Sort By:
Noble Corporation plc announces changes to its share capital including share repurchases for the month of December 2023
Noble Corporation plc announces changes to its share capital including share repurchases for the month of December 2023 SUGAR LAND, Texas, Dec. 30, 2023 /PRNewswire/ -- Noble Corporation plc ("Noble") (CSE: NOBLE, NYSE: NE) today announces changes to its share capital. During the month of December, Noble has repurchased approximately USD 15 million of A ordinary shares under its previously announced share repurchase plan at a weighted average price of USD 45.03 per A ordinary share and a total of 329,069 repurchased A ordinary shares have been cancelled. During the period since November 30, 2023, 16,507 new A ordinary shares each with a nominal value of USD 0.00001 have been issued. 5,152 new A ordinary shares have been issued to certain holders of warrants as a consequence of the exercise of warrants. The exercise price was USD 19.27 per A ordinary share for 57 of the new A ordinary shares, USD 23.13 per A ordinary share for 2,418 of the new A ordinary shares and 2,677 A ordinary shares were issued as a result of a cashless exercise. The total proceeds to Noble from the warrant exercises amount to USD 57,026.73. Additionally, 11,355 new A ordinary shares have been issued to certain employees of Noble at no cost as a result of the vesting of restricted stock units. The new A ordinary shares carry the same rights as the existing A ordinary shares of Noble. The new A ordinary shares will be listed on the New York Stock Exchange as well as admitted to trading and official listing on Nasdaq Copenhagen. As a result of the changes, there are a total of 140,773,750 A ordinary shares of Noble issued and outstanding with a nominal value of USD 0.00001 each. Pursuant to section 32 of the Danish Capital Markets Act, Noble also hereby announces the total nominal value of its issued share capital and the total number of voting rights: Number of shares Number of voting rights Share capital A ordinary shares of USD 0.00001 140,773,750 140,773,750 USD 1,407.73750 Total 140,773,750 140,773,750 USD 1,407.73750 Exchange of shares tradable on Nasdaq Copenhagen for shares tradeable on the New York Stock Exchange Noble's shares are both listed on the New York Stock Exchange (identified by CUSIP G65431127) and admitted to trading and official listing on Nasdaq Copenhagen (in the form of share entitlements and identified by ISIN GB00BMXNWH07). Holders of Noble shares (in the form share entitlements) tradeable on Nasdaq Copenhagen can exchange their shares (in the form of share entitlements) for shares tradeable on the New York Stock Exchange after completing a transfer procedure. To transfer shares or share entitlements between markets, shareholders must instruct their financial intermediary (bank or broker) to contact Euronext (Noble's Danish transfer agent). For further information visit https://noblecorp.com/investors/stock-information/FAQ/default.aspx. While the shares listed on the New York Stock Exchange are denominated in USD and are eligible to receive dividends in USD and the share entitlements admitted to trading and official listing on Nasdaq Copenhagen are traded in DKK and are eligible to receive dividends in DKK, the shares and share entitlements are entitled to identical dividends and voting rights. https://noblecorp.com/investors/stock-information/FAQ/default.aspx About Noble Corporation Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email investors@noblecorp.com. IMPORTANT INFORMATION This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble. Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the "Noble Group") anticipated or planned financial and operational performance. The words "targets", "believes", "continues", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "estimates", "projects", "potentially" or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made. Although Noble believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Noble's current expectations, estimates, forecasts, assumptions and projections about the Noble Group's business and the industry in which the Noble Group operates and/or which has been extracted from publications, reports and other documents prepared by the Noble Group and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other important factors beyond the Noble Group's control that could cause the Noble Group's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today. Noble does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Noble or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto. View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-changes-to-its-share-capital-including-share-repurchases-for-the-month-of-december-2023-302024084.html SOURCE Noble Corporation plc
Helix Announces Its 6.75% Convertible Senior Notes Due 2026 Will Remain Convertible
Helix Announces Its 6.75% Convertible Senior Notes Due 2026 Will Remain Convertible HOUSTON, Dec. 29 /BusinessWire/ -- Helix Energy Solutions Group, Inc. (NYSE:HLX) announced today that its 6.75% Convertible Senior Notes due 2026 (the "Notes") will remain convertible at the option of the holders from January 1, 2024 through March 31, 2024, as provided in the indenture governing the Notes (as supplemented, the "Indenture"). This press release is made pursuant to a provision in the Indenture that requires publication of this notice of convertibility. As of January 1, 2024 the Notes will be convertible and will remain convertible through March 31, 2024, as a result of the Closing Sale Price of Helix's Common Stock being more than the Conversion Trigger Price in effect on each applicable Trading Day during at least 20 of the last 30 consecutive Trading Days of the calendar quarter ending December 31, 2023. To convert interests in a Global Note held through the Depository Trust Company ("DTC"), a holder must deliver to DTC the appropriate instruction form for conversion pursuant to DTC's conversion program and pay the amount of interest and tax or duty, if required. To convert a Certificated Note, a holder must (a) complete and manually sign the Conversion Notice, as set forth in the Note, with appropriate signature guarantee, or facsimile of the Conversion Notice and deliver the completed Conversion Notice to The Bank of New York Mellon Trust Company, N.A., the trustee, as conversion agent (the "Conversion Agent"), (b) surrender the Note to the Conversion Agent, (c) furnish appropriate endorsements and transfer documents, if required by the Registrar or Conversion Agent, (d) pay the amount of interest, if required and (e) pay any tax or duty, if required. Upon surrendering Notes for conversion in accordance with the Indenture, a holder of the Notes will receive through the Conversion Agent either shares of Common Stock, cash or a combination of cash and shares of Common Stock, at Helix's election. Holders of the Notes may obtain further information on how to convert their Notes by contacting the Conversion Agent at: The Bank of New York Mellon Trust Company, N.A., 2001 Bryan Street, 10th Floor, Dallas, TX 75201, Attention: Corporate Trust Reorg. or email inquiries to CT_Reorg_Unit_Inquiries@bnymellon.com. Capitalized terms used in this press release and not otherwise defined herein have the meanings given to them in the Indenture. About Helix Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full field decommissioning operations. Our services are centered on a three-legged business model well positioned for a global energy transition by maximizing production of remaining oil and gas reserves, supporting renewable energy developments and decommissioning end-of-life oil and gas fields. For more information about Helix, please visit our website at www.helixesg.com. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding settlement of the Notes, conversion consideration and any impact on our financial and operating results and estimates. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20231229204983/en/ back
Helmerich & Payne, Inc. To Participate in Conferences in January 2024
Helmerich & Payne, Inc. To Participate in Conferences in January 2024 TULSA, Okla., Dec. 29 /BusinessWire/ -- Helmerich & Payne, Inc. (NYSE:HP) today announced that Mark Smith, Senior Vice President and Chief Financial Officer; Mike Lennox, Senior Vice President of U.S. Land Operations; and Dave Wilson, Vice President of Investor Relations plan to participate in the following investor conferences during the month of January 2024. Participation by the management team will vary by event. Goldman Sachs Energy, CleanTech & Utilities Conference 2024 on Thursday and Friday, January 4-5, 2024; Mr. Smith will participate in a panel discussion on behalf of the Company on Friday, January 5, 2024 at 11:20 a.m. U.S. ET. The ATB 12th Annual Institutional Investor Conference on Wednesday, January 10, 2024; Mr. Smith will participate in a panel discussion on behalf of the Company on Wednesday, January 10, 2024 at 10:00 a.m. U.S. ET. Investor slides to be used during the conferences will be available for download on the company's website, within Investors, under Presentations, the afternoon of January 3, 2024. About Helmerich & Payne, Inc. Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com. Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231229154061/en/ back
SM ENERGY DECLARES QUARTERLY CASH DIVIDEND
SM ENERGY DECLARES QUARTERLY CASH DIVIDEND DENVER, Dec. 28, 2023 /PRNewswire/ -- SM Energy Company (NYSE: SM) today announces that its Board of Directors approved the increased quarterly cash dividend of $0.18 per share of common stock outstanding. The dividend will be paid on February 5, 2024, to stockholders of record as of the close of business on January 19, 2024. ABOUT THE COMPANY SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com. SM ENERGY INVESTOR CONTACTS Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507 View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-declares-quarterly-cash-dividend-302021300.html SOURCE SM Energy Company
Ring Energy Announces Issuance of 2023 Sustainability Report
Ring Energy Announces Issuance of 2023 Sustainability Report THE WOODLANDS, Texas, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today announced that it has issued its 2023 Sustainability Report (the "2023 Report"), which is available on the Company's website at www.ringenergy.com under the "Sustainability" tab. The report provides updated and comprehensive information about Ring's Environmental, Social and Governance ("ESG") initiatives and related key performance indicators. In the creation of the document, the Company primarily consulted the Sustainability Accounting Standards Board's ("SASB") Oil and Gas Exploration and Production Sustainability Accounting Standard and the Global Sustainability Standards Board's Global Reporting Initiative ("GRI") and associated Oil & Gas Sector Standards. In addition, the Company considered the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"), the Sustainable Development Goals ("SDGs") promulgated by the United Nations, and guidance from other industry frameworks and the various ESG ratings agencies, as appropriate. During 2022 and into 2023, the Company has executed a number of its targeted ESG initiatives, and these projects are discussed in the 2023 Report. This includes the Company's: Thorough review and related capital investment in industry-leading technologies designed to reduce emissions across its operations;Continued and important progress on its targeted TARGET ZERO-365 program focused on health, safety and environmental excellence;Pro-active outreach to the Company's top shareholders concerning say-on-pay and other governance matters, as well as other ESG topics that were of interest to investors; The Company appreciated the feedback and incorporated recommendations in the development of the 2023 Report; Introduction of reporting Greenhouse Gas ("GHG") emissions intensity metrics; andExpanded the Company's ESG reporting frameworks to now include GRI's global and oil and gas sector standards. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, "We are pleased to release our 2023 Sustainability Report, which provides an update on our ESG performance and continued efforts to enhance the long-term sustainability of our business. During 2022 and 2023, we continued to make substantial progress planning and executing our sustainability initiatives. This includes significant capital investment in further enhancement of our GHG and other air emissions reduction efforts and the continued advancement of our TARGET ZERO-365 program focused on building an HSE culture that empowers employees and contractors to naturally achieve an incident free environment. In addition, we expanded our disclosure of important ESG metrics and relevant reporting frameworks." Mr. McKinney continued, "Further enhancing our long-term sustainability from the release of our last sustainability report, we followed the transformative acquisition of Stronghold Energy's assets in 2022 by further consolidating our core position in the Central Basin Platform or CBP via the immediately accretive acquisition of the assets of privately held Founders Oil & Gas IV, LLC ("Founders"), which closed in August 2023. The acquired Founders operations in the CBP are located in Ector County, Texas near our existing CBP operations and focused on the development of approximately 3,600 net leasehold acres that are 100% operated with an average 99% working interest, and 100% held by production. During the third quarter of 2023, these two acquisitions helped Ring to generate record financial performance. We continue to believe a financially sustainable company depends on having a corporate culture that strives for continuous improvement in environmental, operational and safety performance, and governance-related matters. We are confident our 2023 Report showcases our progress on these important fronts." About Ring Energy, Inc. Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company's strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company; plans and objectives of management for future operations; and the Company's goals and expectations regarding emissions, safety performance and other ESG matters. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company's credit facility; Ring's ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring's ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including its Form 10-K for the fiscal year ended December 31, 2022, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements except as required by law. Contact Information Al Petrie Advisors Al Petrie, Senior Partner Phone: 281-975-2146 Email: apetrie@ringenergy.com
ProFrac Holding Corp. Completes Refinancing of Senior Secured Term Loan and Enhances Financial Flexibility
ProFrac Holding Corp. Completes Refinancing of Senior Secured Term Loan and Enhances Financial Flexibility WILLOW PARK, Texas, Dec. 27, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced that, on December 27, 2023, it completed the refinancing of its existing Senior Secured Term Loan and other debt with two new financings totaling $885 million, which will both mature in 2029. As a result of these transactions, ProFrac is well positioned to deliver exceptional service to its customers and poised to maintain its position as a leader in the oilfield services industry in anticipation of a strong 2024. Highlights Refinances the existing Term Loan due March 2025 with a term loan credit facility and senior secured notes with maturities in January 2029Cash neutral transaction that also positions the Company to maintain liquidity to fund working capital for expected increased activity in 2024Provides a bifurcated capital structure to allow for future optionality designed to realize the full value potential of the proppant segmentEliminates any material near-term maturities and provides additional runway to de-leverEnables ProFrac to focus on the 2024 strategy where it plans to increase utilization of its proppant and stimulation assets through a more diversified commercial approachFirst Financial Term Loan and REV Seller Note fully repaid as part of the transactionABL Credit Facility amended to lower the line's capacity to $325 million from $400 millionMatt Wilks, ProFrac's Executive Chairman, stated, "We are pleased to announce this successful refinancing, which not only extends our near-term debt maturities into 2029, but it also provides us with the financial flexibility to opportunistically take advantage of the anticipated ramp in activity levels in the coming year. This transaction demonstrates our ability to finance the Company's capital structure and liquidity position in an improving market. "This is an important and necessary step for ProFrac as we execute the improvements made to the business and demonstrate the cash generation potential in 2024. This is also the next step in the process to build a strong foundation in our proppant segment and maximize shareholder value of that segment." Transaction Overview The refinancing transactions include a $365 million Alpine Term Loan and $520 million in Services Senior Secured Notes. These proceeds were used to pay off ProFrac's existing Senior Secured Term Loan, First Financial Term Loan and REV Seller Note as well as for certain fees and expenses. This refinancing transaction provides the Company with a more stable financial platform, a strengthened balance sheet, a bifurcated capital structure and ample liquidity from which it will continue executing various growth-related and value realization opportunities. Additional details on these debt arrangements are as follows: Alpine Term Loan These loans were made to ProFrac's family of wholly owned subsidiaries that hold and run ProFrac's proppant business, including Alpine Holding II, LLC ("Alpine Holding") and PF Proppant Holding, LLC ("PFP Holding") among others Lenders made certain term loans to PFP Holding in the aggregate principal amount of $365.0 millionGuaranteed by ProFrac pursuant to the Unsecured ProFrac Guarantee Agreement and are guaranteed by Alpine Holding, PFP Holding and the Subsidiary Guarantors pursuant to the Alpine Guarantee AgreementObligations under the Alpine Term Loan are secured by a lien on and security interest in substantially all of the assets of Alpine Holding, PFP Holding and the Subsidiary Guarantors, which holds ProFrac's Proppant businessThe Alpine Term Loan bears a floating interest rate at the borrower's option of either a Base Rate or SOFR Rate plus an applicable marginBase Rate Loans bear interest at a fluctuating per annum rate equal to the base rate plus a margin of 7.25% per annum subject to both a floor and maximum rateSOFR Rate Loans bear interest at a fluctuating per annum rate equal to the adjusted term SOFR for a one-month interest period plus a margin of 7.25% per annum subject to both a floor and maximum rateMandatory principal payments commence at the end of the calendar quarters ending June 30, 2024, September 30, 2024 and December 31, 2024, in an amount equal to $5 million on each such date followed by quarterly payments of $15 millionThe stated maturity date for the Alpine Term Loans is the earlier of January 26, 2029 or the date it becomes due and payableServices Senior Secured Floating Rate Notes due 2029 ProFrac Holdings II, a wholly-owned subsidiary of ProFrac, issued and sold $520.0 million aggregate principal amount of its Senior Secured Floating Rate Notes due 2029 in a private placement to institutional investorsThe Secured Notes bear interest at a fluctuating per annum rate equal to adjusted term SOFR plus the Applicable Margin (as defined in the Indenture) payable quarterly beginning on March 31, 2024Obligations under the Secured Notes are secured by ProFrac Holdings II, which holds ProFrac's Services businessMandatory prepayments of $10.0 million on each of June 30, 2024, September 30, 2024 and December 31, 2024, and $15.0 million at the end of each calendar quarter thereafterOn and after January 15, 2025, ProFrac Holdings II may redeem all or a part of the Secured Notes at certain redemption prices outlined in the associated 8-K to this transactionSeventh Amendment to the ABL Credit Facility Maximum Revolver Amount is decreased ratably among the Lenders from $400.0 million to $325.0 millionAlpine Holding and its Subsidiaries are designated as Excluded Subsidiaries and Unrestricted Subsidiaries (each as defined therein)Liens held by the lenders on the assets of the Alpine Excluded Subsidiaries, and all guarantees of the obligations under ABL Credit Facility made by the Alpine Excluded Subsidiaries, are released, terminated and dischargedThe ABL Credit Facility has a maturity date of the earlier of March 4, 2027 and 91 days prior to the maturity of any material indebtednessAdvisors Piper Sandler & Co acted as the sole financial advisor, and Gibson, Dunn & Crutcher LLP and Brown Rudnick LLP acted as legal counsel to ProFrac in connection with the refinancing. About ProFrac Holding Corp. ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce "greenhouse gas" emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process. ProFrac Corp. operates in three business segments: stimulation services, proppant production and manufacturing. For more information, please visit the ProFrac's website at www.pfholdingscorp.com. Information on ProFrac's website is not part of this release. Forward-Looking Statements Certain statements in this press release are, or may be considered, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "expect," "will," "estimate," "believe," "work to," or similar words and expressions and uses of future or conditional verbs, generally identify forward-looking statements. The Company cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to: the risks that anticipated ramp in activity levels will not materialize; the ability to achieve the anticipated benefits of the Company's bifurcated capital structure and utilization of its proppant and stimulation assets, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company's actions intended to achieve its financial stability and any desired de-levering or published financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company's fleets and sand mines in a timely manner or at all; the Company's ability to deploy capital in a manner that furthers the Company's growth strategy, as well as the Company's general ability to execute its business plans and maintains its position as a leader in the oilfield services industry; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks of any increases in interest rates; industry conditions, including fluctuations in supply, demand and prices for the Company's products and services; global and regional economic and financial conditions; the effectiveness of the Company's risk management strategies; the transition to becoming a public company; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. The Company undertakes no obligation, and specifically disclaims, any obligation to update or revise forward-looking statements as a result of subsequent events or developments, except as required by law. Contacts: ProFrac Holding Corp Lance Turner - Chief Financial Officer investors@profrac.com Dennard Lascar Investor Relations Ken Dennard / Rick Black ACDC@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/profrac-holding-corp-completes-refinancing-of-senior-secured-term-loan-and-enhances-financial-flexibility-302022975.html SOURCE ProFrac Holding Corp.
Murphy Oil Corporation Schedules Fourth Quarter 2023 Earnings Release and Conference Call
Murphy Oil Corporation Schedules Fourth Quarter 2023 Earnings Release and Conference Call HOUSTON, Dec. 27 /BusinessWire/ -- Murphy Oil Corporation (NYSE:MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Standard Time (EST) on Thursday, January 25, 2024 to discuss fourth quarter 2023 earnings. The company plans to release its financial and operating results before the market opens that morning. A webcast link and related presentation material will be included on the Investors page of the company's website at http://ir.murphyoilcorp.com. Date: Thursday, January 25, 2024 Time: 9:00 a.m. EST Toll Free Dial-in: 888-886-7786 Conference ID: 98175352 ABOUT MURPHY OIL CORPORATION As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company's website at www.murphyoilcorp.com. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company's future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this report. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20231227653136/en/ back
Par Pacific Management to Participate in Investor Conferences
Par Pacific Management to Participate in Investor Conferences HOUSTON, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") today announced that members of its management team will participate in the following investor conferences. 2024 Sankey Research Refining Conference on January 3, 2024 in Miami, FloridaGoldman Sachs Energy, CleanTech & Utilities Conference on January 4-5, 2024 in Miami, FloridaUBS Global Energy & Utilities Winter Conference on January 9, 2024 in Park City, Utah The most current investor presentation is available on the Investors section of Par Pacific's website at www.parpacific.com. About Par Pacific Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 124,000 bpd of combined refining capacity across three locations and an extensive energy infrastructure network, including 7.6 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the "nomnom" convenience store chain and supplies ExxonMobil-branded fuel retail stations in the region. Par Pacific owns and operates one of the largest energy infrastructure networks in Hawaii with 94,000 bpd of operating refining capacity, a logistics system supplying the major islands of the state and Hele-branded retail locations. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. For more information contact:Ashimi PatelDirector, Investor Relations and Renewables(832) 916-3355apatel@parpacific.com
SLB Announces Fourth-Quarter and Full-Year 2023 Results Conference Call
SLB Announces Fourth-Quarter and Full-Year 2023 Results Conference Call HOUSTON, Dec. 26 /BusinessWire/ -- SLB (NYSE:SLB) will hold a conference call on January 19, 2024 to discuss the results for the fourth quarter and full year ending December 31, 2023. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until February 19, 2024, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outside of North America and giving the access code 8122009. About SLB SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231226359572/en/ back
MPLX LP Reports First-Quarter 2024 Financial Results
MPLX LP Reports First-Quarter 2024 Financial Results FINDLAY, Ohio, April 30, 2024 /PRNewswire/ -- First-quarter net income attributable to MPLX of $1.0 billion and net cash provided by operating activities of $1.3 billionAdjusted EBITDA attributable to MPLX of $1.6 billion and distributable cash flow of $1.4 billionReturned $951 million of capital to unitholdersAdvanced growth strategy with processing plants in the Marcellus and Permian basins; Harmon Creek II in service and Preakness II approaching startupAcquired partner's interest in Utica G&P joint ventures and a dry gas gathering systemMPLX LP (NYSE: MPLX) today reported first-quarter 2024 net income attributable to MPLX of $1,005 million, compared with $943 million for the first quarter of 2023. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,635 million, compared with $1,519 million for the first quarter of 2023. Logistics and Storage (L&S) segment adjusted EBITDA for the first quarter of 2024 was $1,098 million, compared with $1,026 million for the first quarter of 2023. Gathering and Processing (G&P) segment adjusted EBITDA for the first quarter of 2024 was $537 million, compared with $493 million for the first quarter of 2023. During the quarter, MPLX generated $1,291 million in net cash provided by operating activities, $1,370 million of distributable cash flow, and adjusted free cash flow of $294 million. MPLX announced a first-quarter 2024 distribution of $0.85 per common unit, resulting in distribution coverage of 1.6x for the quarter. The leverage ratio was 3.2x at the end of the quarter. "In the first quarter, strong cash flow generation enabled the return of $951 million of capital to unitholders," said Michael J. Hennigan, MPLX chairman, president and chief executive officer. "We continue to execute our growth strategy anchored in the Marcellus and Permian basins. This growth allows us to reinvest in the business, and for the last two years has supported a 10% increase to the distribution." Financial Highlights (unaudited) Three Months Ended March 31, (In millions, except per unit and ratio data) 2024 2023 Net income attributable to MPLX LP $ 1,005 $ 943 Adjusted EBITDA attributable to MPLX LP(a) 1,635 1,519 Net cash provided by operating activities 1,291 1,227 Distributable cash flow attributable to MPLX LP(a) 1,370 1,268 Distribution per common unit(b) $ 0.850 $ 0.775 Distribution coverage(c) 1.6x 1.6x Consolidated total debt to LTM adjusted EBITDA(d) 3.2x 3.5x Cash paid for common unit repurchases $ 75 $ - (a) Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow. (b) Distributions declared by the board of directors of MPLX's general partner. (c) DCF attributable to GP and LP unitholders divided by total GP and LP distributions. (d) Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow. Segment Results (In millions) Three Months Ended March 31, Segment adjusted EBITDA attributable to MPLX LP (unaudited) 2024 2023 Logistics and Storage $ 1,098 $ 1,026 Gathering and Processing $ 537 $ 493 Logistics & Storage L&S segment adjusted EBITDA for the first quarter of 2024 increased by $72 million compared to the same period in 2023. The increase was primarily driven by higher rates and growth from equity affiliates. Due to contract structure, refinery volume changes had limited financial impact. Total pipeline throughputs were 5.3 million barrels per day (bpd) in the first quarter, a decrease of 6% versus the same quarter of 2023. The average pipeline tariff rate was $1.02 per barrel for the quarter, an increase of 13% versus the same quarter of 2023. Terminal throughput was 2.9 million bpd for the quarter, a decrease of 5% versus the same quarter of 2023. Gathering & Processing G&P segment adjusted EBITDA for the first quarter of 2024 increased by $44 million compared to the same period in 2023, primarily due to higher volumes and a $20 million non-cash gain associated with the acquisition of the remaining interest of a Utica joint venture, partially offset by higher operating expenses. In the first quarter of 2024: Gathered volumes averaged 6.2 billion cubic feet per day (bcf/d), a 2% decrease from the first quarter of 2023.Processed volumes averaged 9.4 bcf/d, a 9% increase versus the first quarter of 2023.Fractionated volumes averaged 632 thousand bpd, a 7% increase versus the first quarter of 2023.In the Marcellus: Gathered volumes averaged 1.5 bcf/d in the first quarter, a 10% increase versus the first quarter of 2023.Processed volumes averaged 5.9 bcf/d in the first quarter, a 7% increase versus the first quarter of 2023.Fractionated volumes averaged 553 thousand bpd in the first quarter, a 4% increase versus the first quarter of 2023.Strategic Update MPLX enhanced its Utica footprint through the acquisition of additional ownership interest in existing joint ventures and a dry gas gathering system for $625 million. The transaction closed in March 2024. MPLX also announced the expansion of its Permian natural gas value chain, increasing its footprint in the region for future growth. MPLX entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. The transaction is expected to close in the second quarter of 2024, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions. In the L&S segment, MPLX is expanding its natural gas and natural gas liquids long-haul and crude gathering pipelines supporting the Permian and Bakken basins. Specifically in the Permian, working with its partners, MPLX is progressing its natural gas strategy. Progress continues on the Agua Dulce Corpus Christi (ADCC) Pipeline lateral, which is expected to be in service in the third quarter of 2024. MPLX is progressing its natural gas liquids strategy with the expansion of the BANGL joint venture pipeline to a capacity of 200 thousand bpd, with expected completion in the first half of 2025. In the G&P segment, MPLX remains focused on the Permian and Marcellus basins in response to producer demand. In the Delaware basin in the Permian, the 200 million cubic feet per day (mmcf/d) Preakness ll processing plant is approaching startup. MPLX is constructing its seventh processing plant in the basin, Secretariat, which is expected online in the second half of 2025. These new plants will bring MPLX processing capacity in the Delaware basin to 1.4 bcf/d. In the Marcellus, the 200 mmcf/d Harmon Creek ll processing plant was placed into operation in the first quarter. Financial Position and Liquidity As of March 31, 2024, MPLX had $385 million in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with Marathon Petroleum Corp. (NYSE: MPC). MPLX's leverage ratio was 3.2x, while the stability of cash flows supports leverage in the range of 4.0x. The partnership repurchased $75 million of common units held by the public in the first quarter of 2024. As of March 31, 2024, MPLX had approximately $771 million remaining available under its unit repurchase authorization. Conference Call At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com. About MPLX LP MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com. Investor Relations Contact: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Director, Investor RelationsIsaac Feeney, Supervisor, Investor Relations Media Contact: (419) 421-3577Jamal Kheiry, Communications Manager Non-GAAP references In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable. DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary. Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations. Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures. The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below. Forward-Looking Statements This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") goals and targets, including those related to greenhouse gas emissions, biodiversity, diversity, equity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "prospective," "pursue," "seek," "should," "strategy," "target," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewables; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles, and achieve our ESG goals and targets within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes or maximum refining margin penalties on companies operating in the energy industry in California or other jurisdictions; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2023, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Condensed Consolidated Results of Operations (unaudited) Three Months Ended March 31, (In millions, except per unit data) 2024 2023 Revenues and other income: Operating revenue $ 1,217 $ 1,199 Operating revenue - related parties 1,387 1,350 Income from equity method investments 157 134 Other income 85 30 Total revenues and other income 2,846 2,713 Costs and expenses: Operating expenses (including purchased product costs) 759 734 Operating expenses - related parties 376 368 Depreciation and amortization 317 296 General and administrative expenses 109 89 Other taxes 34 30 Total costs and expenses 1,595 1,517 Income from operations 1,251 1,196 Net interest and other financial costs 235 243 Income before income taxes 1,016 953 Provision for income taxes 1 1 Net income 1,015 952 Less: Net income attributable to noncontrolling interests 10 9 Net income attributable to MPLX LP 1,005 943 Less: Series A preferred unitholders interest in net income 10 23 Less: Series B preferred unitholders interest in net income - 5 Limited partners' interest in net income attributable to MPLX LP $ 995 $ 915 Per Unit Data Net income attributable to MPLX LP per limited partner unit: Common - basic $ 0.98 $ 0.91 Common - diluted $ 0.98 $ 0.91 Weighted average limited partner units outstanding: Common units - basic 1,008 1,001 Common units - diluted 1,008 1,001 Select Financial Statistics (unaudited) Three Months Ended March 31, (In millions, except ratio data) 2024 2023 Common unit distributions declared by MPLX LP Common units (LP) - public $ 314 $ 274 Common units - MPC 550 502 Total GP and LP distribution declared 864 776 Preferred unit distributions(a) Series A preferred unit distributions 10 23 Series B preferred unit distributions - 5 Total preferred unit distributions 10 28 Other Financial Data Adjusted EBITDA attributable to MPLX LP(b) 1,635 1,519 DCF attributable to GP and LP unitholders(b) $ 1,360 $ 1,240 Distribution coverage(c) 1.6x 1.6x Cash Flow Data Net cash flow provided by (used in): Operating activities $ 1,291 $ 1,227 Investing activities (996) (220) Financing activities $ (958) $ (852) (a) Includes MPLX distributions declared on the Series A and Series B preferred units as well as distributions earned on the Series B preferred units. Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Series B preferred unitholders received a fixed distribution of $68.75 per unit, per annum, payable semi-annually in arrears. The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. (b) Non-GAAP measure. See reconciliation below. (c) DCF attributable to GP and LP unitholders divided by total GP and LP distribution declared. Financial Data (unaudited) (In millions, except ratio data) March 31,2024 December 31, 2023 Cash and cash equivalents $ 385 $ 1,048 Total assets 36,461 36,529 Total debt(a) 20,444 20,431 Redeemable preferred units 561 895 Total equity $ 13,086 $ 12,689 Consolidated debt to LTM adjusted EBITDA(b) 3.2x 3.3x Partnership units outstanding: MPC-held common units 647 647 Public common units 364 356 (a) There were no borrowings on the loan agreement with MPC as of March 31, 2024, or December 31, 2023. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year. (b) Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $20,706 million as of March 31, 2024, and December 31, 2023. Operating Statistics (unaudited) Three Months Ended March 31, 2024 2023 % Change Logistics and Storage Pipeline throughput (mbpd) Crude oil pipelines 3,462 3,642 (5) % Product pipelines 1,831 1,988 (8) % Total pipelines 5,293 5,630 (6) % Average tariff rates ($ per barrel) Crude oil pipelines $ 1.03 $ 0.93 11 % Product pipelines 1.00 0.85 18 % Total pipelines $ 1.02 $ 0.90 13 % Terminal throughput (mbpd) 2,930 3,091 (5) % Barges at period-end 313 298 5 % Towboats at period-end 29 23 26 % Gathering and Processing Operating Statistics (unaudited) - Consolidated(a) Three Months Ended March 31, 2024 2023 % Change Gathering throughput (MMcf/d) Marcellus Operations 1,493 1,363 10 % Utica Operations - - - % Southwest Operations 1,601 1,381 16 % Bakken Operations 183 156 17 % Rockies Operations 562 442 27 % Total gathering throughput 3,839 3,342 15 % Natural gas processed (MMcf/d) Marcellus Operations 4,325 4,045 7 % Utica Operations(b) - - - % Southwest Operations 1,629 1,401 16 % Southern Appalachia Operations 221 230 (4) % Bakken Operations 183 154 19 % Rockies Operations 635 454 40 % Total natural gas processed 6,993 6,284 11 % C2 + NGLs fractionated (mbpd) Marcellus Operations 553 533 4 % Utica Operations(b) - - - % Southern Appalachia Operations 11 10 10 % Bakken Operations 19 19 - % Rockies Operations 5 3 67 % Total C2 + NGLs fractionated 588 565 4 % (a) Includes operating data for entities that have been consolidated into the MPLX financial statements. (b) The Utica region relates to operations for partnership-operated equity method investments and thus does not have any operating statistics from a consolidated perspective. See table below for details on Utica. Gathering and Processing Operating Statistics (unaudited) - Operated(a) Three Months EndedMarch 31, 2024 2023 % Change Gathering throughput (MMcf/d) Marcellus Operations 1,493 1,363 10 % Utica Operations 2,286 2,460 (7) % Southwest Operations 1,601 1,816 (12) % Bakken Operations 183 156 17 % Rockies Operations 663 564 18 % Total gathering throughput 6,226 6,359 (2) % Natural gas processed (MMcf/d) Marcellus Operations 5,926 5,553 7 % Utica Operations 777 494 57 % Southwest Operations 1,629 1,720 (5) % Southern Appalachia Operations 221 230 (4) % Bakken Operations 183 154 19 % Rockies Operations 635 454 40 % Total natural gas processed 9,371 8,605 9 % C2 + NGLs fractionated (mbpd) Marcellus Operations 553 533 4 % Utica Operations 44 28 57 % Southern Appalachia Operations 11 10 10 % Bakken Operations 19 19 - % Rockies Operations 5 3 67 % Total C2 + NGLs fractionated 632 593 7 % (a) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited) Three Months EndedMarch 31, (In millions) 2024 2023 L&S segment adjusted EBITDA attributable to MPLX LP $ 1,098 $ 1,026 G&P segment adjusted EBITDA attributable to MPLX LP 537 493 Adjusted EBITDA attributable to MPLX LP 1,635 1,519 Depreciation and amortization (317) (296) Net interest and other financial costs (235) (243) Income from equity method investments 157 134 Distributions/adjustments related to equity method investments (200) (153) Adjusted EBITDA attributable to noncontrolling interests 11 10 Other(a) (36) (19) Net income $ 1,015 $ 952 (a) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items. Reconciliation of Segment Adjusted EBITDA to Income from Operations(unaudited) Three Months Ended March 31, (In millions) 2024 2023 L&S L&S segment adjusted EBITDA $ 1,098 $ 1,026 Depreciation and amortization (130) (129) Income from equity method investments 89 71 Distributions/adjustments related to equity method investments (112) (76) Other (13) (8) G&P G&P segment adjusted EBITDA 537 493 Depreciation and amortization (187) (167) Income from equity method investments 68 63 Distributions/adjustments related to equity method investments (88) (77) Adjusted EBITDA attributable to noncontrolling interests 11 10 Other (22) (10) Income from operations $ 1,251 $ 1,196 Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCFAttributable to GP and LP Unitholders from Net Income (unaudited) Three Months Ended March 31, (In millions) 2024 2023 Net income $ 1,015 $ 952 Provision for income taxes 1 1 Net interest and other financial costs 235 243 Income from operations 1,251 1,196 Depreciation and amortization 317 296 Income from equity method investments (157) (134) Distributions/adjustments related to equity method investments 200 153 Other 35 18 Adjusted EBITDA 1,646 1,529 Adjusted EBITDA attributable to noncontrolling interests (11) (10) Adjusted EBITDA attributable to MPLX LP 1,635 1,519 Deferred revenue impacts 13 12 Sales-type lease payments, net of income 5 4 Adjusted net interest and other financial costs(a) (222) (217) Maintenance capital expenditures, net of reimbursements (35) (44) Equity method investment maintenance capital expenditures paid out (4) (5) Other (22) (1) DCF attributable to MPLX LP 1,370 1,268 Preferred unit distributions(b) (10) (28) DCF attributable to GP and LP unitholders $ 1,360 $ 1,240 (a) Represents Net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. (b) Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. Reconciliation of Net Income to Last Twelve Month(LTM) adjusted EBITDA (unaudited) Last Twelve Months March 31, December 31, (In millions) 2024 2023 2023 LTM Net income $ 4,029 $ 4,097 $ 3,966 Provision for income taxes 11 4 11 Net interest and other financial costs 915 946 923 LTM income from operations 4,955 5,047 4,900 Depreciation and amortization 1,234 1,213 1,213 Income from equity method investments (623) (511) (600) Distributions/adjustments related to equity method investments 821 673 774 Gain on sales-type leases and equity method investments (92) (509) (92) Garyville incident response costs 16 - 16 Other 117 27 100 LTM Adjusted EBITDA 6,428 5,940 6,311 Adjusted EBITDA attributable to noncontrolling interests (43) (39) (42) LTM Adjusted EBITDA attributable to MPLX LP 6,385 5,901 6,269 Consolidated total debt(a) $ 20,706 $ 20,707 $ 20,706 Consolidated total debt to LTM adjusted EBITDA(b) 3.2x 3.5x 3.3x (a) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings under the loan agreement with MPC. (b) Also referred to as our leverage ratio. Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to GP and LP Unitholders from Net Cash Provided by Operating Activities (unaudited) Three Months Ended March 31, (In millions) 2024 2023 Net cash provided by operating activities $ 1,291 $ 1,227 Changes in working capital items 62 48 All other, net 3 (9) Loss on extinguishment of debt - 9 Adjusted net interest and other financial costs(a) 222 217 Other adjustments related to equity method investments 20 13 Other 48 24 Adjusted EBITDA 1,646 1,529 Adjusted EBITDA attributable to noncontrolling interests (11) (10) Adjusted EBITDA attributable to MPLX LP 1,635 1,519 Deferred revenue impacts 13 12 Sales-type lease payments, net of income 5 4 Adjusted net interest and other financial costs(a) (222) (217) Maintenance capital expenditures, net of reimbursements (35) (44) Equity method investment maintenance capital expenditures paid out (4) (5) Other (22) (1) DCF attributable to MPLX LP 1,370 1,268 Preferred unit distributions(b) (10) (28) DCF attributable to GP and LP unitholders $ 1,360 $ 1,240 (a) Represents Net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. (b) Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. Reconciliation of Net Cash Provided by Operating Activities to Adjusted FreeCash Flow and Adjusted Free Cash Flow after Distributions (unaudited) Three Months Ended March 31, (In millions) 2024 2023 Net cash provided by operating activities(a) $ 1,291 $ 1,227 Adjustments to reconcile net cash provided by operating activities to adjusted freecash flow Net cash used in investing activities(b) (996) (220) Contributions from MPC 10 8 Distributions to noncontrolling interests (11) (10) Adjusted free cash flow 294 1,005 Distributions paid to common and preferred unitholders (876) (821) Adjusted free cash flow after distributions $ (582) $ 184 (a) The three months ended March 31, 2024, and March 31, 2023, include working capital builds of $62 million and $48 million, respectively. (b) The three months ended March 31, 2024 includes the impact of $622 million, net of cash acquired, related to the Utica Midstream Acquisition and a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture. Capital Expenditures (unaudited) Three Months Ended March 31, (In millions) 2024 2023 Capital Expenditures: Growth capital expenditures $ 165 $ 139 Growth capital reimbursements (21) (33) Investments in unconsolidated affiliates 119 51 Capitalized interest (4) (3) Total growth capital expenditures(a) 259 154 Maintenance capital expenditures 45 52 Maintenance capital reimbursements (10) (8) Total maintenance capital expenditures 35 44 Total growth and maintenance capital expenditures 294 198 Investments in unconsolidated affiliates(b) (119) (51) Growth and maintenance capital reimbursements(c) 31 41 Decrease/(Increase) in capital accruals 45 (22) Capitalized interest 4 3 Additions to property, plant and equipment $ 255 $ 169 (a) Total growth capital expenditures exclude $622 million of acquisitions, net of cash acquired, for the three months ended March 31, 2024. (b) Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. (c) Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows. View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-first-quarter-2024-financial-results-302131312.html SOURCE MPLX LP
Asetek - Q1 2024: Soft start to the year as expected, full-year expectations maintained
Asetek - Q1 2024: Soft start to the year as expected, full-year expectations maintained First-quarter revenue of $12.2 million, compared with $14.8 million in Q1 2023.Gross margin of 44%, level with Q1 2023Q1 EBITDA adjusted of ($37) thousand compared with $2.8 million in Q1 2023SimSports revenue of $2.2 million, up 69% from Q1 2023In April, new OEM partner TRYX introduced a line of all-in-one CPU coolers, featuring unique new features including a custom displayFull-year 2024 outlook maintained - expected revenue in the range of -5% to 5% compared with 2023, with adjusted EBITDA projected to be between 12% and 17% of revenueAALBORG, Denmark, April 30, 2024 /PRNewswire/ -- Asetek reported first-quarter revenue of $12.2 million, compared with $14.8 million in the same period of 2023. The change from last year reflects fewer shipments of liquid cooling products, partly offset by an increase in shipments of SimSports products. Gross margin was 44% for the first quarter, level with the same period of 2023. "As expected, the year started on a soft note due to generally higher than normal inventories among our customers. We expect demand and revenue to increase into the second half of the year based on customer communications, normalized inventories and new Liquid Cooling and SimSports products to start shipping in the second half of the year," said André Sloth Eriksen the CEO of Asetek. "We maintain our full-year expectations." Adjusted EBITDA was negative $37 thousand and operating loss was $1.4 million in the quarter, both compared with adjusted EBITDA of $2.8 million and operating income of $1.1 million in the first quarter of 2023. Operating expense in the quarter was $6.7 million, consistent with the quarterly run rate over recent quarters. Operating expense increased from $5.4 million in the first quarter of 2023, principally related to supply chain development and marketing for the SimSports business. Due to headcount reductions in 2022, the comparative expense figure in Q1 2023 was the lowest since Q2 2020. Depreciation and amortization was $1.3 million and share based compensation amounted to $36 thousand. In the first quarter, the Company invested $2.5 million in property, plant and equipment, including construction of a new development center and headquarters facility, and $0.4 million in capitalized costs for the development of new products. The Company drew $2.9 million on construction credit lines during the quarter. During the first quarter, the U.S. dollar strengthened by 2% against the Danish krone, resulting in foreign exchange gain of $0.7 million (in Q1 2023, USD weakened 2%, resulting in a $0.4 million foreign exchange loss). At March 31, 2024, total assets were $98.9 million ($102.7 million at December 31, 2023) and total equity was $65.0 million ($66.1 million). Working capital was negative $7.5 million (negative $3.2 million at December 31, 2023) including $6.2 million of cash and cash equivalents ($9.1 million). Included in current liabilities at quarter-end was $19.1 million of debt related to the facilities construction, which is due and payable January 1, 2025. At that time, the Company expects to have converted the loan into long termed financing, such as mortgage loans. OPERATIONS In the first quarter, the Company shipped 172 thousand sealed loop coolers compared with 223 thousand in the first quarter of 2023. Ten new products began shipping in the first quarter, all liquid coolers, six of which feature the new 8th generation cooling technology. In the second quarter of 2024, two new liquid cooling products are expected to begin shipping, as well as various new SimSports accessories. The pipelines of new liquid cooling and SimSports products are healthy, supporting an increased number of product launches in the second half of 2024. In April 2024, the Company announced that the new OEM partner TRYX has introduced its PANORAMA all-in-one CPU coolers featuring a unique new curved 6.5-inch immersive display on the pump. The new coolers will include Asetek's most sophisticated new Gen8 liquid cooling technology, including a performance-engineered pump with a 3-phase motor for higher flow and quieter operation. During the quarter, Asetek continued to progress plans to deploy products tailored for the lower end of the premium segment to broaden the addressable market without compromising the quality that the Asetek brand represents. OUTLOOK The macro-economic environment in the beginning of 2024 is showing signs of improvement, although with regional differences. Geo-political tension continues to create uncertainty and affect discretionary consumer spending. Future revenue visibility remains low. Higher inventory levels heading into the year have, as expected, impacted demand and revenue. However, indications from customers and industry players are pointing to more normalized inventory levels and increased demand in the second half of 2024. Considering the above factors, the Company maintains its outlook for 2024: Revenue in 2024 is expected to be in the range of -5% to 5% compared with 2023, comprised of expected revenue development in the Liquid Cooling segment in the range of -10% to 0%, and SimSports segment revenue growth in the range of 40% to 60% compared with 2023. Adjusted EBITDA margin in 2024 for the Group is expected to be in the range of 12% to 17% of revenue. Conference call and webcast CEO André Sloth Eriksen and CFO Peter Dam Madsen will present and comment on the Company's first quarter results at 14:00 CEST and invite investors, analysts and media to join the presentation. The presentation is expected to last up to one hour, including Q&A, and can be followed via live webcast or conference call. Webcast - audio and slide presentation Please join the results webcast via the following link: https://events.q4inc.com/attendee/131208487 Conference call - audio only Please dial in 5-10 minutes prior using the phone numbers: Denmark +45 32 74 07 10 USA +1 646 307 1963 Germany +49 6958 996 4217 Norway +47 57 98 94 30 UK +44 20 3481 4247 Conference ID: 9093800 The first quarter 2024 earnings release and presentation will be made available online at www.asetek.com, as well as through news agencies. A recorded version of the presentation will be made available at www.asetek.com approximately two hours after the presentation has concluded. Q&A: The conference call lines will be opened for participants to ask questions at the end of the presentation. Questions can also be submitted through the online webcast during the presentation. For questions or further information, please contact CEO and Founder André S. Eriksen, +45 2125 7076, email: ceo@asetek.comCFO Peter Dam Madsen, +45 2080 7200, email: investor.relations@asetek.com About Asetek Asetek (ASTK), a global leader in mechatronic innovation, is a Danish garage-to-stock-exchange success story. Founded in 2000, Asetek established its innovative position as the leading OEM developer and producer of the all-in-one liquid cooler for all major PC & Enthusiast gaming brands. In 2021, Asetek introduced its line of products for next level immersive SimSports gaming experiences. Asetek is headquartered in Denmark and has operations in China, Taiwan and the United States. This information was brought to you by Cision http://news.cision.com https://news.cision.com/asetek/r/asetek---q1-2024--soft-start-to-the-year-as-expected--full-year-expectations-maintained,c3970889 The following files are available for download: https://mb.cision.com/Main/6758/3970889/2770507.pdf Asetek_Q1_press_release https://mb.cision.com/Public/6758/3970889/b565b90c6002e44c.pdf Asetek Q1 presentation View original content:https://www.prnewswire.com/news-releases/asetek--q1-2024-soft-start-to-the-year-as-expected-full-year-expectations-maintained-302131452.html SOURCE Asetek
Photocure ASA: Annual Report 2023
Photocure ASA: Annual Report 2023 OSLO, Norway, April 30, 2024 /PRNewswire/ -- Photocure ASA today announces the publication of the Annual Report and integrated ESG report for 2023. The Board of Directors of Photocure ASA has approved the annual accounts for 2023. The financial statements and annual report for the financial year 2023 are together with the ESG report and auditor's report attached to this notice. The ESEF file for 2023 is also attached. The documents are enclosed and also made available at the company's website under https://photocure.com/investors-hub/investors-events-and-presentations. For further information, please contact: PhotocureCFO Erik DahlTel: +47 450 55 000Email: ed@photocure.com About Photocure ASA: Photocure: The Bladder Cancer Company delivers transformative solutions to improve the lives of bladder cancer patients. Our unique technology, making cancer cells glow bright pink, has led to better health outcomes for patients worldwide. Photocure is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (OSE: PHO). For more information, please visit us at www.photocure.com, www.hexvix.com or www.cysview.com. All trademarks mentioned in this release are protected by law and are registered trademarks of Photocure ASA. This information is subject to the disclosure requirements pursuant to sections 5-12 of the Norwegian Securities Trading Act. This information was brought to you by Cision http://news.cision.com https://news.cision.com/photocure/r/photocure-asa--annual-report-2023,c3970681 The following files are available for download: https://mb.cision.com/Main/17498/3970681/2770366.pdf Release https://mb.cision.com/Main/17498/3970681/2770367.zip 5967007LIEEXZXG8OW35-2023-12-31-en.zip https://mb.cision.com/Public/17498/3970681/adf082da67f89ee2.pdf Photocure Annual Report and ESG 2023 View original content:https://www.prnewswire.com/news-releases/photocure-asa-annual-report-2023-302131414.html SOURCE Photocure
Enterprise Reports First Quarter 2024 Earnings
Enterprise Reports First Quarter 2024 Earnings HOUSTON, Apr. 30 /BusinessWire/ -- Enterprise Products Partners L.P. ("Enterprise") (NYSE:EPD) today announced its financial results for the three months ended March 31, 2024. Enterprise reported net income attributable to common unitholders of $1.5 billion, or $0.66 per unit on a fully diluted basis, for the first quarter of 2024, a 5 percent increase compared to $1.4 billion, or $0.63 per unit on a fully diluted basis, for the first quarter of 2023. Distributable Cash Flow ("DCF") was $1.9 billion for the first quarters of 2024 and 2023. Distributions declared with respect to the first quarter of 2024 increased 5.1 percent to $0.515 per common unit, or $2.06 per common unit annualized, compared to distributions declared for the first quarter of 2023. DCF provided 1.7 times coverage of the distribution declared for the first quarter of this year, and Enterprise retained $786 million of DCF. Enterprise repurchased approximately $40 million of its common units on the open market in the first quarter of 2024. Including these purchases, the partnership has utilized 48 percent of its authorized $2.0 billion common unit buyback program. Adjusted cash flow from operations ("Adjusted CFFO") was $2.1 billion for the first quarter of 2024, compared to $2.0 billion for the first quarter of 2023. Adjusted CFFO was $8.2 billion for the twelve months ended March 31, 2024. Enterprise's payout ratio, comprised of distributions to common unitholders and partnership unit buybacks, for the twelve months ended March 31, 2024, was 56 percent of Adjusted CFFO. Total capital investments were $1.1 billion in the first quarter of 2024, which included $875 million for growth capital projects and $180 million of sustaining capital expenditures. Organic growth capital investments are expected to be in the range of $3.25 billion to $3.75 billion in 2024 and 2025. Sustaining capital expenditures are expected to be approximately $550 million in 2024. Total debt principal outstanding at March 31, 2024 was $29.7 billion. At March 31, 2024, Enterprise had consolidated liquidity of approximately $4.5 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand. Conference Call to Discuss First Quarter 2024 Earnings Enterprise will host a conference call today to discuss first quarter 2024 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership's website at www.enterpriseproducts.com. First Quarter 2024 Financial Highlights As used in this press release, "NGL" means natural gas liquids, "LPG" means liquefied petroleum gas, "BPD" means barrels per day, "MBPD" means thousand barrels per day, "MMcf/d" means million cubic feet per day, "Bcf/d" means billion cubic feet per day, "BBtus/d" means billion British thermal units per day and "TBtus/d" means trillion British thermal units per day. "Enterprise began 2024 with another strong quarter," said A. J. "Jim" Teague, co-chief executive officer of Enterprise's general partner. "Our integrated system of energy infrastructure transported 12.3 million equivalent barrels per day of NGLs, crude oil, petrochemicals, refined products and natural gas, while our marine terminals handled a record 2.3 million barrels per day of hydrocarbons in the first quarter of 2024. The partnership's total gross operating margin for the first quarter of 2024 was $2.5 billion, a 7 percent increase compared to the first quarter of 2023. Our earnings growth in the first quarter of 2024 was primarily driven by contributions from new assets placed into service during the second half of 2023 in our NGL Pipeline & Services segment, a 17 percent increase in net marine terminal volumes attributable to growing international demand for U.S. energy, and higher sales volumes and margins in our octane enhancement business." "The partnership generated $1.9 billion in DCF during the quarter, which supported a 5 percent increase in cash distributions to partners compared to the same quarter last year. We reinvested $786 million of DCF to fund organic growth investments and buybacks," said Teague. "Near the end of the first quarter, we expanded our Permian natural gas processing infrastructure with the start of operations at our Leonidas plant in the Midland Basin and our Mentone 3 plant in the Delaware Basin. Both facilities have a design capacity to process more than 300 MMcf/d of natural gas and extract over 40 MBPD of NGLs. We are pleased to continue to provide essential services that support one of the world's most prolific energy basins. We also began service on Phase 1 of our Texas Western Products System in March, successfully connecting Gulf Coast refined products to end markets in the Permian Basin, with additional Phase 2 destinations in the Albuquerque and Grand Junction markets expected in the second and early third quarters. We look forward to seeing the contributions from these valuable market solutions in the second quarter of this year and beyond," said Teague. Review of First Quarter 2024 Results Total gross operating margin was $2.5 billion for the first quarter of 2024, a 7 percent increase compared to $2.3 billion for the first quarter of 2023. NGL Pipelines & Services - Gross operating margin from the NGL Pipelines & Services segment was $1.3 billion for the first quarter of 2024 compared to $1.2 billion for the first quarter of 2023. Gross operating margin from the natural gas processing business and related NGL marketing activities was $358 million for the first quarter of 2024 compared to $326 million for the first quarter of 2023. Included in gross operating margin for the first quarters of 2024 and 2023 were non-cash, MTM losses related to hedging activities of $7 million and $14 million, respectively. Total fee-based natural gas processing volumes increased 822 MMcf/d to a record 6.4 Bcf/d in the first quarter of 2024, compared to the first quarter of 2023. Total equity NGL-equivalent production volumes were 185 MBPD and 160 MBPD in the first quarters of 2024 and 2023, respectively. The following highlights summarize selected variances within this business, with results for the first quarter of 2024 as compared to the first quarter of 2023: Gross operating margin from NGL marketing activities increased $22 million primarily due to higher average sales margins. Gross operating margin from Permian natural gas processing facilities, including the Delaware Basin and Midland Basin assets, increased $33 million primarily due to higher fee-based processing volumes and higher margin-driven business performance. Delaware Basin fee-based processing volumes increased 160 MMcf/d largely resulting from the addition of the Mentone 2 processing train, which was placed in service in October 2023, and equity NGL-equivalent production volumes were flat. Midland Basin fee-based processing volumes increased 269 MMcf/d stemming from the addition of the Poseidon natural gas processing train, which was placed in service in July 2023, and equity NGL-equivalent production volumes increased 13 MBPD. Gross operating margin from South Texas natural gas processing facilities increased $11 million primarily due to higher average processing margins and lower maintenance costs, partially offset by the impact of a decrease in equity NGL-equivalent production volumes. South Texas fee-based gas processing volumes increased 57 MMcf/d, and equity NGL-equivalent production volumes decreased 9 MBPD. Gross operating margin from Rockies natural gas processing facilities decreased $35 million primarily due to lower average processing margins, including the impact of hedging activities. Rockies fee-based gas processing volumes increased 339 MMcf/d, and equity NGL-equivalent production volumes increased 14 MBPD. Gross operating margin from the NGL pipelines and storage business was $749 million for the first quarter of 2024, an increase of $59 million compared to the first quarter of 2023. Total NGL pipeline transportation volumes were 4.2 million BPD in the first quarter of 2024, a 5 percent increase over the first quarter of 2023. Total NGL marine terminal volumes increased 9 percent, or 71 MBPD, to 895 MBPD for the first quarter of 2024, compared to the first quarter in 2023. The following highlights summarize selected variances within this business, with results for the first quarter of 2024 as compared to the first quarter of 2023: Gross operating margin from Enterprise Hydrocarbons Terminal ("EHT") increased $22 million primarily due to an 83 MBPD increase in LPG export volumes and higher average loading fees. Gross operating margin from Morgan's Point Ethane Export Terminal declined $8 million primarily due to lower average loading fees. Gross operating margin from the Houston Ship Channel Pipeline System increased $11 million in connection with higher average transportation fees and an 86 MBPD increase in transportation volumes. Eastern ethane pipelines, which include the ATEX and Aegis pipelines, reported a $20 million increase in gross operating margin largely due to higher transportation revenues and volumes. Eastern ethane pipeline volumes increased 43 MBPD. Gross operating margin from the Mont Belvieu Storage Complex increased $18 million primarily due to higher storage revenues. On a combined basis, the pipelines serving the Permian and Rocky Mountain regions reported a $15 million increase in gross operating margin. This includes the Mid-America and Seminole NGL Pipeline Systems, Shin Oak NGL Pipeline and Chaparral NGL Pipeline. The variance was primarily driven by higher average transportation fees and a 45 MBPD, net to our interest, increase in transportation volumes, partially offset by higher operating costs. On a combined basis, gross operating margin from our equity investments in Front Range Pipeline, Texas Express Pipeline, and Texas Express Gathering System decreased $12 million primarily due to a combined 16 MBPD, net to our interest, decrease in transportation volumes and lower transportation fees on the Texas Express systems. The South Texas NGL Pipeline System reported a $7 million decrease in gross operating margin primarily due to lower average transportation related fees and higher operating costs, partially offset by the benefit of a 17 MBPD increase in transportation volumes. Gross operating margin from the NGL fractionation business was $233 million for the first quarter of 2024 compared to $196 million for the first quarter of 2023. Total NGL fractionation volumes increased to 1.6 million BPD for the first quarter of 2024 from 1.4 million BPD for the corresponding quarter in 2023. The following highlights summarize selected variances within this business, with results for the first quarter of 2024 as compared to the first quarter of 2023: Gross operating margin from our Mont Belvieu NGL fractionation complex increased $39 million primarily due to a 209 MBPD, net to our interest, increase in fractionation volumes. The increase in volume and gross operating margin was primarily due to the addition of Frac 12, which was placed in service in July 2023. Crude Oil Pipelines & Services - Gross operating margin from the Crude Oil Pipelines & Services segment was $411 million for the first quarter of 2024 compared to $397 million for the first quarter of 2023. Gross operating margin for the first quarter of 2024 includes non-cash, MTM gains of $4 million related to hedging activities compared to non-cash, MTM gains of $13 million included in the first quarter of 2023. Total crude oil pipeline transportation volumes were 2.4 million BPD in the first quarter of 2024 compared to 2.3 million BPD for the same quarter last year. Total crude oil marine terminal volumes were a record 1.1 million BPD this quarter, a 30 percent increase compared to the first quarter of 2023. The following highlights summarize selected variances within this segment, with results for the first quarter of 2024 as compared to the first quarter of 2023: The Midland-to-ECHO Pipeline System and related business activities reported a net $21 million increase primarily due to higher transportation volumes in addition to higher average transportation fees and related margins, partially offset by higher variable operating costs. Transportation volumes on the system increased 65 MBPD, net to our interest. On a combined basis, gross operating margin from our Texas in-basin crude oil pipelines, terminals and other marketing activities decreased $10 million primarily due to lower average sales margins and transportation fees, partially offset by higher sales volumes. Natural Gas Pipelines & Services - Gross operating margin for the Natural Gas Pipelines & Services segment was $312 million for the first quarter of 2024 compared to $314 million for the first quarter of 2023. Total natural gas transportation volumes were 18.6 TBtus/d in the first quarter of 2024 compared to 18.0 TBtus/d for the same quarter in 2023. The following highlights summarize selected variances within this segment, with results for the first quarter of 2024 as compared to the first quarter of 2023: On a combined basis, gross operating margin from the Rocky Mountain Gathering Systems decreased $37 million primarily due to lower average gathering fees indexed to regional natural gas prices. Gathering volumes on these systems, which include the Jonah Gathering, Piceance Basin Gathering, and San Juan Gathering systems, decreased a combined 16 BBtus/d, or 1 percent. Gross operating margin from the Texas Intrastate System increased $14 million primarily due to higher capacity reservation and transportation revenues, in addition to lower operating costs. Transportation volumes increased 46 BBtus/d. Gross operating margin from our natural gas marketing business increased $17 million primarily due to higher sales volumes and average margins. Permian natural gas gathering, including Delaware Basin and Midland Basin Gathering Systems, reported a combined $4 million increase in gross operating margin primarily due to a 503 BBtus/d increase in gathering volumes, partially offset by higher operating costs. Petrochemical & Refined Products Services - Gross operating margin for the Petrochemical & Refined Products Services segment was $444 million for the first quarter of 2024 compared to $419 million for the first quarter of 2023. Total segment pipeline transportation volumes were 859 MBPD in the first quarter 2024 compared to 782 MBPD in the first quarter of 2023. Total marine terminal volumes were 330 MBPD this quarter compared to 321 MBPD for the same quarter of last year. The following highlights summarize selected variances within this segment, with results for the first quarter of 2024 as compared to the first quarter of 2023: Gross operating margin from our octane enhancement and related plant operations increased $57 million primarily due to higher sales volumes and revenues. Gross operating margin from our ethylene business increased $19 million primarily due to higher revenues on our pipelines and terminal assets. Propylene production and related activities reported a $45 million decrease in gross operating margin. At our Mont Belvieu propylene production facilities, higher propylene processing revenues from the PDH 2 facility, which was placed in service in July 2023, were offset by lower propylene sales revenues and higher operating costs. The partnership's PDH 1 facility was down for approximately 52 days during the first quarter of 2024 for planned and unplanned maintenance, compared to 24 days in the same quarter last year. Certain of our propylene splitters were down approximately 32 days during the first quarter of this year for unplanned maintenance. Total propylene and associated by-product production volumes were 96 MBPD, net to our interest, including a 20 MBPD contribution from the PDH 2 facility. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do. Company Information and Use of Forward-Looking Statements Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership's expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise's filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise. The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas, which is the primary industry hub for domestic NGL production) was $0.62 per gallon during the first quarter of 2024 versus $0.66 per gallon during the first quarter of 2023. Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. An increase in our consolidated marketing revenues due to higher energy commodity sales prices may not result in an increase in gross operating margin or cash available for distribution, since our consolidated cost of sales amounts would also be expected to increase due to comparable increases in the purchase prices of the underlying energy commodities. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs. FCF is a non-GAAP measure of how much cash a business generates after accounting for capital expenditures such as plants or pipelines. Additionally, Adjusted FCF is a non-GAAP measure of how much cash a business generates, excluding the net effect of changes in operating accounts, after accounting for capital expenditures. We believe that FCF is important to traditional investors since it reflects the amount of cash available for reducing debt, investing in additional capital projects and/or paying distributions. We believe that Adjusted FCF is also important to traditional investors for the same reasons as FCF, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Since we partner with other companies to fund certain capital projects of our consolidated subsidiaries, our determination of FCF and Adjusted FCF appropriately reflect the amount of cash contributed from and distributed to noncontrolling interests. Adjusted CFFO is a non-GAAP measure that represents net cash flow provided by operating activities before the net effect of changes in operating accounts. We believe that it is important to consider this non-GAAP measure as it can often be a better way to measure the amount of cash generated from our operations that can be used to fund our capital investments or return value to our investors through cash distributions and buybacks, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. DCF is an important non-GAAP liquidity measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this liquidity measure indicates to investors whether or not we are generating cash flows at a level that can sustain or support an increase in our quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a common unitholder. Operational DCF, which is defined as DCF excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments, is a supplemental non-GAAP liquidity measure that quantifies the portion of cash available for distribution to common unitholders that was generated from our normal operations. We believe that it is important to consider this non-GAAP measure as it provides an enhanced perspective of our assets' ability to generate cash flows without regard for certain items that do not reflect our core operations. The GAAP measure most directly comparable to DCF and Operational DCF is net cash flow provided by operating activities. Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash flow provided by operating activities. We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The term "total gross operating margin" represents GAAP operating income exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants), (ii) impairment charges, (iii) gains and losses attributable to asset sales and related matters, and (iv) general and administrative costs. Total gross operating margin includes equity in the earnings of unconsolidated affiliates, but is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Total gross operating margin is presented on a 100 percent basis before any allocation of earnings to noncontrolling interests. The GAAP financial measure most directly comparable to total gross operating margin is operating income. Total gross operating margin excludes amounts attributable to shipper make-up rights as described in footnote (6) to Exhibit A of this press release. The following table summarizes the non-cash mark-to-market gains (losses) for the periods indicated: View source version on businesswire.com: https://www.businesswire.com/news/home/20240430967452/en/ back
Transocean Ltd. Reports First Quarter 2024 Results
Transocean Ltd. Reports First Quarter 2024 Results STEINHAUSEN, Switzerland, April 29, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today reported a net income attributable to controlling interest of $98 million, $0.11 per diluted share, for the three months ended March 31, 2024. First quarter results included net favorable items of $120 million, $0.14 per diluted share, primarily due to $121 million discrete tax items, net. After consideration of these net favorable items, first quarter 2024 adjusted net loss was $22 million, $0.03 per diluted share. Contract drilling revenues for the three months ended March 31, 2024, increased sequentially by $22 million to $763 million, primarily due to increased activity for rigs that returned to work or were fully active this quarter after undergoing contract preparation, higher dayrate and higher reimbursable revenue. This was partially offset by lower revenue efficiency across the fleet, particularly on Deepwater Titan which experienced significant unscheduled downtime related to its blowout preventer, and one less day in the quarter. Deepwater Titan has since resumed dayrate operations. Contract intangible amortization represented a non-cash revenue reduction of $4 million, compared to $7 million in the prior quarter. The contract intangible assets are now fully amortized. Operating and maintenance expense was $523 million, compared with $569 million in the prior quarter. The sequential decrease was primarily due to cost savings on rigs that were idle in the first quarter, reduced contract preparation expenses, and lower in-service maintenance cost on the operating fleet. This was partially offset by higher reimbursed expenses. After consideration of the favorable adjustment of $10 million and $145 million in the first and fourth quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds, interest expense net of capitalized amounts was $127 million, compared to $142 million in the prior period. Interest income was $15 million, compared to $10 million in the previous quarter. The Effective Tax Rate(2) was 206.0%, up from (25.0)% in the prior quarter. The increase was primarily due to changes in deferred taxes related to rig ownership changes, rig movement and contract expirations across multiple jurisdictions. The Effective Tax Rate excluding discrete items was 76.9% compared to (30.0)% in the previous quarter. Cash used in operating activities was $86 million during the first quarter of 2024, representing a decrease of $184 million compared to cash provided by operations in the prior quarter. The sequential decrease was primarily due to increased payments that regularly occur in the first quarter of each year for payroll-related costs and interest expense. First quarter 2024 capital expenditures of $83 million were primarily associated with the newbuild ultra-deepwater drillship Deepwater Aquila. This compares with $220 million in the prior quarter. "Over the first months of 2024, Transocean has achieved some fairly significant milestones. First, we secured a 365-day extension on Deepwater Asgard at a rate of $505,000 per day, once again demonstrating the sustained tightness in the high-specification floater market as well as Transocean's ability to command industry-leading dayrates," said Chief Executive Officer Jeremy Thigpen. "Additionally, earlier this month we finalized a $1.8 billion debt refinancing transaction, enabling us to improve near-term liquidity and start the process of simplifying our balance sheet. We also completed the extension of our revolving credit facility to mid-2028, further enhancing our financial flexibility." Thigpen concluded, "Looking ahead, we remain encouraged by the demand outlook and expect to see numerous long-term contracts awarded over the next several months. As we work to secure those contracts, we will remain acutely focused on operational execution across our fleet, as we endeavor to maximize the conversion of our industry-leading backlog to cash." Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP. All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company's website at: www.deepwater.com. About Transocean Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship. For more information about Transocean, please visit: www.deepwater.com. Conference Call Information Transocean will conduct a teleconference starting at 9 a.m. EDT, 3 p.m. CEST, on Tuesday, April 30, 2024, to discuss the results. To participate, dial +1 785-424-1222 and refer to conference code 102568 approximately 15 minutes prior to the scheduled start time. The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports. A replay of the conference call will be available after 12 p.m. EDT, 6 p.m. CEST, on Tuesday, April 30, 2024. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-0669, passcode 102568. The replay will also be available on the company's website. Forward-Looking Statements The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company's newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at: www.deepwater.com. This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA") or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Notes (1) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled "Revenue Efficiency." (2) Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled "Supplemental Effective Tax Rate Analysis." Analyst Contact:Alison Johnson+1 713-232-7214 Media Contact:Pam Easton+1 713-232-7647
CVR Energy Reports First Quarter 2024 Results and Announces a Cash Dividend of 50 Cents
CVR Energy Reports First Quarter 2024 Results and Announces a Cash Dividend of 50 Cents SUGAR LAND, Texas, April 29, 2024 (GLOBE NEWSWIRE) -- CVR Energy, Inc. ("CVR Energy" or the "Company") (NYSE: CVI) today announced net income attributable to CVR Energy stockholders of $82 million, or $0.81 per diluted share, on net sales of $1.9 billion for the first quarter of 2024, compared to net income attributable to CVR Energy stockholders of $195 million, or $1.94 per diluted share, on net sales of $2.3 billion for the first quarter of 2023. Adjusted earnings for the first quarter of 2024 was 4 cents per diluted share compared to adjusted earnings of $1.44 per diluted share in the first quarter of 2023. Net income for the first quarter of 2024 was $90 million, compared to net income of $259 million in the first quarter of 2023. First quarter 2024 EBITDA was $203 million, compared to first quarter 2023 EBITDA of $401 million. Adjusted EBITDA for the first quarter of 2024 was $99 million, compared to Adjusted EBITDA of $334 million in the first quarter of 2023. "CVR Energy achieved solid results for the 2024 first quarter driven by lower RINs' expense and higher crude oil and refined product prices, offset by lower refining margins and reduced throughput related to the Wynnewood refinery's planned turnaround," said Dave Lamp, CVR Energy's Chief Executive Officer. "CVR Energy also was pleased to announce a regular first quarter 2024 cash dividend of 50 cents per share, part of our peer-leading annualized dividend yield of approximately six percent. "CVR Partners posted solid operating results for the first quarter of 2024 driven by higher ammonia sales volumes attributable to favorable weather conditions, steady nitrogen fertilizer demand for the spring pre-planting season and improved nitrogen fertilizer pricing," Lamp said. "CVR Partners also was pleased to declare a first quarter 2024 cash distribution of $1.92 per common unit." Petroleum The Petroleum Segment reported first quarter 2024 operating income of $118 million on net sales of $1.7 billion compared to operating income of $237 million on net sales of $2.0 billion in the first quarter of 2023. First quarter 2024 combined total throughput was approximately 196,000 bpd compared to approximately 196,000 bpd of combined total throughput for the first quarter of 2023. Refining margin was $290 million, or $16.29 per total throughput barrel, in the first quarter of 2024 compared to $411 million, or $23.24 per total throughput barrel, during the same period in 2023. The primary factors contributing to the $121 million decrease in refining margin were: A decrease in the Group 3 2-1-1 crack spread of $14.61 per barrel, driven by a tightening of gasoline and distillate crack spreads primarily due to increased inventory levels and lower demand in the current year; andUnfavorable derivative impacts of $57 million from losses on open crack spread swap positions in the current period compared to gains in the first quarter of 2023. Factors partially offsetting the decrease in refining margin were: A decline in Renewable Fuel Standard ("RFS") related expense of $85 million, which includes a reduction in renewable identification number ("RIN") revaluation impact of $35 million; andFavorable inventory valuation impacts of $37 million for the three months ended March 31, 2024, compared to unfavorable inventory valuation impacts of $12 million for the three months ended March 31, 2023, primarily due to rising crude oil prices in the current period compared to falling crude oil prices in the first quarter of 2023. Nitrogen Fertilizer The Nitrogen Fertilizer Segment reported operating income of $20 million on net sales of $128 million for the first quarter of 2024 compared to operating income of $109 million on net sales of $226 million for the first quarter of 2023. CVR Partners, LP's ("CVR Partners") fertilizer facilities produced a combined 193,000 tons of ammonia during the first quarter of 2024, of which 60,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 305,000 tons of urea ammonia nitrate ("UAN"). During the first quarter 2023, the fertilizer facilities produced a combined 224,000 tons of ammonia, of which 62,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 366,000 tons of UAN. These decreases were due to the 14-day planned downtime at the Coffeyville fertilizer facility in the current period. First quarter 2024 average realized gate prices for UAN showed a reduction over the prior year, down 42 percent to $267 per ton, and ammonia was down 41 percent over the prior year to $528 per ton. Average realized gate prices for UAN and ammonia were $457 and $888 per ton, respectively, for the first quarter of 2023. Corporate and Other The Company reported an income tax expense of $17 million, or 15.9 percent of income before income taxes, for the three months ended March 31, 2024, as compared to an income tax expense of $56 million, or 17.8 percent of income before income taxes, for the three months ended March 31, 2023. The decrease in income tax expense was primarily due to changes in pretax earnings, while the decrease in effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings. The renewable diesel unit at the Wynnewood refinery had total vegetable oil throughputs for the first quarter of 2024 of approximately 6.9 million gallons, down from 22.4 million gallons in the first quarter of 2023. The decrease was primarily due to a catalyst change at the renewable diesel unit during the first quarter of 2024. Cash, Debt and Dividend Consolidated cash and cash equivalents were $644 million at March 31, 2024, an increase of $63 million from December 31, 2023. Consolidated total debt and finance lease obligations were $1.6 billion at March 31, 2024, including $547 million held by the Nitrogen Fertilizer Segment. CVR Energy announced a first quarter 2024 cash dividend of 50 cents per share. The quarterly dividend, as declared by CVR Energy's Board of Directors, will be paid on May 20, 2024, to stockholders of record as of May 13, 2024. Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2024 cash distribution of $1.92 per common unit, which will be paid on May 20, 2024, to common unitholders of record as of May 13, 2024. First Quarter 2024 Earnings Conference Call CVR Energy previously announced that it will host its first quarter 2024 Earnings Conference Call on Tuesday, April 30, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters. The first quarter 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy's website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/uzouxcj2. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13745530. Forward-Looking StatementsThis news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; income, sales and earnings per share; EBITDA and Adjusted EBITDA; RINs expense; asset utilization, capture, production volume, product yield and crude oil gathering rates; cash flow generation; production; operating income and net sales; throughput, including the impact of turnarounds thereon; refining margin, including contributors thereto; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; dividend yield, including our performance versus peers; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company's ability to offset the impact thereof; disruptions to operations, including impacts on results; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production rates; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes, including factors driving same; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; purchases under share or unit repurchase programs (if any), or the termination thereof; reduction of outstanding debt, including through the redemption of outstanding notes; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; the April 2024 fire at the Wynnewood Refinery including the impact thereof on our operations, financial position or otherwise; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as "outlook," "anticipate," "believe," "continue," "could," "estimate," "expect," "explore," "evaluate," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards, including the impacts of fires at our facilities; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder's intention regarding ownership of our common stock and potential strategic transactions involving us or CVR Partners; general economic and business conditions; political disturbances, geopolitical instability and tensions; impacts of plant outages and weather conditions and events; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission ("SEC") filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. About CVR Energy, Inc. Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewables, petroleum refining and marketing business as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. For further information, please contact: Investor RelationsRichard RobertsCVR Energy, Inc.(281) 207-3205InvestorRelations@CVREnergy.com Media RelationsBrandee StephensCVR Energy, Inc. (281) 207-3516MediaRelations@CVREnergy.com Non-GAAP Measures Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below. The following are non-GAAP measures we present for the periods ended March 31, 2024 and 2023: EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Petroleum EBITDA and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization. Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other. Refining Margin, adjusted for Inventory Valuation Impacts - Refining Margin adjusted to exclude the impact of current period market price and volume fluctuations on crude oil and refined product inventories purchased in prior periods and lower of cost or net realizable value adjustments, if applicable. We record our commodity inventories on the first-in-first-out basis. As a result, significant current period fluctuations in market prices and the volumes we hold in inventory can have favorable or unfavorable impacts on our refining margins as compared to similar metrics used by other publicly traded companies in the refining industry. Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts, per Throughput Barrel - Refining Margin and Refining Margin adjusted for Inventory Valuation Impacts divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period. Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period. Adjusted EBITDA, Petroleum Adjusted EBITDA and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures. We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See "Non-GAAP Reconciliations" included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors Affecting Comparability of Our Financial Results Petroleum Segment Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $39 million and $40 million during the three months ended March 31, 2024 and 2023, respectively. The next planned turnaround is currently scheduled to take place in 2025 at the Coffeyville refinery. Selected Balance Sheet Data Selected Cash Flow Data Selected Segment Data Selected Balance Sheet Data Petroleum Segment Key Operating Metrics per Total Throughput Barrel Refining Throughput and Production Data by Refinery Key Market Indicators Nitrogen Fertilizer Segment: Ammonia Utilization Rates (1) Sales and Production Data Key Market Indicators Q2 2024 Outlook The table below summarizes our outlook for certain operational statistics and financial information for our Nitrogen Fertilizer Segment for the second quarter of 2024. See "Forward-Looking Statements" above. The second quarter of 2024 outlook for our petroleum and renewables businesses is not being provided due to the undetermined impact of a fire that commenced at the Wynnewood Refinery during severe weather in the early morning hours of April 28, 2024, which fire was extinguished later that morning. The Wynnewood Refinery began the process of re-starting portions of the refinery later that evening. No employees or contractors were injured in the incident. Operations at the Coffeyville Refinery were not impacted by the fire. While management does not currently expect the impacts of this incident to be material to the Company's overall financial position, its assessment remains in process. The Company expects to issue an outlook for these businesses for the second quarter of 2024 once the expected impact of the incident is determined. Non-GAAP Reconciliations: Reconciliation of Net Income to EBITDA and Adjusted EBITDA Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Refining Margin Adjusted for Inventory Valuation Impacts Reconciliation of Petroleum Segment Total Throughput Barrels and Metrics per Total Throughput Barrel Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA
nomnom Launches Summer Sweepstakes to Catch the Colorado Rockies Live in Action
nomnom Launches Summer Sweepstakes to Catch the Colorado Rockies Live in Action SPOKANE, Wash., April 29, 2024 (GLOBE NEWSWIRE) -- nomnom, a wholly owned subsidiary of Par Pacific Holdings, Inc., is taking a lucky rewards customer and a friend out to a Major League Baseball game during its "Bases Loaded Fly-Away Sweepstakes." From May 1 to July 31, nomnom rewards members will have a chance to win a roundtrip vacation for two to Colorado, which includes a Southwest gift card, 2-night hotel stay at The Rally Hotel, two Spokane Indians jerseys and two tickets to a Colorado Rockies game. "Summer is the perfect time to offer our rewards members a fun sweepstakes for a chance to win a trip to Colorado to enjoy America's pastime," said Brian Gray, Head of Marketing at Par Pacific Holdings. "Stay tuned on the nomnom app for $0.15 cents per gallon off everyday savings and surprise giveaways throughout the year." To participate, customers who have downloaded the nomnom app simply need to click on the Bases Loaded Fly-Away Sweepstakes to enter. One winner will be randomly selected in August. No purchase is necessary to enter and customers are only allowed to enter once. To enjoy nomnom's everyday savings and to stay informed of the latest deals, download the nomnom app on your smartphone or tablet. Follow nomnom on Instagram and like us on Facebook. About nomnomFor busy people on the go, nomnom puts you in the fast lane to a full tank and a happy belly because nomnom takes snacking to the next level by offering indulgent foods that you love and a friendly, convenient stop for all the essentials you need to fuel your day. Indulge in the delicious world of nomnom! With over 30 bustling locations and ongoing expansions, discover your nearest nomnom store in Washington and Idaho today! nomnom Rewards members can enjoy a daily discount of 15 cents per gallon all-day, every day, receive additional discounts on gas and win cool prizes. Contacts Dallas Scholesdscholes@parpacific.comEric Barandaebaranda@parpacific.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2ded492-bd4f-4da6-8fa0-61b38a1a7b41 nomnom nomnom sends you to the majors
Alto Ingredients, Inc. to Release First Quarter 2024 Financial Results on May 6, 2024
Alto Ingredients, Inc. to Release First Quarter 2024 Financial Results on May 6, 2024 PEKIN, Ill., April 29, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel and essential ingredients and the largest producer of specialty alcohols in the United States, announced it will release its first quarter 2024 financial results after the close of market on Monday, May 6, 2024. Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time and will deliver prepared remarks via webcast followed by a question-and-answer session. How to participate: To listen to the webcast, visit the Alto Ingredients website.To receive a number and unique PIN by email, register here.To dial directly twenty minutes prior to the scheduled call time, dial (833) 630-0017 domestically and (412) 317-1806 internationally. Please ask to join Alto Ingredients. The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Monday, May 6, 2024, through 8:00 p.m. Eastern Time on Monday, May 13, 2024. To access the replay, please dial 877-344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 8726641. About Alto Ingredients, Inc.Alto Ingredients, Inc. (ALTO) produces and distributes renewable fuel and essential ingredients and is the largest producer of specialty alcohols in the United States. The company is focused on products for five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels. The company's customers include major food and beverage companies and consumer products companies. For more information, please visit www.altoingredients.com. Media and Company IR Contact: Michael Kramer, Alto Ingredients, Inc., 916-403-2755 Investorrelations@altoingredients.com IR Agency Contact: Kirsten Chapman, LHA Investor Relations, 415-433-3777 Investorrelations@altoingredients.com
ProPetro Announces Agreement for FORCESM Electric Hydraulic Fracturing Services
ProPetro Announces Agreement for FORCESM Electric Hydraulic Fracturing Services MIDLAND, Texas, Apr. 29 /BusinessWire/ -- ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:PUMP) has entered into a three year Hydraulic Fracturing Services Agreement (the "Agreement") to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin. ProPetro's Chief Executive Officer, Sam Sledge, commented, "We're thrilled to announce a key strategic step for ProPetro as we strengthen our longstanding relationship with ExxonMobil. Having collaborated with them since 2015, our partnership has always been rooted in safety and operational excellence. Now, by introducing our FORCESM electric fleets, we're moving towards a more sustainable and industrialized future together." "This step is a significant moment for us, showcasing our collaboration with a leading global energy provider to deliver innovative, cost-effective, and more environmentally friendly energy service solutions through our multi-year agreement. This commitment, which includes electric hydraulic fracturing, wireline, and pumpdown services, underlines our dedication to leading the industry with high-quality, low-emission, and industrialized services." "On behalf of ProPetro, we look forward to advancing our partnership with ExxonMobil, emphasizing our mutual dedication to reliable and safe operations in the Permian Basin, a cornerstone of energy reliability and security. Today's announcement reinforces our strategy's validity and our drive to build an efficient and profitable business here at ProPetro." ProPetro will deliver and dedicate FORCESM electric-powered hydraulic fracturing fleets to provide fracture stimulation pumping services coupled with our Silvertip wireline and pumpdown services along with other products in connection with such services. The agreement includes the deployment of two FORCESM electric hydraulic fracturing fleets, wireline, and pumpdown services in the first half of 2024 with an option for a third FORCESM fleet with wireline and pumpdown services to commence operations in early 2025. The services are to be delivered over a three-year term with various provisions including performance incentives. About ProPetro ProPetro Holding Corp. is a Midland, Texas-based provider of premium completion services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. We help bring reliable energy to the world. For more information visit www.propetroservices.com. Forward-Looking Statements Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," "will," "should" and other expressions that are predictions of, or indicate, future events and trends or that do not relate to historical matters generally identify forward-looking statements. Our forward-looking statements include, among other matters, statements about the supply of and demand for hydrocarbons, our business strategy, industry, projected financial results and future financial performance, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures, the impact of such expenditures on our performance and capital programs, our fleet conversion strategy and our share repurchase program. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the global macroeconomic uncertainty related to the conflict in the Israel-Gaza region and the Russia-Ukraine war, general economic conditions, including the impact of continued inflation, central bank policy actions, bank failures, and the risk of a global recession, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the "Risk Factors" sections of such filings, and other filings with the Securities and Exchange Commission (the "SEC"). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company's business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20240429442014/en/ back
Custom Truck One Source Opens New Location in Utah to Meet Growing Demand
Custom Truck One Source Opens New Location in Utah to Meet Growing Demand KANSAS CITY, Mo., Apr. 29 /BusinessWire/ -- Custom Truck One Source, Inc. (NYSE:CTOS), a leading provider of sales, rental and service for specialized equipment, announced today the opening of a new location in Ogden, Utah. The new facility will enhance Custom Truck's ability to offer its full range of equipment, parts and services to customers in the greater Salt Lake City market and broader Western region. This location in Ogden, Utah, situated north of Salt Lake City, adds 10,000 square feet of space and five service bays to the Company's national footprint. The facility will also serve as a sales and rental hub in the area, providing access to Custom Truck's full line of equipment for the electric utility, telecommunications, rail, forestry, refuse and vocational industries. "We are excited to open our new location in Ogden and expand our presence in this market," said Ryan McMonagle, CEO of Custom Truck. "Salt Lake City was recently named as one of the fastest growing cities in the US. We look forward to assisting customers in the market with the equipment they need to build the infrastructure to support this growth. We believe this new location will serve as a strategic asset to support the utility infrastructure buildout taking place in the region over the coming years. We look forward to serving our existing and new customers in the region with all of the equipment they need to get the job done," McMonagle added. ABOUT CUSTOM TRUCK ONE SOURCE Custom Truck One Source is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, with a differentiated "one-stop-shop" business model. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 10,300 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit customtruck.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240429649756/en/ back
Diamondback Energy, Inc. Receives Stockholder Approval for Proposed Transaction with Endeavor Energy Resources, L.P.
Diamondback Energy, Inc. Receives Stockholder Approval for Proposed Transaction with Endeavor Energy Resources, L.P. MIDLAND, Texas, April 26, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback" or the "Company") today announced that its stockholders have approved the issuance of shares of Diamondback common stock in connection with the proposed business combination with Endeavor Energy Resources, L.P. ("Endeavor"). Additionally, Diamondback stockholders approved a proposal to amend the Company's certificate of incorporation to increase the authorized number of shares of Diamondback common stock. The final voting results from Diamondback's special meeting of stockholders will be set forth in a Form 8-K to be filed by Diamondback with the U.S. Securities and Exchange Commission. The business combination with Endeavor is subject to customary closing conditions, including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. About Diamondback Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Investor Contact: Adam Lawlis +1 432.221.7467 alawlis@diamondbackenergy.com Forward Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding the anticipated timing of the proposed transaction are forward-looking statements. When used in this press release, the words "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "model," "outlook," "plan," "positioned," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback's control. Accordingly, forward looking statements are not guarantees of future performance and actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements. Factors that could cause the outcomes to differ materially include (but are not limited to) the following: the completion of the proposed transaction on anticipated terms and timing or at all, including regulatory approval and satisfying other conditions to the completion of the transaction; uncertainties as to whether the proposed transaction, if consummated, will achieve its anticipated benefits and projected synergies within the expected time period or at all; Diamondback's ability to integrate Endeavor's operations in a successful manner and in the expected time period; the occurrence of any event, change, or other circumstance that could give rise to the termination of the proposed transaction; risks that the anticipated tax treatment of the proposed transaction is not obtained; unforeseen or unknown liabilities; unexpected future capital expenditures; potential litigation relating to the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the effect of the pendency, or completion of the proposed transaction on the parties' business relationships and business generally; risks that the proposed transaction disrupts current plans and operations of Diamondback or Endeavor and their respective management teams and potential difficulties in retaining employees as a result of the proposed transaction; the risks related to Diamondback's financing of the proposed transaction; potential negative effects of the pendency or completion of the proposed transaction on the market price of Diamondback's common stock and/or operating results; rating agency actions and Diamondback's ability to access short- and long-term debt markets on a timely and affordable basis; changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; concerns over a potential economic slowdown or recession; inflationary pressures; rising interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback's Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC's website at http://www.sec.gov and Diamondback's website at www.diamondbackenergy.com/investors/; and those risks more fully described in the definitive proxy statement on Schedule 14A filed with the SEC in connection with the proposed transaction. In light of these factors, the events anticipated by Diamondback's forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.