Company Also Pays Down Revolver and Adds Additional Oil Hedges
MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSEAM: REI) (“Ring” or the “Company”) announced today the results of its fall 2020 redetermination of its $1 billion senior revolving credit facility (“Credit Facility”). The borrowing base was set at $350 million, or approximately 6.7% lower than its previous borrowing base of $375 million. The next regularly scheduled bank redetermination will be on or around May 1, 2021.
Management also announced that the Company paid down an additional $45 million against the Credit Facility, or 12.5% from the $360 million drawn as of September 30, 2020. This leaves the current amount drawn at $315 million dollars and approximately $35 million in available liquidity (plus cash on hand).
Additionally, the Company provided an update to their oil hedges for calendar years 2021 and 2022. The Company added 1,500 barrels of oil per day (“Bopd”) in additional oil hedges consisting of three 500 Bopd swaps at $45.45, $45.60, and $45.96 per barrel of oil, respectively. This brings the total amount of oil hedged for calendar year 2021 to 9,000 Bopd, a 50/50 balance of collars and swaps. The Company also secured four oil hedges for calendar year 2022, three 500 Bopd swaps at $44.22, $44.75, and $44.97 per barrel of oil, respectively, and one 250 Bopd swap at $45.98 per barrel of oil. A complete summary of the Company’s hedge positions for 2021 and 2022 are listed in the table below.
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Effective |
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Floor |
Ceiling |
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Commodity |
Date |
End Date |
Volume |
Structure |
Swap Price |
Price |
Price |
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(Bopd) |
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2021 |
WTI - Crude |
1/1/2021 |
12/31/2021 |
1,000 |
Costless Collar |
- |
$45.00 |
$52.71 |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
1,000 |
Costless Collar |
- |
$45.00 |
$55.08 |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
1,000 |
Costless Collar |
- |
$40.00 |
$55.08 |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
1,500 |
Costless Collar |
- |
$40.00 |
$55.35 |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
2,000 |
Swap |
$45.37 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
500 |
Swap |
$45.38 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
500 |
Swap |
$45.00 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
500 |
Swap |
$45.45 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2021 |
12/31/2021 |
500 |
Swap |
$45.60 |
- |
- |
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WTI - Crude |
1/1/2021 |
12/31/2021 |
500 |
Swap |
$45.96 |
- |
- |
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(MMBtu/d) |
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|
HH-Nat Gas |
1/1/2021 |
12/31/2021 |
6,000 |
Swap |
$2.991 |
- |
- |
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2022 |
WTI - Crude |
1/1/2022 |
12/31/2022 |
500 |
Swap |
$44.22 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2022 |
12/31/2022 |
500 |
Swap |
$44.75 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2022 |
12/31/2022 |
500 |
Swap |
$44.97 |
- |
- |
||||||||
|
WTI - Crude |
1/1/2022 |
12/31/2022 |
250 |
Swap |
$45.98 |
- |
- |
||||||||
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|
|
|
(MMBtu/d) |
|
|
|
|
||||||||
|
HH-Nat Gas |
1/1/2022 |
12/31/2022 |
5,000 |
Swap |
$2.726 |
- |
- |
Mr. Paul D. McKinney, Ring’s Chief Executive Officer and Chairman of the Board of Directors, stated, “Strengthening our balance sheet remains our primary focus and despite the challenges we’ve faced this year, the Company has reduced debt by $73 million from the high-water mark set in the second quarter of $388 million – that is a 19 percent reduction! I am confident that we can continue to allocate a disproportional amount of our free cash flow to paying down debt throughout 2021 and allocate the remaining free cash flow to maintaining or possibly modestly growing our production.”
Mr. McKinney further remarked “Adding the swaps secures our free cash flow and ability to maintain our 2021 drilling program without fear of another retraction in oil prices. With the volatility we have experienced in oil prices, taking the defensive position we have with oil hedges is in the best interest of our shareholders at this time.”
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations in Texas and New Mexico.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “forecast,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. This press release and any accompanying disclosures may include or reference certain forward-looking, non-GAAP financial measures, such as free cash flow, and certain related estimates regarding future performance, results and financial position. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties, which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019, its Form 10Q for the quarter ended September 30, 2020 and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.
David A. Fowler, President
Ring Energy, Inc.
(432) 682-7464
SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced that the 150 megawatt (MW) Merricourt Wind Project achieved commercial operation and has been turned over to Otter Tail Power Company, a subsidiary of Otter Tail Corporation (Nasdaq Global Select Market: OTTR). EDF Renewables developed and managed the construction process for Otter Tail Power under an Asset Purchase Agreement and turnkey Engineering, Procurement, and Construction (EPC) Agreement.
Located approximately 10 miles southwest of Kulm, North Dakota, in McIntosh and Dickey Counties, the Project created 260 construction jobs as well as injected millions of dollars in economic benefits to the local area. The 75 Vestas wind turbines are expected to generate enough energy to meet the consumption of nearly 65,000 homes1 annually.
“North Dakota’s abundant wind resource and supportive regulatory environment combine to create an opportunity to provide low-cost, reliable clean energy to utilities like Otter Tail Power Company,” said Kate O’Hair, Vice President, North Region Development at EDF Renewables. “After many years of development, we are thrilled to see this project fully operational. Our gratitude goes out to Otter Tail Power Company for making this project a reality, and especially the local community and landowners who have supported Merricourt Wind through the years.”
“Completing the Merricourt Wind Energy Center marks a major milestone,” said Otter Tail Power Company President Tim Rogelstad. “At approximately $260 million, Merricourt is the largest capital investment in Otter Tail Power Company’s history. Thank you to EDF Renewables and everyone involved with this project. Your tireless efforts and dedication have made it possible.”
EDF Renewables is one of the largest renewable energy developers in North America with 16 gigawatts of wind, solar, and storage projects developed throughout the U.S., Canada, and Mexico.
With 35 years of experience and 16 gigawatts of renewable projects developed throughout North America, EDF Renewables provides a fully integrated bundle of energy solutions from grid-scale wind, solar, and solar plus storage projects to electric vehicle charging and energy storage management.
1 According to U.S. Energy Information Administration (EIA) 2018 Residential Electricity Sales and U.S. Census Data
About EDF Renewables North America:
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
Sandi Briner, +1 858-521-3525
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DUBLIN--(BUSINESS WIRE)--The "Thermal Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global thermal energy storage market is currently witnessing strong growth. Looking forward, the publisher expects the market to register a CAGR of 9.5% during 2020-2025.
Thermal energy storage refers to a power storage system that is used for transferring and storing energy obtained from ice, cold air or water for later usage. It includes sensible, latent and thermochemical heat storage that is based on molten salt, ice and miscibility gap alloy technology (MGA). Some of these solutions are used for storing hot or cold energy for powering electrical systems in commercial and residential complexes, while others are used for storing solar energy in the summers, which is further utilized in the winters. This aids in preventing the overutilization of conventional energy from the grid systems.
Increasing emphasis on the utilization of renewable energy resources across the globe is one of the key factors driving the growth of the market. The growing demand for thermal energy storage systems in heating, ventilation and air conditioning (HVAC) technology for large-scale heating and cooling is also providing a boost to the market growth. Furthermore, concentrated solar power (CSP) is increasingly being integrated with the thermal energy storage systems to offer grid flexibility and minimize efficiency losses by generating electricity through dry cooling during lower ambient temperatures.
Additionally, increasing environmental consciousness, coupled with the growing adoption of thermal energy storage for power generation in green buildings, is acting as another growth-inducing factor. Other factors, including the implementation of favorable government policies to promote sustainable infrastructural development, along with extensive research and development (R&D) activities, are projected to drive the market further.
Companies Mentioned
Key Questions Answered in this Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Thermal Energy Storage Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Forecast
6 Market Breakup by Storage Type
6.1 Sensible Heat Storage
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Latent Heat Storage
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Thermochemical Heat Storage
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Technology
7.1 Molten Salt Technology
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Electric Thermal Storage Heaters
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Solar Energy Storage
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Ice-Based Technology
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Miscibility Gap Alloy Technology (MGA)
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Material Type
8.1 Water
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Molten Salt
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Phase Change Materials (PCM)
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Application
9.1 Power Generation
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 District Heating and Cooling
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Process Heating and Cooling
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by End-Use
10.1 Residential and Commercial Sector
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Utility Industry
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Other Industries
10.3.1 Market Trends
10.3.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.2 Asia Pacific
11.3 Europe
11.4 Latin America
11.5 Middle East and Africa
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/d92ui8
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MINNEAPOLIS--(BUSINESS WIRE)--On Thursday, January 28, 2021, Xcel Energy (NASDAQ: XEL) will host a conference call to review fourth quarter and year end 2020 financial results. Earnings will be released prior to the opening of trading.
The call will begin at 9:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. You will be asked for the conference ID number.
US Dial-In: 888-394-8218
International Dial-In: 400-120-8590
Conference ID: 6174235
The conference call will also be simultaneously broadcast and archived on our website, along with an MP3 download, at the following location:
http://www.xcelenergy.com
Under Company, select: Investor Relations
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on January 28 through 12:00 p.m. on January 31, Central Time.
Replay Numbers
US Dial-In: 888-203-1112
International Dial-In: 719-457-0820
Replay Passcode: 6174235
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.
Financial analysts may call:
Paul Johnson, Vice President - Investor Relations 612-215-4535
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) announced today the settlement and final results of its previously announced cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.125% senior unsecured notes due 2022 (the “2022 Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on December 16, 2020 (the “Expiration Time”).
As of the Expiration Time, $242,704,000 aggregate principal amount of the 2022 Notes (34.7%) were validly tendered, as reported by the information agent for the Tender Offer, which includes 2022 Notes validly tendered pursuant to guaranteed delivery procedures. Blue Racer accepted for payment all such 2022 Notes validly tendered and not validly withdrawn in the Tender Offer and paid for such 2022 Notes today, December 23, 2020. Concurrently with the launch of the Tender Offer, Blue Racer gave notice of its intent to redeem, on January 7, 2021, any and all 2022 Notes not purchased in the Tender Offer, pursuant to the terms of the indenture governing the 2022 Notes, conditioned upon and subject to Blue Racer's (i) successful completion of its previously announced debt financing transaction, which has been satisfied, and (ii) borrowing of at least $150.0 million under its revolving credit facility.
Blue Racer engaged RBC Capital Markets, LLC, Wells Fargo Securities, LLC and TD Securities (USA) LLC to serve as dealer managers for the Tender Offer, and Global Bondholder Service Corporation to serve as the information agent for the Tender Offer.
The complete terms and conditions of the Tender Offer are described in the offer to purchase, dated December 8, 2020, and related notice of guaranteed delivery, copies of which are available at https://www.gbsc-usa.com/blueracer/ or may be requested from the information agent for the Tender Offer, Global Bondholder Service Corporation, by telephone at (866) 470-3700 (toll free) or for banks and brokers, at (212) 430-3774, and by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Persons with questions regarding the Tender Offer should contact the lead dealer manager for the Tender Offer, RBC Capital Markets, LLC, at (877) 381-2099 (toll free) or (212) 618-7843.
This press release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Casey Nikoloric, Managing Principal, TEN|10 Group
303.433.4397, x101 o | 303.507.0510 m | This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#GlobalOffshoreOilandGasPipelineMarket--The offshore oil and gas pipeline market is poised to grow by USD 2.79 bn during 2020-2024 progressing at a CAGR of over 4% during the forecast period.
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The report on the offshore oil and gas pipeline market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increase in global energy demand.
The offshore oil and gas pipeline market analysis includes the product segment and geography landscape. This study identifies the economic benefits of offshore pipelines than other oil and gas transportation modes as one of the prime reasons driving the offshore oil and gas pipeline market growth during the next few years.
This report 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.
The offshore oil and gas pipeline market covers the following areas:
Offshore Oil And Gas Pipeline Market Sizing
Offshore Oil And Gas Pipeline Market Forecast
Offshore Oil And Gas Pipeline Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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LAKE MARY, Fla.--(BUSINESS WIRE)--#ChangeInPower--Accelerating plans toward a low-carbon future, Capital Power (TSX: CPX) has ordered two Mitsubishi Power M501JAC gas turbines to repower its Genesee Units 1 and 2 in Alberta, Canada, from coal to natural gas. The units will combine best-in-class Mitsubishi Power air-cooled combustion turbines and heat recovery steam generators with the existing steam turbine generators. With greater than 64 percent efficiency, the Genesee units will be the most efficient combined cycle plants in Canada. The plant will provide 1,360 megawatts (MW) of net capacity, and carbon emissions intensity will decrease by approximately 60 percent to a level below the Alberta Technology Innovation and Emissions Reduction (TIER) regulation benchmark.
The M501JAC gas turbines are hydrogen-capable to support future decarbonization. They will be able to operate on a mixture of natural gas and up to 30 percent hydrogen. The units can be converted in the future to operate on 100 percent hydrogen for zero carbon emissions, enhancing Capital Power’s standing as among the cleanest large-scale power generators in Canada.
“Capital Power is following a strategy toward a low-carbon future with a target to be net carbon neutral before 2050,” said Brian Vaasjo, President and CEO of Capital Power. “The repowering of Genesee Units 1 and 2 with Mitsubishi Power technology will position the Genesee station to be off-coal in 2023, delivering 3.4 megatonnes of annual carbon emission reductions, and will position it for additional carbon emission reductions in the future.”
The repowering project timeline calls for the units to operate in natural gas simple cycle mode during construction, allowing the Genesee station to be off-coal in 2023, with expected repowering completion of Unit 1 in 2023 and Unit 2 in 2024. The project is expected to employ up to 500 workers during peak construction phases.
The M501JAC gas turbines’ flexibility and efficiency will enable Capital Power to balance even more intermittent renewable energy resources in Alberta. Capital Power is adding roughly 260 MW of solar and wind energy with delivery between now and 2022.
Paul Browning, President & CEO of Mitsubishi Power Americas, said, “Mitsubishi Power is pleased to support Capital Power’s repowering project to convert from coal to natural gas, and eventually to hydrogen with zero carbon emissions. The station will become a model for reliability, availability, efficiency and sustainability. Capital Power is building for a decarbonized future with the reliable and efficient hydrogen-ready M501JAC. Together with Capital Power, we are achieving a Change in Power.”
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power is a part of Mitsubishi Power, Ltd., a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
About Capital Power
Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns approximately 6,500 MW of power generation capacity at 28 facilities across North America. Approximately 425 MW of owned generation capacity is in advanced development in Alberta and North Carolina.
Sharon Prater
+1 407-688-6200
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ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a leading investor in climate solutions, today announced a preferred equity investment in an approximately 1.6 gigawatt (GW) onshore wind and utility-scale solar portfolio developed and managed by Clearway Energy Group, one of the largest developers and operators of clean energy in the United States with a pipeline of 9 GW of renewable energy through 2022.
The large-scale, diversified, and highly contracted renewables portfolio includes 874 megawatts (MW) of onshore wind, 192 MW of utility-scale solar, and 557 MW of utility-scale solar with 395 MW of co-located storage (seven projects in total) located in four states: California, Hawaii, Texas, and West Virginia. The partnership combines Hannon Armstrong's expertise in providing long-term investment for climate solutions with the world-class development and asset owner-operator experience of Clearway Energy Group.
"We are pleased to expand our relationship with Clearway Energy Group through a preferred equity investment in this portfolio of renewable assets," said Hannon Armstrong Chairman and CEO Jeffrey W. Eckel. "Clearway's mission to accelerate the world's transformation to a clean energy future is aligned with our purpose as a climate-positive investor. These assets will be a significant addition to our portfolio, offering increased scale and diversity to our business and supporting continued growth in recurring Net Investment Income," added Eckel.
"We are thrilled to partner with Hannon Armstrong on such an impactful portfolio transaction," said Craig Cornelius, Chief Executive Officer at Clearway Energy Group, LLC. "This geographically diverse portfolio of wind, solar, and energy storage projects represents the economic opportunity of renewable energy in every corner of this country. Taken together, more than 2,500 American jobs will be created to build and operate these clean energy assets, which will go on to supply clean low-cost power to hundreds of thousands of households and businesses across the United States. This agreement with our investment partners will be pivotal in Clearway's continued ability to provide clean energy at the scale our country demands while helping to deliver on investors' growing interest in climate change solutions."
In accordance with the terms of the investment, which reached financial close on December 21, 2020, Hannon Armstrong will hold a preferred equity interest in a number of holding companies owning the cash equity interests in individual portfolio operating projects and will participate in the cash flows from such projects. Hannon Armstrong has funded approximately $200 million of its investment to date and anticipates funding the remaining portion in 2021 and 2022. Once fully funded, Hannon Armstrong's total investment in the portfolio will be approximately $663 million.
The remaining ownership of cash equity interests in the holding companies will be held by Clearway Energy, Inc. (NYSE: CWEN, CWEN.A), a publicly traded affiliate of Clearway Energy Group focused on ownership of modern, sustainable, and long-term contracted assets across North America. Clearway Energy Group will continue to manage the assets and provide operations and maintenance services.
Highlights
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of September 30, 2020, Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.
Forward Looking Statements
Some of the information in this press release contains forward-looking statements and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission ("SEC"), as well as in other reports that we file with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
Media
Gil Jenkins
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443-321-5753
Investors
Chad Reed
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410-571-6189
DUBLIN--(BUSINESS WIRE)--The "Liner Hanger System Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for liner hanger system is expected to witness a CAGR of more than 5.46% during the forecast period (2020-2025).
Companies Mentioned
Key Market Trends
Increasing Demand from the Offshore Sector
The offshore oil and gas industry accounts for about 30% of the global crude oil production. The Middle East, North Sea, Brazil, and the Gulf of Mexico are the major offshore oil and gas producing regions.
Asia-Pacific to Witness the Fastest Growth
The Asia-Pacific region is expected to witness the fastest growth during the forecast period, with China being by far the largest market. In response to President Xi Jinping's call, in August 2017, to expedite domestic exploration and production activities (particularly for natural gas) to improve energy security, several companies, such as CNOOC, CNPC, and Sinopec, are set to increase their capital expenditure in exploration, development, and production activities. This will mean a significant boost to businesses for liner hanger systems, in the coming years.
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2025
4.3 Global Onshore and Offshore Active Rig Count of Major Countries
4.4 Estimated Number of Liner Hanger System Used in 2018, by Region and US Basin
4.5 Onshore CAPEX Forecast in USD billion, till 2025
4.6 Offshore CAPEX Forecast in USD billion, by Region, till 2025
4.7 Historical and Forecast of Production from Deepwater, Oil Sands, and Tight Oil, till 2025
4.8 Brent Crude Oil and Henry Hub Spot Prices Forecast, till 2025
4.9 Key Upstream Projects for Investment Purposes
4.10 Recent Trends and Developments
4.11 Market Dynamics
4.11.1 Drivers
4.11.2 Restraints
4.12 Industry Supply Chain Analysis
4.13 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Conventional Liner Hangers
5.1.1.1 Mechanical Liner Hangers
5.1.1.2 Hydraulic Liner Hangers
5.1.2 Expandable Liner Hangers
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 South America
5.3.4 Asia-Pacific
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/tqp4qn
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Texas Oversized Market Seen as Prime Area for Carrier Growth
HOUSTON--(BUSINESS WIRE)--Port Houston will be the first port of call in the United States on a new direct Trans-Pacific Asia service being launched by THE Alliance called the “EC6,” an East Coast all-water service via Panama calling the U.S. Gulf.
Economic expansion and corporate relocations (Tesla, Hewlett Packard, Oracle are among several new corporate relocations recently announced) have fueled a large and fast growing consumer base and strong housing market which has translated to new import distribution centers in Houston and throughout Texas. Combined with the biggest manufacturing region in the North America for exports, Houston and the U.S. Gulf is a prime area for carrier service growth.
In its service network announcement for 2021, member carriers of THE Alliance which include Ocean Network Express (ONE), Hapag-Lloyd, Hyundai Merchant Marine (HMM) and Yang Ming Line have stated they are, “launching the East Coast Loop 6 (EC6), the first service within THE Alliance network to directly and seamlessly connect the US Gulf with important ports in Asia.”
“With the introduction of the EC6, HMM is delighted to add direct coverage between Asia and Port Houston to our expanding global service portfolio,” said Jay Y. Lee, Chairman and CEO, HMM (America) Inc. “The EC6 will allow us to better serve our current customers who have voiced their desire for options between the US Gulf and Asia as well as open up a growing market for us,” continued Mr. Lee.
Among the nation’s top container ports, Port Houston was 2019’s fastest-growing, according to data from maritime sector data vendor IHS Markit PIERS. Port Houston nearly hit the 3 million mark for twenty-foot equivalent units last year, recording 2,987,291 TEUs and is on track to approach the same record for 2020 despite the pandemic.
“We are very excited about the start of this new service by THE Alliance. It offers our regional exporters and importers new options,” Executive Director Roger Guenther said. “We look forward to providing them great efficiencies through our modern facilities.”
“Port Houston’s strategy of relentless focus on customer service and continued investment in terminal capacity allows it to seamlessly handle double digit growth in container volumes,” stated Guenther.
Port Houston is a prominent import gateway with a growing population base that is adding to customer demand. Loaded imports at Port Houston grew 5% in 2019, driven by a broad spectrum of companies from sectors including retail, alternative energy, food and beverage, and industrial materials.
“Hapag Lloyd has had a long presence in Houston and the Gulf. The new EC6 service will provide a new premium solution to our customers in Texas, Louisiana, Alabama and the Southern United States. Port Houston is a great partner and is among the best terminal operators in North America,” stated Uffe Ostergaard, President of Hapag Lloyd, North America.
The new service launched by THE Alliance is part of an adjustment of its overall network. THE Alliance said they made changes to offer customers more capacity in trade lanes with the greatest demand. Additionally, the network has been evaluated and reconfigured to ensure better frequency, more competitive transit times and comprehensive port coverage.
The EC6 service will call the ports of Kaohsiung – Hong Kong – Yantian – Ningbo – Shanghai – Pusan – (Panama) and Houston on a weekly basis before making stops in New Orleans and Mobile before returning to Panama and onward to Kaohsiung.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals of the greater Port of Houston – the nation’s largest port for the foreign waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. nation. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and total of $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.
Bill Hensel, Manager External Communications, Office: 713-670-2893; Mobile: 832-452-5776; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
New Projects Totaling 387 Megawatts of Capacity to Come Online by August 2023
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) has requested California Public Utilities Commission (CPUC) approval of six additional battery energy storage projects totaling 387 megawatts (MW) of capacity, intended to further integrate clean energy from renewable generation sources while helping to ensure future reliability of the electric system.
The six project agreements complete PG&E’s procurement requirements outlined in a November 2019 CPUC decision that identified potential electric system reliability issues beginning in summer of 2021. In that decision, the CPUC authorized PG&E to procure at least 716.9 MW of system reliability resources to come online between August 1, 2021 and August 1, 2023.
In May, PG&E announced the results of its first round of procurement: 423 MW of battery energy storage capacity, scheduled to be online by August 2021.
“The next few years will be pivotal for the deployment and integration of utility-scale battery energy storage onto the grid. PG&E has awarded contracts for battery energy storage projects totaling more than 1,000 MW of capacity to be deployed through 2023, all of which contribute to meeting California’s ambitious clean energy goals while ensuring grid efficiency and reliability, reducing the need to build additional fossil fuel generation plants, and keeping customer costs affordable,” said Fong Wan, senior vice president, Energy Policy and Procurement, PG&E.
Project Details
The project agreements resulted from a competitive request for offers (RFO) PG&E launched in July. The six new projects listed below all feature lithium-ion battery energy storage technology, each with a four-hour discharge duration.
The AMCOR project, the Lancaster Battery Storage project, and the LeConte Energy Storage project – totaling 194 MW – are scheduled to come online by August 2022.
The North Central Valley Energy Storage project and both Daggett projects – totaling 193 MW – are scheduled to be online by August 2023.
Counterparty (Project Name) |
Technology |
Initial
|
Term
|
Size
|
Nexus Renewables U.S. INC (AMCOR) |
Lithium Ion Batteries |
8/1/2022 |
15 |
27 |
Lancaster Battery Storage, LLC (Lancaster Battery Storage) |
Lithium Ion Batteries |
8/1/2022 |
15 |
127 |
LeConte Energy Storage, LLC (LeConte Energy Storage) |
Lithium Ion Batteries |
8/1/2022 |
15 |
40 |
North Central Valley Energy Storage, LLC (North Central Valley Energy Storage) |
Lithium Ion Batteries |
8/1/2023 |
15 |
132 |
Daggett Solar Power 2, LLC (Daggett 2 BESS) |
Lithium Ion Batteries |
8/1/2023 |
15 |
46 |
Daggett Solar Power 3, LLC (Daggett 3 BESS) |
Lithium Ion Batteries |
8/1/2023 |
15 |
15 |
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (OTC: PACDQ) announced today that the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) on December 21, 2020.
“The Court’s confirmation of our Plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6th and 7th generation drillships,” said Bernie G. Wolford, Chief Executive Officer of the Company.
In accordance with the confirmed Plan, the Company will de-lever its balance sheet by eliminating over $1 billion of funded debt obligations and have access to additional liquidity to operate going forward with approximately $100 million in cash on hand at emergence and an undrawn $80 million senior secured delayed draw term loan exit facility.
Additional information regarding the restructuring and Chapter 11 proceedings, including the Plan, can be found (i) on the Company’s website at www.pacificdrilling.com/restructuring, (ii) on a website administered by Prime Clerk, at http://cases.primeclerk.com/PacificDrilling2020, or (iii) via our dedicated restructuring information line at: +1 877-930-4314 (toll free) or +1 347-897-4073 (international).
Advisors
Greenhill & Co. is acting as financial advisor, Latham & Watkins LLP and Jones Walker LLP are serving as legal counsel, and AlixPartners is acting as restructuring advisor to the Company in connection with the restructuring. Houlihan Lokey is acting as financial advisor and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor to an ad hoc group of noteholders.
About Pacific Drilling
With our best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including the Chapter 11 proceedings and the Plan of Reorganization, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the timing of our expected emergence from our Chapter 11 proceedings; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the time it may take to execute the steps required for us to emerge from our Chapter 11 proceedings and any unexpected delays of contingencies that may arise; evolving risks from the COVID-19 outbreak and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020, which if sustained would continue to have a material adverse effect on our financial condition, results of operations and cash flow; changes in actual and forecasted worldwide oil and gas supply and demand and prices, and the related impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; rig availability and supply of, and demand for, high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions of existing drilling contracts; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that the Company receives for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; our ability to continue as a going concern; the effects of the Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; increased advisory costs to execute the prearranged Plan; the potential adverse effects of the Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to the Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the potential effects of the delisting of our common shares from trading on the New York Stock Exchange, including how long our common shares will trade on the over-the-counter market; the potential effects of the anticipated suspension by the Company of its reporting obligations to the Securities and Exchange Commission (“SEC”); and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the SEC on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 8, August 7, and November 6, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
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Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has closed on a new $330 million Senior Secured Term Loan B (“TLB”). The TLB matures on December 23, 2027.
DXP intends to use the proceeds to repay the existing Term Loan B, which will be terminated on that payment; and the remaining for general corporate purposes, potential acquisitions and transaction fees and expenses. The transaction provides DXP with operational and financial flexibility to reinvest in the business and pursue its strategy around organic and targeted acquisition growth.
The Term Loan B is priced at 4.75% over LIBOR and includes a secured leverage covenant ranging from 5.75:1 to 4.75:1. The new loan under the credit agreement is secured by the company’s consolidated assets.
David R. Little, Chairman and CEO remarked, “We are pleased with the successful execution of this refinancing and our efforts to maintain our existing debt pricing while improving the terms from our existing facility. We will take this positive momentum and close out the year strong and look to drive growth in 2021. The successful closing of this new term loan following the disruptions caused by COVID-19 demonstrates the confidence lenders have in our current and long-term plans.”
Kent Yee, CFO added, “We are pleased to announce the completion of this refinancing, which accomplished several important objectives, including extending our debt maturities and further enhancing our strong liquidity position with a more flexible balance sheet and improving key terms. DXP is well-positioned to support its disciplined growth strategy well into the future. We experienced strong market interest and demand for this transaction, demonstrating the confidence that existing and new lenders, investors and other financial participants have in DXP. We appreciate the support from our advisors and lender group. Based on the transaction closing at the end of the third quarter, DXP’s net debt to EBITDA was 2.6:1”
Additional detail regarding the TLB will be available in DXP’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission by December 31st.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.
Kent Yee
Senior Vice President CFO
713-996-4700 – www.dxpe.com
LONDON--(BUSINESS WIRE)--#GlobalFuelOilMarket--The fuel oil market is poised to decline by USD 84.77 bn during 2020-2024, decelerating at a CAGR of about 13% during the forecast period.
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The report on the fuel oil market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by the rise in world energy demand.
The fuel oil market analysis includes application segment and geography landscape. This study identifies the rise in world refining capacity as one of the prime reasons driving the fuel oil market growth during the next few years.
This report 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.
The fuel oil market covers the following areas:
Fuel Oil Market Sizing
Fuel Oil Market Forecast
Fuel Oil Market Analysis
Companies Mentioned
Related Reports on Energy Include:
Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS.TO #copper--Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) is pleased to report the release of its inaugural Sustainability Report, which will become an annual disclosure item. The report includes the following introductory letter that is addressed to Altius’s many valued stakeholders:
Dear Altius Stakeholder,
We are delighted to provide you with our first formal sustainability report. Within this you will discover the many ways in which Altius is a leader and innovator in terms of its environmental, social and governance, or ESG, responsibilities.
While much has been said in recent times of the risk factors that poor ESG adherences represent to investors and other stakeholders, which we generally concur with, we also believe that strong ESG practices are a path to outsized long-term business opportunities and growth.
Being a strong steward of the environment, respecting the rights and needs of the people our operations touch and going the extra mile to ensure that our governance policies and practices exceed the expectations of those whose investments we have been given the privilege of overseeing, is not a box ticking exercise at Altius. It is our culture, and it is good business.
Societal level ideals and capitalism are more aligned than ever before as evidenced by the extraordinary migration of investment flows towards asset managers and businesses that preferentially invest with a focus on global sustainability best practices, while increasingly shunning those that resist adaptations that science and society believe are necessary to ensure we leave a positive legacy for future generations.
Within Altius, our clearest example of this type of adaptation relates to our strategy to reinvest the remaining proceeds from our phasing out coal power generation based royalties into a new renewable energy royalty business. 2020 has been a pivotal year, as our internal estimate of the value of the renewable royalties has eclipsed the remaining value of the coal royalties. Renewables now represent a rapid growth area, while coal is quickly becoming a “rearview mirror” component of our portfolio.
Society is speaking loudly and clearly with its collective capital in saying it wants change to happen now - if not yesterday. We believe that businesses that quickly embrace these transitions as opportunities to innovate will prosper.
In the pages that follow you will hopefully come to understand that Altius means to be part of the group that prospers and that it has been squarely positioning itself for some time to do just that. We also understand that capturing the full opportunity that these macro-trend transitions offer will require continuous innovation and adaptation.
To this goal, we welcome your feedback on the content of our inaugural sustainability report as we continue to strive to develop Altius as the leading natural resource royalty company – as defined by both its long-term sustainability record and its investment returns profile.
Brian Dalton, President & CEO
The Sustainability Report is available on the Corporation’s website at www.altiusminerals.com, and will be emailed to shareholders and ratings agencies.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 41,464,462 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
For further information, please contact:
Flora Wood
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Direct: +1(416)346.9020
Ben Lewis
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Tel: 1.877.576.2209
TAIPEI, Taiwan--(BUSINESS WIRE)--CPC Corporation, Taiwan (CPC) has been exploring for oil in Africa for decades. In 2006, it signed a contract with Chad’s Ministry of Petroleum and Energy under the name of OPIC Africa. In 2011, it discovered a large amount of crude oil at the first well. In 2017, it was granted the development and production license for the Oryx Concession. It conducted trial production in February 2020. In October 2020, the first cargo of oil produced from Oryx Concession — a tanker carrying about 950,000 barrels of crude oil — departed from the Kribi terminal in Cameroon and arrived in Taiwan at the end of November. On December 1, CPC held a ceremony to celebrate the first cargo of Chadian crude oil arriving in Taiwan at the Dalin Refinery operated by CPC’s Refining Business Division, to announce the latest results of its overseas petroleum exploration project.
CPC Chairman Jerry Ou said at the ceremony: “The Chad Oryx Concession is the first time that CPC has conducted exploration overseas as an operator and entered into development and production phase. This shows that CPC has the capacity to manage the whole life cycle of petroleum exploration and production project by itself. In the future, CPC will replicate its successful experience in Chad and will continue to expand overseas exploration areas to help achieve energy independence for Taiwan.”
Over the past 40 years, CPC has participated in global exploration as well as mergers and acquisitions. In recent years, it has achieved brilliant accomplishments in Africa, Australia, South America, and Southeast Asia, all of which increased Taiwan’s ability to maintain national energy security. CPC will continue to work towards the vision of building itself into an international petroleum upstream sector business with a high asset value.
The seismic surveys, drilling, development and production of the Chad Oryx Concession are all managed by CPC. The company is proud of its expertise in geoscience, oil well drilling and geological modeling technology. Its international export technical services and the technology for oilfield development planning also can be shared with the international community.
Established 74 years ago, CPC is Taiwan’s largest energy group and is listed in Fortune’s Global 500. It is an integrated energy group covering the upper, middle and downstream petroleum industries.
Luo Tsuei-yi
886-2-5051180 ext.680
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (NASDAQ: CLNE) applauds the passage by the U.S. Congress of an alternative fuel tax credit which will continue to support the expansion of renewable natural gas (RNG), the cleanest transportation fuel that is currently powering tens of thousands of large vehicles every day. President Trump is expected to soon sign the legislation which extends the credit through 2021 and applies to RNG in compressed natural gas (CNG) or liquefied natural gas (LNG) applications.
“This extension of the tax credit comes at a particularly opportune time as more fleets are realizing the tremendous impact that RNG is having on reducing carbon and the long-term impact it has on climate change,” said Andrew J. Littlefair, president and CEO of Clean Energy. “We applaud Congress and the President for taking this action and encourage the implementation of permanent measures to encourage further use of this superior and clean fuel.”
The legislation includes the Alternative Fuels Tax Credit, which extends the $0.50 per gallon fuel credit/payment for the use of RNG as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property.
RNG is derived from organic waste at dairies and other agricultural facilities and landfills. Carbon emissions captured from dairies and turned into a transportation fuel reduce the harmful effects on long-term climate change. As a result, the California Air Resources Board gives carbon-negative RNG a CI Score (gCO2e/MJ) of -250 (or lower) compared to 97 for diesel and 46 for electric batteries. The demand for this carbon-negative fuel has significantly accelerated over the last few years. Some of the largest heavy-duty fleets in the world such as UPS, Republic Services, New York Metropolitan Transportation Authority and LA Metro, among others, are currently and successfully operating tens of thousands of vehicles on RNG.
Natural gas vehicles are powered by American fuel, American technology, and American innovation. No commercially-available heavy-duty powertrain solution runs cleaner than natural gas, and the cleanest heavy-duty truck engine in the world is powered by natural gas.
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 Redeem™ 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 Redeem 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 CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Investor Contact:
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LONDON & OSLO, Norway--(BUSINESS WIRE)--Bulk Infrastructure Holding AS, a Nordic data center, fiber network developer and operator, and logistics real estate developer, announced a new partnership with BentallGreenOak (BGO), a global real estate investment manager, as a strategic partner and investor. BentallGreenOak has committed NOK 1.5 billion (approximately €140 million) to support the future growth of Bulk Infrastructure’s core lines of business.
BentallGreenOak joins main shareholders, Bulk Industrier and Geveran, in securing capital for the company’s future growth, with a series of capital injections from BGO and existing shareholders that will take place from January, 2021. John Carrafiell, Senior Managing Partner and Co-founder of BentallGreenOak, will join Bulk Infrastructure’s Board of Directors, and founder, Peder Nærbø, and his company Bulk Industrier, will continue to work actively within the company and remain the lead investor and Chairman of the Board. Bulk Infrastructure’s capital-intensive investments are advancing scalable, sustainable solutions in infrastructure and real estate that are poised to make long-lasting, positive impacts to the environment.
Bulk Infrastructure, in partnership with BentallGreenOak, expects to invest in the continuing development of its N01 Data Center Campus in south Norway. At 3 million sqm (740 acres) and up to 1 GigaWatt of IT power, N01 Campus has the ambition to become the world’s largest data center campus powered by 100% renewable energy. This data center campus provides integral access to Bulk Infrastructure’s recently completed Havfrue fiber cable, the first trans-Atlantic subsea cable system into the Nordics in almost two decades, providing unparalleled connectivity between Northern Europe and the U.S. Bulk Infrastructure’s planned new cable project, called Leif Erikson, between Norway and Atlantic Canada will further improve connectivity, and build on BGO’s strong position and history in the Canadian market.
“We want to unlock the potential the Nordics and renewable energy has to offer in sustainable digital infrastructure,” says Peder Nærbø, founder of Bulk Infrastructure. “With a top tier international investor like BentallGreenOak in our company, we will enable faster growth and better scale for our opportunities,” the founder continues. “This provides us with a great platform for reaching our vision of bringing sustainable infrastructure to a global audience, and to serve the biggest and most demanding customers out there,” says Nærbø.
“This partnership with Bulk Infrastructure is a perfect match for BGO,” says Senior Managing Partner and Co-founder of BentallGreenOak, John Carrafiell. “BGO has been focused on the European logistics market since 2013, and, similar to Bulk's own evolution, considers data centers to be a natural extension of the firm’s real estate investment strategy. Bulk Infrastructure's commitment to building on the Nordic region's natural advantages to deliver strong economic and environmental performance in real estate and infrastructure, is well-aligned with BGO's own investment priorities. We are pleased to be developing exciting new pathways, on behalf of our investors, that deliver performance-driven investment opportunities that also benefit the local economy and maintain a focus on environmental sustainability.”
“This partnership provides us with a solid financial platform as Bulk Infrastructure is opportunity rich in all three business areas. As an example, we see opportunities for major capacity add in our three existing Data Center campuses as well as in other Nordic destinations. Bulk Infrastructure’s combination of reliable and cost-effective access to 100% green power from renewable sources, cold climate, stable business environment, and well-positioned fiber optic network, is uniquely situated to attract a significant share of the rapidly growing European and global data center market,” says Bulk Infrastructure CEO, Jon Gravråk.
Arctic Securities, Pareto Securities, PwC and Schjødt served as advisors to Bulk Infrastructure on the partnership and BentallGreenOak were advised by Wiersholm and EY.
About Bulk Infrastructure
Bulk Infrastructure is a leading provider of sustainable digital infrastructure in the Nordics. We are an industrial investor, developer and operator of industrial real estate, data centers and dark fiber networks. We believe in the value creation opportunity of enabling our digital society to be fully sustainable. Our ambition is to be the go-to player for anyone that wants to leverage the Nordics for data processing requirements of the future. We have a track record of delivering high quality and cost-effective customer solutions with short time to market. Hence our vision: Racing to bring sustainable infrastructure to a global audience.
Bulk Industrial Real Estate maintains a landbank of strategic locations for industrial real estate projects in Norway, Sweden and Denmark. Based on standard designs, we develop, build and operate warehouse buildings, cross dock terminals and other industrial facilities.
Bulk Data Centers delivers strategically located Nordic data centers and a dedication to service excellence that enable customers to reduce costs and environmental impact with ultra-flexible, highly connected and scalable solutions.
Bulk Fiber Networks connects the Nordics with the world’s major markets via low-latency and high-capacity fiber networks. We build and operate international and intra-Nordic fiber infrastructure that is designed to meet the large-scale data transport needs of the future.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $50 billion USD of assets under management (as of September 30, 2020) and expertise in the asset management of office, logistics, multi-residential and retail property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest and manage real estate assets on behalf of our clients.
In Europe, BentallGreenOak is a leading investment manager with over 50 professionals and $5.2 billion USD in AUM across debt and equity, with strategies spanning from Core to Value-Add and Development, with its own internalised operating capability. The firm has acquired or developed over 133 logistics assets comprising 4.8 million square meters (52 million square feet) since 2015. BentallGreenOak’s investment vehicles have assembled a large and diversified land bank across Europe, currently owning or controlling 4.4 million square meters of land (capable of building 2.2 million square meters of space) zoned for Logistics, Data Centers and Cold Storage.
BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit www.bentallgreenoak.com
About Geveran
Geveran Trading Co. Limited ("Geveran"), a company indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family, invested in Bulk Infrastructure in 2018 and currently has an ownership stake of approximately 14%.
About Bulk Industrier
Bulk Industrier AS is an industrial investment company of Norwegian entrepreneur Peder Nærbø (Naerboe). The company focus on investments that create sustainable solutions with scalable impact. Bulk Industrier is the controlling shareholder to Bulk Infrastructure AS where Mr Naerboe conducts his active leadership as a business and industry developer.
Media Contacts
Mr. Lars Hognestad
Senior Manager Group Communications
Bulk Infrastructure
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Mr. Rahim Ladha
Vice President, Corporate Communications
BentallGreenOak
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COLUMBUS, Ohio--(BUSINESS WIRE)--The Battelle Savannah River Alliance (BRSA) Team was selected by the Department of Energy to manage one of the country’s premier environmental, energy, and national security research facilities—the Savannah River National Laboratory (SRNL).
Employing approximately 1,000 staff, SRNL conducts research and development for diverse federal agencies, providing practical, cost-effective solutions for the nation’s environmental, nuclear security, energy and manufacturing challenges. As the U.S. Department of Energy’s (DOE’s) Environmental Management Laboratory, SRNL provides strategic scientific and technological support for the nation’s $6 billion per year waste clean-up program.
BSRA is led by and wholly owned by Battelle, one of DOE’s leading laboratory management contractors. The BSRA Team includes five universities from the region—Clemson University, Georgia Institute of Technology, South Carolina State University, University of Georgia, and University of South Carolina—as well as small business partners, Longenecker & Associates and TechSource.
The contract includes a five-year base with five one-year options. The estimated value of the contract is $3.8 billion over the course of 10 years if all options are exercised.
“We are honored by DOE’s decision to award the Savannah River National Laboratory management and operations contract to our team,” said Battelle President and CEO Lou Von Thaer. “We have the lab management experience to make a difference and we’re committed to ensuring the success of this important national resource.”
“We’re honored and excited to have this opportunity,” said Ron Townsend, Battelle’s Executive Vice President for Global Laboratory Operations. “BSRA’s approach will ensure the delivery of high-impact science, technology and engineering solutions into the future through a significant expansion of SRNL’s core competencies. Our team offers an exciting, compelling vision for the future of SRNL and provides DOE a leadership team that will deliver with excellence.”
Battelle currently has a management role at seven DOE national labs including Pacific Northwest National Lab, Brookhaven National Lab, Oak Ridge National Lab, National Renewable Energy Lab, Idaho National Lab, Los Alamos National Lab and Lawrence Livermore National Lab. It also operates the National Biodefense Analysis and Countermeasures Center for the Department of Homeland Security.
About Battelle
Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.
Katy Delaney at (614) 424-7208 or This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced a new oil discovery in production license 891 on the Slagugle prospect located 14 miles north-northeast of the Heidrun Field in the Norwegian Sea. ConocoPhillips Skandinavia AS is operator of the license with 80 percent working interest. Pandion Energy AS is license partner with 20 percent working interest.
Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent. Extensive data acquisition and sampling has been carried out in the discovery well 6507/5-10, and future appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and potential development plan.
“This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months,” said Matt Fox, executive vice president and chief operating officer. “All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”
The discovery well was drilled in 1,165 feet of water to a total depth of 7,149 feet by the Leiv Eiriksson drilling rig.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," “budget,” "continue," "could," "intend," "may," "plan," "potential," "predict," “seek,” "should," "will," “would,” "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting company actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Concho resources; the ability to successfully integrate the operations of Concho Resources with our operations and achieve the anticipated benefits from the transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
John C. Roper (media)
281-293-1451
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Investor Relations
281-293-5000
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