The U.S. Department of Energy's (DOE) Argonne National Laboratory Team Up with Gevo to Apply Argonne's GREET Model to its Net-Zero Project ENGLEWOOD, Colo., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) The U.S. Department of Energy's (DOE) Argonne National Laboratory recently partnered with Gevo, Inc., a Colorado-based producer of energy-dense liquid hydrocarbons such as sustainable aviation fuel (SAF) and renewable premium gasoline, to perform a critical lifecycle analysis of its next-generation technology. Using data provided by Gevo, Argonne's Greenhouse gases, Regulated Emissions, and Energy use in Technologies (GREET) Model is expected to yield results regarding carbon footprints of these fuels within a few months. The effort is funded by the DOE's Bioenergy Technologies Office, which is part of the Office of Energy Efficiency and Renewable Energy (EERE). "I am thrilled by this partnership and by the DOE's investment in this project," said Michael Wang, an Argonne Distinguished Fellow, Senior Scientist, and the Director of the Systems Assessment Center of the Energy Systems division at the laboratory. "This is the type of real-world application GREET was made for." GREET's pioneering lifecycle analysis considers a host of different fuel production pathways. Results include energy use, emissions of greenhouse gases and air pollutants, and water consumption related to the production processes. The analysis also includes results across the whole of the fuel pathway system, from capturing carbon via photosynthesis to the final burning of the fuel. Uisung Lee, an energy systems analyst in the Systems Assessment Center of the Energy Systems Division at Argonne, said that "Gevo's commitment to reach net-zero carbon emissions with advanced renewable hydrocarbon fuels, including SAF and renewable premium gasoline made from field cornnot only in relation to the final product but in every stage of the production along the entire supply chainwill show how deep decarbonization of biofuels can be achieved holistically." "Biofuels are low carbon already," Lee said. "But Gevo wants it to be net-zero carbon. That's an ambitious goal and one that would be a game-changer in the biofuel industry." Argonne will examine emissions at every stage of the supply chain: This "field to aircraft wake" analysis will include each possible step from production to combustion. "While it might be impossible to reach zero carbon emissions at every stage, sustainable farming practices and carbon capture from biofuel plants and re-use might help the company reach its goal when measured across the whole biofuel supply chain system," Wang said. GREET is unique; it is based on well-developed science and it allows for adaptation, and, in this way, can accommodate changes and incorporate new ideas, including those arising in agriculture and forestry, which are so important to innovation. "We believe in radical transparency when it comes to sustainability. It's incredibly important to have good data, good models, and use them for decision making, especially when making choices about technologies across the business system. When we find a process where we can reduce our carbon intensity, we have to analyze it, and if it moves us further down the path to our goals, we try to implement it," says Dr. Patrick Gruber, Chief Executive Officer of Gevo, Inc. "The tools that the GREET model provides are key to our business model. We have used the GREET model as a guidepost for our process because those benefits are realized in the resulting analysis. It's why our plants are expected to operate on renewable energy, including wind turbines, and why we chose to integrate renewable biogas into our production system. I expect that, as we work through the analysis with Argonne's team, we will come up with additional great ideas to get our carbon footprint down even further." GREET is constantly being improved: The GREET software provides users with a ready-use life cycle analysis tool to perform simulations of alternative transportation fuels and vehicle technologies in just a few minutes. At present, there are more than 48,000 registered GREET users worldwide. Wang said that Argonne plans on releasing its findings from this collaboration soon. The Office of Energy Efficiency and Renewable Energy supports early-stage research and development of energy efficiency and renewable energy technologies to strengthen U.S. economic growth, energy security, and environmental quality. About Gevo Gevo's mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo's products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo's technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo's ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business. Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI. Learn more at Gevo's website: www.gevo.com Argonne National Laboratory seeks solutions to pressing national problems in science and technology. The nation's first national laboratory, Argonne conducts leading-edge basic and applied scientific research in virtually every scientific discipline. Argonne researchers work closely with researchers from hundreds of companies, universities, and federal, state and municipal agencies to help them solve their specific problems, advance America's scientific leadership and prepare the nation for a better future. With employees from more than 60 nations, Argonne is managed by UChicago Argonne, LLC for the U.S. Department of Energy's Office of Science. The U.S. Department of Energy's Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time. For more information, visit https://âenerâgyâ.gov/âsâcâience. Forward-Looking Statements Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including Gevo's technology, the Department of Energy's Argonne GREET model, the production of SAF, the attributes of Gevo's products, Gevo's Net-Zero Project and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo. Investor and Media Contact+1 720-647-9605IR@gevo.com
Custom Truck One Source To Present At DA Davidson Diversified Industrials & Services Conference KANSAS CITY, Mo., Sept. 20, 2021 /PRNewswire/ -- Custom Truck One Source, Inc. (NYSE: CTOS) today announced that Chief Executive Officer, Fred Ross, President and Chief Operating Officer, Ryan McMonagle, and Chief Financial Officer, Brad Meader will present at the DA Davidson 20th Annual Diversified Industrials & Services Conference on Wednesday, September 22, 2021. The presentation is scheduled to begin at 2:00 p.m., Eastern Time. CTOS (PRNewsfoto/Custom Truck One Source, Inc.)" alt="NYSE: CTOS (PRNewsfoto/Custom Truck One Source, Inc.)" /> A live webcast and replay will be available for 30 days through Custom Truck One Source's Investor Relations website: https://investors.customtruck.com. ABOUT CUSTOM ONE TRUCK ONE SOURCECustom Truck One Source, Inc. (NYSE: CTOS) is a leading provider of specialized truck and heavy equipment solutions to the utility, telecommunications, rail and infrastructure markets in North America. The Company's solutions include rentals, sales, aftermarket parts, tools, accessories and service, equipment production, manufacturing, financing solutions, and asset disposal. With vast equipment breadth, the Company's team of experts service its customers across an integrated network of locations across North America. For more information, please visit customtruck.com. INVESTOR CONTACTBrian Perman, Vice President, Investor Relationsinvestors@customtruck.com View original content to download multimedia:https://www.prnewswire.com/news-releases/custom-truck-one-source-to-present-at-da-davidson-diversified-industrials--services-conference-301379835.html SOURCE Custom Truck One Source, Inc.
PEDEVCO Publishes Updated Company Presentation and Provides Operations Update Increased Focus on Highly Economic and Prospective D-J Basin OpportunitiesHOUSTON, TX / ACCESSWIRE / September 20, 2021 / PEDEVCO Corp. (NYSE American:PED), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., published its updated Company presentation on its website at www.PEDEVCO.com. The Company's presentation includes, among other things, additional information on the Company's "Phase III" Permian Basin development plan, with updated San Andres well type curves and economics, as well as information regarding positive developments in the D-J Basin, including recent exceptional offset well performance and updated Niobrara well type curves and economics.Mr. J. Douglas Schick, the Company's President, commented: "We are very pleased and encouraged by the exceptional offset well performance seen by third party operators in and around our D-J Basin acreage position in recent years, attributed largely to favorable geologic targeting and improved completion techniques. Both 30-day IP and cumulative production per well results have grown substantially, making the D-J Basin one the most economic and best-performing oil basins in the U.S. Given these increasingly positive results, PEDEVCO plans to increase its capital allocation to non-operated projects in the D-J Basin, with the Company recently electing to participate in four horizontal Niobrara wells with a ~6% working interest at a net cost to the Company of ~$1.2 million that have been drilled by another operator and were completed in August 2021, and an additional eight horizontal Niobrara wells in which it holds a ~5% working interest at an expected net cost to the Company of ~$2 million that are slated for drilling by another operator in the first quarter of 2022. We have advanced our business development activities in the basin over the past year which we believe will add opportunities for growth and development. We plan to continue to evaluate D-J Basin well proposals as received from third party operators and participate in those we deem most economic and prospective. In the meantime, we continue to move forward with the "Phase III" development of our Permian Basin asset, with the first two horizontal wells planned for drilling later this year or early 2022. We will continue to seek to leverage our debt-free balance sheet and deploy our ~$20 million in free cash in the development of our D-J Basin and Permian Basin assets in a manner most accretive to our shareholders."About PEDEVCO Corp.PEDEVCO Corp. (NYSE American:PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its San Andres Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado. PEDEVCO is headquartered in Houston, Texas.Cautionary Statement Regarding Forward Looking StatementsThis press release and presentation referenced herein may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release or presentation referenced herein other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. These risks include, but are not limited to, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risk associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Mr. Simon Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; COVID-19, governmental responses thereto, economic downturns and possible recessions caused thereby; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, including, but not limited to, in the "Risk Factors" sections in its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release and presentation referenced herein are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.CONTACT:PEDEVCO Corp.(713) 221-1768PR@pedevco.comSOURCE: PEDEVCO Corp.View source version on accesswire.com: https://www.accesswire.com/664631/PEDEVCO-Publishes-Updated-Company-Presentation-and-Provides-Operations-Update
PyroGenesis Joins Two FTSE Russell Indexes MONTREAL, Sept. 20, 2021 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ:PYR) (TSX:PYR.CA) (FRA: 8PY), a high-tech Company (hereinafter referred to as the "Company" or "PyroGenesis"), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases (GHGs), is pleased to announced today that it has been added to the FTSE Global Total Cap Index and FTSE Global Micro Cap Index, following the semi-annual reconstitution, which takes effect at the start of trading today, September 20, 2021. The FTSE Global Total Cap Index is a market-capitalization weighted index representing the performance of large, mid and small cap stocks, across emerging and developed companies. The FTSE Global Micro Cap Index provides deep representation of micro cap stocks. Both indexes are used as the basis for performance benchmarks and investment products, such as funds, derivatives, and exchange-traded funds by investment professionals globally. "We are incredibly pleased to join both the FTSE Global Total Cap Index and the FTSE Global Micro Cap Index," said Mr. P. Peter Pascali, President and Chair of PyroGenesis. "These additions reflect our continued commitment to executing on our business strategy and driving value for our shareholders. We believe that inclusion in these indexes will help improve awareness, liquidity, and exposure of our securities within the global community of institutional and retail investors." About FTSE Russell:FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com. About PyroGenesis Canada Inc.PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG), and are economically attractive alternatives to conventional "dirty" processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. For more information, please visit: www.pyrogenesis.com. This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.sec.gov. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts responsibility for the adequacy or accuracy of this press release. SOURCE PyroGenesis Canada Inc. For further information please contact:Rodayna Kafal, Vice President Investors Relations and Strategic Business DevelopmentPhone: (514) 937-0002, E-mail: ir@pyrogenesis.com RELATED LINK: http://www.pyrogenesis.com/
PermRock Royalty Trust Declares Monthly Cash Distribution FORT WORTH, Texas, Sept. 20, 2021 /PRNewswire/ -- PermRock Royalty Trust (NYSE:PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of September 30, 2021 and payable on October 15, 2021 in the amount of $609,618.80 ($0.050109 per Trust Unit), based principally upon production during the month of July 2021. The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations: Underlying Sales Volumes Average Price Oil Natural Gas Oil Natural Gas Bbls Bbls/D Mcf Mcf/D (per Bbl) (per Mcf) Current Month 29,514 952 38,374 1,238 $71.39 $4.91 Prior Month 30,903 1,030 36,202 1,206 $69.35 $4.23 Oil cash receipts for the properties underlying the Trust totaled $2.11 million for the current month, a decrease of $0.03 million from the prior month's distribution period. This decrease was due to a slight decrease in sales volumes. Natural gas cash receipts for the properties underlying the Trust totaled $0.19 million for the current month, an increase of $0.04 million from the prior month's distribution period. This increase was due to an increase in natural gas prices and sales volume. Total direct operating expenses, including marketing, lease operating expenses and workover expenses, were $0.70 million reflecting a $0.21 million increase from the prior month. Severance and ad valorem taxes were essentially unchanged from the prior month, totaling $0.17 million. Capital expenditures were $0.53 million, an increase of $0.06 million from the prior month. Boaz Energy indicated the capital expenditures were primarily related to drilling and completion operations in Crane and Glasscock counties. Boaz Energy informed the Trust that this month's net profits calculation included the application of $60,000 net to the Trust of funds previously reserved by Boaz Energy to cover capital obligations and expenses. About PermRock Royalty Trust PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC ("Boaz Energy") to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's and Boaz Energy's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, future cash retentions, advancements or recoupments from distributions, and statements regarding Boaz Energy's operations and the resulting impact on the computation of the Trust's net profits. The amount of cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by volatility in commodity prices, oversupply and the economic effects of the COVID-19 pandemic. Further, low oil and natural gas prices may result in no distributions to unitholders in certain periods. Other important factors that could cause actual results to differ materially from those projected in the forward-looking statements include expenses of the Trust and reserves for anticipated future expenses, uncertainties in estimating the cost of drilling activities and risks associated with drilling and operating oil and natural gas wells. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Trust's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 31, 2021 and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Contact: PermRock Royalty TrustSimmons Bank, TrusteeLee Ann Anderson, Senior Vice President Toll-free: (855) 588-7839Fax: (817) 298-5579Website: www.permrock.come-mail: trustee@permrock.com View original content:https://www.prnewswire.com/news-releases/permrock-royalty-trust-declares-monthly-cash-distribution-301380266.html SOURCE PermRock Royalty Trust
ADAC Sim Racing Expo A Success for Challenger Brand Asetek SimSportsDebut of Premium Performance Invicta Sim Racing Pedals and RaceHub Software AALBORG, Denmark, Sept. 20, 2021 /PRNewswire/ -- Asetek, sim racing gear innovator, the creator of the all-in-one liquid cooler, and the global leader in liquid cooling solutions for gaming PCs and DIY enthusiasts, today announced there was palpable excitement in its Invicta Sim Racing Pedals at the ADAC SimRacing 2021 Expo in Nürburgring, Germany, during the preceding weekend. Asetek SimSports was proud to display its initial sim racing products at the SimRacing Expo, including a throttle and brake pedal, and an add-on clutch pedal, along with its custom-made RaceHub software for quick and easy adjustments and calibration. ADAC 2021 brings together SimRacers from around the world to compete in e-sports competitions and experience the very latest sim racing gear. At the same time, vintage and youngtime touring cars competed against each other in the legendary 1000-kilometer race on the circuit. "I had the opportunity try out Asetek's Invicta pedals when racing at ADAC over the weekend and have a really good first impression," said Lasse Bak, one of the main drivers of Fyra SimSport. "In sim racing, you have to feel really confident in your equipment to get good lap times. The Invicta pedals are really easy to get used to and calibrate for a consistent feel every time. My teammates and I were even able to get P3 in the qualifying round after only using the pedals a short while." "The ADAC SimRacing Expo was a perfect opportunity to show off our new Invicta pedals and RaceHub software. I'm delighted that both end users and resellers have embraced the first of our SimSports product innovations," said André Sloth Eriksen, CEO and founder of Asetek. Eriksen continued. "When we decided to innovate Sim Racing gear, it was to provide sim racers a level of true racecar experiences not currently available with existing gear. And to offer a software that allows easy and simple to use calibration and adjustment so sim racers can get just the experience they want." The Asetek Invicta pedals will be available for preorder in Q4, 2021 where Asetek will also reveal pricing and delivery. In addition to the Invicta pedals, Asetek will also offer replaceable pedal plates for a more comfortable feeling for racers racing without shoes. Stay tuned for more SimSports products from Asetek, including wheelbases, steering wheels, shifters, and other end-user customization options. About Asetek Asetek (ASTK.OL), a global leader in mechatronic innovation, is a Danish garage-to-stock-exchange success story. Founded in 2000, Asetek established its innovative position as the leading OEM developer and producer of the all-in-one liquid cooler for all major PC & Enthusiast gaming brands. In 2013, Asetek went public while expanding into energy efficient and environmentally friendly cooling solutions for data centers. In 2021, Asetek is introducing its line of products for next-level immersive SimSports gaming experiences. Asetek is headquartered in Denmark and has operations in China,0x202FTaiwan0x202Fand the United States.0x202F www.asetek.com Media contact Margo WestfallAsetek Sr. Marketing Manager +1 408 644.5616 mwe@asetek.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/asetek/r/adac-sim-racing-expo-a-success-for-challenger-brand-asetek-simsports,c3417969 The following files are available for download: https://mb.cision.com/Main/6758/3417969/1470386.pdf Asetek SimSports_ADAC Success_Invicta Pedals_FINAL_Sept 20 2021 https://news.cision.com/asetek/i/asetek-simsports-at-adac,c2955751 Asetek SimSports at ADAC https://news.cision.com/asetek/i/asetek-simsports-at-adac-andre-eriksen-and-phoenix-racing,c2955752 Asetek SimSports at ADAC André Eriksen and Phoenix Racing View original content:https://www.prnewswire.com/news-releases/adac-sim-racing-expo-a-success-for-challenger-brand-asetek-simsports-301380291.html SOURCE Asetek
Earthstone Energy, Inc. Announces Increase in Borrowing BaseBorrowing Base Increases to $650 Million; Liquidity of Approximately $365 Million THE WOODLANDS, Texas, Sept. 20, 2021 /PRNewswire/ -- Earthstone Energy, Inc. (NYSE: ESTE) ("Earthstone", the "Company", "we" or "our"), today announced that it has entered into an amendment to its senior secured revolving credit facility ("Credit Facility") under which the borrowing base has been increased from $550 million to $650 million in connection with its regularly scheduled semi-annual redetermination. As of August 31, 2021, we had an estimated $1.2 million in cash and $286.6 million of long-term debt outstanding under our Credit Facility. Adjusted for the increase in the borrowing base to $650 million, we had $363.4 million of undrawn borrowing base capacity and $1.2 million in cash, resulting in total liquidity of approximately $364.6 million. Robert J. Anderson, Earthstone's President and CEO, commented, "We greatly appreciate the continued support of our lending group as we have been successfully executing our strategy of consolidating assets to increase scale and efficiency this year. The increase in our borrowing base is a result of the Company's successful drilling so far in 2021, our previously announced Eagle Ford acquisitions which closed in May and June of this year, and the improvement in commodity prices. We believe that our continued operational focus and acquisition activity emphasizing low-cost, high-margin producing assets is building significant shareholder value. We will remain committed to our longstanding financial discipline as we continue these efforts." About Earthstone Energy, Inc. Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in acquisition, development and operation of oil and natural gas properties. The Company's primary assets are in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. Earthstone is listed on NYSE under the symbol "ESTE." For more information, visit the Company's website at www.earthstoneenergy.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "forecast," "guidance," "target," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Earthstone's annual report on Form 10-K, and as amended on Form 10-K/A, for the year ended December 31, 2020, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission ("SEC") filings. Earthstone undertakes no obligation to revise or update publicly any forward-looking statements except as required by law. Contact Mark Lumpkin, Jr.Executive Vice President - Chief Financial Officer Earthstone Energy, Inc.1400 Woodloch Forest Drive, Suite 300The Woodlands, TX 77380281-298-4246mark.lumpkin@earthstoneenergy.com Scott ThelanderVice President of Finance Earthstone Energy, Inc.1400 Woodloch Forest Drive, Suite 300The Woodlands, TX 77380281-298-4246scott@earthstoneenergy.com View original content:https://www.prnewswire.com/news-releases/earthstone-energy-inc-announces-increase-in-borrowing-base-301379961.html SOURCE Earthstone Energy, Inc.
Laredo Petroleum Announces Expansion of Oil-Weighted Western Glasscock Leasehold TULSA, OK, Sept. 19, 2021 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or the "Company") today announced the signing of a purchase and sale agreement to acquire approximately 20,000 net acres in western Glasscock County from Pioneer Natural Resources Company (NYSE: PXD) ("Pioneer") for approximately $230 million, subject to customary closing price adjustments. This is Laredo's second significant acquisition in 2021, as the Company continues to execute its transformational strategy and expand its high-margin inventory. The leasehold to be acquired is directly adjacent to Laredo's existing western Glasscock leasehold, expanding its oil-weighted core development area in the prolific Midland Basin. The transaction is expected to close in October 2021. Highlights: Increases high-margin, oil-weighted inventory by 50%, extending development runway to approximately seven years at current activity levelsExpands core development area in western Glasscock County to ~22,200 net acresAccretive to Free Cash Flow1 and Net Asset Value1 per shareCompany remains on track to achieve previously stated YE-22 leverage target of 1.5x Net Debt/TTM Adjusted EBITDA1 Acquisition Details: ~20,000 net acres (~80% operated, 98% held by production) directly offsetting the Company's existing western Glasscock leasehold~135 gross operated oil-weighted locations (90% WI, average royalty of 20%) with an average lateral length of 9,700 feetCurrently producing ~4,400 barrels of oil equivalent per day (59% oil, 82% liquids)Purchase price comprised of $160 million in cash and issuance of 959,691 shares of Laredo common equity to PioneerMaintains current expectations for 2022 activity levels of two drilling rigs and one completions crew "Upon closing this transaction, we will have acquired more than 55,000 net acres of highly productive, oil-weighted inventory in Howard and western Glasscock counties in just two years, fundamentally transforming Laredo," stated Jason Pigott, President and Chief Executive Officer. "Seven years of inventory across these core areas will enhance our ability to deliver sustainable, long-term Free Cash Flow1 generation and to rapidly deleverage. Through transactions like today's, we continue to demonstrate our ability to integrate premier locations into our operations and enhance our return profile while operating in an environmentally responsible and sustainable manner." 1Non-GAAP financial measure; please see definitions of non-GAAP financial measures at the end of this release. About Laredo Laredo Petroleum, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo's business strategy is focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas. Additional information about Laredo may be found on its website at www.laredopetro.com. Forward-Looking Statements This press release contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Laredo assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. General risks relating to Laredo include, but are not limited to, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties, oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries ("OPEC+"), the outbreak of disease, such as the coronavirus ("COVID-19") pandemic, and any related government policies and actions, changes in domestic and global production, supply and demand for commodities, including as a result of the COVID-19 pandemic and actions by OPEC+, long-term performance of wells, drilling and operating risks, the increase in service and supply costs, tariffs on steel, pipeline transportation and storage constraints in the Permian Basin, the possibility of production curtailment, hedging activities, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, possible impacts of litigation and regulations, the impact of the Company's transactions, if any, with its securities from time to time, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, the impact of new environmental, health and safety requirements applicable to the Company's business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2020, Current Report on Form 8-K, filed with the Securities and Exchange Commission ("SEC") on May 11, 2021, and those set forth from time to time in other filings with the SEC. These documents are available through Laredo's website at www.laredopetro.com under the tab "Investor Relations" or through the SEC's Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Laredo's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Laredo can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Laredo does not intend to, and disclaims any obligation to, correct update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. This press release and any accompanying disclosures include financial measures that are not in accordance with generally accepted accounting principles ("GAAP"), such as Free Cash Flow, Net Asset Value and Adjusted EBITDA. While management believes that such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. For definitions of such non-GAAP financial measures, please see the supplemental financial information at the end of this press release. Unless otherwise specified, references to "average sales price" refer to average sales price excluding the effects of the Company's derivative transactions. All amounts, dollars and percentages presented in this press release are rounded and therefore approximate. Free Cash Flow Free Cash Flow is a non-GAAP financial measure that the Company defines as net cash provided by operating activities (GAAP) before changes in operating assets and liabilities, net, less incurred capital expenditures, excluding non-budgeted acquisition costs. Free Cash Flow does not represent funds available for future discretionary use because it excludes funds required for future debt service, capital expenditures, acquisitions, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Free Cash Flow is useful to management and investors in evaluating operating trends in its business that are affected by production, commodity prices, operating costs and other related factors. There are significant limitations to the use of Free Cash Flow as a measure of performance, including the lack of comparability due to the different methods of calculating Free Cash Flow reported by different companies. Net Asset Value Net Asset Value is a non-GAAP financial measure that the Company defines as the present value of future revenues less future expenses, less Net Debt. Net Asset Value does not represent the standardized measure of discounted future net cash flows because it adjusts for Net Debt and excludes adjustments for future income tax expense. However, management believes Net Asset Value is useful to management and investors in evaluating the value of the Company, which is affected by the pace of capital expenditures and development of inventory, future commodity prices and future prices of services utilized to develop the Company's inventory. There are significant limitations to the use of Net Asset Value as a measure of value, including lack of comparability to calculations of Net Asset Value by other companies due to differences in assumptions utilized in the calculations. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company defines as net income or loss (GAAP) plus adjustments for share-settled equity-based compensation, depletion, depreciation and amortization, impairment expense, mark-to-market on derivatives, premiums paid or received for commodity derivatives that matured during the period, accretion expense, gains or losses on disposal of assets, interest expense, income taxes and other non-recurring income and expenses. Adjusted EBITDA provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, working capital movement or tax position. Adjusted EBITDA does not represent funds available for future discretionary use because it excludes funds required for debt service, capital expenditures, working capital, income taxes, franchise taxes and other commitments and obligations. However, management believes Adjusted EBITDA is useful to an investor in evaluating the Company's operating performance because this measure: is widely used by investors in the oil and natural gas industry to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;helps investors to more meaningfully evaluate and compare the results of the Company's operations from period to period by removing the effect of its capital structure from its operating structure; and is used by management for various purposes, including as a measure of operating performance, in presentations to the Company's board of directors and as a basis for strategic planning and forecasting. There are significant limitations to the use of Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income or loss and the lack of comparability of results of operations to different companies due to the different methods of calculating Adjusted EBITDA reported by different companies. The Company's measurements of Adjusted EBITDA for financial reporting as compared to compliance under its debt agreements differ. Net Debt Net Debt, a non-GAAP financial measure, is calculated as the face value of long-term debt less cash and cash equivalents. Management believes Net Debt is useful to management and investors in determining the Company's leverage position since the Company has the ability, and may decide, to use a portion of its cash and cash equivalents to reduce debt. Net Debt to TTM Adjusted EBITDA Net Debt to TTM Adjusted EBITDA, a non-GAAP financial measure, is calculated as Net Debt divided by trailing twelve-month Adjusted EBITDA. Net Debt to TTM Adjusted EBITDA is used by the Company's management for various purposes, including as a measure of operating performance, in presentations to its board of directors and as a basis for strategic planning and forecasting. Investor Contact: Ron Hagood 918.858.5504 rhagood@laredopetro.com
PHX MINERALS INC. Announces Entry Into Haynesville Acquisition OKLAHOMA CITY, Sept. 16, 2021 /PRNewswire/ -- PHX Minerals Inc. (NYSE: PHX) ("PHX" or the "Company") announced today that it has agreed to acquire in two separate transactions certain mineral and royalty interests totaling approximately 817 net royalty acres in East Texas and Louisiana targeting the Haynesville play (the "Acquisition") for aggregate consideration of $7,249,347 in cash and stock, subject to customary closing adjustments. The purchase price consists of $728,214 in cash and $6,521,133 in PHX common stock issued directly to the sellers of the assets. The shares to be issued are subject to a 120-day lockup period. The Board of Directors of PHX unanimously approved the Acquisition, which is subject to certain closing conditions and is expected to close by Sept. 30, 2021. Chad Stephens, President and CEO, said, "The agreements we entered into today involve additional acquisitions of exceptional mineral assets targeting the Haynesville play, where we have been active over the last 12 months. These assets will provide the company increasing cash flow and natural gas volumes in the near-term with compelling upside potential and are located under some of the top operators with active drilling programs in the play." Acquisition Highlights Approximately 817 net royalty acres in East Texas and Louisiana (primarily in Harrison and Nacogdoches counties in Texas and De Soto, Caddo, Bossier and Sabine parishes in Louisiana), focused on the Haynesville and Bossier plays; Includes 46 PDP gross wells, 15 gross wells in progress and an estimated 149 gross undrilled locations; Two drilling rigs currently running on the Acquisition assets and an additional 10 drilling rigs within 2.5 miles of the Acquisition assets;1 Estimated reserves of 8.5 Bcfe;2 Current net production 0.062 Mmcfe/d; 3 and Key operators of the Acquisition assets include Chesapeake/Vine, Comstock, Goodrich and Southwestern/Indigo __________________________________ 1 Provided by Enverus as of 08/30/2021 2 As of 09/01/2021 3 Mmcfe/d is on a 6:1 basis; estimated June 2021 production PHX Minerals Inc. (NYSE: PHX) Oklahoma City-based, PHX Minerals Inc. is a natural gas and oil mineral company with a strategy to proactively grow its mineral position in its core areas of focus. PHX owns approximately 251,000 net mineral acres principally located in Oklahoma, Texas, North Dakota, New Mexico and Arkansas. Additional information on the Company can be found at www.phxmin.com. Cautionary Statement Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "anticipates," "plans," "estimates," "believes," "expects," "intends," "will," "should," "may" and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect PHX's current views about future events. Forward-looking statements may include, but are not limited to, statements relating to: the Company's ability to execute its business strategies; the volatility of realized natural gas and oil prices; the level of production on the Company's properties; estimates of quantities of natural gas, oil and NGL reserves and their values; general economic or industry conditions; legislation or regulatory requirements; conditions of the securities markets; the Company's ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; epidemics and pandemics such as the COVID-19 pandemic, title defects in the properties in which the Company invests; and other economic, competitive, governmental, regulatory or technical factors affecting properties, operations or prices. Although the Company believes expectations reflected in these and other forward-looking statements are reasonable, the Company can give no assurance such forward-looking statements will prove to be correct. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the Company's management. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements. The forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Information concerning these risks and other factors can be found in the Company's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, available on the Company's website or the SEC's website at www.sec.gov. View original content:https://www.prnewswire.com/news-releases/phx-minerals-inc-announces-entry-into-haynesville-acquisition-301379034.html SOURCE PHX MINERALS INC.
PBF Energy to Release Third Quarter 2021 Earnings Results PARSIPPANY, N.J., Sept. 16, 2021 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) announced today that it will release its earnings results for the third quarter 2021 on Thursday, October 28, 2021. The company will host a conference call and webcast regarding quarterly results and other business matters on Thursday, October 28, 2021, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (877) 869-3847 or (201) 689-8261. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website. About PBF Energy Inc. PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors. PBF Energy Inc. also currently indirectly owns the general partner and approximately 48% of the limited partnership interest of PBF Logistics LP (NYSE:PBFX). View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-to-release-third-quarter-2021-earnings-results-301379042.html SOURCE PBF Energy Inc.
Diamondback Energy, Inc. Accelerates Capital Return to Stockholders and Initiates Share Repurchase Program MIDLAND, Texas, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback" or the "Company") today announced that it has accelerated its plans to return 50% of Free Cash Flow to stockholders to the fourth quarter of 2021, and the Board of Directors has approved an up to $2.0 billion share repurchase program to complement this return commitment. "Diamondback is accelerating its previously announced capital return program due to continued strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial strength. Our plan to return 50% of Free Cash Flow quarterly through our base dividend and other return mechanisms will now begin in the fourth quarter of 2021. The remaining Free Cash Flow, as well as asset sale proceeds, will be earmarked for further debt reduction. We expect the previously announced sale of our North Dakota assets to close in the next few weeks, timing dependent on final government approval. The net proceeds from that sale, along with cash on hand, will be used to pay off the remaining $650 million in outstanding callable debt in our capital structure," stated Travis Stice, Chief Executive Officer of Diamondback. Mr. Stice continued, "Diamondback's Board has approved a $2.0 billion share repurchase program to complement the acceleration of our capital return program. While our consistent and growing base dividend remains our primary means of returning capital, we plan to opportunistically repurchase shares of our common stock with the remaining Free Cash Flow allocated to our stockholders when we expect the return on that repurchase to be well in excess of our cost of capital at mid-cycle commodity prices, which is the case today. We will cease repurchasing our common stock and return excess Free Cash Flow to our stockholders in the form of a variable dividend when we expect the return on that repurchase to be less than our cost of capital at mid-cycle commodity prices. As stated previously, we intend to be flexible on returning capital through the method our Board believes presents the best return to our stockholders at that time. While the form of return may be flexible, we remain committed to consistently returning Free Cash Flow to stockholders." Stock Repurchase Program On September 15, 2021, Diamondback's Board of Directors authorized the Company to acquire up to $2.0 billion of common stock, effective immediately. The Company intends to purchase stock under the repurchase program opportunistically with funds from cash generated from operations and liquidity events such as the sale of assets. This repurchase program may be suspended from time to time, modified, extended or discontinued by the Board of Directors at any time. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including under a 10b5-1 plan that may be implemented by the Company, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors. Any stock purchased as part of this program will no longer be outstanding and will be available for future issuances by the Company. About Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, that address activities that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events, including the current industry and macroeconomic conditions, commodity price volatility, production levels, the impact of the recent presidential and congressional elections on energy and environmental policies and regulations, any other potential regulatory actions, the impact and duration of the COVID-19 pandemic, acquisitions and sales of assets, future dividends and stock repurchases, production, drilling and capital expenditure plans, severe weather conditions, impact of impairment charges and effects of hedging arrangements. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Diamondback. Information concerning these risks and other factors can be found in Diamondback's filings with the Securities and Exchange Commission ("SEC"), including its reports on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC's web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement. Investor Contact:Adam Lawlis+1 432.221.7467alawlis@diamondbackenergy.com
Nabors Reiterates Third Quarter 2021 Outlook and Announces Repayment of 4.625% Senior Notes HAMILTON, Bermuda, Sept. 16, 2021 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reiterated its financial outlook for the third quarter of 2021. The Company published the original outlook in the July press release detailing results for second quarter of 2021. At maturity on September 15th, Nabors repaid the outstanding portion of its 4.625% senior notes due in September 2021. As of June 30th, the remaining amount totaled $82.4 million. Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our overall activity has developed as we expected in the third quarter with all of our segments continuing their strong performance. We are also encouraged by our cash generation quarter-to-date and expect once again to reduce our net debt as anticipated. We remain committed to improving the Company's balance sheet leverage and we have completed another step. With the retirement of the 4.625% notes, our next pending maturity occurs in early 2023 and amounts to less than $25 million." About Nabors Industries Nabors Industries is a leading provider of advanced technology for the energy industry. With operations in approximately 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and sustainable energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to help shape the future of energy and enable the transition to a lower carbon world. Learn more about Nabors and its 100-year history of 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, earnings (losses) from unconsolidated affiliates, investment income (loss), (gain)/loss on debt buybacks and exchanges, impairments and other charges 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. Free cash flow represents net cash provided by operating activities less cash used for investing activities. Free cash flow is an indicator of our ability to generate cash flow after required spending to maintain or expand our asset base. 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 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 free cash flow to cash flow provided by operations, which are their nearest comparable GAAP financial measures, are included in the tables at the end of this press release. Media Contact: William C. Conroy, 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 View original content:https://www.prnewswire.com/news-releases/nabors-reiterates-third-quarter-2021-outlook-and-announces-repayment-of-4-625-senior-notes-301378251.html SOURCE Nabors Industries Ltd.
ION receives grant to support UK net zero target through port decarbonization HOUSTON, Sept. 16, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation's Edinburgh-based Software group today announced the Company received a grant to advance port decarbonization through its climate-smart platform, Marlin SmartPort. The grant supports the UK's Ten Point Plan to address climate change and help achieve the country's net-zero emissions target by 2050. The Data-Led Emissions Management (D-LEMA) project is part of the Clean Maritime Demonstration Competition, funded by the UK Department for Transport and delivered in partnership with Innovate UK. The 6-month pilot study will validate whether vessel fuel usage and carbon dioxide emissions can be reliably estimated in and around ports using the International Maritime Organization (IMO) global standard. Announced in March 2020, and part of the Prime Minister's Ten Point Plan to position the UK at the forefront of green shipbuilding and maritime technology, the Clean Maritime Demonstration Competition is a £20 million investment from government alongside a further ~£10 million from industry to reduce emissions from the maritime sector. The program is supporting 55 projects across the UK, including projects in Scotland, Northern Ireland and from the South West to the North East of England. As set out in the Clean Maritime Plan (2019), Government funding has been used to support early stage research relating to clean maritime. The program will be used to support the research, design and development of zero emission technology and infrastructure solutions for maritime and to accelerate decarbonization in the sector. "Today approximately 90% of goods are transported by sea and global shipping accounts for nearly 3% of global CO2 emissions," said Stuart Darling, Senior Vice President of ION's Software group. "Our technology is focused on creating high value information that drives smarter, safer management of the 5,000+ ports globally and the 50,000+ cargo vessels that transit between them. This grant enables us to continue advancing our maritime digitalization platform, Marlin SmartPort, which integrates systems and data to provide better real-time visibility and actionable intelligence to operate with just-in-time efficiency, minimizing fuel consumption and emissions. Our goal is to develop and validate fuel monitoring capabilities to start tracking and, ultimately, to reduce port-related shipping emissions. On behalf of ION, I would like to thank our project partners, Plymouth Marine Laboratory, who will supply the data, and the Offshore Renewable Energy Catapult, who will assist with the analysis." To learn more, visit iongeo.com/MarlinSmartPort. About ION Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com. Contacts ION (Investor relations) Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com ION (Media relations) Vice President, CommunicationsRachel White, +1 281.781.1168rachel.white@iongeo.com The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the ultimate benefits of our completed restructuring transactions; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
Cenovus announces Expiration and Results of Any and All Tender Offer CALGARY, Alberta, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that its previously announced cash tender offer (the "Any and All Tender Offer") for any and all of its outstanding 3.950% Notes due 2022 (the "3.950% Notes") and 3.000% Notes due 2022 (the "3.000% Notes" and, together with the 3.950% Notes, the "Any and All Notes") (CUSIP Nos. 448055AJ2 and 15135UAG4, respectively) expired at 5:00 p.m., New York City time, on September 15, 2021. According to information provided by D.F. King & Co., Inc., the tender and information agent for the Any and All Tender Offer, $252,644,000 aggregate principal amount of the 3.950% Notes and $294,017,000 aggregate principal amount of the 3.000% Notes were validly tendered and not validly withdrawn prior to or at the expiration of the Any and All Tender Offer. This amount excludes $1,273,000 aggregate principal amount of the 3.950% Notes and $29,464,000 aggregate principal amount of the 3.000% Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, dated September 9, 2021 (the "Offer to Purchase"), and the related notice of guaranteed delivery provided in connection with the Any and All Tender Offer, which remain subject to the holders' performance of the delivery requirements under such procedures. The obligation of Cenovus to accept any Any and All Notes tendered and to pay the consideration for the Any and All Notes is subject to satisfaction or waiver of certain conditions and other terms set forth solely in the Offer to Purchase. If the conditions are satisfied or waived, Cenovus expects to pay for such Any and All Notes on September 16, 2021 (the "Any and All Settlement Date"). References in this news release to "$" are to United States dollars. Holders of Any and All Notes that validly tendered and did not validly withdraw their Any and All Notes prior to the expiration of the Any and All Tender Offer will receive total consideration of $1,021.07 for each $1,000 principal amount of 3.950% Notes and $1,024.78 for each $1,000 principal amount of 3.000% Notes tendered and accepted for payment, in each case plus accrued and unpaid interest up to but not including the Any and All Settlement Date. Cenovus intends to fund the purchase of the Any and All Notes with a portion of the proceeds from its recently completed notes offering, which closed on September 13, 2021, and cash on hand. Cenovus has retained J.P. Morgan Securities LLC and BofA Securities and MUFG Securities Americas Inc. as dealer managers (the "Dealer Managers") for the Any and All Tender Offer. Cenovus has retained D.F. King & Co., Inc. as the tender and information agent for the Any and All Tender Offer. For additional information regarding the terms of the Any and All Tender Offer, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); BofA Securities at (980) 387-3907 (collect) or MUFG Securities Americas Inc. at (877) 744-4532 (toll free) or (212) 405-7481 (collect). Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (888) 605-1958 (for all others, toll free), by email at cve@dfking.com or to the Dealer Managers at their respective telephone numbers. This announcement is for information purposes only and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Any and All Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. Advisory Forward-looking Information This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by us in light of our experience and perception of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. Cenovus undertakes no obligation to update or revise any forward-looking information except as required by law. Forward-looking information in this document is identified by words such as "expects", or "will", or similar expressions and includes suggestions of future outcomes, including statements about: payment for the Any and All Notes and the source of the funds required to purchase the Any and All Notes. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release is based include: risks related to the acceptance of any tendered Any and All Notes, the settlement of the Any and All Tender Offer, the satisfaction of conditions to the Any and All Tender Offer, whether the Any and All Tender Offer will be consummated in accordance with the terms set forth in the Offer to Purchase or at all and the timing of any of the foregoing. Readers are cautioned that other events or circumstances, although not listed above, could cause Cenovus's actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. For a full discussion of material risk factors, refer to Risk Management and Risk Factors in Cenovus's Management's Discussion and Analysis (MD&A) for the year ended December 31, 2020 and in Cenovus's MD&A for the three and six months ended June 30, 2021 and to the risk factors described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, available on SEDAR at sedar.com, and with the U.S. Securities and Exchange Commission on EDGAR at sec.gov, and on its website at cenovus.com. Cenovus Energy Inc.Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com. Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram. Cenovus contacts:
Frank's International N.V. Announces Voting Results and Merger Closing Timeline HOUSTON, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Frank's International N.V. (NYSE: FI) (the "Company" or "Frank's") today announced the results of its Annual General Meeting and plans for closing of the pending Expro merger. Highlights All proposals presented to shareholders were approved including the Expro merger proposal, which received over 90% support from voting shareholders.With all closing conditions now satisfied, the pending merger with Expro is scheduled to close on Friday, October 1, 2021.Frank's will complete a reverse stock split with a ratio of 6-for-1 in conjunction with the closing of the merger. Michael Kearney, the Company's Chairman, President and Chief Executive Officer, said, "We are proud to announce the results of our shareholder vote last week which demonstrated significant shareholder support for the pending merger with Expro Group. The successful affirmative vote culminated Frank's strategic efforts over the past two years to gain scale, increase diversification and improve profitability. Going forward, we will be charting a strategic direction together as one organization. As Expro Board Chairman going forward, I know I speak for the entire new Expro Board in wishing Mike Jardon and his team every success as they begin executing the integration plans that we have developed over the last six months. We have an extremely experienced management at the new Expro that will build an even stronger combined organization. Mike Jardon, Chief Executive Officer of Expro, commented, "The overwhelming approval of the transaction by Frank's shareholders is a significant step toward completing Expro's combination with Frank's and creating a new full-cycle energy services leader. Together, we will have enhanced scale, a broader geographic footprint, and an expanded portfolio of innovative solutions to support customers across the well lifecycle and drive sustainable growth and profitability. We appreciate our stakeholders' strong support and look forward to completing the pending transaction on October 1st so we can begin to unlock the incredible potential of our combined platform." Additional Details Frank's International N.V. (the "Company" or "Frank's") held its 2021 annual general meeting of shareholders (the "Annual Meeting") on September 10, 2021. The final voting results on the proposals considered and voted upon at the Annual Meeting, each of which is described in the Company's definitive proxy statement / prospectus filed with the Securities and Exchange Commission on August 6, 2021 (the "Proxy Statement") all passed with majority support of votes cast. At the close of business on August 13, 2021, the record date for the Annual Meeting, 228,397,296 shares of the Company's common stock were entitled to vote at the Annual Meeting. Expro will begin trading on the New York Stock Exchange (NYSE) on Monday, October 4, 2021 under the ticker "XPRO." Final closing conditions have been fully satisfied and both parties have mutually agreed upon a closing date of October 1, 2021. The Supervisory Board of Frank's International has passed a resolution to provide for a reverse share split at a ratio of 6-for-1 shares to be completed in conjunction with the closure of the Expro merger on October 1, 2021. About Frank's International Frank's International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank's has approximately 2,400 employees and provides services to leading exploration and production companies in both onshore and offshore environments in approximately 40 countries on six continents. The Company's common stock is traded on the NYSE under the symbol "FI." Additional information is available on the Company's website, www.franksinternational.com. Investor Contact: Melissa Cougleinvestor.info@franksintl.com281-966-7300 Forward Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the outcome and results of the integration process associated with the Company's pending merger with Expro Group Holdings International Limited, the Company's future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company's industry, global or national health concerns, including health epidemics, including COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for the United States and the rest of the world to slow the spread of the COVID-19 virus to the point where applicable authorities are comfortable easing current restrictions on various commercial and economic activities, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and the Company's proxy statement/prospectus dated August 5, 2021, in each case filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
Pioneer Natural Resources Releases 2021 Sustainability Report, Announcing Net Zero Ambition and Enhanced Emissions Reduction Targets DALLAS, Sep. 15 /BusinessWire/ -- Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced the publication of its 2021 Sustainability Report, highlighting the Company's focus and significant progress on environmental, social and governance (ESG) programs. The comprehensive report highlights the Company's Net Zero ambition by 2050 and enhanced emissions reduction targets for greenhouse gas (GHG) and methane. In addition, the report details the Company's 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement. Highlights from Pioneer's 2021 Sustainability Report include: Instituting a pathway to Net Zero- Building on the Company's significant progress in reducing emission intensities, Pioneer adopted a Net Zero ambition by 2050 for both Scope 1 and Scope 2 emissions. As outlined in the report, many key initiatives are already underway, demonstrating tangible progress towards the Company's planned pathway to reach Net Zero. Reducing greenhouse gas (GHG) and methane emissions intensity and strengthening reduction targets - Pioneer achieved a 27% reduction in GHG emission intensity and a 50% reduction in methane intensity in 2020, exceeding the Company's previously established targets. With this accomplishment, the Company has increased its 2030 goals to a 50% reduction in GHG intensity and a 75% reduction in methane intensity from its 2019 baseline. Continuing to minimize flaring and commitment to end routine flaring - In 2020, Pioneer achieved a flaring intensity that was 79% lower than its goal to limit flaring to 1% of natural gas produced. The assets acquired in the Parsley and DoublePoint transactions will be incorporated into this target in 2021, consistent with Pioneer's high environmental standards. As previously disclosed, Pioneer plans to end routine flaring (as defined by the World Bank) by 2030, with the aspiration to accomplish this by 2025. Reducing freshwater consumption - Pioneer is adopting a target to reduce freshwater use in completions to less than 25% by 2026. The Company expects to achieve this goal by expanding its recycling capabilities and through its unique partnerships with the cities of Midland and Odessa to utilize reclaimed water. The Company has already achieved a 50% reduction in freshwater use from its 2015 completions baseline. Promoting diversity, equity and inclusion - Pioneer fosters an environment of respect in the workplace through the promotion of diversity, equity and inclusion. The Company's executive leadership team is currently 47% comprised of female or ethnically diverse individuals. The Company is targeting to increase its executive leadership diversity representation to greater than 50% through time. Demonstrating continued commitment to local communities - In addition to Pioneer and its employees donating more than $4 million to numerous charitable organizations in 2020, Pioneer continues to participate in a leadership role in the Permian Strategic Partnership, a consortium of Permian oil and gas companies driving improvements in the region in education, healthcare, workforce development, housing and road safety. Implementing Task Force on Climate-related Financial Disclosure (TCFD) principles by year-end 2022 - Pioneer will publish an inaugural Climate Risk Report during the fourth quarter of 2021. The report will detail the Company's progress towards fully implementing TCFD principles into its business strategy, risk management, scenario planning and target and goal setting processes. This implementation is expected to be completed by year-end 2022, one year earlier than the Company had previously expected. As part of this ongoing effort, the Pioneer Board of Directors expanded the responsibilities of its Sustainability and Climate Oversight Committee to provide additional oversight and strategic direction to sustainability and climate matters at the Company. CEO Scott D. Sheffield stated, "Our board of directors, management team and employees are committed to ensuring Pioneer remains an ESG leader. We are dedicated to reducing our emissions intensities, being proactive and transparent in our engagement with stakeholders and the communities in which we operate and ensuring our governance policies and performance metrics align with our ESG goals. These efforts, in conjunction with Pioneer's low breakeven costs, low-emissions intensity, strong balance sheet and highly-skilled and diverse workforce, position the Company for continued long-term success." Chairman of the Board, J. Kenneth Thompson, stated "In addition to the information included in the Sustainability Report, Pioneer will publish its first Climate Risk Report later this year. Pioneer's goals and strategies will further strengthen our ESG leadership and allow us to provide reliable and affordable, low-emissions intensity, oil and gas to the world. Pioneer's best-in-class assets and people, coupled with our commitment to environmental stewardship, position the Company to remain a sustainable supplier of the world's energy needs for decades to come." Additional information on Pioneer's strategy and performance on ESG and HSE initiatives can be found in the Sustainability Report that is accessible on the Company's website listed above. This year's report references the following reporting standards, terminology and performance metrics: TCFD, Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Carbon Disclosure Standards Board (CDSB), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs). Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer's website at www.pxd.com. Cautionary Statement Regarding Forward-Looking Information Except for historical information contained herein, the statements in this news release as well as Pioneer's 2021 Sustainability Report are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to implement its business plans; access to and cost of capital; the Company's ability to achieve its emissions reduction, flaring and other ESG goals; the assumptions underlying forecasts; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20210915006096/en/ back
NESR and Ulterra Announce Partnership in the Middle East HOUSTON, TX / ACCESSWIRE / September 15, 2021 / National Energy Services Reunited Corp. ("NESR") (NASDAQ:NESR) (NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region and Ulterra Drilling Technologies, L.P. ("Ulterra"), an independent supplier and manufacturer of polycrystalline diamond compact ("PDC") drill bits, announced that they have entered into an agreement to deploy and use Ulterra PDC bits across various countries in the MENA and Asia region.John Clunan, President and Chief Executive Officer of Ulterra stated, "We are very pleased with the collaboration with NESR as it will allow us to leverage our drill bits offering with NESR's footprint across MENA and Asia regions to rapidly grow sales for both companies. Drilling optimization has always been a key focus area for us to serve customers globally and working with NESR will help us expand our customer base and provide those customers with our PDC bits that improve performance and challenge the limits. As we have shown in North America with our market leading position and growth over the last few years, we are confident that we can continue to grow our international presence and further advance our mark in the region.""As we have previously stated, we have made several organic and inorganic long-term investments as well as establishing new partnerships to grow our Drilling & Evaluation Services segment." Said Sherif Foda, Chairman of the Board and CEO of NESR. "This new agreement with Ulterra is another piece to the puzzle and will be a key addition to our growing portfolio in the Drilling Services. With Ulterra's PDC bits we will be able to offer our customers a market leading and proven drill bit technology that will also complement our performance driven drilling solutions. Our mission has always been to supply our customers with best-in-class technologies. We look forward to working with Ulterra to create new opportunities for success."About National Energy Services Reunited Corp.Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.About UlterraUlterra Drilling Technologies is one of the largest pure-play, independent supplier and manufacturer of PDC drill bits to the oil and gas industry. Originally founded in 2005 and strategically headquartered in Fort Worth, Texas, Ulterra is the North America industry leader and one of the fastest-growing PDC drill bit companies in the world. With field service locations throughout the world, including the United States and Canada, Ulterra is advantageously located near the drilling activity providing direct support to operators around the globe. Ulterra's unmatched speed to market is dedicated to the complete design, manufacture, and delivery of customized drilling solutions with advantaged application-specific technology. Ulterra works alongside operators supplying them with consistently high quality, innovative designs customized to target performance limitations to increase productivity and monetary efficiencies.Forward-Looking StatementsThis communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.For inquiries regarding NESR, please contact:Blake GendronNational Energy Services Reunited Corp.832-925-3777investors@nesr.comSOURCE: National Energy Services Reunited Corp.View source version on accesswire.com: https://www.accesswire.com/664185/NESR-and-Ulterra-Announce-Partnership-in-the-Middle-East
Aemetis Biogas Signs Utility Pipeline Interconnect Agreement and Funds Final Payment for Installation of Equipment PG&E Gas Pipeline Interconnect Expected to be Completed in Q4 2021 CUPERTINO, CA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ:AMTX), a renewable natural gas (RNG) and renewable fuels company focused on negative carbon intensity products, announced that its subsidiary Aemetis Biogas LLC has signed the Standard Renewable Gas Interconnection Agreement (SRGIA) with the Pacific Gas & Electric Company and funded the final $1.2 million payment for installation of PG&E's interconnection equipment to deliver renewable natural gas (RNG) into the utility gas pipeline in Q4 2021. The PG&E RNG interconnect equipment has already been fabricated onto modular units that are now scheduled to be delivered to the Keyes plant and installed during the next three months. When the interconnection unit is completed, the RNG produced by the Aemetis Biogas Central Diary Digester Project will be delivered into the Pacific Gas & Electric natural gas pipeline for sale to customers throughout California as transportation fuel. "As planned, the engineering, permitting, offsite equipment fabrication, and full payment of $2.3 million to PG&E has been completed," said Andy Foster, President of the Aemetis Biogas subsidiary of Aemetis, Inc. "PG&E manages the fabrication and installation of the interconnection system connecting the Aemetis biogas cleanup and compression facility to the gas utility pipeline. We are pleased that a significant milestone for completion of the Aemetis Biogas Central Dairy project was completed today." Aemetis has already built and currently operates two dairy biogas digesters, on-site dairy gas upgrading and pressurization facilities, and a four-mile biogas pipeline connecting the dairies to the Aemetis Keyes ethanol plant. The centralized biogas cleanup and onsite RNG fueling facilities at the Keyes plant are currently under construction for completion in Q4 2021, and the construction of 15 additional dairy biogas digesters are in progress for completion during 2022. The PG&E interconnection unit is a gateway for the network of lagoon digesters being built by Aemetis Biogas to produce renewable natural gas (RNG) for use as a transportation fuel. The biogas produced by the first two dairy digesters has received an approved pathway by the California Air Resources Board (CARB) utilizing negative 426 (-426) carbon intensity (CI) and is currently used to displace petroleum based natural gas consumed at the Keyes ethanol production facility for process energy. When fully built out, the planned 52 dairies in the Aemetis biogas project are expected to capture more than 1.4 million MMBtu of dairy methane and reduce greenhouse gas emissions equivalent to an estimated 5.2 million metric tonnes of CO2 each year, equal to removing the emissions from approximately 1.1 million cars per year. The Aemetis Biogas dairy RNG project, energy efficiency upgrades to the Aemetis Keyes biofuels plant, and the Aemetis Renewable Jet/Diesel project include $57 million of grant funding and other support from the US Department of Agriculture, the US Forest Service, the California Energy Commission, the California Department of Food and Agriculture, CAEATFA, and Pacific Gas and Electric's energy efficiency program. About Aemetis Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today's infrastructure. Aemetis Carbon Zero products include zero carbon fuels that can "drop in" to be used in airplane, truck, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle. Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California's Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis also owns and operates a 50 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com. Safe Harbor Statement This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to the development and construction of the PG&E utility gas pipeline, biogas lagoon digesters, biogas cleanup and compression unit, construction and operation of the biogas pipeline, our compliance with governmental programs, and our ability to access markets and funding to execute our business plan. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "showing signs," "targets," "view," "will likely result," "will continue" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws. External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 ksmith@pcgadvisory.com Company Investor Relations/ Media Contact: Todd Waltz (408) 213-0940 investors@aemetis.com
Hello Pal Announces Investment in Language Education - Plans to relaunch Language Pal with innovative language learning features VANCOUVER, BC, Sept. 15, 2021 /PRNewswire/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE: HP) (Frankfurt: 27H) (OTC: HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has signed a Cooperation Agreement with Little Pal Asia Limited ("LPA") where the Company will be licensed, on a non-exclusive worldwide basis, to freely use LPA's innovative "Infinity Language" language learning system throughout the Company's product and service offerings, and in particular, in its Language Pal app. The Infinity Language learning system has its origins in successful early childhood education literacy software since 2008, and LPA has been funded by third party investors to adapt the learning system to the language learning market for children. Under the Cooperation Agreement, LPA will adapt the learning system in the adult market for Hello Pal's Language Pal. Accordingly, Hello Pal will enjoy exclusive use of the learning system in the adult language learning market, and will continue to enjoy new features and functionalities which are added to the learning system by LPA over time. As part of the terms of the agreement, the Company has taken a 15% equity interest in LPA for an investment amount of CAD 300,000, which will be mainly used for the further development of the Infinity Language learning system and adaptation for use in Language Pal. Other than this initial investment, Hello Pal will not be required to pay any other amounts to LPA for the use of the Infinity Language learning system. "I am thrilled that Hello Pal is now able to make a significant push into the adult language learning market," said Mr. Wong, Chairman and CEO of the Company. "As part of our overall plan to diversify our revenue sources into different yet related markets, this cooperation and investment will significantly allow us to relaunch Language Pal with the unique features it will need to be competitive in the language learning market." As the Company's CEO, KL Wong, is also a substantial shareholder of LPA, the investment constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization. To download Hello Pal, please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com. About the Hello Pal Platform The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal has been designed from the ground up to be easy to use and enables users' the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world. Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal's control. Such risks and uncertainties are described in Hello Pal's annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information. THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE Contact: Hello Pal International Inc. investors@hellopal.com 604-683-0911 View original content to download multimedia:https://www.prnewswire.com/news-releases/hello-pal-announces-investment-in-language-education-301377407.html SOURCE Hello Pal International Inc.
TechnipFMC Announces Early Results in Connection with Its Previously Announced Note Tender Offer; Early Tender Premium Shall Apply through the Expiration Time NEWCASTLE & HOUSTON, Sep. 15 /BusinessWire/ -- TechnipFMC plc (NYSE:FTI) (Paris: FTI) (the "Company") announced today the results as of 5:00 p.m., New York City time, on September 14, 2021 (the "Early Tender Time") of its previously announced cash tender offer (the "Tender Offer") to purchase up to $250 million aggregate principal amount (the "Maximum Tender Amount") of its 6.500% Senior Notes due 2026 (the "Notes"). As of the Early Tender Time, $164,113,000 aggregate principal amount of the Notes had been validly tendered and not validly withdrawn. These Notes are being accepted by the Company today without proration. Holders of Notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer are receiving today, for each $1,000 principal amount of such Notes, the "Total Consideration" of $1,075, which includes an "Early Tender Premium" of $30.00. In addition to the Total Consideration, such Holders are also receiving, in respect of such Notes, accrued and unpaid interest from August 1, 2021 (the last interest payment date for the Notes) to, but not including, today. Additionally, the Company announced today that the Early Tender Premium of $30.00 shall apply to Notes validly tendered from the date hereof to at or before the Expiration Time. The terms and conditions of the Tender Offer, including the withdrawal deadline, which was 5:00 p.m., New York City time, on September 14, 2021, otherwise remain unchanged and are set forth in an Offer to Purchase (the "Offer to Purchase"), dated August 31, 2021. Accordingly, tendered Notes may no longer be withdrawn. The Tender Offer will expire at 11:59 p.m., New York City time, on September 28, 2021 (the "Expiration Time"), unless extended or earlier terminated. Holders of Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be eligible to receive $1,075 for each $1,000 principal amount of such Notes. Following this announcement, such amount shall also be referred to as the "Tender Offer Consideration". In addition to the Tender Offer Consideration, such Holders will also receive, in respect of such Notes, accrued and unpaid interest from the last interest payment date for the Notes to, but not including, the settlement date for such Notes. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time. If more than the Maximum Tender Amount of Notes are validly tendered, and Notes are accepted for purchase, the amount of Notes that will be purchased will be prorated as described in the Offer to Purchase. Only Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be subject to possible proration. The Company reserves the right, but is not obligated, to increase the Maximum Tender Amount in its sole discretion. The Company will return any Notes not accepted for purchase promptly after the Expiration Time. The Company has engaged Citigroup Global Markets Inc. and BofA Securities, Inc. to act as the dealer managers for the Tender Offer. The Information Agent for the Tender Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and related offering materials are available by contacting the Information Agent at (866) 470-3700 (toll-free) or (212) 430-3774. Questions regarding the Tender Offer should be directed to Citigroup Global Markets, Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect) and BofA Securities, Inc. at (980) 388-3646 (collect) or debt_advisory@bofa.com. This press release is not an offer to purchase or a solicitation of an offer to sell any securities. The Tender Offer is being made solely pursuant to the terms of the Offer to Purchase. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction. Forward-Looking Statements This release contains forward-looking statements. The words "expect," "believe," "estimated," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. United Kingdom The communication of this press release and any other documents or materials relating to the Tender Offer is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (1) those persons who are existing members or creditors of the Company or other persons within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and (2) to any other persons to whom these documents and/or materials may lawfully be communicated. European Economic Area (EEA) In any European Economic Area (EEA) Member State (the "Relevant State"), this press release is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the "Prospectus Regulation"). Each person in a Relevant State who receives any communication in respect of the Tender Offer contemplated in this press release will be deemed to have represented, warranted and agreed to and with each Dealer Manager and the Company that it is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients' project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments - Subsea and Surface Technologies - we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation. Each of our approximately 20,000 employees is driven by a commitment to our clients' success, and a culture of strong execution, purposeful innovation, and challenging industry conventions. TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC. 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