Market Newsdesk

LUXEMBOURG, Nov. 12, 2020 /PRNewswire/ — Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading agro-industrial company in South America, announced today its results for the third quarter ended September 30, 2020. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non – IFRS measures. Please refer to page 33 for a definition and reconciliation to IFRS of the Non – IFRS measures used in this earnings release.

Main
highlights for the period:

• Total Adjusted EBITDA(3) during 3Q20 was 9.2% higher than in the same period of last year driven by a 54.5% increase in the Farming segment and a 1.5% increase in the Sugar, Ethanol & Energy segment.
• Adjusted Net Income reached $37.8 million during 3Q20, 25.3% higher year-over-year and stood at $101.5 million during 9M20, more than doubling 9M19’s figure.

Financial & Operational Highlights

• In the Sugar, Ethanol & Energy business we crushed 4.4 million tons during 3Q20, 49.9% or 1.4 million tons higher than in 2Q20, successfully making up for the lower volume crushed during the first semester of the year. Higher crushing was driven by (i) greater cane availability following our decision to temporarily slow down our crushing pace during 2Q20 in light of the Covid-19 pandemic, which allowed us to transfer cane into the second semester of the year and benefit from the better price outlook; (ii) favorable weather and (iii) recovered market liquidity. September marked the lowest year-over-year reduction in Otto-cycle fuel sales since the beginning of the pandemic, standing at 1.9% as reported by UNICA. At the same time, anhydrous ethanol sales recovered to pre-pandemic volumes driven by increased demand from the Northeast region of Brazil as currency depreciation favored domestic ethanol over U.S. imports. Moreover, during 3Q20 hydrous ethanol prices measured in BRL were 16.0% higher than during the previous quarter, anhydrous ethanol traded 18.0% higher in BRL and sugar prices measured in U.S. dollars were 14.1% higher than during 2Q20. Energy spot prices display a positive outlook, having tripled between September and October driven by the dry weather in the Center-South regions of Brazil, as reported by CCEE. Accordingly, we believe that the dry weather will result in a longer interharvest period in Brazil and thus, put further pressure on prices. However, times are still uncertain. We are following closely the recurrence of Covid-19 cases in the Northern hemisphere, being mindful that the S&E industry could be impacted if the situation were to replicate in Brazil.
• During 3Q20 we diverted 44% of TRS to sugar production, compared to 13% during the same period of last year, showing our high degree of asset flexibility. In addition, we increased our anhydrous ethanol mix from 31% in 3Q19 to 41%. Adjusted EBITDA in our Sugar, Ethanol & Energy business reached $86.4 million in 3Q20, 1.5%, or $1.3 million higher compared to 3Q19. Net sales decreased by 13.1%, on account of lower average selling prices measured in U.S. dollars of sugar, ethanol and energy (although average prices of sugar and ethanol increased in BRL) and lower volumes of ethanol and energy sold. However, this drop was fully offset by (i) the higher volume of sugar sold; (ii) a lower cost of production driven by the combined effect of 0.7 million tons of higher crushing volume that allowed us to dilute fixed costs, and the depreciation of the Brazilian Real that further contributed to reduce costs measured in U.S dollars; (iii) higher mark-to-market of our biological assets, especially for harvested sugarcane, on the account of currency depreciation; and (iv) lower general and administrative expenses both due to currency depreciation as well as enhanced efficiencies and savings from our cost reduction initiatives.
• Adjusted EBITDA for the Farming and Land Transformation businesses reached $20.7 million in 3Q20, $7.3 million or 54.5% higher year-over-year. The increase in financial performance is fully attributed to the Farming business, since no farm sales were conducted during the quarter. The Rice business accounted for $5.6 million year-over-year increase in Adjusted EBITDA, coupled with $2.5 million from the Dairy business, partially offset by a reduction of $1.3 million year-over-year in Adjusted EBITDA from our Crops business mainly driven by the negative impact in the mark-to-market of our forward and derivative position generated by the increase in commodity prices.

The Rice business reported $6.1 million in Adjusted EBITDA, 13x higher year-over-year, with the increase mostly driven by (i) an increase in demand coupled with higher average selling prices both in the domestic and export market, as global consumer demand moved from food service to grocery and from the outside of the stores to the center aisles; and (ii) lower cost in dollar terms as a result of the depreciation of the Argentine peso and enhanced efficiencies at the farm and industry level.

• Net Income in 3Q20 resulted in a gain of $20.3 million, compared to a loss of $30.3 million recorded during the same period of last year. The $50.6 million increase is mainly explained by a lower FX loss coupled with the year-over-year increase in EBITDA generation. Indeed, in the case of Argentina, not only did currency depreciation present a nominal decrease from 35.6% during 3Q19 to 8.1% during 3Q20, but also the portion of our debt subject to depreciations has been reduced, as we increased the mix of domestic currency. Year-to-date the $36.9 million decrease in Net Income is mainly explained by a 39.9% nominal depreciation of the Brazilian Real primarily during the first semester of the year.
• Adjusted Net Income in 3Q20 reached $37.8 million, $7.6 million higher than in 3Q19. Adjusted Net Income excludes, (i) any non-cash result derived from bilateral exchange variations; (ii) any revaluation resulting from the hectares held as investment property; (iii) any inflation accounting result; and includes (iv) any gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland (the latter is already included in Adj. EBITDA). We believe Adjusted Net Income is a more appropriate metric to reflect the Company´s performance.

Strategy Execution

RenovaBio´s Carbon Credit Trade Picks up

• Due to the impact of the Covid-19 pandemic on fuel markets, the Brazilian Ministry of Mines and Energy communicated during 2Q20 that it would revise the targets for carbon credits (CBios) to be purchased by fuel distributors under the RenovaBio program. At the beginning of September the new goals were announced, cutting by 50% the target for 2020 to 14.5 million CBios. As the announcement provided obligated parties with clarity regarding the volume to be acquired, CBio trading in the Brazilian stock exchange started to increase, successfully reverting the slow start observed in April, when trading officially began. As of the end of October, 12.3 million CBios were made available for sale, of which 7.2 million have already been acquired by obligated parties, according to UNICA. Average trading prices experienced an upward trend since the new targets were informed, and currently stand at 62 BRL/CBio, climbing from as low as 20 BRL/CBio. We are optimistic regarding the increased liquidity for the certificates, and expect more attractive prices in the future, as similar carbon credit certificates trade at $20 U.S. dollars in other developed markets.

Our three mills have been certified by ANP to issue CBios and were awarded an average score of 1.4 CBios/m3 sold, placing us in the top 10%. This means that in a year of full ethanol maximization our mills could produce as much as 750 thousand m3 of ethanol, which would give us the right to issue approximately 1 million CBios considering our current score. Scoring, however, can be improved with any investment that increases sustainability in operations. As of the end of October, we sold 230 thousand CBios at an average price of 40.4 BRL/CBio. The margin generated is captured in our Adjusted EBITDA under the Other Operating Income line. However, since most sales were carried out during 4Q20, the impact of CBio sale during this quarter is negligible.

RenovaBio is a program designed by the Brazilian government to cut carbon emission in the country by establishing a mechanism that taxes fossil fuel consumption while subsidizing the production of renewable energy. Under this program, a carbon credit market is established in which sellers of fossil fuels have to acquire a mandatory quota of CBios, which is defined based on the amount of non-renewable fuels sold by them in the prior year. The issuers of CBios are biofuel producers whose mills have been certified and awarded a score based on how “green” their mill operation is. CBios are financial instruments traded on Brazil’s B3 platform, with prices based on the supply of and demand for those credits. The RenovaBio program was officially launched on December 24th, 2019. The official trading of CBios in the Brazilian stock exchange started on April 27th, 2020 and the first sale of CBios took place on June 12th, 2020.

Independent Farmland Appraisal Report

• As of September 30, 2020, Cushman & Wakefield (C&W) updated its independent appraisal of Adecoagro’s farmland. Adecoagro’s subsidiaries held 224,820 hectares net of minority interests, valued at $712.5 million. On a comparable basis, accounting for the sale of 811 hectares of Abolengo farm during June, 2020, current valuation is in line with last year’s. We continue to see opportunities for land sales in Argentina, since it is a dollar-linked asset, and remain optimistic about the possibility of closing an additional sale by year end 2020.

Please visit ir.adecoagro.com for the Cushman & Wakefield 2020 Appraisal Report. These appraisals are subject to changes based on a host of variables and market conditions. Please also refer to page 81 of our Annual Report on Form 20-F, for the year ended December 31, 2019 for the methodology employed in the appraisals of our farmland by Cushman & Wakefield.

Non-Gaap Financial Measures:
 For a full reconciliation of non-gaap financial measures please refer to page 33 of our 3Q20 Earnings Release found on Adecoagro’s website (ir.adecoagro.com)

Forward-Looking Statements:

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry.  These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. 

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect.  Our actual results could be materially different from our expectations.  In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above.  Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release.  We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

To read the full 3Q20 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q20 results will be held on November 13, 2020 with a live webcast through the internet:

Conference Call

November 13, 2020

9 a.m. (US EST)
11 a.m.Buenos Aires
11 p.m.Sao Paulo
2 p.m.Luxembourg

Participants calling from the US: Tel: +1 (844) 435-0324
Participants calling from other countries: Tel: +1 (412) 317-6366
Access Code: Adecoagro

Conference Call Replay
Participants calling from the US: Tel: +1 (877) 344-7529
Participants calling from other countries: Tel: +1 (412) 317-0088
Access Code: 10148312

Investor Relations Department
Charlie Boero Hughes 
CFO

Juan Ignacio Galleano 
IRO
Email: [email protected]
Tel: +54 (11) 4836-8624 

About Adecoagro:
Adecoagro is a leading agricultural company in South America. Adecoagro owns over 247 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces over 1.9 million tons of agricultural products including sugar, ethanol, bio-electricity, milled rice, corn, wheat, soybean and dairy products, among others.

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SOURCE Adecoagro S.A.

GEDERA, Israel, Nov. 12, 2020 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ: TATT) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three month and nine month periods ended September 30, 2020.

Key Financial Highlights:

• Revenues for Q3 2020 were $16.8 million compared with $24.8 million in Q3 2019. Revenues for the nine-month period that ended on September 30, 2020 were $58.8 million compared with $71.7 million in the nine-month period that ended on September 30, 2019.
• Gross profit for Q3 2020 was $1.4 million (8.3% as a percentage of revenues) compared with $4.1 million (16.8% as a percentage of revenues) in Q3 2019. Gross profit for the nine-month period that ended on September 30, 2020 was $7.5 million (12.7% as a percentage of revenues) compared with $11 million (15.3% as a percentage of revenues) in the nine-month period that ended on September 30, 2019.
• Adjusted EBITDA for Q3 2020 was (0.3) million compared with $2.2 million in Q3 2019. Adjusted EBITDA for the nine-month period that ended on September 30, 2020 was $2.2 million compared with $5.3 million in the nine-month period that ended on September 30, 2019.
• Net loss was ($1.6) million, or loss of ($0.16) per diluted share in Q3 2020 compared with a net income of $0.15 million, or $0.02 per diluted share in Q3 2019. Net loss was ($3.4) million, or loss of ($0.37) per diluted share in the nine-month period that ended on September 30, 2020 compared with a net income of $0.3 million, or $0.04 per diluted share in the nine-month period that ended on September 30, 2019.
• During Q3 2020 and the nine-month period that ended on September 30, 2020 TAT reported losses from discontinued operation of the JT8D engine blades coating in the amount of $0.1 million and $1.8 million, respectively.

Mr. Igal Zamir, CEO and President of TAT Technologies stated, “TAT reacted fast and effectively to the COVID 19 impact on the aerospace industry. In Q2 and Q3 of 2020 we adjusted the company’s cost structure to the reduction in revenues during such period. We will continue to proactively monitor our cost structure and cash flow as the industry continues to manage the pandemic and its impact. Our strong balance sheet with net cash of over $19 million provides us the flexibility to serve our customers and in the same time maintain business development activities.

We are pleased that despite the pandemic, the company was able to continue its sales, marketing, and business development efforts with meaningful results. During the third quarter of 2020 we signed a 10- year contract with Honeywell for the repair of APU 331-2xx. This contract represents a substantial opportunity to increase our APU business. In order to support its execution, we will invest in machines and rotatable parts in the coming quarters to better support our clients.

In addition, we are proud that during the last six months we executed new, and renewed existing long-term agreements with MRO and OEM customers with potential aggregate revenues of $38 million for the coming years”

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with GAAP, the Company also presents Adjusted EBITDA.  The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Adjusted EBITDA is calculated as net income excluding the impact of: the Company’s share in results of affiliated companies, share-based compensation, taxes on income, discontinued operation, financial (expenses) income, net, depreciation and amortization. Adjusted EBITDA, however, should not be considered as alternative to net income and operating income for the period and may not be indicative of the historic operating results of the Company; nor it is meant to be predictive of potential future results. Adjusted EBITDA is not measure of financial performance under generally accepted accounting principles and may not be comparable to other similarly titled measures for other companies. See reconciliation of Adjusted EBITDA in pages 13 below.

About TAT Technologies LTD

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

For more information of TAT Technologies Ltd., please visit our web-site: www.tat-technologies.com

Contact:

Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
[email protected]

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results. These statements are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management’s current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, the change of control that will occur on the sale by the receiver of the Company’s shares held by our previously controlling stockholders, and other risks detailed from time to time in the Company’s filings with the Securities Exchange Commission, including, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE TAT Technologies Ltd

ROTTERDAM, Netherlands, Nov. 12, 2020 /PRNewswire/ — Europe, Univar Solutions B.V., a subsidiary of Univar Solutions Inc. (NYSE: UNVR) (“Univar Solutions” or “the Company”), a global chemical and ingredient distributor and provider of value-added services, today announced a distribution, blending, and production agreement with Fluid Energy Group (“Fluid”) for the Enviro-Syn Modified / Synthetic Acid product line that is used in multiple industrial applications. Fluid’s patented product lines are unique, globally proven, and will expand Univar Solutions portfolio of safer, more sustainable, eco-friendly and technically advanced specialty chemical solutions.

Fluid has appointed Univar Solutions as its distributor, blender, and producer in select European countries, including Belgium, France, Iberia, Ireland, Italy, Luxembourg, Netherlands, the Nordics, and the United Kingdom for the Enviro-Syn® HCR™ Modified / Synthetic Acid™ systems and associated products including its Modified Caustic systems (CSR).

Liam McCarroll, global director of sustainability at Univar Solutions commented, “Fluid’s commitment to reducing environmental impact with safer and higher performing chemical products aligns perfectly with our approach to delivering more sustainable solutions and partnering with environmentally responsible global business partners dedicated to innovation, quality, and application expertise. We look forward to providing customers across Europe with a greater product portfolio with technically advanced chemical options to help accelerate growth.”

Fluid’s patented Enviro-Syn technologies are designed to help enhance and provide effective alternatives to traditional, highly hazardous, commodity acids and alkali products. Compared to conventional hydrochloric acid (HCl) and caustic soda (NaOH), Enviro-Syn HCR and CSR systems provide better technical properties in many aspects and lower fuming and disassociation rates. Additionally, many lines are non-corrosive to dermal tissue and exhibit ultra-low corrosion properties on various materials, reducing corrosion related liability. Fluid’s patented or patent pending products are more environmentally responsible, biodegradable, non-volatile and demonstrate low toxicity over incumbents. In addition to established global applications in the oil and gas industry, the modified acid and alkali systems have proven applications across many other industries, including water treatment, food and beverage, household and industrial cleaning, life sciences, construction, and marine.

“We are extremely pleased that Fluid has placed their trust in our team at Univar Solutions to extend these advanced technologies in the European market. Enviro-Syn systems are safer, cutting-edge alternatives to commonly used hydrochloric acid and caustic soda, delivering broad-application performance while reducing health hazards and impact on the environment as sustainable alternatives,” said Nigel Hayes, regional vice president for Europe, Middle East, and Africa at Univar Solutions.

Clay Purdy, CEO at Fluid Energy Group, said, “Fluid continues to develop and improve on industry-leading technology, creating new alternatives and expanding its offerings globally. We are excited to work with Univar Solutions as our new European distributor of our unique and environmentally responsible product lines.” Purdy continued, “When seeking out the optimal partner for our products in Europe, we wanted a distributor whose environmental values around chemical solutions aligned with ours and who could bring together technical innovation, product expertise, and market leadership. With Univar Solutions’ global footprint, expansive sales infrastructure, supply chain, and dedicated customer service, together we are well-positioned to provide our customers the resources they need to deploy innovative products in the oil and gas sectors as well as many other industries. We look forward to additional global expansion with Univar Solutions.”

About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and North American sales force, unparalleled logistics know-how, deep market and regulatory knowledge, world-class formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. Univar Solutions is committed to helping customers and suppliers innovate and grow together. Learn more at UnivarSolutions.com.

About Fluid Energy Group Ltd.
Fluid Energy Group Ltd. was founded in Calgary, Alberta, Canada (2011) to manufacture eco-conscious, low-hazard, and low toxicity Modified Acid™ and Synthetic Acid™ systems and associated chemistries. With >120 patented or patent-pending products, the Company’s strategy is to continually develop and improve industry-leading technology and deploy it globally in a methodical, prudent, and technical manner. By being focused on supporting its customers’ operations, producing industry-leading technology, and communicating the technical and HS&E advantages of its products to industry and Government, Fluid Energy Group has amassed an industry leading customer profile. Its large dedicated team of scientists, global operational support, and sales team are committed to shift industry from hazardous chemical incumbents such as Hydrochloric acid and many other common chemical commodities, to technologically superior and far safer chemistry.

Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and outlook for the future, which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the impacts of the effects of COVID-19 on the Company, the Company’s anticipated future results and financial performance, liquidity position and cash flows, actions regarding expense control and cost reductions, expected net synergies from the Nexeo acquisition, capital expenditures and other statements regarding the Company’s Streamline 2022 Program and other initiatives. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the sustained geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; current and new actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers and the timing and extent of an economic recovery; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo, or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company’s filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek, “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

 

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SOURCE Univar Solutions Inc.

GREENWOOD VILLAGE, Colo., Nov. 12, 2020 /PRNewswire/ — Tengasco, Inc. (NYSE American: TGC) (the “Company” or “Tengasco”) announced today its financial results for the quarter ended September 30, 2020.  The Company reported a net loss of $(813,000) or $(0.08) per share of common stock during the third quarter of 2020 compared to net loss of $(182,000) or $(0.02) per share of common stock during the third quarter of 2019.  The $631,000 decrease in net income was primarily due to an $450,000 decrease in revenues, and a $388,000 increase in general and administrative expenses, partially offset by a $167,000 decrease in production costs and taxes and a $40,000 decrease in depreciation, depletion, and amortization costs.

The Company recognized $765,000 in revenues during the third quarter of 2020 compared to $1.2 million during the third quarter of 2019. The $450,000 decrease in net revenues was primarily due to a $318,000 reduction related to a $15.15 per barrel decrease in the average oil price from $51.18 per barrel during the third quarter of 2019 to $36.03 per barrel during the third quarter of 2020, and a $133,000 reduction related to a 2.6MBbl decrease in oil sales volumes.  The 2.6MBbl decrease in sales volumes was primarily related to lower sales on the Albers, Dick A, Liebenau, and Stahl leases related to natural production declines and timing of crude pickups by the purchases, partially offset by sales from the Zimmerman well that was completed at the beginning of 2020.

The Company reported a net loss of $(1.9 million) or $(0.18) per share of common stock during the first nine months of 2020 compared to a net loss of $(269,000) or $(0.03) per share of common stock during the first nine months of 2019.  The $1.6 million decrease in net income was primarily due to an $1.5 million decrease in revenues, a $411,000 increase in general and administrative expenses, and a $41,000 decrease in gain on sale of assets, partially offset by a $205,000 decrease in production costs and taxes, and a $105,000 decrease in depreciation, depletion, and amortization costs.

The Company recognized $2.3 million of revenues during the first nine months of 2020 compared to $3.8 million during the first nine months of 2019.  This decrease in net revenue was primarily due to an $1.2 million reduction related to a $18.12 per barrel decrease in the average oil price from $52.09 per barrel during the first nine months of 2019 to $33.97 per barrel during the first nine months of 2020, and a $269,000 reduction related to a 5.1MBbl decrease in sales volumes.  The 5.1MBbl decrease in sales volumes was primarily related to lower sales on the Albers, BSU, Liebenau, Veverka D leases related to natural production declines, partially offset by sales from the Zimmerman well that was completed at the beginning of 2020.

Michael J. Rugen, CEO, said “As noted in our press release issued on October 21, 2020, the Company entered into a merger agreement with Riley Exploration-Permian, LLC providing for an all-stock transaction.  In addition, the Company recently filed a Registration Statement on Form S-4 related to the proposed merger.”

No Offer or Solicitation

Communications in this news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No public offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information for Stockholders

In connection with the proposed transaction, Tengasco has filed materials with the Securities and Exchange Commission (“SEC”), including a Registration Statement on Form S-4 (the “Registration Statement”) that includes a preliminary proxy statement/prospectus. The information in the preliminary proxy statement/prospectus is not complete and may be changed.  After the Registration Statement is declared effective by the SEC, Tengasco intends to mail a definitive proxy statement/prospectus to the stockholders of Tengasco. This news release is not a substitute for the definitive proxy statement/prospectus or the Registration Statement or for any other document that Tengasco may file with the SEC and send to Tengasco’s stockholder in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF TENGASCO ARE URGED TO CAREFULLY AND THOROUGHLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY TENGASCO WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TENGASCO, RILEY EXPLORATION-PERMIAN, LLC (“RILEY”), THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

Investors are able to obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by Tengasco with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Tengasco will be available free of charge from Tengasco’s website at www.tengasco.com under the “Investor” tab.

Participants in the Proxy Solicitation

Tengasco, Riley and their respective directors, managers and certain of their officers and other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Tengasco’s stockholders in connection with the proposed transaction. Information regarding the officers and directors of Tengasco is included in its definitive proxy statement for its 2020 annual meeting filed with the SEC on October 30, 2020. Additional information regarding such persons, as well as information regarding Riley’s directors, managers and officers and other persons who may be deemed participants in the proposed transaction, is set forth in the Registration Statement and the preliminary proxy statement/prospectus and will be set forth in other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained as described in the paragraphs above.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this news release concerning the proposed transaction are “forward-looking” statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that stockholders of Tengasco may not approve the issuance of new shares of Tengasco common stock in the transaction or other proposals that are a condition to the transaction or that the stockholders of Tengasco and the members of Riley may not approve the merger agreement; the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed or not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Tengasco and Riley; the effects of the business combination of Tengasco and Riley, including the combined company’s future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the fact that any dividend payments will be at the discretion of the combined company’s Board of Directors and may be subject to legal, contractual or other restrictions; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the proposed transaction. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for our operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.

Additional factors that could cause results to differ materially from those described above can be found in Tengasco’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from Tengasco’s website at www.tengasco.com under the “Investor” tab, and in other documents Tengasco files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Tengasco does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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SOURCE Tengasco, Inc.

HOUSTON, Nov. 12, 2020 /PRNewswire/ — CenterPoint Energy, Inc. (NYSE: CNP) today announced that Kenneth E. Coleman has been named as Senior Vice President and Chief Information Officer, effective Nov. 16. Coleman will lead the company’s enterprise-wide information technology strategy, including the development, maintenance, use and security of CenterPoint Energy’s computer systems, software and networks. He will report to Gregory Knight, Executive Vice President, Customer Transformation and Business Services.

“Kenny joins CenterPoint Energy’s leadership team with a proven track record of building and leading world-class technology management and product development organizations, with a focus on origination of new projects and strategic planning for growth,” said Knight. “Under Kenny’s leadership, we will continue to leverage technology, data and analytics to support enterprise-wide business goals and drive innovative solutions for improving the customer experience and the company’s business and workforce efficiency.”

Coleman joins CenterPoint Energy following roles of increasing responsibility over more than 20 years at Southern Company and its subsidiaries, including serving as Senior Vice President and CIO where he led enterprise-wide IT. Most recently, Coleman served as President and CEO of the Birmingham Business Alliance (BBA) where he was responsible for developing collaborative efforts between the BBA and its community partners to lead economic growth for the seven-county Birmingham region.

Coleman earned a Bachelor of Science degree in Communications from the University of New Haven in New Haven, Conn., and a Master of Business Administration degree from the University of Alabama.

Coleman has served on the board of directors for the Boys and Girls Clubs of Metro Atlanta, Midtown Alliance (Atlanta) and WorkSource DeKalb. He is a faculty member for the Advanced Economic Development Leadership (AEDL) program and has served on customer advisory councils for Oracle, Verizon and the Edison Electric Institute (EEI). Coleman is also a member of the 100 Black Men of Atlanta, the American Association of Blacks in Energy (AABE) and the Information Technology Senior Management Forum (ITSMF).

About CenterPoint Energy
As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of September 30, 2020, the company owned approximately $33 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,600 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

For more information contact
Media:
John Sousa
Phone  713.619.5143
Investors:
David Mordy
Phone  713.207.6500

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SOURCE CenterPoint Energy, Inc.

SEATTLE, Nov. 12, 2020 /PRNewswire/ — Weyerhaeuser Company (NYSE: WY) today announced the appointment of Deidra C. Merriwether, senior vice president of North American sales and services for W.W. Grainger, Inc., to the company’s board of directors. Her appointment is effective immediately and will replace a retiring board member in 2021.

“We are very pleased to welcome Dee to the Weyerhaeuser board of directors,” said Rick R. Holley, chairman of the board of directors. “Dee is a hands-on leader with a deep understanding of customers, finance and international supply chains, and she is adept at building relationships across organizations and industries. She brings exceptional leadership and experience to our board, as well as strong alignment with our core values.”

With 2019 sales of $11.5 billion, Grainger is North America’s leading broad line supplier of maintenance, repair and operating products, with operations primarily in North America, Japan and Europe. Merriwether leads the North American sales organization, which represents the largest portion of the overall Grainger business, and has full profit and loss responsibility for the company’s Latin American and Canadian businesses. Her teams support more than 1.5 million customers across the manufacturing, government and healthcare segments, with a consistent focus on strengthening relationships and empowering customers to achieve success. She joined Grainger in 2013 after more than a decade in various leadership positions with the Sears Holdings Corporation.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in America. Our company is a real estate investment trust. In 2019, we generated $6.6 billion in net sales and employed approximately 9,400 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com. 

For more information contact:

Analysts – Beth Baum, 206-539-3907
Media – Nancy Thompson, 919-861-0342

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SOURCE Weyerhaeuser Company