Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Donec ultrices tincidunt arcu non sodales neque sodales. Nulla at volutpat diam ut venenatis tellus in metus vulputate. Ornare massa eget egestas purus. Ac placerat vestibulum lectus mauris ultrices eros in. Massa id neque aliquam vestibulum morbi blandit cursus risus at. In hac habitasse platea dictumst vestibulum rhoncus. Feugiat pretium nibh ipsum consequat nisl. Sagittis aliquam malesuada bibendum arcu vitae elementum. Quisque sagittis purus sit amet volutpat consequat. Turpis cursus in hac habitasse platea. Ullamcorper velit sed ullamcorper morbi tincidunt ornare massa eget. Volutpat commodo sed egestas egestas. Magna eget est lorem ipsum dolor sit amet. Egestas maecenas pharetra convallis posuere morbi leo. Nunc sed velit dignissim sodales. Quis viverra nibh cras pulvinar mattis nunc sed blandit libero. Elementum nisi quis eleifend quam adipiscing vitae proin. Quis hendrerit dolor magna eget est. Sit amet mauris commodo quis imperdiet. Quis vel eros donec ac odio. Quis ipsum suspendisse ultrices gravida. Sed felis eget velit aliquet sagittis id consectetur purus ut. Vulputate mi sit amet mauris commodo quis imperdiet massa. Molestie at elementum eu facilisis sed odio. Nec nam aliquam sem et tortor consequat id porta. Neque aliquam vestibulum morbi blandit. Augue eget arcu dictum varius duis at consectetur. Iaculis nunc sed augue lacus viverra. Scelerisque viverra mauris in aliquam. Feugiat nisl pretium fusce id velit ut tortor. Cras tincidunt lobortis feugiat vivamus. Sed libero enim sed faucibus turpis in eu mi bibendum. Integer malesuada nunc vel risus commodo viverra. Bibendum ut tristique et egestas. Tortor at auctor urna nunc id cursus metus aliquam eleifend. Risus viverra adipiscing at in tellus integer feugiat scelerisque. Sed risus pretium quam vulputate dignissim. Fusce ut placerat orci nulla pellentesque dignissim. Morbi enim nunc faucibus a pellentesque sit amet porttitor. Dignissim suspendisse in est ante in nibh mauris cursus. Senectus et netus et malesuada. Ullamcorper morbi tincidunt ornare massa eget egestas. Hac habitasse platea dictumst quisque sagittis purus sit amet volutpat. Mauris commodo quis imperdiet massa tincidunt nunc pulvinar sapien. Nunc consequat interdum varius sit amet mattis vulputate enim. Lectus mauris ultrices eros in cursus turpis massa tincidunt. Iaculis nunc sed augue lacus viverra. Facilisis magna etiam tempor orci eu lobortis elementum. Viverra aliquet eget sit amet tellus cras.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Donec ultrices tincidunt arcu non sodales neque sodales. Nulla at volutpat diam ut venenatis tellus in metus vulputate. Ornare massa eget egestas purus. Ac placerat vestibulum lectus mauris ultrices eros in. Massa id neque aliquam vestibulum morbi blandit cursus risus at. In hac habitasse platea dictumst vestibulum rhoncus. Feugiat pretium nibh ipsum consequat nisl. Sagittis aliquam malesuada bibendum arcu vitae elementum. Quisque sagittis purus sit amet volutpat consequat. Turpis cursus in hac habitasse platea. Ullamcorper velit sed ullamcorper morbi tincidunt ornare massa eget. Volutpat commodo sed egestas egestas. Magna eget est lorem ipsum dolor sit amet. Egestas maecenas pharetra convallis posuere morbi leo. Nunc sed velit dignissim sodales. Quis viverra nibh cras pulvinar mattis nunc sed blandit libero. Elementum nisi quis eleifend quam adipiscing vitae proin. Quis hendrerit dolor magna eget est. Sit amet mauris commodo quis imperdiet. Quis vel eros donec ac odio. Quis ipsum suspendisse ultrices gravida. Sed felis eget velit aliquet sagittis id consectetur purus ut. Vulputate mi sit amet mauris commodo quis imperdiet massa. Molestie at elementum eu facilisis sed odio. Nec nam aliquam sem et tortor consequat id porta. Neque aliquam vestibulum morbi blandit. Augue eget arcu dictum varius duis at consectetur. Iaculis nunc sed augue lacus viverra. Scelerisque viverra mauris in aliquam. Feugiat nisl pretium fusce id velit ut tortor. Cras tincidunt lobortis feugiat vivamus. Sed libero enim sed faucibus turpis in eu mi bibendum. Integer malesuada nunc vel risus commodo viverra. Bibendum ut tristique et egestas. Tortor at auctor urna nunc id cursus metus aliquam eleifend. Risus viverra adipiscing at in tellus integer feugiat scelerisque. Sed risus pretium quam vulputate dignissim. Fusce ut placerat orci nulla pellentesque dignissim. Morbi enim nunc faucibus a pellentesque sit amet porttitor. Dignissim suspendisse in est ante in nibh mauris cursus. Senectus et netus et malesuada. Ullamcorper morbi tincidunt ornare massa eget egestas. Hac habitasse platea dictumst quisque sagittis purus sit amet volutpat. Mauris commodo quis imperdiet massa tincidunt nunc pulvinar sapien. Nunc consequat interdum varius sit amet mattis vulputate enim. Lectus mauris ultrices eros in cursus turpis massa tincidunt. Iaculis nunc sed augue lacus viverra. Facilisis magna etiam tempor orci eu lobortis elementum. Viverra aliquet eget sit amet tellus cras. Tincidunt augue interdum velit euismod in pellentesque. Tincidunt augue interdum velit euismod in pellentesque massa. Nisl rhoncus mattis rhoncus urna. Libero enim sed faucibus turpis in. Mollis aliquam ut porttitor leo a. Sagittis eu volutpat odio facilisis mauris. Phasellus egestas tellus rutrum tellus pellentesque eu tincidunt tortor. Amet massa vitae tortor condimentum lacinia quis vel. Amet luctus venenatis lectus magna fringilla. Orci phasellus egestas tellus rutrum tellus pellentesque. Cras pulvinar mattis nunc sed blandit libero. Nibh sit amet commodo nulla facilisi nullam vehicula. Enim diam vulputate ut pharetra sit amet aliquam id diam. Laoreet id donec ultrices tincidunt arcu. Aliquam malesuada bibendum arcu vitae elementum curabitur vitae. Velit egestas dui id ornare arcu odio ut sem. Cursus euismod quis viverra nibh cras pulvinar mattis. Neque convallis a cras semper auctor neque. Molestie ac feugiat sed lectus vestibulum mattis ullamcorper velit. Egestas tellus rutrum tellus pellentesque eu tincidunt. Tortor condimentum lacinia quis vel eros donec ac. Tempus urna et pharetra pharetra massa. Lectus nulla at volutpat diam ut venenatis tellus. Pellentesque habitant morbi tristique senectus. Tellus in metus vulputate eu scelerisque felis imperdiet proin fermentum. Ut pharetra sit amet aliquam id diam maecenas ultricies mi.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Donec ultrices tincidunt arcu non sodales neque sodales. Nulla at volutpat diam ut venenatis tellus in metus vulputate. Ornare massa eget egestas purus. Ac placerat vestibulum lectus mauris ultrices eros in. Massa id neque aliquam vestibulum morbi blandit cursus risus at. In hac habitasse platea dictumst vestibulum rhoncus. Feugiat pretium nibh ipsum consequat nisl. Sagittis aliquam malesuada bibendum arcu vitae elementum. Quisque sagittis purus sit amet volutpat consequat. Turpis cursus in hac habitasse platea. Ullamcorper velit sed ullamcorper morbi tincidunt ornare massa eget. Volutpat commodo sed egestas egestas. Magna eget est lorem ipsum dolor sit amet. Egestas maecenas pharetra convallis posuere morbi leo. Nunc sed velit dignissim sodales. Quis viverra nibh cras pulvinar mattis nunc sed blandit libero. Elementum nisi quis eleifend quam adipiscing vitae proin. Quis hendrerit dolor magna eget est. Sit amet mauris commodo quis imperdiet. Quis vel eros donec ac odio. Quis ipsum suspendisse ultrices gravida. Sed felis eget velit aliquet sagittis id consectetur purus ut. Vulputate mi sit amet mauris commodo quis imperdiet massa. Molestie at elementum eu facilisis sed odio. Nec nam aliquam sem et tortor consequat id porta. Neque aliquam vestibulum morbi blandit. Augue eget arcu dictum varius duis at consectetur. Iaculis nunc sed augue lacus viverra. Scelerisque viverra mauris in aliquam. Feugiat nisl pretium fusce id velit ut tortor. Cras tincidunt lobortis feugiat vivamus. Sed libero enim sed faucibus turpis in eu mi bibendum. Integer malesuada nunc vel risus commodo viverra. Bibendum ut tristique et egestas. Tortor at auctor urna nunc id cursus metus aliquam eleifend. Risus viverra adipiscing at in tellus integer feugiat scelerisque. Sed risus pretium quam vulputate dignissim. Fusce ut placerat orci nulla pellentesque dignissim. Morbi enim nunc faucibus a pellentesque sit amet porttitor. Dignissim suspendisse in est ante in nibh mauris cursus. Senectus et netus et malesuada. Ullamcorper morbi tincidunt ornare massa eget egestas. Hac habitasse platea dictumst quisque sagittis purus sit amet volutpat. Mauris commodo quis imperdiet massa tincidunt nunc pulvinar sapien. Nunc consequat interdum varius sit amet mattis vulputate enim. Lectus mauris ultrices eros in cursus turpis massa tincidunt. Iaculis nunc sed augue lacus viverra. Facilisis magna etiam tempor orci eu lobortis elementum. Viverra aliquet eget sit amet tellus cras. Tincidunt augue interdum velit euismod in pellentesque. Tincidunt augue interdum velit euismod in pellentesque massa. Nisl rhoncus mattis rhoncus urna. Libero enim sed faucibus turpis in. Mollis aliquam ut porttitor leo a. Sagittis eu volutpat odio facilisis mauris. Phasellus egestas tellus rutrum tellus pellentesque eu tincidunt tortor. Amet massa vitae tortor condimentum lacinia quis vel. Amet luctus venenatis lectus magna fringilla. Orci phasellus egestas tellus rutrum tellus pellentesque. Cras pulvinar mattis nunc sed blandit libero. Nibh sit amet commodo nulla facilisi nullam vehicula. Enim diam vulputate ut pharetra sit amet aliquam id diam. Laoreet id donec ultrices tincidunt arcu. Aliquam malesuada bibendum arcu vitae elementum curabitur vitae. Velit egestas dui id ornare arcu odio ut sem. Cursus euismod quis viverra nibh cras pulvinar mattis. Neque convallis a cras semper auctor neque. Molestie ac feugiat sed lectus vestibulum mattis ullamcorper velit. Egestas tellus rutrum tellus pellentesque eu tincidunt. Tortor condimentum lacinia quis vel eros donec ac. Tempus urna et pharetra pharetra massa. Lectus nulla at volutpat diam ut venenatis tellus. Pellentesque habitant morbi tristique senectus. Tellus in metus vulputate eu scelerisque felis imperdiet proin fermentum. Ut pharetra sit amet aliquam id diam maecenas ultricies mi.
Sunoco LP Maintains Quarterly Distribution1Q 2020 Earnings Release and Earnings Call Dates Also Announced /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen2{ BORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em } .prntblns{ BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt } DALLAS, April 2, 2020 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN") announced that the Board of Directors of its general partner declared a quarterly distribution for the first quarter of 2020 of $0.8255 per common unit, which corresponds to $3.3020 per common unit on an annualized basis. The distribution will be paid on May 19, 2020 to common unitholders of record on May 7, 2020. SUN will release its first quarter 2020 financial and operating results after the market closes on Monday, May 11. In conjunction with the news release, management will hold a conference call on Tuesday, May 12 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss SUN's results. By Phone: Dial 877-407-6184 (toll free) or 201-389-0877 at least 10 minutes before the call. A replay will be available through May 19, 2020 by dialing 877-660-6853 (toll free) or 201-612-7415 and using the conference ID 13701564#. By Webcast: Connect to the webcast via the Events and Presentations pages of SUN's Investor Relations website at www.SunocoLP.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call. About Sunoco LP Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer Operating, L.P., a wholly owned subsidiary of Energy Transfer LP (NYSE: ET). Qualified Notice This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Contacts Scott GrischowVice President - Investor Relations and Treasury(214) 840-5660, [email protected] Derek Rabe, CFAManager - Investor Relations, Growth and Strategy(214) 840-5553, [email protected] View original content to download multimedia:http://www.prnewswire.com/news-releases/sunoco-lp-maintains-quarterly-distribution-301034490.html SOURCE Sunoco LP
Cushing® Asset Management and Swank Capital Announce Rebalancing of the Cushing® MLP High Income Index /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } DALLAS, April 2, 2020 /PRNewswire/ -- Cushing® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing® MLP High Income Index (the "Index") as part of normal index operations. After the markets close on April 9, 2020, the 30 constituents of the Index will be rebalanced, and the following changes will become effective on April 13, 2020: Constituents added:KNOT Offshore Partners LP (NYSE: KNOP)Enviva Partners, LP (NYSE: EVA)Kinder Morgan, Inc. (NYSE: KMI)Cheniere Energy, Inc. (NYSE: LNG) Constituents removed:Golar LNG Partners L.P. (NASDAQ: GMLP)GasLog Partners LP (NYSE: GLOP)Noble Midstream Partners LP (NASDAQ: NBLX)Crestwood Equity Partners LP (NYSE: CEQP) ABOUT THE CUSHING® MLP HIGH INCOME INDEX The Cushing® MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing® Asset Management, LP. The Cushing® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPY". ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts, providing active management in markets where inefficiencies exist. Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX) and The Cushing® MLP Market Cap Index (Bloomberg Ticker: CMCI). For more information, please visit http://www.cushingasset.com/indices. For additional information contact:Jon Abel214-692-6334http://www.cushingasset.com The Cushing® MLP High Income Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing® Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to maintain and calculate the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing® Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones S&P nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index. View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-rebalancing-of-the-cushing-mlp-high-income-index-301034005.html SOURCE Cushing Asset Management, LP and Swank Capital, LLC
Gevo Hires Citigroup to Assist with Financings ENGLEWOOD, Colo., April 02, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today the engagement of Citigroup Global Markets, Inc. ("Citigroup") to assist Gevo in exploring financing for its operations, including its projects. Gevo is seeking financing to expand its production capabilities to supply its renewable jet fuel and isooctane pursuant to Gevo's "take or pay" contracts with Delta Air Lines, Inc. and HCS Group GmbH. "We believe our projects make good economic sense based on the contracts we have in place, and with what we expect in the future. As we raise capital, we will be looking at all strategic options, too. We believe that Citigroup, as a leading investment bank, has a history of assisting companies in financings of the type we need for our capacity buildouts" stated Pat Gruber, Chief Executive Officer of Gevo. About GevoGevo is commercializing the next generation of jet fuel, gasoline and diesel fuel with the potential to achieve zero carbon emissions and address the market need of reducing greenhouse gas emissions with sustainable alternatives. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes. As a result, Gevo is able to produce low-carbon fuels with substantially reduced carbon intensity (as measured by the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their lifecycle). Gevo's products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the environmental problems of fossil-based carbon fuels, Gevo's technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo's ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented, technology that enables the use of a variety of low-carbon sustainable feedstocks to produce price-competitive, low carbon products, such as jet fuel, gasoline components like isooctane and isobutanol and diesel fuel, yields the potential to generate project and corporate returns that justify the build-out of a multi-billion dollar business. Learn more at our website: www.gevo.com. Forward-Looking StatementsCertain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to Gevo's hiring of Citigroup, Citigroup's ability to secure the capital needed by Gevo through financings, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2019 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo. Investor and Media ContactShawn M. SeversonIntegra Investor Relations+1 [email protected]
Marathon Petroleum Corp. to Hold 2020 Annual Meeting of Shareholders in Virtual Format /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } FINDLAY, Ohio, April 2, 2020 /PRNewswire/ -- Due to the evolving impact of the coronavirus outbreak (COVID-19), and to support the health and well-being of the company's shareholders, employees and community, the Board of Directors of Marathon Petroleum Corp. (NYSE: MPC) has determined to change the format of the company's 2020 annual meeting of shareholders scheduled for Wednesday, April 29, 2020, at 10 a.m. EDT from in-person to virtual-only. Shareholders of record as of the close of business on March 2, 2020, can attend the virtual annual meeting via the internet at www.virtualshareholdermeeting.com/MPC2020 by using the 16-digit control number included on the proxy card, voting instruction form or notice previously received. The company has designed the format of the annual meeting to ensure that shareholders are afforded the same rights and opportunities to participate as they would have at an in-person meeting, using online tools to ensure shareholder access and participation. For additional information regarding accessing and participating in the virtual meeting, please refer to the company's supplemental proxy materials filed with the Securities and Exchange Commission on April 2, 2020. The company urges shareholders to vote and submit proxies in advance of the annual meeting by one of the methods described in the proxy materials for the annual meeting. About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system with more than 3 million barrels per day of crude oil capacity across 16 refineries. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests 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. Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President, Investor RelationsTaryn Erie, Manager, Investor RelationsBrian Worthington, Manager, Investor Relations Media Contacts:Hamish Banks, Vice President, Corporate Communications (419) 421-2521Jamal Kheiry, Manager, Corporate Communications (419) 421-3312 View original content:http://www.prnewswire.com/news-releases/marathon-petroleum-corp-to-hold-2020-annual-meeting-of-shareholders-in-virtual-format-301034101.html SOURCE Marathon Petroleum Corporation
Shell Midstream Partners, L.P. Closes on Previously Announced Transactions and Announces Updated Guidance Houston, April 02, 2020 (GLOBE NEWSWIRE) -- Shell Midstream Partners, L.P. (NYSE: SHLX) (the "Partnership" or "SHLX") today announced that on April 1, 2020 it closed the transactions contemplated by the previously announced Restructuring Agreement with its general partner to eliminate all incentive distribution rights ("IDRs") and general partner ("GP") economic interests in SHLX. SHLX has also closed the transactions contemplated by the previously announced Purchase and Sale Agreement with affiliates of its sponsor, Royal Dutch Shell plc ("Shell"), under which it acquired (i) Shell's 79% interest in Mattox Pipeline Company LLC, which owns the Mattox Pipeline, and (ii) certain logistics assets at the Shell Norco Manufacturing Complex. As consideration for the assets and the elimination of IDRs and the GP economic interests, the sponsor received 160 million newly issued SHLX common units, plus $1.2 billion of Series A perpetual convertible preferred units at a price of $23.63 per unit. Further, in response to the current extraordinary and volatile market conditions resulting in lower demand across our assets, the Partnership is providing the following updates related to the 2020 guidance it previously provided in its press release dated February 28, 2020 (the "prior press release"): The Partnership currently intends to maintain its existing distribution policy of $0.46 per common unit per quarter for 2020 and plans to access its credit facilities if needed to make up for any operational cash shortfalls. With the unprecedented impacts of the global COVID-19 pandemic and resulting lack of clarity on crude and finished products supply and demand, the Partnership is withdrawing the guidance that was provided in the prior press release regarding its estimated coverage ratio for 2020. SHLX continues to monitor the volatile business environment and will provide further updates on its 1Q 2020 conference call with analysts and investors, the planned details of which can be found below.The Partnership's available liquidity as of March 31, 2020 is estimated to be approximately $1.2 billion, and SHLX does not expect to have any near-term need to access the capital markets for debt or equity. Additionally, SHLX has no scheduled near-term maturities of its senior notes or credit facilities, with the earliest scheduled maturity in 2022.SHLX expects to announce its earnings for the first quarter of 2020 on Thursday, May 7, 2020, before the New York Stock Exchange opens for trading. Following the announcement, the Partnership intends to host a conference call at 10:00 a.m. CDT with analysts and investors. Interested parties may listen to the conference call on the Partnership's website at www.shellmidstreampartners.com by clicking on the link titled "2020 First Quarter Financial Results" in the "Events & Conferences" section of the website. A replay of the webcast will be posted on the Partnership's website following the event. SHLX remains focused on the health and safety of its people, customers, vendors, partners and the broader community as the Partnership's top priority during the global COVID-19 pandemic. The Partnership has implemented pandemic response and business continuity plans to prevent illness and provide reliable and safe operations, while maintaining regular communication with customers. ABOUT SHELL MIDSTREAM PARTNERS, L.P. Shell Midstream Partners, L.P., headquartered in Houston, Texas, owns, operates, develops and acquires pipelines and other midstream and logistics assets. The Partnership's assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to (i) transport onshore and offshore crude oil production to Gulf Coast and Midwest refining markets, (ii) deliver refined products from those markets to major demand centers and (iii) storage tanks, docks, truck and rail racks and other infrastructure used to stage and transport intermediate and finished products. The Partnership's assets also include interests in entities that own natural gas and refinery gas pipelines that transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the Gulf Coast. For more information on Shell Midstream Partners, L.P. and the assets owned by the Partnership, please visit www.shellmidstreampartners.com. FORWARD LOOKING STATEMENTS This press release includes various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning management's expectations, beliefs, estimates, forecasts, projections and assumptions. You can identify our forward-looking statements by words such as "anticipate", "believe", "estimate", "budget", "continue", "potential", "guidance", "effort", "expect", "forecast", "goals", "objectives", "outlook", "intend", "plan", "predict", "project", "seek", "target", "begin", "could", "may", "should" or "would" or other similar expressions that convey the uncertainty of future events or outcomes. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements. In particular, expressed or implied statements concerning future growth, future actions, the continued effects of the global COVID-19 pandemic on demand, the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, future drop downs, volumes, capital requirements, conditions or events, future operating results or the ability to generate sales, the potential exposure of the Partnership to market risks, and statements relating to the expected amount of distributions, coverage ratios and expectations regarding not accessing the capital markets for debt or equity in the near-term are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Forward-looking statements speak only as of the date of this press release, April 2, 2020, and we disclaim any obligation to update publicly or to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this paragraph. Many of the factors that will determine these results are beyond our ability to control or predict. More information on these risks and other potential factors that could affect the Partnership's financial results is included in the Partnership's filings with the U.S. Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Partnership's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If any of those risks occur, it could cause our actual results to differ materially from those contained in any forward-looking statement. Because of these risks and uncertainties, you should not place undue reliance on any forward-looking statement. SHELL and the SHELL Pecten are registered trademarks of Shell Trademark Management, B.V. used under license. April 2, 2020 Inquiries: Shell Media RelationsAmericas: +1 832 337 4355 Shell Investor RelationsNorth America: +1 832 337 2034
Barnwell Announces Asset Sale and Provides Update on Its Oil and Gas Operations in the Current Low Commodity Price Environment HONOLULU, Apr. 02 /BusinessWire/ -- Barnwell Industries, Inc. ("Barnwell" or the "Company") (NYSE American:BRN) is pleased to provide a business update, including announcing that its wholly-owned contract water well drilling subsidiary closed on the sale of its leasehold interest in a maintenance yard in Honolulu, Hawaii to an unrelated third party for a $1,100,000 cash payment. The Company will recognize a gain on the transaction in its second quarter ended March 31, 2020. Additionally, given the current uncertain market conditions, the Company has been assessing, and implementing where appropriate, ways to alleviate strain on the Company. Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, "As a result of the unprecedented contraction of global oil demand combined with the price war between OPEC and Russia, we are evaluating additional measures to be taken with respect to our oil and gas properties. Because of the extreme uncertainty of the current situation and the anticipation of financial stimulus for the oil and gas industry from Federal and Provincial governments, we cannot yet determine the impact of these price declines on our cash position or financial statements. The recent significant declines in global oil prices will impact the Company's producing properties and proved undeveloped reserves, as we expect to delay the development of our proven undeveloped reserves. The great majority of the oil and natural gas properties the Company holds, including its interest in Twining, do not have development deadlines or other timing or commitment requirements on their development locations. As an initial step, we have deferred the bid date on our previously announced asset sale process. With respect to the first well drilled in the Twining field in Central Alberta in our first quarter of fiscal 2020, in which Barnwell has 100% interest, it is currently producing about net 80 barrels of oil and 180 mcf of natural gas per day. "Additionally, we are taking a variety of steps to address the recent significant decline in oil prices as well as the Coronavirus-related issues affecting our operations and offices. Effective immediately, senior management in both the U.S. and Canada have reduced their compensation by 40%. Additionally, we will be implementing compensation reductions for U.S. and Canadian staff. "As well, our Honolulu and Calgary offices are closed through April, and we have taken appropriate steps to ensure our staff can effectively work from remote locations and maintain social distancing. Our communication systems and back-office functions remain fully operational. "On a positive note, the sale of the maintenance yard will provide additional liquidity and help reduce operating costs during this challenging period for the world economy and Company, without reducing our water well drilling and pump work capabilities. About Barnwell Industries, Inc. Barnwell Industries, Inc. and its subsidiaries ("Barnwell" or the "Company") are principally engaged in oil and natural gas exploration, development, production and sales in Canada; investing in leasehold interests in real estate in Hawaii; and well drilling services and water pumping system installation and repairs in Hawaii. Important Additional Information and Where to Find It Barnwell has filed and mailed to stockholders a definitive proxy statement on Schedule 14A and accompanying WHITE proxy card with the Securities and Exchange Commission ("SEC") in connection with the solicitation of proxies from the Company's stockholders with respect to its 2020 Annual Meeting of Stockholders. STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. General Information Regarding Participants to the Solicitation The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company's 2020 Annual Meeting of Stockholders. Information regarding the direct and indirect interests, by security holdings or otherwise of the Company's participants is set forth in the Company's definitive proxy statement for the 2020 Annual Meeting of Stockholders filed with the SEC on March 2, 2020. The Company's definitive proxy statement can be found on the SEC's website at www.sec.gov or the Company's website at www.brninc.com. Safe Harbor for Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as "plan," "expect," "will," "should," "could," "anticipate," "intend," "project," "estimate," "guidance," "possible," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K for the year ended September 30, 2019 and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All forward-looking statements contained in this press release are qualified by these cautionary statements and are made only as of the date of this press release. The Company does not undertake any obligation to update or revise these forward-looking statements except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20200402005426/en/ back
GasLog Ltd. Takes Delivery of the GasLog Windsor Newbuilding and GasLog Ltd. and GasLog Partners LP Provide Business Update Piraeus, April 02, 2020 (GLOBE NEWSWIRE) -- Delivery of the GasLog Windsor GasLog Ltd. ("GasLog" or "the Company") (NYSE: GLOG) yesterday took delivery of the GasLog Windsor, a 180,000 cubic meter cargo capacity LNG carrier with X-DF propulsion and Mark III Flex containment system. Despite the industrial disruption in South Korea caused by the COVID-19 outbreak, the vessel was delivered on time and on budget. It will immediately commence a seven-year charter with a wholly owned subsidiary of Centrica plc. Operational Update GasLog and GasLog Partners LP ("GasLog Partners" or the "Partnership" and together with GasLog, the "Group") (NYSE: GLOP) remain focused on securing the health and safety of their employees whilst ensuring safe and reliable operations for their customers and the global natural gas supply chain. To date, there have been no known cases of COVID-19 infection amongst the Group's sea-going or shore-based personnel. During the first quarter, extensive measures were taken to limit the impact of COVID-19 on GasLog's and GasLog Partners' business. These have included: Establishing a dedicated COVID-19 task force to implement and constantly review and amend the Group's business continuity plan as required;Instituting a world-wide work from home policy for all onshore employees; andDeveloping strict guidelines restricting access to all vessels and suspending shore leave and all crew changes for 30 days from mid-March. These measures, combined with the dedication of employees both onshore and onboard the Group's vessels, have delivered fleet availability of close to 100%. It has also allowed GasLog and GasLog Partners to accelerate opportunistically their dry-docking schedules during the slowdown of LNG trade in February and March. Four dry-dockings will have completed by mid-April, all of which are expected to be on time and within budget, including the installation of ballast water treatment systems. Commercial Update The charter parties for all of the Group's term-chartered vessels remain in effect with revenues as per the contract terms;During the first quarter of 2020, the Group's tri-fuel diesel electric vessels operating in the spot and short-term market delivered time charter equivalent earnings of c.$44,000/day;Presently, all of the Group's vessels operating in the spot and short-term market that are not undergoing dry-dockings are on charters through to at least May. There has been a marked increase in activity in the spot and short-term market in recent weeks, primarily driven by a resumption in industrial activity in China. As a result, the Company expects to secure additional employment for its vessels ahead of the conclusion of their current fixtures.On March 26th, 2020, the Greek utility company Gastrade S.A (20% owned by GasLog) announced the successful conclusion of the binding phase of the market test for reservation of capacity at the floating LNG terminal being developed at Alexandroupolis in northern Greece. This reservation of 2.6 billion cubic meters of capacity for periods out to 15 years represents a key milestone for the project. Paul Wogan, Chief Executive Officer of GasLog, stated "Against a backdrop of unprecedented global uncertainty, I am very proud of the dedication of all our employees, whose health and safety remains our first priority. The COVID-19 outbreak has presented many challenges to our business, and I have been deeply impressed with how our people have risen to these and maintained the highest standards of customer service. I especially thank our seafarers for their commitment and professionalism while apart from their families and friends. I am also delighted that, through working closely with our partners at Samsung, we have taken delivery as planned of the GasLog Windsor which immediately delivered into an attractive seven-year charter to Centrica. This vessel is the first of seven newbuildings due to deliver by the third quarter of 2021, representing $145 million of additional aggregate EBITDA. On a fully delivered basis, 60% of GasLog's directly owned fleet will be modern X-DF vessels on multi-year term charters." Contacts: Philip Corbett Head of Investor Relations Phone: +44-203-388-3116 Joseph Nelson Deputy Head of Investor Relations Phone: +1 212-223-0643 Email: [email protected] About GasLog GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 35 LNG carriers. Of these vessels, 19 (13 on the water and six on order) are owned by GasLog, one has been sold to a subsidiary of Mitsui & Co., Ltd. and leased back to GasLog under a long-term bareboat charter and the remaining 15 LNG carriers are owned by the Company's subsidiary, GasLog Partners. GasLog's principal executive offices are at 69 Akti Miaouli, 18537 Piraeus, Greece. Visit GasLog's website at http://www.gaslogltd.com. About GasLog Partners GasLog Partners is a growth-oriented master limited partnership focused on owning, operating and acquiring LNG carriers under multi-year charters. GasLog Partners' fleet consists of 15 LNG carriers with an average carrying capacity of approximately 158,000 cbm. GasLog Partners' principal executive offices are located at 69 Akti Miaouli, 18537 Piraeus, Greece. Visit GasLog Partners' website at http://www.gaslogmlp.com. Forward Looking Statements All statements in this press release that are not statements of historical fact are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for dividends or distributions, plans, strategies, business prospects and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements. Factors that might cause future results and outcomes to differ include, but are not limited to, the following: general LNG shipping market conditions and trends, including spot and multi-year charter rates, ship values, factors affecting supply and demand of LNG and LNG shipping, including geopolitical events, technological advancements and opportunities for the profitable operations of LNG carriers;fluctuations in charter hire rates, vessel utilization and vessel values;increased exposure to the spot market and fluctuations in spot charter rates;our ability to maximize the use of our vessels, including the re-deployment or disposition of vessels which are not under multi-year charters, including the risk that certain of our vessels may no longer have the latest technology at such time which may impact our ability to secure employment for such vessels as well as the rate at which we can charter such vessels;changes in our operating expenses, including crew wages, maintenance, dry-docking and insurance costs and bunker prices;number of off-hire days and dry-docking requirements including our ability to complete scheduled dry-dockings on time and within budget;planned capital expenditures and availability of capital resources to fund capital expenditures;our ability to maintain long term relationships and enter into time charters with new and existing customers;fluctuations in prices for crude oil, petroleum products and natural gas;changes in the ownership of our charterers;our customers' performance of their obligations under our time charters and other contracts;our future operating performance and expenses, financial condition, liquidity and cash available for dividends and distributions;our ability to obtain debt and equity financing on acceptable terms to fund capital expenditures, acquisitions and other corporate activities, funding by banks of their financial commitments, and our ability to meet our restrictive covenants and other obligations under our credit facilities; future, pending or recent acquisitions of or orders for ships or other assets, business strategy, areas of possible expansion and expected capital spending;the time that it may take to construct and deliver newbuildings and the useful lives of our ships;fluctuations in currencies and interest rates;the expected cost of and our ability to comply with environmental and regulatory requirements, including with respect to emissions of air pollutants and greenhouse gases, as well as future changes in such requirements or other actions taken by regulatory authorities, governmental organizations, classification societies and standards imposed by our charterers applicable to our business;risks inherent in ship operation, including the discharge of pollutants;the impact of environmental liabilities on us and the shipping industry, including climate change;our ability to retain key employees and the availability of skilled labor, ship crews and management; potential disruption of shipping routes due to accidents, diseases, pandemics, political events, piracy or acts by terrorists;potential liability from future litigation;any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity event; and other risks and uncertainties described in the Company's Annual Report on Form 20-F filed with the SEC on March 6, 2020 and available at http://www.sec.gov. We undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
Patterson-UTI Addresses Current Market Conditions and Provides Operational Update /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } HOUSTON, April 2, 2020 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today provided an update to address the Company's response to current market conditions. Reduced demand for crude oil and refined products related to the necessary global response to the COVID-19 pandemic, combined with production increases from OPEC+, has led to a significant reduction in crude oil prices and resulted in falling demand for drilling and completion services in North America. In response to current market conditions, Patterson-UTI is taking the following steps: Reducing direct operating costs in line with activity declines, reducing SG&A expenses and other support costs, and closing a number of facilities. Reducing planned 2020 capital expenditures to approximately $140 million, a 60% reduction from 2019 and a more than 40% reduction from our previously announced plans for 2020 capital expenditures. Reducing executive group compensation for 2020 by more than 50%.Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "The safety of our employees remains our top priority. As the virus threat began to grow in North America, Patterson-UTI took steps to protect people and operations by enacting a specific Risk Mitigation and Business Continuity Plan to address the possible COVID-19 effects on our people, operations and facilities. We believe that we have taken significant steps to protect the safety and welfare of our people and maintain our consistent and high-quality operations." Mr. Hendricks continued, "Patterson-UTI has effectively responded to other downturns in its more than 40-year company history. While the circumstances leading to this downturn may be different, our response will be guided by the same principles that have guided us through previous downturns. Patterson-UTI's conservative balance sheet philosophy and history of scaling the business during previous downturns has resulted in our emergence as a stronger company. We believe that this time will be no different. "While our drilling rig count was not significantly impacted in the first quarter, we do expect meaningful declines in April. Pressure pumping activity levels responded more quickly, with a significant decline in the later part of the first quarter. We have initiated strategic actions for the lower activity, including reducing direct operating costs in line with activity declines, reducing SG&A expenses and other support costs, and closing a number of facilities. Our cost structure remains highly variable and scalable based on activity levels. As part of our overall cost cutting initiatives and to better reflect current market conditions, it is anticipated that executive group compensation for 2020 will be reduced by more than 50%. "We continue to prioritize cash flow generation and maintaining a strong balance sheet. We are reducing planned 2020 capital expenditures to approximately $140 million, a 60% reduction from 2019 and a more than 40% reduction from our previously announced plans for 2020 capital expenditures," Mr. Hendricks concluded. About Patterson-UTI Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in North America, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Patterson-UTI's services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of land drilling rigs and pressure pumping equipment, including as a result of low commodity prices, reactivation, improvement or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies, including the ability to develop and obtain satisfactory returns from new technology; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; cybersecurity risk; difficulty with growth and in integrating acquisitions and new technology; governmental regulation; perception of sustainability practices; product liability; legal proceedings, including technology disputes, and actions by governmental or other regulatory agencies; political, economic and social instability risk; ability to effectively identify and enter new markets; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; ability to maintain credit rating and service debt; stock price volatility; anti-takeover measures in our charter documents; contingent tax liabilities; and ability to use net operating losses. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement. View original content:http://www.prnewswire.com/news-releases/patterson-uti-addresses-current-market-conditions-and-provides-operational-update-301033831.html SOURCE PATTERSON-UTI ENERGY, INC.
Arconic Set to Join S&P SmallCap 600 /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen4{ BORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em } .prngen3{ BORDER-TOP:1pt; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em } .prnsbls{ BORDER-LEFT:black 1pt solid } .prntac{ TEXT-ALIGN: CENTER } .prnsbbs{ BORDER-BOTTOM:black 1pt solid } .prnrbrs{ BORDER-RIGHT:black 1pt solid } .prnpl6{ PADDING-LEFT:0.50em } .prnsbts{ BORDER-TOP:black 1pt solid } .prnvat{ VERTICAL-ALIGN: TOP } .prntblns{ BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt } .prnpr6{ PADDING-RIGHT:0.50em } NEW YORK, April 1, 2020 /PRNewswire/ -- Arconic Corp. (NYSE: ARNC) will replace Whiting Petroleum Corp. (NYSE: WLL) in the S&P SmallCap 600 effective prior to the open of trading on Monday, April 6. S&P 500 constituent Howmet Aerospace Inc. (NYSE: HWM -formerly Arconic Inc.) spun off Arconic Corp. in a transaction that was completed today, April 1. Post spin-off Howmet Aerospace will remain in the S&P 500. Whiting Petroleum has filed for Chapter 11 bankruptcy. Arconic manufactures and sells aluminum sheets, plates, extrusions and architectural products and systems. Headquartered in Pittsburgh, PA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Aluminum Sub-Industry Index. Following is a summary of the change: S&P SMALLCAP 600 INDEX - April 6, 2020 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Arconic Corp. Materials Aluminum DELETED Whiting Petroleum Energy Oil & Gas Exploration & Production For more information about S&P Dow Jones Indices, please visit www.spdji.com ABOUT S&P DOW JONES INDICES S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com. FOR MORE INFORMATION: S&P Dow Jones [email protected] Media [email protected] Index Governance [email protected] View original content:http://www.prnewswire.com/news-releases/arconic-set-to-join-sp-smallcap-600-301033728.html SOURCE S&P Dow Jones Indices
Natural Gas Services Group, Inc. Reports Fourth Quarter 2019 Earnings Midland, April 01, 2020 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of gas compression equipment and services to the natural gas and oil industry, announces its financial results for the three months and full year ended December 31, 2019. Financial results contained herein reflect the audited consolidated financial statements included in NGS's Form 10-K that was filed on March 31, 2020. Revenue: Total revenue increased by 22% to $19.7 million for the three months ended in December 31, 2019 compared $16.2 million for the three months ended in December 31, 2018. This increase was primarily due to 19% growth in rental revenue to $15.3 million from $12.8 million during the same periods. Total revenue decreased slightly between consecutive quarters to $19.7 million in the fourth quarter of 2019 from $20.9 million in the third quarter of 2019 primarily due to a decrease in compressor sales, slightly offset by an increase in rental revenue. Total revenue increased to $78.4 million from $65.5 million, or approximately 20%, for the year ended December 31, 2019 compared to the year ended December 31, 2018. This increase in revenue was primarily the result of 19% growth in rental revenue driven by an increase in the rentals of large horsepower units as well as a 21% increase in sales revenue. Operating (Loss) Income: Operating loss for the three months ended December 31, 2019 was $1.3 million, compared to operating loss of $491,000 for the comparative period in 2018. This increase in operating loss is due to a lower sales margin and was impacted by several additional expenses, including an increase in our bad debt allowance of $0.6 million; an increase in our inventory allowance of $0.4 million; higher depreciation expense attributable to our new larger horsepower compressors; and higher selling, general and administrative ("SG&A") expenses associated with professional fees and our former Chief Financial Officer's retirement. Sequentially, reported operating loss decreased to a loss of $1.3 million for the three months ended December 31, 2019 from a reported operating loss of $14.0 million for the three months ended September 30, 2019. In the third quarter of 2019, operating income was impacted by an inventory allowance, retirement of rental assets and an impairment of goodwill ("impairment and other non-cash charges") that totaled $14.9 million. In the fourth quarter of 2019, NGS took an additional inventory allowance of $408,000, resulting in impairment and non-cash charges that totaled $15.3 million in 2019. Excluding impairment and other non-cash charges, adjusted operating income for the third quarter of 2019 was $880,000 compared to an adjusted operating loss of $881,000 during the fourth quarter of 2019. This decrease is primarily due to the higher bad debt allowance, lower compressor sales and lower sales margins during the fourth quarter. Reported operating loss for the year ended December 31, 2019 was a loss of $15.2 million compared to a $0.5 million operating loss in 2018. Excluding impairment and other non-cash charges, adjusted operating income was $156,000 during 2019, an increase from a loss of $507,000 during 2018 due to our 20% growth in revenue partially offset by lower margins as well as increased SG&A and depreciation expenses. Gross Margins: Total gross margins remained flat at $2.0 million for the three months ended December 31, 2019 and 2018. Total adjusted gross margin, exclusive of depreciation, for the three months ended December 31, 2019, increased $301,000 to $7.9 million from $7.6 million for the same period ended December 31, 2018. This improvement is attributable to increased rental revenue partially offset by higher bad debt allowance and lower sales margins. Sequentially, total gross margin decreased to $2.0 million from $3.8 million. Excluding depreciation, total adjusted gross margin decreased to $7.9 million during the fourth quarter of 2019 compared to $9.6 million during the third quarter of 2019. The sequential decrease was due to a decrease in compressor sales, sales margins and increased bad debt allowance in the fourth quarter compared to the third quarter of 2019. For the comparative year end periods, total gross margins increased to $11.2 million in 2019 from $8.8 million in 2018. Total adjusted gross margins increased by 11% to $34.1 million in 2019 from $30.7 million in 2018. This increase was due to our 20% growth in revenue in 2019 that was partially offset by lower margins, as our total adjusted gross margin as a percentage of revenue decreased to 44% in 2019 from 47% in 2018. Please see discussions of Non-GAAP Financial Measures - Adjusted Gross Margin, below. Net (Loss) Income: The Company reported a net loss of $1.7 million for the three months ended December 31, 2019 compared to a net loss of $749,000 for the same period in 2018. Excluding an inventory allowance of $0.4 million, adjusted net loss for fourth quarter 2019 was $1.4 million. The fourth quarter 2018 net loss included an adjustment for income tax expense and interest ("tax adjustment") related to executive compensation of $603,000. Excluding the tax adjustment, the adjusted net loss for the fourth quarter 2018 was $146,000. The increase in net loss in the fourth quarter of 2019 compared to the same period in 2018 is due to lower sales margins, higher bad debt allowance, higher depreciation expense attributable to our new larger horsepower compressors, and higher SG&A expenses associated with professional fees and our former Chief Financial Officer's retirement. Sequentially, NGS reported a net loss of $1.7 million in the fourth quarter of 2019 compared to a reported net loss of $12.6 million in the third quarter of 2019. Excluding impairment and other non-cash charges, adjusted net loss was $1.4 million in the fourth quarter of 2019 compared to adjusted net income of $967,000 in the third quarter of 2019. The decrease between sequential quarters is due to a decrease in compressor sales, lower sales margins and increased bad debt allowance in the fourth quarter compared to the third quarter of 2019. Finally, we recorded adjusted net loss of $7,000 in 2019 compared to adjusted net income of $137,000 in 2018. Please see discussions of Non-GAAP Financial Measures - Impairment and Other Non-Cash Charges, below. Earnings per share: For the fourth quarter 2019, the Company reported a loss per diluted share of 13 cents, compared to a loss per diluted share of 6 cents in 2018. Adjusted loss per diluted share was 11 cents in the fourth quarter of 2019 compared to adjusted loss per diluted share of 1 cent in same period in 2018. Sequentially, diluted earnings per share increased from a loss per share of 96 cents in the third quarter of 2019 to a loss per diluted share of 13 cents in the fourth quarter of 2019. Excluding any impairment and other non-cash charges, adjusted loss per diluted share for the fourth quarter of 2019 was 11 cents compared to earnings per diluted share of 7 cents in third quarter of 2019. Excluding impairment and other non-cash adjustments in 2019 and tax adjustments in 2018, adjusted net loss per diluted share was zero in 2019 compared to earnings per diluted share of 1 cent in 2018. Please see discussions of Non-GAAP Financial Measures - Impairment and Other Non-Cash Charges, below. Adjusted EBITDA: Adjusted EBITDA remained flat at $5.2 million for the three months ended December 31, 2019 compared to the same period in 2018. Adjusted EBITDA decreased to $5.2 million for the three months ended December 31, 2019, as compared to $6.9 million in the previous quarter due to a decrease in compressor sales, lower sales margins and increased bad debt allowance in the fourth quarter. For the year ended December 31, 2019, Adjusted EBITDA increased 10% to $24.0 million in 2019 compared to $21.8 million due to our 20% growth in revenue partially offset by lower margins and increased SG&A expenses. Please see discussion of Non-GAAP Financial Measures - Adjusted EBITDA, below. Cash flow: At December 31, 2019, cash and cash equivalents were approximately $11.6 million, while working capital was $36.9 million and total debt was $417,000. Cash flow from operating activities was $29.4 million for the year ended December 31, 2019, while cash flow used in investing activities was $70.2 million during 2019. Our cash flow used in investing activities included our $63.7 million in rental equipment capital expenditures. Commenting on fourth quarter and year-end 2019 results, Stephen C. Taylor, President and CEO, said: "Despite continued volatility in the energy markets and pressures on commodity prices, NGS continued to make progress in our core business during the fourth quarter of 2019. Rental revenue increased 6% sequentially and 19% when compared to the fourth quarter of 2018. We are pleased with our full year 2019 adjusted EBITDA of $24.0 million, which increased 10% when compared to 2018. Additionally, our operating cash flow increased to $29.4 million, an increase of 24% over 2018. We continue to have one of the strongest financial positions in the industry with over $ 11 million in net cash on the balance sheet. There is little doubt that we are operating in an environment with significant headwinds and an unprecedented level of uncertainty. The NGS team will continue to deliver best-in-class service to our long-term customers who continue to need quality and reliable compression services. We will continue to focus on operating efficiently, use our existing contracts to generate cash and look for opportunities to allocate cash that provide returns to our stakeholders. With little short-term visibility for new projects, we expect capital expenditures to decline at least 75% in 2020, from approximately $65 million in 2019." Selected data: The tables below show, for the three months and year ended December 31, 2019 and 2018, revenues and percentage of total revenues, along with our operating loss and adjusted gross margin (exclusive of depreciation and amortization), as well as, related percentages of revenue for each of our product lines. Adjusted gross margin is the difference between revenue and cost of sales, exclusive of depreciation and amortization. (1) For a reconciliation of adjusted gross margin to its most directly comparable financial measure calculated and presented in accordance GAAP, please read "Non-GAAP Financial Measures - Adjusted Gross Margin" below. Non-GAAP Financial Measure - Adjusted Gross Margin: "Adjusted Gross Margin" is defined as total revenue less cost of sales (excluding depreciation and amortization expense). Adjusted gross margin is included as a supplemental disclosure because it is a primary measure used by management as it represents the results of revenue and cost of sales (excluding depreciation and amortization expense), which are key operating components. Adjusted gross margin differs from gross margin in that gross margin includes deprecation expense. We believe adjusted gross margin is important because it focuses on the current operating performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations. Depreciation expense reflects the systematic allocation of historical property and equipment values over the estimated useful lives. Adjusted gross margin has certain material limitations associated with its use as compared to gross margin. Depreciation expense is a necessary element of our costs and our ability to generate revenue. Management uses this non-GAAP measure as a supplemental measure to other GAAP results to provide a more complete understanding of the company's performance. As an indicator of operating performance, adjusted gross margin should not be considered an alternative to, or more meaningful than, operating income as determined in accordance with GAAP. Adjusted Gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate adjusted gross margin in the same manner. The following table calculates gross margin, the most directly comparable GAAP financial measure, and reconciles it to adjusted gross margin: Non-GAAP Financial Measures - Adjusted EBITDA: "Adjusted EBITDA" reflects net income or loss before interest, taxes, depreciation and amortization, impairment of goodwill, an increase in inventory allowance and write-off and retirement of rental equipment. Adjusted EBITDA is a measure used by management, analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under accounting principles GAAP, and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by NGS may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable GAAP measure to Adjusted EBITDA is net (loss) income. The following table reconciles our net (loss) income, the most directly comparable GAAP financial measure, to Adjusted EBITDA: Non GAAP Financial Measures - Impairment and Other Non-Cash Charges: From time to time, management may publicly disclose certain "non-GAAP financial measures", such as adjusted operating income below, in our earnings releases, financial presentations or earnings conference calls. These non-GAAP measures are not in accordance with, or a substitute for, measures prepared in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations that would be reflected in measures determined in accordance with GAAP. Adjusted operating loss and adjusted net loss exclude goodwill impairment, an increase in inventory allowance, and retirement of rental equipment taken in 2019. The reconciliation of operating loss to adjusted operating loss income is as follows: The reconciliation of net loss to adjusted net loss is as follows: Notes: (1) For the three months ended September 30, 2019, restricted stock and stock options were not included in the computation of reported diluted loss per share due to their antidilutive effect ($0.02 per share). A weighted average of 303,359 shares of restricted stock were included in the computation of adjusted diluted earnings per share for the three months ended September 30, 2019. The reconciliation of operating loss to adjusted operating (loss) income is as follows: The reconciliations of net loss to adjusted net loss (income) for the three months and year ended December 31, 2019 and 2018 are as follows: Notes: (1) For the three months and year ended December 31, 2019, restricted stock and stock options were not included in the computation of reported and adjusted diluted loss per share due to their antidilutive effect.(2) For the three months ended December 31, 2018, restricted stock and stock options were not included in the computation of reported and adjusted diluted loss per share due to their antidilutive effect. A weighted average of 268,050 shares of restricted stock were included in the computation of adjusted diluted earnings per share for the year ended December 31, 2018. Conference Call Details: Teleconference: Thursday, April 2, 2020 at 8:00 a.m. Central (9:00 a.m. Eastern). Live via phone by dialing 877-358-7306, pass code "Natural Gas Services". All attendees and participants to the conference call should arrange to call in at least 5 minutes prior to the start time. Live Webcast: The webcast will be available in listen only mode via our website www.ngsgi.com, investor relations section. Webcast Reply: For those unable to attend or participate, a replay of the conference call will be available within 24 hours on the NGS website at www.ngsgi.com. Stephen C. Taylor, President and CEO of Natural Gas Services Group, Inc. will be leading the call and discussing the financial results for the three months and year ended December 31, 2019. About Natural Gas Services Group, Inc. (NGS): NGS is a leading provider of gas compression equipment and services to the energy industry. The Company manufactures, fabricates, rents, sells and maintains natural gas compressors and flare systems for oil and natural gas production and plant facilities. NGS is headquartered in Midland, Texas, with fabrication facilities located in Tulsa, Oklahoma and Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com. Cautionary Note Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause NGS's actual results in future periods to differ materially from forecasted results. Those risks include, among other things, the loss of market share through competition or otherwise; the introduction of competing technologies by other companies; a prolonged, substantial reduction in oil and gas prices which could cause a decline in the demand for NGS's products and services; and new governmental safety, health and environmental regulations which could require NGS to make significant capital expenditures. The forward-looking statements included in this press release are only made as of the date of this press release, and NGS undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. A discussion of these factors is included in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Microbix Announces Annual and Special Meeting Voting Results MISSISSAUGA, Ontario, April 01, 2020 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX:MBX,,strong,Microbix,x,,AE,,strong,orthe,strong,Company,,strong,.CA), a life sciences innovator making critical ingredients that enable the production of clinical diagnostics and creating medical devices that help ensure test accuracy, announces the voting results from the Annual and Special Meeting of Shareholders (the "Meeting") which was held on March 31, 2020. At the Meeting, 36.79% of the issued and outstanding shares were represented. Shareholders voted in favour of all resolutions brought before the Meeting. Details of all resolutions that were voted upon are set out in the Management Information Circular (the "Circular") dated February 14, 2020. The Circular is available on the Company's website (www.microbix.com) and on SEDAR (www.sedar.com). All of the board of directors nominees listed in the Circular were re-elected as directors of Microbix. Results of the vote were as follows: In addition, shareholders also approved a resolution re-appointing the Company's auditors, Ernst & Young LLP, with 99.76 % of the votes cast in favour. In addition, shareholders also approved a resolution ratifying an amendment to the Company's bylaws to reduce the quorum requirement for shareholders meetings, with 94.44% of the votes cast in favour. The slides of management's presentation at the Meeting have been posted at www.microbix.com About Microbix Biosystems Inc.Microbix develops proprietary biological and technology solutions for human health and well-being, with sales usually exceeding $1 million per month and approximately 80 skilled employees. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, train lab personnel, or help ensure quality control of clinical diagnostic tests. Microbix antigens and QAPs are sold to many customers worldwide, at present primarily to multinational diagnostics companies and laboratory accreditation organizations. Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is a publicly-traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada. Forward-Looking InformationThis news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of the Meeting and its outcomes, financial results or the outlook for the business, risks associated with its financial results and stability, its current or future products, development projects such as those referenced herein, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information. Please visit www.microbix.com or www.sedar.com for recent Microbix filings. For further information, please contact: Copyright © 2020 Microbix Biosystems Inc. Microbix®, Kinlytic®, and QAPs™ are trademarks of the Company
TETRA Technologies, Inc. Receives Continued Listing Standard Notice From NYSE And Provides Update To Address The Industry Downturn /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } THE WOODLANDS, Texas, April 1, 2020 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today announced that on March 26, 2020, it received formal notice from the New York Stock Exchange ("NYSE") that the average closing price of the Company's shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE under Rule 802.01C of the NYSE Listed Company Manual. TETRA intends to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements within the six-month cure period. During the cure period, TETRA's shares of common stock will continue to trade on the NYSE, subject to compliance with other continued listing requirements. TETRA can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Failure to regain compliance during the cure period or to maintain other listing requirements could lead to a delisting. The NYSE notification does not affect TETRA's ongoing business operations or its Securities and Exchange Commission reporting requirements, nor does it result in any violation of its debt obligations. TETRA is considering all available options to regain compliance with the NYSE's continued listing standards, which may include a reverse stock split, subject to approval of the Company's board of directors and stockholders. Company Update To Address Current Industry Environment and Give Financial Guidance To address the current environment with the COVID-19 virus pandemic and the anticipated significant reduction in oil and gas activity and demand as a result of lower oil prices, TETRA announced the following: The Company has developed and implemented a series of guidelines and practices to continue to safely service all customers, safely operate all plants and facilities and to ensure that all employees perform their functions in a safe manner. Steps are being taken to reduce corporate and related expenses by approximately 40% by the second half of 2020, when compared to the fourth quarter 2019 annualized run rate. Projected 2020 capital expenditures for TETRA, excluding our compression segment, have been reduced by approximately 40% from the prior mid-point guidance of $25 million. SG&A and field operating expenses are being reduced through a combination of staff reductions and lower variable operating expenses.TETRA was also recently awarded two significant high-value completion fluids projects. The first one is a multi-well deepwater Gulf of Mexico project for a supermajor oil company and the second one is a multi-year Middle East project for a major National Oil Company. Both of these projects will start in the second quarter of this year. In its fourth quarter and full year 2019 results press release dated February 27, 2020 TETRA noted that it expects TETRA only adjusted free cash flow from continuing operations to improve by more than $25 million over first quarter 2019, which would be a use of approximately $10 million in the first quarter of 2020. TETRA now projects to outperform this guidance as a result of stronger than expected first quarter adjusted EBITDA and improvements in working capital. No reconciliation of the forecasted TETRA only adjusted free cash flow from continuing operations in the first quarter of 2020 to the nearest GAAP measure is included in this release because the reconciliation would require presenting forecasted information for CSI Compressco that is not otherwise publicly disclosed. Company Overview and Forward-Looking Statements TETRA Technologies, Inc. is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, and compression services and equipment. TETRA owns an equity interest, including all of the general partner interest, in CSI Compressco LP (NASDAQ:CCLP), a master limited partnership. The capital structures, including long-term debts, of TETRA and CSI Compressco LP are distinct and separate with no cross-default provisions, no cross-collateralization provisions, and no cross-guarantees. Cautionary Statement Regarding Forward Looking Statements This news release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning expected customer drilling activity and capital spending for 2020 and 2021, projections concerning the Company's business activities, financial guidance, estimated earnings, earnings per share, the availability and terms of capital, any statements regarding COVID-19, the recent oil and gas price declines, our cost reduction plans, restoring compliance with NYSE continued listing standards, and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Risk Factors" contained in the Company's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. View original content to download multimedia:http://www.prnewswire.com/news-releases/tetra-technologies-inc-receives-continued-listing-standard-notice-from-nyse-and-provides-update-to-address-the-industry-downturn-301033671.html SOURCE TETRA Technologies, Inc.
DHT Holdings, Inc. Letter to Shareholders from the Co-CEOs Please find attached letter to Shareholders from the Co-CEOs. Attachment Letter to Shareholders from the Co-CEOs
Black Bear Transmission Acquires Ozark Natural Gas Transmission Business From Enbridge HOUSTON, Apr. 01 /BusinessWire/ -- Black Bear Transmission LLC, a portfolio company of the second Basalt fund ("Basalt"), today announced that it has completed the acquisition of Ozark Gas Transmission, L.L.C. ("OGT") and Ozark Gas Gathering, L.L.C. ("OGG") from a subsidiary of Enbridge Inc. ("Enbridge") (TSX:ENB.CA) (NYSE:ENB). OGT owns and operates a 367-mile, FERC-regulated interstate natural gas pipeline transportation system. The system extends from southeastern Oklahoma through Arkansas to southeastern Missouri and has significant interconnectivity to major long-haul natural gas pipelines. OGG owns and operates a fee-based, 330-mile natural gas gathering system that connects regional production into OGT's pipeline. "We are very excited to add the Ozark pipeline and gathering system to the Black Bear Transmission portfolio," said Rene Casadaban, Chief Executive Officer of Black Bear Transmission LLC. "This investment expands our asset base of high-quality, demand-driven natural gas pipelines serving utilities and other key end-user customers across the Southeastern United States. We look forward to working with the Ozark operations team to continue providing safe and reliable service to all of the Ozark customers." The terms of the transaction are not being disclosed. Barclays served as exclusive financial advisor to Basalt and Morgan, Lewis & Bockius LLP served as Basalt's legal advisor. TD Securities served as exclusive financial adviser to Enbridge and Norton Rose Fulbright US LLP served as Enbridge's legal advisor. About Black Bear Black Bear Transmission LLC transports and delivers natural gas from various pipeline receipt points to power generation, industrial and utility customers in the Southeast United States. The Company includes 8 regulated natural gas pipelines stretching more than 1,200 with total delivery capacity of more than 1.8 Bcf per day. The pipelines are connected to 12 major long-haul pipelines, ensuring reliable gas supply to customers across Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma and Tennessee. Black Bear Transmission LLC is headquartered in Houston, TX. About Basalt Basalt I and Basalt II are two of the flagship Basalt Infrastructure Partner funds. They are infrastructure equity investment funds focusing on investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Partners, Detroit Thermal, Hyperion and Helios Power. For more information, please visit www.basaltinfra.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200401005675/en/ back
All Lawsuits Against Zion Oil & Gas Have Now Been DismissedLead plaintiffs in securities class action lawsuit voluntarily dismiss case. /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } DALLAS, Texas and CAESAREA, Israel, April 1, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc. (Nasdaq: ZN) announces that the lead plaintiffs in the securities class action lawsuit filed against Zion on August 9, 2018, have voluntarily dismissed the lawsuit. "Just as the consolidated derivative suit in Federal district court in Delaware was dismissed last November, the securities class action suit previously filed against Zion, Victor Carrillo, and Mike Croswell, in the Northern District of Texas has now been dismissed," stated Zion's President, Bill Avery. "Zion is thankful that these lawsuits have been dismissed so that we can focus on moving ahead with our oil exploration in Israel without distraction." CLASS ACTION SUIT DISMISSED On March 3, 2020, Brantley Starr, United States District Judge for the Northern District of Texas, signed an Order dismissing the class action lawsuit without prejudice to its refiling by March 31, 2020. On March 30, 2020, however, the plaintiff voluntarily dismissed with prejudice (cannot be refiled) the class action suit against Zion, Carrillo, and Croswell. DERIVATIVE SUIT PREVIOUSLY DISMISSED As mentioned in Zion's December 30, 2020, update, on November 26, 2019, Richard G. Andrews, United States District Judge for the District of Delaware, signed an Order dismissing the consolidated derivative suit filed against certain current and former directors of Zion as well as Zion as a nominal defendant. The Plaintiffs' deadline to appeal the Order was December 26, 2019, and Plaintiffs did not appeal making dismissal final. There is now no litigation pending against Zion. Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area. "The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged." Deuteronomy 31:8 "Sing to the Lord, for he has done glorious things; let this be known to all the world. Shout aloud and sing for joy, people of Zion, for great is the Holy One of Israel among you." Isaiah 12:5-6 FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata that may be drilled or tested in the future, the effect, if any, on Zion's operations of the dismissal of litigation reported hereunder; importing the rig it purchased into Israel in a timely manner and Zion's ability to successfully raise the funds needed to undertake all of its planned exploration efforts; Zion's ability to continue as a going concern; Zion's ability to have its common stock continue to be listed on the Nasdaq Capital Market; the timing and completion of the processing, interpretation of the results and plans contingent thereon off the 3 D seismic survey, the timing of the importation onto the well site of the purchased drilling rig, approvals needed for the rig's erection and startup, the effect, if any, of the coronavirus pandemic on the timing of the delivery and start-up of the well, and operational risks in ongoing exploration efforts, are forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Item 1A in Zion's annual report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may be described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements. Contact Info:Andrew SummeyVP, Marketing and Investor RelationsZion Oil & Gas, Inc. (NASDAQ: ZN)12655 North Central Expressway, Suite 1000, Dallas, TX 75243Telephone: 888-891-9466Email: [email protected] www.zionoil.com View original content to download multimedia:http://www.prnewswire.com/news-releases/all-lawsuits-against-zion-oil--gas-have-now-been-dismissed-301033335.html SOURCE Zion Oil & Gas, Inc.
Nine Energy Service Announces CFO Transition HOUSTON, Mar. 31 /BusinessWire/ -- Nine Energy Service, Inc. ("Nine" or the "Company") (NYSE:NINE) announced today that Clinton Roeder, Senior Vice President and Chief Financial Officer has departed the Company by mutual consent effective today. Guy Sirkes, Vice President, Strategic Development, has assumed the role of Senior Vice President and Chief Financial Officer. Prior to joining the Company in March 2019, he was an Executive Director with J.P. Morgan's Energy Investment Banking Group. There are no issues involving the company's financial results, internal controls or financial reporting procedures that led to Mr. Roeder's departure. Ann Fox, Nine's President and Chief Executive Officer said: "Clinton has been a valued member of the management team since he joined the Company in 2017. On behalf of the management team and the Board, I would like to thank him for his contributions and wish him well in his future endeavors." Ms. Fox continued: "We are excited to have Guy assume the CFO role. I have great confidence in his ability to help lead the Company in this challenging market." About Nine Energy Service Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and throughout Canada. For more information on the Company, please visit Nine's website at nineenergyservice.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200331005637/en/ back
Select Energy Services Provides Operational Updates And Strategic Actions In Response To Current Market Conditions /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen2{ BORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em } .prntblns{ BORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt } HOUSTON, March 31, 2020 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or "the Company"), a leading provider of water management and chemical solutions to the U.S. unconventional oil and gas industry, today announced immediate strategic actions that the Company has taken in response to the significant decline in activity following the rapid decline in commodity prices this month and the operational disruption and market volatility resulting from the COVID-19 pandemic. In order to better align the Company's operating footprint and cost structure with current market conditions and to protect its strong financial position and debt-free balance sheet, Select has taken the following actions: Expect to realize annualized SG&A savings of $25-30 million, or approximately 25-30% relative to the annualized fourth quarter SG&A of $98.7 million (and a further reduction from 2019 total SG&A of $111.6 million), due to headcount and wage reductions across the employee base, including executive management, as well as significant curtailment or renegotiation of other internal and third-party expenses, with initial benefits realized in the first quarter of 2020, and full realization by the third quarter of 2020; Reduced total Select headcount by 31% since March 1, 2020, including field operations and corporate positions; and Significantly reducing the previously announced 2020 capital expenditures guidance from the prior range of $55 million to $70 million by at least 50%.Holli Ladhani, President and CEO, commented, "First and foremost, Select is closely monitoring the impact of COVID-19 and taking active precautions to help protect the health and well-being of our employees and the communities in which we work, in accordance with local, state and federal health authority recommendations. We are also working closely with our customers and vendors on business continuity plans. The significant and sudden pullback in commodity prices has forced our customers to meaningfully reduce their operational plans for 2020, requiring us to take immediate actions to reduce our operating expenses and capital expenditures. Agility and financial strength will be key to successfully navigating this rapidly evolving market landscape. While our cash flow will be impacted by current market conditions, we believe the actions we are taking, and will continue to take, will enable us to continue to generate solid positive free cash flow during 2020. "With a current cash balance in excess of $100 million and no debt on our balance sheet, we are well prepared to manage through this difficult market. We will continue to closely monitor macro conditions, making further adjustments to our cost structure as necessary, until we have a better understanding of global oil demand, the activity levels of our customers and the near- and longer-term impact of COVID-19. While we undertake these difficult but necessary steps, we will continue delivering best-in-class service to our customers," concluded Ladhani. Balance Sheet & Cash Flow Select maintains a strong balance sheet and liquidity position. As of February 29, 2020, Select had a total net working capital balance of $275.0 million, including a cash balance of $101.3 million. Additionally, the Company had no outstanding borrowings under its revolving credit facility and $174.9 million of available borrowing capacity thereunder, resulting in total liquidity of $276.1 million. As of March 12, 2020, Select had 104.5 million total shares of capital stock outstanding. Despite a challenging market, the Company expects to generate strong free cash flow during the first quarter of 2020, even after consideration of share buybacks during the quarter totaling $5.5 million. The Company expects relatively flat revenue for the first quarter of 2020 as compared to the fourth quarter of 2019, with activity starting to decline in early March. Currently, the Company expects gross margin percentage declines of approximately 1%-3% for the consolidated business during the first quarter of 2020 relative to the fourth quarter of 2019. Net income during the first quarter of 2020 is expected to be negatively impacted by severance expenses of approximately $4 million and other non-recurring costs relating to yard closures and potential impairments driven by the precipitous drop in commodity prices. The Company expects results of operations during the second quarter of 2020 will be significantly impacted by current market conditions and plans to provide more detail on its first quarter earnings conference call in early May 2020. About Select Energy Services, Inc. Select Energy Services, Inc. ("Select") is a leading provider of comprehensive water management and chemical solutions to the oil and gas industry in the United States. Select provides for the sourcing and transfer of water, both by permanent pipeline and temporary hose, prior to its use in the drilling and completion activities associated with hydraulic fracturing, as well as complementary water-related services that support oil and gas well completion and production activities, including containment, monitoring, treatment and recycling, flowback, hauling, gathering and disposal. Select, under its Rockwater Energy Solutions brand, develops and manufactures a full suite of specialty chemicals used in the well completion process and production chemicals used to enhance performance over the producing life of a well. Select currently provides services to exploration and production companies and oilfield service companies operating in all the major shale and producing basins in the United States. For more information, please visit Select's website, http://www.selectenergyservices.com. Cautionary Statement Regarding Forward-Looking Statements All statements in this communication other than statements of historical facts are forward-looking statements which contain our current expectations about our future results, including statements regarding our expected capital expenditures, SG&A reductions, revenues, gross margins, net income and free cash flow, as well as our ability to manage through the difficult market environment. We have attempted to identify any forward-looking statements by using words such as "expect," "will," "estimate" and other similar expressions. Although we believe that the expectations reflected, and the assumptions or bases underlying our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial positions to differ materially from those included within or implied by such forward-looking statements. Factors that could materially impact such forward-looking statements include, but are not limited to, the volatility of and steep decline in oil prices following the failure of Saudi Arabia and Russia to agree on a plan to cut oil production and Saudi Arabia's subsequent announcement of plans to increase production and reduce prices, the operational disruption and market volatility resulting from the COVID-19 pandemic and the factors discussed or referenced in the "Risk Factors" section of our most recent Annual Report on Form 10-K and in any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K. Investors should not place undue reliance on our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. WTTR-ER Contacts: Select Energy Services Chris George - VP, Investor Relations & Treasurer (713) 296-1073 [email protected] Dennard Lascar Investor Relations Ken Dennard / Lisa Elliott 713-529-6600 [email protected] View original content:http://www.prnewswire.com/news-releases/select-energy-services-provides-operational-updates-and-strategic-actions-in-response-to-current-market-conditions-301032896.html SOURCE Select Energy Services, Inc.