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Noble Corporation plc announces changes to its share capital including share repurchases for the month of December 2023

Noble Corporation plc announces changes to its share capital including share repurchases for the month of December 2023 SUGAR LAND, Texas, Dec. 30, 2023 /PRNewswire/ -- Noble Corporation plc ("Noble") (CSE: NOBLE, NYSE: NE) today announces changes to its share capital. During the month of December, Noble has repurchased approximately USD 15 million of A ordinary shares under its previously announced share repurchase plan at a weighted average price of USD 45.03 per A ordinary share and a total of 329,069 repurchased A ordinary shares have been cancelled. During the period since November 30, 2023, 16,507 new A ordinary shares each with a nominal value of USD 0.00001 have been issued. 5,152 new A ordinary shares have been issued to certain holders of warrants as a consequence of the exercise of warrants. The exercise price was USD 19.27 per A ordinary share for 57 of the new A ordinary shares, USD 23.13 per A ordinary share for 2,418 of the new A ordinary shares and 2,677 A ordinary shares were issued as a result of a cashless exercise. The total proceeds to Noble from the warrant exercises amount to USD 57,026.73. Additionally, 11,355 new A ordinary shares have been issued to certain employees of Noble at no cost as a result of the vesting of restricted stock units. The new A ordinary shares carry the same rights as the existing A ordinary shares of Noble. The new A ordinary shares will be listed on the New York Stock Exchange as well as admitted to trading and official listing on Nasdaq Copenhagen. As a result of the changes, there are a total of 140,773,750 A ordinary shares of Noble issued and outstanding with a nominal value of USD 0.00001 each. Pursuant to section 32 of the Danish Capital Markets Act, Noble also hereby announces the total nominal value of its issued share capital and the total number of voting rights: Number of shares Number of voting rights Share capital A ordinary shares of USD 0.00001 140,773,750 140,773,750 USD 1,407.73750 Total 140,773,750 140,773,750 USD 1,407.73750 Exchange of shares tradable on Nasdaq Copenhagen for shares tradeable on the New York Stock Exchange Noble's shares are both listed on the New York Stock Exchange (identified by CUSIP G65431127) and admitted to trading and official listing on Nasdaq Copenhagen (in the form of share entitlements and identified by ISIN GB00BMXNWH07). Holders of Noble shares (in the form share entitlements) tradeable on Nasdaq Copenhagen can exchange their shares (in the form of share entitlements) for shares tradeable on the New York Stock Exchange after completing a transfer procedure. To transfer shares or share entitlements between markets, shareholders must instruct their financial intermediary (bank or broker) to contact Euronext (Noble's Danish transfer agent). For further information visit https://noblecorp.com/investors/stock-information/FAQ/default.aspx. While the shares listed on the New York Stock Exchange are denominated in USD and are eligible to receive dividends in USD and the share entitlements admitted to trading and official listing on Nasdaq Copenhagen are traded in DKK and are eligible to receive dividends in DKK, the shares and share entitlements are entitled to identical dividends and voting rights. https://noblecorp.com/investors/stock-information/FAQ/default.aspx About Noble Corporation Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. For further information visit www.noblecorp.com or email investors@noblecorp.com. IMPORTANT INFORMATION This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble. Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the "Noble Group") anticipated or planned financial and operational performance. The words "targets", "believes", "continues", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "estimates", "projects", "potentially" or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made. Although Noble believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Noble's current expectations, estimates, forecasts, assumptions and projections about the Noble Group's business and the industry in which the Noble Group operates and/or which has been extracted from publications, reports and other documents prepared by the Noble Group and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other important factors beyond the Noble Group's control that could cause the Noble Group's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today. Noble does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Noble or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto. View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-changes-to-its-share-capital-including-share-repurchases-for-the-month-of-december-2023-302024084.html SOURCE Noble Corporation plc

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Helix Announces Its 6.75% Convertible Senior Notes Due 2026 Will Remain Convertible

Helix Announces Its 6.75% Convertible Senior Notes Due 2026 Will Remain Convertible HOUSTON, Dec. 29 /BusinessWire/ -- Helix Energy Solutions Group, Inc. (NYSE:HLX) announced today that its 6.75% Convertible Senior Notes due 2026 (the "Notes") will remain convertible at the option of the holders from January 1, 2024 through March 31, 2024, as provided in the indenture governing the Notes (as supplemented, the "Indenture"). This press release is made pursuant to a provision in the Indenture that requires publication of this notice of convertibility. As of January 1, 2024 the Notes will be convertible and will remain convertible through March 31, 2024, as a result of the Closing Sale Price of Helix's Common Stock being more than the Conversion Trigger Price in effect on each applicable Trading Day during at least 20 of the last 30 consecutive Trading Days of the calendar quarter ending December 31, 2023. To convert interests in a Global Note held through the Depository Trust Company ("DTC"), a holder must deliver to DTC the appropriate instruction form for conversion pursuant to DTC's conversion program and pay the amount of interest and tax or duty, if required. To convert a Certificated Note, a holder must (a) complete and manually sign the Conversion Notice, as set forth in the Note, with appropriate signature guarantee, or facsimile of the Conversion Notice and deliver the completed Conversion Notice to The Bank of New York Mellon Trust Company, N.A., the trustee, as conversion agent (the "Conversion Agent"), (b) surrender the Note to the Conversion Agent, (c) furnish appropriate endorsements and transfer documents, if required by the Registrar or Conversion Agent, (d) pay the amount of interest, if required and (e) pay any tax or duty, if required. Upon surrendering Notes for conversion in accordance with the Indenture, a holder of the Notes will receive through the Conversion Agent either shares of Common Stock, cash or a combination of cash and shares of Common Stock, at Helix's election. Holders of the Notes may obtain further information on how to convert their Notes by contacting the Conversion Agent at: The Bank of New York Mellon Trust Company, N.A., 2001 Bryan Street, 10th Floor, Dallas, TX 75201, Attention: Corporate Trust Reorg. or email inquiries to CT_Reorg_Unit_Inquiries@bnymellon.com. Capitalized terms used in this press release and not otherwise defined herein have the meanings given to them in the Indenture. About Helix Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and full field decommissioning operations. Our services are centered on a three-legged business model well positioned for a global energy transition by maximizing production of remaining oil and gas reserves, supporting renewable energy developments and decommissioning end-of-life oil and gas fields. For more information about Helix, please visit our website at www.helixesg.com. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding settlement of the Notes, conversion consideration and any impact on our financial and operating results and estimates. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20231229204983/en/   back

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Helmerich & Payne, Inc. To Participate in Conferences in January 2024

Helmerich & Payne, Inc. To Participate in Conferences in January 2024 TULSA, Okla., Dec. 29 /BusinessWire/ -- Helmerich & Payne, Inc. (NYSE:HP) today announced that Mark Smith, Senior Vice President and Chief Financial Officer; Mike Lennox, Senior Vice President of U.S. Land Operations; and Dave Wilson, Vice President of Investor Relations plan to participate in the following investor conferences during the month of January 2024. Participation by the management team will vary by event. Goldman Sachs Energy, CleanTech & Utilities Conference 2024 on Thursday and Friday, January 4-5, 2024; Mr. Smith will participate in a panel discussion on behalf of the Company on Friday, January 5, 2024 at 11:20 a.m. U.S. ET. The ATB 12th Annual Institutional Investor Conference on Wednesday, January 10, 2024; Mr. Smith will participate in a panel discussion on behalf of the Company on Wednesday, January 10, 2024 at 10:00 a.m. U.S. ET. Investor slides to be used during the conferences will be available for download on the company's website, within Investors, under Presentations, the afternoon of January 3, 2024. About Helmerich & Payne, Inc. Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com. Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231229154061/en/   back

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SM ENERGY DECLARES QUARTERLY CASH DIVIDEND

SM ENERGY DECLARES QUARTERLY CASH DIVIDEND DENVER, Dec. 28, 2023 /PRNewswire/ -- SM Energy Company (NYSE: SM) today announces that its Board of Directors approved the increased quarterly cash dividend of $0.18 per share of common stock outstanding. The dividend will be paid on February 5, 2024, to stockholders of record as of the close of business on January 19, 2024. ABOUT THE COMPANY SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com. SM ENERGY INVESTOR CONTACTS Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507 View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-declares-quarterly-cash-dividend-302021300.html SOURCE SM Energy Company

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Ring Energy Announces Issuance of 2023 Sustainability Report

Ring Energy Announces Issuance of 2023 Sustainability Report THE WOODLANDS, Texas, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) ("Ring" or the "Company") today announced that it has issued its 2023 Sustainability Report (the "2023 Report"), which is available on the Company's website at www.ringenergy.com under the "Sustainability" tab. The report provides updated and comprehensive information about Ring's Environmental, Social and Governance ("ESG") initiatives and related key performance indicators. In the creation of the document, the Company primarily consulted the Sustainability Accounting Standards Board's ("SASB") Oil and Gas Exploration and Production Sustainability Accounting Standard and the Global Sustainability Standards Board's Global Reporting Initiative ("GRI") and associated Oil & Gas Sector Standards. In addition, the Company considered the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"), the Sustainable Development Goals ("SDGs") promulgated by the United Nations, and guidance from other industry frameworks and the various ESG ratings agencies, as appropriate. During 2022 and into 2023, the Company has executed a number of its targeted ESG initiatives, and these projects are discussed in the 2023 Report. This includes the Company's: Thorough review and related capital investment in industry-leading technologies designed to reduce emissions across its operations;Continued and important progress on its targeted TARGET ZERO-365 program focused on health, safety and environmental excellence;Pro-active outreach to the Company's top shareholders concerning say-on-pay and other governance matters, as well as other ESG topics that were of interest to investors; The Company appreciated the feedback and incorporated recommendations in the development of the 2023 Report; Introduction of reporting Greenhouse Gas ("GHG") emissions intensity metrics; andExpanded the Company's ESG reporting frameworks to now include GRI's global and oil and gas sector standards. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, "We are pleased to release our 2023 Sustainability Report, which provides an update on our ESG performance and continued efforts to enhance the long-term sustainability of our business. During 2022 and 2023, we continued to make substantial progress planning and executing our sustainability initiatives. This includes significant capital investment in further enhancement of our GHG and other air emissions reduction efforts and the continued advancement of our TARGET ZERO-365 program focused on building an HSE culture that empowers employees and contractors to naturally achieve an incident free environment. In addition, we expanded our disclosure of important ESG metrics and relevant reporting frameworks." Mr. McKinney continued, "Further enhancing our long-term sustainability from the release of our last sustainability report, we followed the transformative acquisition of Stronghold Energy's assets in 2022 by further consolidating our core position in the Central Basin Platform – or CBP – via the immediately accretive acquisition of the assets of privately held Founders Oil & Gas IV, LLC ("Founders"), which closed in August 2023. The acquired Founders operations in the CBP are located in Ector County, Texas – near our existing CBP operations – and focused on the development of approximately 3,600 net leasehold acres that are 100% operated with an average 99% working interest, and 100% held by production. During the third quarter of 2023, these two acquisitions helped Ring to generate record financial performance. We continue to believe a financially sustainable company depends on having a corporate culture that strives for continuous improvement in environmental, operational and safety performance, and governance-related matters. We are confident our 2023 Report showcases our progress on these important fronts." About Ring Energy, Inc. Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company's strategy and prospects. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues, earnings, costs, capital expenditures and debt levels of the Company; plans and objectives of management for future operations; and the Company's goals and expectations regarding emissions, safety performance and other ESG matters. Forward-looking statements are based on current expectations and assumptions and analyses made by Ring and its management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company's credit facility; Ring's ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring's ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including its Form 10-K for the fiscal year ended December 31, 2022, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements except as required by law. Contact Information Al Petrie Advisors Al Petrie, Senior Partner Phone: 281-975-2146 Email: apetrie@ringenergy.com

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ProFrac Holding Corp. Completes Refinancing of Senior Secured Term Loan and Enhances Financial Flexibility

ProFrac Holding Corp. Completes Refinancing of Senior Secured Term Loan and Enhances Financial Flexibility WILLOW PARK, Texas, Dec. 27, 2023 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", or the "Company") today announced that, on December 27, 2023, it completed the refinancing of its existing Senior Secured Term Loan and other debt with two new financings totaling $885 million, which will both mature in 2029. As a result of these transactions, ProFrac is well positioned to deliver exceptional service to its customers and poised to maintain its position as a leader in the oilfield services industry in anticipation of a strong 2024. Highlights Refinances the existing Term Loan due March 2025 with a term loan credit facility and senior secured notes with maturities in January 2029Cash neutral transaction that also positions the Company to maintain liquidity to fund working capital for expected increased activity in 2024Provides a bifurcated capital structure to allow for future optionality designed to realize the full value potential of the proppant segmentEliminates any material near-term maturities and provides additional runway to de-leverEnables ProFrac to focus on the 2024 strategy where it plans to increase utilization of its proppant and stimulation assets through a more diversified commercial approachFirst Financial Term Loan and REV Seller Note fully repaid as part of the transactionABL Credit Facility amended to lower the line's capacity to $325 million from $400 millionMatt Wilks, ProFrac's Executive Chairman, stated, "We are pleased to announce this successful refinancing, which not only extends our near-term debt maturities into 2029, but it also provides us with the financial flexibility to opportunistically take advantage of the anticipated ramp in activity levels in the coming year. This transaction demonstrates our ability to finance the Company's capital structure and liquidity position in an improving market. "This is an important and necessary step for ProFrac as we execute the improvements made to the business and demonstrate the cash generation potential in 2024. This is also the next step in the process to build a strong foundation in our proppant segment and maximize shareholder value of that segment." Transaction Overview The refinancing transactions include a $365 million Alpine Term Loan and $520 million in Services Senior Secured Notes. These proceeds were used to pay off ProFrac's existing Senior Secured Term Loan, First Financial Term Loan and REV Seller Note as well as for certain fees and expenses. This refinancing transaction provides the Company with a more stable financial platform, a strengthened balance sheet, a bifurcated capital structure and ample liquidity from which it will continue executing various growth-related and value realization opportunities. Additional details on these debt arrangements are as follows: Alpine Term Loan These loans were made to ProFrac's family of wholly owned subsidiaries that hold and run ProFrac's proppant business, including Alpine Holding II, LLC ("Alpine Holding") and PF Proppant Holding, LLC ("PFP Holding") among others Lenders made certain term loans to PFP Holding in the aggregate principal amount of $365.0 millionGuaranteed by ProFrac pursuant to the Unsecured ProFrac Guarantee Agreement and are guaranteed by Alpine Holding, PFP Holding and the Subsidiary Guarantors pursuant to the Alpine Guarantee AgreementObligations under the Alpine Term Loan are secured by a lien on and security interest in substantially all of the assets of Alpine Holding, PFP Holding and the Subsidiary Guarantors, which holds ProFrac's Proppant businessThe Alpine Term Loan bears a floating interest rate at the borrower's option of either a Base Rate or SOFR Rate plus an applicable marginBase Rate Loans bear interest at a fluctuating per annum rate equal to the base rate plus a margin of 7.25% per annum subject to both a floor and maximum rateSOFR Rate Loans bear interest at a fluctuating per annum rate equal to the adjusted term SOFR for a one-month interest period plus a margin of 7.25% per annum subject to both a floor and maximum rateMandatory principal payments commence at the end of the calendar quarters ending June 30, 2024, September 30, 2024 and December 31, 2024, in an amount equal to $5 million on each such date followed by quarterly payments of $15 millionThe stated maturity date for the Alpine Term Loans is the earlier of January 26, 2029 or the date it becomes due and payableServices Senior Secured Floating Rate Notes due 2029 ProFrac Holdings II, a wholly-owned subsidiary of ProFrac, issued and sold $520.0 million aggregate principal amount of its Senior Secured Floating Rate Notes due 2029 in a private placement to institutional investorsThe Secured Notes bear interest at a fluctuating per annum rate equal to adjusted term SOFR plus the Applicable Margin (as defined in the Indenture) payable quarterly beginning on March 31, 2024Obligations under the Secured Notes are secured by ProFrac Holdings II, which holds ProFrac's Services businessMandatory prepayments of $10.0 million on each of June 30, 2024, September 30, 2024 and December 31, 2024, and $15.0 million at the end of each calendar quarter thereafterOn and after January 15, 2025, ProFrac Holdings II may redeem all or a part of the Secured Notes at certain redemption prices outlined in the associated 8-K to this transactionSeventh Amendment to the ABL Credit Facility Maximum Revolver Amount is decreased ratably among the Lenders from $400.0 million to $325.0 millionAlpine Holding and its Subsidiaries are designated as Excluded Subsidiaries and Unrestricted Subsidiaries (each as defined therein)Liens held by the lenders on the assets of the Alpine Excluded Subsidiaries, and all guarantees of the obligations under ABL Credit Facility made by the Alpine Excluded Subsidiaries, are released, terminated and dischargedThe ABL Credit Facility has a maturity date of the earlier of March 4, 2027 and 91 days prior to the maturity of any material indebtednessAdvisors Piper Sandler & Co acted as the sole financial advisor, and Gibson, Dunn & Crutcher LLP and Brown Rudnick LLP acted as legal counsel to ProFrac in connection with the refinancing. About ProFrac Holding Corp. ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce "greenhouse gas" emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process. ProFrac Corp. operates in three business segments: stimulation services, proppant production and manufacturing. For more information, please visit the ProFrac's website at www.pfholdingscorp.com. Information on ProFrac's website is not part of this release. Forward-Looking Statements Certain statements in this press release are, or may be considered, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "expect," "will," "estimate," "believe," "work to," or similar words and expressions and uses of future or conditional verbs, generally identify forward-looking statements. The Company cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to: the risks that anticipated ramp in activity levels will not materialize; the ability to achieve the anticipated benefits of the Company's bifurcated capital structure and utilization of its proppant and stimulation assets, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company's actions intended to achieve its financial stability and any desired de-levering or published financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company's fleets and sand mines in a timely manner or at all; the Company's ability to deploy capital in a manner that furthers the Company's growth strategy, as well as the Company's general ability to execute its business plans and maintains its position as a leader in the oilfield services industry; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks of any increases in interest rates; industry conditions, including fluctuations in supply, demand and prices for the Company's products and services; global and regional economic and financial conditions; the effectiveness of the Company's risk management strategies; the transition to becoming a public company; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. The Company undertakes no obligation, and specifically disclaims, any obligation to update or revise forward-looking statements as a result of subsequent events or developments, except as required by law. Contacts: ProFrac Holding Corp Lance Turner - Chief Financial Officer investors@profrac.com Dennard Lascar Investor Relations Ken Dennard / Rick Black ACDC@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/profrac-holding-corp-completes-refinancing-of-senior-secured-term-loan-and-enhances-financial-flexibility-302022975.html SOURCE ProFrac Holding Corp.

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Murphy Oil Corporation Schedules Fourth Quarter 2023 Earnings Release and Conference Call

Murphy Oil Corporation Schedules Fourth Quarter 2023 Earnings Release and Conference Call HOUSTON, Dec. 27 /BusinessWire/ -- Murphy Oil Corporation (NYSE:MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Standard Time (EST) on Thursday, January 25, 2024 to discuss fourth quarter 2023 earnings. The company plans to release its financial and operating results before the market opens that morning. A webcast link and related presentation material will be included on the Investors page of the company's website at http://ir.murphyoilcorp.com. Date: Thursday, January 25, 2024 Time: 9:00 a.m. EST Toll Free Dial-in: 888-886-7786 Conference ID: 98175352 ABOUT MURPHY OIL CORPORATION As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company's website at www.murphyoilcorp.com. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company's future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, make capital expenditures or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets, banking system or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website at http://ir.murphyoilcorp.com. Investors and others should note that we may announce material information using SEC filings, press releases, public conference calls, webcasts and the investors page of our website. We may use these channels to distribute material information about the company; therefore, we encourage investors, the media, business partners and others interested in the company to review the information we post on our website. The information on our website is not part of, and is not incorporated into, this report. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20231227653136/en/   back

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Par Pacific Management to Participate in Investor Conferences

Par Pacific Management to Participate in Investor Conferences HOUSTON, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") today announced that members of its management team will participate in the following investor conferences. 2024 Sankey Research Refining Conference on January 3, 2024 in Miami, FloridaGoldman Sachs Energy, CleanTech & Utilities Conference on January 4-5, 2024 in Miami, FloridaUBS Global Energy & Utilities Winter Conference on January 9, 2024 in Park City, Utah The most current investor presentation is available on the Investors section of Par Pacific's website at www.parpacific.com. About Par Pacific Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 124,000 bpd of combined refining capacity across three locations and an extensive energy infrastructure network, including 7.6 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the "nomnom" convenience store chain and supplies ExxonMobil-branded fuel retail stations in the region. Par Pacific owns and operates one of the largest energy infrastructure networks in Hawaii with 94,000 bpd of operating refining capacity, a logistics system supplying the major islands of the state and Hele-branded retail locations. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. For more information contact:Ashimi PatelDirector, Investor Relations and Renewables(832) 916-3355apatel@parpacific.com

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SLB Announces Fourth-Quarter and Full-Year 2023 Results Conference Call

SLB Announces Fourth-Quarter and Full-Year 2023 Results Conference Call HOUSTON, Dec. 26 /BusinessWire/ -- SLB (NYSE:SLB) will hold a conference call on January 19, 2024 to discuss the results for the fourth quarter and full year ending December 31, 2023. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until February 19, 2024, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outside of North America and giving the access code 8122009. About SLB SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231226359572/en/   back

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Custom Truck One Source Acquires the Business of SOS Fleet Services, LLC, Expanding Gulf States Footprint and Service Capabilities

Custom Truck One Source Acquires the Business of SOS Fleet Services, LLC, Expanding Gulf States Footprint and Service Capabilities KANSAS CITY, Mo., Mar. 18 /BusinessWire/ -- Custom Truck One Source, Inc. (NYSE:CTOS) proudly announces its acquisition of the business of SOS Fleet Services, LLC, a full-service repair facility located in Alexandria, Louisiana. This acquisition brings over 30,000 square feet of space and a highly experienced team that will significantly enhance Custom Truck's service footprint in the region. Our new Alexandria branch is poised to offer the full breadth of Custom Truck's rental product offering, as well as repair service, to customers in the area. This acquisition, along with the recently announced 2024 planned branch openings in Casa Grande, AZ, Sacramento, CA and Salt Lake City, UT, will increase Custom Truck's national footprint to 39 locations, from its previous 35. Our footprint expansion will enable us to better serve our customers, ensuring readiness and capability to meet their needs. Ryan McMonagle, CEO of Custom Truck One Source, highlighted the significance of the acquisition, saying, "The acquisition of the business of SOS Fleet Services marks an important step in our continued efforts to expand our footprint to better serve our rental fleet and our customers. We are thrilled for the opportunity to expand into Alexandria, a vibrant community that has deep roots in the powerline industry. We are excited to welcome the SOS Fleet Services team to the Custom Truck family and look forward to the invaluable contributions they will make to our customers and our team." ABOUT CUSTOM TRUCK ONE SOURCE Custom Truck One Source is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, with a differentiated "one-stop-shop" business model. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 10,300 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit customtruck.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20240318756321/en/   back

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New Fortress Energy Announces Transformative Transactions in Puerto Rico

New Fortress Energy Announces Transformative Transactions in Puerto Rico Summary Highlights NFE sold two operating power plants to the Puerto Rico Electric Power Authority ("PREPA") NFE awarded 80 TBtu gas supply contract in Puerto Rico, more than doubling the volumes of gas it currently provides to these plants NEW YORK, Mar. 18 /BusinessWire/ -- New Fortress Energy Inc. (NASDAQ:NFE) (the "Company") is pleased to announce two transactions that further solidify our commitment to providing affordable and sustainable energy solutions in Puerto Rico. The Company sold the emergency power plants it constructed on behalf of the U.S. Army Corps of Engineers in San Juan and Palo Seco to PREPA for $373 million in cash, subject to certain items and conditions. These plants were developed by the Company in 2023 in rapid response to a competitive bid by the U.S. Army Corps of Engineers to provide emergency power in order to stabilize the power grid in Puerto Rico. They have become a cornerstone of Puerto Rico's energy portfolio, delivering critical baseload power to stabilize the grid in the aftermath of recent natural disasters, and as contemplated, their ownership has been transferred to PREPA. Following a competitive bid process, NFE was awarded and has entered into a new island-wide 80 TBtu gas supply contract with PREPA, ensuring continued gas supply to these power plants for up to four years. The expanded volumes under the contract will enable conversion of other plants on the island from diesel to gas, providing lower cost, cleaner energy to Puerto Rico. As a result of the early termination of the contracts that have governed the construction, operations, and associated costs of these plants, NFE expects to negotiate a mutually beneficial settlement of all outstanding obligations in the near future. "We entered the Puerto Rico market in 2017 based on the island's emergency need for natural gas and power. The transactions announced today mark a significant milestone in our continued commitment to Puerto Rico's energy security and cost reduction efforts while significantly increasing our business in the region," said Wes Edens, Chairman and CEO of New Fortress Energy. A brief description of these transactions can be found on the NFE website for your reference. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. Cautionary Language Regarding Forward-Looking Statements This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as "expects," "may," "will," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: expectations related to maintenance and repair work of Puerto Rico's power system and grid; ability to improve grid stability in Puerto Rico; the ability of the project to transition to a cleaner, more affordable and reliable energy system; and satisfaction of the terms and conditions with respect to the transactions. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company's control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: unknown and unforeseen risks related to the development, construction or commissioning schedule of the facilities, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, and regulatory and legal challenges, among others; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; we will be unable to operationalize our plans for the projects and derive the benefits expected; common risks related to successful integration of the businesses; breach or failure by the parties to comply with the covenants and obligations under the agreements; nonpayment or nonperformance of obligations by the parties; inability to realize the anticipated benefits from the project or our partnerships; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; business disruption following the transaction; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE's forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise these forward-looking statements, even though our situation may change in the future. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.'s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20240318619756/en/   back

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Nextracker Announces Chuck Boynton as New Chief Financial Officer

Nextracker Announces Chuck Boynton as New Chief Financial Officer Current CFO, David Bennett, to become Chief Accounting Officer FREMONT, Calif., Mar. 18 /BusinessWire/ -- Nextracker (NASDAQ:NXT), a global market leader of intelligent solar tracker and software solutions, today announced the appointment of Charles "Chuck" Boynton as Chief Financial Officer (CFO), effective after he completes his tenure with his current employer, which is expected in May 2024. Nextracker's current CFO, David Bennett, will continue to serve in this role until transitioning to Chief Accounting Officer (CAO) once Mr. Boynton joins the company. Mr. Boynton has more than 30 years of finance and accounting experience, as well as significant experience in the solar industry. Mr. Boynton will lead Nextracker's global finance and accounting organization and will report directly to founder and CEO, Dan Shugar. Mr. Boynton has been on Nextracker's Board since February 2023 and will step down from that position effective today. "I am excited to welcome Chuck to the Nextracker executive leadership team," said Dan Shugar, Nextracker founder and CEO. "Chuck has been an excellent board member and advisor to Nextracker, and he is a proven leader in the solar and technology sectors. With Chuck's strong track record leading finance teams, he will strategically enhance our capabilities during the next phase of growth." "I am immensely proud of Nextracker's achievements to-date," said Mr. Boynton. "I am thrilled to step into the CFO role and am looking forward to working with the best team in the industry. We have a compelling growth path ahead as we continue building on the company's successful operating model to drive long-term profitable growth and shareholder returns." David Bennett, who has served as Nextracker's CFO since June 2021, will remain with Nextracker as its CAO, reporting directly to the CFO. "Dave joined Nextracker from our prior parent company, Flex, after nearly 17 years successfully serving as its CAO," said Dan Shugar, Nextracker founder and CEO. "Dave's proven CAO track record will bring critical knowledge and experience to this role as we continue to scale globally. As CFO, he has been highly effective in ushering us through our IPO, the recent spin-out from Flex, and building out an outstanding finance team. I am thrilled to combine the executive skills of Chuck and Dave to bring world-class capability to our finance leadership." About Chuck Boynton Mr. Boynton joins Nextracker from Logitech International S.A., where he served as CFO. Prior to Logitech, Mr. Boynton served as the Executive Vice President (EVP) and CFO of Plantronics, Inc. Mr. Boynton has also held executive leadership or CFO positions within the renewable energy sector, including as EVP and CFO at SunPower Corporation, a global energy company and provider of solar power solutions, and as CEO and Chairman of the Board of 8point3 General Partner LLC, an owner/operator of solar energy generation projects. About Nextracker Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Its products enable solar panels to follow the sun's movement across the sky and optimize plant performance. With plants operating in more than thirty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, visit Nextracker. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the trends for future solar adoption and Nextracker's outlook for fiscal 2024 and other periods. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker's management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Nextracker's most recent Quarterly Report on form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements. Nextracker and the Nextracker logo are registered trademarks or trademarks of Nextracker Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20240318117939/en/   back

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Drilling Tools International Corp. Amends and Extends ABL Credit Facility and Enters into New Term Loan

Drilling Tools International Corp. Amends and Extends ABL Credit Facility and Enters into New Term Loan ABL Amendment Provides Additional Financial Flexibility, Extends Maturity to 2029 and Modifies Certain Financial Covenants New Term Loan Adds $25 Million of Increased Borrowing Capacity HOUSTON, March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today announced that it has completed an amendment (the "ABL Amendment") to its existing Amended and Restated Senior Secured Asset-Based Revolving Credit, Security And Guaranty Agreement, with PNC Business Credit, a division of PNC Bank, National Association (the "ABL Credit Facility"). The ABL Amendment, among other things, increases the borrowing capacity from $60 million to $80 million, improves pricing to SOFR + 2.50%, and removes certain negative financial covenants. Additionally, the maturity date of the ABL Credit Facility has been extended to March 2029. DTI also announced it has entered into a new $25 million Term Loan ("Term Loan"), also with PNC, to further support its growth strategy. The Term Loan is secured by a mix of rental fleet assets and machinery and equipment. Pricing on the Term Loan is SOFR + 4.00% The Term Loan matures in March 2029. "Since 2015, we have valued our partnership with and the continued support of PNC, which demonstrates their confidence in our management team, business model and outlook," said David Johnson, DTI's Chief Financial Officer. "The completion of this refinancing is an important step in DTI's trajectory and provides us with more favorable terms under which we can continue to invest in the growth and evolution of the Company, including further expanding our footprint internationally. This influx of capital also gives us additional financial flexibility to execute on our M&A initiatives while we continue to deliver best-in-class products and services to our clients." The ABL Amendment and new Term Loan were entered into with PNC Bank acting as the sole lender and PNC Business Credit served as Administrative Agent. Winston & Strawn served as legal counsel for DTI and Holland & Knight represented PNC Business Credit. Additional details on the Company's refinancing will be included in today's Form 8-K filing with the Securities and Exchange Commission, which investors are encouraged to read in its entirety. About Drilling Tools International Corp. DTI, with roots dating back to 1984, is a Houston, Texas based leading oilfield services company that manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. DTI operates from 16 locations across North America and has 4 International stocking points across Europe and the Middle East. To learn more about DTI visit: www.drillingtools.com. Forward-Looking Statements This press release may include, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the business combination and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction, including any statements regarding the expected timetable for completing the proposed transaction, benefits of the proposed transaction, DTI and its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward looking statements in this press release may include, for example, statements about: (1) the demand for DTI's products and services, which is influenced by the general level activity in the oil and gas industry; (2) DTI's ability to retain its customers, particularly those that contribute to a large portion of its revenue; (3) DTI's ability to remain the sole North American distributor of the Drill-N-Ream; (4) DTI's ability to employ and retain a sufficient number of skilled and qualified workers, including its key personnel; (5) DTI's ability to market its services in a competitive industry; (9) DTI's ability to execute, integrate and realize the benefits of acquisitions, and manage the resulting growth of its business; (6) potential liability for claims arising from damage or harm caused by the operation of DTI's tools, or otherwise arising from the dangerous activities that are inherent in the oil and gas industry; (7) DTI's ability to obtain additional capital; (8) potential political, regulatory, economic and social disruptions in the countries in which DTI conducts business, including changes in tax laws or tax rates; (9) DTI's dependence on its information technology systems, in particular Customer Order Management Portal and Support System, for the efficient operation of DTI's business; (10) DTI's ability to comply with applicable laws, regulations and rules, including those related to the environment, greenhouse gases and climate change; (11) DTI's ability to maintain an effective system of disclosure controls and internal control over financial reporting; (12) the potential for volatility in the market price of DTI's common stock; (13) the impact of increased legal, accounting, administrative and other costs incurred as a public company, including the impact of possible shareholder litigation; (14) the potential for issuance of additional shares of DTI's common stock or other equity securities; (15) DTI's ability to maintain the listing of its common stock on Nasdaq. You should carefully consider the risks and uncertainties described in the information presented in DTI's current report on Form 8-K filed June 27, 2023 (the "8-K") and the quarterly report on Form 10-Q filed November 14, 2023 (the "10-Q"). Such forward-looking statements are based on the beliefs of management of DTI, as well as assumptions made by, and information currently available to DTI's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed above and in the proxy statement, the 8-K or the 10-Q. All subsequent written or oral forward-looking statements attributable to DTI or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of DTI and described in the 8-K and the 10-Q. DTI undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Contacts:DTI Investor RelationsKen Dennard / Rick BlackInvestorRelations@drillingtools.com View original content:https://www.prnewswire.com/news-releases/drilling-tools-international-corp-amends-and-extends-abl-credit-facility-and-enters-into-new-term-loan-302090914.html SOURCE Drilling Tools International Corp.

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PEDEVCO Announces 2023 Financial Results

PEDEVCO Announces 2023 Financial Results HOUSTON, TX / ACCESSWIRE / March 18, 2024 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the year ended December 31, 2023.Key Highlights Include:Produced an average of 1,427 barrels of oil equivalent per day ("BOEPD") (74% oil) in 2023, increasing 43% over average daily production in 2022.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 8% to $17.5 million in 2023, compared to $16.1 million in 2022.Reported revenue of $31 million, increasing 2% over 2022 revenue.Reported operating loss of $0.2 million and operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $26.7 million, decreasing 108% and 3%, respectively, from 2022.Reported net income of $0.3 million, or $0.00 per basic diluted share outstanding, in 2023, compared to net income of $2.8 million, or $0.03 per diluted basic share outstanding, in 2022.Decrease in net income primarily due to one-time $4.3 million non-cash loss recognized on the sale of non-core vertical assets in two fields in our Permian Basin Asset and our EOR Operating Company subsidiary in New Mexico, which the Company estimates will reduce its plugging and abandonment liabilities by over $3.2 million, and significantly reduce monthly LOE expenses on our Permian Basin Asset going forward.Reported cash and cash equivalents (including $2.2 million in restricted cash) of $20.7 million as of December 31, 2023, and zero debt.J. Douglas Schick, President of the Company, stated, "We are very encouraged by our strong operational and financial results in 2023, including a 43% increase in our year-over-year production, with revenue and EBITDA growth over 2022 despite significantly lower commodity prices in 2023. We also maintained disciplined G&A expenses, reduced LOE expenses, and significantly trimmed our P&A liabilities and operational complexities with the sale of non-core assets, exiting the year with a strong cash position and zero debt. We also positioned ourselves for growth in both the Permian and the D-J Basins. In the Permian, we drilled and completed three wells in our joint venture with Evolution Petroleum, which are currently online and producing. In the D-J Basin, we received approval for drilling and completion of up to 11 operated wells and participated in 13 non-operated wells in Q4 2023 and Q1 2024, of which seven are producing and six are expected to come online in late Q1 to early Q2 2024. Looking ahead, we expect to see meaningful production growth, improved cost metrics, and will continue to seek to leverage our strong balance sheet to grow production, revenue, cash flow, and profit, as well as increase our asset base for the benefit of our shareholders."Financial Summary:For the year ended December 31, 2023, we reported a net income of $0.3 million or $0.00 per basic diluted share outstanding, compared to net income of $2.8 million, or $0.03 per diluted basic share outstanding in 2022.The decrease in net income of $2.5 million was primarily due to a $4.3 million loss on the sale of our EOR subsidiary, offset by a $0.8 million increase in revenue and by a decrease of $0.7 million in total operating expenses in the current period, offset further by a $0.3 million increase in other income.We reported operating expenses in 2023 of $26.7 million, compared to $27.4 million in 2022. The decrease of $0.7 million was primarily due to implementation of expense reduction measures taken by us to control costs on our operated properties in our Permian Basin and D-J Basin Assets, such as operation and lift efficiency improvements, resulting in a reduction in direct operating expenses, and a decrease in workovers when comparing the current period to the prior period.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 8% to $17.5 million in 2023, compared to $16.1 million in 2022.Cash and cash equivalents was $20.7 million as of December 31, 2023 (including $2.2 million in restricted cash), compared with $33.0 million as of December 31, 2022 (including $3.5 million in restricted cash), which decrease was due largely to capital expenditures related to the drilling and completion of three wells in our Permian Basin Asset (50% working interest) and 14 non-operated wells in our D-J Basin Asset consisting of the six Barracuda wells (35.8% working interest) and eight Ross wells (4.7% working interest). as well as leasehold acquisitions in our D-J Basin Asset in Colorado and Wyoming. Total restricted cash decreased due to the transfer of collateralized deposits related to plugging and abandonment bonds with the State of New Mexico to the purchaser in connection with the sale of our wholly-owned subsidiary, EOR Operating, and related non-core vertical assets in November 2023.Production, Prices and Revenues:Production for the year ended December 31, 2023 was 520,886 barrels of oil equivalent ("Boe"), comprised of 382,794 barrels of oil, 479,533 million cubic feet ("Mcf") of natural gas, and 58,170 Boe of natural gas liquids ("NGLs"). Liquids production comprised 84.7% of total production in the year.For the year ended December 31, 2023, our average realized crude oil sales price was $72.95 per barrel, average realized natural gas price was $3.00 per Mcf, and average realized NGL sales price was $24.43 per barrel. Our combined average realized sales price for the year was $59.10 per Boe, which was a decrease of 28% compared with $82.34 per Boe in 2022.Total crude oil, natural gas and NGL revenues for the year ended December 31, 2023, increased $0.8 million, or 2%, to $30.8 million, compared to $30.0 million for the same period a year ago. Although production increased resulting in a favorable volume variance of $7.4 million, the average sales prices for crude oil, natural gas and NGLs realized by the Company decreased considerably from the year ended December 31, 2022, resulting in an unfavorable price variance of $6.6 million. The increase in production volume is related to the positive performance from our participation in 14 non-operated wells in the D-J Basin Asset (six of which began producing in late 2022 and eight of which began producing in the first quarter of 2023), combined with maintaining relatively flat production declines from the existing operated Permian Basin and D-J Basin Assets.Lease Operating Expenses ("LOE"):Total LOE for 2023 was $9.8 million compared to total LOE for 2022 of $10.4 million. The decrease of $0.6 million was primarily due to implementation of expense reduction measures taken by us to control costs on our operated properties in our Permian Basin and D-J Basin Assets, such as operation and lift efficiency improvements, resulting in a reduction in direct operating expenses, offset by a corresponding increase in direct operating expenses from our participation in non-operated wells when comparing the current period to the prior period. Other expenses have also increased due to production increases, coupled with a loss related to our plugging of 11 wells in our Permian Basin Asset, offset by a corresponding decrease in workovers when comparing the current period to the prior period. Taken together, there was a $0.6 million decrease in overall lease operating expenses when comparing periods.Depreciation, Depletion, Amortization and Accretion ("DD&A"):DD&A decreased from $11.2 million in 2022 to $10.9 million in 2023. The $0.3 million decrease was primarily the result of a $0.5 million decrease in accretion expense from the sale of our wholly owned subsidiary EOR Operating Company and related assets, offset by a $0.2 million increase in depletion expense from increased production (noted above) in the current period when compared to the prior period.General and Administrative Expenses ("G&A"):There was an increase of $0.2 million in G&A expenses (excluding share-based compensation) in 2023 compared to 2022. The increase of $0.2 million in general and administrative expenses (excluding share-based compensation) was primarily due to the addition of a new employee, an increase in accrued bonuses, which were subsequently paid in January 2023, and general increases in accounting and professional services when comparing the prior period to the current period.Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, decreased nominally due to the forfeiture of certain employee stock-based options due to certain voluntary employee terminations in the prior period, offset by the issuance of restricted shares of common stock to board members in the current period. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.Gain on Sale of Oil and Gas Properties:The Company sold its wholly owned subsidiary EOR Operating Company and related non-core vertical assets in November 2023 and recognized the corresponding loss of $4.3 million. The Company estimates that this divestiture will reduce its plugging and abandonment liabilities by over $3.2 million, and significantly reduce monthly LOE expenses on our Permian Basin Asset going forward.Interest Income and Other Expense:We earned $422,000 in interest from our interest-bearing cash accounts, for which interest rates have increased significantly in the current period, compared to the prior period. Other income in the current period and prior period is related to income not related to our core business such as settlement of vendor disputes, subleasing of office space, and used equipment sales.Working Capital and Liquidity:At December 31, 2023, our total current assets of $24.6 million exceeded our total current liabilities of $18.9 million, resulting in a working capital surplus of $5.7 million, while at December 31, 2022, our total current assets of $32.1 million exceeded our total current liabilities of $17.0 million, resulting in a working capital surplus of $15.1 million. The $9.4 million decrease in our working capital surplus is primarily related to decreases in our cash balance related to capital expenditures from our drilling, as operator, of three wells in our Permian Basin Asset and our participation in the drilling and completion of 13 wells in our D-J Basin Asset by third-party operators.Our expected net capital expenditures for 2024 are estimated to range between $20 million and $30 million. This estimate includes a range of $17 million to $27 million for drilling and completion costs on our Permian Basin Asset and D-J Basin Asset and approximately $3 million in estimated capital expenditures for ESP purchases, rod pump conversions, recompletions, well cleanouts, leasing, facilities, remediation and other miscellaneous capital expenses. This estimate does not include anything for acquisitions or other projects that may arise but are not currently anticipated. We periodically review our capital expenditures and adjust our capital forecasts and allocations based on liquidity, drilling results, leasehold acquisition opportunities, partner non-consents, proposals from third party operators, and commodity prices, while prioritizing our financial strength and liquidity.We expect that we will have sufficient cash available to meet our needs over the foreseeable future, including to fund the remainder of our 2024 development program, discussed above, which cash we anticipate being available from (i) projected cash flow from operations, (ii) existing cash on hand, (iii) equity infusions or loans (which may be convertible) made available by our Chief Executive Officer and director, Dr. Simon G. Kukes, which funding he is under no obligation to provide, and (iv) funding through credit or loan facilities. In addition, we may seek additional funding through asset sales, farm-out arrangements, and credit facilities to fund potential acquisitions during the remainder of 2024.More information regarding the Company's operating results for the years ended December 31, 2023 and 2022, including the Company's full financial statements and footnotes, can be found in the Company's Annual Report on Form 10-K which was filed earlier today with the Securities and Exchange Commission and is available at www.sec.gov .About PEDEVCO Corp.PEDEVCO Corp. (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado. PEDEVCO is headquartered in Houston, Texas.Use of Non-GAAP Financial InformationThis earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before share-based compensation expense, gain on sale of oil and gas properties, gain on forgiveness of PPP loan, and accounts payable settlements. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.Cautionary Statement Regarding Forward Looking StatementsThis press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets 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; actions of competitors or regulators; the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all, the availability of such funding and the costs thereof; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risks associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Dr. Simon G. Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2023. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The internal projections, expectations, or beliefs underlying our 2024 capital budget are subject to change in light of numerous factors, including, but not limited to, the prevailing prices of oil and gas, actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations.PEDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) December 31, 2023 2022 Assets Current assets: Cash and cash equivalents $18,515 $29,430 Accounts receivable - oil and gas 5,790 2,430 Note receivable, current 42 - Prepaid expenses and other current assets 260 249 Total current assets 24,607 32,109 Oil and gas properties: Oil and gas properties, subject to amortization, net 79,186 79,372 Oil and gas properties, not subject to amortization, net 12,407 775 Total oil and gas properties, net 91,593 80,147 Note receivable 1,099 - Operating lease - right-of-use asset 316 71 Other assets 2,443 3,783 Total assets $120,058 $116,110 Liabilities and Shareholders` Equity Current liabilities: Accounts payable $6,580 $1,556 Accrued expenses 8,712 13,835 Revenue payable 3,371 1,018 Operating lease liabilities - current 89 81 Asset retirement obligations - current 147 472 Total current liabilities 18,899 16,962 Long-term liabilities: Operating lease liabilities, net of current portion 227 - Asset retirement obligations, net of current portion 2,166 2,689 Total liabilities 21,292 19,651 Commitments and contingencies Shareholders` equity: Common stock, $0.001 par value, 200,000,000 shares authorized; 87,250,267 and 85,790,267 shares issued and outstanding, respectively 87 86 Additional paid-in capital 225,156 223,114 Accumulated deficit (126,477) (126,741)Total shareholders` equity 98,766 96,459 Total liabilities and shareholders` equity $120,058 $116,110 PEDEVCO CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share data) December 31, Revenue: 2023 2022 Oil and gas sales $30,784 $30,034 Operating expenses: Lease operating costs 9,831 10,397 Selling, general and administrative expense 6,008 5,854 Depreciation, depletion, amortization and accretion 10,875 11,153 Total operating expenses 26,714 27,404 Loss on sale of oil and gas properties (4,268) - Operating income (loss) (198) 2,630 Other income: Interest income 422 117 Other income 40 97 Total other income 462 214 Net Income $264 $2,844 Loss per common share: Basic $0.00 $0.03 Diluted $0.00 $0.03 Weighted average number of common shares outstanding: Basic 87,031,692 85,513,095 Diluted 87,031,692 85,513,095 PEDEVCO CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) December 31, 2023 2022 Cash Flows From Operating Activities: Net income $264 $2,844 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 10,875 11,153 Share-based compensation expense 2,043 2,097 Loss on sale of oil and gas properties 4,268 - Amortization of right-of-use asset 100 102 Changes in operating assets and liabilities: Accounts receivable - oil and gas (3,360) (648)Note receivable (19) - Prepaid expenses and other current assets (11) 77 Accounts payable (11) (159)Accrued expenses 6,979 435 Revenue payable 2,353 80 Net cash provided by operating activities 23,481 15,981 Cash Flows From Investing Activities: Cash paid for drilling and completion costs (34,951) (12,252)Cash paid for other property and equipment (45) - Proceeds from the sale of oil and gas property 366 - Cash paid for issuance of note receivable (1,122) - Cash received from security deposit 9 - Cash paid for security deposit - (14)Net cash used in investing activities (35,743) (12,266) Cash Flows From Financing Activities: Proceeds from the issuance of common stock, net - 35 Net cash provided by financing activities - 35 Net (decrease) increase in cash and restricted cash (12,262) 3,750 Cash and restricted cash at beginning of year 32,977 29,227 Cash and restricted cash at end of year $20,715 $32,977 Supplemental Disclosure of Cash Flow Information Cash paid for: Interest $- $- Income taxes $- $- Noncash investing and financing activities: Change in accrued oil and gas development costs $7,674 $10,879 Change in estimates of asset retirement costs $39 $618 Issuance of restricted common stock $1 $2 Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA* (in thousands) Years Ended December 31, 2023 2022 Net income (loss) $264 $2,844 Add (deduct) Depreciation, depletion, amortization and accretion 10,875 11,153 EBITDA 11,139 13,997 Add (deduct) Share-based compensation 2,043 2,097 Loss on sale of oil and gas properties 4,268 - Adjusted EBITDA $17,450 $16,094 * EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.CONTACT:PEDEVCO Corp.(713) 221-1768PR@pedevco.comSOURCE: PEDEVCO Corp.View the original press release on accesswire.com

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W&T Offshore Announces Liquidity-Enhancing Modifications to the Non-Recourse Term Loan with Munich Re

W&T Offshore Announces Liquidity-Enhancing Modifications to the Non-Recourse Term Loan with Munich Re HOUSTON, March 18, 2024 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) ("W&T" or the "Company") today announced modifications to the first-lien non-recourse term loan (the "Term Loan") between its wholly-owned special purpose vehicles (the "SPVs") and Munich Re Reserve Risk Financing, Inc. ("MRRF"), which is expected to provide additional liquidity to the Company over 2024 without increasing the Company's net leverage. The Term Loan was initially arranged on May 19, 2021 ("Closing Date") and had a principal balance of $215 million which has been amortized down to around $114 million as of December 31, 2023. There have been a few alterations to the Credit Agreement signed by the SPVs and MRRF on May 19, 2021 (the "Original Credit Agreement"). Key highlights of the transaction are as follows: Effective extension of weighted average maturity by deferring principal payments of around $30 million that would have been due over the four quarters of 2024 – no change in the final maturity date of May 19, 2028 ("Maturity Date"); Mandatory principal repayments to restart in first quarter of 2025 with the option, but not obligation, to catch up on deferred amortization through excess cash flow sweep;No change in coupon (will stay at 7.00% fixed rate) and cash interest will be due each quarter of 2024 on the remaining principal balance (around $114 million as of December 31, 2023);The revised optional prepayment premium schedule will be as follows: Through and including the third anniversary of the Closing Date, a cash amount equal to the present value at 7.00% discount rate of the aggregate dollar amount of scheduled interest payments on the Term Loan that would have become due and payable from the applicable prepayment date through and including the Maturity Date (similar to the Original Credit Agreement),If such prepayment or repayment is made on any date from the third anniversary of the Closing Date through and including the fourth anniversary of the Closing Date, a cash amount equal to 3.0% (3.0% in the Original Credit Agreement as well) of the prepaid or repaid principal amount of the Term Loan,If such prepayment or repayment is made on any date from the fourth anniversary of the Closing Date through and including the fifth anniversary of the Closing Date, a cash amount equal to 3.0% (2.0% in the Original Credit Agreement) of the prepaid or repaid principal amount of the Term Loan,If such prepayment or repayment is made on any date from the fifth anniversary of the Closing Date through and including the sixth anniversary of the Closing Date, a cash amount equal to 2.0% (1.0% in the Original Credit Agreement) of the prepaid or repaid principal amount of the Loan, andFrom the sixth anniversary of the Closing Date through and including the Maturity Date, a cash amount equal to 1.0% (no premium in the Original Credit Agreement) of the prepaid or repaid principal amount of the Loan. Amendment fee of $200,000 to be paid in four quarterly installments of $50,000 each starting in first quarter of 2024 (no other fees); and In the original transaction, the Company transferred 100% of its Mobile Bay Area producing assets and related gas treatment facilities to the SPVs in return for the net cash proceeds from a $215 million Term Loan amortized over seven years. Through its 100% ownership in the SPVs, W&T retains the upside value in the Mobile Bay Assets. Tracy W. Krohn, W&T's Board Chair and Chief Executive Officer, commented, "We are pleased to have enhanced our already-strong liquidity with a modification to our term loan with Munich Re that defers principal payments of around $30 million that would otherwise have been due in 2024. The collateral value of our Mobile Bay asset remains strong which helped facilitate this change in terms and demonstrates W&T's track record as a prudent custodian of MRRF's capital. Our strong liquidity position and ability to generate meaningful free cash flow continues to position W&T to pursue additional accretive acquisitions which has been the foundation of our strategy for many years." About W&T Offshore W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of December 31, 2023, the Company had working interests in 53 fields in federal and state waters (which include 44 fields in federal waters and nine in state waters). The Company has under lease approximately 597,100 gross acres (440,000 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 435,600 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 8,000 gross acres in Alabama state waters. A majority of the Company's daily production is derived from wells it operates. For more information on W&T, please visit the Company's website at www.wtoffshore.com. Forward-Looking and Cautionary Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the impact of the Term Loan amendment on the Company's leverage profile, the potential benefits of the Term Loan amendment, the potential benefits of the Mobil Bay properties, the Company's future performance and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "continue," "anticipate," "target," "could," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, market conditions, commodity price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, uncertainties of the timing and impact of bringing new wells online and repairing and restoring infrastructure due to hurricane damage, the ability to achieve leverage targets, unexpected future capital expenditures, competition, the success of our risk management activities, governmental regulations, uncertainties and other factors described or referenced in W&T's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or on our website at www.wtoffshore.com. These forward-looking statements are based on the Company's current expectations and assumptions about future events and speak only as of the date of this release. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

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PermRock Royalty Trust Declares Monthly Cash Distribution

PermRock Royalty Trust Declares Monthly Cash Distribution DALLAS, March 18, 2024 /PRNewswire/ -- PermRock Royalty Trust (NYSE:PRT) (the "Trust") today declared a monthly cash distribution to record holders of its trust units representing beneficial interests in the Trust ("Trust Units") as of March 28, 2024, and payable on April 12, 2024, in the amount of $279,468.85 ($0.022971 per Trust Unit), based principally upon production during the month of January 2024. The following table displays underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month net profits interest calculations: Underlying Sales Volumes Average Price Oil Natural Gas Oil Natural Gas Bbls Bbls/D Mcf Mcf/D (per Bbl) (per Mcf) Current Month 22,711 733 26,547 856 $71.89 $3.62 Prior Month 26,163 844 30,533 985 $70.23 $2.97 Oil cash receipts for the properties underlying the Trust totaled $1.63 million for the current month, a decrease of $0.21 million from the prior month's distribution period. This decrease was primarily due to a decrease in oil sales volumes. Natural gas cash receipts for the properties underlying the Trust totaled $0.10 million for the current month, an increase of $0.01 million from the prior month's distribution period. This increase was due to an increase in natural gas prices. Total direct operating expenses, including marketing, lease operating expenses, and workover expenses, were $0.65 million, a decrease of $0.10 million from the prior month's distribution period. Severance and ad valorem taxes were $0.14 million, a decrease of $0.01 million from the prior month's distribution. Capital expenses this month were $0.32 million, an increase of $0.07 million from the prior month's distribution period. Boaz Energy reports the increase was primarily related to drilling a well in the Permian Shelf. About PermRock Royalty Trust PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC ("Boaz Energy") to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain properties owned by Boaz Energy in the Permian Basin of West Texas. For more information on PermRock Royalty Trust, please visit our website at www.permrock.com. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements." These forward-looking statements represent the Trust's and Boaz Energy's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, future cash retentions, advancements or recoupments from distributions, and statements regarding Boaz Energy's operations and the resulting impact on the computation of the Trust's net profits. The amount of cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by volatility in commodity prices and oversupply. Other important factors that could cause actual results to differ materially from those projected in the forward-looking statements include expenses of the Trust and reserves for anticipated future expenses, uncertainties in estimating the cost of drilling activities and risks associated with drilling and operating oil and natural gas wells. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Trust does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Trust to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Trust's Annual Report on Form 10-K filed with the SEC on March 31, 2023, and other public filings filed with the SEC. The risk factors and other factors noted in the Trust's public filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement. The Trust's filed reports are or will be available over the Internet at the SEC's website at http://www.sec.gov. Contact: PermRock Royalty Trust Argent Trust Company, Trustee Jana Egeler, Vice President, Trust Administrator Toll-free: (855) 588-7839 Fax: (214) 559-7010 Website: www.permrock.com e-mail: trustee@permrock.com View original content:https://www.prnewswire.com/news-releases/permrock-royalty-trust-declares-monthly-cash-distribution-302090770.html SOURCE PermRock Royalty Trust

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Tellurian Makes Leadership Changes

Tellurian Makes Leadership Changes HOUSTON, Mar. 18 /BusinessWire/ -- Tellurian Inc. (Tellurian) (NYSE American:TELL) announced today the following leadership changes: Executive Vice President and President of Driftwood Assets, Samik Mukherjee, has been appointed President of Tellurian Investments, and has responsibility for the development of all Tellurian's assets, including upstream, Driftwood LNG and pipeline, as well as permitting, safety and asset integrity. Daniel Belhumeur, President of Tellurian Inc., retains accountability for finance, investor relations, legal, public and government affairs and human resources. Presidents Samik Mukherjee and Daniel Belhumeur will jointly manage Tellurian's commercial activities as we integrate our commercial activities with future operational execution and optimization. Tellurian Chief Executive Officer Octávio Simões will move into an advisory role, and as previously announced, is to retire in June 2024. Executive Chairman Martin Houston said, "Since December, our focus has been on delivering value for our shareholders and customers and Tellurian's recent activities support that focus. We are now further aligning our internal resources to better serve these changes. Both Samik and Daniel are experienced leaders, and I have the utmost confidence they will thrive in their added responsibilities." Houston added, "I am encouraged by Tellurian's progress in the last few months and we will continue to focus on delivering Driftwood LNG. We are grateful for Octávio's guidance over the past several years. He has helped position Tellurian for the future, and we wish him the best of fortune as he transitions to retirement." 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 LNG marketing and infrastructure assets 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, and leadership and strategic matters. 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, 2023, filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 23, 2024, 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/20240318388676/en/   back

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KLX Energy Services Holdings, Inc. to Participate in the 2024 Piper Sandler 24th Annual Energy Conference

KLX Energy Services Holdings, Inc. to Participate in the 2024 Piper Sandler 24th Annual Energy Conference HOUSTON, March 15, 2024 /PRNewswire/ -- KLX Energy Services Holdings, Inc. ("KLX" or the "Company") (NASDAQ: KLXE) today announced that executive management will participate in the 2024 Piper Sandler 24th Annual Energy Conference to be held in Las Vegas on March 18-20, 2024. In conjunction with hosting one-on-one meetings with investors, the KLX investor presentation will be accessible by visiting the "Upcoming Events" section of the Company's website at https://investor.klx.com/events-and-presentations/events. About KLX Energy Services Holdings, Inc. KLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production, and intervention activities for technically demanding wells from over 50 service and support facilities located throughout the United States. KLX's complementary suite of proprietary products and specialized services is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. More information is available at www.klx.com. Contacts: KLX Energy Services Keefer M. Lehner, EVP & CFO (832) 930-8066 IR@klx.com Dennard Lascar Investor Relations Ken Dennard / Natalie Hairston (713) 529-6600 KLXE@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/klx-energy-services-holdings-inc-to-participate-in-the-2024-piper-sandler-24th-annual-energy-conference-302089981.html SOURCE KLX Energy Services Holdings, Inc.

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TC Energy enters agreement to sell Prince Rupert Gas Transmission entities to Nisga'a Nation and Western LNG

TC Energy enters agreement to sell Prince Rupert Gas Transmission entities to Nisga'a Nation and Western LNG Transaction demonstrates TC Energy's focus on its strategic priorities while facilitating the development of critical energy infrastructure CALGARY, Alberta, March 14, 2024 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE:TRP) (TC Energy or the Company) announced today that it has entered into a binding letter agreement with Nisga'a Nation and Western LNG (the Buyers) regarding the purchase and sale of all outstanding shares in Prince Rupert Gas Transmission Holdings Ltd. and the limited partnership interests in Prince Rupert Gas Transmission Limited Partnership (collectively, PRGT). PRGT is a wholly owned subsidiary of TC Energy and the developer of a natural gas pipeline project in British Columbia and potential delivery corridor that would further unlock Canada as a secure, affordable and sustainable source of LNG. This transaction demonstrates TC Energy's resolve toward delivering its 2024 strategic priorities while facilitating the development of critical energy infrastructure. TC Energy's strategic priorities are focused on staying within its $6 to $7 billion annual net capital expenditure limit, post-2024, maximizing the value of its assets and further enhancing the strength and flexibility of its balance sheet. This agreement fits with those priorities and more. "We are pleased to see this important project move forward while remaining firm on our commitment to our strategic priorities. This is an important agreement that will see Indigenous co-ownership and development of an integrated LNG project. Enabling LNG development in British Columbia is good for Indigenous communities, our customers, supports the long-term growth of the WCSB and global emissions reduction through the export of responsibly produced Canadian natural gas," said François Poirier, President and CEO, TC Energy. As part of the letter agreement, TC Energy has committed to provide transition services, on a reimbursable basis, to facilitate the seamless transition of the pipeline project and support development work planned for this year. Subject to the execution of definitive agreements and customary closing conditions, the transaction is expected to close in the second quarter of 2024. Initial proceeds from the transaction are not expected to be material to TC Energy, with the potential to receive additional payments contingent upon the project achieving final investment decision and commercial operation. About TC EnergyWe're a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we're delivering solutions to the world's toughest energy challenges - from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It's all part of how we continue to deliver sustainable returns for our investors and create value for communities. TC Energy's common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com. FORWARD-LOOKING INFORMATIONThis release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management's assessment of TC Energy's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TC Energy's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov. -30- Media Inquiries:Media Relationsmedia@tcenergy.com 403-920-7859 or 800-608-7859 Investor & Analyst Inquiries:Gavin Wylie / Hunter Mauinvestor_relations@tcenergy.com403-920-7911 or 800-361-6522 PDF available: ml.globenewswire.com/Resource/Download/6af3878e-bafd-4a19-9e33-38b2eafe20a8

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Vital Energy Prices Upsized Offering of $800.0 Million of Senior Notes

Vital Energy Prices Upsized Offering of $800.0 Million of Senior Notes TULSA, OK, March 14, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc., a Delaware corporation (NYSE: VTLE) ("Vital Energy" or the "Company"), today announced the pricing of its previously announced private placement offering (the "Offering"), upsized to $800.0 million in aggregate principal amount, of 7.875% senior notes due 2032 at 100% of par (the "senior notes") in a private placement to eligible purchasers. The Offering is expected to close on March 28, 2024, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds of the offering, if completed, together with existing corporate liquidity, to (a) purchase for cash of up to (i) $475.0 million aggregate principal amount of our 10.125% senior notes due 2028 and (ii) $75.0 million aggregate principal amount of our 9.750% senior notes due 2030 in the cash tender offers the Company commenced pursuant to an offer to purchase dated March 14, 2024, (b) pay fees and expenses incurred therewith, to (c) repay borrowings outstanding under our senior secured credit facility and/or (d) to fund other debt repurchases. The senior notes will be senior unsecured obligations of the Company and will be guaranteed on a senior unsecured basis by Vital Midstream Services, LLC, a subsidiary of the Company, and certain of its future subsidiaries. The senior notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the senior notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Additionally, this press release shall not constitute an offer to purchase or a solicitation of an offer to purchase or sell the notes subject to the tender offers, and such tender offers are being made solely pursuant to the offer to purchase. About Vital EnergyVital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy's business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas. Forward-Looking StatementsThis press release contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, projects, indicates, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties. General risks relating to Vital Energy include, but are not limited to, continuing and worsening inflationary pressures and associated changes in monetary policy that may cause costs to rise; changes in domestic and global production, supply and demand for commodities, including as a result of actions by the Organization of Petroleum Exporting Countries and other producing countries ("OPEC+") and the Russian-Ukrainian or Israeli-Hamas military conflicts, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, reduced demand due to shifting market perception towards the oil and gas industry; competition in the oil and gas industry; the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties, pipeline transportation and storage constraints in the Permian Basin, the effects and duration of the outbreak of disease, and any related government policies and actions, long-term performance of wells, drilling and operating risks, the possibility of production curtailment, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, and under the Inflation Reduction Act (the "IRA"), including those related to climate change, the impact of legislation or regulatory initiatives intended to address induced seismicity on our ability to conduct our operations; uncertainties in estimating reserves and production results; hedging activities, tariffs on steel, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, possible impacts of litigation and regulations, the impact of the Company's transactions, if any, with its securities from time to time, the impact of new environmental, health and safety requirements applicable to the Company's business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and imposition of any additional taxes under the IRA or otherwise, and other factors, including those and other risks described in its Annual Report on Form 10-K for the year ended December 31, 2023 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). These documents are available through Vital Energy's website at www.vitalenergy.com under the tab "Investor Relations" or through the SEC's Electronic Data Gathering and Analysis Retrieval System at www.sec.gov. Any of these factors could cause Vital Energy's actual results and plans to differ materially from those in the forward-looking statements. Therefore, Vital Energy can give no assurance that its future results will be as estimated. Any forward-looking statement speaks only as of the date on which such statement is made. Vital Energy does not intend to, and disclaims any obligation to, correct, update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Investor Contact:Ron Hagood918.858.5504ir@vitalenergy.com

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