HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today reported that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) due to excess production costs for the June 2021 production month. Excess production costs occur when production costs exceed the gross proceeds for a certain period.
For the production month of June 2021, the operator of the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”), reported to the Trust profits of $1,850,948.35 gross ($1,388,211.26 net to the Trust), which was negatively offset by Hilcorp’s true-ups and corrections of prior period true-ups causing excess production costs.
More specifically, Hilcorp informed the Trust that the true-ups that occurred last month to the lease operating and capital cost categories for the January 2021 through April 2021 production months resulting in additional profits were made in error. Based on information provided by Hilcorp, the June 2021 reporting month includes a reduction of $2,043,557.99 gross profits ($1,532,668.49 net to the Trust) due to corrections for those periods.
In addition, Hilcorp has informed the Trust that the June 2021 reporting month includes a reduction of $899,139.46 gross profits ($674,354.60 net to the Trust) based on true-ups to the revenue, severance tax, and expense categories for the May 2021 production month. As previously announced, Hilcorp is waiving interest on any overpayments to the Trust in 2021.
Cash reserves will be utilized to pay Trust administrative expenses of $150,148. Hilcorp will charge the excess production costs of $1,091,749.10 gross ($818,811.83 net to the Trust) to the next month’s distribution. No cash distributions will be distributed by the Trust until future net proceeds are sufficient to pay then-current Trust liabilities and replenish cash reserves.
The Trustee will continue to communicate with Hilcorp regarding these reporting issues and the Trust’s third-party compliance auditors will continue to audit all payments made by Hilcorp to the Trust, including adjustments, true-ups, and recoupments. In addition, the Trustee is consulting with outside counsel to review the rights of the Trust in respect of these ongoing reporting issues and to evaluate any potential legal remedies that may be available under the Conveyance.
Based upon information provided to the Trust by Hilcorp (including true-ups), gas production for the subject interests totaled 1,568,223 Mcf (1,742,470 MMBtu) for June 2021, as compared to 2,695,014 Mcf (2,994,460 MMBtu) for May 2021. Dividing revenues by production volume yielded an average gas price for June 2021 of $3.46 per Mcf ($3.12 per MMBtu), as compared to an average gas price for May 2021 of $1.88 per Mcf ($1.69 per MMBtu).
Hilcorp also reported that for the reporting month of June 2021, revenue included an estimated $100,000 for non-operated revenue and approximately $400,000 from the settlement of audit exceptions. For the month ended June 2020, Hilcorp reported to the Trust (including true-ups) capital costs of $29,335, lease operating expenses and property taxes of $6,140,851, and severance taxes of $1,048,749.
Contact: |
San Juan Basin Royalty Trust |
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BBVA USA, Trustee |
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2200 Post Oak Blvd., Floor 18 |
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Houston, TX 77056 |
website: www.sjbrt.com e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. |
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Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources |
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and Senior Vice President |
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Kaye Wilke, Investor Relations, toll-free: (866) 809-4553 |
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
EL DORADO, Ark.--(BUSINESS WIRE)--The Board of Directors of Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.25 per share, or $1.00 per share on an annualized basis. The dividend is payable on September 9, 2021, to stockholders of record as of August 30, 2021.
About Murphy USA
Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise with more than 1,650 stores located primarily in the Southwest, Southeast, Midwest, and Northeast United States. The company and its team of nearly 15,000 employees serve an estimated two million customers each day through its network of retail gasoline and convenience stores in 27 states. The majority of Murphy USA's stores are located in close proximity to Walmart Supercenters. The company also markets gasoline and other products at standalone stores under the Murphy Express and QuickChek brands. Murphy USA ranks 322 among Fortune 500 companies.
Forward-Looking Statements
Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in the Company’s operations, dividends and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: the Company’s ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; the Company’s ability to continue to maintain a good business relationship with Walmart; successful execution of the Company’s growth strategy, including the Company’s ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with the Company’s newly planned stores which may be impacted by the financial health of third parties; the Company’s ability to effectively manage the Company’s inventory, disruptions in the Company’s supply chain and the Company’s ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company’s fuel volumes if the gradual recoveries experienced throughout 2020 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or the Company’s compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of the Company’s information technology strategy; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt the Company’s revenues and impact gross margins; changes to the Company’s capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company’s share repurchases, or management of operating cash; the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Murphy USA’s SEC reports, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. Murphy USA undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Investor Contact:
Christian Pikul – Vice President of Investor Relations and FP&A
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Mitchell Freer – Investor Relations Analyst
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DUBLIN--(BUSINESS WIRE)--The "Cold Chain Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global cold chain market is expected to grow from $212.24 billion in 2020 to $239.67 billion in 2021 at a compound annual growth rate (CAGR) of 12.93%. The market is expected to reach $344.51 billion in 2025 at a CAGR of 9.49%.
Major players in the cold chain market are Agro Merchants Group LLC, Americold Logistics, Lineage Logistics LLC, Nichirei Corporation, Burris Logistics Inc., Kloosterboer Group B.V., Henningsen Cold Storage, VersaCold Logistics, Cold Chain Technologies Inc., Hanson Logistics, Trenton Cold Storage, United States Cold Storage, Tippmann Group, Swire Cold Storage Ltd, and Nova Cold Logistics.
The cold chain market consists of sales of cold chain and related services by entities (organizations, sole traders, and partnerships) that provides cold chain storage services. These services are used for the management and transportation of temperature-sensitive products through refrigeration, thermal packaging, and other methods. This plays a crucial role in temperature control for the perishable goods and assures the quality and health of the perishable goods to the final consumer across the distribution chain.
The main types of cold chains are refrigerated warehousing and refrigerated transport. Refrigerated warehousing or cold storage is a place where temperature-controlled goods are cooled or stored to prevent it from decaying or not adhering to laws and regulations that apply to that item. Refrigerated transport or reefer freight is the vehicle transporting of products using a built-in refrigeration system that helps maintain a desired temperature throughout the transportation process. The various temperatures used in cold chain include frozen and chilled. Cold chain storage used in different sectors such as pharmaceutical, healthcare, food & beverages, chemical, others.
North America was the largest region in the cold chain market in 2020. Asia Pacific region is projected to record fastest growth over the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high operational costs for cold chain could act as a restraint for the market in the forecast period. The operating costs include energy costs for electricity, real-estate costs, labor costs and others. For instance, according to Global Cement and Concrete Association (GCCA) Cold Chain Index 2020, labor accounted for the largest share of expenses, at 46% in the North American refrigerated warehouse market. The high operational costs could hamper R&D expenditure by companies, thus impacting the cold chain market in the forecast period.
Growing consumer demand for perishable foods contributed to the growth of the cold chain market in the historic period. The demand for perishable foods such as dairy products, fruits, vegetables, and meat is growing with the increasing urban population and changes in eating habits of the populace. Consumers are shifting towards to the purchase of perishable goods that have a long time until expiration owing to the nature of perishability. Developing markets in the Asia Pacific and Latin America are observing high demand for perishable food products.
Major companies operating in the cold chain market are continuously investing in automation solutions to survive in the competitive business environment. For instance, in January 2020, Kloosterboer, a Netherlands-based company engaged in providing innovative and sustainable solutions in the supply chain for temperature-controlled food products, invested in an automated and extremely sustainable reefer container terminal in its place in the port of Vlissingen.
Scope
Markets Covered:
1) By Type: Refrigerated Warehousing; Refrigerated Transport
2) By Temperature Type: Frozen; Chilled
3) By Industry Vertical: Pharmaceutical; Healthcare; Food & Beverages; Chemical; Others
Companies Featured: Agro Merchants Group LLC; Americold Logistics; Lineage Logistics LLC; Nichirei Corporation; Burris Logistics Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Time Series: Five years historic and ten years forecast.
Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/u3jn2t
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) announced today that its Board of Directors has declared a quarterly cash dividend of $0.105 per share of Class A common stock, to be paid on September 24, 2021 to holders of record as of September 14, 2021. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.
Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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MADISON, Wis.--(BUSINESS WIRE)--The board of directors of MGE Energy, Inc. (Nasdaq: MGEE) today increased the regular quarterly dividend rate approximately 5% to $0.3875 per share on the outstanding shares of the company's common stock. The dividend is payable Sept. 15, 2021, to shareholders of record Sept. 1, 2021. This raises the annualized dividend rate by 7 cents from $1.48 per share to $1.55 per share.
"Today’s dividend increase marks the company's 46th consecutive year of increasing its dividend, an accomplishment that everyone at MGE Energy can be proud of. We recognize the importance of dividend growth to the overall shareholder value proposition," Chairman, President and CEO Jeff Keebler said. "Today’s action by our board reinforces our long record of shareholder value through dividends and dividend growth and demonstrates the continued strength and resilience of MGE Energy's long-term business strategy in building your community energy company for the future."
MGE Energy has increased its dividend annually for the past 46 years and has paid cash dividends for more than 110 years.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties.
Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Crews Patrol 3,200 Miles of De-Energized Power Lines Before Safely Restoring Power
Inspections Find At Least 4 Instances of Damage or Hazards to Electric Equipment That Could Have Sparked Wildfires if Lines Were Energized
SAN FRANCISCO--(BUSINESS WIRE)--As of 5 p.m. today, Pacific Gas and Electric Company (PG&E) has restored power to essentially all of the approximately 50,000 customers impacted by the Public Safety Power Shutoff (PSPS) event that began Tuesday evening in targeted parts of 13 counties, the majority in Shasta, Butte, Napa and Tehama counties.
Once the wind event passed in each affected area, PG&E crews conducted ground and aerial patrols to inspect more than 3,200 miles of distribution and transmission lines for damage or hazards. That’s a distance greater than driving from San Francisco to Miami, Fla. The patrol and inspection efforts included more than 1,300 ground patrol units and 33 helicopters.
Damage and Hazards Identified
As of 5 p.m. today, preliminary data show at least 10 instances of weather-related damage and hazards in the PSPS-affected areas; at least four of these had the potential to cause wildfire ignitions if PG&E had not de-energized power lines. Examples include damaged equipment and vegetation and other debris on power lines. More hazard and damage reports are being evaluated.
In areas where equipment was damaged by the wind event, crews worked safely and as quickly as possible to make the repairs and restore those customers.
More Information on PG&E PSPS Events
PG&E appreciates customers’ patience during this PSPS. The decision to initiate a PSPS is not taken lightly and is done as a last resort for public safety given the exceptional drought conditions and dry, offshore wind that heighten wildfire risk.
PG&E will submit a report to the California Public Utilities Commission detailing this PSPS event within 10 days of the restoration of the final customers.
For more information on the PSPS event, visit http://www.pge.com/pspsupdates.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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DUBLIN--(BUSINESS WIRE)--The "Kuwait Oil and Gas Strategic Analysis and Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
The comprehensive guide provides analysis and forecasts of the Kuwait oil and gas market for the period 2010 to 2028. Asset by asset details of all existing and planned projects across Kuwait oil and gas value chain are detailed in the report.
Driven by strong methodology and proprietary databases, reliable projections of oil, gas, petroleum products, coal, LNG-supply and demand are made to 2028. The research work examines the existing infrastructure (oil and gas assets), market conditions, investment climate and competitive landscape of upstream, midstream and downstream sectors.
SWOT Analysis and benchmarking tools are used to analyze and compare the real prospects and challenges of investing or expanding in the industry. Furthermore, the report details all the investment opportunities sector wise, highlighting the industry growth potential and project feasibility. Detailed information on new fields, blocks, pipelines, refineries, storage assets and LNG terminals along with the investments required, current status of the projects and commencement feasibility are provided.
The report also analyzes three key companies in Kuwait oil and gas industry. Business operations, SWOT Analysis and financial performance of the companies are provided. All latest developments in the industry along with their possible impact on the industry are included in the report.
Some of the key issues addressed in the report include:
Key Topics Covered:
1. Overview
2. Kuwait Energy Profile
3. Kuwait Economic and Demographic Analysis
4. Kuwait Supply-Demand Analysis and Forecasts to 2028
5. Kuwait Oil and Gas Industry Competitive Landscape
6. Kuwait Oil and Gas SWOT Analysis
7. Key Oil and Gas Investment Opportunities in Kuwait
8. Kuwait Oil and Gas Benchmarking with Peer Markets
9. Kuwait Exploration and Production Market Analysis
10. Kuwait Refinery Market Analysis
11. Kuwait Liquefied Natural Gas Market Analysis
12. Kuwait Storage Market Analysis
13. Kuwait Pipeline Market Analysis
14. Profiles of Oil and Gas Companies in Kuwait
15. Kuwait Oil and Gas News Updates, 2017-2020
For more information about this report visit https://www.researchandmarkets.com/r/bmsbm6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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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
Signed Document Details Terms to Start Billion-Dollar Dredging Work
HOUSTON--(BUSINESS WIRE)--#Infrastructure--A significant milestone in the history of the Houston Ship Channel was recognized today with the formal presentation of the Project Partnership Agreement (PPA) between the U.S. Army Corps of Engineers (USACE) and the Port of Houston Authority (Port Houston) for the channel's billion-dollar widening and deepening program, Project 11.
The PPA is the official document committing Port Houston to the responsibilities of the project as the local non-federal sponsor. It details the terms of the channel infrastructure expansion, and most significantly, permits the start of dredging the federal waterway. Project 11 is the 11th major improvement of the channel in its more than 100-year history.
"Our port serves as the anchor for our Texas region," said Port Houston Executive Director Roger Guenther. "It is a critical step to provide a wider, deeper channel that maintains two-way vessel traffic to more safely and efficiently deliver everyday goods and petrochemical products to and from the region. This expansion project will help us continue to lead as the top port in the nation, supporting over 3.2 million U.S. jobs – including more than 1.35 million Texas jobs – and bringing $802 billion in economic value to the nation."
U.S. House Representatives Congressmen Kevin Brady, Brian Babin, Al Green, and Jodey Arrington provided remarks illuminating this milestone's importance at today's historic event. Representatives from U.S. Senators John Cornyn and Ted Cruz's offices expressed accolades on their behalf.
The offices of U.S. House Representatives Congresswomen Sheila Jackson Lee, Sylvia Garcia, Lizzie Fletcher, and Congressman Dan Crenshaw were present along with USACE and Port Houston staff.
The 52-mile-long Houston Ship Channel is a vital economic engine for the Houston region, the state of Texas, and the U.S. Last year, the USACE ranked it as the busiest port in the nation – the channel handles as much vessel traffic as the three largest U.S. ports combined. Once widened and deepened, the waterway will continue to help support and benefit more than 200 private and public facilities alongside it.
Project 11’s first dredge contract is expected to be awarded as early as this October.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
WASHINGTON--(BUSINESS WIRE)--#GovWaste--Today, Citizens Against Government Waste (CAGW) named Sen. Ed Markey (D-Mass.) our August 2021 Porker of the Month for proposing a taxpayer-funded Civilian Climate Corps that would hire millions of people and cost billions of dollars.
Even though Congress has already spent trillions of dollars over the past year on emergency relief packages that have nothing to do with the COVID-19 pandemic, Sen. Markey thinks this is a good time to spend billions more on Green New Deal proposals like the Civilian Climate Corps (CCC). The CCC is supposed to be like FDR’s Civilian Conservation Corps, but this is not the Great Depression and there are more jobs available than workers to fill them. Sen. Markey’s sidekick, Rep. Alexandria Ocasio-Cortez (D-N.Y.) thinks the government should spend $132 billion to hire 1.5 million CCC climate activists. These CCC workers would earn at least $15 an hour plus full health benefits, housing, food, clothing, transportation, and allowance, all at the taxpayers’ expense. Sen. Markey is so enamored with the idea of spending money on these kinds of activities that he said, “Without question, the Green New Deal is in the DNA of this green [$3.5 trillion] budget resolution.”
CAGW President Tom Schatz said, “Sen. Markey’s proposed Civilian Climate Corps would allow hired ‘climate activists’ to pick up the trash and tell Americans how to think, feel, and act about climate change, all on the taxpayers’ dime. This new agency is one of the worst examples in recent memory of a government program that would force more Americans to become dependent on the government for their livelihood. Sen. Markey’s progressive ploy will cause an epic eruption of wasteful spending. For proposing an expensive, irresponsible, and ridiculous program, Sen. Markey is an easy choice for CAGW’s August Porker of the Month.”
Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government. For more than two decades, Porker of the Month is a dubious honor given to lawmakers and government officials who have shown a blatant disregard for the interests of taxpayers.
Alexandra Abrams (202) 467-5310
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25 Community Resource Centers in 11 Counties to Remain Open Thursday to Support Customers
SAN FRANCISCO--(BUSINESS WIRE)--After receiving weather all clears in most areas today, Pacific Gas and Electric Company (PG&E) crews were able to patrol, inspect, repair impacted equipment and restore power to almost 55% of the 48,000 customers impacted by the current Public Safety Power Shutoff (PSPS) event. By late tomorrow/Thursday evening (Aug. 19), PG&E expects to restore power to essentially all customers in the remaining 8 counties who can receive service and who were affected by PSPS that began on Tuesday (Aug. 17). As of 10:00 p.m., approximately 27,000 customers have had their electric service restored.
PG&E turned off the power to these customers, the majority living in Shasta, Butte, Napa and Tehama counties, to protect their safety and the safety of their communities because of dry, gusty offshore winds that elevated the risk of wildfires in Northern California. Due to changing weather conditions Tuesday evening, PG&E was able to decrease customer impact, removing five counties from the PSPS scope of impact: Alameda, Contra Costa, Sierra, Trinity and Yuba counties.
Strong Winds Recorded Across Service Area
The wind gusts in PSPS de-energized areas with some of the largest customer impacts were observed in the following counties:
Restoration to Continue Thursday
PG&E began notifying customers on Wednesday when the weather system had passed and will provide continuous additional updates on Thursday about when to expect the power to turn back on for the remaining customers.
Once conditions were clear, PG&E electric crews will begin patrolling in the air, in vehicles and on foot to check de-energized lines for hazards or damage to make sure it is safe to restore power. Restoration steps include:
Customer Support
As of this evening, 25 Community Resource Centers (CRCs) in 11 counties remain open to support customers affected by this event. View the most current list of CRCs at www.pge.com/pspsupdates. CRCs open at 8 a.m. and close at 10 p.m. for the remainder of the shutoff.
During a PSPS, PG&E opens CRCs where community members can access resources, including:
To keep our customers and communities safe, all resource centers reflect appropriate COVID-19 health considerations and federal, state and county guidelines.
We are offering 11 outdoor sites to supplement the 14 indoor CRCs and provide more options for customers.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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HOUSTON--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced financial and operating results for the second quarter and six months ended June 30, 2021.
SUMMARY OF FINANCIAL RESULTS
“As we climb out of the activity decline caused by the COVID-19 pandemic, we continue our ongoing efforts to lower our cost structure. To better reflect the markets we serve, we are taking steps to rationalize our fleet and facility footprint and continuing our work on increasing efficiency in our service dispatch processes and other back office systems. We expect our G&A expense to be lower in the second half of 2021. While we are focused on recovering pricing lost during the COVID-19 induced downturn, we face significant inflationary pressures that offset those hard fought price increases, including higher wage costs due to competition for employees and fuel prices. Finally, I would like to recognize that throughout all of the changes our industry has undergone, the people at Nuverra continue to safely execute excellent customer service. I would like to thank all of the great people at Nuverra for their hard work, dedication and focus throughout all of the challenges we have faced over the past year.” said Pat Bond, Chief Executive Officer.
SECOND QUARTER 2021 RESULTS
For the second quarter of 2021 when compared to the second quarter of 2020, revenue increased by 1%, or $0.3 million, resulting primarily from increases in water transport services in the Rocky Mountain and Southern divisions, offset by a decrease in water transport services in the Northeast division and a decrease in disposal services in the Southern division. Despite an increase in the average commodity prices for both crude oil and natural gas quarter over quarter, which increased 136% and 74%, respectively, over this time, new drilling and completion activities have remained low relative to the levels seen in the past. Rig count at the end of the second quarter of 2021 compared to the end of the second quarter of 2020 declined 24% in the Rocky Mountain division, 5% in the Northeast division and, offset by a 29% increase in the Southern division.
The Rocky Mountain division has experienced a significant slowdown as compared to the prior year, as evidenced by the rig count declining 24% from 21 at June 30, 2020 to 16 at June 30, 2021. The average rig count for the first quarter of 2020 was 52, representing a 69% decrease since that time. Although there was a notable increase in WTI crude oil price per barrel, which averaged $66.19 in the second quarter of 2021 versus an average of $28.00 for the same period in 2020, new drilling and completion activities have been very low versus levels seen prior to the COVID-19 pandemic. Part of this decline in activity is the result of many of the larger exploration and production companies either focusing their capital spending in other basins or having a predetermined drilling program and not looking to increase production as they focus on drilling within cash flow at the request of their investors. Revenues for the Rocky Mountain division increased by $0.6 million, or 5%, during the three months ended June 30, 2021 as compared to the three months ended June 30, 2020, primarily due to a $0.4 million, or 4% increase in water transport revenues from higher driver utilization. Company-owned trucking revenue declined 15%, or $1.2 million and third-party trucking revenue increased 145%, or $1.6 million. We continue to face a truck driver shortage in the Rocky Mountain Division similar to other areas of the country and industries. We are actively recruiting to attempt to increase our driver count. Company-owned trucking activity is more levered to production water volumes, and third-party trucking activity is more sensitive to drilling and completion activity. The principal factors in the increase in third-party trucking revenue was a small increase in revenue per rental days (approximately 25%). Our rental and landfill businesses are our two service lines most levered to drilling activity. Rental revenues increased by 11%, or $0.2 million, in the current year due to higher utilization and pricing. Our landfill revenues decreased 64%, or $0.2 million, compared to prior year due primarily to landfill being near capacity. We actively managed the facility to keep volumes low and are currently working on expanding the facility to take in additional volumes. Our salt water disposal well revenue increased $0.4 million or 33%, compared to prior year as higher completion activity and production volumes in the areas near our wells led to a 28% increase in average barrels per day disposed during the current year. Other revenue, which derives from the sale of “junk” or “slop” oil obtained through the skimming of disposal water, decreased by $0.1 million.
Revenues for the Northeast division decreased by $0.3 million, or 4%, during the second quarter of 2021 as compared to the second quarter of 2020 due to decreases in water transport services of $0.2 million, or 4%, and other revenue of $0.1 million or 41%. During the quarter the Northeast division sought to consolidate operations by identifying locations and customers that are not profitable and try to recalibrate focus on fewer and more profitable customers. Although natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, increased 73.5% from an average of $1.70 for the three months ended June 30, 2020 to an average of $2.95 for the three months ended June 30, 2021, producers continued their drilling activities at historically low levels. The limited new drilling activities caused a 5% rig count reduction in the Northeast operating area from 40 at June 30, 2020 to 38 at June 30, 2021. For our trucking services, revenues per billed hour decreased by 5% which was a function of the increased competition and the operator focus on reducing costs. The regional driver count declined approximately 12% year over year which also contributed to the lower revenue. We continue to face a truck driver shortage in our Northeast Division similar to that seen in our Rocky Mountain Division and similarly are actively recruiting to attempt to increase our driver count. The combination of a lower rig count, water reuse and sharing and competition, contributed to the decline in disposal volumes and pricing. In addition to these factors, we chose to close our Wellsboro truck yard in Northern Pennsylvania and relocated certain trucks to other areas of operation during the second quarter. This led to a decrease in revenue as we ceased operations at that location.
The Southern division usually has experienced a lesser impact relative to the other business units from the impact of the COVID-19 downturn, driven by its focus on servicing customers who are focused on dry natural gas, which has experienced a relatively smaller impact from the downturn in commodity prices. Revenues for the Southern division remained flat during the second quarter of 2021 as compared to the second quarter of 2020, primarily due to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region. Rig count increased 29% in the area, from 38 at June 30, 2020 to 49 at June 30, 2021 driving an increase in trucking revenue and an increase in volumes received in our disposal wells not connected to our pipeline by an average of 1,776 barrels per day (or 9%) during the current year. Volumes received in the disposal wells connected to the pipeline decreased by an average of 6,571 barrels per day (or 17%) during the current year.
Total costs and expenses for the second quarter of 2021 and 2020 were $32.0 million and $30.2 million, respectively. Total costs and expenses, adjusted for special items, for the second quarter of 2021 were $30.8 million, or a 6% increase, when compared with $29.1 million in the second quarter of 2020. This is primarily a result of $1.3 million of transitional costs, which include severance and stock based compensation for executives, as well as an increase in fleet-related expenses, including fuel and maintenance and repair costs and compensation costs.
Net loss for the second quarter of 2021 was $3.9 million, a decrease of $2.9 million as compared to a net loss for the second quarter of 2020 of $6.8 million. For the second quarter of 2021, the Company reported a net loss, adjusted for special items, of $6.6 million. This compares with a net loss, adjusted for special items, of $5.8 million in the second quarter of 2020.
Adjusted EBITDA for the second quarter of 2021 was a $0.2 million loss, a decrease of 109.7% as compared to adjusted EBITDA for the second quarter of 2020 of $2.5 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain division. Second quarter of 2021 adjusted EBITDA margin was (1)%, compared with 10% in the second quarter of 2020 driven primarily by higher operating costs during the second quarter of 2021.
YEAR-TO-DATE (“YTD”) RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2021
When compared to the six months ended 2020, 2021 revenue decreased by 22.4%, or $14.0 million. The decline in service revenue is primarily due to decreases in water transport services in the Rocky Mountain and Southern divisions, coupled with a decrease of disposal services in all three divisions. Although there was a notable increase in commodity prices for both crude oil and natural gas, which increased 69.0% and 77.9%, respectively, over this time period, the impact of COVID-19 is the main driver for the decline in demand for gasoline, diesel and jet fuel, which has led to lower drilling and completion activity with fewer rigs operating in the Rocky Mountain and Northeast divisions and significant well shut-ins primarily in the Rocky Mountain division. Further, as we saw demand for commodities begin to rise we did not see a similar rise in production. A major driver for this has been the focus of exploration and production companies on drilling within cash flow at the request of their investors, versus growing production volumes. Despite the rise in commodity prices we have not seen the typical response in activity levels experienced historically. In addition to the lack of additional production during the six months ended June 30, 2021, we have seen our fuel costs and driver costs both rise at significant rates. During the second quarter of 2021, we began reaching out to customers requesting price increases for our services to help cover these costs, but it is unclear at this time to what extent we will be successful. Rig count during the first half of 2021 compared to 2020 declined 62% in the Rocky Mountain division, 16% in the Northeast division and increased 9% in the Southern division.
The Rocky Mountain division experienced a significant slowdown, with rig count declining 24% from 37 during the six months ended June 30, 2020 to 14 during the same period in June 30, 2021. Although there was a notable increase in WTI crude oil price per barrel, which averaged $62.21 during the first half of 2021 versus an average of $36.82 for the same period in 2020, revenues for the Rocky Mountain division decreased by $10.1 million, or 28%, during the six months ended June 30, 2021 as compared to the same period in 2020 primarily due to a $4.4 million, or 19%, decrease in water transport revenues from lower trucking volumes. Third-party trucking revenue decreased 15%, or $0.7 million, and revenue from company-owned trucking revenue declined 19%, or $3.4 million. Average total billable hours were down 22% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels, thereby resulting in meaningful revenue reduction. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased by 40%, or $2.0 million, in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of rental equipment. Our landfill revenues decreased 90%, or $1.6 million, compared to the prior year primarily due to the landfill being near capacity. We actively managed the facility to keep volumes low and are currently working on expanding the facility to take in additional volumes. Our salt water disposal well revenue decreased $4.4 million, or 19%, compared to the prior year as well shut-ins and lower completion activity led to a 17% decrease in average barrels per day disposed during the current year, with water from producing wells continuing to maintain a base level of volume activity.
Revenues for the Northeast division decreased by $2.8 million, or 15%, during six months ended June 30, 2021 as compared to the same period in 2020 due to decreases in water transport services of $2.0 million, or 15%, and disposal services of $0.3 million, or 8%. Although natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, increased 77.9% from an average of $1.81 for the six months ended June 30, 2020 to an average of $3.22 for the six months ended June 30, 2021, the rig count declined 5% in the Northeast operating area, from 40 at June 30, 2020 to 38 at June 30, 2021. This led to lower activity levels for both water transport services and disposal services. Our customers continued the industry trend of water reuse and water sharing in 2021. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, total billable hours were down 8% from the prior year and pricing decreases also contributed to the decline, offset by disposal volumes increase in our salt water disposal wells of 2% in average barrels per day.
Revenues for the Southern division decreased by $1.1 million, or 13%, during the six months ended June 30, 2021 as compared to the same period in 2020. The decrease was due primarily to lower disposal well volumes both on the pipeline and for saltwater disposal assets not connected to our pipeline due in part to the winter storm in the first quarter of 2021 resulting in lost revenue days due to power outages and dangerous road conditions. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 5,771 barrels per day (or 13%) during the current period and volumes received in the disposal wells connected to the pipeline decreased by an average of 16,801 barrels per day (or 22%) during the current period.
Total costs and expenses for the six months ended June 30, 2021 and 2020 were $62.6 million and $90.1 million, respectively. Total costs and expenses, adjusted for special items, for the six months ended June 30, 2021 were $61.3 million, or a 16.3% decrease, when compared with $73.2 million for the six months ended June 30, 2020. This is primarily a result of lower volumes and related costs in water transport services and disposal services and company cost cutting initiatives resulting in a 25% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions as well as general and administrative expenses.
Net loss for the six months ended June 30, 2021 was $11.5 million, a decrease of $18.4 million as compared to a net loss for 2020 of $29.8 million for the first half of 2020. For the first half of 2021, the Company reported a net loss, adjusted for special items, of $14.1 million. This compares with a net loss, adjusted for special items, of $13.0 million for the same period in 2020.
Adjusted EBITDA for six months ended June 30, 2021 was $1.0 million, a decrease of 123% as compared to adjusted EBITDA of $4.4 million for the same period in 2020. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain division. The year to date 2021 adjusted EBITDA margin was 2.1%, compared with 7.1% in 2020 driven primarily by declines in revenue partially offset by cost reductions in 2020.
CASH FLOW AND LIQUIDITY
Net cash used in operating activities for the six months ended June 30, 2021 was $2.4 million, mainly attributable to a gain recorded on PPP Loan forgiveness of $(4.0) million, increase of $0.1 million in accounts receivable, increase of $0.7 million in prepaid expenses, while capital expenditures net of asset sales consumed $1.1 million. Asset sales were related to unused or underutilized assets. Gross capital expenditures for the six months ended June 30, 2021 of $1.3 million primarily included the purchase of property, plant and equipment as well as expenditures to extend the useful life and productivity of our fleet, equipment and disposal wells.
Total liquidity available as of June 30, 2021 was $12.4 million. This consisted of $7.4 million of cash and $5.0 million available under our operating line of credit. As of June 30, 2021, total debt outstanding was $29.0 million, consisting of $13.0 million under our equipment term loan, $9.7 million under our real estate loan, $0.2 million under our vehicle term loan, $0.1 million for an equipment term loan and $6.9 million of finance leases for vehicle financings and real property leases, less $0.9 million of debt issuance costs.
About Nuverra
Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and commodity market disruptions; changes in commodity prices; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19), acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, or distribution channels, or which otherwise disrupt our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including vacated easements, environmental impact studies, forced shutdown by governmental agencies and litigation affecting the Dakota Access Pipeline; bans on drilling and fracking leases and permits on federal land; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our operating line of credit; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; our ability to control costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks and uncertainties associated with the potential for a further appeal of the order confirming our previously completed plan of reorganization; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our business strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water and water sharing in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes.
Nuverra Environmental Solutions, Inc.
Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Ship Repair and Maintenance Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The report provides an assessment of the global market landscape and analyzes the scenario for the period of 2019 to 2031, wherein, 2019 is the base year and 2018 and before is historical data.
The study also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape.
Key Questions Answered in the Report
This report answers these questions and more about the ship repair and maintenance services market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Key Topics Covered:
1. Executive Summary : Global Ship Repair and Maintenance Services Market
1.1. Global Ship Repair and Maintenance Services Market Volume (Units) and Value (US$ Bn), 2017-2031
2. Market Overview
3. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Vessel Type
4. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Repair Type
5. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Maintenance Type
6. Global Ship Repair and Maintenance Services Market Analysis and Forecast, by Region
7. North America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2031
8. Europe Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2031
9. Asia Pacific Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2031
10. Middle East & Africa Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2031
11. South America Ship Repair and Maintenance Services Market Volume (Units) & Value (US$ Bn) Forecast, 2017-2031
12. Competition Landscape
12.1. Market Analysis By Company (2019)
12.2. Market Player - Competition Matrix (By Tier and Size of companies)
12.3. Key Market Players (Details - Overview, Recent Developments, Strategy)
For more information about this report visit https://www.researchandmarkets.com/r/b8w2kc
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HOUSTON--(BUSINESS WIRE)--Expro Group Holdings International Limited (the “Company” or “Expro”) today reported financial and operational results for the three and six months ended June 30, 2021. Expro’s total revenue for the second quarter of 2021 was $176.3 million, compared to revenue of $156.3 million in the first quarter of 2021, an increase of 13% sequentially. The Company’s net loss for the second quarter of 2021 was $8.4 million compared to a net loss of $20.4 million for the first quarter of 2021.
Adjusted EBITDA of $26.3 million increased 58% sequentially, driven by higher revenue, a more favorable activity mix and lower corporate costs.
Mike Jardon, Expro’s Chief Executive Officer, said, “Expro delivered solid performance in the second quarter as our broad portfolio of services, global operating footprint and continued cost and capital discipline enabled us to effectively manage and mitigate ongoing industry headwinds related to the pandemic.
“Financial highlights for the second quarter included strong sequential improvement in our ESSA and Asia regions, which both grew revenue approximately 22% as demand increased for production optimization services. In ESSA, our growth largely reflected increases in core well test and subsea activity, and in Asia our performance reflected strong demand across most services and in most of the markets we serve. Overall, Well Testing and Appraisal Services and Production Services each grew revenue 18% sequentially, largely because of an increase in brownfield enhancement activity and our team’s ability to deliver cost-effective, innovative solutions to customers.
“Through six months, we are generally on track with our full year expectations for 2021. Our current outlook for the third quarter of 2021 is for sequential revenue growth of approximately 15% and Adjusted EBITDA of approximately 15% of consolidated revenue.
“Thanks to the hard work, expertise and commitment of our talented employees, as well as our leading technology platform, we continued to advance our capabilities and deliver differentiated services and solutions that safely enhance our customers’ operational efficiency and improve the sustainability of both Expro’s and our customers’ operations. For example, Expro employed its unique CoilHose intervention system to initiate production by unloading heavy completions fluids from a highly deviated well in Asia. This solution successfully delivered both time and cost efficiencies to the client. Additionally, the compact system footprint and associated ease of logistics resulted in a significant improvement in the environmental impact of the operations as compared with traditional solutions. We are committed to further advancing our energy transition technology portfolio and ongoing sustainability initiatives by prioritizing the development of faster, lighter, more automated operations.
“Also during the second quarter, we achieved an industry first by deploying our unique OctopodaTM annulus intervention system to a depth of 300 meters in the C annulus of a well in Latin America. This system successfully introduced a plug in the annulus which restored casing integrity and enabled production to be safely resumed from the well. We are very excited about the potential of Octopoda™ as it will allow customers to, cost effectively restore well integrity, resume production and reduce fugitive gas emissions from wells.
“Approximately 40% of our research and development spending in 2021 is targeted to help customers achieve their carbon reduction objectives. We are dedicated to driving operational efficiency, reducing the environmental impact of our operations and, through our clearly defined strategy, achieving a 50% reduction in CO2e by 2030 and net zero by 2050.
“We are seeing strong signals of a multi-year recovery, which is expected to gradually gain traction as 2021 progresses. While many of our customers’ near-term focus may remain on maximizing their investments in existing well stock, we believe the low level of investment in new oil supply in recent years will result in new FIDs and sustained growth in all of our businesses and across all geo-markets. In recent years, the majority of Expro’s business has been driven by our customers’ production optimization efforts and their operational expenditures more so than their drilling-related activities and capital expenditures. As a result (and despite the possibility of continuing headwinds related to the pandemic), we currently expect at least modest revenue and margin momentum for Expro over the next couple of quarters, driven by an overall increase in international activity, and positive trends in well testing and production services and well intervention and integrity services, in particular. Beyond the next couple of quarters, an expected recovery in offshore development across geographies reinforces our confidence that Expro is well-positioned for sustained growth, which we believe will be driven by increasing demand for subsea well access services and more complex well construction services, respective strengths of Expro and Frank’s International with whom we announced a definitive merger agreement on March 11, 2021.
“Expro ended the first half of 2021 in a strong financial position with no debt, ample available liquidity and an outlook for sustainable free cash flow. Driven by performance and powered by our people, we remain confident in our ability to deliver and we expect to further benefit as we progress through a multi-year cyclical recovery and join together with Frank’s International.”
Segment Results
Europe and Sub Sahara Africa (ESSA)
ESSA revenue totaled $65.2 million during the three months ended June 30, 2021, compared to $53.6 million during the three months ended March 31, 2021, and $53.2 million during the three months ended June 30, 2020. The sequential and year-over-year improvement in ESSA revenue was primarily driven by higher well testing and appraisal services revenue in Norway, the United Kingdom, Mozambique and Angola, and higher production services revenue in Nigeria.
Segment EBITDA during the three months ended June 30, 2021 totaled $10.3 million, or 16% of segment revenue, compared to $5.4 million, or 10% of segment revenue, during the three months ended March 31, 2021, and $9.4 million, or 18% of segment revenue, during the three months ended June 30, 2020. The sequential increase in Segment EBITDA and Segment EBITDA as a percentage of segment revenue (“Segment Margin”) was driven by an increase in customer activity levels and a more favorable activity mix. Lower Segment EBITDA and Segment Margin year-over-year reflects a less favorable activity mix, particularly in Europe, despite the year-over-year increase in segment revenue.
Asia
Asia revenue for three months ended June 30, 2021 totaled $38.0 million, compared to $31.1 million for the three months ended March 31, 2021, and $37.0 million for the three months ended June 30, 2020. The sequential increase in Asia revenue was primarily driven by higher subsea, completion and intervention services revenue in Brunei and Australia. In Brunei, we are in the start-up phase of a multi-year well intervention campaign. For Australia, results benefitted from a generally higher level of customer activity and higher well testing services revenue.
Segment EBITDA for the three months ended June 30, 2021 totaled $8.3 million, or 22% of segment revenue, compared to $5.2 million, or 17% of segment revenue, for the three months ended March 31, 2021, and $9.2 million, or 25% of segment revenue, for the three months ended June 30, 2020. The sequential increase in Segment EBITDA and Segment Margin was driven by an increase in segment revenue during the three months ended June 30, 2021 and a more favorable business mix. Lower Segment EBITDA and Segment Margin year-over-year reflects a less favorable activity mix and higher support costs related to start-up costs on new projects.
Middle East and North Africa (MENA)
MENA revenue totaled $42.5 million for the three months ended June 30, 2021, compared to $41.2 million for the three months ended March 31, 2021, and $48.8 million for the three months ended June 30, 2020. Driving the sequential increase in segment revenue during the second quarter of 2021 was higher subsea, completion and intervention services revenue in Qatar and Algeria. The year-over-year decrease in MENA revenue was primarily driven by lower well testing services revenue in Algeria and Egypt as a result of lower activity levels, partially offset by increase in subsea, completion and intervention services revenue from a new project in Qatar.
Segment EBITDA for the three months ended June 30, 2021 totaled $14.1 million, or 33% of segment revenue, compared to $15.1 million, or 37% of segment revenue, for the three months ended March 31, 2021, and $21.5 million, or 44% of segment revenue, for the three months ended June 30, 2020. The sequential and year-over-year decrease in Segment EBITDA and Segment Margin was driven by lower activity on certain higher margin projects resulting in a less favorable activity mix.
North and Latin America (NLA)
NLA revenue totaled $30.6 million for the three months ended June 30, 2021, compared to $30.4 million for the three months ended March 31, 2021, and $26.2 million for the three months ended June 30, 2020. The sequential improvement in NLA revenue was primarily driven by higher subsea, completion and intervention services revenue in Argentina, reflecting a strong recovery in activity following COVID-19 related project delays in 2020, and higher well testing services revenue in Mexico and the Gulf of Mexico, which were largely offset by lower subsea, completion and intervention services revenue in the Gulf of Mexico from lower customer activity. The year-over-year improvement in segment revenue was primarily driven by higher well testing revenues in Mexico, higher subsea, completion and intervention services revenue in Argentina and Columbia, partially offset by lower well testing and appraisal services revenue generated by Expro’s relatively small North American land operations, reflecting lower customer activities and the non-repeat of power chokes equipment sales as a result of Expro’s disposition of its power chokes business in the fourth quarter of 2020.
Segment EBITDA for the three months ended June 30, 2021 totaled $3.4 million, or 11% of segment revenue, compared to $2.4 million, or 8% of segment revenue, for the three months ended March 31, 2021, and $(1.3) million, or (5%) of segment revenue, for the three months ended June 30, 2020. The sequential and year-over-year increase in Segment EBITDA and Segment Margin was driven by an increase in revenue, a more favorable activity mix and various cost reduction initiatives undertaken within the region.
Pending Combination with Frank’s International
As previously announced, Expro has entered into a definitive agreement with Frank's International (NYSE: FI) pursuant to which the companies will combine in an all-stock transaction to create a new global leader in energy services. The transaction unites two established industry players with a broad range of complementary, highly specialized equipment and services across well construction, well flow management, subsea well access and well intervention and integrity to provide customers with cost-effective, innovative solutions across the well lifecycle.
In regard to the pending business combination with Frank’s, Mr. Jardon commented, “We continue to make significant progress toward completing the Frank’s transaction in the third quarter of 2021. The combination will create a larger, stronger company, with enhanced scale, through-cycle resiliency and a strong financial profile to accelerate sustainable growth, improve profitability and enhance long-term value. Given the success of our integration planning process to date, and the ongoing industry recovery, we are confident in our ability to achieve our previously announced synergy targets while realizing the significant upside potential of the combined company. We look forward to unlocking substantial value by rationalizing support functions and rationalizing facilities, and by capitalizing on significant growth opportunities resulting from complimentary capabilities, customer relationships and operating footprints.”
Other Financial Information
Cash flow from operations decreased to $(7.2) million during the second quarter of 2021 from $9.6 million during the first quarter of 2021, primarily driven by increases in net working capital, which is expected to at least partially reverse during the second half of 2021. Adjusted operating cash flow decreased to $(2.9) million during the second quarter of 2021 from $15.6 million during the first quarter of 2021.
Capital expenditures related to property, plant and equipment totaled $18.5 million and $37.6 million, respectively, for the three and six months ended June 30, 2021. Capital expenditures continue to trend downwards from 2019-2020 levels which included approximately $32 million of capital expenditures related to new well intervention and subsea well access technologies, with management focused on maximizing utilization of our existing assets and, where practical, limiting new capital expenditures. Expro continues to plan for capital expenditures during 2021 in the range of $70 to $75 million.
As of June 30, 2021, the Company’s consolidated cash and cash equivalents (including restricted cash) totaled $84.3 million. The Company had no outstanding debt as of June 30, 2021. The Company’s liquidity as of June 30, 2021, totaled $184.3 million, including cash and cash equivalents ($82.4 million), restricted cash ($1.9 million) and availability under the Company’s revolving credit facility ($100.0 million).
Income tax expense for the three months ended June 30, 2021 was $0.7 million compared to $2.5 million for the three months ended March 31, 2021. The change in income taxes was primarily driven by the geographical mix of income.
The financial measures provided that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.
Expro defines Adjusted EBITDA as net (loss) income adjusted for (a) income tax (benefit) expense, (b) depreciation and amortization, (c) impairment charges, (d) severance and other charges, net, (e) reorganization items, net, (f) merger and integration costs, (g) other (income) expenses, net, and (h) interest and finance charges (income), net. Adjusted EBITDA margin reflects Expro’s Adjusted EBITDA as a percentage of revenues. Segment EBITDA is defined as Segment Revenue less direct costs and support costs attributable to the segment and excludes transactions not related to the segment’s core cash operating activities and corporate costs. Segment Margin is Segment EBITDA divided by Segment Revenue, expressed as a percentage.
Expro defines Adjusted Operating Cash Flow as net cash provided by operating activities adjusted for cash paid during the period for interest, net, severance and other charges and merger and integration costs. Expro defines Cash Conversion as Adjusted Operating Cash Flow divided by Adjusted EBITDA.
About Expro
Expro is a provider of well flow optimization services, combining technology with high quality data across well flow management, subsea well access, well intervention and production solutions, with a specific focus on offshore, deepwater and other technically challenging environments. Expro provides well flow management services in many of the world’s major offshore and onshore basins and has nearly 50 years of experience assisting its customers in all aspects of well management, from exploration and appraisal through to mature field production optimization and eventual well abandonment. Founded in 1973, Expro has approximately 4,000 employees and 900 contractors and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 50 countries with over 100 locations. Additional information is available on the company’s website, www.exprogroup.com.
Forward Looking Statements
This presentation and the related discussion may reference "forward-looking statements" within the meaning of the safe harbor provisions of the U S Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements we may make regarding expectations relating to a market recovery and the timing and duration thereof, future operating results, levels of capital expenditure, cashflow, order backlog, liquidity, business strategy, market conditions, prospects for growth and CO2e reductions. Forward looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward looking statements include, among others, future market conditions, oil and natural gas demand and production growth, oil and natural gas prices, volatility in the capital markets, availability of sufficient liquidity to fund our business operations, political, economic and regulatory uncertainties in international operations, uncertainties related to the merger with Frank’s, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics and pandemics such as COVID 19, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements and related interpretations and other guidance and other risks and uncertainties disclosed in the proxy statement/prospectus filed with the Securities and Exchange Commission with respect to our merger with Frank’s. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of Segment EBITDA , Segment Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Cash Flow and Cash Conversion. Expro provides reconciliations of net (loss) income, its most directly comparable financial performance measure, to Adjusted EBITDA. Expro also provides a reconciliation of Adjusted Operating Cash Flow and Cash Conversion to net Cash Provided by (Used in) Operating Activities, its most directly comparable liquidity measure. Segment EBITDA, Segment Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Cash Flow and Cash Conversion are used as supplemental financial measures by Expro’s management and by external users of its financial statements, such as investors, commercial banks, research analysts and others. These non-GAAP financial measures allow Expro’s management and others to assess Expro’s financial and operating performance as compared to those of other companies in its industry, without regard to the effects of its capital structure, asset base, items outside the control of management and other charges outside the normal course of business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Company from period to period and to compare it with the performance of other publicly traded companies within the industry. Segment EBITDA, Segment Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Cash Flow and Cash Conversion have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Because Segment EBITDA, Segment Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Cash Flow and Cash Conversion may be defined differently by other companies in the Company’s industry, its presentation of Segment EBITDA, Segment Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Cash Flow and Cash Conversion may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
EXPRO GROUP HOLDINGS INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
|||||||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|||||||||||
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||
Total revenue |
$ |
176,251 |
|
$ |
156,295 |
|
$ |
165,130 |
|
$ |
332,546 |
|
$ |
371,830 |
|
||||
Operating costs and expenses: |
|||||||||||||||||||
Cost of revenue (1) |
(174,008 |
) |
(164,730 |
) |
(162,854 |
) |
(338,738 |
) |
(370,636 |
) |
|||||||||
General and administrative (1) |
(6,297 |
) |
(6,738 |
) |
(6,802 |
) |
(13,035 |
) |
(11,178 |
) |
|||||||||
Impairment charges |
- |
|
- |
|
- |
|
- |
|
(275,594 |
) |
|||||||||
Merger and integration costs |
(4,703 |
) |
(4,823 |
) |
- |
|
(9,526 |
) |
- |
|
|||||||||
Severance and other charges |
|
(1,637 |
) |
|
(555 |
) |
|
(4,803 |
) |
|
(2,192 |
) |
|
(5,863 |
) |
||||
Total operating costs and expenses |
|
(186,645 |
) |
|
(176,846 |
) |
|
(174,459 |
) |
|
(363,491 |
) |
|
(663,271 |
) |
||||
Operating loss (1) |
(10,394 |
) |
(20,551 |
) |
(9,329 |
) |
(30,945 |
) |
(291,441 |
) |
|||||||||
Other income (expenses), net |
387 |
|
239 |
|
(380 |
) |
626 |
|
(1,279 |
) |
|||||||||
Interest and finance (charges) income, net |
(1,604 |
) |
(1,627 |
) |
(409 |
) |
(3,231 |
) |
3,244 |
|
|||||||||
Loss before taxes and equity in income of joint ventures |
|
(11,611 |
) |
|
(21,939 |
) |
|
(10,118 |
) |
|
(33,550 |
) |
|
(289,476 |
) |
||||
Equity in income of joint ventures |
|
3,957 |
|
|
4,092 |
|
|
2,156 |
|
|
8,049 |
|
|
6,607 |
|
||||
Loss before income taxes |
(7,654 |
) |
(17,847 |
) |
(7,962 |
) |
(25,501 |
) |
(282,869 |
) |
|||||||||
Income tax (expenses) benefit |
|
(727 |
) |
|
(2,545 |
) |
|
(5,377 |
) |
|
(3,272 |
) |
|
4,360 |
|
||||
Net loss |
$ |
(8,381 |
) |
$ |
(20,392 |
) |
$ |
(13,339 |
) |
$ |
(28,773 |
) |
$ |
(278,509 |
) |
||||
Loss per common share: |
|||||||||||||||||||
Basic and diluted |
$ |
(0.14 |
) |
$ |
(0.35 |
) |
$ |
(0.23 |
) |
$ |
(0.49 |
) |
$ |
(4.76 |
) |
||||
Weighted average common shares outstanding: |
|||||||||||||||||||
Basic and diluted |
|
58,489,895 |
|
|
58,489,895 |
|
|
58,489,895 |
|
|
58,489,895 |
|
|
58,489,895 |
|
||||
Investor contact:
Karen David-Green - Chief Communications, Stakeholder & Sustainability Officer
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+1 281 994 1056
Media contact:
Hannah Rumbles - Global Marketing and Communications Manager
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+44 1224 796729
Market barriers include more economical alternative technologies and fuels, hydrogen infrastructure challenges, and hydrogen storage
BOULDER, Colo.--(BUSINESS WIRE)--#alternativeenergy--A new report from Guidehouse Insights analyzes the global market for hydrogen power generation technologies based on geographic region and provides an analysis of current market issues, opportunities, drivers, and key market players regarding electrolyzers through 2030.
The market for hydrogen power generation technologies is transitioning toward maturity and wider adoption, buoyed by improving economics, growing government support, and demand for clean and reliable power. According to a new report from Guidehouse Insights, Asia Pacific is expected to lead the hydrogen power generation technology market with a 14% compound annual growth rate (CAGR) through 2030.
“The emergence of commercially viable hydrogen vehicles and massive investments in electrolyzers for green hydrogen production have pushed hydrogen’s potential to new levels,” says Isabelle Branco-Lo, research analyst with Guidehouse Insights. “Although hydrogen’s role in the power sector accounts for less than 1% of electricity production, hydrogen power generation technologies are increasingly being entertained as viable power solutions as the hydrogen economy grows.”
Although hydrogen is being positioned as a fundamentally clean and reliable fuel of the future, several barriers still exist to widespread adoption. Three of the most pressing issues facing hydrogen’s viability as a power generation source are the cost considerations of cheap alternatives for generation and backup power, a lack of transportation and distribution infrastructure, and the high cost of hydrogen storage.
The report, Hydrogen Power Generation Technologies, analyzes the global market for hydrogen power generation technologies based on geographic region. The study provides an analysis of current market issues, opportunities, drivers, and key market players regarding electrolyzers. Global market forecasts for capacity and revenue extend from 2021 through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Hydrogen Power Generation Technologies, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
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AKRON, Ohio--(BUSINESS WIRE)--$BW #carboncapture--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to participate in the Seaport Research Partners Annual Summer Investor Conference, which is being held virtually on August 24-25, 2021.
Kenneth Young, B&W’s Chairman and Chief Executive Officer, and Louis Salamone, B&W’s Chief Financial Officer, are scheduled to hold one-on-one meetings throughout the conference. To receive additional information, request an invitation or to schedule a one-on-one meeting, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
About the Seaport Research Partners Annual Summer Investor Conference
Seaport’s 10th Annual Summer Investor Conference features 100+ management teams from a wide range of verticals with an average market cap of $10.5 billion. The event is expected to include more than 250 institutional investors participating in one-on-one, small group, and fireside chat meetings throughout the conference.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
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TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce the release of its 2020 sustainability report, highlighting significant progress made by the Company with its environmental, social and governance priorities in furthering vanadium’s role in the global green economy.
Paulo Misk, President and Chief Executive Officer stated: “In 2020, we made significant progress with a broad range of initiatives, including GHG emission reporting and growing our sustainability-focused product line to include vanadium redox flow batteries which are essential in the integration of renewable energy generation. We committed to the first Global Industry Standard on Tailings Management and aligned our community programs with the Sustainable Development Goals of the United Nations.” He continued: “The accomplishments highlighted throughout our report are a direct result of our employees’ commitment to sustainability at Largo and we look forward to continuing the improvement of our sustainability performance in the years to come.”
The report is available for download within the Sustainability section of our website at www.largoresources.com.
About Largo Resources
Largo is a Canadian domiciled company that has historically been solely committed to the production and supply of high-quality vanadium products. The Company recently announced its belief that the development and sale of vanadium based electrical energy storage systems to support the planet's on-going transition to renewable energy presents both an attractive economic opportunity for the use of the Company's vanadium products and an opportunity to enhance the Company's sustainability. Consequently, the Company is in the process of vertically integrating its highly efficient vanadium production operations with its vanadium-based energy storage technology to create a unique competitive advantage in the rapidly growing long duration energy storage market. The Company is confident that using its VPURETM and VPURE+TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil, in its VCHARGE± vanadium redox flow battery technology results in a competitive and practical long duration energy storage product.
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of applicable Canadian securities legislation ("forward-looking statements"). Forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; the iron ore price environment; the timing and cost related to the build out of the ilmenite plant; eventual production from the ilmenite plant; the ability to sell ilmenite on a profitable basis and the extent and overall impact of the COVID-19 pandemic in Brazil and globally. Forward-looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE± battery system, and the adoption of VFRB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
Trademarks are owned by Largo Resources Ltd.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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Tel: +1 416-861-9797
FINDLAY, Ohio & CHICAGO--(BUSINESS WIRE)--Marathon Petroleum Corp. (NYSE: MPC) and ADM (NYSE: ADM) announced today an agreement to form a joint venture for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel. Under the terms of the agreement, the joint venture will own and operate ADM’s previously announced soybean processing complex in Spiritwood, North Dakota, with ADM owning 75 percent of the joint venture and MPC owning 25 percent. When complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. The Spiritwood complex is expected to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.
In addition to the Spiritwood joint venture, the companies anticipate working together to explore other opportunities for agriculture to support renewable transportation fuels.
“ADM has always been at the forefront of innovative fuels made from nature, and we are uniquely positioned to take action to reduce the carbon intensity of our business and lead our industry as we live our purpose,” said Ken Campbell, ADM’s president of North America Oils, Biodiesel and Renewable Chemicals. “We already provide MPC with soybean oil for renewable diesel production, but this agreement will significantly expand our collaborative relationship. Together, MPC and ADM have the expertise, scale and capabilities to deliver sustainable outcomes that start on the farm and go all the way to the fuel in millions of commercial and personal vehicles — and in this case, supporting renewable diesel demand that we believe may be as much as 5 billion gallons by 2025. And what’s even more exciting is that we see the opportunity to work together to do more to support sustainable solutions.”
“At MPC, we are challenging ourselves to lead in sustainable energy,” said Dave Heppner, MPC’s senior vice president of Strategy and Business Development. “This joint venture marks another step in advancing our ability to optimize and source logistically advantaged feedstock for our nearby Dickinson facility, and also creates a platform for further collaboration with a world-class partner as we continue to invest in a sustainable, energy-diverse future.”
When complete, the approximately $350 million complex in Spiritwood will feature state-of-the-art automation technology and have the capacity to process 150,000 bushels of soybeans per day. The construction of the new complex is supporting hundreds of jobs in the region, and the facility will employ approximately 75 people once operational. The Spiritwood complex is expected to begin production for the 2023 harvest.
Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM and MPC’s respective filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, neither ADM nor MPC assume any obligation to update any forward-looking statements.
About ADM
At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Source: Corporate release
ADM Media Relations
Jackie Anderson
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MPC Contacts:
Kristina Kazarian, Vice President, Investor Relations
Brian Worthington, Manager, Investor Relations
(419) 421-2071
Jamal Kheiry, Communications Manager
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(419) 421-3312
Additions of Detroit-based manufacturer of the world’s only Class-3 all-electric trucks, leading national provider of renewable energy, and new board members further fuel the fast-growing future mobility commercialization hub
SACRAMENTO, Calif.--(BUSINESS WIRE)--#CMC--The California Mobility Center (CMC) today announced two new agreements with Bollinger Motors and Pearce Renewables as its most recent Client and Member, respectively, which increases the combined Client and Member roster to more than 25 companies since the CMC launched full commercial operations earlier this year.
The CMC also announced the addition of two board members, Julia Hamm, President and CEO of the Smart Electric Power Alliance (SEPA), and Elise Benoit, Head of Commercial Communications for Enel X - North America. Benoit also serves as VP of Marketing for Enel X’s e-mobility division. Both Hamm and Benoit officially joined the CMC’s board of directors effective August 1st.
"We are thrilled that Bollinger Motors and Pearce Renewables understand the value that the CMC brings to their commercialization goals," said CMC Chief Operating Officer Mark Rawson. "We are equally excited about the clean technology and renewable energy expertise that Julia and Elise will lend to our Board of Directors."
Bollinger Motors is an original equipment manufacturer that is reinventing the all-electric vehicle from the ground up. Headquartered in Detroit, Bollinger is developing class 3 all-electric vehicles for both consumer and commercial applications, including the B1 Sport Utility Truck, the B2 Pickup Truck, the B2 Chassis Cab, and the Chass-E.
“We are engineering a new class of vehicles designed to offer truly evolved EV solutions and answer the demand for a durable, powerful, and versatile class 3 EV,” said Robert Bollinger, Founder and CEO of Bollinger Motors. “I’m looking forward to working with the CMC and their mobility ecosystem as we seek to reduce fleet emissions through the deployment of electric-powered vehicles in California and across the globe.”
Pearce Renewables, a leading national provider of operations, maintenance, and engineering services for renewable wind, solar, EV charging, and energy storage infrastructure, also just joined the CMC as a Member. CMC Members have a vested interest in future mobility commercialization and in partnering with industry entrepreneurs and innovators.
“Renewable energy is one of the fastest growing energy sectors and Pearce is one of the country’s fastest growing renewable energy companies, making this partnership especially valuable for the clean mobility industry network,” said Pearce Renewables CEO, Mark McLanahan. “We are excited to partner with the CMC’s expanding network of entrepreneurs and innovators to optimize opportunities for us across technology, decarbonization, commercialization, and innovation.”
Separately, new board directors Julia Hamm and Elise Benoit bring valuable experiences and skill sets to the existing CMC Board of Directors.
Hamm is a visionary leader at the center of the transformation underway to a carbon-free energy future for more than 20 years. She is President and CEO of SEPA, has a deep understanding of the electric power sector, and strong relationships with hundreds of U.S. utility executives, technology company executives, and policymakers. Benoit has designed successful business strategies for energy startups and high-growth technology companies including AutoGrid, ICE Energy, Opower, CivicSolar, Autodesk, and Ask Jeeves.
“Julia and Elise bring expanded perspectives from the power and electric vehicle infrastructure industries that broaden our board’s overall proficiency,” said CMC Board Chair Arlen Orchard. “Their expertise is a wonderful complement to the diverse future mobility backgrounds already represented on the board and further broadens our strong cross-industry representation.”
The CMC is a non-profit, public-private entity partnering with global leaders in clean technology innovation including: EnerTech, a venture capital firm with a focus on electrification, autonomy, smart mobility, and connectivity; PEM Motion, a consulting and engineering company that originated in Germany with a focus on sustainable technology; and Sacramento Municipal Utility District (SMUD), a founding partner and funder that has led the way in electric vehicle (EV) testing, development and deployment of EVs in the Sacramento Region.
About CMC: The California Mobility Center (CMC) is a public-private partnership with global thought leaders in clean technology innovation. The CMC aspires to be the leading global innovation and commercialization center for future mobility, strategically located in Sacramento. Its location puts the CMC in close proximity to world-class educational institutions, leaders in clean mobile technology, award winning utilities, and to California’s government that leads the United States and the world in producing policies around green mobility and technology. For more information visit www.californiamobilitycenter.org.
Media Contact:
Christine Ault
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors has declared a 2021 third quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on September 22, 2021, to shareholders of record at the close of business on September 1, 2021.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For Investors:
Abu Zeya
Investor Relations
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281-871-2688
For News Media:
Emily Mir
Public Relations
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281-871-2601
HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that Mr. Tom Burke will step down from his position as President and Chief Executive Officer and member of the Board of Directors, effective September 2, 2021. The Valaris Board of Directors has appointed Mr. Anton Dibowitz, a current Board member, as interim President and Chief Executive Officer effective September 3, 2021. Mr. Burke will continue to support Valaris for a period to ensure a smooth leadership transition for the Company. He also will remain on the Board of Directors of ARO Drilling, a 50/50 joint venture between Valaris and Saudi Aramco.
Further, Valaris announced that Mr. Jon Baksht will step down from his position as Executive Vice President and Chief Financial Officer, effective September 2, 2021. The Valaris Board of Directors has appointed Mr. Darin Gibbins, the Company’s Vice President – Investor Relations and Treasurer, as interim Chief Financial Officer effective September 3, 2021.
“Anton brings more than twenty years of experience in the offshore drilling industry to the CEO role,” said Elizabeth Leykum, Chair of the Board. “His familiarity with our business, customers and culture combined with his extensive industry expertise will allow him to continue to build upon our positive momentum and solid foundation. We look forward to working closely with Anton, Tom, Jon, Darin and the entire Valaris executive team to ensure a smooth transition.”
Mr. Dibowitz commented, “My time on the Valaris Board of Directors has only served to reinforce my understanding of Valaris as a world-class organization. During this transition, we will maintain our focus on our top priority of delivering safe and efficient operations for our customers, who continue to validate our position as the offshore driller of choice, having awarded Valaris more than 20 new contracts or extensions, with associated backlog in excess of $1.3 billion, since early May. With the strongest balance sheet in the offshore drilling sector, unmatched scale and geographic diversity, and a modern, best-in-class fleet, Valaris is well-positioned to take advantage of strategic opportunities and a steadily improving market.”
Ms. Leykum further commented, “We are grateful to Tom and Jon for their valuable contributions to Valaris. They successfully led us through a prolonged and challenging downturn in the energy sector, establishing Valaris as a sound and financially stable entity. We thank them for their leadership and wish Tom and Jon the best going forward.”
Mr. Burke commented, “I appreciate the opportunity to have been CEO and to have worked with all of the great employees of Valaris and its outstanding leadership team. Together, we have navigated one of the most difficult downturns our industry has ever faced – and we came out positioned for success. I am proud of the Valaris team, its resilience and great potential, and I depart the Company knowing that the business is strong, in good hands and has a bright future."
About Mr. Anton Dibowitz
Mr. Dibowitz is a highly experienced executive with more than 20 years of drilling industry expertise. He joined the Valaris Board of Directors in July 2021. Prior to joining the Board, Mr. Dibowitz served as an advisor of Seadrill Ltd. from November 2020 until March 2021, and as Chief Executive Officer from July 2017 until October 2020. He previously served as Executive Vice President of Seadrill Management since June 2016, and as Chief Commercial Officer since January 2013. Prior to joining Seadrill, Mr. Dibowitz held various positions within tax, process reengineering and marketing at Transocean Ltd. and Ernst & Young LLP. He is a Certified Public Accountant and a graduate of the University of Texas at Austin where he received a Bachelor's degree in Business Administration, and Master's degrees in Professional Accounting (MPA) and Business Administration (MBA).
About Valaris
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Investor & Media Contacts:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
Tim Richardson
Director - Investor Relations
+1-713-979-4619
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