DUBLIN--(BUSINESS WIRE)--The "Integrated Marine Automation Systems Market Research Report by Autonomy, by Ship Type, by System, by End-user, by State - United States Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The United States Integrated Marine Automation Systems Market is projected to grow with a significant CAGR in the forecast period. Economic development and substantial infrastructure development have constituted regional revenue generation.
Further, the patterns associated with domestic production, import and export, and consumption have helped market participants to analyze and capitalize on potential opportunities. Besides, the qualitative and quantitative parameters provided in the report with detailed analysis highlights the driving and restraining factors of the United States Integrated Marine Automation Systems Market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, and the long-term effects are projected to impact the industry growth during the forecast period. The ongoing research amplifies the research framework to ensure the inclusion of underlying COVID-19 issues and potential paths forward.
The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Integrated Marine Automation Systems Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Key Topics Covered:
1. Preface
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
3.1. Introduction
3.2. Market Outlook
3.3. Autonomy Outlook
3.4. Solution Outlook
3.5. Ship Type Outlook
3.6. System Outlook
3.7. End-user Outlook
3.8. Geography Outlook
3.9. Competitor Outlook
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.2. Restraints
5.1.3. Opportunities
5.1.4. Challenges
5.2. Cumulative Impact of COVID-19
6. Integrated Marine Automation Systems Market, by Autonomy
6.1. Introduction
6.2. Autonomous
6.3. Partial Automation
6.4. Remotely- Operated
7. Integrated Marine Automation Systems Market, by Solution
7.1. Introduction
7.2. Products
7.2.1. Alarms
7.2.2. Control Unit
7.2.3. Data Storage Devices
7.2.4. Displays
7.2.5. Hardware
7.2.6. Sensors
7.3. Services
8. Integrated Marine Automation Systems Market, by Ship Type
8.1. Introduction
8.2. Commercial
8.2.1. Cargo Vessels
8.2.2. Passenger Vessels
8.3. Defense
8.4. Unmanned
9. Integrated Marine Automation Systems Market, by System
9.1. Introduction
9.2. Power Management System
9.3. Process Control System
9.4. Safety System
9.5. Vessel Management System
10. Integrated Marine Automation Systems Market, by End-user
10.1. Introduction
10.2. Aftermarket
10.3. OEM
11. Competitive Landscape
11.1. FPNV Positioning Matrix
11.1.1. Quadrants
11.1.2. Business Strategy
11.1.3. Product Satisfaction
11.2. Market Ranking Analysis
11.3. Market Share Analysis
11.4. Competitive Scenario
11.4.1. Merger & Acquisition
11.4.2. Agreement, Collaboration, & Partnership
11.4.3. New Product Launch & Enhancement
11.4.4. Investment & Funding
11.4.5. Award, Recognition, & Expansion
12. Company Usability Profiles
For more information about this report visit https://www.researchandmarkets.com/r/xrnfar
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CHARLOTTE, N.C.--(BUSINESS WIRE)--#CO2capture--Cormetech has been selected for an award from the Department of Energy (DOE) Office of Fossil Energy and Carbon Management and the National Energy Technology Laboratory (NETL) to increase the amount of CO2 captured in Direct Air Capture (DAC) operations. Cormetech plans to further develop its DAC “contactor”. The “contactor” is the engine of the DAC system. Air is moved through the “contactor” and CO2 is selectively adsorbed onto it. The improved “contactor” will maximize the amount of CO2 captured from the atmosphere, while reducing the amount of energy needed to operate.
https://www.energy.gov/articles/doe-announces-12-million-direct-air-capture-technology
From the DOE funding announcement (06/15/2021):
“‘Across the U.S., in states like Arizona and North Carolina, brilliant innovators are developing Direct Air Capture technologies that can extract carbon dioxide straight out of the air.” said Secretary of Energy Jennifer M. Granholm. “These DOE investments, and the ones we will make with President Biden’s American Jobs Plan, are crucial to advancing technology that will help us avoid the worst effects of climate change and achieve carbon neutrality by 2050.'”
Cormetech’s CEO Mike Mattes commented “Cormetech is very excited about this award, which will allow us to continue developing CO2 Capture technology with amine-based adsorbers in Direct Air Capture systems. With Cormetech’s long history of technology leadership in emission controls, we have demonstrated the technical feasibility of capturing CO2 directly from the air with our adsorbers, and this award will allow us to accelerate the development and improve the CO2 capture rates.”
To learn more about this project and Cormetech’s technologies please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or call us at 1-704-827-8933.
CORMETECH, Inc. is a world leader in manufacturing of high-quality environmental catalysts, providing SCR catalyst regeneration and engineering services for the power, marine, industrial-process, refinery, and petrochemical markets. The company has leveraged more than 30 years of field experience and ceramic extrusion technology to create innovative catalyst products and services that meet our customers' needs in the United States and abroad.
Cormetech Contact
Scott Daugherty
+1 919 620 3024
Media Inquiries:
Ravi Krishnan
Krishnan & Associates
+1 203.257.9232
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Leading clean energy awards program will host its annual award ceremony for the third year at Solar Power International (SPI)
WASHINGTON--(BUSINESS WIRE)--The Cleanie Awards®, the #1 awards program celebrating people and brands driving the clean energy economy, announced today its continued partnership with Solar Power Events. The Cleanie Awards will unveil the 2021 award recipients at Solar Power International (SPI), part of SPI, ESI, and Smart Energy Week September 20-23. The date and time of the awards ceremony will be revealed later this summer.
The three-year partnership brings together two of the industry’s leading organizations committed to showcasing those making an impact in the clean economy and paving the way to a decarbonized future. The Cleanie Awards’ broad reach across the cleantech, climate tech, and clean energy verticals presents a wonderful opportunity for synergy and idea-sharing between SPI, ESI, and Smart Energy Week’s attendees and the leaders of the energy transition at large.
“We are proud to launch the fourth year of The Cleanie Awards and once again partner with Solar Power Events,” said Randee Gilmore, Executive Director, The Cleanie Awards. “We continuously see double digit growth year-over-year in the number of submissions, and we anticipate this year to be no exception. Partnering with organizations like Solar Power Events broadens our network and gives us the opportunity to connect with hundreds of leaders and innovators across the clean energy spectrum.”
Launched in 2018, The Cleanie Awards has welcomed more than 50 brands into its winner’s circle. The 2020 class of winners includes ENGIE North America, Nextracker, Swinerton Renewable Energy, Consumers Energy, Hannon Armstrong, Pillsbury Law, REsurety, Inc., and 8Minute Solar Energy.
The Cleanie Awards works with a highly-prominent advisory board, and a panel comprised of 10 distinguished industry leaders will evaluate this year’s submissions. This year’s awards categories are:
You can submit a nomination directly on the award platform here.
For more information on The Cleanie Awards, go to www.thecleanieawards.com. Submissions close on July 31, 2021. Use code SETS for 10% off submission fees.
About The Cleanie Awards®
The Cleanie Awards is the only cleantech and renewables industry awards program focused on honoring innovators and disruptors who are creating market-moving solutions. The program’s mission is to influence public opinion about technologies working toward a clean energy future. The team includes a highly prominent advisory board and judging panel of experienced business leaders, entrepreneurs, and communicators who are committed to advancing clean technology.
For more information, visit the website at www.thecleanieawards.com and follow The Cleanie Awards on Twitter or Facebook at @CleanieAwards and LinkedIn.
About Solar Power Events
Presented by the Solar Energy Industries Association (SEIA) and the Smart Electric Power Alliance (SEPA), Solar Power Events strives to keep the industry moving forward by offering cutting-edge events centered around the trends, technology, and research that power the industry. For additional information regarding Solar Power Events, visit us at www.events.solar.
Media
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MLB Communications Strategies & Public Relations
703-898-9443
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Sponsorship
Randee Gilmore
Executive Director
The Cleanie Awards®
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New state-of-the art facility supports Transplace’s customer growth and logistics innovations
DALLAS--(BUSINESS WIRE)--#3PL--Transplace, the leading provider of logistics technology and services, today celebrates the grand opening of its new center of excellence located at 4909 W. Magnolia St. in Rogers, Ark. The ultra-modern facility extends logistics solutions and supply chain strategies for the world’s leading brands and most active shippers. Located in Northwest Arkansas—a globally-recognized logistics hub—the new office is situated near renowned retailers, suppliers and shipper customers, with expectations for exponential growth.
Arkansas Governor Asa Hutchinson attended Transplace’s grand opening. “Northwest Arkansas is a focal point for innovation, commerce and new business opportunities,” said Governor Hutchinson. “Transplace is an industry leader and longtime business partner in this community. We anticipate even more progress as they expand to include hundreds of future new hires.”
Michael Preston, Arkansas Secretary of Commerce and Executive Director of the Arkansas Economic Development Committee said, “Our region is an incubator for high-tech advancements and progressive enterprises. Transplace’s move from Lowell to this larger, cutting-edge operations center underscores the company’s tremendous growth over the years. This expansion is just the beginning of even more progress as we look forward to continued prosperity for our region.”
The new Rogers facility is 150,000 sf. As one of the world’s largest managed transportation services providers, Transplace offers shippers network scale and flexibility, while lowering operational risks and supply chain costs.
“For over 20 years, Transplace has made a commitment to Northwest Arkansas and our new center of excellence will infuse leading-edge logistics technology, as well as new job opportunities,” said Frank McGuigan, CEO of Transplace. “Our proximity to iconic brands that are among the largest, most prolific shippers, enhances communications, streamlines multi-shipper collaborations and optimizes transportation budgets.”
The new operations center extends Transplace’s investments in AI, machine learning and predictive analytics. Transplace will continue innovations to its transportation management system, SaaS application, Logistics Solutions Platform and other solutions to support shippers in Northwest Arkansas, across North America and Europe.
“Today’s grand opening marks another exciting step in Transplace’s strong growth journey,” said Jack Daly, Partner, and Alex Minasian, Principal at TPG Capital, Transplace’s majority shareholder. “The new center of excellence will drive significant job creation and business momentum in Arkansas’ Northwest region and builds on the company’s leadership in supply chain innovation. We are proud to support Frank and the team in this important milestone.”
To learn more about innovations in logistics management services and customized supply chain strategies, connect with a Transplace expert: transplace.com/contact/connect-with-an-expert/
About Transplace
Transplace powers one of the largest managed transportation and logistics networks in the world. Our tech-enabled services and solutions platform are backed by the unrivaled combination of innovative technology and a dedicated team of domain experts, engineers and data scientists. We are committed to thrilling our customers by consistently improving supply chain performance and providing greater visibility and control of their logistics networks. Companies of all sizes rely on Transplace to deliver trusted outcomes through best-in-class logistics management, strategic capacity and cross-border services. Follow the company on Twitter, Facebook, Transplace.com and the Transplace Industry Blog.
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Grace Platon | +1 214.901.4744
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Partnership will provide clients with leading value-based, decision-making software solution
OVERLAND PARK, Kan.--(BUSINESS WIRE)--As renewable energy and storage assets create increasingly complex grid infrastructure management challenges, Black & Veatch Management Consulting, LLC and Copperleaf® announce a new alliance that provides electric and gas utilities greater ability to manage critical infrastructure. Using a robust, highly replicable software-backed solution in grid asset investment planning and optimization, clients will get a consistent, transparent and quantitative way to make complex trade-off decisions and develop mid- and long-term investment strategies.
This alliance will support utilities in achieving their strategic goals related to reliability, resiliency, grid modernization, customer service, safety and other key strategic objectives under a consistent value framework.
Copperleaf’s Decision Analytics Solution and Black & Veatch Management Consulting’s global expertise in asset data analytics, risk scoring, cost and impact analyses will help utilities leverage operational, financial and asset data to ensure investment decisions deliver the highest business value.
“Our alliance with Black & Veatch further enables electric and gas utilities to break down traditional siloes in investment planning,” said Garrett Sizer, Copperleaf’s strategic alliances director. “Black & Veatch’s expertise in the full asset lifecycle, along with their experience developing cost-benefit analysis, will undoubtedly yield faster adoption of Copperleaf solutions. This alliance already has proven to have the ability to help utilities compare diverse projects with competing objectives on a common scale, ultimately driving improved planning efficiency, higher value and more justifiable investment plans.”
“With Copperleaf, we are positioned to provide a critical service to utilities and companies challenged with collecting and analyzing data to make informed grid investment decisions,” said Joe Zhou, associate vice president and senior managing director at Black & Veatch Management Consulting. “We expect this joint solution to quickly become an integrated best practice for utilities seeking to streamline their capital and O&M budgeting processes, as well as to bolster their regulatory justification for such investments.”
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned global engineering, procurement, consulting, and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.
About Black & Veatch Management Consulting, LLC
Black & Veatch Management Consulting, LLC provides integrated strategy, transaction advisory, business operations, regulatory, asset management and technology solutions for the global power, water, oil and gas, telecommunications and non-traditional industries. Our highly experienced team of professional consultants combines expertise in advanced analytics and business integration services backed by extensive technology and engineering capabilities. We deliver solutions ranging from business strategy and transformation, to program design and implementation, transaction due diligence and valuation to asset risk management, infrastructure modernization and customer service value enhancement.
About Copperleaf
Copperleaf provides enterprise decision analytics software solutions to companies managing critical infrastructure. We leverage operational and financial data to empower our clients to make investment decisions that deliver the highest business value. What sets us apart is our commitment to providing extraordinary experiences, shaped by people who care deeply, products that deliver exceptional value, and partnerships that stand the test of time. Copperleaf is a patron of The Institute of Asset Management and actively participates in shaping the future of asset management standards, including ISO 55000. Headquartered in Vancouver, Canada, our solutions are distributed and supported by regional staff and partners worldwide. Together, we are transforming how the world sees value.
JIM SUHR | +1 913-458-6995 P | +1 314-422-6927 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
24-HOUR MEDIA HOTLINE | +1 866-496-9149
DUBLIN--(BUSINESS WIRE)--The "Refrigerated Transport - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Refrigerated Transport, estimated at US$15.8 Billion in the year 2020, is projected to reach a revised size of US$23 Billion by 2027, growing at a CAGR of 5.5% over the period 2020-2027.
Single-Temperature, one of the segments analyzed in the report, is projected to record 6% CAGR and reach US$16.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Multi-Temperature segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.2 Billion, While China is Forecast to Grow at 9% CAGR
The Refrigerated Transport market in the U.S. is estimated at US$4.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5 Billion by the year 2027 trailing a CAGR of 9.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
Select Competitors (Total 37 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/c47c1q
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Partnership with Common Energy gives employees in New York City option to support renewable energy projects
NEW YORK--(BUSINESS WIRE)--#carbonemissions--Bloomberg today expanded access to community solar projects managed by Common Energy to more than 4,800 of its employees based in New York City. Through Common Energy’s Clean Energy Benefit Program, Bloomberg employees based in the city can enroll to support new, local community solar projects. The New York City community solar projects will be owned and operated by UGE International, a global clean energy developer.
Community solar projects generate clean energy that flows to the power grid, thereby decreasing the use of fossil fuels and lowering emissions in the community. Employees who enroll in the program benefit by receiving clean energy credits that reduce their electricity cost each month. There is no cost to Bloomberg or its employees.
“By giving our employees the option to support community solar projects everyone wins,” said Beth Mazzeo, Chief Administrative Officer at Bloomberg. “We raise awareness for the benefits of renewable energy, support local solar projects, lower emissions and fossil fuel consumption overall and on top of that our employees can lower their electricity bill each month.”
To date, Bloomberg employees are backing seven clean energy projects across the U.S. Northeast region serving ConEdison, Central Hudson Gas & Electric, Orange & Rockland Utilities, PSEG Long Island and PSEG New Jersey territories. Together, these projects will generate approximately 14 million kilowatt hours of clean energy and prevent over 7 million pounds of carbon emissions each year. Over the lifetime of the projects, they are expected to generate over 332 million kilowatt hours of clean energy and prevent over 160 million pounds of carbon emissions.
Bloomberg and Common Energy initially started to partner in October 2019 making community solar projects available to over 260 employees at the time. The partnership has since grown and with this expansion is now providing nearly 8,700 employees access across New York, New Jersey and Long Island. Bloomberg will continue to collaborate with Common Energy on projects that align with the company’s employee base across the U.S.
Community solar provider Common Energy’s corporate programs are an extension of its core mission to accelerate the United States’ clean energy transition and enable the public to save money and lower emissions. “Common Energy is proud to partner with Bloomberg and UGE to help connect new clean energy projects to the electrical grid,” said Richard Keiser, CEO of Common Energy. “These projects lower emissions across the greater New York and New Jersey regions, benefiting the entire community.”
Mateo Chaskel, Managing Director at UGE, said: “UGE is proud to partner with Common Energy and Bloomberg to build, own, and manage these projects. Community solar is a key part of our mission to accelerate clean energy adoption and decarbonize the energy sector.”
The partnership with Common Energy is in line with Bloomberg’s long-standing commitment to sustainability and reducing emissions. The community solar projects are an addition to other sustainability-focused benefits for Bloomberg employees, such as electric vehicle charging stations in the Princeton, New Jersey office or sustainable food options in catering operations and cafeterias in New York and New Jersey. To learn more about Bloomberg’s sustainability initiatives and to read our latest 2020 Impact Report visit www.bloomberg.com/impact.
About Bloomberg LP
Bloomberg LP, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/company or request a demo. Follow Bloomberg and The Terminal on Twitter and on LinkedIn.
About Common Energy
Common Energy is a leading community solar provider that services over 250MW of projects across the country. Common Energy’s programs enable homeowners, renters, and businesses to support clean energy, lower emission in their communities and save money on their electricity for free, with their existing utility account. Common Energy currently serves households in Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Rhode Island, and Oregon. Residents of these states can enroll in a local community solar project for free at www.commonenergy.us. Corporations interested in partnering with Common Energy can email This email address is being protected from spambots. You need JavaScript enabled to view it..
About UGE
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com. For more information, contact UGE at: +1 917 720 5685, This email address is being protected from spambots. You need JavaScript enabled to view it..
Veronika Henze
Bloomberg LP
+1-646-324-1596
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Haley Steinhauser
Hayward PR
+1-562-991-3170
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DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Composite Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global wind turbine composite materials market is expected to grow at a CAGR greater than 7% during the forecast period.
Companies Mentioned
Key Market Trends
Wind Blades to Dominate the Market
Asia-Pacific to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Application of Carbon Fiber in Wind Blades
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Recyclability Issue of Composites
4.2.2 Other Restraints
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Fiber Type
5.2 Technology
5.3 Application
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Offshore Wind Energy Installations
For more information about this report visit https://www.researchandmarkets.com/r/wtoco9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOGOTÁ, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced that, based on a preliminary vote count by its proxy solicitor, shareholders have overwhelmingly reelected all of GeoPark’s highly qualified Directors to serve for a term ending at the 2022 Annual General Meeting of Shareholders. Every GeoPark Director received at least 70.9% of the shares voted, representing 58.8% of the total shares outstanding.
The elected Directors are:
Sylvia Escovar, Independent Chair of GeoPark’s Board of Directors, said: “On behalf of the entire GeoPark Board and management team, we would like to thank our shareholders for their significant support and highly constructive conversations over these past several weeks. We greatly appreciate their comments and valuable insights, and we look forward to maintaining an active and productive dialogue with them as we focus on executing our strategy. GeoPark stands committed to continuous Board refreshment and best-in-class corporate governance to foster an open and robust debate in the boardroom, pursue value-accretive opportunities and continue creating sustainable value for all shareholders.”
The preliminary vote count is subject to certification by the Independent Inspector of Elections. Additional information regarding the results of the 2021 Annual General Meeting of Shareholders will be available in a report on Form 6-K to be filed with the Securities and Exchange Commission and posted on GeoPark’s website www.geo-park.com.
Postponed Director Appointment
Former GeoPark Director nominee, Ms. Maria Fernanda Suarez, is an executive with a highly distinguished career in both the public and private sectors, including serving as Vice President of Strategy and Finance (CFO) of Colombia’s national oil company Ecopetrol and as Minister of Energy and Mines of Colombia until July 1, 2020. Ms. Suarez is subject to a mandatory cooling-off period for former government employees that would have expired on July 1, 2021, but as a result of a very recent change in Colombian legislation, which occurred after the mailing of GeoPark’s proxy statement to shareholders, this cooling-off period is now expected to expire for Ms. Suarez at the end of March 2022. In response to this change, the Board and Ms. Suarez determined that her appointment should be postponed until April 2022, in compliance with the new legal requirement. While overwhelmingly supported by shareholders casting ballots for the 2021 Annual General Meeting, Ms. Suarez’s candidacy was withdrawn at the Annual General Meeting in order to fully comply with the changed legislation.
Ms. Escovar concluded, “Maria Fernanda brings outstanding public and private sector experience in Colombia along with deep expertise in both energy and finance, and she will be a tremendous addition to our Board. While we are disappointed with this unexpected delay in her appointment, it is important that we adhere to the strictest legal and ethical standards across all aspects of our business and demonstrate that we are able to adapt quickly to evolving laws and regulations. I am incredibly proud of the Board’s actions over the past several months and look forward to our continued evolution in 2022.”
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including our engagement with our shareholders, our superior returns, our commitment to continuous refreshment and corporate governance enhancements, our pursuit of value-accretive opportunities and our focus on value creation for shareholders and the future appointment of Ms. Suarez to the Board. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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Innisfree M&A Incorporated
Scott Winter / Gabrielle Wolf
T: +1-212-750-5833
MEDIA:
Sard Verbinnen & Co.
Jared Levy / Kelsey Markovich
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DHAHRAN, Saudi Arabia--(BUSINESS WIRE)--Saudi Aramco Technologies Company and AccessESP are pleased to announce that they have signed a worldwide commercialization agreement of the JumpStart™ flowback and well cleanup service. The JumpStart service utilizes a temporarily deployed, through-tubing electric submersible pump (ESP) system to rapidly, safely and efficiently flow back and clean out oil and gas wells after drilling or workover operations. Implementations in offshore wells in Saudi Arabia demonstrate lower risk, reduced rig time and increased production.
Abbas Al-Ghamdi, CEO, Saudi Aramco Technologies Company, commented, “We are delighted to have established this important collaboration with AccessESP. The ability to use a slickline retrievable downhole pump to remove heavyweight kill fluid prior to production significantly reduces rig time and risk. The additional benefits of carbon emissions reduction and cost savings promise to improve well economics for many high-value wells worldwide. We have great faith in AccessESP in the successful commercialization of JumpStart.”
“We are grateful to Saudi Aramco Technologies Company for choosing AccessESP to commercialize JumpStart technology to flow back wells in half the time of conventional coiled tubing and nitrogen injection operations,” said David Malone, CEO, AccessESP. “Cleanups using nitrogen via coiled tubing are costly, require a large equipment footprint and introduce safety and logistics risks. The temporary deployment of a rigless ESP for cleanout saves millions of dollars in well cleanup expense, while preparing the well for a rigless ESP installation in the future if required.”
The patent-pending method of temporarily deploying a fully retrievable through-tubing ESP system has demonstrated up to 50 percent reduction in the rig time required for flowback and cleanout operations versus conventional coiled tubing/nitrogen lift cleanouts. In addition to reductions in rig time this technique significantly reduces the number of personnel and the equipment required to perform a cleanout. This technology is licensed to AccessESP by Saudi Aramco Technologies Company for worldwide deployment in onshore and offshore wells.
AccessESP delivers advanced technologies that help oil and gas operators reduce intervention costs, maximize well productivity and enhance reservoir recovery rates by achieving the technical limit in ESP performance. AccessESP technologies are proven to reduce risk and lower total cost of operations in high-value offshore and onshore wells. Operators who partner with AccessESP benefit from exclusive access to JumpStart services to fast-track adoption of game-changing technologies that reduce greenhouse emissions through the company’s GoGreen™ initiative.
Saudi Aramco Technologies Company is a wholly owned subsidiary of Aramco, a world leader in integrated energy and chemicals, driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s crude oil supply to developing new energy technologies, our global team creates positive impact in all that we do. We focus on making our resources more sustainable and more useful, which promotes long-term economic growth and prosperity around the world.
William Standifird
VP Sales & Marketing
AccessESP
+1 (713) 589-2599
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accessesp.com
Transdisciplinary leader brings 25 years of experience in regenerative design, finance, systems, and large-scale transformation.
SANTA FE, N.M.--(BUSINESS WIRE)--#advancedcarbons--Santa Fe Farms, a leader in the production, manufacturing, and distribution of hemp and hemp-derived products for industrial use, soil health, and carbon offsets, announced today that Dr. Stuart Cowan has been appointed President, Advanced Carbons Division and Chief Science Officer of Santa Fe Farms.
Prior to Santa Fe Farms, Cowan co-founded and was General Partner of Autopoiesis, a professional services firm that applies complex living systems models and frameworks to regenerate communities, ecosystems, and organizations. Among the many positions held earlier in his career, he served as a Transaction Manager and founding team member with Portland Family of Funds, an innovative sustainable community investment fund that has closed $3 billion in transactions.
“We are extraordinarily privileged to have attracted someone like Stuart to lead our efforts in the carbon space,” said Santa Fe Farms CEO Steven Gluckstern. “His intellect, training and experience in this arena can be expected to give Santa Fe Farms a significant competitive advantage as we pursue our goal of becoming the leader in the development of nature-based solutions to the climate crisis using industrial hemp.”
As President of the Advanced Carbons Division, Cowan will lead the teams responsible for Prospective Carbons – the research and development of hemp-derived carbon manufacturing capabilities of biochar, graphene, and other advanced carbons; Regenerative Carbons – development of real-world applications for biochar, graphene, and other advanced carbons; and Digital Carbons – the measurement, validation, and trading of carbon offsets produced on Santa Fe Farms’ company farms and partner farms using regenerative farming techniques to sequester CO2. Cowan is also responsible for managing the strategic partnership with The Hemp Blockchain, Inc. to develop a new carbon protocol and software platform to measure, validate, and trade carbon offsets related to regenerative agriculture. As Chief Science Officer, Cowan will ensure the scientific integrity of Santa Fe Farms’ research and product claims while representing Santa Fe Farms in several technical associations and initiatives.
“Santa Fe Farms has the opportunity to become one of the leading originators of carbon offsets from nature-based solutions like soil carbon sequestration and biochar production,” said Cowan. “At the heart of our Advanced Carbons research is the concept of 'Regenerative Refineries' or generating carbons from agriculture or other industries and transforming them into valuable byproducts that will sequester carbons for centuries to come. Advanced Carbons can and will make land regeneration economically viable at scale, in the U.S. and globally, generating a cleaner, safer and more sustainable future for all of us.”
Cowan holds a doctorate in complex systems with an emphasis on ecological economics from the University of California, Berkeley, and is co-author of the foundational book Ecological Design.
About Santa Fe Farms
Santa Fe Farms is a fully integrated company leading the growth and development of the industrial hemp industry. Santa Fe Farms spans the growth, transformation, and impact of industrial hemp into key wellness, chemical and physical ingredients and components which can be incorporated into thousands of products in categories including health, human and animal nutrition, agriculture, building materials, paper and packaging, plastics, and advanced carbon materials. Santa Fe Farms will be both a net-negative carbon business itself and an important source of offsets available to other enterprises seeking to reduce their carbon footprint to meet their ESG goals and or regulatory requirements. For more information, visit santafefarms.com.
Media Contact:
Lee Rech
for Santa Fe Farms
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801.556.8423
WALL, N.J.--(BUSINESS WIRE)--The board of directors of New Jersey Resources (NYSE: NJR) unanimously declared a quarterly dividend on its common stock of $.3325 per share. The dividend will be payable on October 1, 2021 to shareowners of record as of September 20, 2021.
The company is committed to providing value to its shareowners with a competitive return and has paid quarterly dividends continuously since its inception in 1952.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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NEW YORK--(BUSINESS WIRE)--#ITsecurity--Great Place to Work® and Fortune Magazine have honored Flashpoint, a globally trusted leader in risk intelligence, as one of the 2021 Best Workplaces in New York™. This is Flashpoint’s first time being named to this prestigious list, this year coming in at 23. Earning this designation means that Flashpoint is one of the best companies to work for in New York and the entire country.
The Best Workplaces in New York™ award is based on analysis of survey responses from more than 78,000 current employees in the New York State, tri-state and metro area. In that survey, 99% of Flashpoint employees said Flashpoint is a great place to work. This number is 40% higher than the average U.S. company.
“We have worked hard to create a collaborative and supportive culture here at Flashpoint and are grateful to the entire Flashpoint team who have made Flashpoint a very special place deserving of this accolade,” said Josh Lefkowitz, CEO and Co-Founder at Flashpoint. “Our entire team cares and works tirelessly to foster an open, innovative, and team-driven working environment where everyone gets to be their authentic selves as we help our customers identify and mitigate threats worldwide. We celebrate and thank everyone at Flashpoint for all they do to earn this incredible honor.”
The Best Workplaces in New York list is highly competitive. Great Place to Work, the global authority on workplace culture, selected the list using rigorous analytics and confidential employee feedback. Companies were only considered if they are a Great Place to Work-Certified™ organization.
Great Place to Work is the only company culture award in America that selects winners based on how fairly employees are treated. Companies are assessed on how well they are creating a great employee experience that cuts across race, gender, age, disability status, or any aspect of who employees are or what their role is.
“Earning a spot on the Best Workplaces in New York™ list is an especially significant award this year, as the pace and shape of work has changed dramatically,” said Michael C. Bush, CEO of Great Place to Work®. “Leaders at these companies have showed exceptional care for their people. And this support resonates with all employee groups. It doesn’t matter what pronoun they use, their experience level or their pay grade, all people have a great experience.”
About Flashpoint
Flashpoint is the globally trusted leader in actionable threat intelligence for organizations that demand the fastest, most comprehensive coverage of threatening activity on the internet. From bolstering cyber and physical security to detecting fraud and insider threats, Flashpoint partners with customers across private and public sectors to help them rapidly identify threats and mitigate their most critical security risks. Flashpoint is backed by Georgian Partners, Greycroft Partners, TechOperators, K2 Integrity, Jump Capital, Leaders Fund, Bloomberg Beta, and Cisco Investments. For more information, visit https://www.flashpoint-intel.com/ and follow us on Twitter at @FlashpointIntel.
About the Best Workplaces in New York™
Great Place to Work® selected the Best Workplaces in New York™ by gathering and analyzing confidential survey responses from more than 78,000 employees at Great Place to Work-Certified™ organizations. Company rankings are derived from 60 employee experience questions within the Great Place to Work Trust Index™ survey. Read the full methodology.
To get on this list next year, start here.
About Great Place to Work®
Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™.
Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.
Kari Walker, RedIron PR
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KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) plans to release its financial results for the second quarter ended June 30, 2021 after the market closes on July 22, 2021. An investors’ conference call to review the second quarter will be held the following day.
Date: Friday, July 23, 2021
Time: 8:00 a.m. CT (please dial in by 7:55 a.m.)
Dial In #: (833) 900-2251
Conference ID: 1691938
Replay Dial In # (800) 585-8367 – Conference ID: 1691938
A webcast of the conference call will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.
About Martin Midstream Partners
Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.
MMLP-F
Sharon Taylor
Chief Financial Officer
(877) 256-6644
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HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Mission Critical Electronics (MCE), a California-based designer and manufacturer of premium electrical power solutions for specialty vehicle, marine, network and industrial markets, is announcing its acquisition of ZeroRPM.
ZeroRPM is a pioneer in anti-idling technology and offers advanced energy storage and hybrid solutions that convert conventional vehicles into cost-efficient hybrid units. The acquisition further strengthens MCE’s presence in the vehicle electrification space and underscores MCE’s commitment to being a leader in providing clean energy solutions.
“ZeroRPM’s patented solutions provide continuing power to onboard equipment, and heating and air-conditioning to the passenger compartment, without idling the engine. It creates a hybrid vehicle with lithium-ion battery technology that integrates seamlessly with a vehicle’s engine and existing electrical system, and automatically restarts the engine to recharge the batteries when necessary,” said Kevin Moschetti, CEO of Mission Critical Electronics. “We will expand on ZeroRPM’s existing strength in the work truck, government and emergency vehicle markets by bringing their solutions into other specialty vehicle and marine applications. Some of the most exciting applications we are working on are in the recreational vehicle and heavy-duty truck markets where ZeroRPM’s products provide enhanced comfort for users.”
The ZeroRPM System offers hands-free control: once a vehicle is in park, the system automatically shuts down the engine and provides all required power for electronics and HVAC. For extended times of stationary use of the vehicle, the ZeroRPM System manages the engine start/stop to recharge the batteries as needed.
“This is truly a watershed moment. Joining the MCE family and getting immediate access to their world class operations and a variety of markets they serve will open up more opportunities for ZeroRPM solutions,” said Lance Self, CEO of ZeroRPM.
The benefits of ZeroRPM’s no-idle alternative in vehicle applications are many fold – reduced emissions, lower fuel consumption, reduced operating costs, extended OEM warranty periods (based on fewer engine hours) and improved operator safety and comfort. What’s more, it eliminates engine noise from constant idling and can extend work time in idle-restrictive zones. In the recreational space, the system offers a viable alternative to boon dockers to go off-grid for an extended period without turning on a generator or plugging into shore power.
The ZeroRPM System captures all the data associated with the engine off-technology – utilizing Intellimetrics® software to give users detailed insight into how the system performs. A secure portal provides customized reports and graphs of fuel savings, emissions reduction, and vehicle usage.
The ZeroRPM technology in conjunction with MCE’s existing FREEDOM eGEN solution offers the most complete clean, green, auxiliary power system for specialty vehicle and marine applications.
About Mission Critical Electronics
Headquartered in Huntington Beach, Calif., Mission Critical Electronics (MCE) is a leader in the development of innovative solutions for power conversion, energy storage, power generation and shore power connectivity for a wide variety of end-use applications operating under the leading brands Xantrex, Kussmaul Electronics, Purkeys, Newmar Power, ASEA Power Systems, Power Products, and American Battery Charging. These brands are built on team strength and the ability to connect with customers. MCE takes great pride in translating its customers’ needs into the highest quality products and solutions available in the markets it serves. MCE delivers its products and solutions with an unmatched level of responsiveness. www.mission-critical-electronics.com
About ZeroRPM
ZeroRPM is the leader in providing idle mitigation and hybrid solutions throughout the U.S. with a complete series of solutions for light, medium and heavy-duty work vehicles in the public safety, fire, ambulance, security, telecom, utility and recreational vehicle markets. ZeroRPM’s patented solutions provide fleet managers with proven, market-leading technology to fully automate their vehicles at a worksite for cab comfort through the factory vents, for power takeoff (PTO) and auxiliary power while providing idle mitigation – saving fuel and routine maintenance costs while reducing emissions and engine wear. http://www.zerorpm.com/
Media Contact
Mitul Chandrani, Director of Marketing
Mission Critical Electronics
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AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced it will host a conference call and webcast at 11:00 a.m. ET/10:00 a.m. CT on Wednesday, August 11, 2021 to discuss its financial results, the Company's business and outlook. Hyliion also plans to report its second quarter 2021 financial results before the market opens on Wednesday, August 11, 2021.
Hyliion Q2 2021 Results Conference Call
Date: Wednesday, August 11, 2021
Time: 11:00 a.m. ET/10:00 a.m. CT
Conference Call Online Registration: http://www.directeventreg.com/registration/event/1449669
Webcast: https://investors.hyliion.com/events-and-presentations/default.aspx
An archived webcast of the conference call will be accessible on the Investor Relations section of the Hyliion website.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Hyliion Holdings Corp.
Louis Baltimore
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(833) 495-4466
Ryann Malone
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(833) 495-4466
DUBLIN--(BUSINESS WIRE)--The "State-Owned Enterprises in South Africa 2021" report has been added to ResearchAndMarkets.com's offering.
This report focuses on South Africa's major state-owned entities and includes information on the major enterprises, their performance and the factors that influence them including the pandemic, economic factors, their debt and performance levels and leadership issues.
There are profiles of 24 public entities which include major SOEs such as Transnet, Eskom, South African Airways and Denel, and other entities under state ownership and control such as the Development Bank of Southern Africa and Independent Development Trust.
State-owned Enterprises South Africa:
The ongoing financial and operational crises faced by a number of major state-owned enterprises (SOEs) casts doubt on their practicality and survival. Total SOE debt stands at a staggering R692.9bn. The most recent budget review indicated that SOEs have reported poor growth, high costs and elevated debt servicing costs, and several appear to be at risk of defaulting on their debts. Prospective reforms and increasing private-sector participation provide some hope for South Africa's SOEs.
Corruption:
The Zondo Commission of Inquiry into allegations of state capture in the public sector, including organs of state, has outlined corruption at the highest echelons of entities such as Transnet, Eskom, SAA and Denel and provides some explanation for the extent of the financial mismanagement at these enterprises. The poor performance of SOEs continues to reflect crumbling infrastructure, poor and ever-changing leadership, corruption, wasteful expenditure and mismanagement of funds.
Major Changes:
The government announced in June that it plans to sell 51% of South African Airways to a private consortium and that it would retain a minority stake. The proposed sale will amount to the first privatisation in decades and represents a major shift from the state's stance on SOE control and ownership. Government will also now permit independent power producers to increase self-generation without obtaining a licence from 1MW to 100MW. Both announcements represent a major shift in government's stance and indicate an awareness of the SOEs' limitations.
Key Topics Covered:
1. Introduction
2. Description of the Industry
2.1. Industry Value Chain
2.2. Geographic Position
3. Size of the Industry
4. State of the Industry
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Socio-Economic Development
4.2. International
5. Influencing Factors
5.1. Coronavirus
5.2. Economic Environment
5.3. State Capture and Corruption
5.4. Government Guarantees and Support
5.5. Environmental Concerns
5.6. Labour
6. Competition
7. SWOT Analysis
8. Outlook
9. References
9.1. Publications
9.2. Websites
Appendix
For more information about this report visit https://www.researchandmarkets.com/r/pbxyij
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on July 24, 2021 based on the Trust’s calculation of net profits generated during May 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.2 million. Revenues from the Developed Properties were approximately $2.7 million, lease operating expenses including property taxes were approximately $1.4 million, and development costs were approximately $191,000. The average realized price for the Developed Properties was $64.97 per Boe for the Current Month, as compared to $59.91 per Boe in April 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to April 2020. The cumulative net profits deficit amount for the Developed Properties declined to approximately $26.0 million in the Current Month versus approximately $27.0 million in the prior month.
The Current Month’s calculation included approximately $72,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $62.43 per Boe in the Current Month, as compared to $59.24 per Boe in April 2021. The cumulative net profits deficit for the Remaining Properties increased by approximately $104,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $65,000, together exceeded the payment of approximately $72,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $89,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $89,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,367,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
41,997 |
1,355 |
$64.97 |
|
Remaining Properties (b) |
16,247 |
524 |
$62.43 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.6 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first quarter of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $4.2 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $186,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
NEW YORK--(BUSINESS WIRE)--$DUCON #Ducon--Ducon Group of Companies (“Ducon”) (NSE: DUCON), Ducon announced that it has emerged as the lowest bidder (L-1) on NTPC (National Thermal Power Corporation) FGD ( Flue gas Desulfurization) projects to provide its advanced FGD technology designed to remove air pollution from coal fired power plants. The first project is 2x250 MW size power plant in Barauni, Bihar, India and the other is 2x195 MW size power plant in Muzaffarpur, kanti Power plant in India. The value of the scope of work for Ducon group of companies on these two projects is approximately over $100 million.
Coal fired power plants across India are required to meet the latest emission standards prescribed by the Indian government and to achieve this, most plants will need to install FGD systems to reduce sulfur dioxide emissions. The estimated investment required in FGD systems is over Rs 80,000 crore across India. Ducon is a leading supplier of FGD systems in the Indian market and stands to benefit tremendously from this upcoming opportunity. Ducon is the only company that has successfully operating limestone and seawater FGD installations in India. The notable ones include: (i) 500 MW seawater FGD systems at Dahanu power plant and (ii) 2 x 600MW Limestone FGD system at Udupi Power Plant. Currently, Ducon has many additional outstanding FGD system proposals in India which will be decided in the coming months.
Ducon is a leading global engineering & construction firm providing the most advanced and custom engineered solutions in environmental control, renewable energy, infrastructure, and plant maintenance. Ducon, through its subsidiaries, licensees, and joint ventures, provides services to clients globally in a wide variety of industries, such as: chemical, refineries, cement, power, minerals, steel, mining, and infrastructure. Since its inception in 1938, Ducon has completed thousands of global installations, and has compiled an enviable track record of completed projects which perform reliably and economically year after year. Ducon provides single source responsibility for execution of major turn-key projects throughout the world.
Risk Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
Ron Kumar
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
ALEXANDRIA, Va.--(BUSINESS WIRE)--#VSEC--VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced that it will issue second quarter 2021 results after market close on Wednesday, July 28, 2021. A conference call will be held Thursday, July 29, 2021 at 8:30 A.M. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download and install any necessary audio software.
To participate in the live teleconference: |
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Domestic Live: |
(877) 407-0789 |
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International Live: |
(201) 689-8562 |
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Audio Webcast: |
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To listen to a replay of the teleconference through August 12, 2021: |
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Domestic Replay: |
(844) 512-2921 |
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International Replay: |
(412) 317-6671 |
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Replay PIN Number: |
13721137 |
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ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets supporting government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s products and services, visit www.vsecorp.com.
FORWARD LOOKING STATEMENTS
This release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward-looking statements in this news release, see VSE’s public filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and VSE specifically disclaims any obligation to update these statements in the future.
INVESTOR RELATIONS CONTACT:
Noel Ryan | Phone: 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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