HOUSTON--(BUSINESS WIRE)--Chevron Technology Ventures, LLC (CTV) today announced the launch of its $300 million Future Energy Fund II focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for all.
With the first Future Energy Fund launched in 2018, CTV invested in more than 10 companies with more than 150 other investors to support innovations in carbon capture, emerging mobility and energy storage. Building upon the success of the first Future Energy Fund, Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. “I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future.”
Future Energy Fund II is the eighth venture fund launched since CTV was established in 1999. CTV also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalization and low-carbon operations. Chevron is also an investor as a limited partner in funds such as the Oil & Gas Climate Initiative’s (OGCI) Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K, as updated by Part II, Item 1A, "Risk Factors" in the company's subsequently filed Quarterly Reports on Form 10-Q, and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements
Mary Murrin, This email address is being protected from spambots. You need JavaScript enabled to view it., +1 832-421-6996
Sustainable Asset Classes and Sectors Viewed as More Likely to Outperform
Projected Sustainable Asset Returns Now Reflected in BlackRock Investment Institute’s Capital Market Assumptions
NEW YORK--(BUSINESS WIRE)--The BlackRock Investment Institute (BII) believes that tackling climate change will drive significant economic improvements over the coming two decades and that the commonly held notion that it has to come at a net cost to society is wrong. BII sees higher returns for certain asset classes and sectors due to their more favorable positioning for a shift to a global economy with net-zero greenhouse gas emissions. Today, BII is unveiling new Capital Market Assumptions (CMAs), incorporating risks and opportunities tied to climate change. BII’s CMAs are a building block of portfolios the firm designs and implements for clients.
“Climate risk is investment risk, yet there are also significant investment opportunities in the transition to a net-zero economy,” said Jean Boivin, Head of the BlackRock Investment Institute. “By quantifying those opportunities we can build portfolios that benefit from exposure to the transition, which is an integral part of our fiduciary duty to clients.”
Most economic projections do not yet factor in the potential costs of any physical damage from climate change; the costs and benefits of an energy transition; and the effects of policy changes, including increased government spending on green initiatives, associated with meeting the goals of the Paris Agreement. By incorporating these considerations, BII estimates that an orderly transition to a net-zero-emissions world could result in a cumulative output gain of nearly 25% over the next two decades, relative to no action being taken to prevent climate change.
Sustainable Asset Premium
“While the global green energy transition will benefit economic growth broadly, there are some asset classes and sectors better positioned than others as we shift to a net-zero world,” added Simona Paravani-Mellinghoff, Global CIO of Solutions within BlackRock’s Multi-Asset Strategies & Solutions business. “We expect investor capital will flow toward these more sustainable assets, creating outperformance for green investments and separating leaders from laggards.”
BII’s climate-aware CMAs imply that the likely sector beneficiaries include technology and healthcare over the next five years because of their relative lower exposure to climate risk, whereas energy and utilities could lag.
At the broader asset class level, the updated CMAs reflect a preference for DM equities at the expense of high yield and some EM debt. The composition of DM equity indexes better aligns with the climate transition, with large weights of technology and healthcare companies, less vulnerability to transition risks and lower carbon intensity. Equities also can better capture potential upside, as bonds are capped in their capital appreciation.
Climate-Aware Framework and Implementation
Although the implications for portfolio construction will vary based on client risk appetite and objectives, the updated CMAs use a framework for incorporating shifting investor preferences on sustainability into expected asset class returns.
BlackRock’s climate-aware CMAs account for sustainability by focusing specifically on climate-related inputs within ESG. For while there is wide recognition of the importance of social and governance concerns, there is greater consensus on the impact and measurement of environmental factors.
The updated CMAs include climate costs and benefits at three levels: macroeconomic inputs, including GDP; the price investors are willing to pay for sustainable assets; and the way companies are positioned for and may adapt to the green transition.
“We’ve designed the climate-aware CMAs through the lens of understanding how climate change and evolving global societal preferences will impact asset returns across macro, repricing and fundamental levels,” said Vivek Paul, Senior Portfolio Strategist for the BlackRock Investment Institute. “From that framework we are able to build new long-term asset class return expectations and then consult with clients on portfolio design to help meet their objectives.”
Despite uncertainty over the configuration of a net-zero-emissions global economy, the green transition is already underway and will play out over years, if not decades. BlackRock will monitor key trends such as capital flows, policy developments and technological advancements – and the way asset prices respond to them – and look to evolve its framework as new information becomes available.
BlackRock’s commitment to integrating climate considerations into its long-term return expectations was highlighted in the firm’s 2021 sustainability letter to clients. There is no company that will not be profoundly affected by the transition to a net-zero economy, and BlackRock believes climate-aware CMAs are an important step toward improving investment decision-making and portfolio design.
In February, BlackRock Investment Stewardship (BIS) also published a new commentary, Climate risk and the transition to a low carbon economy, which provided more detail on what BIS would like to see in company plans for prospering in a low-carbon economy.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
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i Rests on a gradual phasing in of carbon taxes, green infrastructure spending consistent with the IMF’s recommendation, and subsidies on renewable energy
Matt Kobussen
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Dominic Elliott
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Renewable Energy Pioneer One of Four U.S. Winners Named by World Tourism Organization
FRANKLIN, Tenn.--(BUSINESS WIRE)--#startup--Enexor BioEnergy, LLC, of Franklin, Tenn., has been selected by the United Nations as one of the winners of its prestigious World Tourism Organization (UNWTO) Sustainable Development Goals (SDGs) Global Startup Competition.
Enexor, a renewable energy company founded in 2017, was the only company from the U.S. to win in the Affordable and Clean Energy category (SDG7). UNWTO recognized winners in a total of 17 categories for unique contributions to sustainable and responsible tourism. The competition drew more than 10,000 participants, representing 138 countries. Enexor was one of only four U.S. companies to be recognized.
“The winners show the power of new ideas for transforming our sector,” said UNWTO Secretary-General Zurab Pololikashvili in recognizing tourism’s potential to contribute to all Sustainable Development Goals. “By embracing innovation, we can realize this potential and build a better future for people and planet through tourism. I congratulate them all and look forward to seeing these startups grow and deliver positive change.”
Enexor manufactures an on-site, renewable energy solution to help solve the world’s organic and plastic waste problems. The company’s patented bioenergy system converts almost any organic, plastic or biomass waste, in any combination, into affordable, renewable power and thermal energy.
This modular system allows for quick deployment and on-site mobilization to most places around the world, and its unique Energy-as-a-Service business model enables immediate customer cost savings and greater environmental sustainability.
“We are committed to helping hotel operators and owners solve their organic and plastic waste problems,” said Lee Jestings, founder and CEO of Enexor. “We are honored to have won the UNWTO Sustainable Development Goals Global Startup Competition. Enexor is a perfect partner for hospitality companies to help them achieve their sustainability goals by mitigating harmful greenhouse gases while saving them significantly on their energy and waste disposal costs.”
The UNWTO selection is the second prestigious selection Enexor has received in the travel industry. Enexor was also recently selected by Plug and Play Asia Pacific as one of the disruptive technologies to help the travel industry meet sustainability challenges.
Enexor’s product, the Bio-CHP system, will go to market in the spring, with the first installations starting in Q2 of 2021.
Media contact:
Javier Solano
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Generation Market by Application (Petroleum Refinery, Ammonia & Methanol Production, Transportation, Power Generation), Generation & Delivery Mode (Captive, Merchant), Source (Blue, Green & Grey Hydrogen), Technology, and Region-Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen generation market was valued at USD 143 billion in 2019 and is projected to reach USD 201 billion by 2025; it is anticipated to grow at a CAGR of 9.2% during the forecast period.
Rising obligations to reduce greenhouse gas emissions from traditional methods has driven the hydrogen generation market growth. Furthermore, increased demand for long-term storage of renewable energy is driving the hydrogen generation market. However, the high energy consumption of hydrogen generation technologies is likely to hamper the growth of the hydrogen generation market.
The power generation segment, by end user, is expected to be the largest and the fastest-growing market from 2020 to 2030
The end user segment is categorized as transportation, power generation, and industrial feedstock. The power generation segment is expected to grow at the highest CAGR during the forecast period, as electricity generated by using green ammonia is observed to be the cleaner version of gas. By using the electrolysis process, surplus renewable energy generated at isolated locations can be used to produce carbon-free ammonia, which can act as a sustainable fuel for power generation. Furthermore, the need for long term storage of renewable energy generated at isolated wind farms and solar panels drives the growth of green ammonia market. Europe is expected to hold the largest power generation market. This growth is owing to the favorable government initiatives and plans to produce green ammonia in Netherlands.
The Electrolysis segment, by technology, is expected to be the fastest-growing market from 2020 to 2025
The electrolysis segment is expected to be the fastest-growing technology sub-segment during the forecast period, owing to the increasing use of fuel cells in the power generation and transportation segment. Through electrolysis, the electrolyzer system creates hydrogen gas. The oxygen that is left over is released into the atmosphere or can be captured or stored. This stored hydrogen can be supplied for other industrial processes or even used for medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied, and since hydrogen is an energy carrier, it can be used to power any hydrogen fuel cell electric application - including trains, buses, trucks, or data centers. Measures have been taken by governments to boost the demand for water electrolysis. For instance, the US Department of Energy (DOE) has set technical targets and cost contributions for hydrogen production from water electrolysis.
Asia Pacific: The largest and the fastest-growing region in the hydrogen generation market.
The Asia Pacific is expected to dominate the global green hydrogen market between 2020 and 2025. Asia Pacific is one of the leading markets for adopting green technologies to meet the government targets for reducing GHG emissions. Japan and South Korea are heavily investing in fuel cell adoption since 2009 because of the commercial deployment of Japanese fuel cell micro-CHP products. Japan is the first nation to commercialize fuel cells and is supporting the projects related to the use of fuel cells in residential and automotive applications. It aims to deploy green hydrogen on a large scale. The country plans to have 200,00 green hydrogen fuel cell vehicles and 320 hydrogen refuelling stations by 2025 to meet the global carbon emission standards. Singapore, India, and Malaysia are also showing interest and have just started or are expected to start exclusive programs to promote fuel cells in regional markets. These countries are initially focusing on backup power (stationary application) fuel cells.
Market Dynamics
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ad5z96
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) and Faradion, one of the U.K.-based companies behind the first demonstration of a sodium-ion powered vehicle, have launched a technical collaboration to develop lower-cost and higher-performing anode materials for sodium-ion batteries.
Sodium-ion battery technology has an inherent advantage over other power-storage technologies because it uses low-cost materials that are sustainable and widely available. Carbon is the preferred anode material for the batteries, and the collaboration is expected to leverage Phillips 66’s experience developing specialty carbon materials and Faradion’s work as a leader in sodium-ion battery technology.
“Our world-class research team is working on various energy production and storage technologies that could help meet the world’s growing energy needs while advancing a lower-carbon future,” said Ann Oglesby, Vice President, Energy Research & Innovation at Phillips 66. “We're pleased to put some of our resources into play with Faradion as it works to bring game-changing technology to market using our high-performing anode materials.”
A diversified energy manufacturing and logistics company based in Houston, Phillips 66 has filed numerous patent applications on battery-related technology.
Faradion’s technology provides similar performance to conventional chemistries while avoiding use of expensive materials such as cobalt and replacing lithium with the more sustainable and abundant sodium while giving better safety and thermal stability.
“This agreement brings together Phillips 66’s strengths in hard-carbon anode material and Faradion’s sodium-ion technology for a high-performance, sustainable next-generation energy storage technology,” said James Quinn, CEO of Faradion. “Our aim is to further accelerate large-scale industrialization of Faradion’s safe, low-cost sodium-ion energy technology. We are looking forward to Phillips 66 supporting Faradion’s growth in the rapidly expanding battery market and to jointly contribute to the transformation of the global energy market.”
In 2015, Faradion demonstrated the world’s first sodium-ion battery powered vehicle when it launched an e-bike battery demonstrator in collaboration with Williams Advanced Engineering and Oxford University. The company’s comprehensive intellectual property portfolio comprises multiple patent families focusing on cell materials, cell infrastructure, pack design, safety and transportation.
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 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
About Faradion
Faradion is the world leader in sodium-ion battery technology that provides low cost, high performance, safe and sustainable energy. Its proprietary technology delivers leading-edge, cost effective solutions for a broad range of applications, including mobility, energy storage, back-up power and energy in remote locations. Faradion’s patented zero-volt capability enables the safe transportation and maintenance of sodium-ion batteries. The wide operating temperature range, high energy density and fast charge/discharge capability combine to offer a next generation, drop-in solution. Its sodium-ion batteries contain no cobalt, no lithium and no copper, resulting in a safe and sustainable, cost-effective, high performance technology. For more information, visit www.faradion.co.uk or follow us on Twitter @faradion_uk.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; our ability to successfully execute growth strategies; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
For Phillips 66:
Bernardo Fallas
855-841-2368 (media)
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For Faradion Ltd.:
James A. Quinn
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JOHANNESBURG & SALT LAKE CITY--(BUSINESS WIRE)--#defense--Paramount Group, the global aerospace and technology company, and Sarcos Robotics, a global leader in the development of innovative, highly dexterous mobile robotic systems designed for use in the defense, public safety and industrial sectors, today announced that the companies have entered into a Memorandum of Understanding (MoU) to bring revolutionary robotic systems to government and industrial customers in the Middle East and Africa.
Through this collaboration, the companies will explore market opportunities and modifications to Sarcos’ award-winning robotic systems to address the region’s unique requirements in the maritime and aerospace technology arenas. The companies will supply these modified systems to defense, aerospace and commercial customers in the Middle East and Africa.
The robotic systems augment human performance through advanced technologies that reduce the risk of injury while increasing personnel efficiencies in operational, logistics and manufacturing environments such as naval shipyards, aircraft factories, or on military transport aircraft and more austere environments, including forward operating and during special operations.
Sarcos and Paramount Group will focus their efforts initially on the Sarcos Guardian® XO® robotic exoskeleton—the world’s first full-body, battery-powered wearable robot designed to increase strength and endurance—and the Guardian® XT teleoperated dexterous robot, which has been developed to provide human-like dexterity while offering substantially greater strength, stamina and precision on a remote control basis.
The Guardian XO, which was named a Best Invention of 2020 by TIME Magazine, will enable defense and industrial workers to lift and manipulate heavy objects up to 200 pounds, such as ammunition, vehicle tires, machinery and plywood, for a full shift or work day, due to its hot-swappable lithium ion batteries.
Similarly, the Guardian XT, based on the upper-body portion of the Guardian XO, can be mounted to a variety of mobile bases and can be teleoperated to perform dexterous tasks at height, enabling the lifting and manipulating of heavy objects up to 200 pounds that are out of reach or are at a height that makes the task inherently dangerous for a human worker to perform, such as tasks associated with ship and aircraft production and maintenance and in the construction industry. The Guardian XO and Guardian XT are expected to be commercially available in the United States beginning in mid-2022.
The award-winning Guardian® S multi-purpose remote visual inspection and surveillance robot, a man-portable, cloud-connected IoT sensor platform, will also be available in the regions. The Guardian S robot has been designed to gather visual and sensor-based data regarding critical assets in various facilities. It can be teleoperated and facilitates two-way, real-time video, voice and data communication, performing tasks such as the detection of hazardous materials and gasses, surveillance operations and first-look inspections of environments that are dangerous or difficult for a human to operate within. The Guardian S robotic platform is available for purchase now.
“Sarcos and Paramount share a vision to deliver revolutionary products that improve efficiency and reduce risk of injury in vigorous environments; bolstering workers' strength and amplifying performance in often ergonomically-stressful environments,” said Ivor Ichikowitz, Chairman, Paramount Group. “We believe that the market opportunity to make an impact in the Middle East and Africa is significant, and we look forward to working with Sarcos to deliver a version of the company’s game-changing robotics, accelerating access to what are today critical technologies, specifically tailored to meet the unique needs of our customers in these regions.”
“The Middle East and Africa are regions that show incredible promise,” said Ben Wolff, chairman and CEO, Sarcos Robotics. “Given Paramount Group’s extensive knowledge and experience within this region, we believe they will be an excellent partner to deliver on our vision for a safer, more productive global workforce.”
Sarcos is an innovator in the development of robotic systems that augment human performance by combining human intelligence, instinct and judgment with the strength, endurance and precision of machines to augment the workforce by enhancing human safety and productivity.
For more information about Paramount Group, visit http://www.paramountgroup.com. For more information about Sarcos Defense, visit https://www.sarcos.com.
About Sarcos Robotics
Sarcos Robotics is the world leader in industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity. Leveraging more than 25 years of research and development, Sarcos’ mobile robotic systems, including the Guardian® S, Guardian® GT, and Guardian® XO®, are revolutionizing the future of work wherever physically demanding work is done. Formerly the robotics division of a major defense contractor, Sarcos is based in Salt Lake City, Utah, powered by an innovative team of entrepreneurs and engineers, and backed by Caterpillar, GE Ventures, Microsoft, and Schlumberger. For more information, please visit www.sarcos.com.
About Paramount Group
Paramount Group is a leading global aerospace and technology company. It is a leader in defense and security innovation and a trusted partner to sovereign governments around the world, providing ground-breaking products, services and consultancy, including support for peacekeeping missions. Please visit www.paramountgroup.com for more information and follow the company on Twitter.
Press Contact: Heath Meyer
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Global telecommunications consulting and service company selected by Bulk Infrastructure to support sales for connectivity on the trans-Atlantic HAVFRUE system
OSLO, Norway & NEW YORK--(BUSINESS WIRE)--#APTelecom--Bulk Fiber Networks announced today that it has engaged APTelecom, an award-winning fiber consulting firm specializing in global markets, to serve as its International Sales Partner to assist with the monetization of HAVFRUE, a new submarine cable system providing connectivity across the Atlantic.
The HAVFRUE subsea cable is the first new undersea cable traversing the North Atlantic to connect mainland Northern Europe to the continental U.S. in nearly two decades, and the first ever to connect into Norway. It connects New Jersey, USA, to Esbjerg in Denmark with branches to Ireland and Norway.
“HAVFRUE is an important addition of modern, diverse routing options connecting our growing data center capabilities in the Nordics with Europe and the United States,” says Peder Nærbø, Founder and Chairman of Bulk Infrastructure. “APTelecom brings a track record of global success in strategic fiber consulting and helps bring our Nordic sustainable infrastructure to the major international markets.”
The Nordic region has become a strategic location for Hyperscalers and ISPs due to abundant and affordable sustainable energy sources. The HAVFRUE subsea cable will support the large-scale data transport requirements with Bulk Fiber Networks offering flexible and advanced capacity solutions.
Bulk Fiber Networks is a division of Bulk Infrastructure, a leading provider of sustainable digital infrastructure in the Nordics. Bulk helps global organizations to solve complex data and logistics problems and focus on leading in the delivery of long-term sustainable solutions with the lowest total cost of ownership.
"We are honored to be a part of such an important project and working with the team at Bulk Infrastructure that have decades of experience in establishing and operating digital infrastructure where it never existed before,” said Sean Bergin, President of APTelecom & Chair, Board of Governors at PTC. "The demand for data continues to grow across the Atlantic and even more so in the Nordic regions where current capacity is extremely limited. The region will benefit greatly from increased capacity infrastructure to boost potential and make network services fit for use beyond 2021.”
ABOUT BULK Fiber Networks
Bulk Fiber Networks is a leading builder and operator of fiber network infrastructure, tailor-made to meet the growing demands of large-scale data and cloud service providers in the Nordics, the US and Europe. We offer some of the shortest, lowest-latency international and intra-Nordic fiber routes available. To learn how Bulk Fiber Networks can help you connect into the Nordics, visit bulkinfrastructure.com and follow us on LinkedIn, Twitter and Facebook. Bulk Fiber Networks is a division of Bulk Infrastructure, a leading provider of sustainable digital infrastructure in the Nordics. Learn more about the HAVFRUE Cable System here.
ABOUT APTelecom:
APTelecom specializes in developing connectivity and digital infrastructure in both established and emerging markets around the globe. Founded in 2009, APTelecom’s reach and expertise spans a wide range of global markets. Among the company’s core offerings are fiber sales, due diligence, data centre and strategic consulting services. The company has been sought after for commentary on emerging market trends and been featured by dozens of media outlets, including Wired Magazine, TechTalk, Wall Street Journal, Fox Business Network, Reuters, Yahoo News, Fierce Telecom, SubTel Forum, and Commsday International, among others. APTelecom differentiates itself through quality, integrity, and innovation across their entire suite of products and services. For more information on APTelecom, please visit http://www.aptelecom.com/.
Ilissa Miller
iMiller Public Relations
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will be participating in the Credit Suisse Energy Summit on March 2, 2021 and the Morgan Stanley Energy & Power Conference: Innovating for a Sustainable Future on March 3, 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 1.69 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
New partnership brings enhanced investment expertise in natural resources and the energy transition to PEP’s energy-focused financial services platform
HOUSTON--(BUSINESS WIRE)--Pickering Energy Partners (PEP), a Houston-based energy financial services firm, today announced a merger with SailingStone Capital Partners (SailingStone), an investment firm specializing in the global natural resources sector. The new partnership expands Pickering Energy Partners’ current investment platform to include SailingStone’s energy transition, global natural resources, and Environmental, Social, Governance (ESG) investment experience and strategies.
Together, PEP and SailingStone have one of the most tenured resource-investing teams in the market, uniquely qualified to identify, assess, and execute on current trends and opportunities across the global natural resources sectors, including the energy transition and ESG. In the midst of a challenging energy investment cycle, this combination deepens the commitment of the firm to its institutional clients and the natural resources industry.
“We have known the SailingStone principals for many years. MacKenzie Davis and Ken Settles were among the first clients of our predecessor firm in 2004, while Brian Lively was a key contributor to the TPH energy research franchise for a number of years,” said Dan Pickering, Chief Investment Officer of Pickering Energy Partners. “Collectively, they are one of the most experienced public equities teams investing in the global natural resources sector, and their deep domain expertise expands our collective platform. We are excited to support and participate in SailingStone’s initiative focusing on the upstream resources and companies that will be foundational to the energy transition.”
“By combining forces with PEP, we will expand our perspective and network, creating an even more dynamic, debate-oriented, and research-driven investment platform that spans public and private equity. The energy transition and ESG mandates will transform the global natural resource investment landscape, and we are confident that a SailingStone-PEP platform is uniquely suited to provide solutions in this new environment,” said MacKenzie Davis, Managing Partner of SailingStone Capital.
The Pickering Energy Partners and SailingStone Capital merger is the latest announcement from PEP on the firm’s business development and new sustainability offerings to clients. The merger and addition of energy transition investment capabilities comes on the heels of PEP’s launch of a formalized energy consulting practice, which, like SailingStone, encompasses engagements across both traditional and alternative energy. This announcement follows PEP’s direct investment into an electric vehicle infrastructure company, furthering their involvement and leadership in the next phase of the energy transition.
To learn more about the Pickering Energy Partners and SailingStone Capital merger, the energy transition investment strategy, PEP consulting, or other PEP offerings, click here.
About Pickering Energy Partners
The original Pickering Energy Partners (PEP) was founded in early 2004 by Dan Pickering as an institutional energy research firm before subsequently partnering with Bobby Tudor and Maynard Holt in 2007 to become Tudor, Pickering, Holt & Company. Today's Pickering Energy Partners takes an entrepreneurial approach to a global natural resources-focused financial services platform with customized asset management strategies and a high impact consulting capability. Headquartered in Houston, Texas, PEP delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in. For more information, please visit www.PickeringEnergyPartners.com.
About SailingStone Capital Partners
SailingStone Capital Partners is a dedicated global natural resource investment advisor focused on providing institutional investors access to a broad array of solutions related to the energy transition across the upstream natural resource space. SailingStone offers strategies which span evergreen public equity funds, opportunistic return of capital strategies and unique access to direct investments in private companies and non-operated funds. As an engaged owner with a five-to ten-year investment horizon, SailingStone has always held its portfolio companies to a high ESG standard, with many investments posting industry-leading performance on methane capture, carbon sequestration, water recycling and community engagement/development initiatives. For more information, please visit www.SailingStoneCapital.com.
Walker Moody at (713) 804-7577
NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced that it is donating $1 million to the Houston Harris County 2021 Winter Storm Relief Fund and $1 million to the Houston Food Bank following the severe winter storm that has significantly impacted communities already suffering from the economic effects of the COVID-19 pandemic. The company will also match donations made by employees through its matching gift program.
“Our hearts go out to the many families who are struggling to recover from this devastating storm,” said CEO John Hess. “We are making these donations to help people in need whose lives have been so severely impacted.”
“We are proud to support Mayor Turner and community leaders across Houston in providing relief for our most vulnerable neighbors,” said COO Greg Hill.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.
The Houston Harris County 2021 Winter Storm Relief Fund, established by the City of Houston and Harris County, and overseen and administered by United Way of Greater Houston and the Greater Houston Community Foundation, is supporting families needing additional help to recover, including plumbing and home repairs, temporary housing, and other basic needs.
The Houston Food Bank collects and distributes food and other essentials to those in need through a network of 1,500 community partners.
Media Contact:
Lorrie Hecker
(212) 536-8250
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AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that its management team is scheduled to attend the following upcoming investor conferences. Attendance at these conferences is by invitation only for clients of each respective firm. Interested investors should contact your respective sales representative to register and for one-on-one meetings to secure a time.
About Renewable Energy Group
Renewable Energy Group, Inc. (Nasdaq: REGI) is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and North America’s largest producer of biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 13 biorefineries in the U.S. and Europe. In 2019, REG produced 495 million gallons of cleaner fuel delivering over 3.7 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Investor Relations:
Renewable Energy Group
Todd Robinson
Interim Chief Financial Officer
+1 (515) 239-8048
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (Nasdaq: CLNE) today announced that Total S.E. has changed one of its designees to the company’s Board of Directors. Effective immediately Thomas Maurisse, Senior Vice President LNG for Total SE’s Gas, Renewables & Power, has been appointed to the Board of Directors to replace Philippe Montantême, who had served on the Board of Directors since September 2018.
“As a highly respected and seasoned executive with significant experience in renewable fuels, we look forward to Thomas’ engagement and assistance in guiding our objectives," said Clean Energy Board of Directors Chairman Stephen Scully. “We are fortunate to have him join us, and I am confident that he is going to make an important and positive impact as renewables become such an important part of our business.”
Mr. Maurisse, 40, has served in his current position at Total since 2019 where he oversees the renewable natural gas business, among others. He joined Total in 2012 in the Refining & Chemicals Branch where he worked successively in Germany as Head of the Economic Division of the Leuna refinery, then in Belgium as General Manager of the Supply Sales and Optimization activities for North and East Europe. In 2017, he joined the Exploration & Production Branch as Strategy and Sales Director of Total EP Nigeria, a subsidiary of Total SE.
Mr. Maurisse began his career in 2007 in the French Ministry of Economy, Finance & Industry where he became, in 2011, Chief of Staff of the State Secretary for Consumption, Small Enterprises, Trade & Services and Deputy Chief of Staff of the Minister of Economy, Finance & Industry.
He graduated from the Ecole Polytechnique in 2004 and the Ecole des Mines (Paris) in 2007.
"I am really proud to join the Clean Energy Board of Directors as the company continues to make great strides in its renewable natural gas business," stated Mr. Maurisse. "I look forward to working alongside my fellow directors and company management to advance RNG which contributes to addressing climate issues and progress towards carbon neutrality.”
About Clean Energy
Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver RNG through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk fuel to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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MONTREAL--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE:NGA) announces that its proposed business combination partner: Lion Electric (Lion), an innovative manufacturer of zero-emission vehicles, today announced that it has secured an order for its all-electric school buses from the Los Angeles Unified School District (LAUSD). This initial order of 10 LionC school buses, which follows Lion’s recent delivery of all-electric school buses to the Twin Rivers Unified School District in Sacramento, further solidifies Lion’s leadership in zero-emission school buses in California and North America.
“LAUSD is possibly the most well-known school district in the United States, and we are pleased to have been chosen as a key partner in their journey toward zero-emission school bus operations,” said Marc Bedard, CEO and Founder of Lion Electric. “These all-electric buses signify the district’s commitment to improving the local environment and the health of its communities, and we are confident that they will meet and exceed the expectations of the operators and students.”
LAUSD is the second largest school district in the United States, serving over 600,000 students in kindergarten through twelfth grade at over 1,000 schools. The district’s boundaries stretch across 720 square miles and include the City of Los Angeles as well as all or parts of 31 municipalities and several unincorporated regions of Southern California.
Lion collaborated closely with the district in order to ensure its buses met the unique requirements posed by its large and diverse footprint. Each LionC bus purchased has a range of 155 miles on a single charge and incorporates an integrated wheelchair lift. Lion will also provide support and training to LAUSD from its recently opened Experience Center in the region, located in Alhambra, California. The buses are expected to be delivered in spring 2021.
The electric buses were funded in part by the California Energy Commission’s (CEC) School Bus Replacement Program, and Lion collaborated closely with LAUSD to add additional options to the base CEC specification to accommodate the unique needs of its routes. Under the program, Lion was awarded five out of the six available categories after extensive evaluations of EV drive system technical specifications, real-world deployments and Original Equipment Manufacturer (OEM) EV capabilities. The CEC ranked Lion not only as the highest performing manufacturer in its technical evaluation, but also the manufacturer with the most cost-competitive bid.
Over the last decade, Lion has established itself as a leader in the all-electric school bus industry, having delivered over 300 all-electric school buses in North America with over 6 million miles driven since 2016. Lion’s vehicles are distributed and serviced through the company’s network of Experience Centers, including two locations in California along with facilities in New York, Washington, Florida and Arizona.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
Lion Electric, The Bright Move
Thelionelectric.com
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
Transaction with Northern Genesis
On November 30, 2020, Lion announced that it had entered into a business combination agreement and plan of reorganization pursuant to which, subject to the satisfaction of customary closing conditions, a wholly-owned subsidiary of Lion will merge with Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. On December 31, 2020, Lion filed with the U.S. Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form F-4 (as amended, the “Registration Statement”), which includes a preliminary proxy statement of Northern Genesis, in connection with their proposed business combination.
Upon closing of the proposed business combination, a wholly-owned subsidiary of Lion Electric will merge with and into Northern Genesis, and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.
The business combination has been unanimously approved by the Boards of Directors of both Northern Genesis and Lion Electric and is expected to close in the first quarter of 2021, subject to the Registration Statement being declared effective by the SEC, approval by Northern Genesis stockholders as well as other customary closing conditions.
Important Information and Where to Find It
The Registration Statement filed by Lion Electric with the SEC includes a preliminary prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction, and a preliminary proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement. After the Registration Statement has been cleared by the SEC and declared effective, Northern Genesis will mail a definitive proxy statement to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement, the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://sec.report or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Northern Genesis’ IPO Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.
LION ELECTRIC
MEDIA
Patrick Gervais
Vice President of Marketing and Communications
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514-992-1060
INVESTORS
Isabelle Adjahi
Vice President, Investor Relations and Sustainable Development
450-432-5466, extension 171
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Northern Genesis:
Investor Relations
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816-514-0324
Plan to deliver 80% renewable energy while assuring an affordable, reliable energy system
DENVER--(BUSINESS WIRE)--Xcel Energy – Colorado today announced the details of its upcoming Clean Energy Plan today that will deliver its customers an estimated 85% reduction in carbon dioxide emissions from 2005 levels by 2030. The plan will result in greater reductions than required by Colorado law and will double renewable energy and battery storage on the Xcel Energy Colorado system, providing customers with electricity derived from approximately 80% renewable sources while maintaining affordable and reliable energy service.
In 2018, Xcel Energy became the first utility in the nation to announce a vision of a carbon-free electricity system by 2050. This announcement continues not only the company’s vision to lead the clean energy transition, but also presents a balanced, diversified portfolio of energy sources to maintain reliability and affordability while supporting communities as we work together to meet Colorado’s carbon-reduction goals and evolving energy needs. Highlights of the plan include:
Xcel Energy’s Colorado customers’ electricity bills are already among the lowest in the nation, and this balanced energy plan will continue to keep bills low. The plan is estimated to result in customer bill increases at or below the rate of inflation.
No layoffs are anticipated at any of the coal plants affected by the plan. Company and union leaders are partnering to manage this transition through attrition, retirement and retraining of employees.
The plan will go before the Colorado Public Utilities Commission late next month.
“We have a long track record of successfully transitioning our plants to meet future energy needs and look forward to doing so in Colorado, a state with leaders who share our clean energy goals,” said Ben Fowke, chairman and CEO, Xcel Energy. “We are committed to working with our employees and the communities we serve as we make significant strides leading the nation’s and Colorado’s ambitious clean energy transition, while also ensuring reliability and affordability for our customers.”
“Colorado is getting cleaner air, more good jobs, and savings for consumers with more renewable energy,” said Colorado Governor Jared Polis. “This proposal puts reliability and consumer savings as top priorities. This plan doubles wind and solar, advances my administration’s Greenhouse Gas Reduction roadmap and our bold goal of achieving 100% renewable energy by 2040.”
“We’re excited to lead the way in Colorado’s clean energy transformation and reduce carbon emissions approximately 85% by 2030,’’ said Alice Jackson, president of Xcel Energy – Colorado. “This ambitious agenda delivers clean, reliable, affordable energy for our Colorado customers and communities and brings us closer to our vision of delivering 100% carbon-free electricity to customers by 2050.”
“We have a tremendous labor force in the state that is dedicated to providing the power Coloradans need while maintaining a safe, reliable energy grid,” said Rich Meisinger, Business Manager of IBEW Local 111. ‘’We’re committed to keeping our members on the job whether they work for one of the utilities or they work for one of the electrical contractors we represent and look forward to demonstrating the value they can deliver in the future.”
“Many electric utilities have set goals that could put them on a path consistent with the science. Xcel Energy is actually changing their operations and aligning their investments to achieve those goals,” said Jon Goldin-Dubois, president, Western Resource Advocates. “What sets Xcel Energy apart is that they continue to be willing to work in partnership to realign their business to develop concrete plans to achieve the ambitious emissions reduction goals from electricity generation that are necessary to address climate change.”
“In our role as a consumer advocate, Energy Outreach Colorado is optimistic about the focus on equity, affordability and the health benefits in Xcel Energy’s Clean Energy Plan for the vulnerable Coloradans that we represent,” said Jennifer Gremmert, executive director, Energy Outreach Colorado. “Now more than ever, we understand the critical nature of affordable, reliable and accessible home energy to ensure that everyone can thrive.”
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Xcel Energy Media Relations
(303) 294-2300
www.xcelenergy.com
Growatt extends integrated PV offering with inverter, battery, ATS, smart meter, rapid shutdown system
CAMPBELL, Calif.--(BUSINESS WIRE)--#renewables--Tigo Energy, Inc., the solar industry worldwide leader in Flex MLPE (Module Level Power Electronics) today announced that Growatt, a leading grid-connected single-phase PV and energy storage system inverter provider, has joined the Tigo Enhanced program to bring simple, reliable rapid shutdown solutions to PV installers.
Growatt’s latest lineup of single-phase hybrid inverters – the XH series – will integrate Tigo Rapid Shutdown System (RSS) Transmitters, enabling plug and play installation with Tigo’s industry leading rapid shutdown devices.
Module-level rapid shutdown, which is enabled by Tigo’s rapid shutdown devices, is required by current National Electrical Code (NEC) standards. When customers see the Tigo Enhanced logo on Growatt inverters and specification sheets, they will have the assurance that the inverters will reliably perform the required safety functions with Tigo rapid shutdown devices and meet the necessary electrical codes and standards.
“We are excited to partner with Tigo to provide customers with a truly integrated rapid shutdown solution,” said Felix Fang, CEO of Growatt USA, Inc. “Our customers want solutions that seamlessly work together, and that’s what we are offering with our new XH inverter and battery.”
Growatt’s XH series ranges in power capacity from 3.0 kW to 11.4 kW and are battery ready upon purchase or can be easily retrofitted if customers decide to add energy storage in the future. Each inverter will display a Tigo Enhanced logo for customers to quickly identify models that work out of the box with Tigo TS4-A-F and TS4-A-2F products. The inverters also have built-in 4G/Wifi or Wifi/LAN, and are seamlessly integrated into Growatt’s monitoring and mobile app.
“Growatt is a leader in the residential inverter space and we are excited to work together to offer an integrated, future-proof solution for customers,” stated JD Dillon, Tigo’s Chief Marketing Officer.
The XH product line will join a long list of Growatt inverters ranging from 3 kW single phase to 40 kW three phase that have been UL PVRSS (PV Rapid Shutdown System) certified with Tigo rapid shutdown devices.
The UL PVRSS certification is the only guaranteed way to fulfill the safety requirement for PV Rapid Shutdown in the US National Electrical Code, whereby both the inverter and the rapid shutdown device must be tested as a “system”. Rapid shutdown devices are now required with rooftop PV installations across the vast majority of the United States. Similar requirements are being adopted and discussed throughout the world.
Tigo’s TS4-A-F and TS4-A-2F are the most reliable and widely adopted dedicated Rapid Shutdown devices available, with millions installed and operating worldwide.
Tigo and Growatt solutions are available for purchase through major distributors. For additional information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
About Growatt
Growatt is a new energy enterprise dedicated to the R&D and manufacturing of PV inverters including on-grid, off-grid and storage inverters, and user side smart energy management solutions as well. The power capacity of Growatt on-grid inverters ranges from 750 kW to 250 kW, meanwhile its off-grid and storage inverters cover a power range from 1 kW to 630 kW. Growatt inverters are extensively used worldwide for applications in residential, commercial, PV poverty alleviation, utility-scale scenarios as well as other storage power station projects.
Since its foundation in 2010, Growatt has established branch offices one after another in Germany, US, UK, Australia, Brazil, Thailand, India, Netherlands, etc in order to better serve the customers across the globe. Growatt always sticks to the R&D investment and technology innovation, and provides customers with premium products and services through its core inverter technology, rigorous quality control and continuous improvement of customer service. By the end of 2020, Growatt has shipped over 2 million inverters to over 100 countries and regions across the globe. Growatt has been recognized as the No.1 Chinese Residential PV Inverter Brand, three years in a row according to PVBL. According to IHS Markit, Growatt has ranked among the world's TOP 3 single-phase inverter brands since 2018.
About Tigo
Tigo is the worldwide leader in flexible module level power electronics (MLPE) with innovative solutions that significantly enhance safety, increase energy production, and decrease operating costs of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.
Media Contact for Tigo
John Lerch
408.402.0802 x430
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OKLAHOMA CITY--(BUSINESS WIRE)--Derby Energy, LLC, an Oklahoma City-based oil and natural gas company, reported today that, on February 19, 2021, Beta Shale, LLC, one of its affiliated companies, closed on the acquisition of certain Arkoma Basin producing properties from an undisclosed non-operating entity for $5,100,000.
Transaction Highlights:
About Derby Energy, LLC
Derby Energy, LLC is the administrative management company for the following six entities: Derby Exploration, LLC (Operated - Anadarko Basin E&P); Thoroughbred Gathering, LLC (Operated - Anadarko Basin Midstream); Bakken HBT, LP (Non-Operated – Williston Basin); Bakken HBT II, LP (Non-Operated – Williston Basin); SCOOP I, LP (Non-Operated – Anadarko Basin); and Beta Shale, LLC (Non-Operated – Arkoma Basin).
About Beta Shale, LLC
Beta Shale, LLC, established in 2007, is a non-operated E&P company with working interests throughout the Arkoma Basin, and is a privately held affiliate of Derby Energy, LLC.
For further information, please visit www.derbyenergy.com.
Mike Weatherholt, Vice President of Finance
405.639.3792
San Francisco Bay Area-based leading satellite analytics company reveals how utility companies can reduce vegetation management costs by 20% and improve reliability by 15%
SANTA CLARA, Calif.--(BUSINESS WIRE)--#AiDash--The thorny issue of utility vegetation management has received significant press in the recent past, and for good reason. Vegetation-related power outages are on an all-time high as reliability and customer experience nosedive drastically.
To add to their woes, extreme weather events like storms, hurricanes and wildfires have posed massive challenges, pushing utilities to look for innovative technologies that can transform their O&M activities.
In a bid to enable utilities to better manage vegetation around their T&D lines and reduce costs, AiDash — a San Francisco Bay Area-based leading satellite analytics company — has launched an educational guide titled Vegetation Management Best Practices 2021. This e-book aims at educating vegetation management professionals about the latest technologies, such as satellite analytics and remote sensing, that can help them reduce vegetation-related customer interruptions, improving SAIFI and SAIDI reliability scores.
“Utilities are reeling under tremendous pressure to streamline their vegetation management processes. At a time when drones and LiDAR have failed to yield results for our Fortune 500 clients, satellite analytics has helped them achieve a 20% reduction in O&M costs and a 15% improvement in reliability - with ROI justified in the first year itself.” said AiDash CEO and Co-Founder Abhishek Vinod Singh.
“AiDash Intelligent Vegetation Management System (IVMS) is now a patent-pending technology”, Singh added.
The e-book also talks about using the right technology to prepare for disasters better, enabling them to make better-informed decisions.
DOWNLOAD THE E-BOOK NOW to get insights into the best practices of vegetation management that are proving beneficial for electric utilities.
About AiDash
AiDash is an AI-first vertical SaaS company enabling satellite-powered operations and maintenance for utility, energy and other core industries with geographically distributed assets. AiDash uses high-resolution, multispectral and SAR data from the world’s leading satellite constellations that are fed into its proprietary AI models to make timely predictions for O&M activities. These AI models empower AiDash full-stack applications and enable efficient planning, prioritization, execution, review and audit of O&M activities using satellite analytics. Visit aidash.com.
Bradley Smith
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408-703-1099
DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced fourth quarter and full year 2020 results.
Fourth Quarter and Full-Year 2020 Highlights
On September 1, 2020 (the “Emergence Date”) the Company emerged from voluntary bankruptcy under Chapter 11 of the Bankruptcy Code. Beginning on the Emergence Date, the Company applied fresh start accounting, which resulted in a new basis of accounting, and became a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Company’s chapter 11 plan of reorganization, the consolidated financial statements after September 1, 2020 are not comparable with the consolidated financial statements on or prior to that date. References to “Successor” refer to the Whiting entity after emergence from bankruptcy on the Emergence Date. References to “Predecessor” refer to the Whiting entity prior to emergence from bankruptcy. References to “Successor Period” refer to the period from September 1, 2020 through December 31, 2020. References to “Current Predecessor YTD Period” refer to the period from January 1, 2020 through August 31, 2020.
Although GAAP requires that the Company report on results for the Successor Period and Current Predecessor YTD Period separately, our operating results are discussed below for the year ended December 31, 2020 by combining the results of the applicable Predecessor and Successor periods in order to provide the most meaningful comparison of our current results to prior periods.
Revenue for the fourth quarter of 2020 decreased $168 million to $212 million when comparing to the fourth quarter of 2019. A decrease in total production, which was primarily due to reduced development activity during 2020, accounted for approximately $114 million of the change in revenue. Lower commodity prices realized accounted for the remaining $54 million decrease in revenue between periods.
Net loss for the fourth quarter of 2020 was $1.2 million, or $0.03 per share, as compared to a net loss of $147 million, or $1.62 per share, for the fourth quarter of 2019. Adjusted net income for the fourth quarter of 2020 was $56 million or $1.46 per share. Adjusted net income and adjusted net income per share that exclude the effect of certain items are non-GAAP financial measures. Adjusted net income and adjusted net income per share represent net income (loss) and diluted net income (loss) per share, respectively, as determined under U.S. GAAP excluding the effects of non-cash gains and losses on derivative instruments, property impairments, gains and losses on asset sales and gains and losses on extinguishment of debt as applicable.
Adjusted EBITDAX for the fourth quarter of 2020 was $120 million compared to $241 million for the fourth quarter of 2019. Adjusted EBITDAX for the full-year of 2020 was $382 million compared to $979 million for the full-year of 2019. The Company’s revenues and EBITDAX for 2020 were similarly affected by lower production volumes due to reduced development activity during the year in response to the prevailing commodity price environment. This depressed commodity price environment also directly affected the Company’s results with lower prices received for its products. These effects were partially offset by reduced general and administrative expenses and DD&A primarily due to cost control measures implemented by the Company and its reorganization under bankruptcy. Select operating statistics are presented in the following tables:
Selected Operating and Financial Statistics
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Successor |
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Predecessor |
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Three Months
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Three Months
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Selected operating statistics: |
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Production |
|
|
|
|
|
|
|
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Oil (MBbl) |
|
|
5,110 |
|
|
|
|
7,376 |
|
NGLs (MBbl) |
|
|
1,546 |
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|
|
|
1,886 |
|
Natural gas (MMcf) |
|
|
10,709 |
|
|
|
|
12,316 |
|
Total production (MBOE) |
|
|
8,441 |
|
|
|
|
11,315 |
|
Average prices |
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|
|
|
|
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Oil (per Bbl): |
|
|
|
|
|
|
|
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Price received |
|
$ |
37.89 |
|
|
|
$ |
48.67 |
|
Effect of crude oil hedging (1) |
|
|
(0.55 |
) |
|
|
|
1.36 |
|
Realized price (2) |
|
$ |
37.34 |
|
|
|
$ |
50.03 |
|
Weighted average NYMEX price (per Bbl) (3) |
|
$ |
42.59 |
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|
|
$ |
56.93 |
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NGLs (per Bbl): |
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Realized price |
|
$ |
6.88 |
|
|
|
$ |
8.79 |
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Natural gas (per Mcf): |
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|
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Price received |
|
$ |
0.75 |
|
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$ |
0.41 |
|
Effect of natural gas hedging (4) |
|
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(0.20 |
) |
|
|
|
- |
|
Realized price |
|
$ |
0.55 |
|
|
|
$ |
0.41 |
|
Weighted average NYMEX price (per MMBtu) (3) |
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$ |
2.51 |
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$ |
2.44 |
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Selected operating metrics |
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Sales price, net of hedging ($ per BOE) |
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$ |
24.56 |
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$ |
34.53 |
|
Lease operating ($ per BOE) |
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|
6.57 |
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|
|
|
6.37 |
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Transportation, gathering, compression and other ($ per BOE) |
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|
0.72 |
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|
|
|
0.91 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
6.80 |
|
|
|
|
18.06 |
|
General and administrative ($ per BOE) |
|
|
1.35 |
|
|
|
|
3.11 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
9 |
% |
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|
9 |
% |
__________ |
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(1) |
Whiting paid $3 million and received $10 million in pre-tax cash settlements on crude oil hedges during the three months ended December 31, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
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(2) |
Whiting’s price received for oil was reduced by $2.43 per Bbl during the three months ended December 31, 2019 due to deficiency payments under a contract in the Company’s Redtail field. This contract ended in April 2020. |
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(3) |
Average NYMEX prices weighted for monthly production volumes. |
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(4) |
Whiting paid $2 million in pre-tax cash settlements on natural gas hedges during the three months ended December 31, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
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Successor |
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Predecessor |
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Non-GAAP |
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Predecessor |
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Four Months
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Eight Months
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Combined
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Year Ended
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Selected operating statistics: |
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Production |
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|
|
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Oil (MBbl) |
|
|
6,857 |
|
|
|
|
15,273 |
|
|
|
22,130 |
|
|
|
29,811 |
|
NGLs (MBbl) |
|
|
2,104 |
|
|
|
|
4,522 |
|
|
|
6,626 |
|
|
|
7,596 |
|
Natural gas (MMcf) |
|
|
14,340 |
|
|
|
|
29,667 |
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|
|
44,007 |
|
|
|
50,483 |
|
Total production (MBOE) |
|
|
11,351 |
|
|
|
|
24,740 |
|
|
|
36,091 |
|
|
|
45,820 |
|
Average prices |
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Oil (per Bbl): |
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Price received |
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$ |
37.05 |
|
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$ |
28.86 |
|
|
$ |
31.40 |
|
|
$ |
50.06 |
|
Effect of crude oil hedging (1) |
|
|
(0.34 |
) |
|
|
|
3.00 |
|
|
|
1.96 |
|
|
|
0.83 |
|
Realized price (2) |
|
$ |
36.71 |
|
|
|
$ |
31.86 |
|
|
$ |
33.36 |
|
|
$ |
50.89 |
|
Weighted average NYMEX price (per Bbl) (3) |
|
$ |
41.84 |
|
|
|
$ |
38.23 |
|
|
$ |
39.35 |
|
|
$ |
56.97 |
|
NGLs (per Bbl): |
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Realized price |
|
$ |
5.90 |
|
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$ |
4.45 |
|
|
$ |
4.91 |
|
|
$ |
6.76 |
|
Natural gas (per Mcf): |
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Price received |
|
$ |
0.48 |
|
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|
$ |
(0.06 |
) |
|
$ |
0.11 |
|
|
$ |
0.57 |
|
Effect of natural gas hedging (4) |
|
|
(0.11 |
) |
|
|
|
(0.01 |
) |
|
|
(0.04 |
) |
|
|
- |
|
Realized price |
|
$ |
0.37 |
|
|
|
$ |
(0.07 |
) |
|
$ |
0.07 |
|
|
$ |
0.57 |
|
Weighted average NYMEX price (per MMBtu) (3) |
|
$ |
2.44 |
|
|
|
$ |
1.76 |
|
|
$ |
1.98 |
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$ |
2.58 |
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Selected operating metrics |
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Sales price, net of hedging ($ per BOE) |
|
$ |
23.74 |
|
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$ |
20.39 |
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$ |
21.44 |
|
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$ |
34.86 |
|
Lease operating ($ per BOE) |
|
|
6.52 |
|
|
|
|
6.40 |
|
|
|
6.43 |
|
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|
7.17 |
|
Transportation, gathering, compression and other ($ per BOE) |
|
|
0.71 |
|
|
|
|
0.90 |
|
|
|
0.84 |
|
|
|
0.93 |
|
Depreciation, depletion and amortization ($ per BOE) |
|
|
6.83 |
|
|
|
|
13.69 |
|
|
|
11.53 |
|
|
|
17.82 |
|
General and administrative ($ per BOE) |
|
|
1.91 |
|
|
|
|
3.71 |
|
|
|
3.15 |
|
|
|
2.89 |
|
Production and ad valorem taxes (% of sales revenue) |
|
|
9 |
% |
|
|
|
9 |
% |
|
|
9 |
% |
|
|
9 |
% |
| ____________ | ||
(1) |
Whiting received $43 million and $25 million in pre-tax cash settlements on crude oil hedges during the year ended December 31, 2020 and 2019, respectively. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
|
(2) |
Whiting’s realized oil prices were reduced by $2.14 per Bbl during the year December 31, 2019, due to deficiency payments under a contract in the Company’s Redtail field. This contract ended in April 2020. |
|
(3) |
Average NYMEX prices weighted for monthly production volumes. |
|
(4) |
Whiting paid $2 million in pre-tax cash settlements on natural gas hedges during the year ended December 31, 2020. A summary of Whiting’s outstanding hedges is included in “Commodity Price Hedging” later in this release. |
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Liquidity
As of December 31, 2020, the Company had a $750 million revolving credit facility with borrowings of $360 million and letters of credit of $2 million outstanding. The resulting total availability of $388 million along with $26 million in unrestricted cash resulted in total liquidity of $414 million. The Company has continued to pay down its revolver facility, with outstanding borrowings estimated to be $275 million as of February 28, 2021. Since emergence from bankruptcy on September 1, 2020, the Company is estimated to have reduced its outstanding borrowings on its revolver facility by approximately $150 million as of February 28, 2021. Whiting expects to continue to fund its operations fully within operating cash flow while reducing its debt through at least 2021.
Commodity Price Hedging
Whiting currently has approximately 70% of its forecasted crude oil production and 75% of its natural gas production hedged for 2021. The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to adhere to the requirements of its credit facility. The following table summarizes Whiting’s hedging positions as of February 24, 2021:
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Weighted Average Prices |
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Settlement Period |
|
Index |
|
Derivative Instrument |
|
Total Volumes |
|
Units |
|
Swap Price |
|
Floor |
|
Ceiling |
Crude Oil |
|
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|
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|
|
|
|
|
|
|
|
2021(1) |
|
NYMEX WTI |
|
Fixed Price Swaps |
|
5,523 |
|
MBbl |
|
$44.36 |
|
- |
|
- |
2021(1) |
|
NYMEX WTI |
|
Two-way Collars |
|
6,212 |
|
MBbl |
|
- |
|
$38.86 |
|
$47.09 |
2022 |
|
NYMEX WTI |
|
Fixed Price Swaps |
|
630 |
|
MBbl |
|
$54.30 |
|
- |
|
- |
2022 |
|
NYMEX WTI |
|
Two-way Collars |
|
8,460 |
|
MBbl |
|
- |
|
$41.95 |
|
$52.35 |
2023(2) |
|
NYMEX WTI |
|
Two-way Collars |
|
1,980 |
|
MBbl |
|
- |
|
$45.77 |
|
$56.01 |
|
|
|
|
Total |
|
22,805 |
|
|
|
|
|
|
|
|
Natural Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(3) |
|
NYMEX Henry Hub |
|
Fixed Price Swaps |
|
16,290 |
|
BBtu |
|
$2.80 |
|
- |
|
- |
2021(3) |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
9,180 |
|
BBtu |
|
- |
|
$2.60 |
|
$2.79 |
2022 |
|
NYMEX Henry Hub |
|
Fixed Price Swaps |
|
3,390 |
|
BBtu |
|
$2.65 |
|
- |
|
- |
2022 |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
10,720 |
|
BBtu |
|
- |
|
$2.35 |
|
$2.85 |
2023(2) |
|
NYMEX Henry Hub |
|
Two-way Collars |
|
1,800 |
|
BBtu |
|
- |
|
$2.60 |
|
$3.05 |
|
|
|
|
Total |
|
41,380 |
|
|
|
|
|
|
|
|
| ____________ | ||
(1) |
Includes settlement periods of February through December 2021. |
|
(2) |
Includes settlement periods of January through March 2023. |
|
(3) |
Includes settlement periods of March through December 2021. |
|
Outlook for Full-Year 2021
The following table summarizes the Company’s previously provided 2021 guidance, which was based on $45 WTI crude oil and remains unchanged:
|
|
Full-Year 2021 Guidance |
Production (MBOE per day) |
|
82 - 88 |
Oil production (MBO per day) |
|
48 - 52 |
Capital expenditures (MM) |
|
$ 228 - $ 252 |
Lease operating expense (MM) |
|
$ 220 - $ 245 |
General and administrative cash expense (MM) |
|
$ 48 - $ 52 |
The Company currently has one drilling rig operating in its Sanish Field in North Dakota as well as one completion crew operating in the Foreman Butte/Hidden Bench areas. With the previously announced development program the Company expected to generate in excess of $150 million of free cash flow. Anticipating commodity price fluctuation throughout the year and considering that oil revenue represents over 90% of Whiting’s revenues, the Company expects a $1 change in WTI to impact free cash flow by approximately $10 million, subject to the effect of hedges at certain prices.
Management Comment
Lynn A. Peterson, President and CEO of WLL commented, "2020 was a demanding year for the Company and its staff, as it managed through bankruptcy and the significant impacts of the Covid-19 pandemic. As an organization, we had to change the way we operate, and the staff worked tirelessly through the year adapting to new work habits while facing the challenges that the pandemic caused in almost all aspects of life. For that I want to commend our employees for their efforts. The Company has made significant strides in driving down costs as evidenced by our previous operational release. We have attempted to right size the staff to the Company’s current activity levels and these efforts can be evidenced by the $71 million in net cash provided by operating activities and nearly $90 million of free cash flow during the fourth quarter of 2020. We believe Whiting exited the year well positioned financially and operationally with an exciting opportunity ahead of us to redefine how we fit within the energy sector.”
Conference Call
Whiting will host a conference call on Thursday, February 25, 2021 at 9:00 a.m. Eastern time (7:00 a.m. Mountain time) to discuss these results. The call will be conducted by President and CEO Lynn A. Peterson, CFO James Henderson, COO Charles J. Rimer and IR Manager Brandon Day. A Q&A session will immediately follow the discussion of the results for the quarter.
To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10152247/e26abb863d
Replay Information:
Conference ID #: 10152247
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: March 04, 2021
Selected Financial Data
For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Annual Report on Form 10‑K for the year ended December 31, 2020 to be filed with the Securities and Exchange Commission.
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
Selected financial data: |
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|
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|
|
|
||
(In thousands, except per share data) |
|
|
|
|
|
|
|
||
Total operating revenues |
|
$ |
212,274 |
|
|
|
$ |
380,601 |
|
Total operating expenses |
|
|
207,502 |
|
|
|
|
412,454 |
|
Total other expense, net |
|
|
5,822 |
|
|
|
|
42,041 |
|
Net loss |
|
|
(1,197 |
) |
|
|
|
(147,487 |
) |
Per basic share |
|
|
(0.03 |
) |
|
|
|
(1.62 |
) |
Per diluted share |
|
|
(0.03 |
) |
|
|
|
(1.62 |
) |
Adjusted net income (loss) (1) |
|
|
55,543 |
|
|
|
|
(20,414 |
) |
Per basic share |
|
|
1.46 |
|
|
|
|
(0.22 |
) |
Per diluted share |
|
|
1.46 |
|
|
|
|
(0.22 |
) |
Adjusted EBITDAX (1) |
|
|
119,825 |
|
|
|
|
240,872 |
|
____________ |
||
(1) |
Reconciliations of net loss to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. |
|
|
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|
|
|
|
|
|
|
|
|
|
|||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
|||||||
|
|
Four Months
|
|
|
Eight Months
|
|
Combined
|
|
Year Ended
|
|||||||
Selected financial data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total operating revenues |
|
$ |
273,358 |
|
|
$ |
459,004 |
|
|
$ |
732,362 |
|
|
$ |
1,572,245 |
|
Total operating expenses |
|
|
238,379 |
|
|
|
4,651,298 |
|
|
|
4,889,677 |
|
|
|
1,559,576 |
|
Total other (income) expense, net |
|
|
7,944 |
|
|
|
(170,459 |
) |
|
|
(162,515 |
) |
|
|
181,615 |
|
Net income (loss) |
|
|
39,073 |
|
|
|
(3,965,461 |
) |
|
|
(3,926,388 |
) |
|
|
(241,166 |
) |
Per basic share (1) |
|
|
1.03 |
|
|
|
(43.37 |
) |
|
|
(103.11 |
) |
|
|
(2.64 |
) |
Per diluted share (1) |
|
|
1.03 |
|
|
|
(43.37 |
) |
|
|
(103.11 |
) |
|
|
(2.64 |
) |
Adjusted net income (loss) (2) |
|
|
63,794 |
|
|
|
(209,656 |
) |
|
|
(145,862 |
) |
|
|
(78,236 |
) |
Per basic share (1) |
|
|
1.68 |
|
|
|
(2.29 |
) |
|
|
(3.83 |
) |
|
|
(0.86 |
) |
Per diluted share (1) |
|
|
1.67 |
|
|
|
(2.29 |
) |
|
|
(3.83 |
) |
|
|
(0.86 |
) |
Adjusted EBITDAX (2) |
|
|
154,521 |
|
|
|
227,580 |
|
|
|
382,101 |
|
|
|
979,048 |
|
| ____________ | ||
(1) |
For the combined year ended December 31, 2020, the Company used the Successor’s basic and diluted weighted average share counts for the four months ended December 31, 2020 to calculate per share amounts. Refer to the Consolidated Statement of Operations presented later in this release for share counts used. |
|
(2) |
Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX are included later in this news release. |
|
WHITING PETROLEUM CORPORATION |
|||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||||
(in thousands, except share and per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
December 31, |
|
|
December 31, |
||||
|
|
2020 |
|
|
2019 |
||||
ASSETS |
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
25,607 |
|
|
|
$ |
8,652 |
|
Restricted cash |
|
|
2,760 |
|
|
|
|
- |
|
Accounts receivable trade, net |
|
|
142,830 |
|
|
|
|
308,249 |
|
Prepaid expenses and other |
|
|
19,224 |
|
|
|
|
14,082 |
|
Total current assets |
|
|
190,421 |
|
|
|
|
330,983 |
|
Property and equipment: |
|
|
|
|
|
|
|
||
Oil and gas properties, successful efforts method |
|
|
1,812,601 |
|
|
|
|
12,812,007 |
|
Other property and equipment |
|
|
74,064 |
|
|
|
|
178,689 |
|
Total property and equipment |
|
|
1,886,665 |
|
|
|
|
12,990,696 |
|
Less accumulated depreciation, depletion and amortization |
|
|
(73,869 |
) |
|
|
|
(5,735,239 |
) |
Total property and equipment, net |
|
|
1,812,796 |
|
|
|
|
7,255,457 |
|
Other long-term assets |
|
|
40,723 |
|
|
|
|
50,281 |
|
TOTAL ASSETS |
|
$ |
2,043,940 |
|
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||
(in thousands, except share and per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|||
|
|
December 31, |
|
|
December 31, |
|||
|
|
2020 |
|
|
2019 |
|||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable trade |
|
$ |
23,697 |
|
|
$ |
80,100 |
|
Revenues and royalties payable |
|
|
151,196 |
|
|
|
202,010 |
|
Accrued capital expenditures |
|
|
20,155 |
|
|
|
64,263 |
|
Accrued liabilities and other |
|
|
36,170 |
|
|
|
53,597 |
|
Accrued lease operating expenses |
|
|
23,457 |
|
|
|
38,262 |
|
Accrued interest |
|
|
476 |
|
|
|
53,928 |
|
Taxes payable |
|
|
11,997 |
|
|
|
26,844 |
|
Derivative liabilities |
|
|
49,485 |
|
|
|
10,285 |
|
Accrued employee compensation and benefits |
|
|
5,361 |
|
|
|
21,125 |
|
Total current liabilities |
|
|
321,994 |
|
|
|
550,414 |
|
Long-term debt |
|
|
360,000 |
|
|
|
2,799,885 |
|
Asset retirement obligations |
|
|
91,864 |
|
|
|
131,208 |
|
Operating lease obligations |
|
|
17,415 |
|
|
|
31,722 |
|
Deferred income taxes |
|
|
- |
|
|
|
73,593 |
|
Other long-term liabilities |
|
|
23,863 |
|
|
|
24,928 |
|
Total liabilities |
|
|
815,136 |
|
|
|
3,611,750 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Predecessor common stock, $0.001 par value, 225,000,000 shares authorized; 91,743,571 issued and 91,326,469 outstanding as of December 31, 2019 |
|
|
- |
|
|
|
92 |
|
Successor common stock, $0.001 par value, 500,000,000 shares authorized; 38,051,125 issued and outstanding as of December 31, 2020 |
|
|
38 |
|
|
|
- |
|
Additional paid-in capital |
|
|
1,189,693 |
|
|
|
6,409,991 |
|
Accumulated earnings (deficit) |
|
|
39,073 |
|
|
|
(2,385,112 |
) |
Total equity |
|
|
1,228,804 |
|
|
|
4,024,971 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
2,043,940 |
|
|
$ |
7,636,721 |
|
WHITING PETROLEUM CORPORATION |
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||
(in thousands, except per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
OPERATING REVENUES |
|
|
|
|
|
|
|
||
Oil, NGL and natural gas sales |
|
$ |
212,274 |
|
|
|
$ |
380,601 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
||
Lease operating expenses |
|
|
55,455 |
|
|
|
|
72,043 |
|
Transportation, gathering, compression and other |
|
|
6,058 |
|
|
|
|
10,293 |
|
Production and ad valorem taxes |
|
|
18,242 |
|
|
|
|
35,416 |
|
Depreciation, depletion and amortization |
|
|
57,392 |
|
|
|
|
204,322 |
|
Exploration and impairment |
|
|
3,658 |
|
|
|
|
10,693 |
|
General and administrative |
|
|
11,389 |
|
|
|
|
35,172 |
|
Derivative loss, net |
|
|
55,308 |
|
|
|
|
46,338 |
|
Loss on sale of properties |
|
|
- |
|
|
|
|
283 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(2,106 |
) |
Total operating expenses |
|
|
207,502 |
|
|
|
|
412,454 |
|
INCOME (LOSS) FROM OPERATIONS |
|
|
4,772 |
|
|
|
|
(31,853 |
) |
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
||
Interest expense |
|
|
(5,952 |
) |
|
|
|
(45,773 |
) |
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
3,232 |
|
Interest income and other |
|
|
130 |
|
|
|
|
500 |
|
Reorganization items, net |
|
|
- |
|
|
|
|
- |
|
Total other income (expense) |
|
|
(5,822 |
) |
|
|
|
(42,041 |
) |
LOSS BEFORE INCOME TAXES |
|
|
(1,050 |
) |
|
|
|
(73,894 |
) |
INCOME TAX EXPENSE |
|
|
|
|
|
|
- |
|
|
Current |
|
|
147 |
|
|
|
|
- |
|
Deferred |
|
|
- |
|
|
|
|
73,593 |
|
Income tax expense |
|
|
147 |
|
|
|
|
73,593 |
|
NET LOSS |
|
$ |
(1,197 |
) |
|
|
$ |
(147,487 |
) |
LOSS PER COMMON SHARE |
|
|
|
|
|
|
|
||
Basic |
|
$ |
(0.03 |
) |
|
|
$ |
(1.62 |
) |
Diluted |
|
$ |
(0.03 |
) |
|
|
$ |
(1.62 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
||
Basic |
|
|
38,090 |
|
|
|
|
91,317 |
|
Diluted |
|
|
38,090 |
|
|
|
|
91,317 |
|
WHITING PETROLEUM CORPORATION |
|||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Successor |
|
|
Predecessor |
|
Non-GAAP |
|
Predecessor |
||||||||
|
|
Four Months
|
|
|
Eight Months
|
|
Combined
|
|
Year Ended
|
||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil, NGL and natural gas sales |
|
$ |
273,358 |
|
|
|
$ |
459,004 |
|
|
$ |
732,362 |
|
|
$ |
1,572,245 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expenses |
|
|
73,981 |
|
|
|
|
158,228 |
|
|
|
232,209 |
|
|
|
328,427 |
|
Transportation, gathering, compression and other |
|
|
8,038 |
|
|
|
|
22,266 |
|
|
|
30,304 |
|
|
|
42,438 |
|
Production and ad valorem taxes |
|
|
24,150 |
|
|
|
|
41,204 |
|
|
|
65,354 |
|
|
|
138,212 |
|
Depreciation, depletion and amortization |
|
|
77,502 |
|
|
|
|
338,757 |
|
|
|
416,259 |
|
|
|
816,488 |
|
Exploration and impairment |
|
|
7,865 |
|
|
|
|
4,184,830 |
|
|
|
4,192,695 |
|
|
|
54,738 |
|
General and administrative |
|
|
21,734 |
|
|
|
|
91,816 |
|
|
|
113,550 |
|
|
|
132,609 |
|
Derivative (gain) loss, net |
|
|
24,714 |
|
|
|
|
(181,614 |
) |
|
|
(156,900 |
) |
|
|
53,769 |
|
Loss on sale of properties |
|
|
395 |
|
|
|
|
927 |
|
|
|
1,322 |
|
|
|
1,964 |
|
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(5,116 |
) |
|
|
(5,116 |
) |
|
|
(9,069 |
) |
Total operating expenses |
|
|
238,379 |
|
|
|
|
4,651,298 |
|
|
|
4,889,677 |
|
|
|
1,559,576 |
|
INCOME (LOSS) FROM OPERATIONS |
|
|
34,979 |
|
|
|
|
(4,192,294 |
) |
|
|
(4,157,315 |
) |
|
|
12,669 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(8,080 |
) |
|
|
|
(73,054 |
) |
|
|
(81,134 |
) |
|
|
(191,047 |
) |
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
25,883 |
|
|
|
25,883 |
|
|
|
7,830 |
|
Interest income and other |
|
|
136 |
|
|
|
|
211 |
|
|
|
347 |
|
|
|
1,602 |
|
Reorganization items, net |
|
|
- |
|
|
|
|
217,419 |
|
|
|
217,419 |
|
|
|
- |
|
Total other income (expense) |
|
|
(7,944 |
) |
|
|
|
170,459 |
|
|
|
162,515 |
|
|
|
(181,615 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
27,035 |
|
|
|
|
(4,021,835 |
) |
|
|
(3,994,800 |
) |
|
|
(168,946 |
) |
INCOME TAX EXPENSE (BENEFIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current |
|
|
2,463 |
|
|
|
|
2,718 |
|
|
|
5,181 |
|
|
|
- |
|
Deferred |
|
|
(14,501 |
) |
|
|
|
(59,092 |
) |
|
|
(73,593 |
) |
|
|
72,220 |
|
Income tax expense (benefit) |
|
|
(12,038 |
) |
|
|
|
(56,374 |
) |
|
|
(68,412 |
) |
|
|
72,220 |
|
NET INCOME (LOSS) |
|
$ |
39,073 |
|
|
|
$ |
(3,965,461 |
) |
|
$ |
(3,926,388 |
) |
|
$ |
(241,166 |
) |
INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.03 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.11 |
) |
|
$ |
(2.64 |
) |
Diluted |
|
$ |
1.03 |
|
|
|
$ |
(43.37 |
) |
|
$ |
(103.11 |
) |
|
$ |
(2.64 |
) |
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
38,080 |
|
|
|
|
91,423 |
|
|
|
38,080 |
|
|
|
91,285 |
|
Diluted |
|
|
38,119 |
|
|
|
|
91,423 |
|
|
|
38,080 |
|
|
|
91,285 |
|
About Non-GAAP Financial Measures
WHITING PETROLEUM CORPORATION |
|||||||||
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) |
|||||||||
(in thousands, except per share data) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
Predecessor |
||||
|
|
Three Months
|
|
|
Three Months
|
||||
Net loss |
|
$ |
(1,197 |
) |
|
|
$ |
(147,487 |
) |
Adjustments: |
|
|
|
|
|
|
|
||
Amortization of deferred gain on sale |
|
|
- |
|
|
|
|
(2,106 |
) |
Loss on sale of properties |
|
|
- |
|
|
|
|
283 |
|
Impairment expense |
|
|
3,233 |
|
|
|
|
2,137 |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
|
(3,232 |
) |
Total measure of derivative loss reported under U.S. GAAP |
|
|
55,308 |
|
|
|
|
46,338 |
|
Total net cash settlements received (paid) on commodity derivatives during the period |
|
|
(4,973 |
) |
|
|
|
10,060 |
|
Restructuring and other significant cost drivers (1) |
|
|
3,025 |
|
|
|
|
- |
|
Tax impact of basis difference for Whiting Canadian Holding Company ULC |
|
|
147 |
|
|
|
|
73,593 |
|
Adjusted net income (loss) (2) |
|
$ |
55,543 |
|
|
|
$ |
(20,414 |
) |
Adjusted net income (loss) per share, basic |
|
$ |
1.46 |
|
|
|
$ |
(0.22 |
) |
Adjusted net income (loss) per share, diluted |
|
$ |
1.46 |
|
|
|
$ |
(0.22 |
) |
Company Contact: Brandon Day
Title: Investor Relations Manager
Phone: 303‑837‑1661
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Global Pipelay Vessel Operator Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The pipelay vessel operator market is poised to grow by $161.40 mn during 2021-2025 progressing at a CAGR of 3% during the forecast period.
The market is driven by the growth demand for oil and gas globally and new exploration policies.
The report on pipelay vessel operator market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The pipelay vessel operator market analysis includes application segment and geographical landscapes.
This study identifies increase in number of deepwater and ultra-deepwater drilling projects as one of the prime reasons driving the pipelay vessel operator market growth during the next few years.
The publisher's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading pipelay vessel operator market vendors that include Allseas Group SA, BOURBON Corp., DOF Subsea Group, Havila Shipping ASA, Hyundai Heavy Industries Co. Ltd., John Swire & Sons Ltd., McDermott International Inc., Saipem Spa, Subsea 7 SA, and TechnipFMC Plc. Also, the pipelay vessel operator market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers.
The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Vessel Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
For more information about this report visit https://www.researchandmarkets.com/r/9psnzh
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) has scheduled a conference call to discuss the results for the first quarter of 2021 on Wednesday, May 5, 2021 at 8:00 am (US Central Time). Financial results for the first quarter ending on March 31, 2021 are expected to be released that morning before the market opens.
The call will be broadcast through the Investor Relations link on NOW Inc.’s web site at ir.distributionnow.com on a listen-only basis. Listeners should log in prior to the start of the call to register for the webcast. A replay of the call will be available online for thirty days following the conference. Participants may also join the conference call by dialing 1-800-446-1671 within North America or 1-847-413-3362 outside of North America five to ten minutes prior to the scheduled start time and asking for the “NOW Inc. Earnings Conference Call” or the “DistributionNOW Earnings Conference Call.”
NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
Mark Johnson
Senior Vice President and Chief Financial Officer
(281) 823-4754
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.