DUBLIN--(BUSINESS WIRE)--The "UAE Smart Lighting Market By Offering, By Installation Type (New Installations and Retrofit Installations), By End-Use Application, By Communication Technology (Wired, Wireless), By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The UAE smart lighting market is projected to grow at a formidable rate during the forecast period, 2023-2027
The market growth can be attributed to the rising demand for energy-efficient lighting systems and the surge in the popularity of LED bulbs. Besides, the infrastructural development of the smart city and advances in wireless communication technology is anticipated to propel market growth. Moreover, the rising use of IoT technology is expected to fuel the UAE smart lighting market in the coming years.
The demand for low-energy solutions is increasing as consumers are becoming more aware of the advantages of having an energy-efficient system in their homes. Compared to other conventional lighting systems, the smart lighting system uses significantly less energy.
Most smart lighting solutions are electronic or rely on power and other energy sources to function. Market players are forced to create energy-efficient smart lighting systems due to the quick depletion and rising demand for energy sources and the skyrocketing cost of electricity. Moreover, the growing construction of residential and commercial areas and increased knowledge of the benefits of adopting them are expected to increase the demand for smart lighting.
Leading authorities are investing significant resources in research and development efforts to continuously improve the current infrastructure, fueling the demand for smart lighting. Market participants have started implementing technologies such as artificial intelligence and the internet of things, which can assist consumers in obtaining real-time updates and information to make informed choices.
The government intends to install smart lighting systems for all ports, airports, roadways, and other public facilities in accordance with UAE Vision 2021. For instance, the government of Abu Dhabi is developing plans to replace thousands of streetlights as part of a significant energy-efficiency initiative.
The popularity of e-commerce channels among the tech-savvy young people, owing to the availability of high-speed internet connections and the rising proliferation of smart devices. Besides, market players are also shifting toward online sales channels to expand their consumer base and improve their brand's visibility.
On online marketplaces, they provide high-tech, wireless smart lighting solutions at competitive prices. Other services offered by market participants to entice customers to purchase smart lighting devices from their individual brands include quick doorstep delivery, simple exchange procedures, and attractive discounts.
The wireless segment is expected to register faster growth in the UAE smart lighting market owing to the rising penetration of connected devices and the Internet of Things.
Objective of the Study:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in UAE smart lighting market.
Report Scope:
Years considered for this report:
UAE Smart Lighting Market, By Offering:
UAE Smart Lighting Market, By Installation Type:
UAE Smart Lighting Market, By End-Use Application:
UAE Smart Lighting Market, By Communication Technology:
UAE Smart Lighting Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/8fz2hh-smart?w=4
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PARIS--(BUSINESS WIRE)--Technip Energies (PARIS: TE) (ISIN:NL0014559478) has been awarded a contract for the front-end engineering and design (FEED) of the world’s largest low-carbon hydrogen project for ExxonMobil in Baytown, Texas, USA.
The integrated complex will produce approximately one billion cubic feet of low-carbon hydrogen per day and capture more than 98%, or around 7 million metric tons per year of the associated CO2 emissions, making it the largest project of its kind in the world. Technip Energies has strong experience in blue hydrogen projects which remove carbon and replace natural gas or other higher-carbon fuels with low-carbon hydrogen to support decarbonization. As a result, Scope 1 and 2 emissions from Baytown complex can be reduced by up to 30%.
Loic Chapuis, SVP Gas and Low-Carbon Energies of Technip Energies, commented “We are very excited to be engaged with ExxonMobil Low Carbon Solutions to help design their low-carbon hydrogen production facility. We are committed to advancing the energy transition and this project will be a hallmark in contributing to the decarbonization of existing facilities and capturing significant volumes of carbon emissions.”
To know more about Gas and Low-Carbon Energies: Technip Energies is a provider of consulting, engineering services and technologies for the gas and low-carbon market.
To learn more about our Decarbonization capabilities, please go to https://www.technipenergies.com.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States. For further information: www.technipenergies.com.
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Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
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HOUSTON--(BUSINESS WIRE)--Enventure Global Technology announces the next generation of expandable liner hangers. The newly designed Enventure SET® Expandable Liner Hanger (ELH) is the culmination of more than 20 years’ experience in expandable anchor-hanger technology. This expertise is evident in the ease of installation with a combined hanger and liner top packer. Fewer total parts run in hole means increased reliability over conventional mechanical and hydraulic hangers.
For its new generation of expandable liner hangers, Enventure addressed a wide range of issues common to traditional liner hangers. The result is a vastly simplified operations sequence, leakproof performance, rotational capabilities, and the elimination of moving parts. The system offers one-step hydraulic setting of the hanger and packer; as well as an integrated, polished bore receptacle to accommodate tiebacks. Combine these features with primary and secondary expansion capabilities and the result is a cost-effective, reliable, and versatile solution.
“For the new generation of expandable liner hangers, we looked back to look forward,” said Matt Meiners, Director of Technology & Product Development. He adds, “Over the last 20-plus years we’ve installed more than 2,000 expandable liners globally. All of these installations utilize our expandable anchor hanger to hang the expandable liner in the previous casing string. The SET ELH utilizes this approach to hang conventional liners rather than expandable liners.”
Enventure’s vastly simplified operations sequence was designed with the customer experience in mind. The SET ELH reduces Non-Productive Time (NPT) a major consideration for operators worldwide. This streamlined process minimizes the potential for error, increases safety, and improves operational reliability. The SET® Expandable Liner Hanger will be popular with operations personnel because there is less equipment going into the hole.
At the heart of the SET ELH are five, integrated API-tested liner top packing elements, greatly reducing the risk of leakage once the packers are set. This robust design is well suited for conventional, onshore applications as well as the high spec. offshore environment.
According to Alastair McClean, President and CEO, “In the end, simple is better. There’s really no magic here. Our customers demand an easy-to-install, versatile, reliable system. I think SET ELH checks all the boxes.”
About Enventure
Houston-based Enventure Global Technology, Inc., the world's leading provider of solid expandable solutions for the energy industry, innovated the technology to expand pipe in pipe in 1998, when it introduced SET® technology to solve drilling, completion and production issues that threatened a well’s potential value and the oil and gas operator’s return on investment.
Matt Meiners
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AMSTERDAM--(BUSINESS WIRE)--Leading real-time supply chain visibility company FourKites today announces a partnership with cargonerds to enhance the digital freight platform with its market-leading supply chain visibility data.
Armed with FourKites’ data and machine learning-driven estimated times of arrival, cargonerds can now ensure that its freight forwarders and their customers can track products across the end-to-end supply chain and know exactly when they’ll arrive at their destination. The integrated solution will track global shipments in real time across road, rail, ocean, air, parcel and last mile across the globe.
“FourKites has the largest global network of supply chain data and powerful machine learning on the planet,” says Conrad Franchi, founder of cargonerds. “Their end-to-end solution enables us to give our customers the most accurate ETAs (estimated time of arrivals) and greater network collaboration. Having the right data at the right time to identify precisely what can be done is the only path to proactively mitigating issues while reducing costs and fees.”
Hamburg, Germany-based cargonerds — a spin-off of Rohlig Logistics — is a software development company that serves small and medium-sized freight forwarders. In 2022, cargonerds moved 250.000 ocean shipments, 250.000 air shipments and 150.000 road shipments. Their mission is to unlock the value of digital supply chains and thus make it accessible for smaller freight forwarders.
“Many times, small and medium sized freight forwarders don’t have access to services like supply chain visibility because they lack software development resources and implementation skills,” Conrad continued.
Now, cargonerd’s freight forwarders can send data about each shipment in transit directly and securely to their supply chain stakeholders. In doing so, their customers can streamline communication, more easily collaborate with partners and increase on-time deliveries.
“Our technology is perfectly suited for logistics service providers, and we’re thrilled to partner with cargonerds to expand our footprint globally,” says Marc Boileau, FourKites’ Senior Vice President Sales, Network & Operations EMEA. “FourKites digitised solution will eliminate manual tracking from cargonerds’ network of freight forwarders and customers, saving significant time and resources and enabling them to shift focus to higher-value tasks.”
cargonerds will be showcasing its solution with FourKites and the value it brings to both carriers and shippers in a live webinar taking place on Wednesday, February 15. Register here.
About FourKites
Leading supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 3 million shipments daily across road, rail, ocean, air, parcel and last mile, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,200 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.
About cargonerds
cargonerds - the digital angel for medium-sized global freight forwarders – offers plug-and-play software solutions for quoting, booking, tracking, and reporting. International airfreight and sea freight forwarders can offer a first digital customer experience within 48 hours through the rapid implementation approach. The company partners with leading logistics software and data providers, such as FourKites, Magaya, and WebCargo to unlock digital innovations for 3PL companies. The software products can integrate with any existing TMS or ERP system setup. The products can also create a digital data network between agencies. More than 500,000 global shipments are being managed annually. The software development company is based in Hamburg, Germany, and offers its cloud products worldwide. To learn more, visit https://cargonerds.com/
Scott Johnston
European PR Director, FourKites
+31 62 147 8442
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CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 21 ("Series 21 Shares") (TSX: PPL.PF.A) on March 1, 2023.
As a result of the decision not to redeem the Series 21 Shares, and subject to certain terms of the Series 21 Shares, the holders of the Series 21 Shares will have the right to elect to convert all or part of their Series 21 Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 of Pembina ("Series 22 Shares") on March 1, 2023 (the "Conversion Date"). Holders who do not exercise their right to convert their Series 21 Shares into Series 22 Shares will retain their Series 21 Shares.
As provided in the terms of the Series 21 Shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than 1,000,000 Series 21 Shares, then all remaining Series 21 Shares will be automatically converted into Series 22 Shares on a one-for-one basis effective as of the Conversion Date; or (ii) if Pembina determines that there would be less than 1,000,000 Series 22 Shares outstanding immediately following the conversion, no Series 21 Shares will be converted into Series 22 Shares on the Conversion Date. There are currently 16,000,000 Series 21 Shares outstanding.
With respect to any Series 21 Shares that remain outstanding after the Conversion Date, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate for the Series 21 Shares for the five-year period from and including March 1, 2023, to, but excluding, March 1, 2028, will be 6.302 percent, being equal to the five-year Government of Canada bond yield of 3.042 percent determined as of today plus 3.26 percent, in accordance with the terms of the Series 21 Shares.
With respect to any Series 22 Shares that may be issued on the Conversion Date, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate applicable to the Series 22 Shares for the three-month floating rate period from and including March 1, 2023, to, but excluding, June 1, 2023, will be 7.706 percent, being equal to the annual rate of interest for the most recent auction of 90-day Government of Canada treasury bills of 4.446 percent plus 3.26 percent, in accordance with the terms of the Series 22 Shares (the "Floating Quarterly Dividend Rate"). The Floating Quarterly Dividend Rate will be reset on the first day of March, June, September and December in each year.
Beneficial holders of Series 21 Shares who wish to exercise their right of conversion during the conversion period, which runs from January 30, 2023, until 3:00 pm (MT) / 5:00 pm (ET) on February 14, 2023, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with the time to complete the necessary steps. Any notices received after this deadline will not be valid.
As previously announced, the dividend payable on March 1, 2023, to holders of the Series 21 Shares of record on February 1, 2023, will be $0.30625 per Series 21 Share, consistent with the dividend rate in effect since the issuance of the Series 21 Shares. For more information on the terms of the Series 21 Shares and the Series 22 Shares, please see the prospectus supplement dated November 30, 2017, which can be found on SEDAR at www.sedar.com.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and a growing export terminals business. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit pembina.com.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure solutions connecting global markets:
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.
Forward-Looking Information and Statements
This news release contains certain forward-looking information and statements (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "protect", "trend", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.
In particular, this news release contains forward-looking statements relating to, without limitation, the conversion rights, future dividend rates and payment terms for the Series 21 Shares and the Series 22 . The forward-looking statements are based on certain assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: the success of Pembina's operations and growth projects; prevailing commodity prices, margins, volumes and exchange rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).
Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions; Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; actions by governmental or regulatory authorities; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide; risks relating to the current and potential adverse impacts of the COVID-19 pandemic; the ability to access various sources of debt and equity capital; changes in credit ratings; counterparty credit risk; the conflict between Ukraine and Russia and its potential impact on, among other things, global market conditions and supply and demand, energy and commodity prices; interest rates, supply chains and the global economy generally; and certain other risks and uncertainties detailed in Pembina's management's discussion and analysis and annual information form, each for the year ended December 31, 2021, and from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.
This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release speak only as of the date hereof. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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Environmental impact of chips manufactured at Samsung's global sites to be shared to accelerate its B2B customers’ carbon neutrality goals
SEOUL, Korea--(BUSINESS WIRE)--Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, today announced that it has established a Life Cycle Assessment (LCA) on the product carbon footprint of its semiconductor business and achieved verification from DNV, one of the world's leading independent certification bodies.
LCA is a methodology for assessing environmental impacts throughout the lifecycle of commercial products, processes, or services, by quantifying the amount of energy, materials and waste discharge. In detail, on its semiconductors’ carbon footprint, Samsung's LCA covers raw material extraction to chip manufacturing, assembling, and testing. Its results are in accordance with ISO 14040, ISO 14044 and ISO 14067 to ensure credibility and transparency.
The carbon footprint is commonly used by Samsung and its customers to recognize the environmental impact across all phases of Samsung's semiconductor products, and can be used as a metric to track and reduce carbon emissions.
"Since 2019, we have been actively mobilizing efforts to measure and reduce the carbon emissions of our key memory and logic solutions," said Dooguen Song, Executive Vice President of the Environment, Health and Safety (EHS) Center at Samsung Electronics. "By leveraging LCA, we will be able to support our customers to achieve their carbon neutrality, as well as becoming more transparent on the environmental impact of the semiconductors we produce worldwide."
"As a global expert in energy and environmental certification, DNV is pleased to have partnered with and to congratulate Samsung on successfully establishing its reliable LCA." said JangSup Lee, CEO of DNV Business Assurance Korea. "Together with global business leaders like Samsung, we will continue to take part in creating a more sustainable environment in the future."
Since 2019, 37 of Samsung's semiconductor products received carbon footprint accreditation from the Carbon Trust and UL, 6 of its memory products certified for carbon reduction from Carbon Trust. Samsung's eco-conscious product portfolio includes DRAM, SSD, embedded storage, mobile SoC, mobile Image Sensor, automotive LED packages.
Leveraging its LCA established at the end of last year, Samsung will quantify the carbon footprints of chips manufactured across all of its global manufacturing, testing and assembly locations in Korea, China, and the U.S.
With sustainability at its core, Samsung will expand its LCA to include water and resource footprints to provide a more comprehensive assessment that will ultimately reduce the environmental impact of various applications such as mobile and wearables, data centers, consumer electronics, automotive, communications and more.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at http://news.samsung.com.
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Ujeong Jahnke
Samsung Semiconductor Europe GmbH
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DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) and Grid United today announced their intent to jointly develop the North Plains Connector, a new, approximately 385-mile high-voltage direct-current (HVDC) transmission line from central North Dakota to Colstrip, Montana.
The North Plains Connector HVDC line will be the nation’s first transmission connection between three regional U.S. electric energy markets—the Midcontinent Independent System Operator, the Western Interconnection and the Southwest Power Pool.
This new link, open to all sources of electric generation, would create 3,000 megawatts of transfer capacity between the middle of the country and all three energy markets, easing congestion on the transmission system, increasing resiliency and reliability, and enabling fast sharing of energy resources across a vast area with diverse weather patterns.
“Additional investment in transmission is critically important to achieve a clean-energy future and is a key part of our ‘Sustainability-in-Action’ growth strategy as our national footprint expands,” said ALLETE Chair, President and CEO Bethany Owen. “This innovative project is an important step toward a resilient and reliable energy grid across a wide area of the country and ties into important transmission projects being developed in the Upper Midwest and the Western Interconnection. We commend Grid United’s efforts on this much-needed project to enhance the nation’s grid and are thrilled to join forces as together we advance the North Plains Connector to completion.”
ALLETE and Grid United have signed a memorandum of understanding to explore transmission opportunities, with plans to execute a North Plains Connector development agreement in the first half of the year. The project represents an approximately $2.5 billion investment in Montana and North Dakota and will be a long-term asset for those states. Connecting the North Dakota and Montana grids will help mitigate the impact of extreme weather events and accommodate the growing demand for electricity. ALLETE expects to pursue at least 35% ownership and would oversee the line’s operation.
“We are delighted to work with ALLETE on the North Plains Connector. ALLETE’s superior track record of energy development in the Upper Midwest makes them the ideal partner to support this project through development into operations,” said Grid United CEO Michael Skelly. “It is no secret that the U.S. is in desperate need of new electric transmission capacity, and the North Plains Connector will provide resiliency and reliability benefits for decades to come.”
The North Plains Connector project is in the development phase, with Grid United engaging with landowners and stakeholders to determine the best route for the line. The companies expect project permitting to start this year as they work toward an in-service date of 2029, pending regulatory approvals.
Grid United is an independent transmission company aiming to modernize the United States’ power grid to create a more resilient and efficient electric system that uses the nation’s abundant and geographically diverse natural resources to the benefit of all consumers. For more information, visit www.gridunited.com.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity, headquartered in Annapolis, Maryland; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com.
ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
Investor Contact: Vince Meyer
218-723-3952
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Media Contact: Amy Rutledge
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Fourth Quarter 2022 Highlights
Full Year 2022 Highlights
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), an industry leader in lithium-ion battery resource recovery and the leading LIB recycler in North America, today announced financial and operating results for its fourth quarter and year ended October 31, 2022. For the fourth quarter and year 2022, revenues were $3.0 million and $13.4 million, respectively, compared to $4.4 million and $7.3 million in the corresponding periods of 2021.
“We are pleased by our strong fourth quarter operating performance as we brought on our third-generation Arizona and Alabama Spokes, which have a first-of-its-kind full battery pack processing capabilities," said Ajay Kochhar, Li-Cycle President and Chief Executive Officer. "Also significant, at our Rochester Hub, we made meaningful progress on engineering, procurement, and construction, keeping us in-line with our targeted budget and schedule, with commissioning expected to commence in late calendar 2023."
"I am incredibly proud of what our team has accomplished in 2022, building strong momentum for our Spoke & Hub business in 2023 and beyond," added Kochhar. "We continue to competitively position Li-Cycle to be a preferred recycler and domestic supplier of battery-grade materials. We continue to grow and diversify our portfolio of commercial partnerships, capturing the benefit of a robust battery supply chain and positive regulatory support."
Spoke & Hub Network
Rochester Hub Update
The Rochester Hub has made significant progress to date on key engineering, procurement, and construction milestones. Through January 2023, these include:
These achievements are expected to keep the project on track to initiate commissioning in late calendar 2023, and capital costs within the targeted budget ($486 million +/-15%).
Spoke Update
The development of Li-Cycle's Spoke recycling capacity in both North America and Europe continues to advance positively. The Company has been able to position and prioritize capacity to the highest demand centers and mirror customer growth and timing.
Additionally, the Company has continued to innovate its Spoke technology by incorporating operational project enhancements and processing upgrades. Since the build and installation of Li-Cycle's first Spoke in 2020 in Ontario, the Company has evolved its Spoke design with optionality for main line processing and flexible capacity with ancillary processing.
In 2023, the Company expects to increase its total operational capacity to just over 80,000 tonnes LIB material input/year versus current capacity of just over 50,000 tonnes LIB material input/year (capacities including both main line and ancillary processing). As global demand continues to increase and customers shift regional demand sources, Li-Cycle retains optionality for its future network expansion beyond what is currently under construction.
Financial Results for the Period Ended October 31, 2022
Fourth Quarter Review
Revenues from product sales and recycling services of $3.5 million decreased from $4.1 million in the fourth quarter of 2021. Higher black mass sales versus the prior year were more than offset by the decrease in metal prices, primarily cobalt. Total revenues of $3.0 million included an unfavorable non-cash fair market value (FMV) pricing adjustment of $0.5 million, relating to end-of-period metal prices for prior-period black mass sales. This compares to total revenues of $4.4 million in the fourth quarter of 2021, which included a FMV benefit of $0.3 million.
Operating expenses increased to $39.4 million versus $18.5 million in the fourth quarter of 2021, reflecting the ongoing expansion of operations in North America and the continued buildout of the Spoke network in Europe. Operating expense included higher personnel costs, which relates to the addition of corporate, operational, and engineering personnel to support the expansion of the Company's Spoke operations and the Rochester Hub and higher non-cash share-based compensation. Increases in office, administrative and travel also contributed to the higher costs, which were mainly a result of additional insurance and coverage, implementation costs for an enterprise resource planning system, and increased levels of travel reflecting the Company’s expanding global footprint and a return to pre-pandemic frequency of travel. In addition, raw material and supply costs were up, primarily driven by increased production volume and higher average material acquisition costs. Inventory costs (inclusive of raw materials and conversion costs) exceeded the net realizable value (NRV) of black mass leading to inventory write down of $3.8 million compared to $0.5 million in the prior year. The increased level of professional fees, plant facilities and depreciation relate to the execution of the Company’s growth plans.
Net loss was approximately $33.9 million, compared to a net loss of approximately $204.9 million in the fourth quarter 2021. Note, this loss included $5.2 million of fair value gains on financial instruments. The prior year was impacted by a non-cash loss of $152.7 million related to the excess of fair value over consideration transferred in relation to the business combination with Peridot Acquisition Corp. that resulted in Li-Cycle becoming a public company ("Business Combination").
Adjusted EBITDA2 loss was $32.6 million, compared to $11.7 million in the fourth quarter 2021. This was largely driven by higher staffing and network development costs related to the growth and expansion of the Spoke operations and the Rochester Hub. Adjusted EBITDA was also unfavorably impacted by a non-cash FMV pricing adjustment of $0.5 million, versus an FMV gain of $0.3 million in the fourth quarter 2021. Additionally, non-cash stock-based compensation increased to $3.8 million, from $2.7 million in the fourth quarter 2021.
Full-Year Review
Revenue from product sales and recycling services were $15.6 million, which increased from $6.5 million in the year 2021. Higher product revenue was primarily attributable to increased production of black mass, directly related to the expansion of the Company's Spoke operations. Total revenues were $13.4 million, which included an unfavorable non-cash FMV pricing adjustment of $2.2 million relating to end-of-period metal prices for prior-period black mass sales. In 2021, total revenue was $7.3 million, which included a FMV benefit of $0.8 million.
Operating expenses increased to $124.6 million versus $39.2 million in 2021, reflecting the ongoing expansion of operations in North America and the buildout of the Spoke network in Europe. Personnel costs were up related to the addition of operational, corporate, commercial, and engineering personnel to support these growth efforts. The Company also incurred higher professional fees, administrative costs, and non-cash share-based compensation related to its expanding footprint. In addition, the increase in raw material and supply costs was primarily driven by higher production volume and increased raw material acquisition costs. The increased level of plant facilities and depreciation relate to the execution of the Company’s growth plans.
Net loss for the year was approximately $53.7 million, compared to a net loss of approximately $226.6 million in 2021. Note, this loss for the year included $67.5 million of fair value gains on financial instruments. The prior year was impacted by a non-cash loss of $152.7 million related to the excess of fair value over consideration transferred in relation to the Business Combination.
Adjusted EBITDA loss was approximately $100.7 million, compared to a loss of $26.2 million in 2021. This was largely driven by higher staffing, and network development costs related to the growth and expansion of the business. Adjusted EBITDA was also unfavorably impacted by a non-cash FMV pricing adjustment of $2.2 million, versus a FMV gain of $0.8 million in 2021. Additionally, non-cash stock-based compensation increased to $17.5 million, from $4.0 million in the year 2021. The primary difference between adjusted EBITDA and net loss is the exclusion of fair value gains on financial instruments.
Balance Sheet Position
At October 31, 2022, Li-Cycle had cash on hand of $578.3 million. During the fourth quarter, the Company's capital spend was $60.4 million, with the majority allocated to the acquisition of equipment and leasehold improvements for the continued development and construction of the Rochester Hub, in addition to the Company's additional Spokes in North America and Europe.
The Company raised a total of $250.0 million in funding during the year from the Glencore Convertible Note issued on May 31, 2022, and the equity investment from LG on May 11, 2022. The Company intends to meet its capital needs for current and future network growth through a combination of cash on hand and debt financing. The Company expects to provide an update on meaningful debt financing in calendar Q1 2023.
Change in Financial Reporting Period to Align with Calendar Year
On December 21, 2022, Li-Cycle’s announced a change in the Company’s financial year end from October 31 to December 31. The change will better align the Company’s financial reporting calendar with peer group companies. As a result, by March 31, 2023, Li-Cycle will file a transition report on Form 20-F that will provide financial statements for the two-month period from November 1, 2022, through December 31, 2022. Li-Cycle’s next financial year will cover the period from January 1, 2023, to December 31, 2023.
Webcast and Conference Call Information
Company management will host a webcast and conference call on Monday, January 30, 2023, at 8:30 a.m. Eastern Time. The related presentation materials for the webcast and conference call will be made available on the investor section of the Li-Cycle website: https://investors.li-cycle.com/overview/default.aspx
Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:
Domestic: (800) 579-2543
International: (203) 518-9783
Participant Code: LICYQ422
Webcast: https://investors.li-cycle.com
A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.
Filing of 2022 Audited Financial Statements
Li-Cycle expects to file its Annual Report on SEC Form 20-F for the year ended October 31, 2022 by Monday, February 6, 2023. The Company files with both the U.S. Securities and Exchange Commission (“SEC”) and the Ontario Securities Commission (“OSC”).
The Company’s auditors, KPMG LLP (“KPMG”), have advised Li-Cycle that they require additional time to complete their remaining audit procedures, principally involving completion of the documentation of the audit procedures performed and audit evidence obtained. Due to this, the financial results presented in this press release are unaudited (see “Cautionary Notes”, below) and the Company will not be in a position to file its audited financial statements, MD&A, CEO and CFO certifications and Annual Report on SEC Form 20-F for the year ended October 31, 2022 (collectively, the “2022 Annual Filings”) by the January 30, 2023 deadline under applicable Ontario securities legislation. The Company intends to file the 2022 Annual Filings with the Ontario Securities Commission and the U.S. Securities and Exchange Commission, as applicable, promptly following the completion of the audit, by February 6, 2023. The Company intends to provide updates as to the status of the 2022 Annual Filings and otherwise satisfy the provisions of the alternative information guidelines under applicable Ontario securities laws.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery-grade materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries, and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles adjusted EBITDA (loss) to net profit (loss):
|
Three months ended |
Twelve months ended |
|||||||||||||||||
October 31, |
October 31, |
||||||||||||||||||
Unaudited - $ millions |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
||||
Net profit (loss) |
$ |
(33.9 |
) |
$ |
(204.9 |
) |
$ |
(53.7 |
) |
$ |
(226.6 |
) |
$ |
(9.4 |
) |
||||
Income Tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Depreciation |
|
3.3 |
|
|
1.1 |
|
|
10.1 |
|
|
2.9 |
|
|
1.1 |
|
||||
Interest expense |
|
7.6 |
|
|
2.1 |
|
|
17.4 |
|
|
3.0 |
|
|
0.5 |
|
||||
Interest income |
|
(4.4 |
) |
|
(0.1 |
) |
|
(7.0 |
) |
|
(0.1 |
) |
|
— |
|
||||
EBITDA (loss) |
|
(27.4 |
) |
|
(201.8 |
) |
|
(33.2 |
) |
|
(220.8 |
) |
|
(7.8 |
) |
||||
Fair value (gain) loss on financial instruments¹ |
|
(5.2 |
) |
|
35.8 |
|
|
(67.5 |
) |
|
38.3 |
|
|
0.1 |
|
||||
Excess of fair value over consideration transferred² |
|
— |
|
|
152.7 |
|
|
— |
|
|
152.7 |
|
|
— |
|
||||
Forfeited SPAC transaction cost |
|
— |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
— |
|
||||
Share-based compensation³ |
|
— |
|
|
1.6 |
|
|
— |
|
|
1.6 |
|
|
— |
|
||||
Adjusted EBITDA (loss) |
$ |
(32.6 |
) |
$ |
(11.7 |
) |
$ |
(100.7 |
) |
$ |
(26.2 |
) |
$ |
(7.7 |
) |
||||
¹ Fair value gain on financial instruments relates to warrants, which were redeemed and no longer outstanding as of January 31, 2022, and convertible debt. |
² Excess of fair value over consideration transferred relates to listing fees associated with the Business Combination. |
³ Share-based compensation relates to accelerated vesting of existing stock options upon completion of the Business Combination. |
Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards (“IFRS”). The Company makes references to certain non-IFRS measures, including adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company’s financial information reported under IFRS. Li-Cycle defines adjusted EBITDA as earnings before depreciation and amortization, interest expense (income), income tax expense (recovery), foreign exchange (gain) loss, fair value (gain) loss on financial instruments, and non-recurring expenses such as forfeited Special Purpose Acquisition Company ("SPAC") transaction cost, and listing fee related to the business combination that resulted in Li-Cycle becoming a public company.
Cautionary Notes - Forward-Looking Statements and Unaudited Results
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. 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”, “potential”, “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. Forward-looking statements in this press release include but are not limited to statements about: the expectation that the Rochester Hub will be the first hydrometallurgical battery resource recovery facility in North America; the timing of expected commencement of commissioning of the Rochester Hub and its capital cost; the Company’s expectation to increase its total operational capacity to just over 80,000 tonnes LIB material input/year in 2023; and the Company’s expectation to meet its currently anticipated capital requirements through cash on hand, cash flow from operations, and future debt financing. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle’s projects; the processing capacity and production of Li-Cycle’s facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; Li-Cycle expects to continue to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting.
Nahla Azmy
Sheldon D'souza
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Louie Diaz
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TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported net income of $97 million, or $0.91 per diluted share, from operating revenues of $720 million for the quarter ended December 31, 2022, compared to net income of $46 million, or $0.42 per diluted share, from operating revenues of $631 million for the quarter ended September 30, 2022. The net income per diluted share for first quarter of fiscal 2023 and fourth quarter of fiscal year 2022 include $(0.20) and $(0.03) of after-tax losses, respectively, comprised of select items(1). For the first quarter of fiscal year 2023, select items were comprised of:
Net cash provided by operating activities was $185 million for the first quarter of fiscal year 2023 compared to $117 million for the fourth quarter of fiscal year 2022.
President and CEO John Lindsay commented, "Almost a year has passed since we set into motion plans to achieve revenue per day in excess of $30,000 and direct margins of 50% in our NAS segment. These financial guideposts were established as proxies for what is required to generate favorable economic returns in this capital-intensive business. This recent quarter marks a milestone in achieving that revenue per day goal, and we are making strong progress towards the direct margin goal. The Company has made significant headway in just a year which has generated considerable shareholder value. Our first fiscal quarter results of 2023 show another strong sequential improvement in our financial performance and the continuation of momentum established in fiscal 2022.
"As expected, both the industry's and H&P's incremental rig adds during the December quarter moderated relative to what we have seen during the December quarters of the last two years. This is largely attributed to capital discipline exhibited by our customers and their desires to maintain capital budgets and improve more sustainable shareholder returns. We believe our customers' discipline has been positive for the overall economic health of this cyclical industry, enabling oilfield service companies, like ourselves, to better plan and mirror a similar discipline within our own business. Accordingly, we intend to maintain our plan of adding no more than 16 incremental rigs to our NAS rig count during fiscal 2023 dependent upon customer demand and will look for contract rollovers, also referred to as contractual or rig churn, to satisfy other points of rig demand. We anticipate financial results to remain on an upward trajectory, with direct margins per day during our second fiscal quarter moving closer towards our targeted margin levels. This trend continues to be driven by improved contract pricing impacting more of our fleet, especially with rollovers of term contracts even as incremental rig adds temper.
"Turning to the other operational segments, our Offshore Gulf of Mexico segment remains a steady, reliable contributor to the Company's overall financial performance; however, we do expect some variability later in the year as one rig's contract is set to expire in the fourth fiscal quarter. Regarding the International Solutions segment, the main concentration of the Company's expansion efforts here is centered around unconventional drilling, where we have extensive experience and can provide substantive value to customers with a compliment of people, processes, rigs and technology. We are moving forward on several fronts to set the Company up for future growth. Preparations to send a super-spec rig to Australia are well underway, as is the completion of our planned super-spec upgrades in Argentina in fiscal 2023. Efforts to grow our Middle East presence continue with the pursuit of additional work in the region and our operational hub, which should be stood up during the last half of fiscal 2023."
Senior Vice President and CFO Mark Smith also commented, "Maintaining a fiscally disciplined approach to the business remains a key tenet in our strategy and is a major driver behind the Company's improving financial results. This approach culminates with the 2023 supplemental shareholder return plan, which is projected to augment our established $1.00 per share annual base dividend with an expected supplemental dividend of $0.94 per share. Additionally, the plan allows the flexibility for further investment opportunities, additional supplemental dividends, and/or share repurchases. Along those lines, since the beginning of the fiscal year, we executed on what we view as opportunistic repurchases and bought back approximately 1.3 million shares for roughly $60 million. Additionally, our evergreen authorization to repurchase up to 4 million shares in any calendar year was increased for calendar 2023 by 1 million shares by our Board of Directors bringing the 2023 authorization to 5 million shares.
"During the quarter, as part of our international expansion strategic initiative, we evaluated the make-up and applicability for future work across our global rig fleet from the perspective that our international growth focus is centered around unconventional drilling. As a result, we decommissioned eight international rigs in Argentina and incurred a $12 million impairment charge. Going forward, the preponderance of our global onshore rig fleet is designed for unconventional drilling and we still plan to export six rigs to the Middle East after they are converted to walking configurations in the back half of fiscal year 2023.
"Ours is a dynamic business and expectations change and can often change quickly due to a variety of circumstances. In that regard, while we still expect to activate up to 16 rigs in our North America Solutions segment during fiscal 2023, the highest potential active rig count that we expect to achieve is now 191 due to the loss of a rig in a fire. Additionally, expectations on the timing of sending super-spec rigs to the Middle East and Australia were delayed a few months and hence so were the costs associated with those rig mobilizations resulting in our International Solutions direct margins being higher than anticipated for the first fiscal quarter."
John Lindsay concluded, “Through the hard work and dedication of our employees during this past year, we were able to take advantage of healthier industry conditions and H&P's fiscal discipline to improve the profitability of the Company. Working closely with customers to identify and then provide industry-leading drilling solutions, we are creating value for these customers and receiving compensation for the value we helped create. We will carry this mindset forward to the benefit of both customers and shareholders."
Operating Segment Results for the First Quarter of Fiscal Year 2023
North America Solutions:
This segment had operating income of $145.3 million compared to operating income of $92.1 million during the previous quarter. The increase in operating income was primarily due to the continued benefit of healthy contract economics especially as rollovers of older term contracts drove improved average pricing across the fleet.
Direct margins(2) increased by $56.8 million to $260.3 million as both revenues and expenses increased sequentially. Quarterly operating results were impacted by the costs associated with reactivating rigs; $8.6 million in the first fiscal quarter compared to $7.5 million in the previous quarter.
International Solutions:
This segment had operating income of $1.6 million compared to an operating loss of $0.8 million during the previous quarter. Absent an impairment charge of $8.1 million during the first quarter of fiscal 2023, the improvement in operating income was driven by the increase in revenue days and lower expenses primarily associated with rig mobilizations that were delayed.
Direct margins(2) during the first fiscal quarter were $13.8 million compared to $3.3 million during the previous quarter. Current quarter results included a $0.3 million foreign currency loss compared to a $1.2 million foreign currency loss in the previous quarter.
Offshore Gulf of Mexico:
This segment had operating income of $6.7 million compared to operating income of $6.6 million during the previous quarter. Direct margins(2) for the quarter were $9.5 million compared to $9.4 million in the prior quarter.
Operational Outlook for the Second Quarter of Fiscal Year 2023
North America Solutions:
International Solutions:
Offshore Gulf of Mexico:
Other Estimates for Fiscal Year 2023
Select Items(1) Included in Net Income per Diluted Share
First quarter of fiscal year 2023 net income of $0.91 per diluted share included $(0.20) in after-tax losses comprised of the following:
Fourth quarter of fiscal year 2022 net income of $0.42 per diluted share included $(0.03) in after-tax losses comprised of the following:
Conference Call
A conference call will be held on Tuesday, January 31, 2023 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s first quarter fiscal year 2023 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At December 31, 2022, H&P's fleet included 235 land rigs in the United States, 20 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, supplemental shareholder return plans and amounts of any future dividends, share repurchases, investments, active rig count projections, budgets, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, capex spending, outlook for international markets, and actions by customers are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.
Helmerich & Payne uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. Information on our website is not part of this release.
__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in the United States and other jurisdictions.
(1) Select items are considered non-GAAP metrics and are included as a supplemental disclosure as the Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside the Company's core business operations. See Non-GAAP Measurements.
(2) Direct margin, which is considered a non-GAAP metric, is defined as operating revenues less direct operating expenses and is included as a supplemental disclosure. We believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See Non-GAAP Measurements for a reconciliation of segment operating income(loss) to direct margin. Expected direct margin for the second quarter of fiscal 2023 is provided on a non-GAAP basis only because certain information necessary to calculate the cost comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future items and adjustments, which could be significant, we are unable to provide a reconciliation of expected direct margin to the most comparable GAAP measure without unreasonable effort.
(3) During the first fiscal quarter of 2023 we repurchased 844,018 shares for $39,060,000. During our second fiscal quarter through January 27, 2023 we repurchased an additional 433,929 shares for $20,513,000.
HELMERICH & PAYNE, INC. |
|||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
|
Three Months Ended |
||||||||||
(in thousands, except per share amounts) |
December 31, |
|
September 30, |
|
December 31, |
||||||
2022 |
|
2022 |
|
2021 |
|||||||
OPERATING REVENUES |
|
|
|
|
|
||||||
Drilling services |
$ |
717,170 |
|
|
$ |
629,031 |
|
|
$ |
407,534 |
|
Other |
|
2,467 |
|
|
|
2,301 |
|
|
|
2,248 |
|
|
|
719,637 |
|
|
|
631,332 |
|
|
|
409,782 |
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
||||||
Drilling services operating expenses, excluding depreciation and amortization |
|
428,251 |
|
|
|
410,968 |
|
|
|
299,652 |
|
Other operating expenses |
|
1,126 |
|
|
|
1,222 |
|
|
|
1,182 |
|
Depreciation and amortization |
|
96,655 |
|
|
|
99,055 |
|
|
|
100,437 |
|
Research and development |
|
6,933 |
|
|
|
7,138 |
|
|
|
6,527 |
|
Selling, general and administrative |
|
48,455 |
|
|
|
46,667 |
|
|
|
43,715 |
|
Asset impairment charges |
|
12,097 |
|
|
|
— |
|
|
|
4,363 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
742 |
|
Gain on reimbursement of drilling equipment |
|
(15,724 |
) |
|
|
(7,846 |
) |
|
|
(5,254 |
) |
Other (gain) loss on sale of assets |
|
(2,379 |
) |
|
|
(2,670 |
) |
|
|
1,029 |
|
|
|
575,414 |
|
|
|
554,534 |
|
|
|
452,393 |
|
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
144,223 |
|
|
|
76,798 |
|
|
|
(42,611 |
) |
Other income (expense) |
|
|
|
|
|
||||||
Interest and dividend income |
|
4,705 |
|
|
|
6,789 |
|
|
|
2,589 |
|
Interest expense |
|
(4,355 |
) |
|
|
(4,327 |
) |
|
|
(6,114 |
) |
Gain (loss) on investment securities |
|
(15,091 |
) |
|
|
2,253 |
|
|
|
47,862 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(60,083 |
) |
Other |
|
(660 |
) |
|
|
(8,949 |
) |
|
|
(542 |
) |
|
|
(15,401 |
) |
|
|
(4,234 |
) |
|
|
(16,288 |
) |
Income (loss) from continuing operations before income taxes |
|
128,822 |
|
|
|
72,564 |
|
|
|
(58,899 |
) |
Income tax expense (benefit) |
|
32,395 |
|
|
|
27,532 |
|
|
|
(7,568 |
) |
Income (loss) from continuing operations |
|
96,427 |
|
|
|
45,032 |
|
|
|
(51,331 |
) |
Income (loss) from discontinued operations before income taxes |
|
718 |
|
|
|
507 |
|
|
|
(31 |
) |
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
Income (loss) from discontinued operations |
|
718 |
|
|
|
507 |
|
|
|
(31 |
) |
NET INCOME (LOSS) |
$ |
97,145 |
|
|
$ |
45,539 |
|
|
$ |
(51,362 |
) |
|
|
|
|
|
|
||||||
Basic earnings (loss) per common share: |
|
|
|
|
|
||||||
Income (loss) from continuing operations |
$ |
0.91 |
|
|
$ |
0.42 |
|
|
$ |
(0.48 |
) |
Income from discontinued operations |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
$ |
0.92 |
|
|
$ |
0.42 |
|
|
$ |
(0.48 |
) |
|
|
|
|
|
|
||||||
Diluted earnings (loss) per common share: |
|
|
|
|
|
||||||
Income (loss) from continuing operations |
$ |
0.90 |
|
|
$ |
0.42 |
|
|
$ |
(0.48 |
) |
Income from discontinued operations |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
$ |
0.91 |
|
|
$ |
0.42 |
|
|
$ |
(0.48 |
) |
|
|
|
|
|
|
||||||
Weighted average shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
105,248 |
|
|
|
105,292 |
|
|
|
107,571 |
|
Diluted |
|
106,104 |
|
|
|
106,078 |
|
|
|
107,571 |
|
HELMERICH & PAYNE, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
December 31, |
|
September 30, |
||||
(in thousands except share data and share amounts) |
2022 |
|
2022 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
229,186 |
|
|
$ |
232,131 |
|
Restricted cash |
|
42,472 |
|
|
|
36,246 |
|
Short-term investments |
|
118,457 |
|
|
|
117,101 |
|
Accounts receivable, net of allowance of $6,242 and $2,975, respectively |
|
512,681 |
|
|
|
458,713 |
|
Inventories of materials and supplies, net |
|
90,761 |
|
|
|
87,957 |
|
Prepaid expenses and other, net |
|
83,506 |
|
|
|
66,463 |
|
Assets held-for-sale |
|
1,551 |
|
|
|
4,333 |
|
Total current assets |
|
1,078,614 |
|
|
|
1,002,944 |
|
|
|
|
|
||||
Investments |
|
220,892 |
|
|
|
218,981 |
|
Property, plant and equipment, net |
|
2,942,059 |
|
|
|
2,960,809 |
|
Other Noncurrent Assets: |
|
|
|
||||
Goodwill |
|
45,653 |
|
|
|
45,653 |
|
Intangible assets, net |
|
65,398 |
|
|
|
67,154 |
|
Operating lease right-of-use asset |
|
38,539 |
|
|
|
39,064 |
|
Other assets, net |
|
20,693 |
|
|
|
20,926 |
|
Total other noncurrent assets |
|
170,283 |
|
|
|
172,797 |
|
|
|
|
|
||||
Total assets |
$ |
4,411,848 |
|
|
$ |
4,355,531 |
|
|
|
|
|
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
145,784 |
|
|
$ |
126,966 |
|
Dividends payable |
|
51,540 |
|
|
|
26,693 |
|
Accrued liabilities |
|
272,247 |
|
|
|
241,151 |
|
Total current liabilities |
|
469,571 |
|
|
|
394,810 |
|
|
|
|
|
||||
Noncurrent Liabilities: |
|
|
|
||||
Long-term debt, net |
|
542,932 |
|
|
|
542,610 |
|
Deferred income taxes |
|
537,264 |
|
|
|
537,712 |
|
Other |
|
116,136 |
|
|
|
113,387 |
|
Noncurrent liabilities - discontinued operations |
|
800 |
|
|
|
1,540 |
|
Total noncurrent liabilities |
|
1,197,132 |
|
|
|
1,195,249 |
|
|
|
|
|
||||
Shareholders' Equity: |
|
|
|
||||
Common stock, $0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of December 31, 2022 and September 30, 2022, and 104,898,566 and 105,293,662 shares outstanding as of December 31, 2022 and September 30, 2022, respectively |
|
11,222 |
|
|
|
11,222 |
|
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
512,928 |
|
|
|
528,278 |
|
Retained earnings |
|
2,494,106 |
|
|
|
2,473,572 |
|
Accumulated other comprehensive loss |
|
(11,816 |
) |
|
|
(12,072 |
) |
Treasury stock, at cost, 7,324,299 shares and 6,929,203 shares as of December 31, 2022 and September 30, 2022, respectively |
|
(261,295 |
) |
|
|
(235,528 |
) |
Total shareholders’ equity |
|
2,745,145 |
|
|
|
2,765,472 |
|
Total liabilities and shareholders' equity |
$ |
4,411,848 |
|
|
$ |
4,355,531 |
|
Dave Wilson, Vice President of Investor Relations
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(918) 588‑5190
AKRON, Ohio--(BUSINESS WIRE)--$BW #coolingtowers--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental business segment has been awarded contracts totaling more than $14 million to design and supply highly efficient dry cooling systems for waste-to-energy plants in the UK.
B&W Environmental will supply SPIG air-cooled condensers for the projects, which provide significant environmental benefits and are well-suited for renewable energy applications such as waste-to-energy and biomass-fueled power plants. Dry cooling systems using air-cooled condensers can be used in nearly any climate and benefit the environment by eliminating cooling water discharge.
“The world continues to move toward waste-to-energy, biomass and other renewables to provide environmentally friendly and efficient sources of energy,” said Executive Vice President and Chief Operating Officer Jimmy Morgan. “We are pleased to work with power producers and industry to provide an extensive range of clean power production technologies including B&W Environmental cooling, emissions control systems and equipment.”
“The UK waste-to-energy and biomass power market continues to be strong and we anticipate more opportunities for B&W Environmental’s technologies to make an important contribution in this market in the future,” Morgan said.
B&W Environmental offers design, engineering, manufacture and installation of dry cooling systems using only ambient air without any need for water, and its technologies are suitable for both renewable and thermal power plants.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to contracts to design and supply highly-efficient cooling systems for waste-to-energy plants in the UK. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Investor Relations
Babcock & Wilcox
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) plans to announce its fourth-quarter and full-year 2022 financial results after the market closes on Monday, Feb. 20, 2023. The company is scheduled to host its 2023 Analyst Day event in New York on Tuesday, Feb. 21, 2023 beginning at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). During the event, Williams' management will give in-depth presentations covering the company's natural gas-focused strategy to meet growing clean energy demands. These presentations will highlight the company’s efficient operations, disciplined project execution, 2022 performance and 2023 guidance.
Presentation slides and earnings materials will be accessible on the Williams’ Investor Relations website after market close on Feb. 20. Participants who wish to view the live presentation can access the webcast here: https://app.webinar.net/wAoX6Qm6lRx.
A replay of the 2023 Analyst Day webcast will also be available on the website for at least 90 days following the event.
About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
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(800) 945-8723
INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
The Memorandum of Understanding will advance X-energy’s growing relationships in Alberta, helping the province seize the potential economic benefits offered by Xe-100 small modular reactors.
EDMONTON, Alberta & ROCKVILLE, Md.--(BUSINESS WIRE)--$AAC #AdvancedNuclear--X-Energy Canada, Inc. (“X-energy Canada”), a subsidiary of X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Invest Alberta Corporation (“IAC”) have signed a memorandum of understanding (“MOU”) to develop economic opportunities supporting the potential deployment of the Xe-100 small modular reactor (“SMR”) within the province.
Joint efforts will include the identification of supply chain opportunities, engagement with local and provincial governments, and strengthening of relationships with Indigenous communities interested in equity participation in Xe-100 projects. Under the MOU, IAC will also support X-energy’s efforts to establish a divisional office to help advance these local efforts.
The Xe-100 is a high temperature gas-cooled reactor developed on decades of research, development, and operating experience. Facilities utilizing these SMRs will be scalable to meet demand, with one unit generating up to 80 megawatts of electricity from 200 megawatts of thermal power, and are designed for high reliability and 95% availability. This clean energy solution can directly support heavy industry, including oil sands operations, and petrochemical and other industrial processes, through a combination of high-temperature, 565 degrees Celsius, steam and electric power production.
X-energy estimates that the delivery of a four-unit plant in Alberta would create up to 3,800 full-time jobs in Canada, most of which would be located in Alberta. Direct and indirect jobs in Alberta would include local contractors, service providers, supply chain and trades.
“Alberta’s energy industry is vital to recovering and sustaining a thriving Canadian economy,” said Katherine Moshonas Cole, President at X-energy Canada. “X-energy is ready to support Alberta’s critical energy, chemical and mining industries to affordably achieve the carbon emissions reductions needed, both on and off the grid. A successful early deployment of our Xe-100 SMR technology in Alberta will better position the province to seize the economic opportunities that our technology brings; opportunities that will deliver sustainable economic benefits and will contribute to the diversification and health of Alberta’s economy.”
The Government of Alberta is one of four provincial participants of the Strategic Plan for the Deployment of SMRs, which maps out the path forward to capitalize on the benefits of adopting advanced reactors, including the Xe-100.
Established as a crown corporation of the Government of Alberta, IAC promotes Alberta as an investment destination of choice to investors internationally, and attracts high-value and high-impact investments to Alberta, Canada. With team members strategically positioned in key markets around the world, the organization works to break down barriers so innovative businesses, like X-energy, can start up, scale up, and succeed without limits.
“X-energy Canada’s interest in expanding its presence in Alberta represents progress toward the transition to a diversified lower carbon economy,” said Rick Christiaanse, CEO of IAC. “With this MOU in place, Invest Alberta is proud to play a role in advancing the economic benefits, job opportunities, and clean energy opportunities that are key to securing the province’s future.”
According to a poll conducted by the Angus Reid Institute, nearly three-in-five Canadians support expanding nuclear power generation, with 70% of Albertans responding that they would be comfortable with a nuclear power plant operating in their province.
The MOU is non-binding and non-exclusive.
As previously announced on December 6, 2022, X-energy has entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC), a publicly-traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement (as defined below) being declared effective by the SEC, and other customary closing conditions.
Quotes
Quick Facts
About X Energy Reactor Company, LLC.
X Energy Reactor Company, LLC is a leading developer of small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared conventional nuclear and broader use cases when compared with other SMRs. For more information, visit x-energy.com or connect with us on Twitter or LinkedIn.
About Invest Alberta
Invest Alberta is engaging the world and providing high-end tailored support to companies, investors, and major new projects. With team members strategically positioned in key markets around the world, Invest Alberta works to break down barriers so businesses can start up, scale up, and succeed without limits. Since 2020, we have helped investors commit billions of dollars and thousands of jobs in diverse sectors into Alberta. For more information please visit: www.investalberta.ca.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business Combination”) with X-energy, AAC filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) on January 25, 2023, which includes a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.
The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Participants in the Solicitation
AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the Registration Statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
Invest Alberta
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403 861-9968
X-energy – Canada
Media:
Monifa Miller
Director, Communications and Stakeholder Relations
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X-energy – Global
Media:
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Investors:
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Ares Acquisition Corporation
Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
or
Brittany Cash
+1-212-301-0347
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VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells for commercial mobility, is pleased to announce the addition of Brad Miller to its Board of Directors. Miller’s appointment is the next step to evolving Loop Energy’s board, an effort which began last year with the appointment of Kent Thexton as Board Chair and Paul Cataford as Director, Corporate Secretary and CFO. Loop Energy continues to strengthen its leadership and expertise at the board level as it focuses on the next stage of growth and develops a path to profitability.
Miller brings a wealth of experience and success as a leader who has built and scaled multiple clean technology manufacturing businesses to profitability. Miller’s AdvanTec Global Innovations expanded into developing reformers for stationary hydrogen-electric generators and hydrogen fuelling station equipment. Previously Miller founded IMW Industries, a manufacturer of compressed natural gas (CNG) equipment, and he grew the business to over $100 million in revenue and 700 employees worldwide.
In conjunction with this appointment, Neil Murdoch has resigned from the board.
“We are excited to welcome Brad and look forward to drawing on his extensive experience in the hydrogen and cleantech manufacturing sectors,” said Loop Energy Chairman, Kent Thexton. “Brad’s knowledge and expertise in scaling manufacturing operations is a key value-add at the board level as we grow Loop Energy and leverage its proprietary technology. We’d like to extend our gratitude to Neil Murdoch for his dedication and contribution to the board.”
“Brad’s experience scaling manufacturing operations and driving profit margins will be beneficial to Loop Energy and our team,” said Loop Energy President & CEO, Ben Nyland. “More focus on emerging and profitable market segments and an emphasis on sizing our operation to current market conditions will drive profitability and shareholder value appreciation sooner. Management and the Board are aligned on a vision and a direction forward.”
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.
Investor Inquiries:
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Media Inquiries:
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Highlights
TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) ("ARLP" or the "Partnership") today reported substantial increases to financial and operating results for the quarter and year ended December 31, 2022 (the "2022 Quarter" and "2022 Full Year", respectively) compared to the quarter and year ended December 31, 2021 (the "2021 Quarter" and "2021 Full Year", respectively).
Total revenues in the 2022 Quarter increased 48.0% to a record $700.7 million compared to $473.5 million for the 2021 Quarter as a result of significantly higher coal sales and oil & gas royalties revenues. Increased revenues, partially offset by higher total operating expenses, led net income for the 2022 Quarter to a record $214.5 million, or $1.63 per basic and diluted limited partner unit, compared to $51.8 million, or $0.40 per basic and diluted limited partner unit, for the 2021 Quarter. EBITDA also increased 125.7% in the 2022 Quarter to $293.9 million compared to $130.2 million in the 2021 Quarter. (Unless otherwise noted, all references in the text of this release to "net income" refer to "net income attributable to ARLP." For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.)
2022 Full Year performance saw total revenues increase 53.3% to a record $2.4 billion compared to $1.6 billion for the 2021 Full Year, primarily due to substantial increases in prices and volumes from both ARLP’s coal operations and royalty segments. Higher revenues, partially offset by increased total operating and income tax expenses, led to significantly higher net income, which rose 224.0% to a record $577.2 million, or $4.39 per basic and diluted limited partner unit, compared to $178.2 million, or $1.36 per basic and diluted limited partner unit, for the 2021 Full Year. EBITDA increased 96.3% to $940.2 million compared to $479.1 million for the 2021 Full Year.
CEO Commentary
"ARLP’s record performance during the 2022 quarter and full year, in a supply and transportation constrained operating environment, is a testament to our team’s ability to execute and deliver reliable energy supply under challenging circumstances," commented Joseph W. Craft III, Chairman, President, and Chief Executive Officer. "In 2022, ARLP achieved its highest reported EBITDA and operating cash flow in the Partnership’s 23-year history, driven by continued growth in sales volumes coupled with higher price realizations across our coal operations and royalty segments."
Mr. Craft added, "With our strong balance sheet and relentless focus on cash flow generation, we are well positioned to capitalize on growth opportunities in the market and return capital to our unitholders. Based on our highly committed coal sales book and visibility into our end markets, last week we were pleased to announce a 40% increase in ARLP’s quarterly cash distribution rate to $0.70 per unit, or $2.80 per unit on an annualized basis. This increase is consistent with our long-term strategic capital allocation plans and is well-supported by strong visibility into future cash flows with approximately 94% of our expected 2023 coal sales volumes committed and priced as we enter the year. I am proud of the team’s record of success, and, as reflected in our initial guidance, look forward to achieving even stronger results in 2023."
Segment Results and Analysis |
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% Change |
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2022 Fourth |
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2021 Fourth |
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Quarter / |
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2022 Third |
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% Change |
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(in millions, except per ton and per BOE data) |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Sequential |
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Coal Operations (1) |
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Illinois Basin |
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Tons sold |
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6.288 |
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6.329 |
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(0.6 |
)% |
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6.109 |
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2.9 |
% |
Coal sales price per ton sold |
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$ |
57.47 |
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$ |
41.63 |
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38.0 |
% |
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$ |
51.44 |
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11.7 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
37.98 |
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$ |
31.27 |
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21.5 |
% |
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$ |
31.91 |
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19.0 |
% |
Segment Adjusted EBITDA |
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$ |
124.4 |
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$ |
67.7 |
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83.7 |
% |
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$ |
120.8 |
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3.0 |
% |
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Appalachia |
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Tons sold |
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3.021 |
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2.771 |
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9.0 |
% |
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3.076 |
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(1.8 |
)% |
Coal sales price per ton sold |
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$ |
89.41 |
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$ |
53.30 |
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67.7 |
% |
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$ |
76.82 |
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16.4 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
42.46 |
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$ |
37.47 |
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13.3 |
% |
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$ |
43.78 |
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(3.0 |
)% |
Segment Adjusted EBITDA |
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$ |
148.9 |
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$ |
46.7 |
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218.7 |
% |
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$ |
102.0 |
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46.0 |
% |
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Total Coal Operations |
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Tons sold |
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9.309 |
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9.100 |
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2.3 |
% |
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9.185 |
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1.4 |
% |
Coal sales price per ton sold |
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$ |
67.84 |
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$ |
45.19 |
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50.1 |
% |
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$ |
59.94 |
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13.2 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
40.71 |
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$ |
33.86 |
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20.2 |
% |
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$ |
36.77 |
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10.7 |
% |
Segment Adjusted EBITDA |
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$ |
271.4 |
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$ |
116.4 |
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133.1 |
% |
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$ |
224.6 |
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20.9 |
% |
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Royalties (1) |
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Oil & Gas Royalties |
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BOE sold (2) |
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0.653 |
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0.458 |
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42.6 |
% |
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0.551 |
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18.5 |
% |
Oil percentage of BOE |
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45.1 |
% |
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45.9 |
% |
(1.7 |
)% |
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43.8 |
% |
3.0 |
% |
Average sales price per BOE (3) |
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$ |
55.54 |
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$ |
51.80 |
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7.2 |
% |
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$ |
64.03 |
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(13.3 |
)% |
Segment Adjusted EBITDA Expense |
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$ |
4.2 |
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$ |
2.8 |
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48.0 |
% |
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$ |
3.5 |
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18.5 |
% |
Segment Adjusted EBITDA |
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$ |
32.2 |
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$ |
22.4 |
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44.1 |
% |
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$ |
35.8 |
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(9.9 |
)% |
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Coal Royalties |
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Royalty tons sold |
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5.305 |
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5.675 |
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(6.5 |
)% |
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5.654 |
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(6.2 |
)% |
Revenue per royalty ton sold |
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$ |
2.68 |
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$ |
2.64 |
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1.5 |
% |
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$ |
2.96 |
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(9.5 |
)% |
Segment Adjusted EBITDA Expense |
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$ |
6.1 |
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$ |
5.1 |
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19.5 |
% |
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$ |
5.5 |
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10.2 |
% |
Segment Adjusted EBITDA |
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$ |
8.2 |
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$ |
9.9 |
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(17.9 |
)% |
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$ |
11.2 |
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(26.8 |
)% |
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Total Royalties |
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Total royalty revenues |
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$ |
50.6 |
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$ |
39.4 |
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28.3 |
% |
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$ |
54.3 |
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(6.8 |
)% |
Segment Adjusted EBITDA Expense |
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$ |
10.3 |
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$ |
7.9 |
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29.7 |
% |
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$ |
9.1 |
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13.4 |
% |
Segment Adjusted EBITDA |
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$ |
40.4 |
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$ |
32.3 |
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25.0 |
% |
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$ |
46.9 |
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(14.0 |
)% |
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Consolidated Total (4) |
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Total revenues |
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$ |
700.7 |
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$ |
473.5 |
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48.0 |
% |
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$ |
628.4 |
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11.5 |
% |
Segment Adjusted EBITDA Expense |
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$ |
375.1 |
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$ |
301.1 |
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24.6 |
% |
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$ |
330.1 |
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13.6 |
% |
Segment Adjusted EBITDA |
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$ |
311.8 |
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$ |
148.8 |
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109.6 |
% |
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$ |
271.5 |
|
14.9 |
% |
| ____________________ | |
| (1) | For definitions of Segment Adjusted EBITDA Expense and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release. Segment Adjusted EBITDA Expense per ton is defined as Segment Adjusted EBITDA Expense – Coal Operations (as reflected in the reconciliation table at the end of this release) divided by total tons sold. |
| (2) | Barrels of oil equivalent ("BOE") for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). |
| (3) | Average sales price per BOE is defined as oil & gas royalty revenues excluding lease bonus revenue divided by total BOE sold. |
| (4) | Reflects total consolidated results, which include our other and corporate activities and eliminations in addition to the Illinois Basin, Appalachia, Oil & Gas Royalties and Coal Royalties reportable segments highlighted above. |
Coal Operations
ARLP’s coal sales prices per ton increased significantly compared to the 2021 Quarter as improved price realizations in both the domestic and export markets drove coal sales prices higher by 38.0% and 67.7% in the Illinois Basin and Appalachia, respectively. Compared to the quarter ended September 30, 2022 (the "Sequential Quarter"), higher export prices led to an 11.7% increase in coal sales price realizations in the Illinois Basin while higher domestic prices primarily from our Tunnel Ridge mine resulted in an increase of 16.4% in Appalachian coal sales prices. Tons sold remained relatively consistent in the Illinois Basin compared to the 2021 Quarter while increasing by 9.0% in Appalachia due primarily to increased sales volumes from Tunnel Ridge as a result of higher recoveries. Compared to the Sequential Quarter, increased sales volumes from our Gibson South and River View mines resulted in 2.9% higher tons sold in the Illinois Basin. Coal sales volumes in Appalachia decreased by 1.8% compared to the Sequential Quarter due to higher sales from inventory at Tunnel Ridge in the Sequential Quarter. ARLP ended the 2022 Quarter with total coal inventory of 0.5 million tons, which included 0.2 million tons staged at ports for vessel export in early 2023.
Segment Adjusted EBITDA Expense per ton increased by 21.5% and 13.3% in the Illinois Basin and Appalachia, respectively, compared to the 2021 Quarter primarily as a result of ongoing inflationary pressures on certain expense items, most notably labor-related expenses, supply and maintenance costs, increased sales-related expenses due to higher price realizations, and $6.5 million of non-cash accruals for certain long-term liabilities. Also specific to the 2022 Quarter, a thermal event at our Hamilton mine resulted in an unexpected outage that lasted approximately four weeks. There were no injuries to personnel, no damage to the equipment, and mining operations returned to normal production levels in December 2022; however, third-party expenses related to the event were approximately $5.8 million and approximately 0.5 million tons of production was lost in the 2022 Quarter. Excluding certain non-cash liability accruals and the Hamilton event related expenses, Illinois Basin Segment Adjusted EBITDA Expense per ton for the 2022 Quarter would have been more in-line with the percentage increases realized in Appalachia for the 2022 Quarter.
Royalties
Segment Adjusted EBITDA for our Oil & Gas Royalties segment increased 44.1% to $32.2 million in the 2022 Quarter compared to $22.4 million in the 2021 Quarter primarily due to significantly higher oil & gas royalty volumes, which rose by 42.6% to a record 653,000 BOE sold as a result of increased drilling and completion activities and additional volumes from oil & gas mineral interest acquisitions completed during 2022. Compared to the Sequential Quarter, Segment Adjusted EBITDA decreased by 9.9% in the 2022 Quarter primarily due to lower price realizations, which decreased by 13.3%, partially offset by higher oil & gas volumes, which increased by 18.5%.
Segment Adjusted EBITDA for our Coal Royalties segment decreased 17.9% to $8.2 million for the 2022 Quarter compared to $9.9 million for the 2021 Quarter primarily related to the Hamilton thermal event which reduced royalty tons sold by 8.5%. Compared to the Sequential Quarter, Segment Adjusted EBITDA decreased 26.8% due to lower royalty tons sold and average royalty rates per ton due to the Hamilton thermal event.
Balance Sheet and Liquidity
In January 2023, the Partnership entered into a new $425.0 million senior secured revolving credit facility and $75.0 million term loan (the "Credit Facilities"), which will mature in March 2027, and renewed its $60.0 million accounts receivable securitization facility. The Credit Facilities will replace the previous revolving credit facility, which was set to mature in March 2024. More information regarding the Credit Facilities is provided in our Form 8-K filing made on January 20, 2023.
As of December 31, 2022, total debt and finance leases outstanding were $427.6 million, including $400.0 million in ARLP’s 2025 senior notes. The Partnership’s total and net leverage ratio improved to 0.45 times and 0.14 times, respectively, during the 2022 Quarter. ARLP ended the year with total liquidity of $762.8 million, which included $296.0 million of cash and cash equivalents and $466.7 million of borrowings available under our previous revolving credit and accounts receivable securitization facilities.
Distributions
As previously announced on January 27, 2023, the Board of Directors of ARLP’s general partner (the "Board") approved a cash distribution to unitholders for the 2022 Quarter of $0.70 per unit (an annualized rate of $2.80 per unit), payable on February 14, 2023, to all unitholders of record as of the close of trading on February 7, 2023. The announced distribution represents a 180.0% increase over the cash distribution of $0.25 per unit for the 2021 Quarter and is a 40.0% increase over the cash distribution of $0.50 per unit for the Sequential Quarter.
Unit Repurchase Program
ARLP also announced today that the Board has authorized an increase to the previously established unit repurchase program, which had $6.5 million of available capacity as of December 31, 2022. The expanded unit repurchase program authorizes ARLP to repurchase up to $100.0 million of its outstanding limited partner common units. The unit repurchase program announced today is intended to enhance ARLP’s ability to achieve its goal of creating long-term value for unitholders and, along with management’s objective of increasing quarterly cash distributions, increases flexibility in returning cash to unitholders. Future unit repurchases and distributions will be subject to ongoing Board review and authorization and will be based on a number of factors, including ARLP’s financial and operating performance and other capital requirements as well as future economic, business and market conditions.
The unit repurchase program has no time limit and ARLP may repurchase units from time to time in the open market or in other privately negotiated transactions. The unit repurchase program authorization does not obligate ARLP to repurchase any dollar amount or number of its units and repurchases may be commenced or suspended from time to time without prior notice.
January 2023 Acquisition of Oil & Gas Royalties
On January 27, 2023, the Board approved an acquisition of 2,682 net oil and gas royalty acres in the Permian Basin from JC Resources LP, an entity owned by Mr. Craft, for a cash purchase price of $72.3 million, subject to customary closing adjustments. Upon closing, the acquisition is expected to be immediately accretive to cash flow. The purchase price will be funded with available cash and is expected to close within the next 30 days based on an effective date of January 1, 2023. Since the acquisition involves a related party, terms of the transaction were approved by the Board’s conflicts committee, which is comprised entirely of independent directors.
Outlook
"The supply driven energy crisis, Russia’s invasion of Ukraine and the steep build of inflation disrupted energy prices and placed a new emphasis on energy security in 2022," commented Mr. Craft. "Europe’s shift from Russian energy and U.S. and its allies’ economic sanctions are lowering Russian supply to the world, changing global energy trade routes and energy markets for several years to come, if not permanently. U.S. natural gas and coal exports should benefit in 2023 and beyond."
"Due in part to this ongoing disruption, ARLP is well positioned to achieve another record year in 2023 by increasing production and sales by one to two million tons and relying on our highly committed coal contract book and a favorable market outlook to deliver 13.0 to 17.0% higher realized pricing compared to 2022," commented Mr. Craft. "Even though natural gas prices have fallen recently due to the warm winter experienced so far, coal prices remain elevated in anticipation of international demand firming throughout the year as China’s economy reopens and as European markets look to replace 40 million tons of Russian coal imports received last year but unavailable this year. While the recent decline in natural gas prices are expected to impact our oil & gas royalties segment in the front half of the year, our coal segment should not be meaningfully affected due to our contracted position. In the back of this year and into 2024, we expect global economic activity will result in rising oil, gas and coal prices, and support our guidance."
Mr. Craft concluded, "We are beginning to see the significant inflation experienced last year start to level off, however labor pressures and higher sales related expenses as a result of higher price realizations and coal sales volumes will continue to add to our costs in 2023. However, we expect favorable market forces and our current coal sales commitments will drive top line growth that should more than offset these inflationary pressures as margins are expected to improve across our business in 2023 versus the prior year."
ARLP is providing the following initial guidance for the 2023 full year:
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2023 Full Year Guidance |
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Coal Operations |
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Volumes (Million Short Tons) |
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Illinois Basin Sales Tons |
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26.0 — 27.5 |
Appalachia Sales Tons |
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10.0 — 10.5 |
Total Sales Tons |
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36.0 — 38.0 |
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Committed & Priced Sales Tons |
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2023 — Domestic/Export/Total |
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31.4/3.3/34.7 |
2024 — Domestic/Export/Total |
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22.7/1.0/23.7 |
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Per Ton Estimates |
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Coal Sales Price per ton sold (1) |
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$67.00 — $69.00 |
Segment Adjusted EBITDA Expense per ton sold (2) |
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$40.25 — $42.25 |
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Royalties |
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Oil & Gas Royalties |
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Oil (000 Barrels) |
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1,250 — 1,350 |
Natural gas (000 MCF) |
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4,400 — 4,900 |
Liquids (000 Barrels) |
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535 — 585 |
Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue) |
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~ 11.0% |
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Coal Royalties |
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Royalty tons sold (Million Short Tons) |
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20.9 — 23.1 |
Revenue per royalty ton sold |
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$3.00 — $3.20 |
Segment Adjusted EBITDA Expense per royalty ton sold |
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$1.00 — $1.10 |
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Consolidated (Millions) |
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Depreciation, depletion and amortization |
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$300 — $325 |
General and administrative |
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$90 — $95 |
Net interest expense |
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$31 — $32 |
Income tax expense |
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$18 — $19 |
Total capital expenditures |
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$400 — $450 |
Growth capital expenditures |
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$50 — $60 |
Maintenance capital expenditures |
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$350 — $390 |
Acquisition of oil & gas royalties (3) |
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|
$72 |
| _________________________ | |
| (1) | Sales price per ton is defined as total coal sales revenue divided by total tons sold. |
| (2) | Segment Adjusted EBITDA Expense is defined as operating expenses, coal purchases and other expenses. |
| (3) | Acquisition of oil & gas royalties reflects the $72.3 million acquisition from JC Resources LP, as described in the section above "January 2023 Acquisition of Oil & Gas Royalties." |
Conference Call
A conference call regarding ARLP's 2022 Quarter and Year financial results and 2023 outlook is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the "investor relations" section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13735338.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is one of the largest coal producers in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial performance, coal and oil & gas consumption and expected future prices, our ability to increase unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure transition investments, optimizing cash flows, reducing operating and capital expenditures, preserving liquidity and maintaining financial flexibility, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: the outcome or escalation of current hostilities in Ukraine, the severity, magnitude, and duration of the COVID-19 pandemic and the emergence of new virus variants, and impacts of the pandemic and of businesses' and governments' responses to the pandemic, including actions to mitigate its impact and the development of treatments and vaccines, on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels; changes in global economic and geo-political conditions or in industries in which we or our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of pr
Brian L. Cantrell, Chief Financial Officer
918-295-7674
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ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate solutions, today announced that the Company will release its fourth quarter and full year 2022 results after market close on Thursday, February 16, 2023, to be followed by a conference call at 5:00 p.m. (Eastern Time).
The conference call can be accessed live over the phone by dialing 1-877-407-0890 (Toll-Free) or +1-201-389-0918 (toll). Participants should inform the operator you want to be joined to the Hannon Armstrong call. The conference call will also be accessible as an audio webcast with slides on our website. A replay after the event will be accessible as on-demand webcast on our website.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors section of the Company's website at https://investors.hannonarmstrong.com/. The online replay will be available for a limited time beginning immediately following the call.
To learn more about Hannon Armstrong, please visit the Company's website at www.hannonarmstrong.com. In addition to filing or furnishing required information to the U.S. Securities and Exchange Commission, Hannon Armstrong uses its website as a channel of distribution of material Company information. Financial and other material information regarding Hannon Armstrong is routinely posted on the Company's website and is readily accessible.
ABOUT HANNON ARMSTRONG
Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.
INVESTOR INQUIRIES
Neha Gaddam
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410-571-6189
TA and Electrify America Have Goal to Install DC Fast Chargers Nationwide to Meet Needs of EV Drivers
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA), the nation’s largest publicly-traded full-service travel center network, announced today an agreement with Electrify America to offer electric vehicle charging at select TA/Petro locations with the first stations planned to be deployed in 2023. Electrify America is the largest open direct current fast-charging network in the U.S.
With a goal of installing approximately 1,000 individual chargers at 200 locations along major highways over five years, TA will purchase Electrify America’s DC (Direct Current) fast chargers. Electrify America will install, operate and maintain the charging stations at TA/Petro locations, through its Electrify Commercial business unit. Electrify America will manage the entire process to design and develop the charging stations – obtaining permitting approvals, providing warranty and 24/7 support services, and conducting onsite maintenance. TA will be included on the Electrify America charging network, allowing customers to access and pay for charging through the Electrify America app.
The network of charging stations will be open to almost all brands of EV vehicles and can deliver up to 350 kW to capable vehicles – some of the fastest charging speeds commercially available. The new charging stations help to provide range confidence to EV motorists traveling long distances by expanding access to hyper-fast charging, exemplifying TA’s commitment to providing accessible and reliable chargers to allow EV motorists stay on the go.
“TA’s large locations with expansive amenities are attractive to EV motorists and we are committed to expanding our EV charging infrastructure to accommodate this growing number of EV drivers over time,” said Jon Pertchik, Chief Executive Officer of TravelCenters of America. “Our agreement with best-in-class Electrify America provides an unmatched offering of excellence in locations, service and support.”
“Electrify America is pleased to collaborate with an industry leader like TravelCenters of America to provide the critical infrastructure needed for EV drivers of today and tomorrow,” said Giovanni Palazzo, President and Chief Executive Officer of Electrify America. “Our combined strengths allow us to take bigger steps toward our shared vision of a more sustainable future.”
Electrify Commercial - the business unit from Electrify America designed to deliver turnkey EV charging solutions to businesses, utility companies, fleet owners, travel centers and convenience stores – is developing EV charging programs tailored to fit customers’ individual needs. Electrify Commercial presents a unique opportunity for businesses like TravelCenters of America to own their own charging stations while leveraging Electrify America’s experience building the largest open, DC-fast charging network in the U.S.
TA’s site amenities and Electrify America’s robust abilities offer unique solutions to EV drivers, including convenient locations along major highways and close to exits, access to Wi-Fi at TA locations, modern restrooms, hyper-fast charging speeds up to 350 kW for capable vehicles, seamless Plug & Charge payment technology, and operations backed by 24/7 customer support and a 24/7 network operations center.
Together, TA and Electrify America are dedicated to meeting the evolving needs of motorists and are charging toward a more sustainable future.
About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
About Electrify America
Electrify America LLC, the largest open DC fast charging network in the U.S., is investing more than $2 billion in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of ultra-fast community and highway chargers that are convenient and reliable. Electrify America and Electrify Canada expect to have more than 1,800 total charging stations with over 10,000 individual chargers in the United States and Canada combined by 2026. During this period, Electrify America will be expanding to 49 states and the District of Columbia, supporting increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.
Electrify America earned the 2020 and 2021 “EV Charging Infrastructure Best-in-Test” award from umlaut, an infrastructure and benchmarking specialist, now part of Accenture, as published in Charged Electric Vehicles Magazine. Electrify America’s Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs.
For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.
Warning Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon TA’s present beliefs and expectations, but these statements and the implications of these statements are subject to a variety of risks, are not guaranteed to occur and may not occur for various reasons, some of which are beyond TA’s control. For example, even if consumers purchase more electric vehicles in the future, TA may not experience anticipated growth or improved financial performance as a result of expanding its EV charging infrastructure. Investors are cautioned not to place undue reliance upon any forward-looking statements. Except as required by law, TA does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
TA Contact:
Tina Arundel
TravelCenters of America
440-250-4758
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Electrify America Contact:
Tara Geiger
Electrify America
571-352-6194
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TULSA, Okla.--(BUSINESS WIRE)--Intensity Infrastructure Partners, LLC (“Intensity”), a growth-oriented energy infrastructure company focused on acquiring and developing midstream infrastructure, today announced an equity commitment by EIV Capital (“EIV”), a private equity firm focused on the energy industry, and by Intensity’s management. The investment will allow Intensity to acquire, construct, own and operate midstream assets in the United States.
Intensity is based in Tulsa, Oklahoma and is led by Joseph Griffin and Derek Gipson. The executive team has a combined 145 years of diverse experience covering management, commercial, operations, engineering, marketing, construction and origination for a broad range of midstream activities primarily in the Permian Basin, the Bakken shale, the Powder River Basin and various Mid-Continent plays. The Intensity team has successfully invested in excess of $2 billion in the construction and acquisition of midstream assets throughout the value chain, including gas gathering, compression, processing and treating, crude oil and NGL gathering and transmission. Intensity offers a full suite of midstream services and works closely with its customers to provide tailored service offerings that meet their specific needs to deliver reliable, safe, easy to understand, on time and best-in-class solutions.
David Finan, Managing Partner at EIV, commented: “We are pleased to partner with Intensity as the team plans to leverage its exceptional track record to acquire, develop, operate and commercialize midstream infrastructure assets. The Intensity team brings a robust background that spans numerous basins and commodities, positioning the team well to partner with producers seeking midstream solutions.”
Greg Davis, Partner at EIV, noted: “Intensity is a proven team that is well suited to capitalize on what we see as an attractive opportunity set in the midstream sector, where EIV continues to be highly active. The Intensity team is the perfect complement to our midstream efforts.”
Joseph Griffin, CEO of Intensity, remarked: “We are excited to partner with EIV as we develop midstream solutions throughout the United States. Our executive team has devoted our careers to the midstream space and strongly believes there will be increasing opportunities to partner with producers and continue to build and optimize midstream assets for our customers.”
Kirkland & Ellis LLP served as legal counsel to EIV and Holland & Knight LLP served as legal counsel to Intensity.
About Intensity
Intensity is a full-service midstream company providing a suite of midstream service solutions customized to meet its customers’ specific requirements. By leveraging its relationships, market knowledge, commercial track record and operations and construction experience, Intensity provides creative, reliable and safe midstream solutions to its customers.
About EIV Capital
Founded in 2009, EIV Capital is a Houston, Texas-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on investments in businesses which create value through infrastructure, innovation or efficiency. The firm’s management has extensive experience leading and investing in successful companies across the energy value chain. For more information, visit www.eivcapital.com.
Intensity Infrastructure Partners
Derek Gipson
580-478-2208
Battery performance, capacity and longevity earned this innovative BESS the top spot in its category.
SACRAMENTO, Calif.--(BUSINESS WIRE)--Villara Energy Systems is thrilled to announce that its VillaGrid product has won the prestigious PV Magazine Award for 2022 in the category of Battery Energy Storage Systems (BESS). The award, presented by PV Magazine, recognizes the top products and services in the solar industry and is widely considered one of the most sought-after accolades in the field. This year’s winners were honored alongside the World Future Energy Summit in Abu Dhabi as part of the 11th MESIA Solar Awards Ceremony.
The VillaGrid is a residential, lithium titanate (LTO) battery offering twice the continuous power of conventional lithium-ion batteries at 10kW, four times the peak power at 30kW, and double the lifespan with a 20-year warranty. Even the smallest, 5.75kWh VillaGrid battery can back up a home during a power outage.
“Homeowners can avoid peak rates and protect themselves from power outages with this revolutionary storage system that delivers more power, more safety, and more useful life than traditional home batteries,” stated Garrett Woodroof, General Manager of Villara Energy.
The PV Magazine award is given annually to companies that have made significant contributions to the advancement of solar technology. The judging panel, which consists of industry experts and analysts, recognized the VillaGrid for its innovative technology, ease of use, and ability to deliver real-world benefits to homeowners.
"We are honored to receive this recognition from PV Magazine," said Rick Wylie, CEO of Villara Energy Systems. "The VillaGrid system represents years of hard work and dedication from our team, and we are thrilled to see it being recognized as a leading product in the solar industry."
Villara Energy Systems is committed to developing innovative energy solutions that make it easy and affordable for homeowners to go green and protect themselves from power outages.
For more information, please visit villaraenergy.com.
About Villara Energy Systems
Villara Energy Systems delivers best-in-class energy products designed to exceed consumer expectations and the strictest safety standards. As a proud California manufacturer, Villara Energy engineers and produces its products in the USA.
Media Contact:
Ann Bouchard
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m: (916) 521-7440
Global leader to bring proactive safety management to key industry event
DUBAI, United Arab Emirates--(BUSINESS WIRE)--$BLN #TSX--Blackline Safety Corp. (TSX: BLN) , a global leader in connected safety technology, today announced it will be exhibiting at the 2023 EGYPS exhibition, where it will showcase its suite of ground-breaking connected safety devices. The event is taking place at the Egypt International Exhibition Center, Cairo, from February 13 to 15 and expects to attract more than 500 exhibitors and 32,000 attendees.
Blackline Regional Sales Manager Samy Karam Gerguis has also been invited to give a presentation at the adjoining EGYPS Technical Conference on February 13 at 2:30 p.m. (Room 1, Session 1), where he will provide unique insight into “How to improve health and safety in the energy industry by using connected wearable technology.” The EGYPS 2023 Technical Conference brings together global oil, gas, and energy professionals to showcase the latest technical opportunities and challenges, breakthrough research findings, innovative technologies and industry solutions, creating an excellent learning and networking hub for the industry’s technical experts.
At the exhibition, attendees will experience first-hand Blackline Safety’s full suite of award-winning connected solutions, including the new G6 wearable single-gas detector. Featuring cloud connectivity and data insights, the G6 wearable single-gas detector helps users quickly respond to—and prevent—safety incidents and manage compliance. The company’s flagship G7 wearable personal gas detectors will also be on display. These devices for personal gas detection and lone worker monitoring include built-in connectivity, out-of-the-box deployment, easy integration into existing operations, and a broad gas sensor portfolio from which to choose. Rounding out the exhibit will be the G7 EXO Area Monitor, the world’s first direct-to-cloud area portable area gas monitor that offers rapid deployment, configuration flexibility and versatile mounting systems for placement anywhere.
Commenting on the benefits of Blackline’s solutions, Ahmed Fathi, Engineering Products Head of Department at Blackline’s Oman Distributor of the Year, Mohsin Haider Darwish (MHD ACERE) commented, “As a deep-rooted distributor of fire and safety solutions since the 1980s, MHD ACERE could quickly see the potential of Blackline’s unrivalled connected safety technology. Since day one of our partnership, we have demonstrated to our customers how the product can support them to widen the scope of worker and workplace protection. Customers appreciate what we offer and believe in it. They see it working anytime, anywhere, without special network limitations or configuration requirements. We are proud to represent Blackline Safety.”
Behind every Blackline Safety solution are Blackline Live & Blackline Analytics, award-winning connected safety software that enable organizations to know the moment something happens and manage it through to resolution with world-class emergency management tools. Reports are automatically compiled using data streamed directly from the field, meaning users can monitor, configure and deploy their fleet any time, anywhere.
Visit Blackline Safety at stand #2F17, Hall 2, Egypt International Exhibition Center. For Blackline Safety news and product tours, please visit here.
About Blackline Safety
Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline Safety enables companies to drive towards zero safety incidents and improved operational performance. Blackline Safety provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with coverage in more than 100 countries. Armed with cellular and satellite connectivity, Blackline Safety provides a lifeline to tens of thousands of people, having reported over 185 billion data-points and initiated over five million emergency alerts. For more information, visit BlacklineSafety.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.
INVESTOR AND ANALYST CONTACTS:
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
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Telephone: +1 949 574 3860
MEDIA CONTACT:
Blackline Safety
Christine Gillies, CMO
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+1 403-629-9434
Apex Signs Offtake Agreement with Meta for 195 MW Angelo Solar, Commencing Construction
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy today announced an environmental attribute purchase agreement (EAPA) with Meta for the full capacity of Angelo Solar in Tom Green County, Texas. The 195 MW project will help Meta support its regional operations with 100% renewable energy.
“The success of our company and our mission, to accelerate the shift to clean energy, relies on partnerships with first movers like Meta that have set ambitious standards driving the energy transition,” said Mark Goodwin, president and CEO of Apex Clean Energy. “As we advance our sixth project alongside Meta, this portfolio, now totaling more than a gigawatt, represents a diverse set of best-in-class wind and solar projects in markets across the United States.”
“We appreciate Apex’s partnership in helping us bring a total of one gigawatt of new renewable energy to the grid across Texas, Virginia, Illinois, Kansas, and Iowa,” said Urvi Parekh, head of renewable energy at Meta. “This new solar project will support our commitment to 100% renewable energy and will help bring jobs and investment to the local community.”
The agreement follows other previously announced transactions between Apex and Meta: an 80 MW EAPA with Altavista Solar; 200 MW with Aviator Wind East, part of the largest single-phase, single-site wind project in the United States; 175 MW with Lincoln Land Wind; 197 MW with Jayhawk Wind; and, most recently, 225 MW with Great Pathfinder Wind.
Angelo Solar will generate approximately $31.7 million in tax revenue for the local community, at least $22 million in landowner payments, and approximately 400 jobs during construction. Angelo is expected to begin commercial operations in early 2024.
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 400 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit www.apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
Apex Clean Energy
Cat Strumlauf
Director | Corporate Communications
(434) 227-4196
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