DUBLIN--(BUSINESS WIRE)--The "Oman Projects, H1 2021 - Outlook for Major Projects in Oman - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
Oman has historically been one of the smaller markets in the GCC. A smaller population and more limited oil and gas resources than its neighbors have traditionally meant that sits behind Kuwait and Qatar and ahead of Bahrain in terms of annual contract awards.
But that is not to say that the Sultanate does not offer a variety of interesting opportunities for contractors, consultants, and suppliers alike. In recent years, there have been a number of large-scale projects across different sectors such as the Duqm refinery, the new Muscat international airport, and the Batinah expressway scheme, among others.
The Sultanate's more delicate economic position has meant that it has been hit hard by Covid-19. Faced with a reduction in revenues, the government reacted by cutting back on projects spending and slowing new tenders on the tender board to a crawl.
However, some major contracts have been awarded in 2020 because they have been funded by development funds from Oman's richer GCC neighbors. These projects have ensured that the Sultanate has not seen a sharp year-on-year fall in projects spending so far.
Faced with an economic downturn, the outlook for Oman's future projects market will hinge on foreign investment in its major industrial hubs in Sohar, Duqm, and Salalah. Chinese investment in particular will be key as part of its Belt and Road Initiative to benefit from Oman's position on the main EastWest shipping axis.
Also critical will be the development of the Sultanate's PPP project plans to obtain more private sector involvement in the funding, construction, and operation of future projects. In the absence of major government capital expenditure, private sector financing will be pivotal in getting projects moving again.
Reasons to Buy this Report
Key Topics Covered:
Executive Summary
For more information about this report visit https://www.researchandmarkets.com/r/nbwhu2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today announced the appointment of Tracy Graham to Chairman of the Company's Board of Directors. Mr. Graham has served on the Board since 2016, including most recently as the Chairman of the Compensation Committee.
Mr. Graham is Chief Executive Officer and Managing Principal of Graham-Allen Partners, a private investment firm focused on investing in technology and technology-enabled companies. Prior to forming Graham-Allen Partners in 2009, he served as Vice President of SMB Technology Services for Cincinnati Bell, one of the nation’s leading regionally-focused local exchange, wireless, and data center providers. Mr. Graham also successfully built and sold three technology companies over a 12-year period, including GramTel USA, Inc., a provider of managed data center and related services to mid-sized businesses, which was sold to Cincinnati Bell.
“We are pleased to name Tracy Chairman of the Board,” said Jim Gero, out-going Chairman of LCI Industries’ Board of Directors. Gero continued, “Tracy has served the Company very well over the last 5 years and will continue to further the Company’s strategic plans in this additional role as Chairman of the Board. His strong leadership skills and strategic experience with growth-oriented companies, coupled with his understanding of the data technology and cybersecurity issues facing businesses today, make him the ideal person for this role.”
“We would also like to express our sincere gratitude for our out-going Chairman, Jim Gero, for his service on the Board since 1992 and for the last 7 years as Chairman,” said Mr. Graham. “Jim provided the guidance and leadership necessary for the Company to capitalize on opportunities presented over the last three decades and has positioned the Company for success in our next phase of growth.”
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; and other accessories. Additional information about Lippert and its products can be found at www.lci1.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Contact: Brian M. Hall, CFO
Phone: (574) 535-1125
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DUBLIN--(BUSINESS WIRE)--The "Kuwait Projects, H1 2021 - Outlook for Major Projects in Kuwait - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
Kuwait is currently the fourth largest projects market in the GCC after the UAE, Saudi Arabia, and Qatar. Historically, the local market has underperformed its potential, weighed back by politics and a lack of central authority to help push through projects. This has meant that despite its vast oil wealth and healthy fiscal position, the state rarely exceeds 15bn of contract awards each year.
The pandemic and falling oil prices during the first half of 2020 hit Kuwait hard. The central tenders committee effectively closed during the lockdown and no new public tenders were released or submitted. As of August, tendering was still far from normal.
The other big impact was lower oil prices. With the state forecasting another budget deficit and national assembly members unwilling to countenance additional borrowing, the government has had no choice but to rein back capital expenditure. As most schemes in Kuwait are directly government-funded this will naturally lead to fewer projects.
That said, there was some good news in early 2020 when financial closed was announced on the Umm al-Hayman wastewater treatment plant PPP project. The long-awaited deal was the first under the PPP law and bodes well for the success of other PPP schemes in the pipeline.
However, much more will need to be done if Kuwait is to live up to its projects market potential. The state needs to find a way of getting greater private sector participation in the market and attract greater foreign investment. Without either, it is difficult to see how the market can reach its potential.
Reasons to Buy this Report
Key Topics Covered:
Executive Summary
For more information about this report visit https://www.researchandmarkets.com/r/qil9mg
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Company leaders will participate in fireside chats at the Wells Fargo Energy Conference on June 2 and the J.P. Morgan Energy, Power and Renewables Conference on June 22
HOUSTON--(BUSINESS WIRE)--Members of the Phillips 66 (NYSE: PSX) Executive Leadership Team will participate in fireside chats at two upcoming investor conferences: the 2021 Virtual Wells Fargo Energy Conference on Wednesday, June 2, 2021, at 1:20 p.m. EDT and the J.P. Morgan Energy, Power and Renewables Conference on Tuesday, June 22, 2021, at 1:20 p.m. EDT. Both events will be held virtually.
Phillips 66 leaders will discuss value creation in an evolving energy landscape and provide an update on the company’s strategic initiatives, including its commitment to disciplined capital allocation.
To access the webcasts, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcasts will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
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. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of March 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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Fostering Diversity, Port Announces a Newly Created Business Equity Division
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met virtually in regular session on Tuesday for its May meeting. Chairman Ric Campo began by recognizing the anniversary of the tragic death of George Floyd, and reflected on how its impact further solidified Port Houston’s commitment to diversity, equity, and inclusion for its employees and for the community.
The Port Commission approved and adopted a position statement on Diversity, Equity, and Inclusion (DEI) during the meeting. Port Houston Executive Director Roger Guenther announced a new Business Equity Division to report to him. Guenther said the new division “will provide vision, leadership, and guidance” towards DEI efforts, “with a focus on promoting equity and enhancing opportunity for all, both internally and externally.”
“Taking this step,” Guenther said, “will elevate the profile of DEI at Port Houston, ensuring we have the organizational weight and leadership needed to produce meaningful and sustainable change.” Building on recent work on contracting disparities, external DEI efforts will include new opportunities for small and minority, and women-owned businesses to access Port Houston business.
In other news, Chairman Campo gave an update on Project 11. The Houston Ship Channel expansion program “remains on track,” and Port Houston anticipates entering into a Project Partnership Agreement with the U.S. Army Corps of Engineers next month.
In his operational update, Guenther announced the maiden voyage of the ONE Modern, with its arrival expected June 13 – marking the fifth direct all-water Asian service calling Port Houston. “These vessels are in the 7,000 twenty-foot equivalent (TEU) range,” he said.
Guenther also said, “Cargo through Port Houston facilities is solid and on track.” He reported that total container volume is up 3% compared to last year, and general cargo is up 7%.
Highlights of business matters addressed on the Port Commission agenda included renewal of the Memorandum of Understanding between the Panama Canal Authority and Port Houston, and awards to AECOM Technical Services, for planning and design of the reconstruction of 87 acres of container yards at Barbours Cut Terminal, and to Hatch Associates Consultants, Inc., for design of the rehabilitation of Wharves 4, 5, and 6 at the terminal and Memorandum of Agreements with the Corps were passed for the maintenance dredging of berths at multiple public facilities.
As part of National Police Week and Peace Officers Memorial Day on May 15, Chairman Campo acknowledged Port Houston Police for their “service and the dedication of their lives to protecting and serving the port,” adding that “we remember fallen officers with you this week.”
Chairman Campo also announced plans for a workshop to take place during the first week in June to engage stakeholders across a broad spectrum of interests, from community to industry to assess potential opportunities that can support Port Houston’s Sustainability goal through Environmental, Social, and Governance (ESG) initiatives.
The next Port Commission meeting is scheduled for June 22.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, announced that its Board of Directors declared a quarterly cash dividend of $0.11 per common share.
The dividend will be payable on June 23, 2021 to stockholders of record at the close of business on June 9, 2021.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
For more information, contact:
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today that based on preliminary vote estimates by its proxy solicitor, shareholders have elected eight of ExxonMobil nominees to the board of directors and two of Engine No. 1 nominees. Vote results for five nominees were too close to call.
“We welcome all of our new directors and look forward to working with them constructively and collectively on behalf of all shareholders,” said Darren Woods, chairman and chief executive officer.
“We’ve been actively engaging with shareholders and received positive feedback and support, particularly for our announcements relating to low-carbon solutions and progress in efforts to reduce costs and improve earnings. We heard from shareholders today about their desire to further these efforts, and we are well positioned to respond.”
ExxonMobil has developed a portfolio of investment opportunities in high-return, low cost-of-supply projects. The company has also significantly reduced emissions and set clear plans for further reductions to 2025, consistent with the goals of the Paris Agreement.
Re-elected ExxonMobil directors were Woods, Michael Angelakis, Susan Avery, Angela Braly, Ursula Burns, Kenneth Frazier, Joseph Hooley and Jeffrey Ubben. Elected from Engine No. 1’s nominees were Gregory Goff and Kaisa Hietala.
The outcome was not yet determined for ExxonMobil director candidates Steven Kandarian, Douglas Oberhelman, Samuel Palmisano and Wan Zulkiflee, and for Engine No. 1 candidate Alexander Karsner. A fourth Engine No. 1 candidate, Anders Runevad, was not elected.
The board will reconsider two shareholder proposals that received majority shareholder approval, which include Item No. 9, calling for a report on lobbying, and Item No. 10, requesting a report on climate lobbying.
The preliminary vote count is subject to certification by the Independent Inspector of Elections. Additional information regarding the results of the 2021 Annual Meeting of Shareholders will be available in a current report on Form 8-K filed with the Securities and Exchange Commission and on ExxonMobil’s investor website https://corporate.exxonmobil.com/Investors/Investor-relations.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement
The estimated preliminary vote results set forth in this press release are forward-looking statements. These estimates have been prepared by our proxy solicitor based on their work performed in connection with the annual meeting. These results are preliminary estimates only and are subject to change based on the certification of the voting results by the independent inspector of elections.
Media Relations
972-940-6007
NEW YORK & GREENWICH, Conn.--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (“INSW”) and Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”) announced today that the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) in connection with the proposed stock-for-stock merger transaction between INSW and Diamond S (the “Merger”). The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Merger. The Merger, which is expected to close in the third quarter of 2021, remains subject to the approval of the shareholders of INSW and Diamond S and other customary closing conditions.
Forward-Looking Statements
This release contains forward-looking statements. In addition, INSW or Diamond S may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by their representatives. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the timing and likelihood of the completion of the proposed transaction or any anticipated synergies or other benefits therefrom, the accounting or tax treatments of the proposed transaction, customer reactions to the proposed transaction, any plans to issue dividends, the parties’ prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the INSW’s and Diamond S’ current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for INSW and Diamond S, INSW’s and Diamond S’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, INSW’s Registration Statement on Form S-4 dated May 5, 2021 and in similar sections of other filings made by INSW and Diamond S with the SEC from time to time. Neither INSW nor Diamond S assume any obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to INSW, Diamond S or their respective representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by INSW or Diamond S with the SEC.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transaction between INSW and Diamond S. In connection with the proposed transaction, INSW has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that includes a preliminary joint proxy statement of INSW and Diamond S that also constitutes a prospectus of INSW. INSW and Diamond S may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which INSW or Diamond S may file with the SEC. Investors and security holders of INSW and Diamond S are urged to read the joint proxy statement/prospectus, Form S-4 and all other relevant documents filed or to be filed with the SEC carefully when they become available because they will contain important information about INSW, Diamond S, the transaction and related matters. Investors are able to obtain free copies of the joint proxy statement/prospectus and Form S-4 (when available) and other documents filed with the SEC by INSW and Diamond S through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by INSW will be made available free of charge on INSW’s investor relations website at https://www.intlseas.com/investor-relations. Copies of documents filed with the SEC by Diamond S will be made available free of charge on Diamond S’ investor relations website at https://diamondsshipping.com/investor-relations.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
INSW, Diamond S and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of INSW and Diamond S securities in connection with the contemplated transaction. Information regarding these directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Form S-4 and preliminary joint proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC by INSW and Diamond S. These documents will be available free of charge from the sources indicated above.
Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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Three Oregon companies tested natural gas-powered vehicle under challenging conditions, with positive results
PORTLAND, Ore.--(BUSINESS WIRE)--$NWN #CNG--NW Natural today announced promising early results from its truck loan program in conjunction with Hyliion Holdings Corp. Through tests conducted by Baker Rock Resources, Tillamook County Creamery Association and CalPortland, the new CNG solution proved it can deliver across the board for fleets in the areas of power, sustainability and fuel efficiency.
Portland-based NW Natural and Austin-based Hyliion teamed up to make a Compressed Natural Gas (CNG)-electric hybrid Cascadia day cab tractor available at no cost to three fleet operators seeking low-emission, cost-saving alternatives to diesel. Hyliion’s e-axle, a self-charging powertrain to boost performance of CNG vehicles, adds up to 120 horsepower to a Class 8, 12-liter CNG semi-truck – enough to pull more than 100,000 pounds uphill with performance comparable to diesels. Onboard Dynamics of Bend, Ore., offered program participants the use of its mobile CNG fueling station for on-site refueling.
Three Oregon test cases
Baker Rock Resources is a family-owned business that has provided construction and landscaping materials to the Portland area for more than 60 years, with a focus on operating sustainably. From the first time a driver of the Hyliion Hybrid CNG equipped truck hauled a full load up a steep hill with ample power, Keith Peal, vice president of Marketing and Sales, concluded he’d found a way to match his company’s environmental goals to its operating needs. “The demonstration was a complete success, and we absolutely have plans to add the technology to our fleet,” said Peal.
Tillamook County Creamery Association, headquartered on the Oregon coast, has been supplying premium dairy products to loyal customers across the state for more than a century. To bring its products to the Portland area, drivers cross the Oregon Coast Range on a winding two-lane highway – carrying up to 86,000 pounds. During a three-week trial, the e-axle boosted speeds by an average of six miles per hour over those reached by an unassisted conventional CNG truck – all while maintaining optimum power and saving on fuel costs.
“Our business is committed to stewardship, and we’re constantly looking at ways to reduce our environmental impact and improve efficiency, including our fleet of 16 trucks,” says Tillamook’s director of Environment & Community Impact Jocelyn Bridson. “Being able to test a CNG-electric hybrid truck helped us see firsthand that the technology available today performs well on our distribution routes, with enough power to get over mountain passes, and was straightforward for our drivers. As a result of this trial, we are assessing the potential to replace our diesel trucks with Hyliion’s natural gas vehicles.”
CalPortland is a multi-state operation producing and delivering cement, concrete and other construction materials. CalPortland also has a strong commitment to environmental protection, advocating for products and practices that yield the least possible environmental impact. Its transportation team found the Hyliion CNG Hybrid trucks are easy to operate, with the potential to significantly lower the fleet’s carbon footprint.
“The vehicle provided by Hyliion and NW Natural is a great opportunity to add an environmentally friendly option for hauling freight,” said Matthew Meyer, CalPortland’s director of Fleet Management. “The CNG hybrid model is extremely promising, and we were very impressed with the Hyliion team’s support.”
“Natural gas vehicles are popular in North America and throughout the world because of their significantly lower greenhouse gas emissions, near zero-point source emissions, and the ability to use renewable natural gas instead of diesel,” said Chris Kroeker, NW Natural business development segment manager. “This innovative, try-it-first truck loan program allows local fleet managers to see if this technology fits with their operations – and Hyliion’s Hybrid solution has proven that it can deliver across the board in the areas of power, sustainability and return on investment.”
Truck fleet operators located within the NW Natural service territory and interested in joining the truck loan program may call NW Natural’s Major Account Services at 971.979.9611 or Clif Hazen at 503.610.7668.
Advantages of natural gas vehicles
CNG technology offers many advantages to companies focused on environmental quality and operating costs of their fleets, such as:
About NW Natural
NW Natural provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 770,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. It consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural is part of Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), which is headquartered in Portland, Oregon, and owns NW Natural, NW Natural Water Company, and other business interests and activities.
Media Contacts:
Dave Santen, This email address is being protected from spambots. You need JavaScript enabled to view it., 503.818.9845 (pager) 503.610.7505 (work)
Ryann Malone, This email address is being protected from spambots. You need JavaScript enabled to view it., 833.495.4466
NW Natural Truck Loan Program Contact:
Clif Hazen, 503.610.7668
NEW YORK & GREENWICH, Conn.--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (“INSW”) and Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”) announced today that the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) in connection with the proposed stock-for-stock merger transaction between INSW and Diamond S (the “Merger”). The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Merger. The Merger, which is expected to close in the third quarter of 2021, remains subject to the approval of the shareholders of INSW and Diamond S and other customary closing conditions.
Forward-Looking Statements
This release contains forward-looking statements. In addition, INSW or Diamond S may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by their representatives. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the timing and likelihood of the completion of the proposed transaction or any anticipated synergies or other benefits therefrom, the accounting or tax treatments of the proposed transaction, customer reactions to the proposed transaction, any plans to issue dividends, the parties’ prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the INSW’s and Diamond S’ current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for INSW and Diamond S, INSW’s and Diamond S’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, INSW’s Registration Statement on Form S-4 dated May 5, 2021 and in similar sections of other filings made by INSW and Diamond S with the SEC from time to time. Neither INSW nor Diamond S assume any obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to INSW, Diamond S or their respective representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by INSW or Diamond S with the SEC.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed transaction between INSW and Diamond S. In connection with the proposed transaction, INSW has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that includes a preliminary joint proxy statement of INSW and Diamond S that also constitutes a prospectus of INSW. INSW and Diamond S may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which INSW or Diamond S may file with the SEC. Investors and security holders of INSW and Diamond S are urged to read the joint proxy statement/prospectus, Form S-4 and all other relevant documents filed or to be filed with the SEC carefully when they become available because they will contain important information about INSW, Diamond S, the transaction and related matters. Investors are able to obtain free copies of the joint proxy statement/prospectus and Form S-4 (when available) and other documents filed with the SEC by INSW and Diamond S through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by INSW will be made available free of charge on INSW’s investor relations website at https://www.intlseas.com/investor-relations. Copies of documents filed with the SEC by Diamond S will be made available free of charge on Diamond S’ investor relations website at https://diamondsshipping.com/investor-relations.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
INSW, Diamond S and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of INSW and Diamond S securities in connection with the contemplated transaction. Information regarding these directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Form S-4 and preliminary joint proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC by INSW and Diamond S. These documents will be available free of charge from the sources indicated above.
Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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HOUSTON--(BUSINESS WIRE)--BHE Compression Services and Project Canary are pleased to announce the CleanMachine™ compressor package has received the first-ever equipment-specific TrustWell™ Responsibly Sourced Gas certification for midstream equipment. The TrustWell™ certification has long been the recognized standard for operational excellence and environmental stewardship in upstream oil and gas operations.
“We are excited that BHE Compression Services has received this certification,” said Will Foiles, chief operating officer of Project Canary. “The company has clearly demonstrated its commitment to environmental stewardship as supply chains across all industries work to reduce emissions.”
BHE Compression Services’ CleanMachine™ design now includes Project Canary’s continuous monitoring sensors and technology, enabling CleanMachine™ to provide real-time data on raw methane emissions. These types of groundbreaking advancements reinforce BHE Compression Services as an industry leader and position the company as much more than a conventional contract compression provider.
“BHE Compression Services is excited to find a like-minded and action-oriented partner in Project Canary and TrustWell™,” said Michael Robbins, president and CEO of BHE Compression Services. “Service quality and new equipment are no longer the only key differentiators in the compression services business. We are leading the way in setting the new expectation for compression services using technology to eliminate and capture raw methane emissions.”
Peter Strezo, vice president technology and environmental at BHE Compression Services, added, “With full transparency on real-time performance via Project Canary’s continuous monitoring solution, as well as a third-party verification and certification process through TrustWell™, we are well-positioned to deliver results. BHE Compression Services is raising the bar for what customers expect from their compression service providers with a goal of no methane left behind!”
About Project Canary
Project Canary, an International Environmental Standards Company based in Denver, Colorado, is a mission-driven B-Corporation accountable to a double bottom line of profit and the social good. We believe it is possible to create a financially successful, self-sustaining business that “does well and does good.” Our goal is to mitigate climate change by helping the oil and gas industry operate on a cleaner, more efficient, more sustainable basis. Our proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations.
Project Canary/IES Solutions help energy companies collect, manage, operationalize and benefit from real-time environmental data.
Project Canary partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring.
About Berkshire Hathaway Energy Compression Services
BHE Compression Services is the first large-horsepower fleet with the patent pending CleanMachine™ technology. This enables its equipment to operate with unmatched total compressor package emission reductions, with targeted methane intensity rates of less than 0.2%, compared to 0.36% for conventional compressor units. BHE Compression Services’ sustainable compression strategy has set them on a course to be the world leader in responsibly sourced gas compression services. BHE Compression Services employs a homogeneous fleet of large-horsepower drivers and Ariel compressor packages with the latest controls and technology to improve integrity, reliability and safety and reduce the impact of operations on the environment.
Berkshire Hathaway Energy
Media Hotline: 515-242-3022
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced that Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer, will participate in the KeyBanc Capital Markets Industrials & Basic Materials Virtual Conference on Wednesday, June 2, 2021.
A copy of the Company’s presentation will be posted to the Company’s Investor Relations section of its website, www.primoriscorp.com, before the opening of trading on the NASDAQ on the same day.
ABOUT PRIMORIS
Founded in 1960, Primoris is one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified base of blue-chip customers. For additional information, please visit www.primoriscorp.com.
Brook Wootton
Vice President, Investor Relations
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MINNEAPOLIS--(BUSINESS WIRE)--$DCI #Dividend--Donaldson Company, Inc. (NYSE: DCI) today announced that its Board of Directors declared a regular cash dividend of 22.0 cents per share, an increase of 4.8% from the prior quarterly cash dividend of 21.0 cents per share. The dividend is payable June 25, 2021, to shareholders of record on June 10, 2021. The Company has paid a cash dividend every quarter for 65 years and was added to the S&P High-Yield Dividend Aristocrats Index in January 2016 after 20 consecutive years of annual dividend increases.
About Donaldson Company
Founded in 1915, Donaldson (NYSE: DCI) is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Our diverse, skilled employees at over 140 locations on six continents partner with customers—from small business owners to the world’s biggest OE brands—to solve complex filtration challenges. Discover how Donaldson is Advancing Filtration for a Cleaner World at www.Donaldson.com.
Charley Brady (952) 887-3753
VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today announced that on May 20, 2021, the Company received notification from the NYSE American LLC (the “NYSE American”) that it had not met compliance standards of Section 1003(a)(ii) as a result of stockholders’ equity falling below $4.0 million and having reported losses in its five most recent fiscal years ended December 31, 2020. Stockholders’ equity was approximately $3.3 million as of March 31, 2021.
SDP has been granted a plan period through May 18, 2022 to regain compliance
SDP’s initial plan for regaining compliance was accepted by the NYSE American on January 28, 2021. SDP subsequently received approval on May 21, 2021 from the NYSE American on its first quarterly update to its plan.
The Company will continue to trade under the symbol “SDPI” on the NYSE American pursuant to this plan period extension. SDP will be subject to ongoing periodic reviews, including quarterly monitoring, for compliance with the plan.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, achieving the objective provided in the continued listing compliance plan submitted to the NYSE American, the continued impact of COVID-19 on the business, the Company’s strategy, future operations, success at developing future tools, the Company’s effectiveness at executing its business strategy and plans, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and ability to outperform are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in the Middle East, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, contact investor relations:
Deborah K. Pawlowski, Kei Advisors LLC
(716) 843-3908, This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will be participating in the Wells Fargo Virtual Energy Conference on June 2, 2021 and the RBC Capital Markets Global Energy, Power and Infrastructure Energy Conference on June 8, 2021.
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 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.7 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 is 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. Please visit www.investorvalero.com for more information.
Investors:
Homer Bhullar, Vice President – Investor Relations & 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
TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed a new four-year, $300.0 million senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility will replace the previous credit facility which was set to mature in May 2022.
“We are very pleased with the successful execution and outcome of our new credit facility,” said Andrew Woodward, Chief Executive Officer. “The extension represents another critical step forward in Blueknight’s transformation, as it strengthens our liquidity position and enhances our visibility into our cost of capital through May 2025 while maintaining financial flexibility for future growth. We are grateful for the continued support from our existing lending partners and are pleased to welcome several new participants to the lender group.”
The relevant terms and covenants contained in the New Credit Facility are summarized below (as compared to the previous credit facility):
Forward-Looking Statements
This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Blueknight
Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.
Investor Relations Contact:
Matthew Lewis, Chief Financial Officer
(918) 237-4032
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TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) today announced results for matters voted on at the Fund’s Annual and Special Meeting of Unitholders held virtually in Toronto on May 11, 2021 and adjourned to May 26, 2021. A total of 26,356,698 Units, or 25.55% of the Fund’s issued and outstanding Units, were voted in connection with the annual and special meeting.
Election of Trustees
On a vote by ballot, all nominees listed in the management information circular for the Annual Meeting, were elected as Trustees of the Fund. Detailed results of the vote for the election of Trustees are set out below:
Nominees |
Votes For |
% For |
Votes Withheld |
% Withheld |
Lucio Di Clemente |
20,694,869 |
80.44% |
5,031,870 |
19.56% |
Daniella Dimitrov |
20,849,609 |
81.04% |
4,877,130 |
18.96% |
Emily Moore |
20,594,295 |
80.05% |
5,132,444 |
19.95% |
Douglas Muzyka |
25,188,336 |
97.91% |
538,403 |
2.09% |
Katherine Rethy |
20,619,693 |
80.15% |
5,107,046 |
19.85% |
Scott Rook |
25,250,750 |
98.15% |
475,989 |
1.85% |
Lorie Waisberg |
20,580,471 |
80.00% |
5,146,268 |
20.00% |
Following the meeting, the Board appointed the following as committee chairs:
Daniella Dimitrov – Chair of the Audit Committee
Lucio Di Clemente – Chair of the Compensation and Corporate Governance Committee
Emily Moore – Chair of the Responsible Care Committee.
Appointment of Auditors
On a vote by ballot, Unitholders approved the re-appointment of KPMG LLP, Chartered Professional Accountants, as auditors of the Fund and authorized the Trustees to fix the auditors’ remuneration:
Votes For |
% For |
Votes Withheld |
% Withheld |
26,085,728 |
98.97% |
270,970 |
1.03% |
Vote Regarding Amended Declaration of Trust
On a vote by ballot, Unitholders approved the Fund’s Amended Declaration of Trust disclosed in the Information Circular.
Votes For |
% For |
Votes Against |
% Against |
25,126,090 |
97.67% |
600,649 |
2.33% |
Vote Regarding Approach to Executive Compensation (Say on Pay)
On a non-binding advisory vote by ballot, Unitholders voted against the Fund’s approach to executive compensation disclosed in the Information Circular.
Votes For |
% For |
Votes Against |
% Against |
10,327,821 |
40.14% |
15,398,918 |
59.86% |
Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.
Rohit Bhardwaj
Chief financial Officer
Tel: (416) 496-4177
Ryan Paull
Business Development Manager
Tel: (973) 515-1831
HAMILTON, Bermuda--(BUSINESS WIRE)--May 26, 2021 – Triton International Limited (NYSE: TRTN) (“Triton” or the “Company”) today announced that its subsidiary Triton Container International Limited (“TCIL”) has priced an offering of $500 million aggregate principal amount of 1.150% Senior Secured Notes due 2024 (the “2024 Notes”) at an offering price of 99.894% of the principal amount thereof and $600 million aggregate principal amount of 3.150% Senior Secured Notes due 2031 (the “2031 Notes”) at an offering price of 99.906% of the principal amount thereof. The 2024 Notes and 2031 Notes ("Notes") will be guaranteed on a senior unsecured basis by the Company.
The offering is expected to close on June 7, 2021, subject to the satisfaction of customary closing conditions. The net proceeds from the offering are expected to be used to repay outstanding borrowings under TCIL’s revolving credit facility and for general corporate purposes, including the expansion of TCIL’s container fleet and repayment of other existing secured debt.
The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Important Cautionary Information Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical information, including statements about the offering and the intended use of proceeds of the offering, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would” and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.
These factors include, without limitation, those risk factors included in the offering memorandum for the Notes and the impact of COVID-19 on the Company’s business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in releasing containers after their initial fixed-term leases; customers’ decisions to buy rather than lease containers; dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of the Company’s businesses; decreases in demand for international trade; disruption to the Company’s operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to the Company’s operations from failure of, or attacks on, the Company’s information technology systems; disruption to the Company’s operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of the Company’s debt agreements; changes in the tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those risk factors set forth in the section entitled “Risk Factors” in our Form 10-K filed with the SEC on February 16, 2021. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. Triton operates a container fleet of over six million twenty-foot equivalent units, and its global operations include acquisition, leasing, releasing and subsequent sale of multiple types of intermodal containers and chassis.
Source: Triton International Limited
Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
(914) 697-2900
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on May 28, 2021 based on the Trust’s calculation of net profits generated during March 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $738,000. Revenues from the Developed Properties were approximately $2.5 million, lease operating expenses including property taxes were approximately $1.68 million, and development costs were approximately $29,000. The average realized price for the Developed Properties was $62.45 per Boe for the Current Month, as compared to $58.51 per Boe in February 2021. Oil prices have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to March 2020. The cumulative net profits deficit amount for the Developed Properties decreased to approximately $24.6 million in the Current Month compared to approximately $25.2 million in the prior month.
The Current Month’s calculation included approximately $65,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $56.74 per Boe in the Current Month, as compared to $56.39 per Boe in February 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $109,000 and was approximately $2.5 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of approximately $158,000, together exceeded the payment of approximately $65,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $188,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, the Trustee has requested a loan from PCEC to pay the expected shortfall of approximately $188,000, which would bring the total amount of outstanding borrowings (not including the amount drawn from the letter of credit) from PCEC to approximately $1,334,000, including interest thereon, related to shortfalls from prior months, which also reflects approximately $675,000 in unpaid monthly operating and services fees that the Trust owes PCEC. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
|
Average Price |
||
(Boe) |
(Boe/day) |
|
(per Boe) |
|
Developed Properties (a) |
39,319 |
1,268 |
$62.45 |
|
Remaining Properties (b) |
15,314 |
494 |
$59.74 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Hydro Turbine Generator Unit Market - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global hydro turbine generator unit market is expected to grow significantly during the forecast period, owing to the digitisation of hydro power plants.
The Internet of Things (IoT) has the potential to significantly transform the industrial sector. With the industrial internet of things (IIoT), the hydro power plants of the future will enter auto-pilot mode where subtle changes occur based on real-time and historical data. The IIoT and Industry 4.0 are moving the hydropower market into the future.
The move towards digitisation is changing the way in which hydropower plants are operated and maintained. The International Hydropower Association (IHA) estimates that, by 2030, over half of the world's hydropower plants will be due for upgrade and modernisation or have already been renovated. Digitisation plays a key role in the modernisation of the existing fleet of hydropower facilities.
Therefore, digitisation of hydro power plant will offer various growth opportunities for the global hydro turbine generator unit market during the forecast period. For instance, in June 2019, General Electric signed a contract with Hydro-Quebec, a Canadian government company, to upgrade existing Hydro Quebec's Montagnais substation's protection and control systems.
Among turbine type, Francis turbine segment is expected to exhibit the significant growth during the forecast period. Francis turbines are the most frequently used turbines for hydropower plants. This turbine is used for medium or large scale hydroelectric plants. Therefore, growing demand of Francis turbine is expected to drive growth of the hydro turbine generator unit market.
For instance, in 2019, General Electric signed a contract with Nachtigal Hydro Power Company, jointly owned by the Republic of Cameroon, Electricite de France (EDF), International Finance Corporation, Africa 50, and STOA to provide seven new 60 MW Francis turbines.
Detailed Segmentation
Global Hydro Turbine Generator Unit Market, By Component:
Global Hydro Turbine Generator Unit Market, By Turbine Type:
Global Hydro Turbine Generator Unit Market, By Generating Unit Capacity:
Global Hydro Turbine Generator Unit Market, By Technology:
Global Hydro Turbine Generator Unit Market, By Product Type:
Key Topics Covered:
1. Research Objectives and Assumptions
2. Market Purview
3. Market Dynamics, Regulations, and Trends Analysis
4. Global Hydro Turbine Generator Unit Market, By Component, 2017-2027 (US$ Million)
5. Global Hydro Turbine Generator Unit Market, By Turbine Type, 2017-2027 (US$ Million)
6. Global Hydro Turbine Generator Unit Market, By Generating Unit Capacity, 2017-2027 (US$ Million)
7. Global Hydro Turbine Generator Unit Market, By Technology, 2017-2027 (US$ Million)
8. Global Hydro Turbine Generator Unit Market, By Product Type, 2017-2027 (US$ Million)
9. Global Hydro Turbine Generator Unit Market, By Region, 2017-2027 (US$ Million)
10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/t1wq55
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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