Sort By:
60+ Companies to Present at the 2nd Annual MicroCap Rodeo - Windy City Roundup Conference on October 12th - 13th, 2022 in Chicago
60+ Companies to Present at the 2nd Annual MicroCap Rodeo - Windy City Roundup Conference on October 12th - 13th, 2022 in Chicago RALEIGH, NC / ACCESSWIRE / September 27, 2022 / The 2nd Annual MicroCap Rodeo Conference is going on the road and will take place at the Swissotel in Chicago on October 12th - 13th, 2022, where 60+ SmallCap, MicroCap and NanoCap public companies will be presenting to a global investor audience.The conference begins on Tuesday, October 12th, 2022, with company presentations beginning at 9:00 am Central Time. In addition to the live presentations, they will be shared via webcast. 1x1 Meetings are being held on Wednesday and Thursday all day during the conference as well.Join us for a full two days of presentations. A preliminary agenda is located here: https://microcaprodeo.com/agendaIf you would like to attend and participate in the 2nd Annual MicroCap Rodeo: Windy City Roundup Conference, please register here and book 1x1 meetings with presenting companies: https://microcaprodeo.com/signupFull event website: https://microcaprodeo.com/On Wednesday October 12th and Wednesday October 13th, the following issuers will be presenting their companies.OrganizationTicker1847 Holdings LLCEFSH374WaterSCWOAlliance Entertainment Holding CorporationADRAAMMO, Inc.POWWARHT MediaART.VAspira Women's HealthAWHAssertio Holdings, Inc.ASRTAssure HoldingsIONMAudioEyeAEYEBallantyne Strong IncBTNBM TechnologiesBMTXBuild-A-BearBBWCardiol Therapeutics, Inc.CRDLCEMATRIX CorporationCVX.VCommercial Vehicle GroupCVGICorpHousing Group, Inc.CHGDecisionpoint Systems, Inc.DPSIEdible GardenEDBLElectromed, Inc.ELMDEton PharmaceuticalsETONFlux Power HoldingsFLUXFLYHT Aerospace Solutions Ltd.FLY.VGalaxy Next Generation, INCGAXYGenasys Inc.GNSSGuardforce AIGFAIHeartSciencesHSCSHeritage Global Inc.HGBLHudson GlobalHSONHyreCar Inc.HYREiCADICADIntellicheck, Inc.IDNInuvoINUVIssuer Direct CorporationISDRLantern PharmaLTRNLimbach Holdings, Inc.LMBLogicMarkLGMKMilestone ScientificMLSSMISTRAS Group, Inc.MGMoving iMage Technologies, Inc.MITQMyomoMYONemaura Medical, Inc.NMRDOcuphire PharmaOCUPomniQOMQSPermex Petroleum CorporationCSE:OIL. OTCQB:OILCFPHX MineralsPHXPower NickelPNPN.VReal Good FoodsRGFReliance Global Group, Inc.RELISANUWAVE Health, Inc.SNWVSideChannel, Inc.SDCHSidus SpaceSIDUStar Equity HoldingsSTRRStran & Company, Inc.STRNStrata Skin SciencesSSKNStreamline Health Solutions, Inc.STRMSuperior Drilling Products, Inc.SDPISurgePays, Inc.SURGThe Planting Hope CompanyMYLKUSIOUSIOYield10 Bioscience, Inc.YTENPlease contact Angie Wright via email or at 919-228-6240 if you are interested in attending, please register here and then select companies you are interested in meeting with in a 1x1 setting.We'd also like to give a special thanks to our sponsors. We look forward to seeing you at the conference.About the MicroCap Rodeo ConferencesThe second-annual, live in-person MicroCap Rodeo is back. Join us as we go on the road and participate in the Windy City Roundup 2022 in Chicago, Illinois. Over two days in October, investors can harness top stocks for their portfolios. They'll meet with executive management teams from approximately 60-plus microcap companies across a wide variety of industries and gain an understanding into the key value drivers and potential trends for 2023. Complementing the interactive, in-depth 25-minute one-on-one meeting format will be four tracks of company presentations.SOURCE: MicroCap RodeoView source version on accesswire.com: https://www.accesswire.com/717535/60-Companies-to-Present-at-the-2nd-Annual-MicroCap-Rodeo--Windy-City-Roundup-Conference-on-October-12th--13th-2022-in-Chicago
Trace Midstream II, Backed by Quantum Energy Partners, Formed to Pursue Carbon Capture and Sequestration Opportunities in North America
Trace Midstream II, Backed by Quantum Energy Partners, Formed to Pursue Carbon Capture and Sequestration Opportunities in North America Quantum Energy Partners to commit $400 million to TraceTrace II and its affiliates will focus on the development of carbon capture and sequestration assets as well as other midstream infrastructure across North AmericaCompany appoints tenured executive David Dell'Osso as Chief Operating Officer HOUSTON, Sep. 27 /BusinessWire/ -- Trace Midstream ("Trace") announced today that it has secured an equity commitment of $400 million from Quantum Energy Partners to form Trace Midstream Partners II, LLC, and its affiliate, Trace Carbon Solutions, LLC (collectively, "Trace II" or the "Company"). Headquartered in Houston, Texas, the Company will be focused on developing carbon capture and sequestration ("CCS") assets and supporting midstream infrastructure across North America. CCS is the process of capturing CO2 emissions and converting the CO2 into a fluid form that can be safely transported and sequestered underground permanently. CCS reduces the amount of CO2 that would have entered the atmosphere otherwise and has been recognized as a critical strategy in the global initiative to combat climate change. In support of its CCS focus, Trace II has appointed industry veteran David Dell'Osso as its Chief Operating Officer. David has extensive subsurface expertise as well as a proven track record in the development and operations of large-scale upstream assets and midstream infrastructure. Prior to Trace II, David served as Executive Vice President and Chief Operating Officer for Parsley Energy, a leading public E&P company, until its merger with Pioneer Natural Resources (NYSE:PXD). Prior to Parsley, David spent 13 years with Southwestern Energy Company (NYSE:SWN), where he most recently served as Senior Vice President and General Manager of the Northeast Appalachia Division. "We are excited to continue our partnership with Quantum as we pursue the development of CCS assets and the midstream infrastructure required to service these projects," said Josh Weber, CEO of Trace II. "With the addition of David and a dedicated subsurface team, we have assembled the in-house expertise required to develop, construct, and operate projects across the CCS value chain. We look forward to developing and commercializing projects that allow our customers to achieve their decarbonization goals." "The Trace team has a proven track record and history of success in both the traditional midstream and upstream space. Our equity commitment demonstrates our continued confidence in the Trace organization and their project development capabilities," said Blake Webster, Managing Director of Quantum Energy Partners. "We're excited about the opportunity across the CCS value chain and believe that the Trace team is well positioned to become a leading developer and operator of CCS assets." About Trace Midstream Trace was formed in 2017 with an initial $200 million equity commitment from Quantum Energy Partners with a focus on developing midstream infrastructure across North America. The formation of Trace II follows the recent successful sale of Trace's Haynesville midstream assets to Williams (NYSE:WMB) in April 2022 for $950 million and Trace's Mid-Continent assets to Energy Transfer (NYSE:ET) in September 2022 for $485 million. Trace II is actively pursuing the development of CCS assets and supporting midstream infrastructure across North America. For more information visit www.tracemidstream.com. About Quantum Energy Partners Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $19 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at (713) 452-2110. View source version on businesswire.com: https://www.businesswire.com/news/home/20220927005437/en/ back
Kosmos Energy Provides Further Update on Greater Tortue Ahmeyim FPSO
Kosmos Energy Provides Further Update on Greater Tortue Ahmeyim FPSO DALLAS, Sep. 27 /BusinessWire/ -- Kosmos Energy (NYSE/LSE: KOS) ("Kosmos" or the "Company") reported on September 15, 2022 that the floating production, storage and offloading vessel ("FPSO") for the Greater Tortue Ahmeyim project ("GTA") had drifted approximately 200 meters off the quayside following the impact of Typhoon Muifa. Kosmos has been informed by BP, the operator of the GTA project, that the FPSO has been returned to the quayside of the COSCO shipyard in China. Inspections conducted to date have not identified any significant damage. The forward plan is to complete all inspections and incorporate the findings into the remaining work scope prior to sailaway. Kosmos will give a further project update alongside its third quarter results in early November. About Kosmos Energy Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com. Forward-Looking Statements This press 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005724/en/ back
NexTier Announces Timing of Third Quarter 2022 Earnings Release and Conference Call
NexTier Announces Timing of Third Quarter 2022 Earnings Release and Conference Call HOUSTON, Sept. 26, 2022 /PRNewswire/ -- NexTier Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company") today announced that it will release its third quarter 2022 financial and operating results after market close on Tuesday, October 25, 2022. This release will be followed by a conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Wednesday, October 26, 2022. Hosting the call will be Robert Drummond, President and Chief Executive Officer and Kenneth Pucheu, Executive Vice President and Chief Financial Officer. The call can be accessed via a live webcast accessible on the IR Event Calendar page in the Investor Relations section of our website at www.nextierofs.com, or live over the telephone by dialing (855) 560-2574, or for international callers, (412) 542-4160 and referencing NexTier Oilfield Solutions. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers, (412) 317-0088. The passcode for the replay is 6726751. The replay will be available until November 2, 2022. An archive of the webcast will be available shortly after the call on our website at www.nextierofs.com for twelve months following the call. About NexTier Oilfield Solutions Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across the most active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation. At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy. Investor Contact: Kenneth PucheuExecutive Vice President - Chief Financial Officer Michael SabellaVice President Investor Relations and Business Developmentmichael.sabella@nextierofs.com View original content to download multimedia:https://www.prnewswire.com/news-releases/nextier-announces-timing-of-third-quarter-2022-earnings-release-and-conference-call-301633418.html SOURCE NexTier Oilfield Solutions
Valaris Announces New Chief Commercial Officer
Valaris Announces New Chief Commercial Officer HAMILTON, Bermuda, Sep. 26 /BusinessWire/ -- Valaris Limited (NYSE:VAL) ("Valaris" or the "Company") today announced that Matt Lyne has commenced his role as Senior Vice President and Chief Commercial Officer, having been appointed to the role in late May. Matt Lyne previously served as Chief Commercial and Strategy Officer of Seadrill, where he held a number of senior marketing and commercial roles for more than 12 years. Prior to this, he served in a number of senior operational and functional roles with Transocean. Mr. Lyne has over 20 years of offshore drilling experience in various international locations. President and Chief Executive Officer Anton Dibowitz said, "I am pleased to welcome Matt to the Valaris Executive Management Committee at an exciting time for our business. Valaris has significant operating leverage to the improving market, and Matt's deep industry experience will be critical in helping us to exercise this leverage in a disciplined manner that generates meaningful returns for our shareholders." Dibowitz added, "With Matt in position, Christophe Raimbault will commence his new role as Vice President - Sustainability and New Energy. Christophe will drive further momentum behind our commitment to reduce emissions from our operations and partner with our customers to support their ESG efforts, as well as identify and progress opportunities within the new energy arena." About Valaris Limited Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com. Cautionary Statements Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties, including related to the COVID-19 global pandemic; increased scrutiny of Environmental, Social and Governance ("ESG") practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005616/en/ back
Diamondback Energy, Inc. Releases 2022 Corporate Sustainability Report
Diamondback Energy, Inc. Releases 2022 Corporate Sustainability Report MIDLAND, Texas, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback" or "the Company") today released its 2022 Corporate Sustainability Report. The online report outlines Diamondback's approach to sustainability, commitment to environmental responsibility, managing and reducing risks, governance and business ethics, and our commitment to our people and communities. The report highlights Diamondback's performance in these categories through December 31, 2021, discusses Diamondback's sustainability targets and 2022 initiatives and is available at www.diamondbackenergy.com/about/sustainability. 2022 CORPORATE SUSTAINABILITY REPORT HIGHLIGHTS Reduced flared volumes and flaring intensity by approximately 8% and 26%, respectively, from 2020 to 2021Reduced methane intensity by approximately 24% from 2020 to 2021Reduced Scope 1 GHG intensity by approximately 15% from 2020 to 2021Increased water recycle rate by approximately 70% from 2020 to 2021Today announced medium-term target to reduce Scope 1+2 GHG intensity by 50%, from 2020 levels by 2030Previously announced short-term target to implement Continuous Emissions Monitoring Systems (CEMS) on Diamondback facilities to cover over 90% of operated oil production by the end of 2023Retired carbon credits to offset nearly 1.2 million metric tons of CO2e emitted during 2021, resulting in zero net Scope 1 emissions during 2021Disclosed 2021 Equal Employment Opportunity Form (EEO-1) "As we approach our tenth anniversary as a public company, I could not be more proud of the hundreds employees whose daily contributions have made Diamondback a leader in ESG performance and disclosure," stated Travis Stice, Chairman and Chief Executive Officer of Diamondback. "In 2021, we made significant progress towards meeting multiple environmental goals, striving to reduce our emissions footprint in a safe and efficient manner." "We continue to raise the bar for our employees, pushing higher expectations on environmental sustainability, on-the-job safety, transparent governance and diversity and inclusion in our Company. Our social and environmental license to operate as a domestic oil and gas producer is predicated on our ability to execute on these higher expectations. I am confident in our organization and our ability to continue to be best in class, improving the communities where we live, work and play for decades to come." In determining the content of this report, we reviewed industry practices, conducted research, undertook peer benchmarking and engaged with stakeholders. The report was prepared with content aligned to voluntary frameworks and standards maintained by the Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Task Force on Climate-Related Financial Disclosures (TCFD) and American Exploration and Production Council (AXPC). 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 in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com. Forward Looking Statements The foregoing release contains forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than historical facts, that address activities, events or developments 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 pricing environment, production levels, any future regulatory actions affecting Diamondback, the impact and duration of the COVID-19 pandemic, acquisitions and sales of assets, drilling and capital expenditure plans, environmental targets and initiatives and other factors believed to be appropriate. Forward looking statements are not guarantees of performance. These forward-looking statements involve certain risks and uncertainties, many of which are beyond Diamondback's control and could cause the actual results or developments to differ materially from those currently anticipated 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, including its reports on Forms 10-K, 10-Q and 8-K. Diamondback undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise. Investor Contact:Adam Lawlis+1 432.221.7467alawlis@diamondbackenergy.com Chip Seale+1 432.247.6218cseale@diamondbackenergy.com
EQT NAMED ONE OF PITTSBURGH'S TOP 2022 WORKPLACES
EQT NAMED ONE OF PITTSBURGH'S TOP 2022 WORKPLACES EQT CEO, Toby Z. Rice Recognized as Top Leader PITTSBURGH, Sept. 26, 2022 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced it has been awarded a 2022 Top Workplace honor placing second among large Pittsburgh-based employers in the Post-Gazette's annual Top Workplaces survey program. In addition, EQT President and CEO, Toby Z. Rice was honored as Top Leader in the large employer category. "The 2022 Top Workplace Award for EQT symbolizes the cultural transformation that we have driven over the past 36 months. Thanks to everyone on the Qrew that makes EQT such a productive, challenging, rewarding, and fun place to work," said Rice. "I am proud to lead this organization as we work together with our stakeholders to achieve our higher purpose - providing energy security to the world while arresting emissions." The Post-Gazette Top Workplaces program is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The anonymous survey uniquely measures 15 culture drivers that are critical to the success of any organization, including alignment, execution, and connection. The Top Workplace awards highlight companies that listen to what matters most to employees and use that insight in decision-making. EQT, which is the largest natural gas producer in the United States, has operations in Pennsylvania, West Virginia, and Ohio and is dedicated to responsibly developing our world-class asset base in the core of the Appalachian Basin. More than 700 employees participated in the employee engagement survey earlier this year. "It's a privilege to work in a corporate environment built on trust, teamwork, evolution, and heart. It's these values that show up every day, in everything that we do. Our Qrew is highly engaged and inspires one another to work towards our higher purpose in delivering every detail," said Lesley Evancho Chief Human Resource Officer. EQT Contact:Bridget McNieDirector of Communications412.720.4500Bridget.mcnie@eqt.com About EQTEQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology, and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable, and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day - trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-named-one-of-pittsburghs-top-2022-workplaces-301633014.html SOURCE EQT Corporation (EQT-IR)
Chevron and MOECO to Collaborate on Advanced Geothermal Technology
Chevron and MOECO to Collaborate on Advanced Geothermal Technology Agreement could help unlock Japan's significant geothermal potential TOKYO, Sep. 25 /BusinessWire/ -- Chevron New Energies International Pte, Ltd. (Chevron), and Mitsui Oil Exploration Co., Ltd (MOECO) today announced the signing of a Joint Collaboration Agreement to explore the technical and commercial feasibility of advanced geothermal power generation in Japan. Building on Chevron and MOECO's long-standing relationship, the new collaboration will study geothermal resource potential across Japan and will evaluate the effectiveness of Advanced Closed Loop (ACL) technology for a future joint pilot project in Japan. Both companies may also assess potential collaboration for advanced geothermal technology opportunities using ACL globally. Unlike conventional geothermal projects, which use traditional steam turbines requiring high temperatures often found in concentrated locations limited by geological characteristics, ACL can potentially enable access to geothermal resources at a wider range of temperatures and geologies through the application of alternative technology above and below the surface. "Chevron and MOECO share a goal of delivering lower carbon energy solutions, while meeting the need for reliable, affordable energy," said Barbara Harrison, vice president of Offsets & Emerging, Chevron New Energies. "This collaboration provides an opportunity for Chevron to combine its subsurface capabilities and technologies with MOECO's intimate knowledge of Japan's geothermal potential resource geology and its long history of responsible resource development. The joint team will have the opportunity to test emerging geothermal technology in a real world setting with significant scaling up potential." "MOECO entered the geothermal business in 2012 and has been expanding its geothermal portfolio since then. In parallel with conventional geothermal, we have been studying ACL technology for many years and we believe this collaboration with Chevron utilizing ACL technology could unlock tremendous geothermal resources in Japan," said Hirotaka Hamamoto, CEO of MOECO. "This joint collaboration with Chevron, who has been a valued partner of MOECO for several decades in the energy industry, is intended to open a new chapter in the geothermal industry as MOECO aims to continue contributing to an environmentally sustainable world as a member of the Mitsui & Co.'s group companies." About Chevron Chevron (NYSE:CVX) is one of the world's leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com. About MOECO MOECO celebrated its milestone 50th anniversary in 2019. MOECO has been continually devoted to the exploration, development and production of energy resources globally building from the development of our gas projects in offshore Thailand. MOECO now embraces the challenge that comes with the world entering into a new era where society's demands for energy are rapidly changing. We renew our commitment towards delivering energy resources that will strive to meet the demands of a changing society through our global expansion including the continued development of our geothermal business as one of the core group companies of Mitsui & Co.'s energy business value chain. More information about MOECO is available at www.moeco.com. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron's operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "aspires" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19) and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20220925005050/en/ back
Tellurian updates financing process for Driftwood LNG
Tellurian updates financing process for Driftwood LNG HOUSTON, Sep. 23 /BusinessWire/ -- Tellurian Inc. (Tellurian) (NYSE American:TELL) announced today that it has updated its Driftwood LNG financing strategy to prioritize securing equity partners. Part of this strategy includes introducing flexibility in its liquefied natural gas portfolio with the termination of two current sales and purchase agreements. President and CEO Octávio Simões said, "The potential corporate and strategic partners we are seeking may want liquefied natural gas (LNG) volumes that they can sell globally and now we have some capacity to offer that option. We have made good progress on our construction plan and will continue funding that with our cash and operating cash flow." Simões added, "What has not changed for Tellurian is that we are an operating natural gas producer with revenue from our gas sales. Last quarter we produced nine billion cubic feet of natural gas and had over $61 million in sales, and since then we have closed the EnSight acquisition. Currently we have 11 natural gas wells in various stages of completion and therefore expect a significant increase in production and sales next quarter. In addition, we will add to our value when our fully permitted Driftwood LNG project is completed, and we can reach the global markets with LNG sales at global prices." About Tellurian Inc. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol "TELL". For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "assume," "believe," "budget," "estimate," "expect," "forecast," "initial," "intend," "may," "plan," "potential," "project," "proposed," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood LNG project, the construction and financing of the project, and cash flows, production, sales, profitability and asset values. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2021 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 23, 2022, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20220923005482/en/ back
North Dakota Tribal College System Announces Statewide Apprenticeship Program in Partnership with Hess Corporation, Halliburton and Nabors Industries
North Dakota Tribal College System Announces Statewide Apprenticeship Program in Partnership with Hess Corporation, Halliburton and Nabors Industries BISMARCK, N.D., Sep. 23 /BusinessWire/ -- The North Dakota Tribal College System (NDTCS) today announced a new apprenticeship program developed in partnership with Hess Corporation to improve educational and employment opportunities for Native Americans across North Dakota. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220922005823/en/ Over the next four years, Hess will invest $12 million to provide tuition assistance, stipends and other support for establishing apprenticeships in a variety of industries designed by each of the state's five tribal colleges based on the local job market and needs of their tribal communities. Halliburton and Nabors Industries will each invest $1 million in the new apprenticeship program. Following the "earn and learn" model of the apprenticeship program currently in place at Lake Region State College, the new statewide program will provide tribal college students with on-the-job skills training through college work study, internships and apprenticeships as they progress toward completing a two-year degree or technical certification, with the possibility of earning a bachelor's or master's degree depending on the apprenticeship position and location. The new apprenticeship program is scheduled to begin in January 2023. Speaking in the State Capitol at a ceremony commemorating the announcement, Gov. Doug Burgum recognized the significance of the new program. "Public-private partnerships can be transformative, and the program being launched today is another great example of our state's private-sector partners believing and investing in the future of North Dakota," Governor Burgum said. "With today's announcement, Hess, Nabors, and Halliburton are providing essential resources for our tribal colleges to invest in students in a way that can spark generational change and empower people, improve lives and inspire success." Also speaking at the announcement, Cankdeska Cikana (Little Hoop) Community College President Dr. Cynthia Lindquist said: "The partnership we are announcing today reflects the tireless efforts of everyone involved over the past 18 months to design a program that serves a traditional education mission while concurrently responding to deeper community needs. We are excited to develop new career and workforce opportunities for our young people and are very pleased to have the support from Hess, Nabors, Halliburton and the Governor." Hess CEO John Hess said: "Our company has a longstanding commitment to making a positive social impact on the communities where we operate. We are proud to support the North Dakota Tribal College System in developing a comprehensive program to provide students with education and employment opportunities that will lead to rewarding careers." Nabors Senior Vice President and Chief Administrative Officer Jade Strong said: "Nabors is committed to strengthening the communities that our employees call home. We are honored to support the NDTCS and advanced educational opportunities that can change lives and launch careers across North Dakota." Halliburton Chairman, President, and CEO Jeff Miller said: "As a company with a long history of operations in North Dakota, we see this program as a fantastic way to develop and nurture skills necessary for the future productivity of the local economy as well as for Halliburton. We are excited to support the NDTCS and this program." About the Initiative: The project to improve workforce, training, and education opportunities utilizes the apprenticeship pathway for Native people living in North Dakota via the North Dakota Tribal College System (NDTCS) in partnership with Lake Region State College (LRSC). The colleges under NDTCS have identified varied apprenticeship programs for consideration in areas such as HVAC, plumbing, heavy equipment, welding, building trades, auto tech, CDL, carpentry, IT, nursing, and professional positions at the colleges. North Dakota Tribal College System (NDTCS): Chartered by federally recognized Tribal governments, North Dakota's Tribal colleges teach and preserve culture and language as a component of the academic curriculum. Tribal colleges are public, affordable, non-profit post-secondary institutions accredited by the Higher Learning Commission, the same as state post-secondary institutions. Tribal colleges proactively collaborate with the North Dakota University System to enhance students' academic experience that allows for seamless transfers. More information is available at www.ndtcs.org. Hess Corporation (NYSE:HES) is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. The company is recognized as an industry leader in environmental, social and governance performance and disclosure. More information on Hess Corporation is available at www.hess.com. Halliburton: Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 45,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company's website at www.halliburton.com. Nabors Industries: Nabors Industries is a leading provider of advanced technology for the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science, and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005823/en/ back
Magnolia Oil & Gas Corporation Mourns the Passing of Former Chairman, President and Chief Executive Officer Stephen Chazen
Magnolia Oil & Gas Corporation Mourns the Passing of Former Chairman, President and Chief Executive Officer Stephen Chazen HOUSTON, Sep. 23 /BusinessWire/ -- It is with great sadness that Magnolia Oil & Gas Corporation ("Magnolia" or the "Company") (NYSE:MGY) mourns the passing of former Chairman, President and Chief Executive Officer, Stephen Chazen. On behalf of the entire Magnolia team, Chris Stavros, President and Chief Executive Officer, said, "We are greatly saddened by Steve's passing, and extend our thoughts and sympathies to his family. As Magnolia's founder, Steve has left an indelible mark on the Company, the oil and gas industry and the greater Houston community. Professionally, Steve had a profound impact on how E&P companies are managed with an objective of creating long-lasting shareholder value. He was the type of businessman who didn't follow trends, but rather established trends. Steve always had a great affinity for investors and enjoyed interacting with them. Steve's significant professional accomplishments are exceeded only by his humanitarianism and philanthropic generosity that has touched the lives of countless individuals. He spent much of his non-business-related time focusing on areas he cared deeply for including education, health care and the environment. As much as Steve was a wonderful leader, he was an even greater person." Mr. Chazen served on the University of Houston System Board of Regents, as a director of the Houston Methodist Institute for Academic Medicine, on the Advisory Board at Rice University's Baker Institute for Public Policy and the U.S. National Park Foundation. He is a former Chairman of the Board of the American Petroleum Institute and the Catalina Island Conservancy. Most recently, he served as Chairman of the Board of Occidental Petroleum Corporation. View source version on businesswire.com: https://www.businesswire.com/news/home/20220923005298/en/ back
APA Corporation Announces Engagement of GHD for Third-party Emissions Verification
APA Corporation Announces Engagement of GHD for Third-party Emissions Verification HOUSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced its engagement of GHD, a privately-owned global professional services company specializing in the implementation and verification of sustainability projects. This engagement underpins APA's commitment to protecting the environment, which includes an all employee compensation-linked goal announced earlier this year to eliminate at least 1 million tonnes of CO2e by the end of 2024. "We are pleased to work with GHD to support our ongoing efforts to verify the emissions we eliminate through various environmental projects," said APA Environment, Health and Safety (EHS) Vice President Jessica Jackson. "Third-party validation reinforces our commitment to emissions reduction while recognizing the performance of team members across our company to meet our environmental goals." GHD is an international, employee-owned network of environmental, engineering, design and construction professionals. Founded in Australia in 1928, the firm comprises more than 10,000 employees with multi-disciplinary expertise that work in 200 offices across five continents. GHD has extensive experience with multiple industries, including energy and mining, food and agriculture, and construction. Over the next two years, GHD will serve as an independent, third-party verifier of environmental projects emissions data, supporting the improvement of emissions reporting methods and allowing a more fulsome evaluation of how to responsibly meet growing worldwide energy demand. The GHD team will take a multi-segmented approach, bringing in digital, air quality and decarbonization experts to perform a holistic review that can validate data across operating areas. "APA is making great strides in their commitment to sustainability, proactively taking on the dual challenge of emissions reduction and increased production to meet global energy demands," said Rob Campbell-Watt, GHG validation and decarbonization lead at GHD. "We look forward to collaborating on this project and witnessing the accomplishment of their ESG goals over the coming years." About APA APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and in the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details regarding Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com. About GHD GHD is an international, employee-owned network of environmental, engineering, design and construction professionals. Founded in Australia in 1928, the firm comprises more than 10,000 employees with multi-disciplinary expertise that work in 200 offices across five continents. GHD has extensive experience with multiple industries, including energy and mining, food and agriculture, and construction. Forward-Looking Statements This news 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. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "continues," "could," "estimates," "expects," "goals," "guidance," "may," "might," "outlook," "possibly," "potential," "projects," "prospects," "should," "will," "would," and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in APA's Form 10-K for the year ended December 31, 2021, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
Dynagas LNG Partners LP Reports Results for the Three and Six Months Ended June 30, 2022
Dynagas LNG Partners LP Reports Results for the Three and Six Months Ended June 30, 2022 ATHENS, Greece, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (NYSE: "DLNG") ("Dynagas Partners" or the "Partnership"), an owner and operator of liquefied natural gas ("LNG") carriers, today announced its results for the three and six months ended June 30, 2022. Quarter Highlights: Net income and earnings per common unit (basic and diluted) of $11.1 million and $0.22, respectively;Adjusted Net Income(1) of $9.1 million and Adjusted Earnings(1) per common unit (basic and diluted) of $0.17;Adjusted EBITDA(1) $22.9 million;100% fleet utilization(2);Declared and paid cash distribution of $0.5625 per unit on its Series A Preferred Units (NYSE: "DLNG PR A") for the period from February 12, 2022 to May 11, 2022 and $0.546875 per unit on the Series B Preferred Units (NYSE: "DLNG PR B") for the period from February 22, 2022 to May 21, 2022; and Completed the scheduled dry-dock of the Clean Energy including ballast water treatment equipment in accordance with current regulations. Subsequent Events: Declared a quarterly cash distribution of $0.5625 on the Partnership's Series A Preferred Units for the period from May 12, 2022 to August 11, 2022, which was paid on August 12, 2022 to all preferred Series A unit holders of record as of August 5, 2022;Declared a quarterly cash distribution of $0.546875 on the Partnership's Series B Preferred Units for the period from May 22, 2022 to August 21, 2022, which was paid on August 22, 2022 to all preferred Series B unit holders of record as of August 15, 2022; andCompleted the scheduled dry-docks of the Amur River and the OB River, including ballast water treatment equipment in accordance with current regulations. (1) Adjusted Net Income and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.(2) Please refer to Appendix B. CEO Commentary: We are pleased to report the results for the three- and six-months period ended June 30, 2022. All six LNG carriers in our fleet are operating under their respective long-term charters with international gas producers with an average remaining contract term of 6.4 years. As of September 22, 2022, our estimated contracted revenue backlog1 2 was $0.95 billion. The earliest contracted re-delivery date for any of our six LNG carriers is in the third quarter of 2023 (for the Arctic Aurora), with the second earliest contracted re-delivery date in the first quarter of 2026 (for the Clean Energy), both subject to the terms of the applicable charter. For the second quarter of 2022, we reported Net Income of $11.1 million, earnings per common unit of $0.22, Adjusted Net Income of $9.1 million and Adjusted EBITDA of $22.9 million. While future results may vary, we are pleased to report 100% utilization for our fleet for the ninth quarter in a row. During the second quarter of 2022 and the subsequent period until to date we successfully completed the scheduled dry docks of the Clean Energy, the Amur River and the Ob River, including ballast water treatment equipment installation in all three vessels in accordance with current regulatory requirements. We are in a period of high demand for LNG shipping, which we believe will benefit the Partnership. We continue our strategy of using our cash flow generation to deleverage our balance sheet and reinforce our liquidity so as to build equity value. This, we believe, will enhance our ability to pursue future growth initiatives. ____________1 The Partnership calculates its estimated contracted revenue backlog by multiplying the contractual daily hire rate by the expected number of days committed under the contracts (assuming earliest delivery and redelivery and excluding options to extend), assuming full utilization. The actual amount of revenues earned and the actual periods during which revenues are earned may differ from the amounts and periods disclosed due to, for example, dry-docking and/or special survey downtime, maintenance projects, off-hire downtime and other factors that result in lower revenues than the Partnership's average contract backlog per day. 2 The $0.14 billion of the revenue backlog estimate relates to the estimated portion of the hire contained in certain time charter contracts with Yamal which represents the operating expenses of the respective vessels and is subject to yearly adjustments on the basis of the actual operating costs incurred within each year. The actual amount of revenues earned in respect of such variable hire rate may therefore differ from the amounts included in the revenue backlog estimate due to the yearly variations in the respective vessels' operating costs. Russian Sanctions Developments Due to the ongoing Russian conflicts with Ukraine, the United States ("U.S."), European Union ("E.U."), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government. As of today's date, and to the Partnership's knowledge: Current U.S. and E.U. sanctions regimes do not materially affect the business, operations or financial condition of the Partnership and the Partnership's counterparties are currently performing their obligations under their respective time charters in compliance with applicable U.S. and E.U. rules and regulations;Sanctions legislation in the E.U. continues to exclude LNG;The charters of the Amur River, the Ob River and the Clean Energy are effectively under the control of the German government for an indefinite period of time as of April 4th when Gazprom Germania (and all its subsidiaries), the indirect parent of Gazprom Marketing and Trading (GMT Singapore), was placed under the control of the German Government (Federal Network Agency) since Gazprom Germania operates critical energy infrastructure in Germany;Germany's Federal Network Agency has prolonged its fiduciary control of Gazprom Germania GmbH (renamed to SEFE Securing Energy for Europe GmbH) and its relevant subsidiaries, including Gazprom Marketing & Trading Singapore Pte Ltd (renamed to SEFE Marketing & Trading Singapore) for as long as necessary to guarantee the security of energy supply in Europe; andSanctions legislation has been changing and the Partnership continues to monitor such changes as applicable to the Partnership and its counterparties. The full impact of the commercial and economic consequences of the Russian conflict with Ukraine is uncertain at this time. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition or results of operations. Please see the section of this report entitled "Forward Looking Statements". Financial Results Overview: (1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Three Months Ended June 30, 2022 and 2021 Financial ResultsNet Income for the three months ended June 30, 2022 was $11.1 million as compared to a Net Income of $9.1 million for the corresponding period of 2021, which represents an increase of $2.0 million, or 22.0%. The increase in net income for the three months ended June 30, 2022 was mainly attributable to the increase in the gain on our interest rate swap transaction compared to the corresponding period of 2021, which was partly offset by an increase in the vessels dry-docking and special survey costs, attributable to the scheduled dry-docks of the Clean Energy and the Amur River, which commenced on March 16, 2022 and June 25, 2022, respectively. Adjusted Net Income for the three months ended June 30, 2022 was $9.1 million compared to $10.4 million for the corresponding period of 2021, which represents a net decrease of $1.3 million or 12.5%. This decrease is mainly attributable to the decrease in the vessels' revenue, as well as to the increase of interest and finance costs compared to the corresponding period of 2021. Voyage revenues for the three months ended June 30, 2022 were $33.4 million as compared to $33.9 million for the corresponding period of 2021, which represents a net decrease of $0.5 million or 1.5%, which is mainly attributable to the decrease in the revenue earning days for the three months ended June 30, 2022 compared to the corresponding period of 2021, due to the abovementioned scheduled dry-docks of the Clean Energy and the Amur River. The Partnership reported average daily hire gross of commissions(1) of approximately $62,860 per day per vessel in the three-month period ended June 30, 2022, compared to approximately $62,440 per day per vessel for the corresponding period of 2021. During both three-month periods ended June 30, 2022 and June 30, 2021, the Partnership's vessels operated at 100% utilization. Vessel operating expenses were $7.4 million, which corresponds to a daily rate per vessel of $13,588 in the three-month period ended June 30, 2022, as compared to $7.6 million, or a daily rate per vessel of $13,945 in the corresponding period of 2021. This decrease is mainly attributable to lower planned technical maintenance and crewing costs on the Partnership's vessels in the three months period ending June 30, 2022 compared to the corresponding period in 2021. Adjusted EBITDA for the three months ended June 30, 2022 was $22.9 million, as compared to $23.6 million for the corresponding period of 2021. The decrease of $0.7 million, or 3.0%, was mainly attributable to the effect of the decrease in revenues of the Clean Energy and the Amur River due to the off hire period during their scheduled dry-dock in the three months ended June 30, 2022. Interest and finance costs, net were $6.0 million in the three months ended June 30, 2022 as compared to $5.4 million in the corresponding period of 2021, which represents an increase of $0.6 million, or 11.1% due to the increase in the weighted average interest rate in the three months period ending June 30, 2022, compared to the corresponding period in 2021, which was partly counterbalanced by the reduction in interest bearing debt as compared to the corresponding period of 2021. For the three months ended June 30, 2022, the Partnership reported basic and diluted Earnings per common unit and Adjusted Earnings per common unit, of $0.22 and $0.17 respectively, after taking into account the distributions relating to the Series A Preferred Units and the Series B Preferred Units on the Partnership's Net income/Adjusted Net Income. Earnings per common unit and Adjusted Earnings per common unit, basic and diluted, are calculated on the basis of a weighted average number of 36,802,247 common units outstanding during the period and in the case of Adjusted Earnings per common unit after reflecting the impact of the non-cash items presented in Appendix B of this press release. Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Amounts relating to variations in periodonperiod comparisons shown in this section are derived from the condensed financials presented below. (1) Average daily hire gross of commissions represents voyage revenue excluding the non-cash time charter deferred revenue amortization, divided by the Available Days in the Partnership's fleet as described in Appendix B. Liquidity/ Financing/ Cash Flow CoverageDuring the three months ended June 30, 2022, the Partnership generated net cash from operating activities of $8.2 million as compared to $15.8 million in the corresponding period of 2021, which represents a decrease of $7.6 million, or 48.1% mainly as a result of working capital changes. As of June 30, 2022, the Partnership reported total cash of $100.2 million (including $50.0 million of restricted cash). The Partnership's outstanding indebtedness as of June 30, 2022 under the $675.0 Million Credit Facility amounted to $543.0 million, gross of unamortized deferred loan fees and including $48.0 million, which was repayable within one year. As of June 30, 2022, the Partnership had unused availability of $30.0 million under its interest free $30.0 million revolving credit facility with its Sponsor, or the $30.0 Million Revolving Credit Facility, which was extended on November 14, 2018, and is available to the Partnership at any time until November 2023. Vessel EmploymentAs of September 22, 2022, the Partnership had estimated contracted time charter coverage(1) for 100% of its fleet estimated Available Days (as defined in Appendix B) for 2022, 96% of its fleet estimated Available Days for 2023 and 83% of its fleet estimated Available Days for 2024. As of the same date, the Partnership's estimated contracted revenue backlog (2) (3) was $0.95 billion, with an average remaining contract term of 6.4 years. (1) Time charter coverage for the Partnership's fleet is calculated by dividing the fleet contracted days on the basis of the earliest estimated delivery and redelivery dates prescribed in the Partnership's current time charter contracts, net of scheduled class survey repairs by the number of expected Available Days during that period. (2) The Partnership calculates its estimated contracted revenue backlog by multiplying the contractual daily hire rate by the expected number of days committed under the contracts (assuming earliest delivery and redelivery and excluding options to extend), assuming full utilization. The actual amount of revenues earned and the actual periods during which revenues are earned may differ from the amounts and periods disclosed due to, for example, dry-docking and/or special survey downtime, maintenance projects, off-hire downtime and other factors that result in lower revenues than the Partnership's average contract backlog per day. (3) $0.14 billion of the revenue backlog estimate relates to the estimated portion of the hire contained in certain time charter contracts with Yamal which represents the operating expenses of the respective vessels and is subject to yearly adjustments on the basis of the actual operating costs incurred within each year. The actual amount of revenues earned in respect of such variable hire rate may therefore differ from the amounts included in the revenue backlog estimate due to the yearly variations in the respective vessels' operating costs. Conference Call and Webcast:As previously announced, the Partnership's management team will host a conference call on September 23, 2022 at 10:00 a.m. Eastern Time to discuss the Partnership's financial results. Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877-405-1226 (US Dial-In), or +1201-689-7823 (US International Dial-In). To access the conference call, please reference call ID number 13732873 or "Dynagas" to the operator. For additional participant International Toll-Free access numbers, click here. Participants have the option to register for the call using the following link. You can enter your phone number and let the system call you right away. Audio Webcast - Slides Presentation:There will be a live and then archived webcast of the conference call and accompanying slides, available through the Partnership's website. To listen to the archived audio file, visit our website http://www.dynagaspartners.com and click on Webcast under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation on the second quarter ended June 30, 2022 financial results will be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the Partnership's website http://www.dynagaspartners.com on the webcast page. Participants to the webcast can download the PDF presentation. About Dynagas LNG Partners LPDynagas LNG Partners LP. (NYSE: DLNG) is a master limited partnership which owns and operates liquefied natural gas (LNG) carriers employed on multi-year charters. The Partnership's current fleet consists of six LNG carriers, with aggregate carrying capacity of approximately 914,000 cubic meters. Visit the Partnership's website at www.dynagaspartners.com. The Partnership's website and its contents are not incorporated into and do not form a part of this release. Contact Information:Dynagas LNG Partners LP Attention: Michael Gregos Tel. +30 210 8917960 Email: management@dynagaspartners.com Investor Relations / Financial Media: Nicolas Bornozis Markella KaraCapital Link, Inc. 230 Park Avenue, Suite 1540New York, NY 10169 Tel. (212) 661-7566 E-mail: dynagas@capitallink.com Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Partnership desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "project", "will", "may," "should," "expect," "expected," "pending"and similar expressions identify forward-looking statements. These forward -looking are not intended to give any assurance as to future results and should not be relied upon. The forward-looking statements in this press release are based upon various assumptions and estimates, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Partnership's management of historical operating trends, data contained in its records and other data available from third parties. Although the Partnership believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Partnership's control, the Partnership cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Partnership's view, could cause actual results to differ materially from those discussed, expressed or implied, in the forward- looking statements include, but are not limited to, the strength of world economies and currency fluctuations, general market conditions, including fluctuations in charter rates, ownership days, and vessel values, changes in supply and demand for Liquefied Natural Gas (LNG) shipping capacity, changes in the Partnership's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Partnership's vessels, availability of financing and refinancing, changes in governmental laws, rules and regulations or actions taken by regulatory authorities, economic, regulatory, political and governmental conditions that affect the shipping and the LNG industry, potential liability from pending or future litigation, and potential costs due to environmental damage and vessel collisions, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns, instances of off-hires, the length and severity of epidemics and pandemics, including COVID-19, the impact of public health threats and outbreaks of other highly communicable diseases, the impact of the expected discontinuance of the London Interbank Offered Rate, or, LIBOR, after June 30, 2023 on any of our debt referencing LIBOR in the interest rate, the amount of cash available for distribution, and other factors. Due to the ongoing Russian conflicts with Ukraine, the United States, the European Union, Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government. The full impact of the commercial and economic consequences of the Russian conflict with Ukraine are uncertain at this time. Potential consequences of the sanctions that could impact the Partnership's business in the future include but are not limited to: (1) limiting and/or banning the use of the SWIFT financial and payment system that would negatively affect payments under the Partnership's existing vessel charters; (2) the Partnership's counterparties being potentially limited by sanctions from performing under its agreements; and (3) a general deterioration of the Russian economy. In addition, the Partnership may have greater difficulties raising capital in the future, which could potentially reduce the level of future investment into its expansion and operations. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition or results of operations. Please see the Partnership's filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Partnership disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. APPENDIX A DYNAGAS LNG PARTNERS LPCondensed Consolidated Statements of Income DYNAGAS LNG PARTNERS LP Consolidated Condensed Balance Sheets(Expressed in thousands of U.S. Dollarsexcept for unit data) DYNAGAS LNG PARTNERS LP Consolidated Statements of Cash Flows (Expressed in thousands of U.S. Dollars) APPENDIX B Fleet statistics Reconciliation of U.S. GAAP Financial Information to Non-GAAP Financial Information Reconciliation of Net Income to Adjusted EBITDA (1) Includes interest and finance costs and interest income, if any. The Partnership defines Adjusted EBITDA as earnings before interest and finance costs, net of interest income (if any), gains/losses on derivative financial instruments, taxes (when incurred), depreciation and amortization (when incurred), class survey costs and significant non-recurring items (if any). Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess the Partnership's operating performance. The Partnership believes that Adjusted EBITDA assists its management and investors by providing useful information that increases the ability to compare the Partnership's operating performance from period to period and against that of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or against companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possible changes in financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Adjusted EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership's ongoing financial and operational strength. Adjusted EBITDA is not intended to and does not purport to represent cash flows for the period, nor is it presented as an alternative to operating income. Further, Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and these measures may vary among other companies. Therefore, Adjusted EBITDA, as presented above, may not be comparable to similarly titled measures of other businesses because they may be defined or calculated differently by those other businesses. It should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP. Any Non-GAAP measures should be viewed as supplemental to, and should not be considered as alternatives to, GAAP measures including, but not limited to net earnings (loss), operating profit (loss), cash flow from operating, investing and financing activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Reconciliation of Net Income to Adjusted Net Income available to common unitholders and Adjusted Earnings per common unit Adjusted Net Income represents net income before non-recurring expenses (if any), charter hire amortization related to time charters with escalating time charter rates and changes in the fair value of derivative financial instruments. Adjusted Net Income available to common unitholders represents the common unitholders interest in Adjusted Net Income for each period presented. Adjusted Earnings per common unit represents Adjusted Net Income attributable to common unitholders divided by the weighted average common units outstanding during each period presented. Adjusted Net Income, Adjusted Net Income per common unit and Adjusted Earnings per common unit, basic and diluted, are not recognized measures under U.S. GAAP and should not be regarded as substitutes for net income and earnings per unit, basic and diluted. The Partnership's definitions of Adjusted Net Income, Adjusted Net Income per common unit and Adjusted Earnings per common unit, basic and diluted, may not be the same at those reported by other companies in the shipping industry or other industries. The Partnership believes that the presentation of Adjusted Net Income and Adjusted Earnings per unit available to common unitholders are useful to investors because these measures facilitate the comparability and the evaluation of companies in the Partnership's industry. In addition, the Partnership believes that Adjusted Net Income is useful in evaluating its operating performance compared to that of other companies in the Partnership's industry because the calculation of Adjusted Net Income generally eliminates the accounting effects of items which may vary for different companies for reasons unrelated to overall operating performance. The Partnership's presentation of Adjusted Net Income available to common unitholders and Adjusted Earnings per common unit does not imply, and should not be construed as an inference, that its future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP.
ConocoPhillips to Hold Third-Quarter Earnings Conference Call on Thursday, Nov. 3
ConocoPhillips to Hold Third-Quarter Earnings Conference Call on Thursday, Nov. 3 HOUSTON, Sep. 22 /BusinessWire/ -- ConocoPhillips (NYSE:COP) will host a conference call webcast on Thursday, Nov. 3, 2022, at 12:00 p.m. Eastern time to discuss third-quarter 2022 financial and operating results. The company's financial and operating results will be released before the market opens on Nov. 3. To access the webcast, visit ConocoPhillips' Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day, with a transcript available the following day. --- # # # --- About ConocoPhillips ConocoPhillips is one of the world's leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $94 billion of total assets and approximately 9,400 employees at June 30, 2022. Production averaged 1,720 thousand barrels of oil equivalent per day for the six months ended June 30, 2022, and proved reserves were 6.1 billion barrels of oil equivalent as of Dec. 31, 2021. For more information, go to www.conocophillips.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20220922005672/en/ back
TOP Ships Announces Reverse Stock Split
TOP Ships Announces Reverse Stock Split ATHENS, Greece, Sept. 21, 2022 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the "Company"), announced today that it has determined to effect a 1-for-20 reverse stock split of the Company's issued common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on September 5, 2022. The reverse stock split is expected to take effect, and the Company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Friday, September 23, 2022 under the existing ticker symbol "TOPS". The new CUSIP number for the Company's common stock will be Y8897Y 198. When the reverse stock split becomes effective, every 20 shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding shares of the Company's common stock from approximately 56.7 million shares to approximately 2.8 million shares. No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Shareholders shall be paid cash-in-lieu of a fractional shares that occur as a result of the reverse stock split. Shareholders will receive instructions from the Company's exchange agent, American Stock Transfer & Trust Company, LLC, as to how to exchange existing share certificates for new certificates representing the post-reverse split shares. Additional information about the reverse stock split can be found in the Company's proxy statement furnished to the Securities and Exchange Commission on August 9, 2022, a copy of which is available at www.sec.gov. About TOP Ships Inc. TOP Ships Inc. is an international ship-owning company. For more information about TOP Ships Inc., visit its website: www.topships.org. Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org
TETRA TECHNOLOGIES, INC. ANNOUNCES MAIDEN INFERRED RESOURCES OF 5.25 MILLION TONS OF ELEMENTAL BROMINE AND 234,000 TONS OF LITHIUM CARBONATE EQUIVALENT
TETRA TECHNOLOGIES, INC. ANNOUNCES MAIDEN INFERRED RESOURCES OF 5.25 MILLION TONS OF ELEMENTAL BROMINE AND 234,000 TONS OF LITHIUM CARBONATE EQUIVALENT THE WOODLANDS, Texas, Sept. 21, 2022 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE: TTI) announced the completion of its maiden inferred bromine and lithium brine resource estimation report for its brine minerals leased acreage in the Smackover Formation in Southwest Arkansas. The technical report summary, which is available in its entirety on TETRA's website Investor Relations - Presentations (tetratec.com), reflects the following: The brine resource underlying the approximately 40,000 gross acres where TETRA holds the bromine mineral rights is estimated to contain an inferred resource of 5.25 million short tons (4.763 million metric tonnes) of elemental bromine; andThe brine resource underlying the approximately 5,000 gross acres where TETRA holds lithium mineral rights that are not subject to a lithium option agreement with Standard Lithium, is estimated to contain an inferred resource of 44,000 short tons (40,000 metric tonnes) of elemental lithium. Using a conversion factor of 5.323 to convert elemental lithium to Lithium Carbonate Equivalent (LCE) it is estimated to contain 234,000 short tons of LCE (212,000 metric tonnes of LCE).The maiden TETRA bromine and lithium brine resource estimations are presented as total resource within the Upper Smackover Member underlying the TETRA property. Resource estimations were completed and reported using cutoffs of 250 mg/liter bromine and 50 mg/liter lithium. Brady Murphy, President and Chief Executive Officer, said "This maiden inferred resources report increases our confidence that we have a valuable TETRA asset with two key minerals that are critical to the current and future global energy needs. With an oil and gas recovery that we believe is in the early stages of a multi-year up cycle, coupled with the projected 30% CAGR(1) for the energy storage market in the coming years, 5.25 million tons (or 10.5 billion pounds) of elemental bromine inferred resource, if successfully extracted, could allow us to meet the growing demand for our offshore completion fluids market and for our patented TETRA PureFlow® ultra-pure zinc bromide clear brine fluid that is a critical electrolyte component for long-duration energy storage. At our West Memphis, Arkansas chemical plant, TETRA has been and is converting elemental bromine into high value offshore completion fluids (including its patented TETRA CS Neptune® fluids technology) and more recently into PureFlow®. Extracting commercial quantities of bromine from the Smackover Formation in Arkansas is a well-established process with existing technologies and has been done for over 50 years. TETRA has held these Arkansas brine leases since the mid-1980's and is now pursuing development plans to enable TETRA to meet expected future bromine needs. For reference, 10.5 billion pounds represents approximately 380 years of supply when benchmarked to our average annual consumption over the past 15 years. Any amounts of bromine that we are able to extract and use from this formation would be in addition to the volumes of elemental bromine we are currently buying under an existing long-term agreement. Intratec recently reported that the price of elemental bromine in the U.S. was approximately $4,300 per short ton. "With battery grade LCE spot market prices of approximately $71,600 per ton as reported in a recent research report by Canaccord Genuity Capital Markets and an average selling price of approximately $58,000 per short ton from a recent second quarter financial results report of a large publicly traded international lithium producer, a lithium asset of this magnitude, if all of the lithium were realized, would provide TETRA a significant opportunity to expand our products portfolio in the fast growing battery market. TETRA has identified a direct lithium extraction (DLE) technology based on adsorption/desorption using a proven, commercially available resin that is currently being successfully used in commercial lithium extraction operations from salar brines. Using our lithium-rich Arkansas brine samples from our recently completed test well, our inferred resource report details the excellent DLE laboratory and pilot unit results from our research group at our TETRA Innovation Group Technology Center in Conroe, Texas. "The inferred resource report also confirms that the Smackover Formation is enriched in bromine (an average of 5,371 mg/liter) and lithium (an average of 416 mg/liter), which we expected based on our previously disclosed test well fluid sampling results. Based on the recent test well drilled on the TETRA 5,000 acres, the brine samples from the Upper Smackover Member within that well yielded the highest recorded lithium values (461-489 mg/liter) within the Upper Smackover Member, which may indicate uniquely elevated lithium brine within the targeted acreage where TETRA retains both the bromine and lithium rights. "Our next steps are to complete a bromine front end engineering and design (FEED) study that is already underway, drill the source and disposal wells, build the pipeline infrastructure and build an elemental bromine extraction plant. We intend to complete a Preliminary Economic Assessment (PEA) for the bromine extraction plant this year. Starting in 2023, we will begin work on a lithium FEED study and a PEA for a lithium extraction plant to enable extraction of lithium from our dedicated 5,000 gross acres." Readers are encouraged to read the entire maiden inferred resource estimation report available on our website to understand the methodology and robustness of the process to arrive at the findings referenced in this press release. (1) Source: Bloomberg Company OverviewTETRA Technologies, Inc. is an industrial and oil & gas products and services company operating on six continents focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. Calcium chloride is used in the oil and gas, industrial, agricultural, road, food, and beverage markets. TETRA is evolving its business model by expanding into the low carbon energy markets with its chemistry expertise, key mineral acreage, and global infrastructure. Low carbon energy initiatives include commercialization of TETRA PureFlow® an ultra-pure zinc bromide clear brine fluid for stationary batteries and energy storage; advancing an innovative carbon capture utilization and storage technology with CarbonFree to capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals; and development of TETRA's lithium and bromine mineral acreage to meet the growing demand for oil and gas products and energy storage. Visit the Company's website at www.tetratec.com for more information. Cautionary Statement Regarding Forward Looking StatementsThis news release includes certain statements that are deemed to be forward-looking statements. Generally, the use of words such as "may," "see," "expectation," "expect," "intend," "estimate," "projects," "anticipate," "believe," "assume," "could," "should," "plans," "targets" or similar expressions that convey the uncertainty of future events, activities, expectations or outcomes identify forward-looking statements that the Company intends to be included within the safe harbor protections provided by the federal securities laws. These forward-looking statements include statements concerning economic and operating conditions that are outside of our control, including statements concerning recovery of the oil and gas industry; customer delays for international completion fluids related to global shipping and logistics issues; potential revenue associated with prospective energy storage projects or our pending carbon capture partnership; inferred mineral resources of lithium and bromine, the potential extraction of lithium and bromine from the leased acreage, the economic viability thereof, the demand for such resources, and the timing and costs of such activities; the ability to obtain a preliminary economic assessment regarding our lithium and bromine acreage; projections concerning the Company's business activities, financial guidance, estimated earnings, earnings per share, and statements regarding the Company's beliefs, expectations, plans, goals, future events and performance, and other statements that are not purely historical. With respect to the Company's disclosures of inferred mineral resources, including bromine and lithium carbonate equivalent concentrations, it is uncertain if further exploration will ever result in the estimation of a higher category of mineral resource or a mineral reserve. Inferred mineral resources are considered to have the lowest level of geological confidence of all mineral resources. Investors are cautioned that mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and to whether they can be economically or legally commercialized. Under the SEC's rules, estimates of inferred mineral resources may not form the basis of an economic analysis. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally commercialized, or that it will ever be upgraded to a higher category. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances or results and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Risk Factors" contained in the Company's Annual Reports on Form 10-K, as well as other risks identified from time to time in its reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. Technical Person StatementThe technical information relating to the mineral resource estimations presented in this news release has been reviewed and approved by Mr. Roy Eccles P. Geol. of APEX Geoscience Ltd. Mr. Eccles is independent of TETRA and a Qualified Person as defined by the Securities and Exchange Commission in S-K 1300. View original content to download multimedia:https://www.prnewswire.com/news-releases/tetra-technologies-inc-announces-maiden-inferred-resources-of-5-25-million-tons-of-elemental-bromine-and-234-000-tons-of-lithium-carbonate-equivalent-301630186.html SOURCE TETRA Technologies, Inc.
HOUSTON AMERICAN ENERGY ANNOUNCES ADJOURNMENT OF ITS ANNUAL MEETING TO TUESDAY, OCTOBER 25, 2022
HOUSTON AMERICAN ENERGY ANNOUNCES ADJOURNMENT OF ITS ANNUAL MEETING TO TUESDAY, OCTOBER 25, 2022 Houston, TX, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Houston American Energy Corp. (NYSE American: HUSA) today announced that, due to the lack of a quorum, it convened and then adjourned, without conducting any business, its annual meeting of stockholders (the "Annual Meeting") held on September 20, 2022, at 10:00 a.m., central time. The Annual Meeting was adjourned until Tuesday, October 25, 2022 at 10:00 a.m., central time. No changes have been, or are expected to be, made to the record date or the proposals to be brought before the Annual Meeting, which proposals are presented in the previously distributed proxy statement. The Company has determined to adjourn the Annual Meeting in order to provide additional time to solicit proxies to secure a quorum and to solicit votes from its stockholders with respect to the proposals set forth in the Company's proxy statement. The Company encourages any stockholder that has not yet voted its shares or is uncertain if their shares have been voted to contact their broker or bank. The board of directors and management respectfully requests stockholders as of the record date, August 15, 2022, to please vote their proxies as soon as possible. Stockholders who have previously submitted their proxy or otherwise voted for the Annual Meeting and who do not want to change their vote need not take any action. If the number of additional shares of common stock voted at the adjourned Annual Meeting is not sufficient to reach a quorum, the Company intends to adjourn the Annual Meeting again, which will result in the Company incurring additional costs. About Houston American Energy Corp. Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia. For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates MNRL, STOR, GBT, IRBT
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates MNRL, STOR, GBT, IRBT NEW YORK, Sept. 21, 2022 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Brigham Minerals, Inc. (NYSE: MNRL)'s merger with Sitio Royalties Corp. Under the terms of the merger agreement, Brigham shareholders will receive a fixed exchange ratio of 1.133 shares of common stock in the combined company for each share of Brigham common stock owned on the closing date. Upon completion of the transaction, Brigham shareholders will own approximately 46.0% of the combined entity on a fully diluted basis. If you are a Brigham shareholder, click here to learn more about your rights and options. STORE Capital Corporation (NYSE: STOR)'s sale to GIC and funds managed by Oak Street for $32.25 per share in cash. If you are a STORE Capital shareholder, click here to learn more about your rights and options. Global Blood Therapeutics, Inc. (NASDAQ: GBT)'s sale to Pfizer Inc. for $68.50 per share in cash. If you are a Global Blood shareholder, click here to learn more about your rights and options. iRobot Corporation (NASDAQ: IRBT)'s sale to Amazon.com, Inc. for $61.00 per share in cash. If you are an iRobot shareholder, click here to learn more about your rights and options. Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.comhttps://www.halpersadeh.com View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-investigation-halper-sadeh-llc-investigates-mnrl-stor-gbt-irbt-301629564.html SOURCE Halper Sadeh LLP
Cheniere Announces the Promotion of Corey Grindal to Executive Vice President and Chief Operating Officer
Cheniere Announces the Promotion of Corey Grindal to Executive Vice President and Chief Operating Officer HOUSTON, Sep. 21 /BusinessWire/ -- Cheniere Energy, Inc. ("Cheniere" or the "Company") (NYSE American:LNG) and Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American:CQP) announced today the promotion of Corey Grindal to Executive Vice President and Chief Operating Officer, effective January 2, 2023. As Executive Vice President and Chief Operating Officer, Grindal will lead the Operations, Engineering and Construction, Shared Services and Worldwide Trading organizations within Cheniere. In his new role, he will continue to report to Jack Fusco, President and Chief Executive Officer. Grindal will also serve as Executive Vice President and Chief Operating Officer at Cheniere Partners. Grindal will relocate back to Houston from London, where he has served as Executive Vice President, Worldwide Trading since 2020. Grindal joined Cheniere in 2013 and led the Gas Supply organization for the Company, which today is one of the largest holders of pipeline capacity and purchasers of natural gas in the United States. "Establishing a Chief Operating Officer is another important milestone as we continually enhance our operations through improved coordination, communication, and alignment," said Jack Fusco, Cheniere's President and Chief Executive Officer. "Corey's contributions have played a significant part in Cheniere's success, most recently as EVP of Worldwide Trading, and previously SVP of Gas Supply. His experience, dedication and demonstrated commitment to Cheniere's core values ideally position Corey for continued success as Cheniere's Chief Operating Officer." "I'm excited to apply my experience from across Cheniere to make us more efficient, effective, and better coordinated across the platform," said Corey Grindal, Cheniere's incoming Executive Vice President and Chief Operating Officer. "It is a critical time for the company, with our operations and LNG production in focus across global energy markets, and I look forward to helping reinforce Cheniere's reputation as the leading supplier of flexible and reliable LNG in the world." About Cheniere Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C. For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission. About Cheniere Partners Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six operational liquefaction Trains with a total production capacity of approximately 30 mtpa of LNG. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and two marine berths with a third marine berth in commissioning. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines. Cheniere Partners has contracted with Cheniere for certain management services. For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission. Forward-Looking Statements This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorizations and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere's capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20220920006179/en/ back
Matador Resources Company Announces Upgrade to Corporate Credit Rating
Matador Resources Company Announces Upgrade to Corporate Credit Rating DALLAS, Sep. 21 /BusinessWire/ -- Matador Resources Company (NYSE:MTDR) ("Matador" or the "Company") today announced the recent upgrade by S&P Global Ratings ("S&P") to the Company's corporate credit rating. On September 19, 2022, S&P upgraded Matador's issuer credit rating from `B+' to `BB-'. In its September 19, 2022 press release, S&P noted, "The upgrade to `BB-' reflects Matador's very strong credit measures, which are supported by its debt repayment and conservative financial policy." More information regarding S&P's upgrade of Matador may be found at www.spglobal.com/ratingsdirect. Joseph Wm. Foran, Matador's Chairman and CEO, commented, "We are very pleased with S&P's upgrade to our corporate credit rating, which was Matador's second such upgrade in as many weeks. As we previously announced, Moody's upgraded Matador's corporate family rating last week from `B1' to `Ba3'. Matador's credit ratings with S&P and Moody's are now higher than the Company's pre-pandemic credit ratings, which reflects our staff's commitment to adding value to Matador by generating cash flow, paying down debt, improving capital efficiency and increasing production and reserves despite the difficult and challenging operating environment during the last two-and-a-half years. Matador is unquestionably a stronger company, both operationally and financially, than it was two years ago. Since the end of the third quarter of 2020, Matador has reduced its outstanding debt by $663 million or approximately 44% of our then total revolving debt and senior notes outstanding. Matador's reserves-based revolving credit facility has been completely repaid, and Matador has repurchased $188 million of its outstanding senior notes in a series of open market transactions, reducing its outstanding bonds from $1.05 billion to $862 million at September 12, 2022. In addition, Matador's production has increased by over 50% from 73,000 barrels of oil and natural gas equivalent per day in the third quarter of 2020 to nearly 111,000 barrels of oil and natural gas equivalent per day in the second quarter of 2022. We look forward to sharing our financial results, our operational progress and the growth in value of our oil and natural gas assets as well as our midstream business as part of our third quarter earnings release in late October." About Matador Resources Company Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties. For more information, visit Matador Resources Company at www.matadorresources.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate," "intend," "estimate," "expect," "may," "should," "continue," "plan," "predict," "potential," "project," "hypothetical," "forecasted" and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company's ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company's midstream's oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company's operations due to seismic events; availability of sufficient capital to execute its business plan, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005316/en/ back