demand for oil that they’ve put on the market. This really was just a band-aid, even in coordination with other countries. But one thing that we know is that long-term, oil and gas are still going to play a very significant role in our energy future. I do think we have to be realistic about what the energy future looks like. And that means we have to continue to invest in oil and gas. The U.S. is currently about two million barrels down from where it was pre-pandemic. It is our view that the U.S. continues to produce oil and gas in the most environmentally responsible way. We know that demand is still going to be there. The question is where are we going to get that oil and gas? We think it’s better to get it from the United States because we are subject to strict environmental laws and standards.”
Heather Zichal: “In the U.S. today our climate policies run through the tax code. It’s hard enough to build an industry when your certainty is in one and two-year increments based on whether or not the ITC and PTC extensions happen in congress. The Build Back Better [bill] is a game change in that it will provide a decade of certainty and predictability for clean energy companies, something we’ve never had before. It’s going to be very meaningful in terms of jobs creation, meeting climate targets and putting America back in the pole position. We’ve fallen behind other countries when it comes to the manufacturing and deployment of clean energy and America should clearly be number one.”
Watch the complete video at: https://ondemand.ceraweek.com/cwc
Recent CERAWeek Conversations segments also include:
About CERAWeek Conversations:
CERAWeek Conversations features original interviews and discussion with energy industry leaders, government officials and policymakers, leaders from the technology, financial and industrial communities—and energy technology innovators.
The series is produced by the team responsible for the world’s preeminent energy conference, CERAWeek by IHS Markit.
The complete episode library is available at https://ondemand.ceraweek.com/cwc.
CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
Jeff Marn
IHS Markit
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November ADV up 11% y/y; OI up 6% y/y
ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported November 2021 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
November highlights include:
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
SOURCE: Intercontinental Exchange
ICE-CORP
ICE Investor Relations Contact:
Mary Caroline O’Neal
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ICE Media Contact:
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it will participate virtually in the Capital One Securities 16th Annual Energy Conference on Monday December 6, 2021.
Any investor presentation provided during the virtual conference will be publicly available and may be accessed on the “For the Investor” page of Helix’s website, www.HelixESG.com.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.
Erik Staffeldt - Executive Vice President and CFO
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Ph: - 281-618-0465
WASHINGTON--(BUSINESS WIRE)--Nodal Exchange has been named Exchange of the Year – The Americas and Canada at the FOW International Awards 2021. The FOW International Awards recognize the best and the brightest innovations in the derivatives industry.
Nodal Exchange is the market leader in North American power futures having the majority share of the open interest with a record 1.157 billion MWh at the end of November 2021. Nodal also continues to grow its position in the U.S. environmental markets. Environmental futures open interest at the end of November 2021 was a record 166,236 lots, up 70% from the prior year. Nodal is a leader in innovation, having introduced the largest suites of power and environmental contracts in the world.
“Nodal is honored to receive the Exchange of the Year award from FOW Global Investor," said Paul Cusenza, Chairman and CEO of Nodal Exchange. “We are grateful for the support of our entire trading and clearing community without which this achievement would not have been possible, and we are so pleased that FOW has recognized our success.”
FOW presented the Exchange of the Year – The Americas and Canada award to Nodal Exchange at a ceremony in London on December 2nd.
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:
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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LONDON--(BUSINESS WIRE)--British Airways will become the first airline in the world to use sustainable aviation fuel produced in the UK after signing a multi-year agreement with Phillips 66 Limited.
The SAF will be produced at scale for the first time in the UK at the Phillips 66 Humber Refinery near Immingham and will be supplied to British Airways to power a number of its flights from early 2022.
The supply agreement between British Airways and Phillips 66 Limited, a wholly owned subsidiary of diversified energy manufacturing and logistics company Phillips 66, advances both companies’ commitments to a lower-carbon future. The airline, which is driving to achieve net zero carbon emissions by 2050, will purchase enough sustainable fuel to reduce lifecycle CO2 emissions by almost 100,000 tonnes, the equivalent of powering 700 net zero CO2 emissions flights between London and New York on its fuel-efficient Boeing 787 aircraft.
The SAF will be produced from sustainable waste feedstock at the Humber Refinery, which will deliver its SAF supply to British Airways via existing pipeline infrastructure that feeds directly into UK airports.
Sean Doyle, British Airways’ Chairman and Chief Executive, said:
“This agreement marks another important step on our journey to net zero carbon emissions and forms part of our commitment, as part of International Airlines Group, to power 10% of flights with SAF by 2030.
“The UK has the resources and capabilities to be a global leader in the development of SAF and scaling up the production of SAF requires a truly collaborative approach between industry and government.
“We are excited to develop our relationship with Phillips 66 Limited further with a view to growing production capacity and using a wider range of sustainable waste feedstocks to supply our future flights. The development of sustainable aviation fuel is a major focus for us and forms part of our commitment to achieving net zero carbon emissions by 2050 through a series of short-, medium- and long-term initiatives.”
The airline’s parent company, International Airlines Group (IAG), is investing $400 million over the next 20 years into the development of SAF and British Airways has existing partnerships with a number of technology and fuel companies to develop SAF plants and purchase the fuel. SAF can reduce lifecycle carbon emissions by over 80% compared to the traditional jet fuel it replaces.
Humber Refinery General Manager Darren Cunningham, the Lead Executive for Phillips 66 in the UK, said the announcement reflects the importance the aviation and energy industries are placing on sustainability and the continued development, adoption and scaling up of sustainable aviation fuel.
“The Humber Refinery was the first in the UK to co-process waste oils to produce renewable fuels and now we will be the first to produce SAF at scale, and we are delighted British Airways is our first UK customer,” Cunningham said. “We’re currently refining almost half a million litres of sustainable waste feedstocks a day, and this is just a start. Markets for lower-carbon products are growing, and this agreement demonstrates our ability to supply them.”
Last year Phillips 66 Limited invested significantly to expand its production of fuels from waste feedstocks. The investment is part of a broader energy transition plan to reduce the carbon intensity of its refinery operations and products that support 1,000 Humber Refinery jobs.
“This agreement with British Airways aligns with our strategy to create a refinery of the future, where we’re producing fuels from waste, being a critical part of the electric vehicle supply chain, reducing the carbon intensity of our processes through carbon capture and using hydrogen to power the refinery,” Cunningham said. “It secures long-term business in an ever-changing world.”
Phillips 66 and British Airways support government plans for a future SAF mandate and a business model for investing in advanced waste to jet fuel projects through participation in the Department for Transport’s Jet Zero Council Delivery Group, of which British Airways and Phillips 66 Limited are members.
ENDS
Notes to Editors
SAF is a lower carbon-intensity fuel that can be produced from renewable feedstocks such as waste vegetable oils, fats and greases. It is a drop-in fuel when either blended with traditional jet fuel or co-processed alongside traditional refinery feedstocks, meaning it can be used in existing aircraft engines and airport fuel infrastructure, reducing lifecycle carbon emissions by more than 80% compared with traditional fossil fuels.
About British Airways
International Airlines Group was the first airline group in the world to commit to achieving net zero carbon emissions by 2050.
The airline is committed to achieving net zero carbon emissions through a series of short-, medium- and long-term initiatives. In the short-term this includes improving operational efficiency, introducing new fuel efficient aircraft, funding carbon offset and removal projects to mitigate emissions on UK domestic flights and progressively introducing sustainable aviation fuels using waste feedstocks, while in the medium to longer term the includes continuing to invest in the development and scale up of sustainable aviation fuel and looking at accelerating the growth of new technologies such as zero emissions hydrogen-powered aircraft and carbon capture technology.
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 $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co and @Phillips66UK.
The Phillips 66 Humber Refinery in North Lincolnshire is considered one of the most sophisticated and energy efficient in the country. It is a leader in the production of specialty coke, a key component for electric vehicle batteries, and participates in the Gigastack long-term project to generate green hydrogen. The refinery also is a participant in the Humber Zero project, which combines carbon capture and storage technology with hydrogen production. Visit www.Phillips66.co.uk.
British Airways
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Phillips 66
Jeff Dietert, 832-765-2297 (investors)
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Nina Stobart, 01469 555044 (UK media)
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ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--$ARR #newroyalty--Altius Renewable Royalties (TSX:ARR) (OTCQX: ATRWF) (“ARR”) is pleased to provide updated information concerning the recent creation of a developer financing-based 2.5% gross revenue royalty in favor of its joint venture subsidiary, Great Bay Renewables (“GBR”), that ARR disclosed in its Q3 results press release issued on November 8, 2021. JERA Co. Inc. has announced that its subsidiary, JERA Renewables NA, LLC, has acquired the 300 MW El Sauz wind project in Texas and that it expects to begin construction in early 2022 with operations expected to start in the last quarter of the year. GBR is a joint venture company of ARR and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo Funds”).
About ARR
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators through its joint venture Great Bay Renewables. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020
Ben Lewis
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Tel: 1.877.576.2209
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on December 8, 2021 at the Wells Fargo Midstream, Utility & Renewables Symposium.
A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investor Contact:
Jennifer Gordon
(212) 536-8244
Media Contact:
Robert Young
(713) 496-6076
DUBLIN--(BUSINESS WIRE)--The "MEA Renewable EaaS Market Outlook 2028" report has been added to ResearchAndMarkets.com's offering.
The Middle East & Africa renewable energy-as-a-service market is further projected to reach around USD 1800 Million by the end of 2028, from USD 1050 Million in 2019.
Renewable energy-as-a-service is a model wherein the consumers are provided with specific energy services, as per their requirement.
These services do not require the end user to make any sort of upfront capital investment for the purchase of equipment. The service model is a form of third-party ownership whereby a lease/agreement is signed between the service provider and the consumer of the service.
Factors such as the rapidly increasing demand for low-carbon energy technologies, along with the decreasing cost of renewable power generation processes are anticipated to drive the market growth. Further, factors such as the growing need to reduce overall energy cost, and the rising demand for energy from the countries in the region are also anticipated to drive the market growth.
Based on service type, the market is segmented into energy procurement, operations & maintenance, efficiency & optimization, equipment upgrade & refurbishment, and others.
Out of these, the operations & maintenance segment is anticipated to hold the largest market share throughout the forecast period. Increasing need to enhance the availability, efficiency, and output of renewable energy power plant and also increase the life of plant, are some of the factors anticipated to drive the growth of the segment.
Moreover, the segment is further anticipated to record a market revenue of close to USD 645 Million by the end of 2028 by growing at a CAGR of 11% approximately during the forecast period.
Some of the key players are
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
1.3. Product Overview
2. Assumptions and Acronyms
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
4. Executive Summary- Middle East & Africa Renewable Energy-as-a-Service Market
5. Regulatory Landscape
6. Market Dynamics
6.1. Drivers
6.2. Restraints
6.3. Trends
6.4. Opportunities
7. Industry Risk Analysis
7.1. Demand Risk Analysis
7.2. Supply Risk Analysis
8. Impact of Covid-19 on the Middle East & Africa Renewable Energy-as-a-Service Market
9. Competitive Landscape
9.1. Competitive Trends
9.2. Competitive Benchmarking of the Key Middle East Market Players
9.3. Competitive Benchmarking of the Key Africa Market Players
9.4. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1x7lhq.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ORANGE, Conn.--(BUSINESS WIRE)--Today AVANGRID, Inc. (NYSE:AGR) announced that on December 1, 2021 its Board of Directors declared a quarterly dividend of $0.44 per share on its Common Stock. This dividend is payable January 3, 2022 to shareholders of record at the close of business on December 13, 2021.
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 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.
Investor Contact:
Patricia Cosgel
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203.499.2624
SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today the pricing terms of its previously announced cash tender offer (the “Maximum Tender Offer”) for up to an increased maximum aggregate purchase price which, after giving effect to the elimination of the Series Tender Cap (as defined in the Offer to Purchase dated November 18, 2021 (the “Offer to Purchase”)) for the 2024 Notes (as defined below), is sufficient to purchase all of the 2039 Notes (as defined below) validly tendered and not validly withdrawn at or prior to the Early Tender Date (as defined below) (such increased maximum aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding 1.200% Senior Notes due 2024 (the “2024 Notes”), its outstanding 3.650% Senior Notes due 2025 (the “3.650% 2025 Notes”), its outstanding 2.850% Senior Notes due 2025 (the “2.850% 2025 Notes”), its outstanding 10.500% Senior Notes due 2039 (the “2039 Notes”), its outstanding 8.750% Senior Notes due 2030 (the “2030 Notes”), its outstanding 7.500% Senior Notes due 2032 (the “2032 Notes”) and its outstanding 6.625% Senior Notes due 2037 (the “2037 Notes”) and the outstanding 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (the “2026 Notes” and, together with the 2024 Notes, the 3.650% 2025 Notes, the 2.850% 2025 Notes, the 2039 Notes, the 2030 Notes, the 2032 Notes and the 2037 Notes, the “Maximum Tender Offer Notes”). The terms and conditions of the Maximum Tender Offer are described in the Offer to Purchase.
As of 5:00 p.m., New York City time, on December 2, 2021 (the “Early Tender Date”), as reported by D.F. King & Co., Inc., the tender and information agent for the Maximum Tender Offer, the aggregate principal amount of each of the 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes listed in the table below had been validly tendered and not validly withdrawn. The applicable Reference Yield, Repurchase Yield, Early Tender Payment and Total Consideration (each as defined more fully in the Offer to Purchase) with respect to the 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes accepted for purchase are detailed in the table below.
Title of
|
CUSIP/ISIN |
Initial
|
Acceptance
|
U.S. Treasury
|
Reference
|
Fixed
|
Repurchase
|
Aggregate
|
Early
|
Total
|
Aggregate
|
1.200% Senior Notes due 2024 |
91913YBA7 / US91913YBA73 |
$925,000,000 |
1 |
0.75% UST due 11/15/2024 |
0.917% |
+20 bps |
1.117% |
$755,876,000 |
$30 |
$1,001.86 |
$755,876,000 |
3.650% Senior Notes due 2025 |
91913YAS9 / US91913YAS90 |
$600,000,000 |
2 |
1.125% UST due 10/31/2026 |
1.219% |
+10 bps |
1.319% |
$275,741,000 |
$30 |
$1,074.46 |
$275,741,000 |
4.375% Senior Notes due 2026(3) |
91914JAA0 / US91914JAA07 |
$500,000,000 |
3 |
1.125% UST due 10/31/2026 |
1.219% |
+55 bps |
1.769% |
$256,270,000 |
$30 |
$1,118.84 |
$124,259,000 |
10.500% Senior Notes due 2039 |
91913YAP5 / US91913YAP51 |
$250,000,000 |
5 |
2.00% UST due 11/15/2041 |
1.856% |
+175 bps |
3.606% |
$137,013,000 |
$30 |
$1,880.56 |
$137,013,000 |
| (1) | Per $1,000 principal amount. |
| (2) | The Total Consideration for each series of Maximum Tender Offer Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable fixed spread shown in the table above and is inclusive of the Early Tender Payment for such series of Maximum Tender Offer Notes. |
| (3) | Issued by Valero Energy Partners LP and guaranteed by Valero. |
Because the aggregate principal amount of Maximum Tender Offer Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date has an aggregate purchase price that exceeds the Maximum Aggregate Purchase Price, Valero does not expect to accept for purchase all Maximum Tender Offer Notes that have been validly tendered and not validly withdrawn at or prior to the Early Tender Date. Rather, subject to the Maximum Aggregate Purchase Price, the Series Tender Cap (as defined in the Offer to Purchase) applicable to the 3.650% 2025 Notes, 2026 Notes and 2.850% 2025 Notes, and the acceptance priority levels set forth in the table above, in each case as further described in the Offer to Purchase, Valero will accept for purchase 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and does not expect to accept for purchase any 2.850% 2025 Notes, 2030 Notes, 2032 Notes or 2037 Notes. As a result, a holder who validly tenders and does not validly withdraw Maximum Tender Offer Notes pursuant to the Maximum Tender Offer may have all or a portion of its Maximum Tender Offer Notes returned to it.
On the Maximum Tender Early Settlement Date (as defined below), Valero will pay the Total Consideration (as shown in the table above for the 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes) for each $1,000 principal amount of each of the 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. The Total Consideration was calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified in the table above plus the applicable yield to maturity based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at 10:00 a.m., New York City time, on December 3, 2021. The Total Consideration also includes the Early Tender Payment (as shown in the table above for the 2024 Notes, 3.650% 2025 Notes, 2026 Notes, and 2039 Notes) for each $1,000 principal amount of each of the 2024 Notes, 3.650% 2025 Notes, 2026 Notes, and 2039 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. Payments for the 2024 Notes, 3.650% 2025 Notes, 2026 Notes and 2039 Notes accepted for purchase will include accrued and unpaid interest from the last interest payment date applicable to the relevant series of Maximum Tender Offer Notes up to, but excluding, the settlement date for Maximum Tender Offer Notes that are validly tendered and not validly withdrawn at or prior to or at the Early Tender Date and accepted for purchase (the “Maximum Tender Early Settlement Date”). It is anticipated that the Maximum Tender Early Settlement Date will be December 6, 2021, the second business day after the Early Tender Date.
The Maximum Tender Offer will expire at midnight, New York City time, at the end of December 16, 2021 (the “Maximum Tender Expiration Date”), unless extended or earlier terminated. Because the Maximum Tender Offer has been fully subscribed as of the Early Tender Date, holders who tender Maximum Tender Offer Notes after the Early Tender Date will not have any of their Maximum Tender Offer Notes accepted for purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price. Any Maximum Tender Offer Notes tendered after the Early Tender Date, together with any Maximum Tender Offer Notes tendered at or prior to the Early Tender Date but not accepted for purchase by Valero, will be returned to the holders thereof as described in the Offer to Purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price.
The withdrawal deadline for the Maximum Tender Offer was 5:00 p.m., New York City time, on December 2, 2021 and has not been extended. Accordingly, previously tendered Maximum Tender Offer Notes and Maximum Tender Offer Notes tendered after such withdrawal deadline may not be withdrawn, subject to applicable law.
Valero’s obligation to accept for payment and to pay for the Maximum Tender Offer Notes validly tendered and not validly withdrawn in the Maximum Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. The Maximum Tender Offer may be terminated or withdrawn in whole or terminated or withdrawn with respect to any series of Maximum Tender Offer Notes, subject to applicable law. Valero reserves the right, subject to applicable law, to (1) waive any and all conditions to the Maximum Tender Offer, (2) extend or terminate the Maximum Tender Offer, (3) increase, decrease or eliminate the Maximum Aggregate Purchase Price and/or any Series Tender Cap or (4) otherwise amend the Maximum Tender Offer in any respect.
Valero has retained J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as Lead Dealer Managers, and BofA Securities, Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc., as Co-Dealer Managers (collectively, the “Dealer Managers”), for the Maximum Tender Offer. Valero has retained D.F. King & Co., Inc., as the tender and information agent, for the Maximum Tender Offer. For additional information regarding the terms of the Maximum Tender Offer, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Citigroup Global Markets Inc. at (800) 831-9146. Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or at www.dfking.com/vlo or to the Dealer Managers at their respective telephone numbers.
This announcement is for information purposes only and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Maximum Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. None of Valero, the tender and information agent, the Dealer Managers or the applicable trustee with respect to the Maximum Tender Offer Notes, nor any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Maximum Tender Offer Notes in response to the Maximum Tender Offer.
Safe-Harbor Statement
Statements contained in this press release that state Valero’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “anticipate,” “believe,” “expect,” “plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,” “predict,” “budget,” “forecast,” “goal,” “guidance,” “target,” “could,” “would,” “should,” “may,” “strive,” “seek,” “potential,” “opportunity,” “aimed,” “considering,” “continue,” and similar expressions identify forward-looking statements. Forward-looking statements in this press release include those relating to, the expiration date and the settlement date for the Maximum Tender Offer. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, the “Risk Factors” section included in the Offer to Purchase, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names.
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Energy Transfer now has more than 114,000 miles of pipeline across the U.S.
Combined operations expected to generate annual cost efficiencies of more than $100 million
Accretive acquisition furthers Energy Transfer’s deleveraging efforts
DALLAS & OKLAHOMA CITY--(BUSINESS WIRE)--Dallas-based Energy Transfer LP (NYSE: ET) and Oklahoma City-based Enable Midstream Partners, LP (NYSE: ENBL) today announced the completion of their previously announced merger. The terms of agreement were approved earlier this year by Enable’s two largest unitholders, CenterPoint Energy, Inc. (CNP) and OGE Energy Corp. (OGE), which together owned approximately 79% of Enable’s outstanding common units. Effective with the opening of the market on December 3, 2021, Enable’s common units will discontinue trading on the NYSE as a result of the acquisition.
Energy Transfer now owns and operates more than 114,000 miles of pipelines and related assets in all of the major U.S. producing regions and markets across 41 states, further solidifying its leadership position in the midstream sector. The completion of the transaction is immediately accretive to Energy Transfer and furthers Energy Transfer’s deleveraging efforts. It also adds significant fee-based cash flows from fixed-fee contracts. Additionally, the combined operations of the two companies is expected to generate annual run-rate cost and efficiency synergies of more than $100 million, excluding potential financial and commercial synergies.
The acquisition significantly strengthens Energy Transfer’s midstream and gas transportation systems by adding Enable’s natural gas gathering and processing assets in the Anadarko Basin in Oklahoma, along with intrastate and interstate pipelines in Oklahoma and surrounding states. It also boosts Energy Transfer’s gas gathering and processing assets in the Arkoma basin across Oklahoma and Arkansas, as well as in the Haynesville Shale in East Texas and North Louisiana.
Enable common unitholders received 0.8595 ET common units for each Enable common unit. Additionally, each outstanding Enable Series A preferred unit was exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction also included a $10 million cash payment for Enable’s general partner.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).
Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity.
Forward-Looking Statements
This release includes “forward-looking” statements. Forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as “anticipate,” “believe,” “intend,” “project,” “plan,” “expect,” “continue,” “estimate,” “goal,” “forecast,” “may” or similar expressions help identify forward-looking statements. Energy Transfer and Enable cannot give any assurance that expectations and projections about future events will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. These risks and uncertainties include the risks that the benefits contemplated from the transaction may not be realized. Additional risks include: the ability of Energy Transfer to successfully integrate Enable’s operations and employees and realize anticipated synergies and cost savings, the potential impact of the consummation of the transaction on relationships, including with employees, suppliers, customers, competitors and credit rating agencies, the ability to achieve revenue, DCF and EBITDA growth, and volatility in the price of oil, natural gas, and natural gas liquids. Actual results and outcomes may differ materially from those expressed in such forward-looking statements. These and other risks and uncertainties are discussed in more detail in filings made by Energy Transfer and Enable with the SEC, which are available to the public. In addition to the risks and uncertainties previously disclosed, the partnerships have also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The partnerships have also been, and may in the future be, impacted by the winter storm in February 2021 and the resolution of related contingencies, including credit losses, disputed purchases and sales, litigation and/or potential legislative action. Energy Transfer and Enable undertake no obligation to update publicly or to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The information contained in this press release is available on our website at www.energytransfer.com.
Media Relations:
Lauren Atchley or Vicki Granado, 214.840.5820
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Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214.981.0795
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