HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) will host a conference call and webcast to discuss its first quarter 2021 operational and financial results on Wednesday, May 5 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
Join the webcast by visiting Magnolia’s website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. Materials related to Magnolia’s first quarter 2021 financial results to be discussed during the webcast will be made available in the Investors section of the website prior to the call. The company will post a replay of the webcast on its website following the call.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.
Brian Corales
713-842-9036
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Tools offered for free to advance sustainability across the logistics industry as standards heighten globally
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--C.H. Robinson is paving the way for more sustainable supply chains around the world by turning decades of logistics expertise into technology and data that any company can use to reduce its carbon footprint. Today it announced:
In its pilot phase, Emissions IQ™ has already helped 125 companies reduce their carbon emissions by a total of 350,000 metric tons of CO2 equivalents. How much is that? As much carbon as 39 million gallons of gasoline would emit.
“You can only change what you can measure,” said C.H. Robinson’s Chief Human Resources and E.S.G. Officer Angie Freeman. “Even companies committed to sustainability have struggled to capture their emissions across complex, multi-faceted supply chains. By putting useful technology and data at their fingertips, we’re not only increasing the transparency of emissions in our industry, but we’re surfacing the best strategies for customers to make meaningful carbon reductions right now.”
Grappling with U.N. sustainability goals, regulatory requirements and consumer demand, companies have never been under more pressure to reduce greenhouse gas emissions in their supply chains. A recent C.H. Robinson customer research study revealed that sustainability is shippers’ second biggest pain point in 2021, and the number of companies planning to take action to reduce their carbon footprint has doubled since last year.
But to cut transportation emissions, companies first need to be able to measure them. Most aren’t equipped to do that easily across truck, rail, air and ocean transportation. For smaller shipments that share a truck with other companies’ goods, a standard for measuring hasn’t even existed. Without the necessary tools and data, many companies haven’t been able to pursue carbon reduction at all or are investing a lot of time and effort that could be automated and eliminated.
Emissions IQ™, the latest innovation from C.H. Robinson’s tech incubator Robinson Labs, is a tool that automatically calculates emissions and provides an easy visualization of a shipper’s carbon output. Emissions analysis across all transportation modes is available from C.H. Robinson now, and all modes will be available within the self-serve tool once ocean and air are added later this year. Accredited to use the Global Logistics Emissions Counsel (GLEC) framework, Emissions IQ™ gives shippers data that’s trusted and universally accepted.
Tempur Sealy – a global leader in designing, manufacturing and distributing bedding products – is already benefitting from C.H. Robinson’s sustainability tools.
“One of the most challenging aspects of our commitment to achieving carbon neutrality by 2040 is quantifying the emissions of our logistics operations and implementing strategies to reduce them,” said Scott Vollet, Tempur Sealy EVP of Global Operations. “C.H. Robinson’s advanced technology and thorough analysis highlighted opportunities to improve the efficiency of our supply chain, and their team provided the expertise to help us act on those insights. By making our supply chain more efficient, we reduced domestic carbon emissions by nearly 1,000 metric tons of CO2 equivalents and saved over $150,000 in just three months. We’re on track to quadruple that this year.”
To help companies address the emissions of less-than-truckload (LTL) shipments – which have skyrocketed because of the e-commerce boom – C.H. Robinson funded a project with MIT’s Center for Transportation & Logistics. That became the basis for a collaboration with EPA’s SmartWay program to establish a method specific to measuring those emissions. Accounting for the extra miles and higher fuel consumption of a truck making multiple pickups and deliveries, C.H. Robinson is sharing this advanced data model with the EPA to incorporate into its online tools. Companies will be able to instantly get a calculation of their LTL emissions.
While eliminating the time and effort of calculating emissions, C.H. Robinson is also giving companies a way to benchmark against others and track their progress over time. With a worldwide network of nearly 200,000 customers and carriers, C.H. Robinson offers the largest set of emissions benchmarking data in the industry. This information advantage, combined with C.H. Robinson’s expert global sustainability consultants, gives any company the building blocks for creating more sustainable supply chains.
“We’ve helped companies improve how they transport their goods for decades – constantly looking to reduce waste and improve performance in the supply chain,” said Freeman. “A more efficient supply chain is by nature a more sustainable one. As one of the world’s largest logistics platforms and the largest mover of truckload freight in the world, we’re in a position to create real impact on emissions now and in the future for our customers, our industry and our planet.”
Read more about how Emissions IQ™ works.
Read about C.H. Robinson’s mission to improve the world’s supply chains.
About C.H. Robinson
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multi-modal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our more than 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit www.chrobinson.com (Nasdaq: CHRW).
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE:VLO) is providing preliminary estimated ranges for certain financial information reflecting market and operating conditions experienced during the first quarter of 2021. Valero expects to report a net loss attributable to Valero stockholders in the range of $2.05 to $1.81 per share for the first quarter of 2021. The company expects electricity and natural gas costs incurred primarily by its refining and ethanol business segments to be higher than expected for the first quarter of 2021 due to the impacts of Winter Storm Uri. The preliminary estimated impact of excess energy costs included in the range of net loss attributable to Valero stockholders noted above is $1.18 to $1.14 per share. These estimated excess energy costs are reflected in the table below.
The company will host a conference call on April 22, 2021 at 10:00 a.m. ET to discuss first quarter 2021 earnings results, which will be released earlier that day, and provide an update on company operations and guidance for 2021.
Preliminary Estimated First Quarter of 2021 Financial Information
Although our financial statements for the first quarter of 2021 are not yet complete, certain preliminary estimated financial information is available. Based on such preliminary estimated financial information, we estimate the following ranges of financial information:
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||||
| (millions of dollars, except per share amounts) | ||||||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||||
| Renewable | ||||||||||||||||||||||||||||||
| Refining (a) | Diesel | Ethanol | Total | |||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | Low | High | |||||||||||||||||||||||
| Preliminary estimated statement of income data | ||||||||||||||||||||||||||||||
| Net loss attributable to Valero Energy Corporation | ||||||||||||||||||||||||||||||
| stockholders | $ |
(835 |
) |
$ |
(735 |
) |
||||||||||||||||||||||||
| Loss per common share - assuming dilution | $ |
(2.05 |
) |
$ |
(1.81 |
) |
||||||||||||||||||||||||
| Preliminary estimated impact of estimated excess energy costs | ||||||||||||||||||||||||||||||
| Amount reflected in cost of materials and other | $ |
(65 |
) |
$ |
(60 |
) |
$ |
- |
$ |
- |
$ |
- |
|
$ |
- |
|
$ |
(65 |
) |
$ |
(60 |
) |
||||||||
| Amount reflected in operating expenses (excluding | ||||||||||||||||||||||||||||||
| depreciation and amortization expense reflected below) |
|
(470 |
) |
|
(460 |
) |
|
- |
|
- |
|
(60 |
) |
|
(55 |
) |
|
(530 |
) |
|
(515 |
) |
||||||||
| Total impact on operating income (a) | $ |
(535 |
) |
$ |
(520 |
) |
$ |
- |
$ |
- |
$ |
(60 |
) |
$ |
(55 |
) |
$ |
(595 |
) |
$ |
(575 |
) |
||||||||
| Impact of estimated excess energy costs included in | ||||||||||||||||||||||||||||||
| loss per common share - assuming dilution | $ |
(1.18 |
) |
$ |
(1.14 |
) |
||||||||||||||||||||||||
| (a) The estimated excess energy costs impacted the operating income of the refining segment regions as follows: | ||||||||||||||||||||||||||||||
| U.S. Gulf Coast region | $ |
(485 |
) |
$ |
(475 |
) |
||||||||||||||||||||||||
| U.S. Mid-Continent region |
|
(45 |
) |
|
(40 |
) |
||||||||||||||||||||||||
| Other |
|
(5 |
) |
|
(5 |
) |
||||||||||||||||||||||||
| Total | $ |
(535 |
) |
$ |
(520 |
) |
||||||||||||||||||||||||
The preliminary estimated information set forth above does not represent a comprehensive statement of income for the first quarter of 2021. The final statement of our income for the first quarter of 2021 may vary from our current expectations and may be different from the information described above as our quarterly financial statement close process is not yet complete and additional developments and adjustments may arise between now and the time the financial information for this period is finalized. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved for the remainder of 2021 or in any future period. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. Accordingly, you should not place undue reliance on the preliminary estimated financial information.
Safe-Harbor Statement
Statements contained in this release that state the company’s or 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 “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. 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 the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of severe weather and COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
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 1.69 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.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 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
Midland manufacturer uses patented tech to increase run-time, efficiency of MEA triazine
MIDLAND, Texas--(BUSINESS WIRE)--#chemicals--Shotwell Hydrogenics has launched a patent-pending hydrogen sulfide scavenger that makes the most of MEA triazine, extends operational life, and is less likely to form problematic solids. The product is powered by NRGMax®, a proprietary platform technology that makes active chemical ingredients perform better.
“MEA triazine has become a staple for customers who need to remediate toxic hydrogen sulfide gas,” says Russell Brown, President of Midland-based Shotwell Hydrogenics. “We’ve taken an MEA triazine and combined it with NRGMax technology to formulate a scavenger that outperforms what’s available on today’s market and addresses the issues that operators experience with standard 40% MEA triazine.”
In normal oilfield applications, MEA triazine is utilized to treat H2S, but “breakthrough” occurs when only 70-75% of the treatment chemical is spent. Meaning that 25-30% of the applied MEA triazine is never fully utilized before it becomes ineffective at neutralizing hydrogen sulfide. The NRGMax formulation has been field trialed and consistently shows that it’s 95-100% spent before breakthrough occurs, extending operational life and processing more pounds of H2S per gallon of treatment product.
“For customers to get the full value from their MEA triazine investment is a win for operational economics in addition to worksite safety,” says Brown. “In the bubble tower field trials that our partners have conducted, they’ve seen that our NRGMax MEA triazine lasts 20-40% longer than towers on the same pad using standard MEA triazine. When you combine that added run-time with the fact that we’re getting the maximum potential out of the product without fouling, you can start to tally up how the product will result in lower chemical, service, and logistics costs.”
Shotwell has completed bubble tower and static mixing application field trials with their new product. In multiple trials in the Permian Basin, a customer tested the product versus a standard 40% MEA triazine on a two well battery that utilized a 1,000-gallon bubble tower, both with an average inlet concentration of 120ppm H2S. The Shotwell product remediated H2S for 29.4 days compared to the control tower that lasted for 21 days without producing solids. Further, the NRGMax-powered blend treated 0.98 pounds per gallon, while the control only treated 0.70 pounds per gallon and wasted 30% of the MEA triazine.
“In this field trial, we utilized nearly 90% of the available triazine due to the NRGMax formula, and did so without creating solids. Because no solids were generated, the customer did not have downtime associated with cleaning out equipment and disposing of solids,” noted Derek Vaughn, Technical Director for BPS Oil & Gas who oversaw product development with NRGMax for Shotwell’s latest product. “In all of our field trials, we’ve seen that our formula is not likely to precipitate solids, even realizing as high as a 96% MEA triazine utilization. This is important because a customer will spend time and money each time they swap towers to rinse out solids or shut down production.”
Mirroring the success in bubble tower applications, in third-party field trials using the Shotwell MEA triazine in a static mixer application, an operator realized 20% efficiency gains with no solids generated.
The solution is available to service companies from Shotwell Hydrogenics and ships from Midland, Texas. Shotwell is a state-of-the-art, ISO9001:2015 certified and NSF (National Sanitation Foundation) certified chemical manufacturing plant capable of large volume production. Shotwell maintains a strict focus on quality assurance and quality control for all products.
About Shotwell Hydrogenics
Shotwell Hydrogenics is a chemical manufacturing facility that produces specialty products for the oil and gas industry, HI&I sector, and agricultural. Specializing in performance monitoring and chemical management services, Shotwell offers water-soluble toll blending, chemical selection, and verification. The Midland, Texas-based facility is ISO9001:2015 certified and is the exclusive manufacturer of NRGMax® and OpusMAX® products for the BPS Technology family of companies. Learn more at shotwellhydrogenics.com.
About BPS Oil & Gas
BPS Oil & Gas, LLC is a Texas-based technology company seeking to enhance how chemicals are utilized and deployed in Upstream, Midstream, and Downstream applications. Their proprietary NRGMax® host chemistry enhances end-product performance for a wide range of oil and gas chemicals. The results are more efficient applications and reduced operating costs for operators across the industry. Whether it’s in the oilfield, the pipeline, or at a refinery, BPS Oil & Gas is committed to significant return on customer investments. BPS Oil & Gas is a division of BPS Technology, a privately held holding company. Learn more at bpsoilandgas.com.
Dawn McKenzie | VP of Marketing
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has entered into an agreement to sell its Little Knife and Murphy Creek acreage interests in the Bakken in North Dakota to Enerplus Corporation for a total consideration of $312 million, effective March 1, 2021.
The sale consists of approximately 78,700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure. Net production from this acreage averaged 4,500 barrels of oil equivalent per day net to Hess in the first quarter of 2021.
“The Bakken is a core asset in our company’s portfolio,” CEO John Hess said. “Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.”
The sale is expected to close in May 2021, subject to customary closing conditions.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information is available at www.hess.com.
Cautionary Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. These forward-looking statements may include, without limitation, the expected timing and completion of the proposed sale and use of proceeds. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of our contractual counterparties to satisfy their obligations to us, the ability to satisfy the conditions to the proposed sale; contract and other laws, regulations and governmental actions applicable to our business; and other factors described in the Risk Factor section in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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DUBLIN--(BUSINESS WIRE)--The "Specialty Oilfield Chemicals - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Specialty Oilfield Chemicals Market to Reach $13.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Specialty Oilfield Chemicals estimated at US$10.6 Billion in the year 2020, is projected to reach a revised size of US$13.9 Billion by 2027, growing at a CAGR of 4% over the analysis period 2020-2027.
Demulsifiers, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$4.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inhibitors & Scavengers segment is readjusted to a revised 3.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.1 Billion, While China is Forecast to Grow at 3.8% CAGR
The Specialty Oilfield Chemicals market in the U.S. is estimated at US$3.1 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2027 trailing a CAGR of 3.8% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 3.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.
Rheology Modifiers Segment to Record 4.2% CAGR
In the global Rheology Modifiers segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2027.
Select Competitors (Total 45 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/q3w6u6.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Virgin Group company buys and restores 6.4 MW solar facility with additional weather resilience
ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--BMR Energy, a Virgin Group company and developer, owner, and operator of clean energy projects in the Caribbean and Latin America, announced today that it is starting construction of the 6.4-megawatt (MWp) Donoe Solar farm in St. Thomas. The facility is expected to be completed and enter service in the fourth quarter of this year and will sell the power it generates to the Virgin Island Power and Water Authority (VIWAPA) under a newly negotiated 25-year Power Purchase Agreement.
The facility will be constructed on the site of a former solar facility that experienced significant damage during the devastating 2017 hurricane season. BMR agreed to acquire the site of the original solar farm in 2019 and closed on that purchase in the summer of 2020. The new facility incorporates several design and construction features to increase the strength and resilience of the equipment to withstand future windstorms.
The Solar farm will include more than 14,000 photovoltaic modules and has been designed with strengthened racking, foundations and module connection systems to withstand wind speeds up to 180 mph.
“After Hurricane Irma destroyed the plant nearly four years ago, our team was eager to fully understand the failures of the prior design and installation and build it back stronger,” said Bruce Levy, CEO of BMR Energy. “We’ve considered design recommendations from experts throughout the industry and conducted wind tunnel tests on all systems and equipment. With this resilient design, the facility will be able to deliver reliable, clean energy to the local community for decades to come.”
“WAPA welcomes the opportunity to enter another partnership with BMR Energy as we endeavor to diversify our generation mix. While this agreement increases the volume of solar energy we capture for electrical generation, this and other renewable projects set WAPA on a path to lower operating costs and reduced reliance on fossil fuel. These reductions will ultimately translate to savings for our customers,” said Interim Executive Director / CEO Noel Hodge.
This will be the second project BMR Energy will operate to provide electricity for the utility.
About BMR Energy
BMR Energy, a Virgin Group investment, is a developer, owner, and operator of clean energy projects in the Caribbean and Latin America. BMR Energy’s solution-minded team brings its industry expertise to efficiently executing projects that deliver affordable, sustainable energy generation. For more information, visit www.bmrenergy.com.
About Virgin Group
Virgin is a leading international investment group and one of the world's most recognized and respected brands. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors including media & mobile, travel & leisure, financial services, music & entertainment, health & wellness, space, and renewable energy.
About WAPA
The Virgin Islands Water and Power Authority is an autonomous agency of the Virgin Islands Government which produces and distributes electricity and drinking water to residential and commercial customers in the territory. WAPA was created by the Fifth Legislature of the Virgin Islands in 1964 through Act No. 1248. Today, WAPA produces electrical power at plants on St. Thomas and St. Croix and distributes electrical service through smart grids to customers on St. Thomas, St. Croix, St. John, Hassel Island, and Water Island.
Antenna Group for BMR Energy
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Mr. Jean Greaux Jr
Director of Communications
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340-244-7330
Recent survey indicates that many homeowners are using their extra time at home to complete projects that require digging
SAN FRANCISCO--(BUSINESS WIRE)--With the arrival of spring, many Californians are thinking of starting projects to make their outdoor spaces more livable, and many of these projects will require digging. To help ensure these projects can proceed safely, and without disruptions to essential utility services that we all depend on to be able to stay connected during the ongoing pandemic, April is recognized as National Safe Digging Month. Pacific Gas and Electric Company (PG&E) and more than 1,000 other utilities support this nationwide public safety initiative to supported by to raise awareness about the importance of calling 811 to have underground utility lines marked in advance of any digging project.
Throughout the pandemic, many homeowners are using their extra time at home to complete projects that require digging, according to a recent national survey conducted by the Common Ground Alliance (CGA). In fact, the survey shows that one in five homeowners (20%) have been more likely to do a DIY home improvement involving digging since the pandemic began – particularly gardening projects, and 56% of homeowners who are planning to plant a tree or shrub this year said they were more likely to dig while having extra time at home. The most popular planned projects cited among surveyed homeowners who plan to dig include:
Additionally, of the millions of homeowners who plan to dig this year for projects like gardening, building a fence or deck, installing a mailbox and more, nearly two in five (37%) will put themselves and their communities at risk by digging without contacting 811 beforehand to learn the approximate location of underground utilities.
"With millions of Californians relying on essential utility services as they work and learn from home, it is of the utmost importance that everyone take advantage of the free call to 811 prior to digging. Our locate and mark crews are in the field every day helping to ensure digging projects of all sizes can proceed safely, without risk to life, health or property. Whether your project is large or small, from repaving a driveway to installing a fencepost, calling 811 three working days before excavating to have the locations of underground gas or electric lines marked will help keep you, your family and your neighbors safe and help you avoid potentially costly repairs,” said Joe Forline, PG&E senior vice president of Gas Operations.
According to the Common Ground Alliance’s damage information reporting tool, an underground utility line is damaged every nine minutes in the United States. This adds up to more than 200,000 preventable hits to underground utility lines nationwide annually. PG&E is urging customers to help prevent dig-ins by placing a toll-free call to 811 or an online request to have gas and electric lines marked free of charge three working days before the project begins.
Key Facts
811 is a designated toll-free number for homeowners and professional excavators and is serviced by regional offices. Operators answering calls and emails will dispatch all necessary utilities to properly mark underground utility lines with paint or flags. Underground Service Alert of Northern/Central California and Nevada (USA North) is staffed 24 hours a day, seven days a week, and will provide Spanish and other translation services.
PG&E Safe Digging Tips:
Mark project area in white: Identify the digging location by drawing a box around the area using white paint, white stakes, white flags, white chalk or even white baking flour.
PG&E urges customers to call 911 and then PG&E at 1-800-743-5000 if there’s a suspected gas leak. If an accidental dent, scrape or other damage is made to a gas pipeline, those nearby must leave immediately and alert others to avoid the area. Only when a safe distance away should anything that might create a spark such as cell phones, matches, garage door openers, vehicles, or yard equipment be used.
About CGA
CGA is a member-driven association of nearly 1,700 individuals, organizations and sponsors in every facet of the underground utility industry. Established in 2000, CGA is committed to saving lives and preventing damage to North American underground infrastructure by promoting effective damage prevention practices. CGA has established itself as the preeminent source of damage prevention data and information in an effort to reduce damages to underground facilities in North America through shared responsibility among all stakeholders. For more information, visit CGA on the web at http://www.commongroundalliance.com.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) announced today that the board of directors of its general partner declared the quarterly cash distribution paid to limited partners holding Enterprise common units with respect to the first quarter of 2021 of $0.45 per unit, or $1.80 per unit on an annualized basis.
The quarterly distribution will be paid Wednesday, May 12, 2021, to unitholders of record as of the close of business Friday, April 30, 2021. This distribution represents a 1.1 percent increase over the distribution declared with respect to the first quarter of 2020. Enterprise has increased its cash distribution rate for 22 consecutive years.
Enterprise will announce its earnings for the first quarter of 2021 on Monday, May 3, 2021, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CT with analysts and investors to discuss earnings. The call will be webcast live on the Internet and may be accessed through the “Investors” section of the partnership’s website at www.enterpriseproducts.com. To listen to the webcast, participants should access the partnership’s website at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and may be accessed one hour after completion of the call.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets currently include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Enterprise’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enterprise’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713) 381-3635
DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Projects, H1 2021 - Outlook of Major Projects in Saudi Arabia - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
The COVID-19 pandemic has in most countries caused significant disruption to the projects market and Saudi Arabia has been no exception. As the coronavirus took hold and the kingdom went to economic lockdown in the Spring, the government announced a raft of measures including a cut back in projects spending as its revenues from oil sales declined sharply.
The impact is no better highlighted than in the performance of the projects market. For 2020 as a whole, just $18.2bn worth of contracts were awarded in total, making last year the worst year in at least a decade. Indeed, only a paltry $5bn worth of deals were let in the second six months of the year as the economy drew almost to a halt.
Nonetheless, the projects market is expected to rebound fairly strongly this year as life returns to normal and the crude price exceeds $60 a barrel. The government is also talking bullishly by recommitting to its ambitious projects spending plans under its 2030 Vision. It has also doubled downed on its self-styled 'gigaprojects' programme which is set to transform the economic landscape in the kingdom.
Increased government spending and a growing backlog of projects should combine to see overall project spending to rise to more than $36bn in 2021 which would be on par with the totals seen in the 2017-19 period. However, the kingdom is still vulnerable to the vagaries of the oil price and investor confidence, and it remains to be seen whether it can successfully push through with its plans in the long-run.
Reasons to Buy
Key Topics Covered:
Preface
List of Tables
For more information about this report visit https://www.researchandmarkets.com/r/j9j3y5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Accelerates Deployment of Andium’s Next Generation IIOT Remote Monitoring Capabilities Focused on Reducing Emissions Across the Oil and Gas Sector
NEW YORK--(BUSINESS WIRE)--#climatechange--Andium, Inc. (“Andium” or the “Company”), an expert in Industrial Internet of Things (IIOT) remote-field monitoring and communications technologies, today announced the close of a $15 million Series A investment round led by OGCI Climate Investments (“OGCI CI”). Existing Andium investors Tom Miglis, former Chief Information Officer of Citadel, and Talis Capital, also participated in the round.
The new financing round will continue to drive product growth and innovation, support strategic investment in talent, and enable Andium to accelerate the deployment of its proprietary Video Solutions product lines for flare monitoring, tank telemetry, and object detection.
Using a revolutionary end-to-end Operating System, Andium’s monitoring products provide oil and gas companies with verifiable, real-time information from remote locations at a fraction of the cost of other solutions. Turning monitoring, especially of flares, into an automated, digital process is a game changer for emission reductions and the achievement of environmental, social and governance goals (ESG).
“We believe that visibility is paramount in change leadership and operational excellence, and our remote monitoring technologies are specifically designed to offer companies an expedited path to achieve their sustainability goals” said Jory Schwach, CEO of Andium. “We are pleased to welcome OGCI CI as a new investor and advisor as we continue helping companies decarbonize through digitalization.”
“The transparency created by monitoring and measuring methane is essential to reducing emissions” said Pratima Rangarajan, CEO of OGCI Climate Investments. “Andium’s low-cost innovative solution lowers the barrier for operators of all sizes to adopt and implement best practices and we are pleased to support their growth.”
Andium’s flexible and reliable products are available at a fraction of the cost of other solutions, lowering the barrier of entry for operators and creating strong returns on investment through operational efficiency. These characteristics fit perfectly with the increasing demand from energy customers for access to real-time information across remote locations.
Tom Miglis, former Chief Information Officer of Citadel, said, “As a long-term investor in Andium, I’ve been continually impressed by the team’s ability to innovate and deliver cost-effective solutions providing unique insights to customers. Andium’s ability to enable its partners to thrive in this period of energy transition by developing technologies that drive a returns-focused approach to emissions reduction and increased efficiency has been impressive.”
About Andium
Andium believes in the truism that what you can monitor, you can manage. Using a novel end-to-end Industrial Internet of Things platform, Andium enables leaders to make meaningful change in the world. We believe working in some of the most consequential markets where the decisions of the future of our world are at stake enables us to elevate a voice in the future. Through environmental, sustainability and governance (ESG) monitoring, Andium is helping to build a better world of today for tomorrow. Andium, Work Farther. Visit https://andium.com.
About OGCI Climate Investments
OGCI Climate Investments is a $1B+ fund, launched in 2016 by the Oil and Gas Climate Initiative, a CEO-led initiative that aims to accelerate the industry response to climate change. We look for outcomes that reduce methane and carbon dioxide emissions, and that can recycle or store carbon dioxide. Achieving significant impact requires global implementation and commercial frameworks – at OGCI Climate Investments, we collaborate with innovators, investors and governments to fund and implement impactful solutions. Visit https://oilandgasclimateinitiative.com/climate-investments.
Andium
Sammuel Bowden
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FRESNO, Calif.--(BUSINESS WIRE)--#EPA--A number of electronics industry manufacturing and retail leaders have received formal recognition from the U.S. Environmental Protection Agency (EPA) as part of the EPA’s Sustainable Materials Management Electronics Challenge Awards. The awards were recently announced and presented virtually to industry leaders who exhibited significant commitment to sustainable materials management and recycling electronics responsibly in 2020.
Of the nine companies honored by the EPA with a “gold” designation, the highest level of commendation for the program, which acknowledges exemplary, well-developed sustainability programs, all nine achieved their sustainability goals while working with ERI in various different capacities. ERI is the nation’s leading fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company.
The nine gold award winners included (alphabetical list):
The EPA reported that collectively, the nine winners diverted 176,494 tons of end-of-life electronics from landfills and avoided the equivalent of nearly 500,000 tons of carbon dioxide emissions.
Dell Technologies and Samsung Electronics also won Sustainable Materials Management Electronics Challenge Champion Awards from the EPA. TCL also won a special award for the e-waste collection events it organized with ERI in Colorado and California last year.
Electronics Challenge participants kept hundreds of thousands of tons of electronics from being sent to landfills by sending them to third-party certified recyclers such as ERI.
“We are extremely proud to partner with our friends and colleagues at these outstanding electronics industry leaders to help them reach and exceed the top standards of sustainability,” said John Shegerian, Co-Founder and Executive Chairman of ERI. “All of these trailblazing companies continue to set new standards of excellence for the industry on a global level -- and it is hugely rewarding for ERI to be playing a role in their success.”
ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.
Media contact: Paul Williams, 310/569-0023, This email address is being protected from spambots. You need JavaScript enabled to view it.
38,712 contracts traded in total on ICE Futures Abu Dhabi since launch
38 firms traded on IFAD since launch
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that a record 14,419 ICE Murban Crude Oil Futures contracts traded on ICE Futures Abu Dhabi (“IFAD”) on April 7, marking its highest volume day since the contracts launched on March 29. Alongside ICE Murban Crude Oil Futures, IFAD launched trading in 18 Murban-related cash settled derivatives and inter-commodity spreads, offering the market the broadest range of ways to trade and hedge Murban crude oil.
A total of 38,712 contracts have traded on IFAD since the launch. This includes 34,202 ICE Murban Crude Oil futures contracts and 4,510 Murban-related cash settled derivatives, with 38 firms having traded on IFAD since the launch.
“The scale of the response from the market to the launch of Murban futures is both encouraging and validating,” said Jamal Oulhadj, President of ICE Futures Abu Dhabi. “The energy industry needed the ability to hedge forward price risk for Murban crude and what we are seeing is participants from across both the physical and financial sides of the market coming together to form two-way pricing every day and contribute to the price formation process of Murban crude oil.”
Murban futures are open for trading for 24 hours a day on Mondays and 22 hours a day Tuesdays to Fridays, with investors from jurisdictions including Abu Dhabi Global Market, United States, Singapore, UK, Switzerland, the Netherlands, France, Norway, Australia, Japan and South Korea, able to trade on IFAD. IFAD has 26 Exchange Members and 19 Clearing Members, who are listed in full on IFAD’s Membership page.
Contracts traded on IFAD are cleared at ICE Clear Europe where they are cleared alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from critical margin offsets to enhance capital efficiency.
For more information on how to clear or trade IFAD markets please contact This email address is being protected from spambots. You need JavaScript enabled to view it. or to arrange education sessions on IFAD markets please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
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.
ICE- CORP
Source: Intercontinental Exchange
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Golden Oil Osseo Truck Stop converts to TA Express through franchise agreement
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA), nationwide operator of the TA, Petro Stopping Centers and TA Express network of travel centers that offers fueling, convenience store, dining options and other services, is expanding its network with a new TA Express in Osseo, Wisconsin . The former Osseo Truck Stop is a popular location with a loyal customer base of professional drivers and other travelers. The site is converting to a TA Express through a franchise agreement and is the first TA Express to open in Wisconsin.
Located along a high-volume corridor on I-94 between Madison and Minneapolis, the site gives travelers another convenient place to stop along their journey, while getting the benefits of TA’s UltraONE loyalty program and other highly regarded services. The travel center is TA’s sixth location in Wisconsin and grows the total nationwide network of travel centers to 273.
“TA is committed to expanding our network to serve more travelers who need a trusted place to stop and rest,” said Barry Richards, president of TA. “Our smaller format TA Express model offers a quick, clean and convenient option for motorists, while providing professional drivers with the services they need and trust while on the road.”
TA Express Osseo is located along I-94, Exit 88, at 12613 Gunderson Road. Total amenities include:
TA recently announced its commitment to serving more travelers and growing its footprint nationwide through franchising. The company plans to open over 20 franchised travel centers in 2021 throughout the country.
About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, convenience stores, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 10 proprietary brands, including Quaker Steak and Lube®, Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Tina Arundel
TravelCenters of America
216-389-3028
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Duke Energy, NextEra Energy Resources lead development of 600-acre solar farm to supply approximately 50% of bank’s electricity needs for North Carolina
CHARLOTTE, N.C.--(BUSINESS WIRE)--#netzero--Wells Fargo, NextEra Energy Resources, and Duke Energy today announced a 20-year renewable energy purchase agreement, under which Wells Fargo will consume 100% of solar energy produced by the Blackburn Solar Project, a 58-megawatt 600-acre solar farm planned for Catawba County, North Carolina, under Duke Energy’s Green Source Advantage (GSA) program. The transaction announced today is Wells Fargo’s single largest to date and will supply approximately 8% of the company’s annual global electricity.
Energy provided under the agreement will allow Wells Fargo to meet more than 50% of total electricity needs and 100% of its eligible load within the Duke Energy Carolinas service area, where it maintains a real-estate footprint of 7.5 million square feet and employs about 36,000. The 130,000 megawatt-hours Wells Fargo will receive each year will be generated by about 200,000 solar panels. The facility will be developed, owned, and operated by a subsidiary of Florida-based NextEra Energy Resources, and is scheduled to come online in 2022. Wells Fargo will also retain the Renewable Energy Credits (RECs) associated with the project.
“The development of renewable energy projects close to employee and customer centers is one way Wells Fargo is working to meet our net-zero greenhouse gas emissions goal in a way that also contributes to the communities where we live and work. Investing in solar energy development in North Carolina will support job creation, tax revenue, reduced carbon emissions, and grid resiliency,” said Nate Hurst, head of Social Impact and Sustainability at Wells Fargo. “We appreciate the collaboration with Duke and NextEra to advance our enterprise sustainability goals in a way that benefits the local economy.”
“As large energy users look to expand their sustainability goals, many are finding Duke Energy’s Green Source Advantage program the perfect fit to make that happen,” said Stephen De May, Duke Energy’s North Carolina president. “The program’s flexibility allows the customer to modify it to best suit their needs. The state benefits by more renewable energy.”
Developer NextEra Energy Resources is working with community leaders and organizations to ensure the project meets local solar development requirements, as well as Wells Fargo’s needs. As part of the development, NextEra Energy Resources is negotiating a land grant with the Catawba Lands Conservancy to conserve lands along the Catawba River and expand a portion of the Carolina Thread Trail. According to the project website, community economic benefits include approximately $2.3 million in additional tax revenue for the local community as well as local employment opportunities, including up to 100 jobs to construct the project.
“We’re excited to work with Duke and Wells Fargo to provide more affordable, renewable energy through the Green Source Advantage program,” said Matt Handel, senior vice president of development for NextEra Energy Resources. ”The Blackburn Solar project will also provide significant benefits to the economy, creating good-paying construction jobs and generating millions of dollars in additional tax revenue for the local community.”
Wells Fargo has met 100% of its annual global electricity requirements with renewable energy since 2017, primarily through the purchase of RECs, which satisfied the first part of a two-pronged 2020 renewable energy goal set in 2016. The company is now working to fulfill the second part of that commitment — to transition to a higher mix of long-term renewable energy contracts for projects near its greatest load centers and significantly expand onsite solar generation in order to support the development of net-new sources of renewable energy and deliver community benefits associated with renewable energy development. In March, Wells Fargo announced its goal to achieve net-zero greenhouse gas emissions by 2050, including its financed emissions.
“Leveraging our annual energy spend to advance green infrastructure development in the U.S. and create new revenue streams for communities is one way we are helping contribute to more sustainable, equitable, and resilient communities,” said Richard Henderson, head of Wells Fargo’s Corporate Properties Group. “We will continue to look for opportunities to advance environmental and social sustainability through our operations as Wells Fargo drives toward its ambitious climate goals.”
Earlier this year, Wells Fargo announced a deal with Ameresco, Inc. to install approximately 30 megawatts of new, on-site solar generation assets at about 100 corporate and retail locations in seven states. As part of that agreement, Ameresco will install 2.6 megawatts of solar generation at two administrative buildings in North Carolina. To date, Wells Fargo’s Corporate Properties Group has entered into nearly 120 long-term contracts that support the development of over 750 megawatts of net-new renewable energy assets.
Aside from being one of the largest corporate users of renewable energy, Wells Fargo is a leader in financing large-scale wind, solar, and other renewable energy projects on behalf of its customers. The company recently reached the milestone of providing $10 billion in tax equity financing for utility-scale renewable energy projects. Since 2005, Wells Fargo has helped finance 12% of all wind and solar energy capacity in the U.S.
About Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
News Release Category: WF-PESG
Wells Fargo Media
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Stephanie Buffington to Assume New Role of Chief Accounting Officer
Deloitte & Touche LLP is Selected as the Company’s Independent Registered Public Accounting Firm
DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced that, effective May 31, 2021, Chief Financial Officer Robert Packer will retire after a distinguished 10-year career with the Company. Chris Steddum, TPL’s current Vice President, Finance and Investor Relations, will succeed Mr. Packer as the Company’s Chief Financial Officer. The Company has also appointed Stephanie Buffington, TPL’s current Vice President, Accounting, to the newly created role of Chief Accounting Officer. Both appointments will become effective on June 1, 2021. Mr. Packer will serve as an advisor to the Company through the end of the year to ensure a smooth transition.
“On behalf of all of us at TPL, I want to thank Robert for his exceptional service to our Company over the last decade,” said Tyler Glover, TPL’s Chief Executive Officer. “In his role, Robert has been essential in helping TPL achieve many transformational growth milestones, from the formation of our Texas Pacific Water Resources business in 2017 to TPL’s recent reorganization from a business trust structure to a Delaware corporation. He has played an integral role across all facets of our evolving business and displayed an unwavering commitment to TPL’s success. We are all deeply grateful for Robert’s contributions and wish him nothing but the best as he enjoys his well-deserved retirement.”
“It has been my honor and pleasure to be a part of the TPL story over the past ten years, and I am tremendously proud of all that we have accomplished – previously as Texas Pacific Land Trust and now as Texas Pacific Land Corporation,” said Mr. Packer. “While I always envisioned retiring at this time in my life to spend more time with my family, the completion of our reorganization provided a natural opportunity to hand the reins over to Chris and Stephanie, two impressive individuals who have the skill, passion and financial expertise to protect TPL’s storied legacy and take TPL to new heights. I will stay on the next several months to ensure a smooth transition, but I am confident in their ability to continue TPL’s strong success.”
Chris Steddum brings extensive corporate and sell-side experience within the oil and gas industry. Mr. Steddum has served as TPL’s Vice President, Finance and Investor Relations since 2019, leading TPL’s investor relations activities and financial analysis of development opportunities across TPL’s oil and gas royalties, surface, water resources and renewables businesses. Prior to joining TPL, Mr. Steddum held investment banking roles at Stifel Financial Corporation, where he most recently headed Energy Sponsors Coverage, as well as for GMP Securities’ Oil & Gas Group and Credit Suisse Securities’ Global Energy Group. While at Stifel, Mr. Steddum served as a lead strategic advisor to TPL as it underwent its corporate reorganization, and he advised TPL on multiple M&A transactions including surface acreage and royalty assets acquisitions and divestitures.
Stephanie Buffington will work closely with Mr. Steddum in her new role of Chief Accounting Officer and brings over 20 years of public company experience as a results-driven senior accounting professional. As a certified public accountant, Ms. Buffington has a wealth of experience leading complex accounting initiatives for public oil and gas, real estate, and insurance companies, particularly those undergoing constant change, and she is a proven leader in aligning accounting processes with evolving organizational needs. Prior to joining TPL in 2017, Ms. Buffington served as Vice President of Financial Reporting for Monogram Residential Trust, Inc., SEC Controller for Behringer Harvard and Director of Financial Reporting for Tarragon Corporation.
In addition to these leadership changes, TPL also announced that it has retained Deloitte & Touche LLP (“Deloitte”) to serve as its Independent Registered Public Accounting Firm for the calendar year ending in 2021. The Company’s long time auditors Lane Gorman Trubitt, LLC informed the Company that the firm would not stand for re-election. The Company’s Audit Committee conducted an extensive selection process which included evaluating factors such as: audit quality, technical competency, industry expertise, use of technology and methods of communication. The Audit Committee selected Deloitte from several other well qualified candidates.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, material sales and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
Visit TPL at www.texaspacific.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on TPL’s beliefs, as well as assumptions made by, and information currently available to, TPL, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and the words “believe,” “anticipate,” “continue,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the Corporate Reorganization and other references to strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts. You should not place undue reliance on forward-looking statements. Although TPL believes that plans, intentions and expectations, including those regarding the Corporate Reorganization, reflected in or suggested by any forward-looking statements made herein are reasonable, TPL may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: an inability to achieve some or all of the expected benefits of the Corporate Reorganization and distribution; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Corporate Reorganization; the potential impacts of COVID-19 on the global and U.S. economies as well as on TPL’s financial condition and business operations; the initiation or outcome of potential litigation; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with TPL and the Corporate Reorganization are also more fully discussed in a Current Report on Form 8-K filed by TPL with the SEC on December 31, 2020, which includes an information statement describing the Corporate Reorganization and the distribution in more detail. You can access TPL’s filings with the SEC through the SEC website at www.sec.gov and TPL strongly encourages you to do so. Except as required by applicable law, TPL undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.
(214) 969-5530
Chris Steddum
Vice President, Finance and Investor Relations
Renewable integration on outdated infrastructure leads to power quality, backfeed, and safety concerns as utilities sound alarm with current measurement equipment
CORNING, N.Y. & AUSTIN, Texas--(BUSINESS WIRE)--Micatu Incorporated, a leader in cutting-edge optical sensing technology, recently partnered with ZPryme, an energy industry research provider, to conduct a survey to gain insight into how North American utilities are addressing renewable integration. The survey reinforces the urgency of the grid crisis with the revelation that a majority are already integrating renewables on a severely outdated infrastructure but are struggling to find the right measurement tools to manage the grid's changing topography safely.
A few of the key points from the survey include the following:
More than 100 utilities, including investor-owned, public-owned, municipal, and cooperatives participated in the survey. The respondents are located throughout North America and ranged in size from fewer than 25,000 to more than 2 million customer accounts.
"This survey makes it clear that traditional methods of measurement and management just won't cut it if we want to prevent large-scale disruption and have sustainable and balanced grids," said Micatu CEO Michael Oshetski. "Renewable integration is causing a grid crisis now, and the only way for utilities to manage it is through the deployment of safe, accurate measurement tools, such as optical sensors, that will give operators situational awareness of what is happening on the grid."
Survey respondents made it clear that renewable integration is not something that is coming – it is already happening. More than half of the responding utilities started implementing renewables over the past three to five years. Over the next five years, 90% will have renewables integrated into their grids.
CHART: How far along is your utility in integrating renewables to your grid?
The COVID-19 global pandemic did not appear to slow things down in 2020. Instead, nearly a quarter of utilities saw an increased reliance on renewables in 2020. While lockdowns taking place early in the pandemic depressed overall electricity demand, the low operating cost of renewables gave it priority access to the grid, according to the IEA's January 2021 report "COVID-19 impact on electricity."
With renewables and distributed energy sources (DERs) integrating onto the grid at an unprecedented pace, operators are struggling to manage a half-century-old infrastructure that was not designed for the bi-directional energy flow. Survey respondents said the two biggest challenges to renewable integration are power quality (64%) and backfeed (48%).
CHART: Which key problems do you foresee as more renewables are put onto your grid?
Power quality issues manifest themselves in the forms of voltage swags, swells, flickers, harmonic distortions, power interruptions, and voltage imbalances. From a safety standpoint, poor power quality can result in electrical fires or overheating of electrical networks. Safety stands out as a top power quality concern for 77% of the survey respondents. Safety is reinforced, with 20% of the respondents stating they will switch sensing solutions to mitigate environmental safety concerns.
The cost of bad power significantly impacts commercial and industrial consumers through additional maintenance, repairs, and expensive machinery replacement. Add in the cost of lost productivity, the inability to produce and sell products and customer service issues, and poor power quality become an expensive problem for end-users.
The top power quality concerns expressed by survey respondents were voltage sags (51%), harmonics (49%), and voltage surges (45%). Although the most effective way to manage these issues is to measure them and analyze the data, 17% of utility respondents have no plans to address real-time power quality data.
CHART: Which specific concerns does your utility have around power quality?
Backfeed is another area of concern for the responding utilities as it involves power flowing in the reverse of typical power flows. Renewable integration and the expanded use of DERs increases the number of points for backfeed, resulting in both safety and power quality issues. Despite this concern, 82% of responding utilities said they do not currently measure backfeed.
In recent years, more homes and businesses started supplementing their power with solar and storage options. Within the same timeframe, most major car companies announced plans to develop more EV models to reduce carbon emissions. The emphasis on creating more EVs is driving 21% of the utility respondents to plan on integrating EVs onto their grids within the next five years. This move reinforces that backfeed is an issue that must be urgently addressed.
Although utilities are not measuring backfeed, there are several other uses for which measurement tools are being leveraged. More than two-thirds of the utility respondents identified reliability analysis data as the primary use case, followed by fault analysis (58%) and power flow (51%).
CHART: For which cases does your utility leverage data for accurate grid measurement and management?
The survey also provided some insight into the increased reliance utilities have on digital tools to better manage legacy infrastructure systems. More than two-thirds of the responding utilities started implementing grid connectivity applications, while half have already implemented outage detection and service restoration solutions.
Leveraging digital tools does not come without some challenges. According to the survey, 51% of the responding utilities say integration with internal and external IT systems is the most challenging aspect of implementing grid measurement and management systems.
The industry widely accepts that the best way to manage renewable integration is by collecting accurate data that will provide situational awareness of what is happening on the grid. However, 68% of utility respondents are not satisfied with the quality of data used in grid management systems.
"The concerns expressed by the utilities in this survey reinforce that Micatu's optical sensing technology is the most effective platform for managing the modern grid," Oshetski said. "Our non-conductive optical sensors are safe, affordable, and provide voltage, current, temperature, and vibration measurement far beyond what traditional equipment can provide."
Get the Full Report, "Managing the Growing Renewables Crisis"
A white paper covering the results of the entire survey is available at https://www.micatu.com/utility-survey .
About Micatu
Micatu is a driver of next-generation optical sensing technology. The company provides solutions for highly accurate grid measurements and analytics through a modular, optical sensing technology platform that is safer, more accurate, and more affordable. Micatu's optical sensing technology platform helps customers collect real-time data and grid visibility necessary for increased use of renewables and grid modernization. To learn more about Micatu's product portfolio and industrial solutions, please visit www.micatu.com.
Media Contacts:
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#EarningsWebcast--UGI Corporation (NYSE:UGI) will announce the results of its second fiscal quarter earnings after the market closes on May 5. The company will hold a live internet audio webcast of its conference call to discuss results and other current activities at 9:00 AM ET on Thursday, May 6.
Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations.
A telephonic replay will be available from 12:00 PM ET on May 6 through 11:59 PM ET May 13. The replay may be accessed toll free at 855-859-2056 and internationally at +1 404-537-3406, conference ID 2876774.
About UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
CONTACT INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that, on April 7, 2021, the Board of Directors of its general partner declared a distribution on Genesis’ common units and 8.75% Class A Convertible Preferred Units attributable to the quarter ended March 31, 2021. These distributions will be paid on May 14th, 2021 to holders of record at the close of business on April 30, 2021.
Each holder of common units will be paid a quarterly cash distribution of $0.15 ($0.60 on an annualized basis) for each common unit held of record. With respect to the preferred units, Genesis will pay a cash distribution of $0.7374 ($2.9496 on an annualized basis) for each preferred unit held of record.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
Eversource Energy Chairman, CEO and President Jim Judge to Become Executive Chairman of the Board
Joe Nolan Named President and CEO
HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) today announced that Jim Judge, Chairman, President and Chief Executive Officer, will become the company’s Executive Chairman of the Board, effective May 5, 2021. Also, effective that date, as part of the company’s leadership succession plan, Joe Nolan, Executive Vice President, Strategy, Customer and Corporate Relations, will be promoted to President and CEO and is also expected to be elected to the Board of Trustees in May 2021.
Jim Judge has served as Eversource’s President and CEO since 2016 and Chairman since 2017. Under his leadership, Eversource introduced its corporate clean energy strategy and carbon neutrality vision, and earned industry-leading #1 recognitions for ESG (Environmental, Social and Corporate Governance) as well as corporate responsibility.
Eversource provides safe, reliable electric, natural gas, and water service to 4.3 million New England customers; has outperformed many other utility companies in shareholder return over the short and long terms; and supports worthy community agencies and initiatives throughout its three-state service area.
Joe Nolan’s experience across the company positions him well to continue that record of success. He has been the executive vice president, customer and corporate relations for Eversource since the merger between Northeast Utilities and NSTAR in 2012 and assumed responsibility for the strategy function in early 2020.
Throughout his 35-year career with the company, Nolan has held extensive leadership positions in customer service, government and regulatory affairs, community relations, and corporate strategy. Nolan has been critical to Eversource’s environmental stewardship and clean energy leadership, including his current role as leader of the Eversource-Ørsted joint venture that plans to develop at least 4,000 MW of offshore wind capacity.
“Joe has been a crucial contributor to Eversource’s record of strong performance and industry leadership, and to the development of our clean energy vision and future strategy,” said Judge. “I have every confidence in his ability to successfully lead Eversource into the future. His extensive experience in our industry, passion for our customers, leadership skills, and focus on results make him the ideal person to lead the company going forward.”
“This is a pivotal moment for our company and our industry,” Nolan added. “We’re working to serve as a regional catalyst for clean energy and reduction of carbon emissions. We’re leading the way in environmental and corporate responsibility, responding to customers’ need for reliable and resilient networks, and continuing to provide positive results for investors. I’m honored to assume the leadership of our capable team of 9,300 dedicated employees.”
Nolan holds a master’s degree in business and a Bachelor of Arts degree in communications from Boston College. He serves on several boards, including Boston Children’s Hospital, the Intercontinental Real Estate Corporation, New England Council, Long Island, NY Association, and the Camp Harborview Foundation, among others. He has spearheaded the company’s signature community events throughout its service territory in Connecticut, Massachusetts, and New Hampshire.
In Judge’s new role as Executive Chairman of the Board, he will continue to serve the company on behalf of customers, shareholders and communities, overseeing strategic and investment planning, and remaining actively involved in both investor and industry relations. He will continue to work closely with Nolan. “One of my goals as CEO and Chairman of the Board was to ensure a strong leadership pipeline, and this is an important next step in the company’s succession process,” Judge said.
Eversource’s Board of Trustees will continue to have a lead independent trustee. On behalf of the company’s Board, William Van Faasen, Lead Trustee, said, “Joe Nolan has been an exemplary leader for many years and we are certain that he will provide strong leadership to Eversource and deliver superior results for our customers and shareholders in every category – customer, financial, operations, safety, community, environment, social and governance. We also would like to thank Jim Judge for his outstanding leadership as President, Chief Executive Officer and Chairman of the Board and are delighted that he will remain as Executive Chairman of our Board and continue to help shape our direction.”
Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.3 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2020 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
Caroline Pretyman
617-424-2460
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Al Lara
860-665-2344
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