MIDLAND, Texas--(BUSINESS WIRE)--Ring Energy, Inc. (NYSE American: REI) ("Ring Energy" or the "Company"), today announced the pricing of an underwritten public offering of (i) 8,343,000 Common Shares, (ii) 13,428,500 Pre-Funded Warrants and (iii) 21,771,500 Common Warrants at a combined purchase price of $0.70. The gross proceeds to Ring Energy from this offering are expected to be approximately $15,240,000, before deducting underwriting discounts and commissions and other estimated offering expenses. Ring Energy has granted the underwriters a 45-day option to purchase up to an additional 3,265,725 Common Shares and/or 3,265,725 Common Warrants to purchase 3,265,725 Common Shares to cover over-allotments, if any. The Common Warrants have a term of five years and an exercise price of $0.80 per share. The offering is expected to close on or about October 29, 2020, subject to customary closing conditions.

Ring Energy is concurrently announcing the pricing of a registered direct of (i) 3,500,000 Common Shares, (ii) 3,300,000 Pre-Funded Warrants and (iii) 6,800,000 Common Warrants at a combined purchase price of $0.70. The gross proceeds to Ring Energy from this offering are expected to be approximately $4,760,000, before deducting placement agent fees and other estimated offering expenses. The Common Warrants have a term of five years and an exercise price of $0.80 per share. The offering is expected to close on or about October 29, 2020, subject to customary closing conditions.

A.G.P./Alliance Group Partners is acting as sole book-running manager for the underwritten public offering.

The underwritten public offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-237988) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) that was declared effective by the SEC on May 21, 2020. A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering was filed with the SEC. Electronic copies of the preliminary prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2006 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Ring Energy has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about Ring Energy and such offering. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC. The preliminary prospectus supplement and accompanying prospectus is also available, and the final prospectus supplement and accompanying prospectus will be available, on the SEC’s website at http://www.sec.gov.

A.G.P./Alliance Global Partners is acting as sole placement agent for the registered direct offering.

The registered direct offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-237988) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and New Mexico.

www.ringenergy.com

Safe Harbor Statement

This press release contains forward-looking statements related to Ring Energy and its subsidiaries under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the proposed underwritten public offering, the proposed registered direct offering, expected proceeds of the offerings, and other matters that are described in Ring Energy’s most recent periodic reports filed with the SEC, including Ring Energy’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended, subsequent Quarterly Reports on Form 10-Q and the preliminary prospectus supplement related to the proposed public underwritten offering filed with the SEC on or about the date hereof, including risks and uncertainties associated with general economic and market conditions and the satisfaction of customary closing conditions and the other risk factors set forth in those filings. Investors are cautioned 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 any forward-looking statement in this press release except as required by law.

K M Financial, Inc.
Bill Parsons, 702-489-4447

DUBLIN--(BUSINESS WIRE)--The "Power Rental Market by Fuel (Diesel, Natural Gas), Power Rating, Equipment, End User (Utilities, Oil & Gas, Events, Construction, Mining), Application (Peak Shaving, Base Load, Standby), Rental Type (Retail, Project), and Region - Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.

The global power rental market is projected to grow from USD 8,643 billion in 2020 and reach USD 11.7 billion by 2025, at a CAGR of 6.3% from 2020 to 2025.

Key factors driving the demand for power rental solutions include demand for continuous power supply in oil & gas and mining industries, growing need for electrification, as well as a constant power supply of rural areas. Aging power infrastructure and the need for grid stabilization are other pertinent factors supporting the growth of the market.

The diesel segment is expected to hold the largest technology share of the power rental market during the forecast period.

The diesel segment is estimated to be the largest- segment of the power rental market, by fuel type, from 2020 to 2025. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70-80% as they are designed typically to offer the best operational efficiency.

North America: The fastest-growing market for power rental.

The North American region is expected to be the largest and fastest-growing power rental, by region, during the forecast period. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the power rental market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

Market Dynamics

Drivers

• Demand for Continuous Power Supply from Mining and Oil & Gas Industries
• Growing Need for Electrification and Continuous Power Supply in Developing Regions
• Aging Power Infrastructure and Need for Grid Stabilization

Restraints

• Fluctuations in Fuel and Mining Commodity Prices
• Strict Regulations Pertaining to Emission Reduction in Fossil Fuel-Powered Equipment

Opportunities

• Integration of Power Rental Generators with Renewable Energy Sources
• Advent of Digital Technology Solutions for Operations Enhancement

Challenges

• Market Fluctuations Due to COVID-19
• Risk of Payment Default from End-User Industries

Companies Mentioned

• Aggreko
• Ahern Rentals
• Allmand Brothers
• Ashtead Group
• Atlas Copco
• Bredenoord
• Caterpillar
• Cummins
• Diy Rentals
• Generac
• Herc Rentals
• J& J Equipment Rentals & Sales
• Kohler Co.
• Multiquip Inc.
• One Source Rental
• Soenergy International
• Speedy Hire plc.
• Temp-Power
• United Rentals
• Wacker Neuson Se

For more information about this report visit https://www.researchandmarkets.com/r/85cakz

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

GREEN BAY, Wisconsin--(BUSINESS WIRE)--Schneider National, Inc. (NYSE: SNDR) announced today that on October 26, 2020, its Board of Directors declared a quarterly cash dividend of $0.065 per share on its Class A and Class B common stock, payable to shareholders of record as of December 11, 2020. The dividend is expected to be paid on January 11, 2021.

About Schneider

Schneider is a premier provider of transportation and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management and Port Logistics.

With nearly $5 billion annual revenue, Schneider has been delivering superior customer experiences and safely getting it done for over 80 years.

For more information about Schneider, visit www.schneider.com or follow the company socially on LinkedIn and Twitter: @WeAreSchneider.

Media Contacts:
Schneider
John Claybrooks
920-592-MKTG (6584)
This email address is being protected from spambots. You need JavaScript enabled to view it.

Erin Elliott
920-592-3555
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations Contact:
Schneider
Steve Bindas
920-592-SNDR (7637)
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Vessel Monitoring System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Application (Fisheries Management, Surveillance, and Others) and Vessel Type (Fishing Vessels, Cargo Vessels, Service Vessels, Passenger Ships and Ferries, and Others)" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US $688.3 million in 2019 and is projected to reach US $1,571.0 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.

Asia Pacific dominated the vessel monitoring system (VMS) market in 2019 with a decent market share followed by Europe. The market is analyzed based on historical, current, and future trends across the region. The vessel monitoring system market in APAC is further segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. The fishing industry holds a significant position among millions of ASEAN people and across the world. Marine products, such as fish, are the most traded products globally, and thus, they account for a substantial percentage in the global trade of agriculture commodities. Countries in the region, such as China, Japan, and the Republic of Korea as well as Indonesia, Thailand, the Philippines, and Vietnam, are known for fisheries business.

The larger the business of transporting fish, the more would be the use of vessel monitoring system. The mentioned countries are likely to positively contribute toward the market growth during the forecast period. For instance, Thailand monitored 7000 fishing vessels using VMS to ensure that the vessels are carrying fish legally. Using VMS, the illegal fishing business gets reduced, which helps countries, such as Thailand, curb unlawful fishing business. The aspects mentioned earlier about the trade of marine products and the advantage of VMS are likely to propel the market in the region. In addition, AST, a Singapore-based satellite communication equipment supplier, offers satellite communications VMS+ 2nd generation dual channel (satellite and GPRS) transponder. This solution is designed for tracking and monitoring fishing vessels in harsh European waters.

In 2019, Europe stood second in the vessel monitoring system market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027. The fishing vessels in the EU are equipped with the vessel monitoring system transmitters that enable the vessels to be monitored by the Fisheries Monitoring Centers (FMCs) of Member States. According to the Directive 2009/17/EC, the fishing vessels with a length of more than 15 meters would also be fitted with the AIS transmitters. Recently, a pilot project had been established between the three Member States (France, Italy, and Spain) and EMSA, the Communities Fisheries Control Agency (CFCA) to see how the synergies among the two systems can be made the most use of.

Impact of COVID-19 on Vessel Monitoring System Market

According to the latest situation report from the World Health Organization, the US, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a rapid pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and the trend is likely to continue in 2021 as well. The regions such as APAC, North America, Europe, and SAM have a significant number of market players. Since the start of 2020, ICT and transportation industries have been reflecting a declining trend.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global vessel monitoring system market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global vessel monitoring system market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Rising Need for Tracking due to Unauthorized Activities
• Escalating Growth in Fisheries Application

Restraint

• High Costs Involved

Opportunity

• Growing opportunities for Cargo Tracking

Future Trend

• Integration with Advanced Technologies

Companies Mentioned

• Applied Satellite Technology Ltd.
• Add value Technologies
• Beijing Highlander Digital Technology Co., Ltd.
• Bluetraker
• CLS Fisheries
• Orbcomm
• Orolia Maritime
• Trackwell
• Remora
• VISMA

For more information about this report visit https://www.researchandmarkets.com/r/xmugw3

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (NASDAQ: SYNL) today announced that Craig Bram will retire as President and Chief Executive Officer and as a member of the Synalloy’s Board of Directors, effective as of the filing of the Company third quarter Form 10-Q, currently expected to be on November 9, 2020.

Henry Guy, Chairman of the Board of Directors, said, “Craig has been a great asset since joining Synalloy’s Board in 2004 and for the past nine years as President and CEO. He has been the driver behind our acquisition strategy and collection of valuable business assets. Synalloy would not be as well positioned for future growth without his years of vision, leadership, and other numerous contributions.”

Christopher Hutter, a current member of the Board of Directors, has been appointed as the Company’s Interim President and Chief Executive Officer.

Guy said, “Chris is a very accomplished executive in the metals, manufacturing and distribution industries. As we conduct a search for a permanent President and CEO, the Board believes that Chris’ leadership and experience will help guide the Company and our differentiated business units to great success.”

Hutter said, “I am honored and committed to lead the Company and execute on the Board’s strategic vision on an interim basis. I see tremendous opportunity in Synalloy’s businesses and I look forward to working with the Company’s many talented employees to help create meaningful value for shareholders.”

About Chris Hutter

Chris Hutter is the Co-Founder and Manager of UPG Enterprises LLC, a successful high-growth operator of eight premier industrial companies across the metals, manufacturing, distribution and logistics sectors. UPG was founded on the premise that focusing on culture, respect, technology and growth creates a best-in-class organization. Chris received a Bachelors of Science in Finance from the University of Illinois Urbana-Champaign and a MBA in Finance from Lewis University.

About Synalloy Corporation

Synalloy Corporation (Nasdaq: SYNL) is a growth oriented company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit our website at www.synalloy.com.

Sally Cunningham: (804) 822-3267

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro”) (NYSE: PUMP) today announced that it will issue its third quarter 2020 earnings release on Monday, November 2, 2020 after the close of trading. ProPetro will host a conference call on Tuesday, November 3, 2020 at 8:00 AM Central Time to discuss its third quarter results.

To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. The call will also be webcast on ProPetro’s web site, www.propetroservices.com.

A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 10147385.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

TOULOUSE, France--(BUSINESS WIRE)--Solvionic, the world leader in materials for new generation electrolytes, announces the appointment of Gildas Sorin to its Board of Directors.

The Ordinary General Meeting of Shareholders of Solvionic has decided to appoint Gildas Sorin as a director of the company. Solvionic, a company located in Toulouse (France), is a world leader in the development and distribution of ionic materials for new generation batteries and super capacitors. The company uses innovative technology to produce high-purity materials (ionic liquids) used specifically in the batteries of the future; these batteries will be safer, more powerful and longer lasting.

Gildas Sorin's appointment comes at a time when the company is preparing for the mass production of its products. His experience in developing start-ups will be vital in implementing Solvionic's global expansion strategy.

"I am very pleased to welcome Gildas on board", stated François Malbosc CEO of Solvionic. "The recruitment of Gildas will further strengthen our strategy to increase Solvionic's development".

"Solvionic has enormous potential owing to its unique technology", declared Gildas Sorin. "François has driven the company to new heights. It will be an honor to further build upon his commercial success".

Created in 2003, Solvionic currently employs 23 staff members. In 2019, as a result of its positioning in high-growth markets, the Toulouse-based company raised EUR 4 million from Omnes and IRDI Soridec. With the support of its shareholders, Solvionic aims to assert its leadership position on the ionic liquids market.

The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.

For more information, please contact Ms. Clara Gouazé, the Communications Manager at Solvionic:
This email address is being protected from spambots. You need JavaScript enabled to view it.

Aerial, Vehicle and On-The-Ground Inspections, Patrols and Restoration Work Has Begun for Impacted Areas Where It Is Safe to Do So

Restoration Expected to Occur in Stages Beginning Monday Morning Through Tuesday Night

SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) has begun patrolling some lines de-energized by the Public Safety Power Shutoff (PSPS) that started Sunday morning, Oct. 25, which affected approximately 355,000 customers in 34 counties. Due to improved weather conditions, Kern and San Joaquin Counties were removed from the scope of this PSPS.

This morning, PG&E meteorologists began issuing the weather all clear for portions of areas impacted by the PSPS. Restorations have begun where possible.

When it is safe to do so, crews will patrol over 17,000 miles of transmission and distribution lines to ensure that no damage or hazards exist before those lines can be re-energized and those customers restored. Efforts related to this PSPS event will include nearly 1,800 ground patrol units, 1 airplane and 65 helicopters.

PSPS Restoration

PG&E has begun restoring power to customers in some areas where it is safe to do so and expects to restore power to the remaining customers impacted by this PSPS event throughout the day on Monday and continue into Tuesday, with a majority of the customers restored by late Tuesday evening. In many areas, high winds and fire-critical weather will continue through Tuesday morning, so power restoration efforts cannot occur in those areas until the weather conditions improve and the fire danger subsides. Restoration may be delayed for some customers if crews are required to repair significant damage to individual lines, which could be caused by wind-blown branches and other debris.

The restoration process PG&E follows includes:

1. Patrol – PG&E crews work to look for potential weather-related damage to the lines, poles and towers. This is done by foot, vehicle and air.
2. Repair – Where equipment damage is found, PG&E crews work to isolate the damaged area from the rest of the system so other parts of the system can be restored.
3. Restore – Once the poles, towers and lines are safe to energize, PG&E's Control Center can complete the process and restore power to affected areas.
4. Notify Customers – Customers are notified that power has been restored.

For more information on the PSPS event, visit pge.com/pspsupdates.

Extreme Winds Recorded Across Service Area

Winds in de-energized areas due to PSPS were observed as follows:

Customer Support

As of this morning, PG&E has opened 105 Community Resource Centers (CRCs) in 32 counties to support customers when power is out at their homes. The CRCs provide ADA-accessible restrooms, hand-washing stations, medical-equipment charging, Wi-Fi, bottled water, grab-and-go bags and non-perishable snacks. PG&E updates its CRC locations regularly, click here for updates.

All CRCs will follow important COVID-related health and safety protocols including:

• Everyone in a CRC is required to wear facial coverings and maintain a physical distance of at least six feet from those who are not part of the same household.
• Everyone entering an indoor CRC will receive a temperature check.
• CRC staff are trained in COVID-19 precautions and will regularly sanitize surfaces and use Plexiglass barriers at check-in.
• All CRCs will follow county and state requirements regarding COVID-19, including limits on the number of customers permitted indoors at any time.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

A new approach to private energy investing

NEW YORK--(BUSINESS WIRE)--With global energy markets facing unprecedented challenges and opportunities, X Machina Capital Strategies (“XMC”) today announced its formation. The firm will employ a new systematic, quantitative approach to private investing in energy and commodities. X Machina Capital Strategies seeks superior returns without relying on commodity price appreciation or taking credit risk to the operator.

XMC’s team, led by Talal Debs, PhD, managing partner, offers exceptional technical and commercial capability and the experience to advance these innovations. The XMC vision combines key themes from energy and commodity markets, systematic quantitative investing, and insurance. Each of XMC’s senior advisors brings unparalleled expertise in these areas: Catherine Flax, most recently former head of commodities, foreign exchange, and emerging markets for the Americas at BNP Paribas; Brian Hurst, formerly a leading partner at pioneering quantitative fund manager AQR Capital Management; and Mike McGavick, former CEO of XL Group, a global leader in traditional and innovative insurance solutions and services.

Debs, who previously led J.P. Morgan’s Reservoir Engineering and Technical Analysis team within its market leading Oil and Gas Finance business, commented: “We see a new risk factor, ‘dynamical risk,’ as the missing link to breaking past value-destroying patterns of investment in energy. XMC is focused on how this insight and others like it, which constitute our foundational approach, can invigorate this crucial segment of our economy.”

To learn more about X Machina Capital Strategies’ new approach to private energy investing, visit www.xmcstrategies.com.

X Machina Capital Strategies LLC (together with its affiliates, “XMC” or the “Firm”) is a new breed of asset manager. Based in New York, the firm develops systematic, quantitative strategies for private investment in energy and commodities. It uses a distinctive analytical approach – foundational analysis – that goes underneath and beyond the limitations of current market assumptions. XMC improves upon standard fundamental approaches by applying the physics of natural systems, powered by newly available data sets, machine learning, and modern data science.

Christopher Sheeron
+1 (203) 246-8810
This email address is being protected from spambots. You need JavaScript enabled to view it.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced the appointment of David Schorlemer as Chief Financial Officer (“CFO”), as well as the planned departure of Darin Holderness, the Company’s former CFO. Mr. Schorlemer assumed all duties of CFO effective October 23, 2020.

Mr. Schorlemer joins ProPetro with broad experience in oilfield services, most recently as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Basic Energy Services, Inc., a Fort Worth, Texas-based oilfield services company. David brings more than 25 years of experience in senior level positions with public and private companies spanning such areas as finance, technology, business process integration, strategic and organizational planning, M&A and capital markets transactions. In his role as Chief Financial Officer, he will be responsible for overseeing and managing ProPetro's finance, technology and accounting responsibilities. David holds an MBA from Texas A&M University and a bachelor’s degree in finance from The University of Texas.

“I’d like to formally welcome David to the ProPetro team. We look forward to his future contributions as our CFO,” Phillip Gobe, Chief Executive Officer said. “With David’s talent and experience in our sector and in public company governance, we will have a key player at a critical role going forward to help us remain competitive in a dynamic environment.”

“I would also like to thank Darin for offering his expertise and hard work as he helped the Company navigate through some trying times,” added Gobe. “Darin’s efforts throughout his tenure have laid a strong foundation for our finance and accounting operations moving forward and we will always be grateful for those contributions.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Eddy State Complex adds 300,000 barrels per day of recycled produced water treatment capacity in northern Delaware Basin.
• Company is on track to set record: recycling 25 million barrels of produced water in 2020, despite slowdown in completions.

HOUSTON--(BUSINESS WIRE)--#midstream--Solaris Water Midstream, LLC (“Solaris Water”) is pleased to announce it has commenced operations at its newest large-scale water reuse complex in New Mexico – the Eddy State Complex. The new complex can supply 300,000 barrels per day of recycled produced water for operators in the northern Delaware Basin.

The Eddy State Complex joins Solaris Water’s successful ongoing recycling operations at its Lobo Reuse Complex in Eddy County and the Bronco Reuse Complex in Lea County. Two additional water recycling centers are also expected to be completed by December 2020. When all five water reuse complexes are operating, Solaris Water will have capacity to recycle over 900,000 barrels of produced water per day, with over 3 million barrels of adjacent storage capacity.

In addition to responsibility for the management and development of the Solaris recycling business, Senior Vice President of Water Resources Michael Incerto is also leading the development of a satellite network of mobile recycling systems for Solaris. “Together with the five water reuse complexes, these mobile recycling systems will take advantage of our extensive produced water pipeline network to support completions across a 2,500-square-mile area in southeast New Mexico,” Incerto said.

Solaris Water has developed and operates one of the largest and fastest-growing water infrastructure systems in the Permian Basin, which, in addition to its recycling capabilities, currently includes more than 500 miles of high-capacity water pipelines, over 1 million barrels per day of disposal capacity and 2.5 million barrels of additional permitted disposal capacity. Solaris’s infrastructure provides full life-cycle water solutions for energy companies operating in the Permian Basin.

“Recycling produced water at this unprecedented scale in New Mexico has always been one of our primary goals,” said Bill Zartler, CEO of Solaris Water. “Our expansive pipeline infrastructure network makes it possible to aggregate hundreds of thousands of barrels of produced water every day from multiple operators in the basin, and then treat and recycle those barrels to our customers’ precise quality and flow specifications in the increasing volumes that operators are demanding.”

“We work very closely with industry-leading E&P companies in the basin, including our joint venture partner, Concho Resources, a company that has a strong commitment to sustainability,” said Solaris Water President Amanda Brock. “Solaris Water has set aggressive internal ESG targets for recycled produced water and is helping our customers meet and exceed their own ESG water targets. We are also looking ahead. Working with the New Mexico Water Research Consortium, the Produced Water Society, leading oil and gas operators and treatment technology companies, we are evaluating innovative new options for beneficial reuse of recycled produced water in New Mexico and beyond.”

“Solaris Water is on track to recycle 25 million barrels of produced water in 2020,” Zartler said. “Managing that level of volume requires innovative treatment technologies, state-of-the-art cloud-based automation and extensive hands-on experience in the field. We are proud to manage the premier integrated water infrastructure system in the Permian Basin.”

About Solaris Water Midstream, LLC

A wholly owned subsidiary of Solaris Midstream Holdings, LLC, Solaris Water is a leading water infrastructure company based in Houston with offices in Midland, Texas, and Carlsbad, New Mexico. Solaris Water develops, owns, and operates critical water infrastructure assets across the Permian Basin, currently delivering cost-effective, reliable and technology differentiated, environmental solutions for produced water recycling, gathering, transportation, disposal, and storage in the Midland and Delaware basins. For more information on Solaris Water please visit www.solarismidstream.com.

Bevo Beaven
TEN|10 Group, LLC
303.433.4397, x114 o
720.666.5064 m
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.4417 per Class A share for the quarter ended September 30, 2020. The distribution represents a 1.2% increase compared to the distribution on the Hess Midstream Class A shares for the second quarter of 2020, which equals a 5% increase on an annualized basis. The distribution will be payable on November 13, 2020 to shareholders of record as of the close of business on November 5, 2020.

About Hess Midstream

Hess Midstream LP is a fee-based, growth-oriented midstream company that operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(346) 319 8783

Collaboration Protects Critical Infrastructure In Japan and Abroad

BERLIN--(BUSINESS WIRE)--#IOTA--IOTA Foundation, a non-profit foundation focused on distributed ledger technology (DLT) and open-source ecosystem development, announced today that it has partnered on a project initiated by Best Materia and IMC, Japanese maintenance related companies, and funded by NEDO (New Energy and Industrial Technology Development Organization), a national research and development agency. The goal of the project is to develop technology to strengthen the security, longevity, and durability of critical infrastructure assets in Japan and abroad.

By adding artificial intelligence and distributed ledger technology to Risk Based Maintenance (RBM) Systems deployed in power plants, energy plants, industrial plants, petrochemicals and oil refining plants, the group hopes to capture a large share of the domestic social infrastructure conservation market, valued at 170 Trillion Yen (1.5 Trillion USD). This type of predictive maintenance system that shares industry data using a distributed database is set to be the first of its kind in the world.

While damage prediction assessment based on the current RBM standards exists, most processes are still left up to field workers to do manually. To further optimize these systems, maintenance data will be digitized and processed by an artificial intelligence system to predict when and which parts in a plant are going to require maintenance. This will reduce unplanned outages, improve plant availability and lower costs by reducing unnecessary inspections and repairs.

“Creating a decentralized, open source and free distributed ledger technology to ensure data integrity has always been our driving purpose. As a non-profit we are honored seeing the IOTA protocol being utilized to secure a wide variety of data points in this project. Digitalizing the risk based maintenance (RBM) systems for safer and more efficient industrial plants is only one of many applications where IOTA will be used in the future.” - Holger Köther, Director of Partnerships, IOTA Foundation

“Because of the aging problem in Japan, we seriously need the AI system supporting our business in place of retired RBM consultants. We expect that IOTA Tangle will enable us to securely collect and store RBM related data including sensitive plant information which is the key to the accuracy of the AI system.” - Shigemitsu Kihara, Best Materia, CEO

The project will develop a cloud-based SaaS software with the following capabilities:

• A decentralized database using IOTA’s distributed ledger technology- Centralized databases are vulnerable to accidents, tampering and leakage. By building an RBM using IOTA, maintenance companies are able to provide a solution to infrastructure partners that is resistant to cyber-attacks while protecting sensitive data.
• Artificial intelligence system developed- With current RBM systems, individuals are dependent on the knowledge of skilled technicians making standardization difficult. Due to Japan’s aging population, there is a serious risk of information loss when current employees retire. By creating an artificial intelligence system, information can be captured, shared, and acted upon by distributed teams across the world.
• Digitizing and sharing infrastructure data- Right now, data for plants across Japan are stored manually and not digitized. This can cause a host of issues when it comes to the integrity and sharing capabilities of data. By digitizing infrastructure data, maintenance companies can make it easier for partners across the supply chain to collaborate and share data in a safe, efficient way.

Key Statistics About The Project:

• For Data digitization (supporting initial data input by skilled engineers from paper to PDF, PDF to RBM software), the labor cost of skilled engineers per plant is 20-30 million yen.
• Maintenance personnel cost of a distributed database and AI is 30 million yen/ year.
• There are 30,000 plants that require initial input for RBM system construction in Japan.
• The initial data input contract cost for one plant is 30-50 million yen, 0.9-1.5 trillion yen.
• The initial data input subcontracting cost for one plant is 30 to 50 million yen, and if AI is advanced in this research and development, the cost will be less than half.

Organizations collaborating on this project include Best Materia, IMC, High Pressure Institute of Japan, The Society of Chemical Engineers Japan, OMC, Lloyd’s Register and Yokohama National University.

About NEDO

NEDO is an Independent Administrative Agency under the jurisdiction of the Ministry of Economy, Trade and Industries, Japan. In 2020, it allocates over 1.38 Billion dollars to domestic / international R&D projects by private companies and universities in Japan.

NEDO plays an important role in Japan’s economic and industrialization policies through its funding of technology development activities. NEDO also acts as an innovation accelerator to realize its two basic missions of addressing energy and global environmental problems and enhancing industrial technology. It does this by coordinating and integrating the capabilities of industry, academia and government.

About IOTA Foundation

IOTA is a global non-profit foundation supporting the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle.

The IOTA Tangle solves the fundamental shortcomings of blockchain: scalability, environmental sustainability and cost. IOTA is an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer and feeless micropayments.

To learn more visit www.iota.org, the IOTA Foundation YouTube channel and follow @iotatoken on Twitter.

Cara Harbor
This email address is being protected from spambots. You need JavaScript enabled to view it.

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co., a diversified manufacturer of highly engineered industrial products, today announced its regular quarterly dividend of $0.43 per share for the fourth quarter of 2020. The dividend is payable on December 9, 2020 to shareholders of record as of the close of business on November 30, 2020.

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (Company) announced today the following changes to its senior management team:

• David Merrill has stepped down from his position as President and Chief Executive Officer and has also resigned from the Board of Directors;
• Les Austin, the Company’s Chief Financial Officer, has retired; and
• Frank Young has stepped down from his position as Executive Vice President of Unit Petroleum, the Company’s exploration and production affiliate.

The board of directors (Board) has named current Chairman, Philip Smith, to the added positions of President and Chief Executive Officer effective immediately. Mr. Smith was Chief Executive Officer and Chairman of Prize Energy Corp., which he co-founded with NGP in 1999, until the Company’s merger with Magnum Hunter Resources in 2002. Mr. Smith also served as Chief Executive Officer and Chairman of Tide West Oil Company, and has been a member of the board of directors of three other publicly traded companies.

The Company has hired Mr. Thomas Sell to serve as Interim Chief Financial Officer. Mr. Sell comes from Montereau, Inc. where he has been the Chief Financial Officer since March 2020. Before that, he spent four years as the Chief Accounting Officer and Controller for SemGroup Corporation. From 1996 to 2016, Mr. Sell was with Williams Companies, Inc. where he held several different management positions in finance and accounting. Mr. Sell was with Deloitte & Touche from 1987 to 1996.

The Company also promoted David P. Dunham to Senior Vice President and Chief Operating Officer. In his new role, Mr. Dunham will be responsible for the day-to-day operations and business development of the Company. Mr. Dunham joined the Company in November 2007 as its Director of Corporate Planning. He was promoted to Vice President of Corporate Planning in January 2012. He has served as the Company’s Senior Vice President of Business Development since August 2017.

Phil Frohlich, a member of the board, said: “First and foremost, I would like to thank David Merrill, Frank Young, and Les Austin for their many years of service to the Company. We wish each of them the best in the future.” Frohlich also said: “We are excited about adding Phil and Tom to the management team. Both bring experience and proven track record of success that will help guide the Company through the next chapter of its history." Frohlich went on to say, “The promotion of Dave Dunham to Chief Operating Officer is an important move for the Company’s future success. Dave has a great understanding of our business and has proven himself to be ready for this next opportunity.”

Unit Corporation is a Tulsa-based energy company engaged through its subsidiaries in oil and natural gas exploration, production, contract drilling and natural gas gathering and processing. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.

Linda Baugher
(918) 493-7700

Companies value utility’s service and commitment to its customers

TAMPA, Fla.--(BUSINESS WIRE)--For the second year in a row and fourth time since 2016, businesses across Florida have rated TECO Peoples Gas highest in customer satisfaction in the south region of the J.D. Power 2020 Gas Utility Business Customer Satisfaction Study. As it did in this year’s Gas Utility Residential Study, Peoples Gas received the highest score in the history of the Gas Utility Business Study.

The online study measures business customer satisfaction in six categories. Peoples Gas led the South Region in five of the six satisfaction drivers: price, corporate citizenship, communications, customer service and safety and reliability.

“We are proud to be driving Florida’s economy by safely delivering essential energy to so many businesses that rely on the direct use of natural gas, especially those hit hardest by the coronavirus pandemic,” said T.J. Szelistowski, president of Peoples Gas. “Our employees are truly committed to serving and supporting our communities – through their daily work at Peoples Gas and by volunteering in their spare time.”

As the economic impacts of the pandemic became known, Peoples Gas voluntarily suspended disconnecting natural gas service for businesses and residential customers unable to make payments. In partnership with its affiliate Tampa Electric Company, the utility contributed more than $1 million to its Share program and other community partners offering support to small businesses and Floridians who are struggling financially as a result of COVID-19. It also launched an online resource at peoplesgas.com/updates with a listing of programs and agencies offering assistance to businesses in need.

“Florida’s businesses are making a comeback,” said Szelistowski. “In these times of uncertainty, they know Peoples Gas will continue to be there for them.”

The company continues to make investments and advances in its infrastructure and technologies to ensure a safe and resilient natural gas system and to meet evolving customer expectations and growth.

The J.D. Power 2020 Gas Utility Business Customer Satisfaction Study is based on more than 9,600 online interviews with business customers of 60 natural gas utilities across the continental United States, and was conducted between January and September 2020. Peoples Gas ranked highest in business customer satisfaction in the south region, which includes eleven states. The utility previously led the south region in the 2019, 2016 and 2016 calendar-year Gas Utility Business Studies.

Peoples Gas System, Florida’s largest natural gas distribution utility, serves more than 400,000 customers across the state. Peoples Gas is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.

Sylvia Vega 813.228.4381

DUBLIN--(BUSINESS WIRE)--The "Multimodal Transportation Market for Chemical and Petroleum Industry Market in US 2020-2024" report has been added to ResearchAndMarkets.com's offering.

The multimodal transportation market for chemical and petroleum industry in the US is poised to grow by $480.14 mn during 2020-2024 progressing at a CAGR of 3% during the forecast period.

This report on the multimodal transportation market for chemical and petroleum industry in US provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current US market scenario, latest trends and drivers, and the overall market environment.

The market is driven by the reduction in the freight transportation costs and transportation infrastructural developments driving multimodal transportation in the US. In addition, reduction in the freight transportation costs is anticipated to boost the growth of the market as well.

This study identifies the increasing growth in non-conventional oil production and refining capacity as one of the prime reasons driving the multimodal transportation market for chemical and petroleum industry in US growth during the next few years.

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading multimodal transportation market for chemical and petroleum industry in US vendors that include BDP International Inc., C.H. Robinson Worldwide Inc., Crowley Maritime Corp., Deutsche Post DHL Group, Kuehne + Nagel International AG, MARUBENI LOGISTICS Corp., Mitsubishi Logistics Corp., Schenker AG, Transport Maritime et Transit USA Inc., and YUSEN LOGISTICS Co. Ltd..

Also, the multimodal transportation market for chemical and petroleum industry in US analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

Key Topics Covered:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019-2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Chemical industry - Market size and forecast 2019-2024
• Petroleum industry - Market size and forecast 2019-2024
• Market opportunity by End-user

Market Segmentation by Transportation-mode

• Market segments
• Comparison by Transportation-mode
• Rail-road - Market size and forecast 2019-2024
• Road-water - Market size and forecast 2019-2024
• Road-air - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Transportation-mode

Customer Landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• BDP International Inc.
• C.H. Robinson Worldwide Inc.
• Crowley Maritime Corp.
• Deutsche Post DHL Group
• Kuehne + Nagel International AG
• MARUBENI LOGISTICS Corp.
• Mitsubishi Logistics Corp.
• Schenker AG
• Transport Maritime et Transit USA Inc.
• YUSEN LOGISTICS Co. Ltd.

Appendix

For more information about this report visit https://www.researchandmarkets.com/r/oddwvq

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Newest GaN-based devices provide up to 100 W of power and support applications from USB PD adapters to auxiliary power supplies for appliances

SAN JOSE, Calif.--(BUSINESS WIRE)--#GaN--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced that shipments of the groundbreaking InnoSwitch™ family of ICs have surpassed one billion units. Launched in 2014, the InnoSwitch family was the first to incorporate Power Integrations’ innovative FluxLink™ communication technology, which provides highly accurate secondary-side control without the need for an optocoupler, resulting in exceptional energy efficiency, reliability and robustness.

InnoSwitch ICs, including the InnoSwitch3 family which launched in 2017, support a diverse range of power-supply applications including USB PD chargers, consumer electronics, PCs, displays, servers, appliances, industrial devices and automotive. The InnoSwitch product range has expanded to include a wide range of variants:

• InnoSwitch3-CP for USB PD and other constant-power applications
• InnoSwitch3-EP for major appliances and industrial power supplies
• InnoSwitch3-CE for IoT and high-current charger and adapters applications
• InnoSwitch3-MX for multi-output constant-voltage and constant-current applications such as displays
• InnoSwitch3-Pro, featuring I²C digital programmability of voltage and current
• InnoSwitch3-AQ, which is AEC-Q100 qualified for automotive applications

InnoSwitch devices incorporate a range of silicon transistor options from 650 V to 900 V, or Power Integrations’ PowiGaN™ 750 V gallium-nitride (GaN) switch technology, which enables power delivery up to 100 W at 95% efficiency without a heatsink.

Commenting on the billion-unit milestone, Power Integrations’ president and CEO Balu Balakrishnan said: “The InnoSwitch family set a new standard in power-conversion technology and hailed a paradigm shift in power-supply design. The expensive, complicated method of combining a primary-side controller and associated MOSFETs with a synchronous rectification controller has given way to a more highly integrated architecture that is simple, elegant, more reliable and more efficient. We are delighted by the market’s response to InnoSwitch ICs and proud to have shipped more than one billion units.”

InnoSwitch devices reflect Power Integrations’ commitment to delivering technology that achieves industry-leading performance while reducing energy consumption and curbing the use of hazardous materials in electronics manufacturing. Power Integrations makes it easy for customers to meet efficiency specifications such as the Chinese CSCC, ENERGY STAR^® and European Ecodesign Directive as well as compliance with materials standards such as RoHS and REACH.

Learn more about InnoSwitch devices and download reference designs at the Power Integrations website: https://ac-dc.power.com/products/innoswitch-family/.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

Power Integrations, InnoSwitch, FluxLink, PowiGaN, and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.

Media Contact
Diane Vanasse
Power Integrations
(408) 242-0027
This email address is being protected from spambots. You need JavaScript enabled to view it.

Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636 393
This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--Williams’ (NYSE: WMB) board of directors has approved a regular dividend of $0.40 per share, or $1.60 annualized, on the company’s common stock, payable on Dec. 28, 2020, to holders of record at the close of business on Dec. 11, 2020.

The dividend is consistent with the third-quarter 2020 dividend and is a 5.3% increase from Williams fourth-quarter 2019 dividend of $0.38 per share, paid in December 2019.

Some portion of this distribution may be considered a return of capital for tax purposes. Additional information regarding return of capital distributions is available at Williams’ investor relations website.

Williams has paid a common stock dividend every quarter since 1974.

Third-Quarter 2020 Financial Results to be Announced Nov. 2; Earnings Conference Call and Webcast Scheduled for Nov. 3.

Williams plans to announce its third-quarter 2020 financial results after the market closes on Monday, Nov. 2, 2020. The company’s third-quarter 2020 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 3, 2020, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). A limited number of phone lines will be available at (833) 350-1330. International callers should dial (778) 560-2598. The conference ID is 5398490.

A webcast link to the conference call will be provided on Williams’ website. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products 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 and storage 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. 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:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075

Highlights from Third Quarter 2020 Results:

• GAAP earnings per diluted share (EPS) of $0.97 compared to $1.19 in the third quarter of 2019.
• Excluding Special Items, EPS of $1.05 compared to $1.40 in the third quarter of 2019.
• Raising and narrowing 2020 GAAP EPS guidance range to $3.10-$3.35 from the prior range of $2.65-$3.45.
• Excluding Special Items, raising and narrowing 2020 EPS guidance range to $3.75-$4.00 from the prior range of $3.30-$4.10.
• Raising and narrowing 2020 free cash flow guidance range to $230-$260 million from the prior range of $200-$250 million (cash provided by operating activities less capital spending).

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported third quarter 2020 GAAP earnings per diluted share (EPS) of $0.97, compared to $1.19 in the third quarter of 2019. Excluding Special Items, third quarter 2020 EPS was $1.05, compared to $1.40 in the third quarter of 2019. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Third quarter 2020 sales were $735 million, a decline of 5% compared to the third quarter of 2019. The sales decline was comprised of a $104 million, or 13%, decline in core sales, partially offset by a $57 million, or 7%, benefit from acquisitions and $10 million, or 1%, of favorable foreign exchange. The core sales decline was attributable to COVID-19 related macroeconomic factors.

Third quarter 2020 operating profit was $85 million compared to $109 million in the third quarter of 2019. Operating profit margin was 11.6% compared to 14.2% in the third quarter of 2019. Excluding Special Items, third quarter 2020 operating profit was $92 million compared to $114 million in the third quarter of 2019. Excluding Special Items, operating profit margin was 12.4% compared to 14.8% in the third quarter of 2019. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Max Mitchell, Crane Co. President and Chief Executive Officer stated: “While uncertainty remains elevated, the year has progressed largely as we expected when we reset guidance in April. Our teams continue to execute extremely well in this challenging environment, and we are pleased with our third quarter results which were solid in light of current market conditions. We have further narrowed our guidance range to reflect that we now have only a few months left of the year, and we raised the midpoint of our guidance primarily to reflect operational outperformance year-to-date compared to our expectations, as well as some recent incremental strength at Crane Currency and Engineered Materials. I continue to remain highly confident in the strength and resilience of Crane's portfolio and in our long-term outlook as end markets continue to recover."

Cash Flow, Liquidity, and Other Financial Metrics

Cash provided from operating activities in the third quarter of 2020 was $132 million compared to $119 million in the third quarter of 2019. Capital expenditures in the third quarter of 2020 were $7 million compared to $15 million in the third quarter of 2019. Third quarter 2020 free cash flow (cash provided by operating activities less capital spending) was $124 million compared to $104 million in the third quarter of 2019.

Cash provided from operating activities in the first nine months of 2020 was $208 million compared to $171 million in the first nine months of 2019. Capital expenditures in the first nine months of 2020 were $21 million compared to $51 million in the first nine months of 2019. Free cash flow for the first nine months of 2020 was $188 million compared to $120 million in the first nine months of 2019.

The Company held $605 million in cash and short-term investments at September 30, 2020, compared to $394 million at December 31, 2019. Total debt was $1,324 million at September 30, 2020, compared to $991 million at December 31, 2019. As of September 30, 2020, liquidity of approximately $1,018 million was comprised of $605 million in cash and short-term investments, and $413 million available under our revolving credit facility.

Third Quarter 2020 Segment Results

All comparisons detailed in this section refer to operating results for the third quarter 2020 versus the third quarter 2019.

Fluid Handling

Sales of $252 million decreased $24 million, or 9%, driven by a $42 million, or 15%, decline in core sales, partially offset by a $15 million, or 5%, benefit from an acquisition and $4 million, or 1%, of favorable foreign exchange. Operating profit margin declined to 10.3%, compared to 12.8% last year, primarily reflecting lower volumes, partially offset by productivity and cost reduction measures. Excluding Special Items, operating profit margin declined to 11.4%, compared to 13.8% last year. Fluid Handling order backlog was $305 million at September 30, 2020 which includes $11 million related to the January 2020 I&S acquisition, compared to $267 million at December 31, 2019, and compared to $272 million at September 30, 2019.

Payment & Merchandising Technologies

*Please see the attached Non-GAAP Financial Measures tables

Sales of $277 million increased $28 million, or 11%, driven by a $42 million, or 17%, benefit from an acquisition, and $6 million, or 2%, of favorable foreign exchange, partially offset by a $19 million, or 8%, decline in core sales. Including $2.6 million of acquisition-related deferred revenue, sales in the third quarter of 2020 were $280 million. Operating profit margin increased to 14.6%, from 14.1% last year as productivity and benefits from cost saving measures more than offset the impact of lower volumes. Excluding Special Items, operating profit margin increased to 15.8%, from 14.5% last year.

Aerospace & Electronics

Sales of $157 million decreased $40 million, or 20%, driven by lower core sales. Operating profit margin declined to 15.6%, from 23.9% last year, primarily reflecting lower core volumes, partially offset by strong productivity and the benefit of cost reduction measures. Excluding Special Items, operating profit margin declined to 15.6%, from 24.4% last year. Aerospace & Electronics' order backlog was $498 million at September 30, 2020, compared to a record $567 million at December 31, 2019, and compared to $564 million at September 30, 2019.

Engineered Materials

Sales decreased $2 million, or 4%, driven primarily by lower sales to the Building Products market, partially offset by stronger sales to Recreational Vehicle customers. Operating profit margin increased to 18.6%, from 11.8% last year, primarily reflecting productivity, the benefit of cost reduction measures, and lower material costs.

Updating Full Year Outlook

The Company’s current and best estimate of full-year 2020 GAAP EPS is now $3.10-$3.35, compared to the prior range of $2.65-$3.45. Excluding Special Items, the Company's current and best estimate of full-year 2020 EPS is now $3.75-$4.00, compared to the prior range of $3.30-$4.10. We now expect a full-year 2020 core sales decline of approximately 17% to 19%, compared to our prior expectation of a decline in the range of 17% to 21%. Our revised outlook for full-year 2020 free cash flow (cash provided by operating activities less capital spending) is now $230-$260 million compared to our prior outlook for a range of $200-$250 million. (Please see the attached non-GAAP Financial Measures tables.)

We note that continued uncertainty regarding the potential impact of the COVID-19 pandemic on demand and operations poses unique and substantial challenges for normal forecasting methodologies, making it difficult to accurately project future financial results.

Additional Information

Additional information with respect to the Company’s asbestos liability and related accounting provisions and cash requirements is set forth in the Current Report on Form 8-K filed with a copy of this press release.

Conference Call

Crane Co. has scheduled a conference call to discuss the third quarter financial results on Tuesday, October 27, 2020 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at http://www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the management’s current beliefs, expectations, plans, assumptions and objectives regarding Crane Co.’s future financial performance and are subject to significant risks and uncertainties. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors, including risks and uncertainties related to the ongoing COVID-19 pandemic, that could cause actual results or outcomes to differ materially from those expressed or implied in these forward-looking statements. Such factors also include, among others: uncertainties regarding the extent and duration of the impact of the COVID-19 pandemic on many aspects of our business, operations and financial performance; changes in economic, financial and end-market conditions in the markets in which we operate; fluctuations in raw material prices; the financial condition of our customers and suppliers; economic, social and political instability, currency fluctuation and other risks of doing business outside of the United States; competitive pressures, including the need for technology improvement, successful new product development and introduction and any inability to pass increased costs of raw materials to customers; our ability to value and successfully integrate acquisitions, to realize synergies and opportunities for growth and innovation, and to attract and retain highly qualified personnel and key management; a reduction in congressional appropriations that affect defense spending and our ability to predict the timing and award of substantial contracts in our banknote business; adverse effects on our business and results of operations, as a whole, as a result of increases in asbestos claims or the cost of defending and settling such claims; adverse effects as a result of environmental remediation activities, costs, liabilities and related claims; investment performance of our pension plan assets and fluctuations in interest rates, which may affect the amount and timing of future pension plan contributions; and other risks noted in reports that we file with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and subsequent reports filed with the Securities and Exchange Commission. Crane Co. does not undertake any obligation to update or revise any forward-looking statements.

(Financial Tables Follow)

¹ Amounts included within cost of sales and/or selling, general & administrative costs.

² Repositioning related charges in 2020 primarily consist of COVID-19 related severance and, to a lesser extent, acquisition-related repositioning and facility consolidation.

Totals may not sum due to rounding

Totals may not sum due to rounding

Totals may not sum due to rounding

¹ Includes $11 million, $11 million and $12 million as of September 30, 2020 June 30, 2020 and March 31, 2020, respectively, of backlog pertaining to the I&S business acquired in January 2020

² Includes $40 million, $46 million, $43 million and $44 million as of September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, of backlog pertaining to the Cummins Allison business acquired in December 2019.

Totals may not sum due to rounding

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com