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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
CORE LAB REPORTS FIRST QUARTER 2024 RESULTS
CORE LAB REPORTS FIRST QUARTER 2024 RESULTS FIRST QUARTER REVENUE OF $129.6 MILLION, UP MODESTLY SEQUENTIALLY AND YEAR-OVER-YEARFIRST QUARTER OPERATING INCOME OF $8.6 MILLION; EX-ITEMS, $14.9 MILLION, FLAT SEQUENTIALLY, UP 3% YEAR-OVER-YEAR FIRST QUARTER OPERATING MARGINS, EX-ITEMS, OF 12% FIRST QUARTER GAAP EPS OF $0.07; EX-ITEMS, $0.19, FLAT SEQUENTIALLY AND YEAR-OVER-YEARFIRST QUARTER FREE CASH FLOW OF $2.5 MILLIONCOMPANY ANNOUNCES Q2 2024 QUARTERLY DIVIDENDHOUSTON, April 24, 2024 /PRNewswire/ -- Core Laboratories Inc. (NYSE: "CLB") ("Core", "Core Lab", or the "Company") reported first quarter 2024 revenue of $129,600,000. Core's operating income was $8,600,000, with diluted earnings per share ("EPS") of $0.07, all in accordance with U.S. generally accepted accounting principles ("GAAP"). Operating income, ex-items, a non-GAAP financial measure, was $14,900,000, yielding operating margins of 12%, and EPS, ex-items, of $0.19. During the first quarter of 2024, the Company recorded: 1) approximately $3,500,000 of non-cash stock compensation expense associated with full recognition of unvested awards for employees who have reached their eligible retirement age, and 2) employee severance, facility exit and consolidation expenses of $2,600,000. A full reconciliation of non-GAAP financial measures is included in the attached financial tables. Core's CEO, Larry Bruno stated, "Core Lab delivered modest revenue growth and overcame the typical sequential seasonal decline in client activity that we often experience between the fourth and first quarters. Strong demand for both our Reservoir Description laboratory services and Production Enhancement's completion diagnostic services drove the quarter. Core's investments to expand laboratory capabilities in the Middle East and other international markets prior to and during the global pandemic are now delivering results, as long-delayed client analytical projects progress into the early stages of execution. We expect that these prior investments in international growth opportunities will generate superior, long-term returns. Production Enhancement's sequential financial performance was driven by higher demand for both U.S. and international completion diagnostics, as Core's clients seek to evaluate new completion designs for optimizing hydrocarbon production. Despite quarter-over-quarter softness in U.S. completion activity, U.S. product sales also improved sequentially. Core Lab used excess free cash to reduce debt by $3,000,000 in the first quarter of 2024, and will continue to remain focused on executing strategic business initiatives while reducing our leverage ratio." Reservoir Description Reservoir Description operations are closely correlated with trends in international and offshore activity levels, with approximately 80% of revenue sourced from projects originating outside the U.S. Revenue in the first quarter of 2024 was $84,200,000, flat sequentially and an increase of 5% from last year. Operating income on a GAAP basis was $6,900,000, while operating income, ex-items, was $11,400,000, yielding operating margins of 14%. The segment's financial performance in the first quarter of 2024 reflects a year-over-year increase in demand for reservoir rock and fluid analysis in both international and U.S. markets. This growth helped offset both the typical seasonal decline in client activity that occurs between the fourth and first quarters, as well as on-going disruptions to hydrocarbon transportation and trading patterns caused by the Middle East and Russia-Ukraine conflicts. While operating margins remained strong at 14%, sequential margins were somewhat impacted by the mix of services delivered to Core's clients compared to the fourth quarter of 2023. During the first quarter of 2024, Core Laboratories continued to experience increased industry adoption of its proprietary web-enabled data management system, RAPID™. A significant milestone was achieved with the successful installation of RAPID™ by a prominent Middle Eastern National Oil Company ("NOC"). The installation, as part of a platform demonstration, rigorously tested the system's functionality and is providing the NOC with centralized, consistent, and easily accessible subsurface data in a secure format. RAPID™ empowers clients to efficiently organize, retrieve, archive and analyze vast amounts of geological, petrophysical, reservoir engineering and reservoir fluid data. The database facilitates sophisticated queries through a user-friendly interface, enhancing various predictive and Artificial Intelligence ("AI") innovations. Utilizing RAPID™ as the primary platform for subsurface data management within this NOC allows for a more robust digital environment for future AI projects. Core Lab continues its leadership position in the digitization of the oil field, bridging data analytical tools with digitally delivered and archived data. Also during the first quarter of 2024, Core Lab was engaged to evaluate conventional cores from the North Slope region of Alaska. This project brought together Core's proprietary and patented technologies to help the client optimize their reservoir. By using a combination of drilling mud tracers from Core's Production Enhancement segment, along with proprietary laboratory technologies from Reservoir Description, Core's InvasionProfiler™ technology package allowed the operator to quantify the invasion of drilling mud filtrate. The client will use this data to refine their reservoir model with tracer-corrected fluid saturation data. A laboratory program is also under way on the recovered reservoir fluids from this project to determine the chemical and physical properties of the hydrocarbons. This comprehensive rock and fluid analytical program provides the hard data points required to define pay zones, build and de-risk reservoir models, and predict reservoir performance. Production Enhancement Production Enhancement operations, which are focused on complex completions in unconventional oil and gas reservoirs in the U.S., as well as conventional projects across the globe, posted first quarter 2024 revenue of $45,400,000, up over 4% sequentially. The sequential financial performance reflects both higher demand for completion diagnostic services as well as improved penetration of completion products in the U.S., despite a quarter-over-quarter decline in completion activity. Operating income on a GAAP basis was $1,600,000, while operating income, ex-items, was $3,400,000, yielding operating margins of 8%, an improvement of 200 basis points sequentially, with incremental margins exceeding 55%. In the first quarter of 2024, Core Lab's Production Enhancement engineers introduced new capabilities for its proprietary downhole Metal Anomaly Tool technology. The Metal Anomaly Tool ("MAT") is used when preferential alignment of perforating guns are required to ensure that casing clamps, data cables and control lines are not cut during the perforating process. The MAT technology measures magnetic fields induced during fluid flow around protrusions that surround the casing, such as those caused by clamps and lines. However, certain reservoir applications require the use of high-chromium-content well casing to mitigate corrosion, such as where CO2 or H2S are present in high concentrations. High-chromium-content casing has historically created limitations for the MAT technology, as the metallurgy attenuates the magnetic field peripheral to the casing. Core's engineers developed a proprietary solution that allows the MAT technology to identify clamps, cables and lines behind high-chromium-content casing, reducing operational risks in real time. Also during the first quarter of 2024, Core's diagnostic technologies were employed in two mature U. S. basins to assess high-profile well completions. In the Eagle Ford, an operator needed to confirm the performance of refrac treatments in horizontal wells. The operator enlisted Core Lab to run its SpectraChem® water tracers to confirm frac fluid placement and fluid flowback from each of the twenty-one treatment stages. After the frac job, produced water samples indicated effective treatment placement and flowback from each refrac stage with one exception. The outermost toe stage demonstrated a steep production drop compared to the remainder of the re-completed lateral. Further analysis indicated there was an obstruction in the toe of the well. The operator performed a remedial procedure to remove the obstruction, and production from the toe stage reached a level of contribution commensurate with the remainder of the well. In the Permian Basin, Core's proprietary technologies were utilized to evaluate the effectiveness of a surfactant additive in horizontal well frac treatments. The objective was to determine if the surfactant would improve oil recovery in this very tight shale strata. The operator wanted to determine the efficacy of the product without having to perform long-term, multi-well, post-frac comparisons. The operator enlisted Core to run its proprietary Flow Profiler™ oil tracer diagnostics across the length of the well to compare production from treated and untreated stages. The produced oil samples indicated higher oil contributions from the surfactant-treated stages. This enabled the operator to quickly take advantage of this beneficial, and environmentally friendly, surfactant in upcoming wells. Liquidity, Free Cash Flow and Dividend Core continues to focus on maximizing free cash flow ("FCF"), a non-GAAP financial measure defined as cash from operations less capital expenditures. For the first quarter of 2024, cash from operations was approximately $5,500,000 and capital expenditures were $3,000,000, yielding FCF of $2,500,000. Cash from operations was impacted by an increase in working capital, as accounts receivable grew by $5,700,000 during the quarter. The growth in accounts receivable occurred in March, reflecting strong sales in the U.S. market as we exited the quarter. Core expects the Company to continue generating positive free cash flow in future quarters. As of March 31, 2024, Core reduced debt by $3,000,000 from prior quarter-end to $163,000,000. The Company's leverage ratio of 1.76 was unchanged compared to prior quarter-end. The Company will continue applying future free cash towards reducing debt until the Company reaches its target leverage ratio (calculated as total net debt divided by trailing twelve months adjusted EBITDA) of 1.5 times or lower. On January 31, 2024, Core's Board of Directors ("Board") announced a quarterly cash dividend of $0.01 per share of common stock, which was paid on March 4, 2024 to shareholders of record on February 12, 2024. On April 24, 2024, the Board approved a cash dividend of $0.01 per share of common stock payable on May 28, 2024 to shareholders of record on May 6, 2024. Return On Invested Capital The Board and the Company's Executive Management continue to focus on strategies that maximize return on invested capital ("ROIC") and FCF, factors that have high correlation to total shareholder return. Core's commitment to an asset-light business model and disciplined capital stewardship promote capital efficiency and are designed to produce more predictable and superior long-term ROIC. The Board has established an internal metric to demonstrate ROIC performance relative to the oilfield service companies listed as Core's Comp Group by Bloomberg, as the Company continues to believe superior ROIC will result in higher total shareholder return. Using Bloomberg's formula, the Company's ROIC for the first quarter of 2024 was 11.6% and remained relatively flat compared to prior quarter-end. Industry and Core Lab Outlook and Guidance As 2024 unfolds, Core will continue to execute its strategic plan of technology investments targeted to both solve client problems and capitalize on Core's growth opportunities. The Company will also remain focused on maximizing ROIC, generating free cash and reducing debt. Core Lab maintains its constructive outlook on international upstream projects for 2024 and anticipates sustainable activity growth in the years ahead to support crude-oil demand and energy security concerns. Year to date, crude-oil demand is performing as expected, with an increase in demand during the first three months of the year. For the short and long term, increased investment in the development of onshore and offshore crude-oil fields will be required to maintain and grow hydrocarbon production. In the near-term, crude-oil markets remain volatile due to global recession fears and the uncertainties related to on-going conflicts in Russia-Ukraine and the Middle East. As international activity continues to expand, committed long-term upstream projects from the Middle East, South Atlantic Margin, certain areas of Asia Pacific and West Africa support year-over-year growth for Core Lab. As such, Core anticipates Reservoir Description's second quarter 2024 revenue to continue growing; however, the geopolitical situations in Russia-Ukraine and the Middle East continue to create volatility with respect to trading patterns and maritime transportation of crude oil and derived products, potentially impacting demand for the lab services Core provides to these markets. Turning to the U.S., frac spread activity peaked in the fall of 2022; however, the declines experienced in completion activity during 2023 appear to have stabilized. Core Lab continues to project completion activity in 2024 to remain relatively flat compared to 2023. However, market penetration of Core's proprietary energetic system and completion diagnostic service technologies are projected to outperform activity levels. Reservoir Description's second quarter 2024 revenue is projected to range from $85,500,000 to $88,500,000, with operating income of $12,700,000 to $14,400,000. Core's Production Enhancement segment's second quarter 2024 revenue is estimated to range from $44,500,000 to $47,500,000, with operating income of $1,600,000 to $2,600,000. The Company's second quarter 2024 revenue is projected to range from $130,000,000 to $136,000,000, with operating income of $14,500,000 to $17,300,000, yielding operating margins of approximately 12%. EPS for the second quarter of 2024 is expected to be $0.19 to $0.23. The Company's second quarter 2024 guidance is based on projections for underlying operations and excludes gains and losses in foreign exchange. Second quarter 2024 guidance also assumes an effective tax rate of 20%. Earnings Call Scheduled The Company has scheduled a conference call to discuss Core's first quarter 2024 earnings announcement. The call will begin at 7:30 a.m. CDT / 8:30 a.m. EDT on Thursday, April 25, 2024. To listen to the call, please go to Core's website at www.corelab.com. Core Laboratories Inc. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release, as well as other statements we make, includes forward-looking statements regarding the Company's future revenue, profitability, business strategies and developments, demand for the Company's products and services and for products and services of the oil and gas industry generally, made in reliance upon the safe harbor provisions of Federal securities law. The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business and general economic conditions, including inflationary pressures, the ability to achieve the benefits of the redomestication of the parent company from the Netherlands to the United States, international markets, international political climates, including the Russia-Ukraine and the Middle East geopolitical conflicts, public health crises, and any related actions taken by businesses and governments, and other factors as more fully described in the Company's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law. Visit the Company's website at www.corelab.com. Connect with Core Lab on Facebook, LinkedIn and YouTube. CORE LABORATORIES INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended % Variance March 31, 2024 December 31,2023 March 31, 2023 vs. Q4-23 vs. Q1-23 REVENUE $ 129,637 $ 128,210 $ 128,356 1.1 % 1.0 % OPERATING EXPENSES: Costs of services and product sales 104,588 101,517 101,528 3.0 % 3.0 % General and administrative expense 11,789 8,665 16,331 36.1 % (27.8) % Depreciation and amortization 3,843 3,874 4,044 (0.8) % (5.0) % Other (income) expense, net 846 (427) (28) NM NM Total operating expenses 121,066 113,629 121,875 6.5 % (0.7) % OPERATING INCOME 8,571 14,581 6,481 (41.2) % 32.2 % Interest expense 3,423 3,618 3,429 (5.4) % (0.2) % Income before income taxes 5,148 10,963 3,052 (53.0) % 68.7 % Income tax expense 1,658 8,529 610 (80.6) % 171.8 % Net income 3,490 2,434 2,442 43.4 % 42.9 % Net income attributable to non-controlling interest 270 235 69 NM NM Net income attributable to Core Laboratories Inc. $ 3,220 $ 2,199 $ 2,373 46.4 % 35.7 % Diluted earnings per share $ 0.07 $ 0.05 $ 0.05 40.0 % 40.0 % Diluted earnings per share attributable to Core Laboratories Inc. $ 0.07 $ 0.05 $ 0.05 40.0 % 40.0 % Diluted weighted average common shares outstanding 47,703 47,557 47,481 0.3 % 0.5 % Effective tax rate 32 % 78 % 20 % NM NM SEGMENT INFORMATION: Revenue: Reservoir Description $ 84,236 $ 84,628 $ 80,188 (0.5) % 5.0 % Production Enhancement 45,401 43,582 48,168 4.2 % (5.7) % Consolidated $ 129,637 $ 128,210 $ 128,356 1.1 % 1.0 % Operating income: Reservoir Description $ 6,892 $ 12,259 $ 2,471 (43.8) % 178.9 % Production Enhancement 1,576 2,195 3,281 (28.2) % (52.0) % Corporate and Other 103 127 729 NM NM Consolidated $ 8,571 $ 14,581 $ 6,481 (41.2) % 32.2 % "NM" means not meaningful CORE LABORATORIES INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) % Variance ASSETS: March 31, 2024 December 31,2023 vs. Q4-23 Cash and cash equivalents $ 14,913 $ 15,120 (1.4) % Accounts receivable, net 115,092 109,352 5.2 % Inventories 70,711 71,702 (1.4) % Other current assets 28,331 26,962 5.1 % Total current assets 229,047 223,136 2.6 % Property, plant and equipment, net 98,521 99,626 (1.1) % Right of use assets 53,636 53,842 (0.4) % Intangibles, goodwill and other long-term assets, net 206,746 209,791 (1.5) % Total assets $ 587,950 $ 586,395 0.3 % LIABILITIES AND EQUITY: Accounts payable $ 32,486 $ 33,506 (3.0) % Short-term operating lease liabilities 10,430 10,175 2.5 % Other current liabilities 42,552 44,416 (4.2) % Total current liabilities 85,468 88,097 (3.0) % Long-term debt, net 160,370 163,134 (1.7) % Long-term operating lease liabilities 41,481 42,076 (1.4) % Other long-term liabilities 63,214 63,281 (0.1) % Total equity 237,417 229,807 3.3 % Total liabilities and equity $ 587,950 $ 586,395 0.3 % CORE LABORATORIES INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 3,490 $ 2,442 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Stock-based compensation 4,820 8,984 Depreciation and amortization 3,843 4,044 Deferred income taxes 2,827 936 Accounts receivable (6,290) (4,024) Inventories 991 (6,897) Accounts payable (551) (7,078) Other adjustments to net income (3,600) (1,576) Net cash provided by (used in) operating activities 5,530 (3,169) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (3,052) (2,208) Net proceeds on life insurance policies 805 - Other investing activities 590 170 Net cash provided by (used in) investing activities (1,657) (2,038) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt (17,000) (16,000) Proceeds from long-term debt 14,000 24,000 Dividends paid (468) (466) Repurchase of common stock (44) (1) Equity related transaction costs (549) (1,285) Other financing activities (19) (184) Net cash provided by (used in) financing activities (4,080) 6,064 NET CHANGE IN CASH AND CASH EQUIVALENTS (207) 857 CASH AND CASH EQUIVALENTS, beginning of period 15,120 15,428 CASH AND CASH EQUIVALENTS, end of period $ 14,913 $ 16,285 Non-GAAP Information Management believes that the exclusion of certain income and expenses enables it to evaluate more effectively the Company's operations period-over-period and to identify operating trends that could otherwise be masked by the excluded Items. For this reason, management uses certain non-GAAP measures that exclude these Items and believes that this presentation provides a clearer comparison with the results reported in prior periods. The non-GAAP financial measures should be considered in addition to, and not as a substitute for, the financial results prepared in accordance with GAAP, as more fully discussed in the Company's financial statements and filings with the Securities and Exchange Commission. Reconciliation of Operating Income, Net Income and Diluted Earnings Per Share Attributable to Core Laboratories Inc. (In thousands, except per share data) (Unaudited) Operating Income Three Months Ended March 31, 2024 December 31,2023 March 31, 2023 GAAP reported $ 8,571 $ 14,581 $ 6,481 Stock compensation (1) 3,458 - 6,515 Loss on lease abandonment and assets write-down (2) 1,809 - 1,656 Severance costs 824 - - Foreign exchange losses (gains) 285 468 (144) Excluding specific items $ 14,947 $ 15,049 $ 14,508 Net Income Attributable to Core Laboratories Inc. Three Months Ended March 31, 2024 December 31,2023 March 31, 2023 GAAP reported $ 3,220 $ 2,199 $ 2,373 Stock compensation (1) 2,766 - 5,212 Loss on lease abandonment and assets write-down (2) 1,447 - 1,325 Severance costs 659 - - Foreign exchange losses (gains) 229 374 (114) Reversal of net deferred tax liabilities and effect of higher (lower) tax rate (3) 628 6,336 - Excluding specific items $ 8,949 $ 8,909 $ 8,796 Diluted Earnings Per Share Attributable to Core Laboratories Inc. Three Months Ended March 31, 2024 December 31,2023 March 31, 2023 GAAP reported $ 0.07 $ 0.05 $ 0.05 Stock compensation (1) 0.06 - 0.11 Loss on lease abandonment and assets write-down (2) 0.03 - 0.03 Severance costs 0.01 - - Foreign exchange losses (gains) 0.01 0.01 - Reversal of net deferred tax liabilities and effect of higher (lower) tax rate (3) 0.01 0.13 - Excluding specific items $ 0.19 $ 0.19 $ 0.19 (1) Three months ended March 31, 2024 and 2023 includes the acceleration of stock compensation expense associated with employees reaching eligible retirement age. (2) Three months ended March 31, 2024 and 2023 include the write-down of leasehold improvements, right of use assets and/or other assets and exit costs associated with consolidation of certain facilities. (3) Three months ended March 31, 2024 includes the effect to reflect tax expense at a normalized rate of 20%. Three months ended December 31, 2023 includes the reversal of certain deferred tax assets and liabilities which will not be realized as a result of the Redomsestication Transaction and the effect to reflect tax expense at a normalized rate of 20%. Segment Information (In thousands) (Unaudited) Operating Income Three Months Ended March 31, 2024 Reservoir Description Production Enhancement Corporate and Other GAAP reported $ 6,892 $ 1,576 $ 103 Stock compensation (1) 2,258 1,200 - Loss on lease abandonment and assets write-down (2) 1,566 243 - Severance costs 467 357 - Foreign exchange losses (gains) 246 38 1 Excluding specific items $ 11,429 $ 3,414 $ 104 (1) Includes the acceleration of stock compensation expense associated with employees reaching eligible retirement age. (2) Includes the write-down of leasehold improvements, right of use assets and/or other assets and exit costs associated with consolidation of certain facilities. Return on Invested Capital Return on Invested Capital ("ROIC") is presented based on management's belief that this non-GAAP measure is useful information to investors and management when comparing profitability and the efficiency with which capital has been employed over time relative to other companies. The Board has established an internal metric to demonstrate ROIC performance relative to the oilfield service companies listed as Core's Comp Group by Bloomberg. ROIC is not a measure of financial performance under GAAP and should not be considered as an alternative to net income. ROIC of 11.6% is defined by Bloomberg as Net Operating Profit After Tax ("NOPAT") of $46.9 million divided by Average Total Invested Capital ("Average TIC") of $403.0 million where NOPAT is defined as GAAP net income before non-controlling interest plus the sum of income tax expense, interest expense, and pension expense less pension service cost and tax effect on income before interest and tax expense for the last four quarters. Average TIC is defined as the average of beginning and ending periods' GAAP stockholders' equity plus the sum of net long-term debt, lease liabilities, allowance for credit losses, net of deferred taxes, and income taxes payable. Free Cash Flow Core uses the non-GAAP financial measure of free cash flow to evaluate its cash flows and results of operations. Free cash flow is an important measurement because it represents the cash from operations, in excess of capital expenditures, available to operate the business and fund non-discretionary obligations. Free cash flow is not a measure of operating performance under GAAP and should not be considered in isolation nor construed as an alternative consideration to operating income, net income, or cash flows from operating, investing, or financing activities, each as determined in accordance with GAAP. Free cash flow should not be considered a measure of liquidity. Moreover, since free cash flow is not a measure determined in accordance with GAAP and thus is susceptible to varying interpretations and calculations, free cash flow as presented may not be comparable to similarly titled measures presented by other companies. Computation of Free Cash Flow (In thousands) (Unaudited) Three Months Ended March 31, 2024 Net cash provided by operating activities $ 5,530 Capital expenditures (3,052) Free cash flow $ 2,478 View original content to download multimedia:https://www.prnewswire.com/news-releases/core-lab-reports-first-quarter-2024-results-302126655.html SOURCE Core Laboratories Inc
Oceaneering Reports First Quarter 2024 Results
Oceaneering Reports First Quarter 2024 Results HOUSTON, Apr. 24 /BusinessWire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $15.1 million, or $0.15 per share, on revenue of $599 million for the three months ended March 31, 2024. Adjusted net income was $13.9 million, or $0.14 per share, reflecting the positive impact of $(2.2) million in foreign exchange gains, and the associated $0.8 million of tax effects, along with $0.2 million of expenses related to discrete tax adjustments. For the first quarter of 2024: Net income was $15.1 million and consolidated adjusted EBITDA was $61.7 million Consolidated operating income was $36.7 million Cash flow used in operating activities was $69.7 million and free cash flow was $(95.2) million, with an ending cash position of $355 million As of March 31, 2024: Remotely Operated Vehicles (ROV): fleet count was 250; Q1 utilization was 64%; and Q1 average revenue per day on hire was $10,009 Manufactured Products backlog was $597 million Confirmed prior guidance for 2024: Net income is expected in the range of $125 million to $155 million Consolidated EBITDA is expected in the range of $330 million to $380 million Free cash flow generation is expected in the range of $110 million to $150 million Capital expenditures are expected in the range of $110 million to $130 million Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "We are encouraged by our first quarter 2024 results. Our adjusted EBITDA was higher than guided, on better-than-expected activity levels across our businesses. Compared to the same quarter last year, our consolidated first quarter 2024 operating income was 37% higher on a 12% increase in revenue, with higher revenue in all of our business segments and improved operating income in each segment except for our Offshore Projects Group (OPG). These results, when combined with our backlog and current levels of bidding activity, support our unchanged guidance for the year." First Quarter 2024 Segment Results v. First Quarter 2023 Segment Results Subsea Robotics (SSR) first quarter 2024 operating income of $44.2 million was 31% higher than the first quarter of 2023. EBITDA margin improved to 31%, as compared to the 29% margin achieved in the first quarter of 2023. Average ROV revenue per day on hire of $10,009 was 9% higher, utilization improved to 64%, and days on hire increased 2% to 14,536. ROV fleet use during the quarter was 66% in drill support and 34% in vessel-based activity, compared to 65% and 35%, respectively, in the first quarter of the prior year. Manufactured Products operating income improved 17% on a 15% increase in revenue compared to the first quarter of 2023, while operating income margin remained flat at 10%. Backlog was $597 million on March 31, 2024, an increase of $151 million compared to backlog on March 31, 2023. The book-to-bill ratio was 1.30 for the 12-month period ending March 31, 2024, as compared to the book-to-bill ratio of 1.27 for the same period last year. OPG operating income declined as expected due to drydock expenses incurred during the first quarter of 2024, on an increase in revenue compared to the first quarter of 2023. Operating income margin declined to 1% in the first quarter, from 5% in the first quarter of 2023. Integrity Management and Digital Solutions (IMDS) operating income improved year over year on a 16% increase in revenue. Operating income margin of 5% was flat. Aerospace and Defense Technologies (ADTech) operating income increased by $4.3 million. Revenue increased 8% and operating income margin improved to 13% from 9% in the first quarter of 2023. At the corporate level, Unallocated Expenses of $38 million were below guidance for the quarter but higher than the same period last year. Second Quarter 2024 Guidance For the second quarter of 2024, as compared to the first quarter 2024: OPG activity levels and operating profitability are expected to be significantly higher; SSR and Manufactured Products activity levels and operating profitability are expected to be higher; IMDS and ADTech activity levels are expected to be flat and operating profitability is expected to be slightly lower; and Unallocated Expenses are forecasted to be in the $40 million range, consistent with prior guidance. On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of $80 million to $90 million on a mid-teens percentage increase in revenue. Updated Full-Year 2024 Guidance Full-year 2024 consolidated and segment guidance remains the same as provided in the fourth quarter 2023 earnings release, inclusive of the following clarification and addition: SSR revenue increase is expected to be in the low- to mid-teens percentage range; and Manufactured Products book-to-bill ratio is expected to be in the range of 1.1 to 1.3 for the full year. Non-GAAP Financial Measures Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2024 Adjusted EBITDA and Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information. Conference Call Details Oceaneering has scheduled a conference call and webcast on Thursday, April 25, 2024 at 9:00 a.m. Central Time, to discuss its results for the first quarter of 2024, as well as more detailed guidance for the full year and second quarter of 2024. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call. This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's: full-year 2024 guidance ranges for net income, consolidated EBITDA, free cash flow generation, capital expenditures, SSR revenue, and Manufactured Products book-to-bill ratio; second-quarter 2024 guidance for consolidated EBITDA, operating segment revenues, operating results, operating profitability, segment activity levels, and Unallocated Expenses; full-year 2024 sequential activity and operating performance across each operating segment, led by OPG, SSR, and Manufactured Products; expectation that 2024 will generate substantial free cash flow; expectations for improved financial performance and condition in 2024, including activity levels by segment; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days on hire, average ROV revenue per day on hire, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater). The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; cancellations of contracts, change orders and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement. Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries. For more information on Oceaneering, please visit www.oceaneering.com. - Tables follow on next page - RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2023 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures. View source version on businesswire.com: https://www.businesswire.com/news/home/20240424424956/en/ back
ChampionX Reports First Quarter 2024 Results
ChampionX Reports First Quarter 2024 Results Revenue of $922.1 million, decreased 3% year-over-yearNet income attributable to ChampionX of $112.9 million, increased 78% year-over-yearAdjusted net income of $96.4 million, increased 17% year-over-yearAdjusted EBITDA of $191.7 million, increased 4% year-over-yearIncome before income taxes margin of 15.2%, increased 547 basis points year-over-yearAdjusted EBITDA margin of 20.8%, increased 130 basis points year-over-yearCash from operating activities of $173.5 million and free cash flow of $144.0 millionReturned 38% of cash from operating activities and 46% of free cash flow to shareholders THE WOODLANDS, Texas, April 24, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (NASDAQ: CHX) ("ChampionX" or the "Company") today announced first quarter of 2024 results. Revenue was $922.1 million, net income attributable to ChampionX was $112.9 million, and adjusted EBITDA was $191.7 million. Income before income taxes margin was 15.2% and adjusted EBITDA margin was 20.8%. Cash from operating activities was $173.5 million and free cash flow was $144.0 million. CEO Commentary "The first quarter demonstrated the resiliency of our ChampionX portfolio as we delivered strong adjusted EBITDA and adjusted EBITDA margin, and generated robust free cash flow despite typical seasonal headwinds internationally. Our ongoing focus on productivity contributed to strong year-over-year profitability improvement. These results were the direct result of our employees around the world remaining laser-focused on serving our customers well, and I am grateful to them for their dedication to our corporate purpose of improving lives," ChampionX's President and Chief Executive Officer Sivasankaran "Soma" Somasundaram said. "During the first quarter of 2024, we generated revenue of $922 million, which decreased 3% year-over-year. Revenue declined 2% sequentially, in line with our expectations, driven by a typical seasonal decline in international operations, partially offset by higher volumes in our shorter-cycle North American businesses. We generated net income attributable to ChampionX of $113 million, which increased 78% year-over-year and 46% sequentially, and adjusted EBITDA of $192 million, which increased 4% year-over-year and declined 3% sequentially. Our income before income taxes margin improved by approximately 547 basis points year-over-year and 308 basis points sequentially, and our adjusted EBITDA margin expanded by approximately 130 basis points year-over-year and declined 21 basis points sequentially in the first quarter. "Cash flow from operating activities was $174 million during the first quarter, which represented 154% of net income attributable to ChampionX, and we generated strong free cash flow of $144 million during the period, which represented 75% of our adjusted EBITDA for the period. During the quarter, through our regular cash dividend of $16 million and $49 million of ChampionX share repurchases, we returned 38% of cash from operating activities and 46% of our free cash flow to our shareholders. Our balance sheet and financial position remain strong, ending the first quarter with approximately $1.1 billion of liquidity, including $386 million of cash and $670 million of available capacity on our revolving credit facility." Agreement to be Acquired by SLB On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the "Merger Agreement") for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors. The transaction is subject to ChampionX shareholders' approval, regulatory approvals and other customary closing conditions. It is currently anticipated that the closing of the transaction will occur before the end of 2024. ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement. Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its first quarter 2024 results. Production Chemical Technologies Production Chemical Technologies revenue in the first quarter of 2024 was $590.1 million, a decrease of $44.0 million, or 7%, sequentially, due primarily to seasonal declines internationally. Segment operating profit was $87.8 million and adjusted segment EBITDA was $118.0 million. Segment operating profit margin was 14.9%, a decrease of 123 basis points, sequentially, and adjusted segment EBITDA margin was 20.0%, a decrease of 193 basis points, sequentially. The sequential decrease in segment operating profit margin and adjusted segment EBITDA margin was driven by product mix and operating leverage impacted by the seasonal decline in international revenue noted above. Production & Automation Technologies Production & Automation Technologies revenue in the first quarter of 2024 was $252.6 million, an increase of $11.3 million, or 5%, sequentially, due primarily to higher demand in North America. Revenue from digital products was $56.8 million in the first quarter of 2024, up 8% sequentially, and down 1% year-over-year. Segment operating profit was $28.5 million and adjusted segment EBITDA was $60.3 million. Segment operating profit margin was 11.3%, an increase of 211 basis points, sequentially, and adjusted segment EBITDA margin was 23.9%, an increase of 200 basis points, sequentially. The increase in segment operating profit margin and adjusted segment EBITDA margin was driven by higher sales volumes, product mix and productivity improvements. Drilling Technologies Drilling Technologies revenue in the first quarter of 2024 was $55.2 million, an increase of $8.4 million, or 18%, sequentially, driven by increased sales volumes of our diamond cutters and diamond bearings products. Segment operating profit was $44.4 million and adjusted segment EBITDA was $16.1 million. Segment operating profit reflects the net gain on the sale and leaseback of certain buildings and land of $29.9 million. Segment operating profit margin was 80.4%, compared to 18.5% in the prior quarter. Adjusted segment EBITDA margin was 29.1%, an increase of 699 basis points, sequentially, due primarily to increased volumes, improved processing costs, and certain one-time benefits (scrap sales and a royalty payment) in the first quarter. Reservoir Chemical Technologies Reservoir Chemical Technologies revenue in the first quarter 2024 was $24.7 million, an increase of $3.3 million, or 15%, sequentially, driven by higher sales volumes. Segment operating profit was $3.7 million and adjusted segment EBITDA was $5.3 million. Segment operating profit margin was 15.2%, a decrease of 309 basis points, sequentially, and adjusted segment EBITDA margin was 21.6%, a decrease of 406 basis points, sequentially. The decrease in adjusted segment EBITDA margin was driven by one-off supply chain favorability in the fourth quarter that was not repeated in the first quarter. Other Business Highlights: Chemical Technologies Completed chemical recommendations and supplied first fill chemical volumes for a new startup tie-back project in deepwater Gulf of Mexico. This project is expected to add valuable throughput to an existing producing facility through the use of a suite of ChampionX Surflo PlusTM registered subsea flow assurance chemistries.Secured a contract extension with an IOC in the Gulf of Mexico. With this extension, ChampionX continues to deliver the products, services, and technology designed for an efficient and effective chemical management program.The U.S. Land sales team deployed approximately 1,500 tank level monitoring (TLM) units to heavily serviced accounts in remote areas of the United States. The deployment is designed to ensure continuous correct dosage requirements for customer operations, quicker resolution of pump-related issues, and improvements to accuracy of pump rates while reducing miles driven and fuel consumption.ChampionX was chosen by a midstream operator in Canada to provide corrosion and paraffin inhibition programs to a 575-kilometer pipeline network that transports natural gas liquids and condensate from the Montney and Duvernay shale plays to the company's condensate hub in Ft. Saskatchewan.ChampionX Brazil has been awarded a new contract by an IOC in Brazil Offshore to provide topside and subsea certified production chemicals for the Bacalhau field development project. The contract covers the engineering support, design, manufacturing, and delivery of 19 specialty chemicals, which will be critical to produce 220,000 barrels of oil per day and its associated produced water from the Bacalhau field, located in the Santos Basin. The subsea chemicals are designed to ensure the continuous flow of oil into the wells, preventing scale, corrosion, and hydrate formation, and enhancing the recovery of oil and gas. The chemicals will be manufactured at ChampionX's manufacturing facilities in Latin America and the U.S.ChampionX was awarded the first-fill contract to supply corrosion inhibitor solutions for the first subsurface gas storage in the Kingdom of Saudi Arabia. The corrosion inhibitors are designed to ensure the integrity and reliability of the gas storage infrastructure by mitigating corrosion risks during both the injection and withdrawal phases of gas. Other Business Highlights: Production & Automation Technologies In February, ChampionX acquired Artificial Lift Performance (ALP), a provider of advanced analytics solutions for enhancing oil and gas production performance. This acquisition is a key enabler to deliver end-to-end digital solutions that enhance the productivity and profitability of our customers' producing assets. Combining the capabilities of ALP's flagship Pump Checker software with ChampionX's XSPOC production optimization software offers a comprehensive suite of advanced analytics across all major artificial lift types and chemical applications, enabling operators to gain invaluable insights and make informed decisions to meet their business objectives.In March, ChampionX announced it plans to acquire RMSpumptools Limited, a business unit of the energy division of UK-based James Fisher and Sons plc. The unit manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications. The integration of RMSpumptools' technology will enhance ChampionX's Production and Automation Technologies portfolio and will further strengthen the Company's presence and participation in a broad range of international markets including the Middle East, Latin America, and global offshore developments.UNBRIDLED® ESP Systems kicked off a strategic technology partnership with a US public company operator to offer an ESP autonomous control solution, with two projects currently under way in the Permian. Enhanced ESP artificial intelligence (AI) software will be hosted on ChampionX's digital platform and UNBRIDLED® ESP Systems will provide the variable speed drive, valve control system, field resources, and LOOKOUTTM Plus optimization services. This solution provides AI-based ESP optimization recommendations, automates tubing / casing back pressure valve control, and enables cloud-based ESP control.Asia Pacific team continued to strengthen its leading Artificial Lift business in Australia by re-signing a new multi-year, multi-product supply contract for a major IOC. The contract covers surface and subsurface technologies for coalbed methane applications.A Middle East national oil company awarded ChampionX 70% of a three-year contract for plunger lift products and services. The contract includes equipment, digital automation hardware and software, as well as turnkey services.Installed two new chemical injection skids for a national oil company in the Middle East. The packages include an automated controller with a patented measurement system, and the ongoing provision of scale inhibitor. About Non-GAAP Measures In addition to financial results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company's financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX's overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables. This press release contains certain forward-looking non-GAAP financial measures, including adjusted EBITDA. The Company has not provided projected net income attributable to ChampionX or a reconciliation of projected adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income attributable to ChampionX, such as depreciation and amortization expense. As such, a reconciliation of projected adjusted EBITDA to projected net income attributable to ChampionX is not available without unreasonable effort. The actual amount of depreciation and amortization, highly inflationary currency changes, and other amounts excluded from adjusted EBITDA could have a significant impact on net income attributable to ChampionX. About ChampionX ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX's expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com. Forward-Looking Statements This news release contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, ChampionX's market position and growth opportunities. Forward-looking statements include statements related to ChampionX's expectations regarding the performance of the business, financial results, liquidity and capital resources of ChampionX. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, changes in economic, competitive, strategic, technological, tax, regulatory or other factors that affect the operations of ChampionX's businesses. You are encouraged to refer to the documents that ChampionX files from time to time with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" in ChampionX's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in ChampionX's other filings with the SEC. Readers are cautioned not to place undue reliance on ChampionX's forward-looking statements. Forward-looking statements speak only as of the day they are made and ChampionX undertakes no obligation to update any forward-looking statement, except as required by applicable law. Additional Information about the Transaction and Where to Find It In connection with the proposed transaction, SLB intends to file with the SEC a registration statement on Form S-4 (the "Form S-4") that will include a proxy statement of ChampionX and that also constitutes a prospectus of SLB with respect to the shares of SLB to be issued in the proposed transaction (the "proxy statement/prospectus"). Each of SLB and ChampionX may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Form S-4 or proxy statement/prospectus or any other document that SLB or ChampionX may file with the SEC. The definitive proxy statement/prospectus (if and when available) will be mailed to stockholders of ChampionX. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Form S-4 and the proxy statement/prospectus (if and when available) and other documents containing important information about SLB, ChampionX and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by SLB will be available free of charge on SLB's website at https://investorcenter.slb.com. Copies of the documents filed with, or furnished to, the SEC by ChampionX will be available free of charge on ChampionX's website at https://investors.championx.com. The information included on, or accessible through, SLB's or ChampionX's website is not incorporated by reference into this communication. Participants in the Solicitation SLB, ChampionX and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of SLB, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in SLB's proxy statement for its 2024 Annual Meeting of Stockholders (https://www.sec.gov/ix?doc=/Archives/edgardata/0000087347/000130817924000033/lslb2024_def14a.htm), which was filed with the SEC on February 22, 2024, including under the sections entitled "Director Compensation", "Security Ownership by Management and Our Board", "Compensation Discussion and Analysis", "2023 Compensation Decisions and Results", "Elements of 2023 Total Compensation", "Long-Term Equity Incentive Awards", "Executive Compensation Tables", "Grants of Plan-Based Awards in 2023", "Outstanding Equity Awards at Year-End 2023", "Potential Payments Upon Termination or Change in Control" and "Pay vs. Performance Comparison" and SLB's Annual Report on Form 10-K for the fiscal year endedDecember 31, 2023 (https://www.sec.gov/ix?doc=/Archives/edgar/data/0000087347/000095017024006884/slb-20231231.htm), which was filed with the SEC on January 24, 2024, including under the sections entitled "Item 10. Directors, Executive Officers and Corporate Governance", "Item 11. Executive Compensation", "Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" and "Item 13. Certain Relationships and Related Transactions, and Director Independence". Information about the directors and executive officers of ChampionX, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ChampionX's proxy statement for its 2024 Annual Meeting of Stockholders (https://www.sec.gov/ix?doc=/Archives/edgar/data/1723089/000172308924000079/championx-20240401.htm), which was filed with the SEC on April 3, 2024, including under the sections entitled "Executive Compensation Highlights", "Director Compensation", "2023 Director Compensation Table", "Security Ownership of Certain Beneficial Owners and Management", "Compensation Discussion and Analysis", "Key Compensation Overview for 2023", "Elements of Our Executive Compensation Program", "Long-Term Equity Incentive Compensation", "Additional Executive Compensation Governance Considerations", "Executive Compensation Tables", "Potential Payments upon Termination or Change-in-Control", "Pay-versus-Performance" and ChampionX's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (https://www.sec.gov/ix?doc=Archivesedgardata/1723089/000172308924000011championx-20231231.htm), which was filed with the SEC on February 6, 2024, including under the sections entitled "Item. 10 Directors, Executive Officers and Corporate Governance", "Item 11. Executive Compensation", "Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" and "Item 13. Certain Relationships and Related Transactions, and Director Independence". Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4 and the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the Form S-4 and the proxy statement/prospectus carefully when available before making any voting or investment decisions. You may obtain free copies of these documents from SLB or ChampionX using the sources indicated above. Investor Contact: Byron Popebyron.pope@championx.com281-602-0094 Media Contact: John Breedjohn.breed@championx.com281-403-5751 CHAMPIONX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED) CHAMPIONX CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) CHAMPIONX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) CHAMPIONX CORPORATIONBUSINESS SEGMENT DATA(UNAUDITED) CHAMPIONX CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES(UNAUDITED) _______________________ (1) Amount represents the gain on the sale and leaseback of certain buildings and land for the three months ended March 31, 2024. For the three months ended March 31, 2023, amount represents the loss recorded to properly adjust the carrying value of our Chemical Technologies operations in Russia to the lower of carrying value or fair value less costs to sell. (2) Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia.(3) Includes revenue associated with the amortization of a liability established as part of the merger transaction with Ecolab Inc. ("Ecolab") to acquire the Chemical Technologies business, representing unfavorable terms under the Cross Supply Agreement, as well as costs incurred for the acquisition of businesses. During the fourth quarter of 2023, we recorded a fair value adjustment to contingent consideration on a prior acquisition as well as the settlement of an item pursuant to the tax matters agreement with Ecolab. CHAMPIONX CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES BY SEGMENT(UNAUDITED) Free Cash Flow
Marathon Oil Corporation Declares First Quarter 2024 Dividend
Marathon Oil Corporation Declares First Quarter 2024 Dividend HOUSTON, April 24, 2024 /PRNewswire/ -- Marathon Oil Corporation (NYSE: MRO) announced today that the Company's board of directors has declared a dividend of 11 cents per share on Marathon Oil Corporation common stock. The dividend is payable on June 10, 2024, to stockholders of record on May 15, 2024. About Marathon Oil Marathon Oil Corporation (NYSE: MRO) is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the U.S. - Eagle Ford, Texas; Bakken, North Dakota; STACK and SCOOP in Oklahoma; and Permian in New Mexico and Texas, complemented by a world-class integrated gas business in Equatorial Guinea. Marathon Oil's Framework for Success is founded in a strong balance sheet, ESG excellence and the competitive advantages of a multi-basin portfolio. For more information, please visit www.marathonoil.com Media Relations Contact:Karina Brooks: 713-296-2191 Investor Relations Contacts:Guy Baber: 713 296-1892John Reid: 713 296-4380 View original content to download multimedia:https://www.prnewswire.com/news-releases/marathon-oil-corporation-declares-first-quarter-2024-dividend-302126613.html SOURCE Marathon Oil Corporation
Kodiak Gas Services Announces 2024 First Quarter Earnings Release and Conference Call Schedule
Kodiak Gas Services Announces 2024 First Quarter Earnings Release and Conference Call Schedule THE WOODLANDS, Texas, April 24, 2024 /PRNewswire/ -- Kodiak Gas Services, Inc. (NYSE: KGS) ("Kodiak" or the "Company"), a leading provider of critical energy infrastructure and contract compression services, today announced that it will release 2024 first quarter financial results on Wednesday, May 8, 2024 after the market closes. In conjunction with the release, the Company has scheduled a conference call, which will also be broadcast live over the Internet, on Thursday, May 9, 2024 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). What: Kodiak Gas Services First Quarter 2024 Earnings Conference Call When: Thursday, May 9, 2024 at 11:00 a.m. Eastern / 10:00 a.m. Central How: Live via phone - By dialing 201-389-0872 and asking for the Kodiak call at least 10 minutes prior to the start time, or Live over the Internet - By logging onto the web at the address below Where: https://ir.kodiakgas.com/news-events/ir-calendar For those who cannot listen to the live call, a replay will be available through May 16, 2024 and may be accessed by dialing 201-612-7415 and using pass code 13745739#. Also, an archive of the webcast will be available shortly after the call at https://ir.kodiakgas.com/news-events/ir-calendar for 90 days. About Kodiak Gas Services, Inc. Kodiak Gas Services, Inc. is the largest contract compression services provider in the continental United States with a revenue-generating fleet of approximately 4.3 million horsepower. The Company focuses on providing contract compression and related services to oil and gas producers and midstream customers in high-volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems. More information is available at www.kodiakgas.com. Contacts:Kodiak Gas Services, Inc.Graham Sones, VP - Investor Relationsir@kodiakgas.com (936) 755-3259 Dennard Lascar Investor RelationsKen Dennard / Rick BlackKGS@dennardlascar.com 713-529-6600 View original content:https://www.prnewswire.com/news-releases/kodiak-gas-services-announces-2024-first-quarter-earnings-release-and-conference-call-schedule-302125804.html SOURCE Kodiak Gas Services, Inc.
Nabors Announces First Quarter 2024 Results
Nabors Announces First Quarter 2024 Results HAMILTON, Bermuda, April 24, 2024 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2024 operating revenues of $734 million, compared to operating revenues of $726 million in the fourth quarter of 2023. The net loss attributable to Nabors shareholders for the quarter was $34 million, compared to a net loss of $17 million in the fourth quarter. This equates to a loss of $4.54 per diluted share, compared to a loss per diluted share of $2.70 in the fourth quarter. The first quarter results included a gain, related to mark-to-market treatment of Nabors warrants, of $6 million, or $0.62 per diluted share, compared to a gain of $10 million, or $1.14 per diluted share, in the fourth quarter. First quarter adjusted EBITDA was $221 million, compared to $230 million in the previous quarter. Highlights Nabors was awarded three rigs in Argentina, on multiyear contracts with attractive economics. The Company will redeploy inactive rigs from the Lower 48 market. These awards further solidify Nabors' position in this key market.Received notification of commercial qualification for three rigs in a major market in the Middle East. The Company plans to deploy existing in-country rigs for this opportunity.A Lower 48 drilling contractor has begun standardizing its entire fleet to Nabors RigCLOUD® platform. This development clearly demonstrates the value of Nabors third-party strategy.Canrig received an order for six land drilling packages from an existing client in the Middle East. This latest order is recognition of the excellent track record we have established with this customer.Nabors was named a double finalist for the Reuters Global Energy Transition Awards 2024 in the "Portfolio Transformation" and "Technology Whitespace" categories.Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our first quarter operating results were stronger than we expected, driven by resilient pricing and lower costs in our Lower 48 drilling operations, as well as higher than forecast OEM repair revenue and energy transition revenue in our Rig Technologies segment. "Rig count increased in our International segment, driven by rig startups in Saudi Arabia and Algeria, as part of our commitment to deploy seven rigs in these two countries during 2024. We have also received recent awards in Argentina for three more rigs. I believe we are in the midst of the largest opportunity that we've seen in the last decade to strengthen our international business. "Pricing in the Lower 48 market remained firm, as utilization of our highest specification rigs stayed strong across several important markets. Average rig count increased compared to the prior quarter, but was slightly below our estimates, mainly reflecting activity reductions in natural gas basins. Results in our Drilling Solutions segment reflected reduced activity in the Lower 48, partially offset by better growth from international markets." Segment Results The U.S. Drilling segment reported first quarter adjusted EBITDA of $120.4 million, compared to $118.4 million in the fourth quarter of 2023. Nabors' first quarter Lower 48 average rig count totaled 72, up from 70 in the prior quarter. Daily adjusted gross margin in that market averaged $16,011, a decrease of $229 sequentially. International Drilling adjusted EBITDA totaled $102.5 million, compared to $105.5 million in the fourth quarter. Rig count averaged 81, up from 80 in the previous quarter, driven by rig startups in Algeria and the prior start of a newbuild in Saudi Arabia. The impact of this higher rig count was offset by downtime related to rig certification requirements following recent contract renewals in Saudi Arabia, as well as labor unrest on several rigs in Colombia. Daily adjusted gross margin for the fourth quarter averaged $16,061. International Drilling segment revenue of $349 million increased by 9% compared to the first quarter of 2023, as average rig count increased by nearly five rigs. Drilling Solutions adjusted EBITDA was $31.8 million, compared to $34.5 million in the fourth quarter. Revenue on Nabors rigs operating in the Lower 48 and international markets increased sequentially. In Rig Technologies, adjusted EBITDA reached $6.8 million, versus $8.8 million in the fourth quarter. OEM rental and repair EBITDA increased sequentially, while other aftermarket, capital equipment, and energy transition EBITDA declined following seasonally strong year end deliveries. Adjusted Free Cash Flow Adjusted free cash flow was $8 million in the first quarter. Capital expenditures totaled $112 million, which included $35 million supporting the newbuilds in Saudi Arabia. This compares to $124 million in the fourth quarter, including $43 million supporting the newbuilds. William Restrepo, Nabors CFO, stated, "Results across our operations were higher than we forecast. The strength of the international drilling markets continues to surprise us to the upside with the recent awards in Argentina and the notification on a tender in another Middle East market, on top of the material ongoing deployments in Saudi Arabia and Algeria. We restarted two rigs in Algeria during the first quarter, and a third in early April. Algeria has historically been an important market for Nabors, and the recommencement of operations with existing rigs marks a key development for us. Looking to the second quarter, we expect our international rig count to increase with a newbuild in Saudi Arabia and the fourth rig in Algeria. We expect the ongoing deployments and the more recent awards, as well as several open opportunities, to generate a material increase in our International EBITDA over the already targeted increase for 2025. "Firm pricing in the Lower 48 bolstered daily gross margin. We again reduced costs in this market. Looking to the second quarter, we continue to experience sluggish activity in the natural gas basins. This should keep average rig count slightly below the average for the first quarter. "We retired both the convertible notes that were due in January 2024 and the senior notes due in 2025, with the proceeds from our $650 million notes offering in the fourth quarter of 2023. Our next maturity is in 2026. "We still have a number of open international tenders and active negotiations. It's increasingly evident that the robust trends in our international segment should continue to provide us with high return opportunities with attractive payback periods. Nonetheless, we intend to avoid taking on more than we can afford. We will remain focused on generating free cash flow and reducing our net debt." Outlook Nabors expects the following metrics for the second quarter of 2024: U.S. Drilling Lower 48 average rig count of approximately 70 rigsLower 48 daily adjusted gross margin of approximately $15,500Alaska and Gulf of Mexico adjusted EBITDA of approximately $21 millionInternational Average rig count up by two to three rigs versus the first quarter averageDaily adjusted gross margin of approximately $15,700Drilling Solutions Adjusted EBITDA of $30 - $32 millionRig Technologies Adjusted EBITDA of $8 - $10 millionCapital Expenditures Capital expenditures of approximately $190 million, with approximately $70 million for the newbuilds in Saudi ArabiaFull-year capital expenditures of approximately $590 million, including funding for the recent rig awardsMr. Petrello concluded, "I am pleased with our early success to secure additional backlog in our international business. We are targeting several more opportunities and are optimistic for additional success. We also see growing adoption of our advanced technology, both in the U.S. on third-party rigs and in international markets. These developments validate our strategy and should drive future free cash flow." About Nabors Industries Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com. Forward-looking Statements The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements. Non-GAAP Disclaimer This press release presents certain "non-GAAP" financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, investment income (loss), and other, net. Adjusted EBITDA is computed similarly, but also excludes depreciation and amortization expenses. In addition, adjusted EBITDA and adjusted operating income (loss) exclude certain cash expenses that the Company is obligated to make. Net debt is calculated as total debt minus the sum of cash, cash equivalents and short-term investments. Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Management believes that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Each of these non-GAAP measures has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including Adjusted EBITDA, adjusted operating income (loss), net debt, and adjusted free cash flow, because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors also use these measures as some of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. Reconciliations of consolidated adjusted EBITDA and adjusted operating income (loss) to income (loss) from continuing operations before income taxes, net debt to total debt, and adjusted free cash flow to net cash provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. We do not provide a forward-looking reconciliation of our outlook for Segment Adjusted EBITDA, Segment Gross Margin or Adjusted Free Cash Flow, as the amount and significance of items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful. Investor Contacts: William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com, or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail mark.andrews@nabors.com NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) Three Months Ended March 31, December 31, (In thousands, except per share amounts) 2024 2023 2023 Revenues and other income: Operating revenues $ 733,704 $ 779,139 $ 725,801 Investment income (loss) 10,201 9,866 12,042 Total revenues and other income 743,905 789,005 737,843 Costs and other deductions: Direct costs 437,077 462,329 424,769 General and administrative expenses 61,751 61,730 57,003 Research and engineering 13,863 15,074 13,926 Depreciation and amortization 157,685 163,031 161,228 Interest expense 50,379 45,141 49,938 Other, net 16,108 (42,375) 7,878 Total costs and other deductions 736,863 704,930 714,742 Income (loss) before income taxes 7,042 84,075 23,101 Income tax expense (benefit) 16,044 23,015 19,244 Net income (loss) (9,002) 61,060 3,857 Less: Net (income) loss attributable to noncontrolling interest (25,331) (11,836) (20,560) Net income (loss) attributable to Nabors $ (34,333) $ 49,224 $ (16,703) Earnings (losses) per share: Basic $ (4.54) $ 4.39 $ (2.70) Diluted $ (4.54) $ 4.11 $ (2.70) Weighted-average number of common shares outstanding: Basic 9,176 9,160 9,133 Diluted 9,176 9,867 9,133 Adjusted EBITDA $ 221,013 $ 240,006 $ 230,103 Adjusted operating income (loss) $ 63,328 $ 76,975 $ 68,875 NABORS INDUSTRIES LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (In thousands) 2024 2023 ASSETS Current assets: Cash and short-term investments $ 425,560 $ 1,070,178 Accounts receivable, net 416,873 347,837 Other current assets 231,926 227,663 Total current assets 1,074,359 1,645,678 Property, plant and equipment, net 2,841,294 2,898,728 Other long-term assets 729,319 733,559 Total assets $ 4,644,972 $ 5,277,965 LIABILITIES AND EQUITY Current liabilities: Current debt $ - $ 629,621 Trade accounts payable 319,436 294,442 Other current liabilities 282,982 289,918 Total current liabilities 602,418 1,213,981 Long-term debt 2,512,175 2,511,519 Other long-term liabilities 256,956 271,380 Total liabilities 3,371,549 3,996,880 Redeemable noncontrolling interest in subsidiary 750,600 739,075 Equity: Shareholders' equity 286,338 326,614 Noncontrolling interest 236,485 215,396 Total equity 522,823 542,010 Total liabilities and equity $ 4,644,972 $ 5,277,965 NABORS INDUSTRIES LTD. AND SUBSIDIARIES SEGMENT REPORTING (Unaudited) The following tables set forth certain information with respect to our reportable segments and rig activity: Three Months Ended March 31, December 31, (In thousands, except rig activity) 2024 2023 2023 Operating revenues: U.S. Drilling $ 271,989 $ 350,652 $ 265,762 International Drilling 349,359 320,048 342,771 Drilling Solutions 75,574 75,043 77,028 Rig Technologies (1) 50,156 58,479 59,287 Other reconciling items (2) (13,374) (25,083) (19,047) Total operating revenues $ 733,704 $ 779,139 $ 725,801 Adjusted EBITDA: (3) U.S. Drilling $ 120,403 $ 156,489 $ 118,371 International Drilling 102,498 88,608 105,540 Drilling Solutions 31,787 31,914 34,502 Rig Technologies (1) 6,801 4,954 8,811 Other reconciling items (4) (40,476) (41,959) (37,121) Total adjusted EBITDA $ 221,013 $ 240,006 $ 230,103 Adjusted operating income (loss): (5) U.S. Drilling $ 50,529 $ 85,869 $ 51,494 International Drilling 22,476 1,957 18,642 Drilling Solutions 26,893 27,138 30,127 Rig Technologies (1) 4,209 3,694 5,788 Other reconciling items (4) (40,779) (41,683) (37,176) Total adjusted operating income (loss) $ 63,328 $ 76,975 $ 68,875 Rig activity: Average Rigs Working: (7) Lower 48 71.9 93.3 70.3 Other US 6.8 7.0 6.0 U.S. Drilling 78.7 100.3 76.3 International Drilling 81.0 76.4 79.6 Total average rigs working 159.7 176.7 155.9 Daily Rig Revenue: (6),(8) Lower 48 $ 35,468 $ 36,453 $ 35,776 Other US 64,402 70,690 62,346 U.S. Drilling (10) 37,968 38,842 37,865 International Drilling 47,384 46,517 46,782 Daily Adjusted Gross Margin: (6),(9) Lower 48 $ 16,011 $ 16,690 $ 16,240 Other US 35,184 37,114 34,641 U.S. Drilling (10) 17,667 18,115 17,687 International Drilling 16,061 15,222 16,651 (1) Includes our oilfield equipment manufacturing activities. (2) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. (3) Adjusted EBITDA represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)". (4) Represents the elimination of inter-segment transactions and unallocated corporate expenses. (5) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table set forth immediately following the heading "Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)". (6) Rig revenue days represents the number of days the Company's rigs are contracted and performing under a contract during the period. These would typically include days in which operating, standby and move revenue is earned. (7) Average rigs working represents a measure of the average number of rigs operating during a given period. For example, one rig operating 45 days during a quarter represents approximately 0.5 average rigs working for the quarter. On an annual period, one rig operating 182.5 days represents approximately 0.5 average rigs working for the year. Average rigs working can also be calculated as rig revenue days during the period divided by the number of calendar days in the period. (8) Daily rig revenue represents operating revenue, divided by the total number of revenue days during the quarter. (9) Daily adjusted gross margin represents operating revenue less direct costs, divided by the total number of rig revenue days during the quarter. (10) The U.S. Drilling segment includes the Lower 48, Alaska, and Gulf of Mexico operating areas. NABORS INDUSTRIES LTD. AND SUBSIDIARIES Reconciliation of Earnings per Share (Unaudited) Three Months Ended March 31, December 31, (in thousands, except per share amounts) 2024 2023 2023 BASIC EPS: Net income (loss) (numerator): Income (loss), net of tax $ (9,002) $ 61,060 $ 3,857 Less: net (income) loss attributable to noncontrolling interest (25,331) (11,836) (20,560) Less: deemed dividends to SPAC public shareholders - - (458) Less: distributed and undistributed earnings allocated to unvested shareholders - (1,702) - Less: accrued distribution on redeemable noncontrolling interest in subsidiary (7,283) (7,354) (7,517) Numerator for basic earnings per share: Adjusted income (loss), net of tax - basic $ (41,616) $ 40,168 $ (24,678) Weighted-average number of shares outstanding - basic 9,176 9,160 9,133 Earnings (losses) per share: Total Basic $ (4.54) $ 4.39 $ (2.70) DILUTED EPS: Adjusted income (loss) from continuing operations, net of tax - basic $ (41,616) $ 40,168 $ (24,678) Add: after tax interest expense of convertible notes - 424 - Add: effect of reallocating undistributed earnings of unvested shareholders - 9 - Adjusted income (loss), net of tax - diluted $ (41,616) $ 40,601 $ (24,678) Weighted-average number of shares outstanding - basic 9,176 9,160 9,133 Add: if converted dilutive effect of convertible notes - 659 - Add: dilutive effect of potential common shares - 48 - Weighted-average number of shares outstanding - diluted 9,176 9,867 9,133 Earnings (losses) per share: Total Diluted $ (4.54) $ 4.11 $ (2.70) NABORS INDUSTRIES LTD. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT (Unaudited) (In thousands) Three Months Ended March 31, 2024 U.S. Drilling InternationalDrilling DrillingSolutions RigTechnologies Otherreconcilingitems Total Adjusted operating income (loss) $ 50,529 $ 22,476 $ 26,893 $ 4,209 $ (40,779) $ 63,328 Depreciation and amortization 69,874 80,022 4,894 2,592 303 157,685 Adjusted EBITDA $ 120,403 $ 102,498 $ 31,787 $ 6,801 $ (40,476) $ 221,013 Three Months Ended March 31, 2023 U.S.Drilling InternationalDrilling DrillingSolutions RigTechnologies Otherreconcilingitems Total Adjusted operating income (loss) $ 85,869 $ 1,957 $ 27,138 $ 3,694 $ (41,683) $ 76,975 Depreciation and amortization 70,620 86,651 4,776 1,260 (276) 163,031 Adjusted EBITDA $ 156,489 $ 88,608 $ 31,914 $ 4,954 $ (41,959) $ 240,006 Three Months Ended December 31, 2023 U.S.Drilling InternationalDrilling DrillingSolutions RigTechnologies Otherreconcilingitems Total Adjusted operating income (loss) $ 51,494 $ 18,642 $ 30,127 $ 5,788 $ (37,176) $ 68,875 Depreciation and amortization 66,877 86,898 4,375 3,023 55 161,228 Adjusted EBITDA $ 118,371 $ 105,540 $ 34,502 $ 8,811 $ (37,121) $ 230,103 NABORS INDUSTRIES LTD. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES RECONCILIATION OF ADJUSTED GROSS MARGIN BY SEGMENT TO ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT (Unaudited) Three Months Ended March 31, December 31, (In thousands) 2024 2023 2023 Lower 48 - U.S. Drilling Adjusted operating income (loss) $ 39,264 $ 74,071 $ 40,108 Plus: General and administrative costs 4,823 5,056 4,087 Plus: Research and engineering 964 1,519 1,276 GAAP Gross Margin 45,051 80,646 45,471 Plus: Depreciation and amortization 59,733 59,507 59,545 Adjusted gross margin $ 104,784 $ 140,153 $ 105,016 Other - U.S. Drilling Adjusted operating income (loss) $ 11,265 $ 11,798 $ 11,386 Plus: General and administrative costs 325 345 315 Plus: Research and engineering 47 128 89 GAAP Gross Margin 11,637 12,271 11,790 Plus: Depreciation and amortization 10,142 11,111 7,332 Adjusted gross margin $ 21,779 $ 23,382 $ 19,122 U.S. Drilling Adjusted operating income (loss) $ 50,529 $ 85,869 $ 51,494 Plus: General and administrative costs 5,148 5,401 4,402 Plus: Research and engineering 1,011 1,647 1,365 GAAP Gross Margin 56,688 92,917 57,261 Plus: Depreciation and amortization 69,875 70,618 66,877 Adjusted gross margin $ 126,563 $ 163,535 $ 124,138 International Drilling Adjusted operating income (loss) $ 22,476 $ 1,957 $ 18,642 Plus: General and administrative costs 14,415 14,336 14,899 Plus: Research and engineering 1,508 1,785 1,560 GAAP Gross Margin 38,399 18,078 35,101 Plus: Depreciation and amortization 80,022 86,651 86,899 Adjusted gross margin $ 118,421 $ 104,729 $ 122,000 Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO NET INCOME (LOSS) (Unaudited) Three Months Ended March 31, December 31, (In thousands) 2024 2023 2023 Net income (loss) $ (9,002) $ 61,060 $ 3,857 Income tax expense (benefit) 16,044 23,015 19,244 Income (loss) from continuing operations before income taxes 7,042 84,075 23,101 Investment (income) loss (10,201) (9,866) (12,042) Interest expense 50,379 45,141 49,938 Other, net 16,108 (42,375) 7,878 Adjusted operating income (loss) (1) 63,328 76,975 68,875 Depreciation and amortization 157,685 163,031 161,228 Adjusted EBITDA (2) $ 221,013 $ 240,006 $ 230,103 (1) Adjusted operating income (loss) represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, and other, net. Adjusted operating income (loss) is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted operating income (loss) excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. (2) Adjusted EBITDA represents net income (loss) before income tax expense (benefit), investment income (loss), interest expense, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company's ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company's performance. Other companies in this industry may compute these measures differently. NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF NET DEBT TO TOTAL DEBT (Unaudited) March 31, December 31, (In thousands) 2024 2023 Current debt $ - $ 629,621 Long-term debt 2,512,175 2,511,519 Total Debt 2,512,175 3,141,140 Less: Cash and short-term investments 425,560 1,070,178 Net Debt $ 2,086,615 $ 2,070,962 NABORS INDUSTRIES LTD. AND SUBSIDIARIES RECONCILIATION OF ADJUSTED FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended March 31, December 31, (In thousands) 2024 2023 2023 Net cash provided by operating activities $ 107,239 $ 154,050 $ 181,921 Add: Capital expenditures, net of proceeds from sales of assets (99,125) (116,752) (129,700) Adjusted free cash flow $ 8,114 $ 37,298 $ 52,221 Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company's ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP. View original content:https://www.prnewswire.com/news-releases/nabors-announces-first-quarter-2024-results-302126604.html SOURCE Nabors Industries Ltd.
Amplify Energy Schedules First Quarter 2024 Earnings Release and Conference Call
Amplify Energy Schedules First Quarter 2024 Earnings Release and Conference Call HOUSTON, April 24, 2024 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ("Amplify" or the "Company") (NYSE: AMPY) announced today that it will report first quarter 2024 financial and operating results after the U.S. financial markets close on May 8, 2024. Management will host a conference call at 10:00 a.m. CT on May 9, 2024 to discuss the Company's results. Interested parties are invited to participate in the conference call by dialing (800) 901-2707 (Conference ID: AEC1Q24) at least 15 minutes prior to the start of the call. A replay of the call will be available by phone at (800) 654-1563 (Access Code: 59240315) for a fourteen-day period following the call. About Amplify Energy Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify's operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com. Investor Relations Contacts Jim Frew -- SVP & Chief Financial Officer(832) 219-9044jim.frew@amplifyenergy.com Michael Jordan -- Director, Finance and Treasurer (832) 219-9051michael.jordan@amplifyenergy.com
TGS Files 2023 Annual Report on Form 20-F
TGS Files 2023 Annual Report on Form 20-F BUENOS AIRES, Argentina, April 24, 2024 /PRNewswire/ -- Transportadora de Gas del Sur S.A. ("tgs" or "the Company") (NYSE: TGS, MERVAL: TGSU2) announced that today it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2023 Annual Report can be accessed by visiting the Company's website at www.tgs.com.ar as well as on the SEC's website at www.sec.gov. In addition, shareholders may receive a hard copy of the Company's complete financial statements free of charge by requesting a copy from Carlos Almagro (calmagro@tgs.com.ar) or Leandro Perez Castaño (leandro_perez@tgs.com.ar) in TGS's Investor Relations Office at +(54-11) 4865-9050. tgs is the leader in Argentina in the transportation of natural gas, transporting approximately 60% of the gas consumed in the country, through more than 5,700 miles of gas pipelines, with a firm contracted capacity of 83.1 MMn3/d. It is one of the main natural gas processors. In addition, tgs´ infrastructure investments in Vaca Muerta basin will allow to grow significantly in the provision of services to natural gas producers, positioning tgs as one of the main Midstreamers in Argentina. tgs shares are traded on NYSE (New York Stock Exchange) and BYMA (Bolsas y Mercados Argentinos S.A.). The controlling company of tgs is Compañía de Inversiones de Energía S.A. ("CIESA"), which owns 51% of the total share capital. CIESA's shareholders are: (i) Pampa Energía S.A. with 50%, (ii) Grupo Investor Petroquímica S.L. (member of the GIP group, led by the Sielecki family) and PCT L.L.C. with the remaining 50%. View original content:https://www.prnewswire.com/news-releases/tgs-files-2023-annual-report-on-form-20-f-302126638.html SOURCE TGS
Profire Energy Sets First Quarter 2024 Earnings Call for Thursday, May 9, 2024, at 8:30 a.m. ET
Profire Energy Sets First Quarter 2024 Earnings Call for Thursday, May 9, 2024, at 8:30 a.m. ET LINDON, Utah, April 24, 2024 (GLOBE NEWSWIRE) -- Profireâ¯Energy, Inc. (NASDAQ: PFIE), a technology company (the "Company")â¯thatâ¯providesâ¯solutionsâ¯whichâ¯enhance the efficiency, safety, and reliability of industrial combustion appliances, will hold a conference call onâ¯Thursday, May 9,â¯2024,â¯at 8:30 a.m. ET to discuss results for itsâ¯2024â¯first quarterâ¯endedâ¯March 31,â¯2024. Financial results are expected to be filed with the Securities and Exchange Commission and reported in a press release prior to the conference call.⯠Profireâ¯Energyâ¯Co-CEO andâ¯CFO Ryan Oviattâ¯and Co-CEO Cameron Tidballâ¯will host the presentation, followed by aâ¯question-and-answerâ¯period.â¯â¯â¯ Date: Thursday, May 9, 2024â¯â¯ Time: 8:30 a.m. ET (6:30 a.m. MT)â¯â¯ Toll-free dial-in number: 1-855-327-6837⯠International dial-in number: 1-631-891-4304â¯â¯ The conference call will be webcast live and available for replay via this link: https://viavid.webcasts.com/starthere.jsp?ei=1653742&tp_key=c7e5f7d333.â¯The webcast replay will be available for one year.â¯â¯ Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting to the conference call, please contact Athena Kefalas at 1-801-701-8969. A replay of the call will be available via the dial-in numbers below after 1:00 p.m. ET on the same dayâ¯throughâ¯May 23, 2024, at 11:59 p.m. ET.â¯â¯ Toll-free replay number: 1-844-512-2921â¯â¯ International replay number:â¯1-412-317-6671â¯â¯ Replayâ¯Pin Number:â¯10022992â¯â¯ Aboutâ¯Profireâ¯Energy, Inc.â¯â¯ Profireâ¯Energyâ¯is aâ¯technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances while mitigating potential environmental impacts related to the operation of these devices.â¯Itâ¯is primarily focused in the upstream, midstream, and downstream transmission segments of the oil and gas industry; however,â¯the Company has commenced identifying applications in other industries whereâ¯theirâ¯solutionsâ¯can likely add value.â¯Profireâ¯specializesâ¯in the engineering and design of burner and combustion management systems and solutions used on a variety ofâ¯natural and forced draft applications.â¯Itsâ¯products and servicesâ¯are soldâ¯primarily throughout North America.â¯It has anâ¯experienced team of sales and service professionalsâ¯thatâ¯are strategically positioned across the United States and Canada.â¯Profireâ¯has offices in Lindon, Utah; Victoria, Texas; Homer, Pennsylvania; Greeley, Colorado; Millersburg, Ohio; andâ¯Acheson, Alberta, Canada. For additional information, visit www.profireenergy.com.â¯â¯ â¯â¯ Cautionary Note Regarding Forward-Looking Statements.â¯Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements, including, but not limited to statements regarding the date and time of theâ¯Firstâ¯Quarter 2024â¯Conference Call; or company discussing financial results, market developments and industry outlook; or there being a webcast replay availableâ¯at a later time;â¯or,â¯financial results expected to be filed with the Securities and Exchange Commission and reported in a press release prior to the call. All such forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are notâ¯guaranteesâ¯of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.â¯â¯ â¯â¯ Contact:â¯â¯ Profireâ¯Energy, Inc.â¯â¯ Ryan Oviatt,â¯Co-CEO andâ¯CFOâ¯â¯ (801) 796-5127â¯â¯ â¯â¯ Three Part Advisorsâ¯â¯ Steven Hooser, Partnerâ¯â¯ (214)â¯872-2710â¯â¯
Energy Transfer Announces Increase in Quarterly Cash Distribution
Energy Transfer Announces Increase in Quarterly Cash Distribution DALLAS, Apr. 24 /BusinessWire/ -- Energy Transfer LP (NYSE:ET) today announced an increase in its quarterly cash distribution to $0.3175 per Energy Transfer common unit ($1.27 on an annualized basis) for the first quarter ended March 31, 2024. This cash distribution per Energy Transfer common unit will be paid on May 20, 2024 to unitholders of record as of the close of business on May 13, 2024, and is an increase of 3.3 percent as compared to the first quarter of 2023. In addition, as previously announced, Energy Transfer plans to release earnings for the first quarter of 2024 on Wednesday, May 8, 2024, after the market closes. The company will also conduct a conference call on Wednesday, May 8, 2024 at 3:30 p.m. Central Time/4:30 p.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer's website at energytransfer.com. The call will also be available for replay on Energy Transfer's website for a limited time. Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with more than 125,000 miles of pipeline and associated energy infrastructure. Energy Transfer's strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids ("NGL") and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 34% of the outstanding common units of Sunoco LP (NYSE:SUN), and the general partner interests and approximately 39% of the outstanding common units of USA Compression Partners, LP (NYSE:USAC). For more information, visit the Energy Transfer LP website at energytransfer.com. Forward Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results, including future distribution levels, are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. Qualified Notice This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of Energy Transfer LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP's distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. The information contained in this press release is available on our website at energytransfer.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240423530579/en/ back
Global Partners LP to Host First-Quarter 2024 Financial Results Conference Call on May 8, 2024
Global Partners LP to Host First-Quarter 2024 Financial Results Conference Call on May 8, 2024 WALTHAM, Mass., Apr. 24 /BusinessWire/ -- Global Partners LP (NYSE:GLP) (the "Partnership") today announced that it will release its first-quarter 2024 financial results before the market opens on Wednesday, May 8, 2024. At 10:00 a.m. ET, the Partnership will conduct a conference call for investors and analysts hosted by Eric Slifka, President and Chief Executive Officer, Gregory B. Hanson, Chief Financial Officer, and Mark Romaine, Chief Operating Officer. The call can be accessed by dialing (877) 709-8155 (U.S. and Canada) or (201) 689-8881 (International). The live and archived audio replay of the conference call can be accessed by visiting the "Events & Presentations" section of the "Investors" portion of the Global Partners website, https://ir.globalp.com. About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 53 liquid energy terminals-with connectivity to strategic rail, pipeline, and marine assets-spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, visit www.globalp.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240423927155/en/ back